Liberty Latin America Ltd. (LILA) 2026 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Today's call is being recorded.

各位女士、先生，早安，感謝各位撥冗參與並在線等候。今天的電話會議將被錄音。

I will now turn the call over to Enrique Vivas, Chief Customer Officer of LLA.

現在我將把電話會議交給 LLA 的首席客戶長 Enrique Vivas。

Good morning, everyone, and welcome to Liberty Latin America's third-quarter 2026 investor call. Please notice that at this time, all participants are in listen-only mode. Today's formal presentation materials can be found under the Investor Relations section of Liberty Latin America's website at www.lla.com. Following today's formal presentation, instructions will be given for the question-and-answer session. As a reminder, this call is being recorded.

各位早安，歡迎參加 Liberty Latin America 2026 年第三季投資人電話會議。請注意，目前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 網站 www.lla.com 的投資人關係（Investor Relations）專區取得。於今日正式簡報結束後，將提供問答環節的相關指引。提醒各位，本次電話會議將被錄音。

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 fact. 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 10-K and quarterly report on Form 10-Q, along with the associated press release. 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 statements or information is based.

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有重大差異。更多資訊請參閱 Liberty Latin America 最近提交之 Form 10-K 年度報告與 Form 10-Q 季度報告中所討論的風險因素，以及相關新聞稿。Liberty Latin America 不承擔更新任何前瞻性陳述或資訊之義務，以反映其預期之任何變動，或任何此類陳述或資訊所依據之條件變動。

In addition, on this call, we will 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 Investor section of our website.

此外，在本次電話會議中，我們將提及若干非 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，而該簡報可在我們網站的投資人（Investor）專區取得。

I would like now to turn the call over to our CEO, Mr. Balan Nair.

現在我想把電話會議交給我們的執行長 Balan Nair 先生。

Thank you, Quique, and welcome everybody to Liberty Latin America's third-quarter 2026 results presentation. I will run through our group highlights and an overview of our operating results before Chris Noyes, our CFO, reviews the company's financial performance. We will then get straight to your questions. As always, I am 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.

謝謝你，Quique，也歡迎各位參加 Liberty Latin America 2026 年第三季業績簡報。我將先概述集團重點與營運成果，之後由我們的財務長 Chris Noyes 檢視公司的財務表現。接著我們將直接進入各位的提問。一如往常，我的執行團隊也一同出席，涵蓋我們各地營運；在我們的準備發言結束後的問答環節中，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 查閱。

Starting on slide 4 and our highlights, third-quarter showed accelerating operational trends across the business. We added 56,000 postpaid mobile and broadband subscribers in the third quarter, an improvement on both the first and second quarter. Noticeable this quarter was the strong performance from C&W Panama, together with a healthy return to postpaid adds in Liberty Costa Rica.

從第 4 頁投影片的重點開始，第三季全公司營運趨勢加速改善。第三季我們新增 56,000 名後付費行動與寬頻用戶，較第一季與第二季皆有提升。本季值得注意的是 C&W Panama 的強勁表現，以及 Liberty Costa Rica 後付費新增用戶的健康回升。

Commercially, we remain focused on opportunities to take price increases while using AI-enabled target offers with sharper consumer insights in order to provide better churn outcomes. This quarter, we also rolled out two Liberty-Starlink partnerships, offering direct-to-cell in both Panama and Costa Rica. We have been the first mover on DTC in these markets, with rural and out-of-footprint connectivity serving to both enhance our brand and provide for further and future opportunities to take price.

在商業面，我們仍聚焦於把握調價機會，同時運用 AI 賦能的精準目標方案與更敏銳的消費者洞察，以改善用戶流失（churn）表現。本季我們也推出兩項 Liberty-Starlink 合作，在巴拿馬與哥斯大黎加提供 direct-to-cell（DTC）服務。我們在這些市場率先推動 DTC；透過鄉村與既有覆蓋範圍外的連線能力，不僅強化品牌，也為未來進一步調價創造更多機會。

Our financial performance remains very robust, registering another quarter of solid adjusted OIBDA year-over-year growth. This adjusted OIBDA growth comes from margin expansion that is supported by both growing our higher contribution margin products, as well as driving cost savings in every area of our business. This performance flows through to adjusted free cash flow, registering a $140 million improvement year-to-date versus the same period last year. Excluding Puerto Rico, we would have generated over $130 million of adjusted free cash flow before distributions to partners year-to-date. As is typical for LLA, we also anticipate Q4 being the strongest quarter for adjusted free cash flow.

我們的財務表現依然非常穩健，再度錄得調整後 OIBDA 年增的扎實成長。此一調整後 OIBDA 成長來自利潤率擴張，並同時受惠於我們提升高貢獻毛利產品占比，以及在業務各領域推動成本節省。此表現亦反映在調整後自由現金流上，今年迄今相較去年同期改善 1.40 億美元。若排除波多黎各，今年迄今在對合作夥伴分配之前，我們將可產生超過 1.30 億美元的調整後自由現金流。如同 LLA 一貫的季節性特徵，我們也預期第四季將是調整後自由現金流最強的一季。

Turning to capital allocation. After the distribution of the preferred in June, we have been focused on share repurchases, seeing this as the best use of our cash over this period. We have now deployed over $150 million to date this year, with a considerable portion of this in Q3, resulting in us buying back nearly 10% of our common shares outstanding as of 2025 year-end. This reflects the continued conviction that our stock trades at a meaningful discount to the intrinsic value of the business. Both John Malone and I have been buyers of both our common and preferred equity.

