Liberty Latin America Ltd. (LILA) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Today's call is being recorded. I'll now turn the call over to Zoë Lawrenson, Senior Director of Strategy and Corporate Development at Liberty Latin America.

各位女士、先生，早安，感謝您撥冗參與並在線等候。今天的電話會議將被錄音。現在我把電話交給 Liberty Latin America 策略與企業發展資深總監 Zoë Lawrenson。

Good morning, and welcome to Liberty Latin America’s full year 2025 investor call. At this time, all participants are in listen-only mode. Today’s formal presentation materials can be found on the investor relations section of Liberty Latin America’s website, www.lla.com.

早安，歡迎參加 Liberty Latin America 2025 全年投資人電話會議。此刻所有與會者皆為僅聆聽模式。今日正式簡報資料可於 Liberty Latin America 官網投資人關係專區查閱：www.lla.com。

Following today's formal presentation, instructions will be given for a question-and-answer session. As a reminder, this call is being recorded. Today's remarks may include forward-looking statements, including the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not historical facts. Actual results may differ materially from those expressed or implied by these statements. For more information, please refer to the risk factors discussed in Liberty Latin America's most recently filed annual report on Form 10K, along with the Associated Press release.

在今日正式簡報結束後，我們將提供問答環節的指引。提醒各位，本次電話會議將被錄音。今日發言可能包含前瞻性陳述，包括公司對其展望與未來成長前景的預期，以及其他非歷史事實之資訊與陳述。實際結果可能與這些陳述所明示或暗示者存在重大差異。更多資訊請參閱 Liberty Latin America 最近提交之 Form 10K 年報中所討論的風險因素，以及相關新聞稿。

Liberty Latin America disclaims any obligation to update any forward-looking statements or information to reflect any change in its expectations or in the conditions on which any such statement or information is based. In addition, on this call, we may refer to certain non-GAAP financial measures which are reconciled to the most comparable GAAP financial measures, which can be found in the appendices to this presentation, which is accessible under the investors section of our website. I would now like to turn the call over to our CEO, Mr. Balan Nair.

Liberty Latin America 不承擔更新任何前瞻性陳述或資訊之義務，以反映其預期或任何該等陳述或資訊所依據之條件的變化。此外，在本次電話會議中，我們可能會提及若干非 GAAP 財務衡量指標；其與最可比之 GAAP 財務衡量指標的調節表可於本簡報附錄中查閱，該簡報可在本公司網站投資人專區取得。現在我想把電話交給我們的執行長 Balan Nair 先生。

Thank you, Zoë, and welcome everybody to Liberty Latin America’s fourth quarter and full year 2025 results presentation. I will be running through our group highlights and an overview of our operating results by segment before Chris Noyes, our CFO, reviews the company financial performance. We’ll then get straight to your questions.

謝謝你，Zoë，也歡迎各位參加 Liberty Latin America 2025 年第四季與全年業績簡報。我將先說明集團重點與各事業分部的營運成果概覽，接著由我們的財務長 Chris Noyes 檢視公司財務表現。之後我們將直接進入各位的提問。

As always, I’m joined by my executive team from across our operations, and I will invite them to contribute as needed during the Q&A following our prepared remarks. As a point of housekeeping, we will both be working from slides, which you can find on our website at www.lla.com.

一如往常，我的執行團隊也一同參與，涵蓋我們各地營運；在我們的預備發言結束後的問答環節，我會視需要邀請他們補充。例行事項提醒：我們將依投影片進行，投影片可於我們網站 www.lla.com 取得。

All right, starting on slide four, in our highlights. Our business performed very well in 2025. We added over 225,000 mobile postpaid subscribers across the group, notably driven by Costa Rica and supported by fixed mobile convergence efforts and continuing prepaid to postpaid migrations. The postpaid adds this quarter included a positive net add contribution from Puerto Rico for the first time since the migration. We also recorded $1.7 billion of Adjusted OIBDA in full year 2025, which represented 9% growth on a rebased basis.

好的，從第 4 頁投影片的重點開始。我們的業務在 2025 年表現非常出色。集團行動後付費用戶淨增超過 225,000 戶，主要由哥斯大黎加帶動，並受固定與行動融合（FMC）推動及持續的預付轉後付遷移所支撐。本季後付費淨增亦包含波多黎各自遷移以來首次出現的正向淨增貢獻。我們在 2025 全年錄得 17 億美元的調整後 OIBDA，以重編基礎計算年增 9%。

This performance was driven by good execution on cost initiatives, as well as effective customer management, and came despite headwinds in the fourth quarter from Hurricane Melissa. We worked hard to drive a steep recovery in profitability in Puerto Rico, as well as double-digit adjusted OIBDA growth in Cable & Wireless Panama. B2B came in very strong in the fourth quarter, which is seasonally our best B2B quarter.

此一表現來自成本措施的良好執行以及有效的客戶管理，儘管第四季受到颶風 Melissa 的逆風影響。我們努力推動波多黎各獲利能力大幅回升，同時 Cable & Wireless Panama 的調整後 OIBDA 亦達到雙位數成長。B2B 在第四季表現非常強勁，而第四季季節性上也是我們 B2B 表現最佳的一季。

LLA registered P&E additions for the group at 14% as a percentage of revenue for full year 2025, in line with previously communicated intentions and representing a 2%-point decline versus the prior year. With adjusted OIBDA expanding, the P&E additions falling, the adjusted OIBDA less P&E additions increased by 27% for the full year 2025.

LLA 2025 全年集團 P&E 增加額占營收比重為 14%，符合先前對外溝通的意圖，且較前一年下降 2 個百分點。隨著調整後 OIBDA 擴張、P&E 增加額下降，2025 全年「調整後 OIBDA 減 P&E 增加額」成長 27%。

Our adjusted OIBDA of the P&E additions margin came in at 24% for full year 2025. When comparing on a like for like basis, including adjusting for different lease accounting under the IFRS reporting, this compares very favorably to peers across the region and in the U.S., and there’s still room to grow here.

2025 全年「調整後 OIBDA 扣除 P&E 增加額」的利潤率為 24%。若以可比基礎比較（包括針對 IFRS 報導下不同的租賃會計處理進行調整），此表現相較於本區域及美國同業都相當有利，而且仍有進一步提升空間。

Finally, in Jamaica, I would like to thank all those involved in our recovery efforts following the effects of Hurricane Melissa, against the backdrop of a Category five hurricane, our mobile network held up well, recovering service very quickly.

最後，在牙買加，我要感謝所有參與颶風 Melissa 影響後復原工作的同仁；在五級颶風的背景下，我們的行動網路表現穩健，服務恢復非常迅速。

While our fixed infrastructure was more impacted by the storm, we continued to reconnect homes and B2B customers. As we rebuild and fixed and continue our network transformation in mobile, we aim to invest in an innovative and returns-focused manner. I’ll cover more on this later.

雖然我們的固定基礎設施受風暴影響較大，我們仍持續為住家與 B2B 客戶恢復連線。在重建固定網路並持續推動行動網路轉型的同時，我們的目標是以創新且以報酬為導向的方式進行投資。我稍後會再多加說明。

Turning to slide six. I’ll provide an update on Liberty Caribbean, which inevitably felt the impact of the hurricane in Jamaica in both Q4 and full year numbers. On the top left of the slide, we present our mobile KPIs.

接著看第 6 頁投影片。我將更新 Liberty Caribbean 的情況；其在第四季與全年數字上不可避免地受到牙買加颶風影響。在投影片左上角，我們呈現行動業務的 KPI。

Postpaid mobile additions of 55,000 registered a strong cadence through 2025 and notably continued through Q4 despite the impact of hurricane. Momentum here continues to bring from rising FMC penetration and prepaid to postpaid migration, which are tailwinds we anticipate continuing over the coming periods.

後付費行動用戶淨增 55,000 戶，2025 年全年維持強勁的成長節奏，且在第四季即使受到颶風影響仍持續成長。此動能持續受惠於 FMC 滲透率提升與預付轉後付遷移；我們預期這些順風在未來幾期仍將延續。

On the bottom left of the slide, we show our fixed KPIs. We have managed to keep the broadband base broadly steady throughout the first nine months of the year, with Q4 largely reflecting the impact of lost customers in Jamaica. Elsewhere, we saw some modest pressure on volumes in Trinidad and Tobago and the Bahamas.

在投影片左下角，我們展示固定業務的 KPI。我們在全年前九個月大致維持寬頻用戶基礎穩定，而第四季主要反映牙買加客戶流失的影響。此外，我們在千里達及托巴哥與巴哈馬看到量的些許壓力。

Moving to the center of the slide, despite headwinds from Hurricane Melissa, we held Liberty Caribbean segment revenue flat in full year 2025 at $1.5 billion. Within this, we registered rebased residential mobile revenue growth of 4%, given structural support from postpaid additions, as well as selective price increases on both prepaid and postpaid throughout the year. This offset pressures on the fixed residential business and on B2B, which mainly was due to the impact of the hurricane in the fourth quarter.

移至投影片中央，儘管受到颶風 Melissa 的逆風影響，我們仍使 Liberty Caribbean 分部 2025 全年營收持平於 15 億美元。其中，受後付費用戶增加的結構性支撐，以及全年對預付與後付方案進行選擇性調價所帶動，我們錄得以重編基礎計算的住宅行動營收成長 4%。此一成長抵銷了住宅固定業務與 B2B 的壓力；後者主要源自第四季颶風的影響。

Looking forward to 2026, we continue to be fully focused on rebuilding in Jamaica, which I will turn to in more detail on the next slide. In addition, and looking regionwide, we aim to continue driving FMC, where penetration is now within 40%. In the B2B segment, which reflects over 1/3 of segment revenue, we also see a significant opportunity to expand its revenue pool.