接著談資本配置。在 6 月完成優先股分配後，我們將重點放在庫藏股回購，並認為在此期間這是我們現金的最佳用途。今年迄今我們已投入超過 1.50 億美元，其中相當大一部分發生在第三季，使我們回購的普通股數量接近 2025 年底流通在外普通股的 10%。這反映我們持續堅信，公司股價相對於企業內在價值存在顯著折價。John Malone 與我本人也都買進了我們的普通股與優先股權益。

Turning now to our operations. On slide 5, we review our Liberty Caribbean segment, which reported another strong quarter. Liberty Caribbean added about 3,000 postpaid and 4,000 broadband subscribers in the quarter, with mobile contributions coming from Barbados and across the smaller markets, while broadband additions were supported by Jamaica. In Jamaica, we were recognized by Ookla as both the fastest fixed and mobile networks in the first half of 2026, a clear endorsement of the superior experience we are delivering to our customers.

現在轉到營運表現。在第 5 頁投影片，我們回顧 Liberty Caribbean 事業部，本季再度繳出強勁表現。Liberty Caribbean 本季新增約 3,000 名後付費用戶與 4,000 名寬頻用戶；行動業務的貢獻主要來自巴貝多及其他較小市場，而寬頻新增則由牙買加所帶動。在牙買加，我們於 2026 年上半年獲 Ookla 認證為固網與行動網路速度最快，清楚印證我們為客戶提供的卓越體驗。

We would anticipate continued B2C and B2B subscriber increases as we have deployed 5G and given continued rebuilding of the fixed network with fiber to the home. Our market-leading fixed-mobile convergent offers continue to help drive postpaid growth across the region as we increase penetration of our fixed base.

隨著我們已部署 5G，並持續以光纖到府（FTTH）重建固網，我們預期 B2C 與 B2B 用戶數將持續增加。我們市場領先的固移融合（FMC）方案，隨著我們提升固網用戶基礎的滲透率，持續推動區域內後付費成長。

To further support our customer value propositions and reinforce an always-on experience, this quarter, we launched Unbeatable Internet across the majority of our markets. As a reminder, Unbeatable Internet provides a mobile bundled backup to ensure always-on connectivity in case of outages affecting the fixed network. Elsewhere, we're excited by the recent launch of our completely redesigned Flow mobile app across Liberty Caribbean, giving customers a single, simple digital front door to manage their services and engage with us. Besides the improved look and feel, the app now provides a truly seamless end-to-end digital purchase experience, allowing for real-time activation, zero back office, and an additional sales channel for cross-selling to our existing base and increased FMC penetration. The combination of innovative CVPs, fastest networks, and continuously improving service resulting in superior customer experience, providing opportunities to take price.

為進一步強化客戶價值主張並鞏固「隨時在線」體驗，本季我們在多數市場推出 Unbeatable Internet。提醒各位，Unbeatable Internet 提供行動網路的綁定備援，以在固網因故障中斷時確保連線不中斷。此外，我們也對近期在 Liberty Caribbean 全面推出全新改版的 Flow 行動 App 感到振奮，讓客戶透過單一、簡潔的數位入口管理服務並與我們互動。除了外觀與使用體驗提升外，該 App 現在也提供真正無縫的端到端數位購買體驗，支援即時啟用、零後台作業，並成為對既有用戶進行交叉銷售與提升固移融合滲透率的額外銷售通路。創新的客戶價值主張（CVP）、最快的網路，以及持續改善的服務相結合，帶來更優異的客戶體驗，並創造調價機會。

Across Liberty Caribbean, we see no material pricing differential between the front book and back book, atypical across global telcos, which we believe will minimize spin-down risks. As a consequence, early in the fourth quarter, we have, for example, moved up price by 10% on both fixed broadband and postpaid mobile in Jamaica for virtually all of the base and continue to see opportunities across other markets in the region to initiate similar pricing moves. In most cases, even after our price increases, we are the lowest-cost bundled service provider. On the B2B front, our business registered one of the strongest quarters for some time, with 6% year-over-year growth on the back of major project wins in the Bahamas and Curaçao, and increased mobile adoption across the region.

在 Liberty Caribbean 各市場，我們觀察到新客方案（front book）與既有客方案（back book）之間沒有顯著的價格差異；這在全球電信業中並不常見，我們相信這將把降價回落（spin-down）風險降至最低。因此，例如在第四季初，我們已在牙買加針對幾乎所有用戶基礎，將固網寬頻與後付費行動的價格上調 10%，並持續看到區域內其他市場也有機會啟動類似的調價措施。在多數情況下，即使調價後，我們仍是成本最低的綁定服務供應商。在 B2B 方面，我們的企業業務錄得一段時間以來最強勁的季度之一，受惠於在巴哈馬與庫拉索（Curaçao）的重大專案得標，以及區域內行動服務採用率提升，年增 6%。

B2B is still largely a connectivity business today in the region, providing significant opportunities to increase our share of ICT and managed services going forward. Our recent announcement of AWS partnership is beginning to yield new customer interactions, and we have built a solid pipeline which reinforces the interest in ICT and public cloud in the region.

目前在該區域，B2B 仍主要是連線業務，未來在提升我們於 ICT 與託管服務的市占方面具有顯著機會。我們近期宣布與 AWS 的合作已開始帶來新的客戶互動，我們也建立了穩健的商機管線，進一步印證區域內對 ICT 與公有雲的興趣。

On slide 6, we review our Cable & Wireless Panama segment, which reported very strong residential performance this quarter. Panama was the largest contributor to broadband and postpaid adds across the group, adding about 10,000 broadband and 16,000 postpaid subs in the quarter. FMC adoption continues to climb, supporting postpaid mobile adds, while we have also managed to keep growing the prepaid base year-over-year. As highlighted, we very recently launched our direct-to-cell proposition, Más Starlink, in Panama. Early indications point to strong usage.

在第 6 張投影片中，我們回顧 Cable & Wireless Panama 事業部，本季住宅端表現非常強勁。巴拿馬是集團寬頻與後付費淨增用戶的最大貢獻者，本季約新增 10,000 名寬頻用戶及 16,000 名後付費用戶。FMC 採用率持續攀升，支撐後付費行動用戶淨增，同時我們也成功維持預付費用戶基礎的年增成長。如先前所強調，我們近期在巴拿馬推出直連手機（direct-to-cell）方案 Más Starlink。初步跡象顯示使用量強勁。

During the quarter, we applied selective price increases across fixed broadband, postpaid, and prepaid, while maintaining a positive subscriber momentum. The combination of a healthy price environment with consistent volume growth over the course of 2026 helped drive the strongest residential revenue performance for some time, with 6% mobile subscription revenue growth year-over-year, with contributions from both postpaid and prepaid, and 3% fixed year-over-year growth in the third quarter.

本季我們針對固網寬頻、後付費與預付費進行選擇性調價，同時仍維持正向的用戶動能。2026 年以來，健康的價格環境與持續的量增相結合，帶動近一段時間以來最強的住宅營收表現：行動訂閱營收年增 6%（後付費與預付費皆有貢獻），第三季固網營收年增 3%。

Turning to B2B, we registered strong sequential growth in B2B this quarter, though given the phasing of project revenues through 2025 and a resultant tough comparable, year-over-year growth in B2B was softer in the third quarter of 2026. This took the edge off our year-over-year segment growth, as well as significantly impacting LLA group revenue growth on a year-to-year basis. B2B, and specifically government revenue, tends to weight towards the end of the year, and we continue to envisage a strong end to the year for B2B.

轉向 B2B，本季我們的 B2B 逐季成長強勁；但由於 2025 年專案營收認列時點的分期影響，導致比較基期偏高，2026 年第三季 B2B 年增相對較為溫和。這使得我們事業部年增成長略受影響，也顯著拖累 LLA 集團營收的年對年成長。B2B，尤其是政府相關營收，通常偏向在年底入帳；我們仍預期 B2B 將在年底呈現強勁收尾。

On slide 7, we review Liberty Networks, where underlying positive drivers remain in place. In our wholesale business, we continue to see healthy demand for lease capacities from international and regional carriers, as well as hyperscalers. However, this quarter, we face a tougher year-over-year comparison, as Q3 2025 benefited from higher non-cash IRU accelerations. We continue to deliver on plan for our El Salvador subsea cable build on behalf of the government of El Salvador. This project and the resulting milestones are expected to result in timing mismatches between revenue and cost recognition. This quarter, there was no revenue to recognize, though we did book direct costs on the build.

在第 7 張投影片中，我們回顧 Liberty Networks，其基本面正向驅動因素仍然存在。在批發業務方面，我們持續看到國際與區域電信商以及超大規模雲端業者（hyperscalers）對租用容量的健康需求。然而，本季我們面臨較嚴峻的年對年比較，因為 2025 年第三季受惠於較高的非現金 IRU 加速認列。我們持續按計畫為薩爾瓦多政府交付薩爾瓦多海底電纜建置。此專案及其里程碑預期將造成營收與成本認列時點的不匹配。本季沒有可認列的營收，但我們已入帳建置的直接成本。

This cadence of revenue and cost will more than even out over the life of a project, which is anticipated to deliver an attractive IRR once completed. In enterprise, meanwhile, we delivered a strong performance this quarter and 6% year-over-year rebased revenue growth, driven by strength in IT as a service in both Colombia and the Dominican Republic. Liberty Networks remains a strong, strategically important asset, a mesh resilient set of systems that we are carefully expanding along new and value-accretive routes. Being partway through the build on Mona, we look forward to delivering future high-margin revenues and adjusted free cash flow from 2028.

在專案全生命週期內，這種營收與成本的節奏將會充分抵銷並趨於平衡；該專案完成後預期可帶來具吸引力的 IRR。同時，在企業端方面，我們本季表現強勁，重編基礎（rebased）營收年增 6%，主要受惠於哥倫比亞與多明尼加共和國「IT 即服務」業務的強勢表現。Liberty Networks 仍是具策略重要性的強健資產，是一套具韌性的網狀系統，我們正審慎地沿著新的、可提升價值的路徑擴張。隨著 Mona 建置進度已過半，我們期待自 2028 年起帶來未來高毛利營收與調整後自由現金流。

On slide 8, we review Liberty Costa Rica, where revenue continues to hold firm in a dynamic market, and we saw another quarter of strong cost reduction delivery.