展望 2026 年，我們仍將全力聚焦牙買加的重建工作；下一頁投影片我會更詳細說明。此外，從區域整體來看，我們目標持續推動 FMC，目前滲透率已接近 40%。在 B2B 分部（占分部營收超過 1/3）方面，我們也看到擴大其營收池的顯著機會。

Turning to slide seven. I'll provide an update on Jamaica post Melissa and outline our investment focus for 2026, during which we will be deploying proceeds from the payout under our weather derivatives program, which total $81 million on a net basis.

接著看第 7 頁投影片。我將更新 Melissa 颶風後牙買加的狀況，並概述我們 2026 年的投資重點；期間我們將運用天氣衍生性商品計畫的理賠款項，淨額合計為 8,100 萬美元。

First, to mobile. Our mobile network recovered quickly and through quarter end, we were running at a higher level of mobile subscribers. And carrying more data traffic over the network than prior to the hurricane. As of the latest data available through early February, this trend has been continuing.

首先談行動業務。我們的行動網路迅速恢復，至季末時行動用戶數已高於颶風前的水準。且網路承載的數據流量也高於颶風前。根據截至 2 月上旬的最新可得數據，這一趨勢仍在延續。

Our mobile business in Jamaica is largely prepaid, and these improving KPIs translated into higher prepaid and higher overall residential mobile revenue in Q4. Our postpaid mobile business has also proven to be resilient. We feel good about the outlook for our mobile business in Jamaica, seeing not only the opportunity to maintain this recovery, but to further build upon it.

牙買加的行動業務以預付為主，這些改善的 KPI 轉化為第四季更高的預付收入以及更高的整體住宅行動營收。我們的後付費行動業務也證明具備韌性。我們對牙買加行動業務的展望感到樂觀，不僅有機會維持這波復原，更能在此基礎上進一步成長。

We have been transforming our network over the course of 2025, and as a result, we have been recognized by Ookla as the fastest mobile network in the island for the second half of 2025. We will continue our transformation journey into 2026, leveraging an improved spectrum position and greater site density.

我們在 2025 年期間持續推動網路轉型，因此在 2025 年下半年獲 Ookla 認證為該島最快的行動網路。我們將在 2026 年延續轉型旅程，善用更佳的頻譜位置與更高的站點密度。

With over 85% of our mobile customer base on a prepaid tariff, we see continued opportunities to migrate customers to postpaid, and we will continue to focus on attracting higher value prepaid customers within this segment.

由於我們超過 85% 的行動客戶採用預付資費，我們仍看到持續將客戶移轉至後付的機會，並將持續聚焦於在此族群中吸引更高價值的預付客戶。

On the fixed side, as we have mentioned, the fixed network was materially more damaged than our mobile network, impacting both our residential fixed customers and our B2B customers way more towards fixed services. As a result, we have taken out 133,000 home passes from the count, where we don’t foresee restoring a fixed service in the near term. To provide more clarity on our outlook for the fixed network, it’s instructive to break down the country into three geographic zones.

在固網方面，如我們先前所提，固網網路受損程度明顯高於行動網路，對我們的住宅固網客戶以及更偏向固網服務的 B2B 客戶造成更大影響。因此，我們已將 133,000 個家戶覆蓋（home passes）自統計中剔除，因為我們預期短期內無法在這些地區恢復固網服務。為了更清楚說明我們對固網網路的展望，將全國劃分為三個地理區域來說明會更具參考性。

Across the country, we have over 75% of our fixed broadband customers back online today but see significant regional differences. The capital city, Kingston, is in what we term as Zone One, an area which represents the largest driver of GDP. Over half of pre-Mellissa homes passed, and it's where the bulk of our B2B customers are based. In Zone One, economic activity and daily life is fully restored. And the vast majority of homes are back online.

全國而言，目前我們已有超過 75% 的固網寬頻客戶恢復連線，但各地區差異顯著。首都金斯敦（Kingston）屬於我們所稱的第一區（Zone One），該區是 GDP 的最大驅動來源。該區涵蓋超過一半的「Mellissa 之前」家戶覆蓋，且我們多數 B2B 客戶也集中於此。在第一區，經濟活動與日常生活已完全恢復。且絕大多數家戶已恢復連線。

Zone two, representing 30% of pre-Mlissa homes, is still recovering. Our plans are to rebuild in the parish of St. James, where Jamaica's second city, Montego Bay, is located. Once complete, this should move the needle in terms of further bringing customers back online. Meanwhile, in the West, Zone three found the largest impact of the storm, and just over 50% of broadband customers still remain offline.

第二區（Zone two）涵蓋「Mlissa 之前」家戶覆蓋的 30%，目前仍在復原中。我們的計畫是在聖詹姆斯教區（St. James）進行重建，牙買加第二大城市蒙特哥貝（Montego Bay）即位於此。一旦完成，預期將在讓更多客戶恢復連線方面帶來明顯改善。同時，在西部，第三區（Zone three）受風暴影響最大，仍有略高於 50% 的寬頻客戶尚未恢復連線。

Our rebuild here is following and subject to the cadence of reconstruction of homes and businesses in the region. Through the course of the year, we will continue to restore homes and B2B customers with a focus on return on investment and innovation. We look forward to building back stronger in Jamaica and on a run rate basis, with target being back close to pre-hurricane levels of profitability by the end of 2026.

我們在此地的重建進度，將依循並受制於該地區住宅與企業重建的節奏。在今年期間，我們將持續恢復住宅與 B2B 客戶服務，並聚焦投資報酬與創新。我們期待在牙買加以更強韌的姿態重建，並以 run-rate 基礎而言，目標是在 2026 年底前使獲利能力回到接近颶風前的水準。

Moving to slide eight in our C&W Panama segment. Starting on the top left of the slide, we delivered accelerating momentum in postpaid ads throughout 2025 as customers continue to migrate from prepaid, which creates more predictable revenues. We increase prices in postpaid and improved pricing plans in our prepaid business. On the bottom left of the slide, we show our fixed KPIs. We delivered another robust squad of internet subscriber ads, while competitive conditions caused some offset on price over the course of the year.

接著看第八頁，C&W 巴拿馬（Panama）事業群。從投影片左上角開始，2025 年我們的後付用戶新增（ads）動能加速，因客戶持續由預付轉向後付，帶來更可預測的營收。我們上調後付價格，並改善預付業務的資費方案。在投影片左下角，我們呈現固網 KPI。我們再次交出強勁的網際網路訂戶新增表現，但競爭態勢使得全年價格面出現部分抵銷。

Looking at revenue and as we show in the center of the slide, we registered rebate revenue growth of 3% for C&W Panama for full year 2025, which in turn was driven by robust residential mobile revenue growth of 7% in 2025. Encouragingly, we also saw an improving performance in our B2B segment in 2025, with the contribution weighing more towards the end of the year.

就營收而言，如投影片中央所示，C&W 巴拿馬 2025 全年在重編基礎（rebased）下的營收成長為 3%，主要由 2025 年住宅行動營收在重編基礎下成長 7% 所帶動。令人鼓舞的是，我們在 2025 年也看到 B2B 事業群表現改善，其貢獻更偏向於年末。

We've registered a number of new wins including the Ministry of Education of Panama, Meduca, which signed a contract with us to provide high-speed internet to all public schools nationwide. B2B rebates revenue growth for full year 2025 was 1%, mainly driven by the fourth quarter that registered 24% growth on a year over year basis.

我們取得多項新案勝利，包括巴拿馬教育部（Meduca），與我們簽約，為全國所有公立學校提供高速網際網路。2025 全年 B2B 在重編基礎下的營收成長為 1%，主要由第四季帶動，第四季年增 24%。

Looking to 2026, we aim to build on our success on B2B and B2G and continue to drive postpaid momentum in the residential segment while staying vigilant on costs and discipline on capital investments.

展望 2026 年，我們將在 B2B 與 B2G 的成功基礎上再接再厲，並在住宅市場持續推動後付動能，同時嚴控成本並維持資本投資紀律。

Next, to slide nine and our final segment within the C&W current silo, Liberty Networks. On the left side of the slide, we present our full year 2025 revenue evolution. Wholesale revenue grew 6% on a rebased basis, stripping out headwinds from non-cash IRUs. Underlying wholesale revenue growth would have been 12% year over year, mainly driven by revenue from a new key project win and new lease capacity sales.

接著看第九頁，也是 C&W 現行事業群中的最後一個分部：Liberty Networks。在投影片左側，我們呈現 2025 全年營收變化。批發營收在重編基礎下成長 6%，剔除非現金 IRU 所帶來的不利因素。若看批發營收的基礎成長（underlying），年增本可達 12%，主要由一項新的關鍵專案得標以及新增租賃容量銷售所帶動。

In December last year, we announced that we were chosen to design, construct, activate, and operate El Salvador’s first submarine cable. This is a 1800-kilometer cable to connect the country to major international hubs, boosting high-speed internet capacity and resiliency.

去年 12 月，我們宣布獲選負責設計、建造、啟用並營運薩爾瓦多（El Salvador）第一條海底電纜。這是一條 1,800 公里長的電纜，將該國連接至主要國際樞紐，提升高速網際網路容量與韌性。

This investment goes beyond building critical infrastructure. It lays the foundation for economic growth, innovation, and opportunity for all Salvadorans. Enterprise revenue was a smaller part of the growth engine, though still showing momentum in ITS service and connectivity solutions. These services are helping us bring a strong base of monthly recurring revenue, which supports long-term stability and positions as well for the future.