在第 8 張投影片中，我們回顧 Liberty Costa Rica；在充滿變動的市場中，營收持續保持穩健，同時我們又一季交出強勁的成本降低成果。

On the residential mobile side, Costa Rica returned to a more normalized level of postpaid adds after a softer second quarter, adding 19,000 postpaid subscribers. As we had highlighted at the time, Q2 was impacted by change in our sales model, which temporarily dented gross additions. This recovered quickly into Q3. As in Panama, we launched Liberty-Starlink direct-to-cell during the quarter, further differentiating our mobile offer alongside that of our burgeoning 5G network. The DTC service is presently included in postpaid customer packages, though it is a charged add-on service for prepaid users.

在住宅行動業務方面，哥斯大黎加在第二季較疲弱後，本季後付費淨增回到較正常水準，新增 19,000 名後付費用戶。如我們當時所提及，第二季受到銷售模式變更影響，短期壓抑了總新增用戶數。此情況在第三季迅速恢復。如同巴拿馬，我們於本季推出 Liberty-Starlink 直連手機（direct-to-cell）服務，並在我們快速成長的 5G 網路之外，進一步差異化行動產品。目前 DTC 服務已包含在後付費客戶方案中，但對預付費用戶則為需付費加購的服務。

Another factor behind postpaid subscriber growth was our creative commercials and the favorable customer response they generated. On the residential fixed side, in a dynamic market, we managed to add a small number of broadband customers, as well as a higher number of video and voice subscribers. ARPU, however, remains under some pressure from competitive forces in the market, resulting from an excess number of providers. Following a strong performance in Q2, our cost reduction programs continue to progress well, which improve adjusted OIBDA margins. Chris will touch on that shortly.

推動後付費用戶成長的另一項因素，是我們具創意的廣告與客戶的正面回饋。在住宅固網方面，於競爭動態的市場中，我們仍成功小幅增加寬頻用戶，同時新增更多影視與語音用戶。然而，由於市場供應商數量過多所帶來的競爭壓力，ARPU 仍承受一定壓力。在第二季表現強勁之後，我們的成本降低計畫持續推進良好，進而改善調整後 OIBDA 利潤率。Chris 稍後會談到這點。

On slide 9, we review Liberty Puerto Rico. On the mobile side, the business delivered positive postpaid adds for four consecutive quarters, adding 6,000 subscribers in the quarter, supported by an innovative SIM-only offer, Liberty SIMple. Sequential postpaid revenue increased again, as it did in the second quarter, driven by the higher subscriber base and a slight improvement in postpaid ARPU. Since late September, we have seen positive momentum related to the new iPhone 18 launch, supported by better commercial execution and more disciplined subsidy allocation, alongside signs of promotional rationalization in Puerto Rico.

在第 9 張投影片中，我們回顧 Liberty Puerto Rico。在行動業務方面，該業務已連續四季實現後付費淨增，本季新增 6,000 名用戶，主要受惠於創新的純 SIM 方案 Liberty SIMple。後付費營收逐季再次成長，與第二季相同，主要由更高的用戶基礎及後付費 ARPU 的小幅改善所帶動。自 9 月下旬以來，我們看到新款 iPhone 18 上市帶來的正向動能，在更佳的商業執行與更有紀律的補貼配置支持下，同時也看到波多黎各促銷活動趨於理性化的跡象。

The residential broadband base continued to show signs of stabilizing while continuing to register positive video subscribers. As across other LLA markets, Liberty Puerto Rico continues to look for opportunities to take price increases. Following the increase in video prices in the second quarter, late in the third quarter, prices were increased on the broadband offer, and discounts were reduced in postpaid. These initiatives will support ARPU in the future. In summary, all our operations are clicking.

住宅寬頻用戶基礎持續顯示穩定化跡象，同時影視用戶仍維持正成長。與其他 LLA 市場相同，Liberty Puerto Rico 持續尋找調價機會。在第二季調升影視價格後，第三季末我們也調升了寬頻方案價格，並降低後付費折扣。這些措施將在未來支撐 ARPU。總結而言，我們所有營運單位都運轉順暢。

Contribution margins are growing. Employee satisfaction is high. Management is motivated, and the fourth quarter is shaping up quite well.

貢獻毛利率正在提升。員工滿意度很高。管理團隊士氣高昂，第四季的走勢看起來相當不錯。

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，他將在進入問答前帶各位回顧我們的財務表現。Chris？

Thanks, Balan. Beginning on slide 11, Q3 2026 revenue was $1.1 billion, broadly flat on a reported basis and down 2% on a rebased basis, driven by declines in residential fixed and B2B. Residential mobile service revenue expansion continues to be a key strength across LLA, as we capitalize on FMC and prepaid to postpaid migration strategies. Adjusted OIBDA was $454 million in the quarter, reflecting 3% rebased growth over Q3 2025. Focused savings initiatives across the group on both direct costs and OpEx are contributing to the expansion of our consolidated adjusted OIBDA margin to approximately 41%, an improvement of 160 basis points year-over-year.

謝謝，Balan。從第 11 張投影片開始，2026 年第三季營收為 11 億美元；以報表口徑（reported basis）來看大致持平，以重編基礎（rebased basis）則下滑 2%，主要受住宅固網與 B2B 下滑所致。住宅行動服務營收擴張仍是 LLA 的關鍵優勢，因為我們持續把握 FMC 與預付費轉後付費的遷移策略。本季調整後 OIBDA 為 4.54 億美元，較 2025 年第三季以重編基礎成長 3%。集團在直接成本與營運費用（OpEx）上的聚焦節省措施，正推動合併調整後 OIBDA 利潤率擴張至約 41%，年對年提升 160 個基點。

Importantly, both consolidated revenue and adjusted OIBDA grew sequentially over Q2 2026 levels, and as Balan highlighted, we are carrying operating momentum into Q4 and expect to post improved results next quarter.

重要的是，合併營收與調整後 OIBDA 相較 2026 年第二季皆呈逐季成長；如 Balan 所強調，我們將營運動能延續至第四季，並預期下季將繳出更佳成果。

P&E additions were $170 million for Q3, or 15% of revenue, and $459 million year to date, or 14% of revenue. We still expect full-year P&E additions as a percentage of revenue to be in a similar envelope to 2025 levels. Moving to adjusted FCF before distributions, on the far right of the slide. Year-to-date adjusted FCF before distributions to partners was slightly positive. This includes a negative impact of about $120 million related to Liberty Puerto Rico.

第三季 P&E 新增投資為 1.70 億美元，約占營收 15%；年初至今累計為 4.59 億美元，約占營收 14%。我們仍預期全年 P&E 新增投資占營收比重將與 2025 年水準大致相近。接著看投影片最右側的「分配前調整後自由現金流（adjusted FCF before distributions）」。年初至今，分配給合作夥伴之前的調整後自由現金流略為正值。其中包含約 1.20 億美元與 Liberty Puerto Rico 相關的負面影響。

The 2026 year-to-date result was close to $140 million higher than in the first nine months of 2025. As our cash flow remains heavily weighted to Q4, we expect to finish the full year comfortably ahead of our 2025 results.

2026年年初至今的結果較2025年前九個月高出接近1.4億美元。由於我們的現金流仍高度集中在第四季，我們預期全年將可輕鬆優於2025年的表現。

Finally, compared to our prior expectations of $100 million of full-year negative free cash flow headwinds in Jamaica, we now expect this to come in comfortably below this level. Slide 12 recaps our Q3 results for the C&W credit silo. Starting with Liberty Caribbean, in Q3, LC reported $366 million in revenue and $172 million in adjusted OIBDA, with rebased revenue down 1% and adjusted OIBDA broadly flat year-over-year, resulting in an adjusted OIBDA margin of 47%. On the revenue side, B2B and residential mobile service each grew 6% year-over-year, which was more than offset by declines in residential fixed, due in large part to the impact of last year's hurricane in Jamaica. Next, moving to Panama.

最後，相較於我們先前預期牙買加全年自由現金流將面臨1億美元的負面逆風，我們目前預期該影響將明顯低於此水準。第12頁回顧我們C&W信用分層在第三季的業績。先從Liberty Caribbean開始，第三季LC營收為3.66億美元，調整後OIBDA為1.72億美元；以重編基礎計算，營收年減1%，調整後OIBDA年比大致持平，使調整後OIBDA利潤率達47%。在營收面，B2B與住宅行動服務各年增6%，但住宅固網下滑抵銷了上述成長，主要原因在於去年牙買加颶風的影響。接著，轉到巴拿馬。

CWP generated $189 million of revenue and $72 million of adjusted OIBDA, with revenue down 5% and adjusted OIBDA up 1%.

CWP營收為1.89億美元，調整後OIBDA為7,200萬美元；營收年減5%，調整後OIBDA年增1%。

The year-over-year revenue decline was related to B2B, principally driven by the phasing of government projects. Encouragingly, residential fixed and mobile subscription revenue grew 3% and 6% respectively, supported by underlying postpaid and fixed subscriber momentum, as well as recent pricing actions. Turning to Liberty Networks, LN delivered $122 million in revenue and $56 million in adjusted OIBDA. Revenue was broadly flat on a rebased basis, as enterprise growth was offset by a tougher wholesale comparison on lower IRU non-cash amortizations. Adjusted OIBDA declined 16% rebased, including a mismatch in timing of recognition of revenue and direct cost related to the El Salvador build. Aggregating all three operating segments within the C&W credit silo, the silo generated $657 million in revenue and $301 million in adjusted OIBDA.

營收年比下滑與B2B有關，主要由政府專案時程分期所致。令人鼓舞的是，住宅固網與行動訂閱營收分別成長3%與6%，受惠於後付費與固網用戶動能，以及近期的價格調整措施。再看Liberty Networks，LN營收為1.22億美元，調整後OIBDA為5,600萬美元。以重編基礎計算，營收大致持平，因企業端成長被批發端較具挑戰的比較基期所抵銷，該比較基期反映較低的IRU非現金攤銷。以重編基礎計算，調整後OIBDA下滑16%，其中包含薩爾瓦多建設案相關的營收與直接成本認列時點不匹配。彙總C&W信用分層內三個營運事業部門，該分層營收為6.57億美元，調整後OIBDA為3.01億美元。

Moving to slide 13 and the Q3 results for our other two credit silos. On the left, Liberty Costa Rica. LCR delivered Q3 revenue of $173 million and adjusted OIBDA of $69 million. On a year-over-year basis, rebased revenue was broadly flat as residential mobile growth was offset by declines in residential fixed and B2B. LCR delivered rebased adjusted OIBDA growth of around 8% and margin expansion of roughly 300 basis points to approximately 40%, reflecting in large part the positive impact of our cost-out and efficiency program. Concluding with Liberty Puerto Rico on the right.