這項投資不僅是建置關鍵基礎設施。它也為經濟成長、創新與所有薩爾瓦多人之機會奠定基礎。企業營收在成長引擎中的占比相對較小，但在 ITS 服務與連線解決方案方面仍展現動能。這些服務正協助我們建立穩健的月度經常性收入基礎，支撐長期穩定，並讓我們在未來也具備良好定位。

As we look forward, we remain focused on continuing to deliver growth and underlying subsea capacity as well as executing on our El Salvador project and on Manta as well, our 5,600-kilometer joint build with Sparkle and Gold Data.

展望未來，我們仍將聚焦於持續帶動成長與海纜容量的基礎提升，同時推進薩爾瓦多專案，以及 Manta 專案——這是我們與 Sparkle 與 Gold Data 共同建置的 5,600 公里海纜。

On track to be operational in late 2027 or early 2028, Manta is expected to establish a solid foundation of monthly recurring revenue, enhancing long-term profitability, and positioning Liberty Networks as the region's primary data hub. Given expenditure is front-end loaded for this project, we look forward to turning current FCF headwinds into future tailwinds.

Manta 預計於 2027 年底或 2028 年初投入營運，可望建立穩固的月度經常性收入基礎，提升長期獲利能力，並使 Liberty Networks 成為本區域的主要資料樞紐。由於該專案支出屬前期集中（front-end loaded），我們期待將目前對自由現金流（FCF）的逆風轉化為未來的順風。

Turning to slide 11 and Liberty Costa Rica. Starting on the top left of the slide. The postpaid business segment in Costa Rica continues to be the highlight for the LLA group. In 2025, we added over 160,000 postpaid subscribers, representing a 16% expansion on the 2024 base. In particular, we have seen strong take-up in the lower-end postpaid segment, which is nevertheless a creative relative to our prepaid ARPU levels.

接著看第 11 頁：Liberty 哥斯大黎加（Costa Rica）。從投影片左上角開始。哥斯大黎加的後付業務持續是 LLA 集團的亮點。2025 年我們新增超過 160,000 名後付用戶，較 2024 年基期擴張 16%。特別是，我們看到較低端後付方案的採用強勁，儘管如此，其仍相較於我們的預付 ARPU 水準具有增益（accretive）。

Moving to the bottom left of the slide on the fixed side, we continue to do a good job growing our subscriber base under competitive market conditions with an improved performance in the fourth quarter.

在固網方面，移至投影片左下角，在競爭激烈的市場環境下，我們仍持續良好地擴大用戶基礎，且第四季表現有所改善。

Moving to the center of the slide, we show Costa Rica registering re-base revenue growth of 1% in 2025. The driver of this was our residential mobile business which grew revenue by 6% on a rebate basis. Despite the growing broadband base, price competition led to fixed revenue declining by 4% on a rebate basis, while we also face a tough comparison of B2B.

移至投影片中央，我們顯示哥斯大黎加 2025 年在重編基礎下的營收成長為 1%。主要驅動因素為住宅行動業務，其營收在重編基礎下成長 6%。儘管寬頻用戶基礎成長，價格競爭仍導致固網營收在重編基礎下下滑 4%，同時我們也面臨 B2B 的高基期比較壓力。

Looking forward, we see no immediate reason for a slowdown in the drivers of our prepaid to postpaid mobile strategy. We expect 5G to become even more important, and Liberty was the first operator to launch 5G in Costa Rica in 2024, and we have over 300,000 customers today.

展望未來，我們看不到任何立即的理由會使預付轉後付的行動策略驅動因素放緩。我們預期 5G 將變得更為重要；Liberty 於 2024 年成為哥斯大黎加首家推出 5G 的營運商，目前已有超過 300,000 名客戶。

Following the acquisition of 5G spectrum in 2025, we expect a continued lift as we deploy 5G standalone in partnership with Ericsson. Acknowledging the tougher fixed market conditions, we will leverage our FMC advantage and stay innovative.

在 2025 年取得 5G 頻譜後，隨著我們與 Ericsson 合作部署 5G 獨立組網（standalone），我們預期將持續帶來進一步提升。在認知固網市場環境更具挑戰的同時，我們將善用 FMC 優勢並持續創新。

In Q3 of last year, for example, we launched an offer for new and existing customers to have access to the most popular over the top platforms included in their home plan, a unique move in the Costa Rican market. Finally, and following Suel's rejection of the proposed merger with Tigo in Costa Rica.

例如，在去年第三季，我們推出一項針對新舊客戶的方案，讓他們可在家用方案中使用最受歡迎的 OTT 平台，這在哥斯大黎加市場屬於獨特之舉。最後，並且在 Suel 拒絕在哥斯大黎加與 Tigo 擬議合併之後。

We have now turned our attention to costs. We believe we have a strong track record on cost reduction across the LLE Group, and we have focused on delivering similar margin benefits in Costa Rica over time.

我們現在已將注意力轉向成本。我們相信在 LLE 集團範圍內，我們在降本方面有著強勁的往績紀錄，並且一直專注於隨時間在哥斯大黎加實現類似的利潤率改善效益。

Moving to slide 13 and our three credits of Liberty Puerto Rico. Starting on the top left of the slide in Q4, we registered the first quarter of positive postpaid mobile ads since the migration. This follows significant commercial efforts in the second half of the year.

接著看第 13 頁投影片，以及 Liberty Puerto Rico 的三項重點。從投影片左上角開始，在第四季，我們在遷移後首次錄得後付費行動用戶淨增為正的季度。這得益於下半年顯著的商業推進工作。

Focused on the launch of Liberty Mix. This new multi-land plan has captured customers' imagination, offering flexibility, designing to mix and match plans within multi-bundle packages. It also has transparency with no hidden fees and value add to hotspots and roam-like home, which are particularly important to our customer base.

聚焦於 Liberty Mix 的推出。這項新的多方案計畫激發了客戶的興趣，提供彈性，並可在多重綁定套裝內進行方案的混搭組合。同時也具備透明度、無隱藏費用，並在熱點與「如同在家」漫遊等方面提供加值服務，這些對我們的客群尤其重要。

Additionally, on mobile, we are pleased to have completed the migration of our Boost MVNO's customers onto our network. These are high art prepaid customers, and retaining these customers while removing wholesale costs is an important milestone for the business. Our postpaid base also saw a pickup in the quarters from a small number of migrators, Boost customers who opted to switch into a Liberty Postpaid offer.

此外，在行動業務方面，我們很高興已完成將 Boost MVNO 的客戶遷移至我們的網路。這些是高 ARPU 的預付費客戶，在移除批發成本的同時留住這些客戶，是業務上的一個重要里程碑。我們的後付費用戶基礎在本季度也有所回升，主要來自少量遷移者，即選擇轉入 Liberty 後付費方案的 Boost 客戶。

Moving to the bottom left of the slide on the fixed side, we continue to see competitive pressures impacting our subscriber base, though we registered lower broadband losses in the fourth quarter. In part, this follows greater commercial efforts on the fixed side, including campaigns focusing on network quality and reliability.

再看投影片左下角的固網業務，我們仍持續看到競爭壓力影響訂戶基礎，不過第四季的寬頻流失有所降低。部分原因是固網端加大了商業推廣力度，包括聚焦網路品質與可靠性的行銷活動。

Moving to the center of the slide, we registered a 6% revenue decline for the year. This largely reflects a 6% decline in residential mobile revenue, in turn, a function of negative impact on the migration of customers to our mobile network and network challenges in 2024, which caused a decline in the average number of postpaid mobile subscribers. B2B revenue declined by 16% year over year in part due to similar migration factors. Residential fix declined by 1% year over year with support coming from price increases early in 2025.

再看投影片中間，我們全年營收下降 6%。這主要反映住宅行動營收下降 6%；其背後原因包括客戶遷移至我們行動網路所帶來的負面影響，以及 2024 年的網路挑戰，導致後付費行動用戶平均數下降。B2B 營收年減 16%，部分亦因類似的遷移因素所致。住宅固網營收年減 1%，而 2025 年初的價格上調提供了一定支撐。

Looking to 2026, Puerto Rico remains a competitive market, and we aim to keep laser focused on a commercial proposition. We have seen a nice lift in NPS to start the year on both fixed and postpaid side. We will continue to work hard to improve our customer propositions as we try to stabilize the fixed business and scale up in postpaid mode.

展望 2026 年，波多黎各仍是競爭激烈的市場，我們將保持對商業主張的高度聚焦。年初至今，我們在固網與後付費兩端的 NPS 都有不錯的提升。我們將持續努力改善客戶方案與價值主張，力求穩定固網業務並擴大後付費規模。

Finally, on slide 14, we summarize our strategic vision for liberty Latin America as we look to 2026. Firstly, on the commercial front. You have heard me mention FMC, or fixed mobile convergence, a number of times on the call. We have complementary high-speed fixed and mobile infrastructure across almost all of our entire footprint, and we aim to continue to leverage this in our commercial proposition.

最後，在第 14 頁投影片，我們總結 Liberty Latin America 展望 2026 的策略願景。首先，在商業面。在本次電話會議中，你們多次聽到我提到 FMC（固移融合）。我們在幾乎整個覆蓋版圖內擁有互補的高速固網與行動基礎設施，並計畫持續在商業主張中加以運用。

We sometimes talk a little less about B2B, though this represents almost 1/3 of group revenue. This contribution could be higher, and we are particularly excited about our recently announced partnership with AWS to bring AWS compute and AI models to our local markets for our customers. We have a number of innovative products to be launched that will reduce our video costs, to bring more resilience to our internet service, to bring 100% coverage to our mobile service, and to bring more AI agents to our care service.