接著看第13頁，以及我們另外兩個信用分層的第三季業績。左側為Liberty Costa Rica。LCR第三季營收為1.73億美元，調整後OIBDA為6,900萬美元。以年比來看，以重編基礎計算的營收大致持平，因住宅行動成長被住宅固網與B2B下滑所抵銷。LCR以重編基礎計算的調整後OIBDA成長約8%，利潤率擴張約300個基點至約40%，主要反映我們降本與效率提升計畫的正面影響。最後看右側的Liberty Puerto Rico。

LPR posted Q3 revenue of $289 million, a rebased decline of 3%, resulting from declines across residential and B2B. Adjusted OIBDA was $103 million, up 8% year-over-year on a rebased basis, with margin expanding to approximately 36%.

LPR第三季營收為2.89億美元，以重編基礎計算年減3%，主要因住宅與B2B皆出現下滑。調整後OIBDA為1.03億美元，以重編基礎計算年增8%，利潤率擴張至約36%。

Next to slide 14. Given recent moves in our credit instruments, it is worth reiterating our financing principles. First, we operate separate lien-fenced credit pools. C&W, LCR, and LPR are independent capital structures with no cross guarantees or cross defaults, so each is a discrete silo that stands on its own fundamentals and balance sheet. Second, we aim for sustainable leverage, with C&W net leverage at 3.8 times and LCR below two times, comfortably around or below our target level and consistent with the risk profile of the businesses. Third, consistent with our long-dated debt principle, we have proactively termed out and extended our maturities at C&W, with a weighted average tenor of almost five years. At LCR, the weighted average tenor is over four years.

接著看第14頁。鑑於近期我們信用工具的變動，有必要再次重申我們的融資原則。第一，我們採用彼此隔離、以擔保權（lien）劃分的信用資金池。C&W、LCR與LPR為相互獨立的資本結構，彼此之間沒有交叉保證或交叉違約，因此各自為一個獨立分層，依其自身基本面與資產負債表運作。第二，我們以可持續的槓桿為目標；C&W淨槓桿為3.8倍，LCR低於2倍，均舒適地接近或低於我們的目標水準，並與各業務的風險輪廓一致。第三，秉持我們長天期負債原則，我們已在C&W主動進行期限結構調整並延長到期日，加權平均期限接近五年。在LCR，加權平均期限超過四年。

Fourth, we maintain a hedged balance sheet with a substantial majority of our debt fixed rate or hedged to maturity at C&W, which insulates us from near-term rate moves. Finally, we hold a robust liquidity position between our cash on balance sheet and undrawn committed credit lines.

第四，我們維持避險後的資產負債表；在C&W，我們絕大多數債務為固定利率，或已避險至到期，從而使我們免受短期利率波動影響。最後，我們透過資產負債表上的現金與未動用的承諾授信額度，維持充足的流動性。

Taken together, these principles leave C&W and LCR with strong credit metrics, limited refinancing risk, and ample flexibility to address upcoming maturities and on our own timeline. We remain disciplined on the balance sheet and confident in the credit quality of the C&W and LCR silos. LLA ended the quarter with $8.5 billion of total debt, 4.5 times consolidated net leverage, together with cash of $579 million and with $860 million of borrowing capacity. Excluding Liberty Puerto Rico's net leverage, group consolidated net leverage would be roughly a turn lower than the 4.5 times reported. On capital returns, we have significantly ramped up our buyback spend since the June preferred stock distribution and have now repurchased over $150 million of common stock so far in 2026 to date, representing nearly 10% of 2025 year-end common shares outstanding. Going forward, we intend to be opportunistic and disciplined buyers of our equity.

綜合而言，這些原則使C&W與LCR具備強健的信用指標、有限的再融資風險，並有充足彈性在我們自己的時間表下因應即將到期的債務。我們在資產負債表管理上仍保持紀律，並對C&W與LCR分層的信用品質充滿信心。LLA於本季末的總負債為85億美元，合併淨槓桿為4.5倍；同時持有5.79億美元現金，並有8.6億美元的借款額度可用。若排除Liberty Puerto Rico的淨槓桿，集團合併淨槓桿將較所報告的4.5倍約低一個turn（約1倍）。在資本回饋方面，自6月優先股分派以來，我們大幅提高回購支出；截至2026年年初至今，我們已回購超過1.5億美元普通股，約占2025年年底流通在外普通股的近10%。展望未來，我們將以機會主義且具紀律的方式買回自家股票。

Moving to our final slide. Firstly, fresh commercial initiatives continue to advance our future revenue growth prospects. With FMC a key focus, we are furthering its appeal through the rollout of Unbeatable Internet. We are also leaning into AI to support more effective price initiatives and have rolled out two new Liberty-Starlink partnerships in the third quarter.

接著進入最後一頁。第一，新的商業舉措持續推進我們未來的營收成長前景。在FMC為關鍵重點之下，我們透過推出Unbeatable Internet進一步提升其吸引力。我們也加大運用AI以支持更有效的定價舉措，並在第三季推出兩項新的Liberty-Starlink合作夥伴關係。

Secondly, with the year's most commercially active season ahead, stronger B2B momentum given the typical timing of project revenue, and with our efficiency efforts progressing as planned, we are well-positioned for a strong Q4. This momentum should carry into 2027. Thirdly, full-year free cash flow remains on track to outperform 2025.

第二，隨著一年中商業活動最活躍的旺季即將到來，考量專案營收的典型認列時點帶動B2B動能轉強，以及我們的效率提升工作按計畫推進，我們已為強勁的第四季做好準備。此動能應可延續至2027年。第三，全年自由現金流仍按計畫可優於2025年。

Year-to-date adjusted FCF before distributions to partners was meaningfully higher than the first nine months of 2025, and consistent with prior years, our adjusted FCF remains heavily weighted to the fourth quarter. Finally, we remain highly focused on capital allocation. Since the preferred distribution in June, we have been very active repurchasing common shares, reflecting our confidence in the prospects of our business and conviction on the discount to our intrinsic value. Our value creation priorities remain unchanged: deliver improved top-line performance, realize operating leverage through cost and CapEx optimization, drive free cash flow, and optimize our asset portfolio.

年初至今、在分配給合作夥伴之前的調整後自由現金流（FCF）顯著高於2025年前九個月；且與過往年度一致，我們的調整後自由現金流仍高度集中在第四季。最後，我們仍高度聚焦於資本配置。自6月優先股分派以來，我們積極回購普通股，反映我們對業務前景的信心，以及我們認為股價相對內在價值存在折價的堅定看法。我們的價值創造優先事項維持不變：提升營收端表現、透過成本與資本支出（CapEx）最佳化實現營運槓桿、推動自由現金流，並最佳化我們的資產組合。

With that, operator, let's open it up for questions.

以上，接線員，讓我們開放提問。

(Operator Instructions)

（接線員指示）

Leonardo Olmos, UBS.

Leonardo Olmos，瑞銀（UBS）。

Hi, everyone. Good morning, good afternoon. I got a couple questions. The first one on subscriber and growth momentum. We noticed stronger net adds in Q3, but not yet on revenue growth.

各位好。早安、午安。我有幾個問題。第一個是關於用戶與成長動能。我們注意到第三季淨增用戶更強，但營收成長尚未反映出來。

What factors will help translating subs growth into revenue growth and better ARPU and churn figures? My second question is on free cash flow and working capital. If you could discuss why working capital weighted on cash generation Q3. What drove the outflow? You definitely underscored that you should have an improvement in Q4, and if you could discuss how that improvement will work out and what to expect for 2027 for working capital and total free cash flow.

有哪些因素將有助於把用戶成長轉化為營收成長，以及更好的ARPU與流失率數據？第二個問題是關於自由現金流與營運資金。可否說明為何第三季營運資金對現金生成造成壓力？造成資金流出的原因是什麼？你們確實強調第四季應會改善；也請談談該改善將如何實現，以及對2027年營運資金與總自由現金流的預期。

Good morning. Thank you, Leonardo. I'll ask Chris to think through the second question on free cash flow, working capital. But clearly, we're quite bullish, both Chris' and my comments on where the fourth quarter's going to land. To your question on subs, our consumer business is actually performing really well.

早安。謝謝你，Leonardo。我會請 Chris 針對第二個關於自由現金流、營運資金的問題再仔細思考一下。但很明顯地，無論是 Chris 還是我，對第四季最終落點都相當看多。至於你問到的訂戶（subs），我們的消費者業務其實表現非常好。

When you look at the revenue mismatch, it's mostly driven by phasing in our B2B revenues, partly the subsea build that's coming out of El Salvador, partly our Panama business, which is heavily weighted into the fourth quarter, and there were a number of contracts that we were supposed to get in the third quarter that would have landed.

如果你看營收的落差，主要是由於我們 B2B 營收認列時點的前後移轉所致，一部分來自薩爾瓦多的海纜建置案，一部分來自我們巴拿馬業務（營收高度集中在第四季），另外也有一些原本應該在第三季取得、並會在第三季入帳的合約。

But as you recall, there was a couple of weeks of non-action in the government services just because of the earthquake that Panama went through, and so some things just got moved out, and so we'll see some of that landing in the fourth quarter. On the consumer side, you're seeing that our growth is coming in from our postpaid and our fixed broadband. In many ways, it kind of offsets some of the other parts of our revenues, which is more voice, video, and it's a big driver as well, as I indicated, on our margin expansion, because these products actually carry a significantly better margin.

但如你所記得的，巴拿馬遭遇地震後，政府服務有幾週幾乎停擺，所以有些事情就被往後延了，因此我們會看到其中一部分在第四季落地入帳。在消費者端，你會看到我們的成長來自後付費（postpaid）與固網寬頻。在很多方面，這些成長某種程度上抵消了我們其他營收項目（例如語音、影像）的變化；同時也如我所提到的，它也是毛利率擴張的重要驅動因素，因為這些產品的毛利率顯著更好。

If you look at our postpaid, as we work really hard on FMC to move from prepaid to postpaid, the prepaid business, every time somebody renews it, we have leakage because there's commissions, et cetera, whereas in postpaid, it just kind of drops. A lot of what we've been trying to do is really work on products and improve our margins, and you're going to see, and you're already seeing in our consumer business, if we break it out, the consumer business is doing really well. Really, the headwinds in the revenue is really mostly phasing. It's not even like missed revenue. So that's kind of the situation.