我們有時較少談到 B2B，但它約占集團營收的近三分之一。這項貢獻仍有提升空間，我們也特別期待近期宣布與 AWS 的合作，將 AWS 的運算能力與 AI 模型帶到我們的在地市場，提供給客戶。我們將推出多項創新產品，以降低我們的影音成本、提升網際網路服務韌性、讓行動服務達到 100% 覆蓋，並在客服服務中導入更多 AI 代理。

Operationally, we remain focused on investing in our business in a returns focused manner of key importance is our rebuilding Jamaica both in terms of reconnecting homes but also further transformation of our mobile network.

在營運面，我們仍專注於以報酬為導向的方式投資業務；其中一項關鍵重點是重建牙買加，既包括重新連接住戶，也包括進一步改造我們的行動網路。

We are excited to be pursuing two key projects within Liberty Networks, building connectivity on behalf of El Salvador and our ongoing manta project. We will be very focused on successful execution on build through 2026 of 5G, which is now available in Puerto Rico, Panama, Costa Rica, the Cayman Islands, and Barbados. This helps us maintain and enhance our commercial position in the mobile market, as well as supporting FFC. We remain attuned to future opportunities to deploy 5G across our footprint.

我們很高興在 Liberty Networks 內推進兩個關鍵專案：代表薩爾瓦多建置連線，以及我們持續進行的 Manta 專案。我們將非常專注於在 2026 年前成功執行 5G 建設；目前 5G 已在波多黎各、巴拿馬、哥斯大黎加、開曼群島與巴貝多提供服務。這有助於我們維持並強化在行動市場的商業地位，同時也支援 FFC。我們也將持續關注未來在整個版圖部署 5G 的機會。

Finally, we are committed to rewarding our shareholders and have financial aspirations to deliver. I won't steal Chris's thunder, but suffice to say, cost efforts, capital investment discipline, and a focus on free cash flow delivery lay at the heart of our outlook.

最後，我們致力於回饋股東，並且有要達成的財務目標。我不搶 Chris 的風頭，但簡而言之，成本努力、資本投資紀律，以及對自由現金流交付的聚焦，是我們展望的核心。

And with that, I'll pass you over to Chris Noyes, our Chief Financial Officer, who will take you through our financial performance before we move on to your questions, Chris.

接下來，我把時間交給我們的財務長 Chris Noyes，他將在進入問答之前帶大家回顧我們的財務表現，Chris。

Thanks, Balan. Over the next slides, I will provide key highlights of our Q4 and full year results for 2025 with a focus on the fourth quarter. For Q4, we delivered revenue of $1.2 billion reflecting 1% year over year rebase growth. This was fueled by double-digit top-line growth at Liberty Networks and CWP. Offset in large part by declines in LC principally due to the hurricane and LPR as a result of the year over year decline in customers. On a full year basis, LLA revenue was slightly down on a rebate basis to $4.4 billion.

謝謝，Balan。接下來幾頁投影片，我將提供 2025 年第四季與全年業績的重點摘要，並以第四季為主。第四季，我們實現營收 12 億美元，按重述口徑年增 1%。這主要由 Liberty Networks 與 CWP 的營收雙位數成長所帶動。但在很大程度上被 LC 的下滑所抵銷（主要因颶風影響），以及 LPR 因客戶數年減而下滑。以全年來看，LLA 營收按重述口徑小幅下降至 44 億美元。

Moving to the right, we reported adjusted OBITDA of $451 million in Q4, bringing our 2025 full year adjusted OBITDA to $1.7 billion. These results reflect year over year rebates growth of 8% for Q4 and 9% for 2025, with both periods adversely impacted by $27 million stemming from Hurricane Melissa.

再看右側，我們第四季調整後 OBITDA 為 4.51 億美元，使 2025 年全年調整後 OBITDA 達到 17 億美元。這些結果反映第四季與 2025 年全年按重述口徑分別年增 8% 與 9%，但兩個期間皆受到颶風 Melissa 造成的 2,700 萬美元不利影響。

For LLA, our operating focus on cost control and efficiency contributed to our roughly 300 basis point improvement and adjusted OID margins in 2025. We expect our 2025 actions will continue to benefit our 2026 results.

就 LLA 而言，我們在成本控管與效率提升方面的營運聚焦，促成 2025 年調整後 OID 利潤率約 300 個基點的改善。我們預期 2025 年採取的行動將持續為 2026 年的業績帶來效益。

Slide 17 recaps our Q4 results for the CMW credit silo. Starting on the left in Q4, LC reported $356 million in revenue and $153 million in adjusted OBITDA. Both metrics declined year over year on a rebate basis, which was entirely due to Hurricane Melissa, as the Jamaican business experienced declines of $20 million in revenue and $27 million in adjusted OBITDA in the last two months of Q4.

第 17 頁投影片回顧 CMW 信用分層（credit silo）的第四季表現。從左側開始，第四季 LC 營收為 3.56 億美元，調整後 OBITDA 為 1.53 億美元。兩項指標按重述口徑皆年減，完全是由颶風 Melissa 所致；牙買加業務在第四季最後兩個月營收減少 2,000 萬美元、調整後 OBITDA 減少 2,700 萬美元。

Overall, it is important to not let the hurricane detract from what was a very strong year from the LC team, especially in light of their marginal improvement and 7% adjusted OIBDA rebates growth for full year 2025. With that being said, we do expect that the next quarters will be financially challenging in Jamaica, and obviously the year over year comps will be difficult until we lap the hurricane in Q4.

整體而言，重要的是不要讓颶風掩蓋 LC 團隊非常強勁的一年，特別是考量其利潤率改善，以及 2025 年全年調整後 OIBDA 按重述口徑成長 7%。不過，我們確實預期接下來幾個季度牙買加在財務上將面臨挑戰；顯然，在第四季與颶風影響完成同比基期對比之前，年對年比較都會較為艱難。

Next, moving to CWP, aided by revenue from government-related projects in Q4, CWP posted double-digit rebates year over year growth for both revenue and adjusted OBITDA, reporting $230 million of revenue and $94 million of adjusted OBITDA. CWP's focus on improved gross margin contribution and cost add activities was reflected in expanded, adjusted OIDA margins in Q4 and full year 2025.

接著看 CWP，在第四季政府相關專案收入的帶動下，CWP 的營收與調整後 OBITDA 皆錄得按重述口徑年增雙位數，分別為 2.30 億美元營收與 9,400 萬美元調整後 OBITDA。CWP 對提升毛利貢獻與成本加值活動的聚焦，反映在第四季與 2025 年全年擴張的調整後 OIDA 利潤率上。

Turning to Liberty Networks, LN generated $129 million in revenue and $75 million in adjusted OBITDA, which accounts for year over year rebate increases of 14% and 21% respectively. Results in Q4, as Ban highlighted, were fueled in part by the El Salvador build and continued ramping of its wholesale infrastructure business.

談到 Liberty Networks（LN），LN 產生了 1.29 億美元營收及 7,500 萬美元的調整後 OBITDA，分別反映年對年（以可比口徑計）回扣增加 14% 與 21%。如 Ban 所強調，第四季的結果部分受惠於薩爾瓦多建設案，以及其批發基礎設施業務持續放量。

Aggregating all three operating segments within the C&W credit silo. For Q4, we reported $693 million in revenue, reflecting a year over year rebased increase of 4% and $322 million in adjusted EBITDA, resulting in 5% year over year rebate growth. As noted earlier in LC, the results for the silo were hampered by the hurricane impact.

彙總 C&W 信用隔離架構內的三個營運分部。第四季，我們報告營收 6.93 億美元，反映年對年（以重述口徑計）成長 4%；調整後 EBITDA 為 3.22 億美元，帶動年對年回扣成長 5%。如先前在 LC 所提到，該隔離架構的結果受到颶風影響而承壓。

Rounding out our other two credit silo, Liberty Costa Rica and Liberty Puerto Rico. On the left, we highlight LCR. We delivered Q4 revenue of $168 million and adjusted OIBDA of $66 million representing rebates declines of 2% for revenue and 3% for Adjusted OIBDA.

接著是另外兩個信用隔離架構：Liberty Costa Rica 與 Liberty Puerto Rico。左側我們重點說明 LCR。第四季營收為 1.68 億美元、調整後 OIBDA 為 6,600 萬美元，分別代表營收回扣下滑 2% 與調整後 OIBDA 回扣下滑 3%。

Residential Mobile continued to deliver a year over year growth but was not able to offset a particularly soft quarter in B2B. With respect to full year 2025, Adjusted OIBDA of $236 million was flat on a rebate basis. Importantly, the operating team has launched a comprehensive effort to improve its cost structure during 2026 and would expect momentum to build throughout the year like we have seen in other markets.

住宅行動服務（Residential Mobile）持續繳出年對年成長，但未能抵銷 B2B 在本季特別疲弱的表現。就 2025 全年而言，調整後 OIBDA 為 2.36 億美元，以回扣口徑計持平。重要的是，營運團隊已在 2026 年啟動全面性行動以改善成本結構，並預期如同我們在其他市場所見，動能將在全年逐步增強。

Concluding with Puerto Rico on the right, LPR posted Q4 revenue of $301 million a slight increase from Q3 levels, and which reflects a 4% rebased year over year decline. The rebate decline over last year is primarily a result of the full year impact of customer losses experienced from the 2024 migration. Importantly, the business has shown stabilizing trends over the last few quarters.

右側以波多黎各作結，LPR 第四季營收為 3.01 億美元，較第三季水準小幅增加，但反映年對年（以重述口徑計）下滑 4%。相較去年回扣下滑主要源自 2024 年遷移所造成的客戶流失，其影響在全年完整反映。重要的是，該業務在過去幾個季度呈現趨於穩定的走勢。

Turning to Adjusted OIBDA, we reported $89 million in Q4, reflecting double-digit rebase growth year over year. LPR has significantly improved their cost structure during 2025 to align more with their current customer base and also return to more normalized customer service levels which have positively impacted their collection efforts and bad debt expense. These steps have been necessary to help compensate for the lower revenue base, and the net impact is reflected in the LPR's improving adjusted OIBDA margins.

談到調整後 OIBDA，我們第四季報告 8,900 萬美元，年對年（以重述口徑計）呈現雙位數成長。LPR 在 2025 年大幅改善其成本結構，使其更貼近目前的客戶基礎，並回到較為正常化的客戶服務水準，進而對其催收作業與壞帳費用帶來正面影響。這些措施對於彌補較低的營收基礎屬必要之舉，其淨影響反映在 LPR 調整後 OIBDA 利潤率的改善。

Turning to slide 19, two important metrics that we are focused upon at LLA as we think about driving long-term value, adjusted OIBDA less P&E additions and adjusted FCF before partner distributions. Starting on the left, we have already briefly discussed adjusted OBIDA, but the other key input to the calculation is P&E additions.

請看第 19 頁，這裡有兩項我們在 LLA 著眼於推動長期價值的重要指標：調整後 OIBDA 減去 P&E 增加額，以及在合夥人分配前的調整後自由現金流（adjusted FCF）。先從左側開始，我們已簡要討論過調整後 OIBDA，而計算中的另一個關鍵投入項目是 P&E 增加額。

Even in light of the various commitments, we had and events that occurred during the year. Including new project winds and hurricane impacts, we remained disciplined during 2025. In aggregate, we invested $640 million in 2025, including $220 million in Q4, as compared to $725 million in 2024, including $240 million in Q4 in 2024.

即便考量到各項承諾，以及年度期間發生的事件。包括新專案推進與颶風影響，我們在 2025 年仍維持紀律。整體而言，我們 2025 年投資 6.40 億美元，其中第四季 2.20 億美元；相較之下，2024 年投資 7.25 億美元，其中 2024 年第四季為 2.40 億美元。

LLA's P&E additions as a percentage of revenue were 14% in 2025 versus 16% in 2024, a measurable year over year reduction. Combined with our improved LLA adjusted OIBDA performance and margins, we delivered adjusted OIBDA less P&E additions of $1.1 billion in 2025, including $231 million in Q4, representing year over year growth for fiscal 2025 of 27% and for Q4 of 30%. Our 2025 result represents 24% of revenue, a significant improvement over 2024 levels, and one we look forward to continuing to drive higher over time.

LLA 的 P&E 增加額占營收比重在 2025 年為 14%，相較 2024 年的 16%，年對年明顯下降。結合我們 LLA 調整後 OIBDA 表現與利潤率的改善，我們在 2025 年達成「調整後 OIBDA 減 P&E 增加額」為 11 億美元，其中第四季為 2.31 億美元，分別代表 2025 會計年度年對年成長 27%，以及第四季年對年成長 30%。我們 2025 年的結果相當於營收的 24%，較 2024 年水準顯著改善，且我們期待未來持續推動其逐步提高。

Turning to adjusted free cash flow before partner distributions, we had a particularly robust Q4 delivering $278 million in the quarter, which brought our full year figure to $150 million a 29% year over year increase.

談到合夥人分配前的調整後自由現金流，我們第四季表現特別強勁，單季達 2.78 億美元，使全年數字達到 1.50 億美元，年對年增加 29%。

A key driver of this improvement was the significant expansion and adjusted OIBDA SPE additions of $226 million over this period, which was offset somewhat by working capital and related movements. Additionally, in Q4, we collected $81 million in net proceeds from our parametric program, which helps to mitigate to a large extent the physical damage and business interruption from Hurricane Melissa.

推動此改善的關鍵因素，是本期間調整後 OIBDA SPE 增加額大幅擴張至 2.26 億美元，但部分被營運資金及相關變動所抵銷。此外，在第四季，我們自參數型保險計畫取得 8,100 萬美元的淨收益，有助於在很大程度上緩解梅麗莎颶風造成的實體損害與營運中斷。

As discussed earlier, we suffered financial impact in Q4 from Melissa, but a substantial amount of the adverse impact, including a large portion of the recovery investment, is expected to occur in 2026. Although it'll continue to evolve throughout the year, we generally expect that the 2026 adjusted FCF impact from the storm will be in the neighborhood of $100 million. Our operating goal is to be run rating near pre-hurricane levels by year end, which should set us up for a full recovery in 2027.

如先前所述，我們在第四季受到梅麗莎帶來的財務影響，但相當大部分的不利影響（包括復原投資中的很大一部分）預期將在 2026 年發生。雖然全年仍將持續變動，我們一般預期 2026 年該風暴對調整後 FCF 的影響約在 1 億美元左右。我們的營運目標是在年底前將 run rate 恢復至接近颶風前水準，這將使我們在 2027 年得以全面復原。

Next to slide 20 and a review of our capital structure. At the consolidated level, we have total debt of $8.4 billion and liquidity consisting of $800 million in cash and $900 million in availability under our credit lines. At year end 2025, we had consolidated net leverage of 4.3 times. An improvement from 2024 levels. If we exclude LPR leverage, which is undergoing a liability management exercise as previously discussed, LLA leverage would decline into the mid-threes.

接著看第 20 頁，回顧我們的資本結構。在合併層級，我們總負債為 84 億美元，流動性包括 8.00 億美元現金及 9.00 億美元的授信額度可用額度。截至 2025 年底，我們合併淨槓桿為 4.3 倍。較 2024 年水準有所改善。若排除 LPR 槓桿（如先前所述其正進行負債管理作業），LLA 槓桿將下降至 3 倍中段水準。

Turning to the middle of the slide, which summarizes our two credit silos of C&W and LCR, we have total debt at C&W of $4.9 billion and covenant leverage of 3.5 times and total debt at LCR of $515 million and covenant leverage of 1.8 times. As seen by the combined maturity schedule, approximately 75% of borrowings are due in 2031 and later.

轉到投影片中段，摘要我們兩個信用隔離架構 C&W 與 LCR：C&W 總負債為 49 億美元、契約槓桿為 3.5 倍；LCR 總負債為 5.15 億美元、契約槓桿為 1.8 倍。由合併到期時程可見，約 75% 的借款將於 2031 年及其後到期。

Moving to the right, Liberty Puerto Rico has $2.9 billion of total debt with reported borrowing group net leverage of nearly 8 times, while covenant leverage of the restricted subsidiaries was 14 times as of Q4 2025. As seen today, LPR performance has stabilized over the last few quarters, but has a long road back to gain market share and expand the top-line, and LPR continues to look for ways to improve its leverage profile. Of note, LPR may also need to raise additional liquidity in the near future to cover ongoing operating costs, although no definitive decisions have yet been taken in this regard.

再看右側，Liberty Puerto Rico 的總負債為 29 億美元，所報告的借款群組淨槓桿接近 8 倍；而截至 2025 年第四季，受限制子公司的契約槓桿為 14 倍。如目前所見，LPR 表現於過去幾個季度已趨於穩定，但要重新取得市占並擴大營收規模仍有很長的路要走，LPR 也持續尋求改善其槓桿結構的方法。值得注意的是，LPR 近期未來也可能需要籌措額外流動性以支應持續的營運成本，但目前尚未就此作出任何明確決定。

As discussed in our Q2 2025 earnings, LPR embarked on a liability management exercise with its creditors in 2025, and as part of that, a transaction proposal was provided to the creditor's advisors in early November, and those advisors were provided with access to significant levels of information and diligence since that time. To date, while no response to such proposal has been received, the team hopes for engagement from the creditors in the near future.

如我們在 2025 年第二季財報中所述，LPR 於 2025 年與其債權人展開負債管理作業；作為其中一部分，團隊於 11 月初向債權人顧問提供了一項交易提案，自那時起亦向該等顧問開放大量資訊與盡職調查。截至目前，雖尚未收到對該提案的回覆，團隊仍希望在不久的將來能與債權人展開互動。

As previously highlighted, LPR has substantial flexibility in its credit documents that will enable the business to continue to utilize its assets to meet any nearer-term liquidity needs as they arise, as demonstrated by the $250 million secured financing raise through an unrestricted subsidiary of LPR that was announced in September 2025. Additionally, and consistent with our previously stated intention of separating LPR and LLA, we are actively working on this and will update when appropriate.

如先前強調，LPR 的信貸文件提供相當大的彈性，使該業務得以在出現任何較近期的流動性需求時，持續運用其資產加以因應；例如 2025 年 9 月宣布透過 LPR 的非受限制子公司籌措 2.50 億美元的擔保融資。此外，並與我們先前所表明將 LPR 與 LLA 分拆的意圖一致，我們正積極推進相關工作，並將在適當時機更新進展。

Moving to slide 21 and our closing remarks. As compared to 2024, we delivered robust financial performance in 2025 with nearly double-digit rebates adjusted OIBDA expansion, 27% adjusted OIBDA less P/E additions growth, and adjusted FCF before partner distributions improvement of 29%. In Jamaica, we have generally recovered our mobile business and will be disciplined in our capital approach to reconnecting homes and businesses as conditions on the ground improve. No doubt the full recovery will take time and impact our reported results in the coming quarters, but we anticipate that we will be running at a much fuller tempo by 2027.

接著看第21頁與我們的結語。相較於2024年，我們在2025年交出強勁的財務表現：回扣調整後的OIBDA接近雙位數擴張、扣除P/E新增項目的調整後OIBDA成長27%，以及在合作夥伴分配前的調整後自由現金流（FCF）改善29%。在牙買加，我們的行動業務大致已恢復，我們將在資本投入上保持紀律，隨著當地情況改善，逐步重新連接住家與企業。毫無疑問，全面復原需要時間，並將在未來幾季影響我們的申報結果，但我們預期到2027年將能以更完整的節奏運行。

Looking forward, Balan highlighted his 2026 strategic vision on his concluding slide covering commercial, operational, and financial priorities. Without repeating, I believe they can be further summarized into our continued focus on driving organic growth within our operating businesses and cash flow improvement.

展望未來，Balan在他的結尾投影片中闡述了2026年的策略願景，涵蓋商業、營運與財務優先事項。不再重複細節，我認為可進一步總結為：我們將持續聚焦於推動各營運事業的有機成長，以及改善現金流。

We clearly have near-term headwinds, especially with the timing of the Jamaican recovery and given our planned cadence for 2026. We would expect our financial performance at LLA and across our markets to be heavily weighted to the second half of the year. Activities related to cost out our investments in projects like Manta and product innovation, including our new arrangement with AWS all speak to setting the stage for future growth.

我們顯然面臨短期逆風，特別是牙買加復原的時點，以及考量我們對2026年的既定推進節奏。我們預期LLA以及各市場的財務表現將明顯偏重於下半年。與成本削減相關的活動、我們在Manta等專案上的投資，以及產品創新（包括與AWS的新安排）都在為未來成長奠定基礎。

Finally, for our equity investors, certainly 2025 did have its share of ups and downs, but trending positively at the end of the year. Management remains committed to working to unlock value, including returning capital to shareholders, and we will be focused on executing balanced 2026 priorities, which we believe will be beneficial to value creation in 2026 and beyond.

最後，對我們的股權投資人而言，2025年確實有起有落，但在年底呈現正向趨勢。管理團隊仍致力於釋放價值，包括向股東返還資本；我們也將專注於執行2026年兼顧平衡的優先事項，我們相信這將有助於在2026年及其後創造價值。

With that operator, we will open it up for questions.

那麼，接線員，我們開放提問。

Thank you. The question-and-answer session will be conducted electronically. (Operator Instructions)

謝謝。問答環節將以電子方式進行。(接線員指示)

Matthew Harrigan, StoneX.

Matthew Harrigan，StoneX。

I wonder if AI will ever enable the Q&A to not be conducted electronically. Actually, two questions. Firstly, you have some really effusive expectations on private equity infrastructure investment at one point that didn't materialize, but certainly, the results are really inflecting upward, even apart from Manta and El Salvador. By virtue of economic growth and increased volume even at lower, per bit pricing, do you think you've got a really nice, tailwind just organically from economic activity, or is it really just going to be largely, step function of manta and El Salvador and whatever other discrete projects materialize, and now I have a follow-up. Thank you.

我在想，AI是否有一天能讓問答不必以電子方式進行。其實有兩個問題。第一，你們曾在某個時點對私募股權的基礎設施投資抱有相當熱切的期待，但並未實現；不過，結果確實正在向上拐點，即使不考慮Manta與薩爾瓦多也是如此。在經濟成長與流量增加（即便每bit價格較低）的帶動下，你認為你們是否能從經濟活動本身獲得很好的有機順風？還是說，成長主要仍將是Manta、薩爾瓦多以及其他可能落地的離散專案所帶來的階梯式提升？我還有一個追問。謝謝。

Sure. Hey, good morning, Matt. On the Manta and El Salvador project, they do actually quite different projects. The Manta Project is both building more resiliency, as well as adding a huge amount of capacity on routes we think are going to be highly profitable. So, and it's being built right now, and we'll start selling into it very soon, starting later this year, early next year, and we've got quite a bit of interest in that. The El Salvador project on the flip side, it's really a build, operate transfer kind of a model with the government of El Salvador, but it has some really good upsides for us as well, including the fact that we will be running, maintaining that network, and in the future, perhaps, we could put a branching unit and add some capacity to some of the other drugs.

好的。嗨，Matt，早安。關於Manta與薩爾瓦多專案，它們其實是相當不同的專案。Manta專案一方面提升韌性，同時也在我們認為將高度獲利的路由上新增大量容量。而且它正在建置中，我們很快就會開始銷售其容量，從今年稍晚、明年初開始，我們對此也已獲得相當多的興趣。相對地，薩爾瓦多專案更像是與薩爾瓦多政府合作的「建置—營運—移轉」（BOT）模式，但對我們也有很好的上行空間，包括我們將負責該網路的運行與維護；未來或許也能設置分支單元，並在其他路由上增加一些容量。

So both projects are hugely accretive and, and have very good margins on it, but they are very complex projects. Ray Collins, who leads our business unit there, he and his team, have been really on top of it. The build is and, and the engineering is ongoing right now, and we have a lot to deliver on here, but the team is really up for it.

因此，兩個專案都具有高度增益性，且毛利率非常好，但它們也都是非常複雜的專案。負責該事業單位的Ray Collins以及他的團隊一直都掌握得很好。目前建置與工程仍在進行中，我們在這裡還有很多交付要完成，但團隊確實已準備好迎接挑戰。

And then as a follow-up, Mike Freeze yesterday, this wasn't his expectation, but I think he said one of the hyper scaler executives said that it was possible that they could reduce, Liberty Telecom's OpEx from $15 billion to $7 billion or $8 billion. Mike certainly didn't endorse that, but he implied that there was going to be a long, run of AI and cost improvements, given, obviously, telecom, you've got a lot of. Repetitive processes and big data lakes in network management, customer management.

接著追問一下，Mike Freeze昨天提到，這不是他的預期，但我想他說有位超大規模雲端（hyperscaler）的高層表示，有可能把Liberty Telecom的營運費用（OpEx）從150億美元降到70億或80億美元。Mike當然沒有背書這個說法，但他暗示在AI與成本改善方面會有一段很長的趨勢，因為顯然電信業有很多。在網路管理、客戶管理上有大量重複流程與大型資料湖。

Do you think you're going to have that type of improvement? Well, obviously not of that scale, but do you think we're going to be seeing very significant, prolonged, margin benefits? And I was also curious, this month, you just the other day with AWS and then Liberty Global. With Google and Gemini, somewhat before that, both entered into relationships and I'm curious how the expectations are, vary between, Google and Amazon, and was there any clear explanation as to why they went with Google, and you went with AWS? Thanks.

你認為你們也會有那種程度的改善嗎？當然不會到那種規模，但你覺得我們會看到非常顯著、且持續一段時間的利潤率改善嗎？另外我也好奇，本月你們前幾天與AWS合作，然後Liberty Global。稍早之前則與Google與Gemini建立關係；我想了解對Google與Amazon的預期有何不同？以及是否有任何明確的原因解釋為何他們選擇Google，而你們選擇AWS？謝謝。

Sure. Let me answer your last question first, and I'll get back. I really can't comment on Liberty Global's decision with Google, like Google Cloud, and the work the Google team is doing. It's extremely impressive. Chris, myself, a whole bunch of my executives visited with the Google Cloud folks just two weeks ago in California, three weeks now. Our relationship with AWS is, it's slightly different, and it's really focused on our business.

好的。我先回答你最後一個問題，之後再回到前面的。我無法評論Liberty Global選擇Google（例如Google Cloud）的決策，以及Google團隊正在做的工作。那確實非常令人印象深刻。Chris、我本人以及多位高階主管就在兩週前（現在算三週了）在加州拜訪了Google Cloud團隊。我們與AWS的關係略有不同，主要聚焦在我們自身的業務。

Most of our models and most of our services and compute and storage is done over AWS. Most of our customers prefer AWS. The relationship with AWS is strong for our internal usage, and certainly, it's a great product for us to partner with our customers. We have quite a number of customers today, cloud customers on our premises. That are migrating and we think the migration to AWS makes a lot of sense for them and for us and the folks at AWS have been really great to work with as well in this partnership.

我們大多數模型、服務，以及運算與儲存都在AWS上完成。我們多數客戶也偏好AWS。我們與AWS的關係在內部使用上很強健；而且對我們而言，作為與客戶合作的夥伴產品也非常出色。我們目前有相當多客戶在我們機房內使用雲端服務。他們正在遷移，我們認為遷移到AWS對他們與對我們都很合理；AWS的團隊在這項合作夥伴關係中也非常好合作。

So that's really kind of why we went down that path. We think it's great for ourselves internally and it's great for our customers as well. In addition, by the way, AWS is making investments in our region with us, building out what they call outposts in their wavelength product in our data centers in Panama, in Colombia. So this is not just a reseller agreement, this is a really deep partnership between us and them.

所以這大致就是我們走這條路的原因。我們認為這對我們內部很棒，對客戶也同樣很棒。另外順帶一提，AWS也正與我們一起在本區域投資，於我們位於巴拿馬、哥倫比亞的資料中心，建置他們在Wavelength產品中所稱的Outposts。因此這不只是轉售協議，而是我們與他們之間非常深度的合作夥伴關係。

Your second question or your first question on AI benefits, I think we're really in the first innings here on this. This requires the opportunity is large.

至於你第二個問題、或你第一個關於AI效益的問題，我認為我們現在真的還在第一局。這需要——機會很大。

Let's be clear, I don't want to put a number on this, but clearly, as you pointed out, we have a lot of repetitive processes in our company and we have a lot of things that perhaps we're not really good at. And AI can actually make it a lot better. It'll take costs out. It'll help us be more productive, and in addition to that, it'll have a better front end for us to our customers as well.

講清楚一點，我不想在這裡給出一個數字，但如你所指出的，我們公司內有很多重複性的流程，也有很多事情可能我們做得並不夠好。而AI確實可以把它做得更好。它會降低成本。它會幫助我們提升生產力；此外，也能讓我們面向客戶的前端體驗更好。

And in all those fronts we have either trials, we have implemented, we have, launched, and we're just, seeing the beginnings of it. I think the challenge in our company that we are challenging ourselves is how do we translate all of this into some real tangible free cash flow improvement, and that's really as Chris pointed out, our primary goal. Everything that we work on here has to at some point translate to a free cash flow expansion.

而在所有這些面向上，我們不是已經在進行試點，就是已經落地實施、已經推出，而我們也才剛開始看到初步成效。我認為我們公司目前自我挑戰的課題，是如何把這一切轉化為真正具體、可衡量的自由現金流改善；正如 Chris 所指出的，這確實是我們的首要目標。我們在這裡所做的每一件事，最終都必須在某個時間點轉化為自由現金流的擴張。

And we are working on it. I think if you ask the same questions two quarters from now, I will probably have a slightly different answer with much more tangible initiatives that we're working on. I can tell you now, if you go to Costa Rica, you call our call centers right now, there's a high likelihood an AI agent will be answering the call.

而我們正在推進這件事。我想如果你在兩個季度後問同樣的問題，我可能會有略為不同的答案，並且能分享更多我們正在做的、更加具體的措施。我現在可以告訴你，如果你在哥斯大黎加撥打我們的客服中心電話，現在很有可能是由 AI 代理來接聽。

Great, thanks Bal. Thanks, Chris.

很好，謝謝你，Bal。謝謝，Chris。

Michael Rollins, Citi.

Citi 的 Michael Rollins。

Thanks, and good morning. I'm curious if you could help us, help, all of us understand the fixed to mobile convergence opportunity, in your major markets or regions. Can you frame what the current level of converged a rates are, where you see that potentially going on a volume basis, and to get there.

謝謝，早安。我想請你協助我們、也協助大家理解，在你們主要市場或區域中，固網與行動融合（fixed-to-mobile convergence）的機會。你能否說明目前融合滲透率大概在什麼水準、你認為在量的基礎上可能會走向哪裡，以及要達到那裡需要做些什麼。

Do you have to do substantial discounting, or can it be nearly as a creative, as if you were getting these customers on the standalone services and just, coincidentally packaged together thanks.

你們是否必須做大幅折扣，還是可以幾乎用更有創意的方式——就像你原本就能以單一服務拿到這些客戶，然後只是順勢把它們打包在一起？謝謝。

So the fixed mobile convergence have been a real benefit for us, there's a few ways to look at it. One, if you, if most of our markets, with the exception of Puerto Rico, are primarily prepaid markets. So, when we go to fixed mobile convergence, there's two things, two steps here.

固網與行動融合對我們來說一直是很大的助益，可以從幾個角度來看。第一，在我們大多數市場（波多黎各除外）主要都是預付費市場。因此，當我們推動固網與行動融合時，這裡有兩件事、兩個步驟。

One, you go from pre to post, and then you link the post to a fixed product, and it's primarily, postpaid mobile with a fixed broadband. That's really the golden product here, the bullseye product we call, and this has worked quite well across our markets. And in Puerto Rico, specifically, we've been looking at, we have more than 50% market share in our fixed broadband in Puerto Rico, and we have right about slightly under 20% in our mobile postpaid.

第一步是從預付轉為後付，接著把後付與固網產品連結起來；主要是「行動後付」搭配「固網寬頻」。這就是我們所說的黃金產品、靶心產品，而這在我們各市場的成效都相當不錯。以波多黎各為例，我們在當地固網寬頻的市占率超過 50%，而行動後付的市占率大約略低於 20%。

And clearly the opportunity to link both of them is pretty high. So for every fixed broadband customer that do not have a postpaid, it's really an opportunity for us. And for any of our postpaid customers that don't have fixed broadband, also an opportunity for us.

顯然，把兩者串聯起來的機會非常大。因此，對於每一位沒有行動後付的固網寬頻客戶，對我們而言都是機會。同樣地，對於任何沒有固網寬頻的行動後付客戶，也都是我們的機會。

And the trick is really our systems, and we've been going through, as in Puerto Rico, quite a significant upgrade in our systems and stabilizing them. We are now at a point where we can start doing a lot of this postpaid and fixed mobile, sorry, and fixed broadband convergence, and it's really kind of, it provides two things one, a higher RPU in the in the home that specific customer, so the customer RPU goes up, and secondly, churn goes down. And these are proven facts across all telcos over many years, and I think we've been quite successful. We have quite a number of my general managers who are really steeped into this, focused on it, and this is really one of our growth opportunities in 206 and beyond. Thanks.

關鍵其實在於我們的系統；我們在波多黎各一直在進行相當大幅度的系統升級並讓其穩定。我們現在已經到了可以開始大量推動這種後付與固網——抱歉——與固網寬頻的融合的階段；它基本上帶來兩件事：第一，單一家庭/該特定客戶的 RPU（每用戶收入）會提高；第二，流失率會下降。這些都是多年來在各家電信業者中被反覆驗證的事實，而我認為我們做得相當成功。我們有不少總經理在這方面投入很深、非常聚焦；這確實是我們在 206 以及之後的成長機會之一。謝謝。

Maybe just a follow-up on the revenue side. Can you give us an update when you take into account the what you just described in terms of the the FMC opportunities, the opportunities to continue to grow in your markets. What's a fair range of annual re-based revenue growth? That Liberty Latin America should operate within on a multi-year basis.

我想在營收面再追問一下。綜合你剛才描述的 FMC 機會，以及你們在各市場持續成長的機會，能否更新一下：以年度、同口徑（re-based）營收成長來看，合理的區間大概是多少？Liberty Latin America 在多年期的角度，應該落在什麼樣的成長範圍內？

That's a great question. I've got to be careful. I don't give guidance here, but here's how you look at it. Our mobile product is growing because as we move from pre to post, output gets better. We attach it to a fix and you start growing. So the mobile product, you'll see, growth.

這是個很好的問題。我得小心一點。我們在這裡不提供財測指引，但我可以這樣看：我們的行動產品在成長，因為當我們從預付轉到後付，產出/表現會更好。再把它與固網綁在一起，你就會開始看到成長。所以行動產品你會看到成長。

It won't be in the double-digits, but it'll be very respectable single-digit growth annually, and that, we have a long runway on that. On the fixed side, broadband continues to grow, however, offset by headwinds on video and voice. So as you look at the fixed product, you'll see flattish, the slight growth. But it's mostly because we have some legacy products that you've got to adjust for, eventually we'll wash out and we'll get to a steady cadence.

不會是雙位數，但每年會是相當可觀的個位數成長，而且我們在這方面還有很長的跑道。固網方面，寬頻仍在成長，但會被影音與語音的逆風所抵銷。因此你看固網產品，會是大致持平、略有成長。但主要是因為我們有一些傳統/舊有產品需要調整；最終這些影響會淡出，我們會回到較穩定的節奏。

B2B has good growth as well, and the B2B growth, we're really excited now, getting into more and more cloud services that we're selling. We still continue to sell connectivity, but in addition to connectivity, we're selling a lot more cloud services. But even in B2B, there is a headwind, and the headwind is mostly a lot of customers are canceling their voice products. So that's voice services that that will continue to decline a bit, but it's offset by this new cloud services. And the second thing that kind of offsets our revenue going forward is roaming.

B2B 也有不錯的成長；我們對 B2B 的成長很興奮，因為我們正在銷售越來越多的雲端服務。我們仍持續銷售連線服務，但除了連線之外，我們也在賣更多雲端服務。不過即便在 B2B 也有逆風，主要是很多客戶正在取消他們的語音產品。因此語音服務還會持續小幅下滑，但會被這些新的雲端服務所抵銷。另外一個在未來抵銷我們營收的因素是漫遊。

Clearly as people travel, this is a great market for us because a lot of the cruise ships, a lot of people roam, but clearly with new technologies and most people getting on Wi-Fi with their WhatsApp, the roaming revenue is going to be continuously, it's going to slightly decline, and that kind of adds to a headwind to our product.

顯然，隨著人們旅行，這對我們是個很好的市場，因為有很多郵輪、很多人會使用漫遊；但同樣地，隨著新技術出現、以及大多數人用 WhatsApp 連上 Wi‑Fi，漫遊營收將會持續、並且會小幅下滑，這也會為我們的產品帶來一些逆風。

So, our product portfolio has a lot of really nice, good products and a few headwinds that it's just, the nature of where the technology is at. I think the way we look at it is we are going to invest further and deeper into all the products that are growing, and then we're just going to manage the rest of the products that we're challenged with, voice, video, roaming, those kinds of products. We're going to just TRY to manage that, and I think the team's done a pretty good job. You can see it in our numbers, and that's why you can see while revenue is kind of flattish at the top, there's a significant bit of expansion. A bit of expansion comes from cost cutting, the space management, and really is moving to higher margin products, so that's kind of one way to look at it.

所以，我們的產品組合裡有很多非常好的成長型產品，也有一些逆風，這就是技術發展到目前階段的自然結果。我們的看法是：我們會在所有正在成長的產品上投入更多、更深；而對於我們面臨挑戰的其他產品——語音、影音、漫遊這類——我們就會加以管理。我們會盡力去管理它，我認為團隊做得相當不錯。你可以從我們的數字看出來；這也是為什麼雖然營收在最上層看起來大致持平，但仍有相當幅度的擴張。這部分擴張來自成本削減、空間/場地管理，以及轉向更高毛利的產品；大概可以這樣理解。

Thanks. Very helpful. Thank you.

謝謝。非常有幫助。謝謝你。

As a reminder, if you would like to ask a question, please press star followed by one on your telephone keypad now. Chris Sauer, New Street Research.

提醒一下，如果您想提問，請現在在電話鍵盤上按星號再按 1。New Street Research 的 Chris Sauer。

Yeah, thank you. I had a question on the top-line trajectory in Puerto Rico. Obviously, you know, great news on the inflection in postpaid net adds. I wonder if you can give sort of any color on the shape of how that sort of played out in the quarter. Obviously, what I’m trying to think of is, you know, what we should expect going forward, whether you’d expect to see further improvements in terms of postpaid net adds. And then also on the top line in Puerto Rico, obviously, that was sort of slightly offset by a bit of weakness on B2B.

是的，謝謝。我有一個關於波多黎各營收（top line）走勢的問題。顯然，後付用戶淨增出現拐點是個好消息。我想請你分享一些顏色/細節，說明這在本季度是以什麼樣的形態發生的。我主要在思考的是，往後我們應該期待什麼——你是否預期後付淨增還會進一步改善。另外，波多黎各的營收面顯然也被 B2B 的一些疲弱稍微抵銷。

and I think you said that that's a function of sort of hangover from the transition but just be interested in sort of if you can give any more color on what happened there as well and therefore also trajectory on B2B revenues in Puerto Rico.

我想你提到那是某種程度上轉換過程遺留影響的結果，但也想請你再多補充一些當時發生了什麼，以及因此波多黎各的 B2B 營收走勢如何。

Sure, Good in 25, we had a whole bunch of headwinds there. We started the year with an outlook that's very different than what we ended the year with, meaning extremely positive in the way we ended the year compared to how we saw it at the beginning of the year, because there were some headwinds and challenges that we did not anticipate as we came into 2025, the first quarter of 2025.

當然。2025 年，我們那邊面臨一大堆逆風。我們年初給出的展望，和年末的結果差異很大；也就是說，年末的表現相較於年初的看法是極為正面的，因為在我們進入 2025 年、尤其是 2025 年第一季時，出現了一些我們未曾預期的逆風與挑戰。

Here's a few things, that can show the improvements. One, of course, you see financially, we're turning this business around and, but it's really based on a whole bunch of things that we fix in the business, whether it's the leadership talent, whether it's the processes in it, the stabilization of the systems, and really coming out with Value propositions and products that make sense to our customers.

我舉幾點來說明改善之處。第一，當然從財務面你可以看到，我們正在扭轉這項業務；但這其實是建立在我們修正了許多營運面問題之上，不論是領導人才、內部流程、系統穩定化，還是推出對客戶有意義的價值主張與產品。

There's a huge amount of improvements in business when somebody walks into our store today than they did last year. So, a number of things that I think will give us some nice deal in 2026. The net ads you saw in the fourth quarter of 2025 were driven by all these improvements, including a real big turnaround in our NPS scores, and but it was also assisted by the fact that we were migrating a ton of Boost subscribers, we bought from Dish.

現在有人走進我們的門市，所感受到的整體體驗，相較去年有非常大的改善。因此，我認為有不少因素會讓我們在 2026 年拿到一些不錯的成果。你在 2025 年第四季看到的淨增用戶，是由這些改善所帶動的，包括我們的 NPS 分數大幅回升；同時也受惠於我們正在遷移大量從 Dish 收購而來的 Boost 訂戶。

They were prepaid subscribers that came to us, but because of our really strong postpaid value proposition, a number of those prepaid subscribers actually ended up buying our postpaid product instead of moving us to prepaid and so that growth as well as some of the growth of net ads in fourth quarter 2025. Now if I look into 2026, January, they had a very good month in January, so that, without any of the boost subscribers moving up to postpaid.

他們原本是預付費用戶轉到我們這邊，但因為我們後付費的價值主張非常強，有一部分預付費用戶最後實際上改買了我們的後付費產品，而不是把他們轉到預付費；因此，這也帶動了成長，以及 2025 年第四季部分淨增用戶的成長。如果我看 2026 年，1 月表現非常好，而且是在沒有任何 Boost 訂戶升級到後付費的情況下達成的。

So, we continue to see the progress in that, but I think this is a journey that's going to take a lot more than one or two quarters, and my sense is by the end of 2026 we'll be an even better state. To set up a really nice opening balance into 2027.

所以我們持續看到這方面的進展，但我認為這是一段需要超過一到兩個季度的旅程；我的感覺是到 2026 年底，我們會處在更好的狀態。為 2027 年建立一個非常好的期初基礎。

And then back to the revenue list, you correctly pointed out B2B was a challenge for us in 2025. We opened the year with a very weak opening balance in coming into 2025 and struggled throughout the year. We made a number of changes in the team, in the B2B team. We brought in a new leader for the group.

再回到營收部分，你的觀察沒錯：B2B 在 2025 年對我們來說確實是個挑戰。我們在進入 2025 年時的期初基礎非常疲弱，並且整年都在掙扎。我們對 B2B 團隊做了多項調整。我們也為這個團隊引進了一位新的領導者。

She's extremely Focused and if I look at my budget for 2026, she has a very good and a very I think a budget that when we hit it, I think people are going to be quite happy. So the turnaround is happening, but we have to be patient. This is going to take many quarters.

她非常專注；如果我看 2026 年的預算，她提出了一個非常好的、我認為一旦達成會讓大家相當滿意的預算。所以轉型正在發生，但我們必須有耐心。這會需要很多個季度。

Okay, thank you. And maybe one follow-up would just be on the slide on equity value unlock where you talk about shareholder returns focus. Is there any more color you can give there in terms of, either what you're thinking of or timing around when anything might be announced there?

好的，謝謝。另外我想追問一下：在你們談到「股權價值解鎖」那張投影片時，提到聚焦股東回報。就你們的想法或可能宣布的時間點，能否再多提供一些說明？

I think, things are looking on the up and up here. We feel really confident about the business, we really feel really confident about the future, as Chris pointed out, the cash flow generation, the fourth quarter, it's really good, and you can see that our intention, as Chris pointed out, is we're going to expand that into 2026. Now, yes, most of our free cash flow comes in the second half of the year. So there's a number of things that we've been thinking about.

我認為目前各方面都在往更好的方向發展。我們對業務非常有信心，對未來也非常有信心；如 Chris 所指出的，現金流的產生能力，第四季表現非常好，而且你也可以看到我們的意圖——如 Chris 所說——是要在 2026 年把這個趨勢擴大。當然，是的，我們大部分的自由現金流都在下半年產生。所以我們一直在思考幾件事情。

I suspect that Sometime during the course of this year we are going to come out with something that that together with our board, make some decisions that I think will reward a lot of the shareholders that's been with us.

我猜在今年的某個時間點，我們會提出一些方案，並與董事會一起做出一些決策；我認為這些決策將會回饋許多一路支持我們的股東。

Okay, thank you.

好的，謝謝。

That will conclude today’s question and answer session. I’d like to hand back to Balan there for any additional or closing remarks.

今天的問答環節到此結束。我想把時間交還給 Balan，請他做任何補充或結語。

Well, firstly, I'd like to say thank you to everybody that's been patient with this. Certainly, the story's got lots of moving parts, and we've had our fair share of challenges, and some of its self-inflicted, some of it clearly, Mother Nature's, we weren't expecting that hit in Jamaica and the hurricane, but we're going to power through all of it.

首先，我想對大家一直以來的耐心表示感謝。這個故事確實有很多變動因素，我們也遇到不少挑戰；有些是我們自己造成的，有些則顯然是天災——我們沒預期牙買加會遭遇那次衝擊與颶風——但我們會把所有問題都撐過去。

And one thing that's really good about this scheme is it's we are quite resilient, and when we see things going off, we try to fix it. And we do, I think, a pretty damn good job bringing things back to where it should be, and we'll do the same thing in Jamaica as well, as Chris pointed out. I think by the end of this year, you're going to see that Jamaica is back to where it should be, which sets us up for a great 2027 as well.

而這個架構有一點非常好，就是我們相當有韌性；當我們看到事情偏離軌道時，就會嘗試去修正。而且我認為我們把事情拉回到應有狀態的能力相當出色；正如 Chris 所說，我們在牙買加也會做同樣的事。我認為到今年年底，你會看到牙買加回到它應有的狀態，這也會讓我們為 2027 年做好很好的準備。

But we've had our setbacks, and, we say in our company, all these setbacks create for a great comeback. And I think they're on a path to a great comeback. So thank you very much for all your support, and we look forward to talking to you again next quarter.

不過我們確實也有挫折；而我們公司常說，所有挫折都會造就一次精彩的反彈。我認為我們正走在一條通往精彩反彈的道路上。非常感謝大家的支持，我們期待下個季度再與各位交流。

Ladies and gentlemen, this concludes Liberty Latin America's full year 2025 investor call. As a reminder, a replay of the call will be available in the investor relations section of Liberty Latin America's website at www.LLA.com. There you can also find a copy of today's presentation materials.

各位女士、先生，這場 Liberty Latin America 2025 全年投資人電話會議到此結束。提醒各位，本次電話會議的重播將會在 Liberty Latin America 官網 www.LLA.com 的投資人關係專區提供；你也可以在那裡找到今天簡報資料的副本。