如果你看我們的後付費，當我們在 FMC（固移融合）上非常努力把用戶從預付費轉到後付費時，預付費業務每次有人續約，我們都會有流失，因為有佣金等等；但在後付費，基本上就會自然沉澱下來。我們一直在做的很多事情，是在產品上用力並改善毛利率；你會看到——而且你其實已經在我們的消費者業務看到了——如果把它拆開來看，消費者業務表現非常好。營收面臨的逆風主要就是認列時點的前後移轉。甚至不是說營收沒拿到。大致就是這樣的情況。

That's why we see margins continue to improve. Fourth quarter is going to be good because some of the phasing of the third quarter drops in the fourth quarter. We feel really good about it.

這也是為什麼我們看到毛利率持續改善。第四季會表現不錯，因為第三季部分因時點移轉而延後的項目會在第四季入帳。我們對此感覺非常好。

On the free cash flow, working capital, I'll pass it on to Chris.

關於自由現金流、營運資金的部分，我交給 Chris。

I wanted to, on the second quarter call, we did have, obviously, through the first half of the year, we had a very strong free cash flow number that included improved working capital and positive vendor financing phasing. We did indicate a couple months ago that we expected the second half wouldn't be as robust as last year's second half.

我想補充一下，在第二季電話會議時，我們確實提到，上半年我們的自由現金流非常強，當中包含營運資金改善，以及供應商融資（vendor financing）在時點上的正向挹注。我們也在幾個月前指出，我們預期下半年不會像去年下半年那麼強勁。

In part, if you recall, last year in the fourth quarter, we did get a pretty significant weather derivative payment. But put that aside just to kind of level set, in the third quarter, the real delta between our performance versus last year's, we had a significantly more kind of vendor financing paydown in the quarter versus last year. So it's a little bit of a, let's call it a working capital unwind.

部分原因是，如果你還記得，去年第四季我們收到一筆相當可觀的天氣衍生性商品（weather derivative）理賠款。但先把那個因素放一邊、做個基準對齊：在第三季，我們相較去年表現的主要差異在於，本季我們償還供應商融資的金額顯著高於去年同期。所以這有點像是——我們姑且稱之為——營運資金的回轉（unwind）。

As we look at the fourth quarter, and if you look back over time, it typically is a pretty strong free cash flow generation quarter for us, in large part just because of working capital phasing, which then unwinds in part in Q1. We feel quite bullish on the fourth quarter. We have good fundamentals, and it also depends on just timing of large government and B2B, call it project collections, which typically kind of land in the fourth quarter. As it relates to 2027, I think we will give more color on the year-end call in February, but we feel good about the outlook. We obviously have been repurchasing shares in light of what we think is going to be a really good performance as you look out in 2027, 2028.

展望第四季，如果你回頭看過往，第四季通常是我們自由現金流產生相當強的一季，主要原因就是營運資金在時點上的變化，而這些在第一季會部分回轉。我們對第四季相當看多。我們的基本面良好，此外也取決於大型政府與 B2B 專案款項回收的時間點，這些通常會在第四季入帳。至於 2027 年，我想我們會在二月的年終電話會議提供更多細節，但我們對前景感到樂觀。考量我們認為 2027、2028 年的表現會非常好，我們也一直在進行庫藏股回購。

Thanks, Chris.

謝謝，Chris。

Understood. Quite clear. There is a phasing in B2B explaining Q3. There is an improvement in revenue mix in the consumer side, and there is some project and government revenues coming in in Q4 and better free cash flow dynamics. I think all positive factors to my questions.

了解。非常清楚。第三季是 B2B 的認列時點移轉所致；消費者端的營收組合有所改善；第四季會有一些專案與政府相關營收進來，自由現金流的動能也會更好。我認為這些都對我的問題是正向的因素。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Matthew Harrigan, StoneX.

StoneX 的 Matthew Harrigan。

Thank you, and congratulations on the results and the outlook. I was curious, we really had the blue tsunami a few days ago, and clearly it affects the outlook for emerging market and frontier market economies. I know your business is pretty durable in a downturn with the cost discipline you've instilled, but nonetheless, it's nice to have more robust economies, particularly for something like networks. I'd just like to get your thoughts on that. Thank you.

謝謝，也恭喜你們的業績與展望。我有點好奇，幾天前我們確實出現了「藍色海嘯」（blue tsunami），顯然這會影響新興市場與邊境市場經濟體的前景。我知道在你們建立的成本紀律之下，你們的業務在景氣下行時相當耐受，但不管怎麼說，經濟更強勁總是更好，特別是對於像網路這類業務。我想聽聽你們的看法。謝謝。

Hey, Matthew. We really haven't linked too much the recent election results with our business and the outlook for our business. We've kind of tried to insulate ourselves from a lot of the political things that go on, actually domestically in the US or even in some of the countries that we operate in. We work with almost everybody, and we're kind of like completely neutral in all local politics as well. I try to run the business that way, so we're not dependent on the things we can't control.

嗨，Matthew。我們其實沒有把最近的選舉結果和我們的業務、以及我們業務的展望做太多連結。我們一直試著讓自己不受很多政治因素影響，不論是美國國內，或是我們營運所在的一些國家。我們幾乎和所有人合作，在各地的政治上也保持完全中立。我一直試著用這種方式經營公司，讓我們不依賴那些我們無法控制的事情。

I suspect the elections in the US will make a difference to a lot of the US operators, but, US, it's not going to be as significant.

我猜美國的選舉會對很多美國電信營運商造成影響，但對我們而言，不會那麼顯著。

But in terms of something like tariffs, where you might well have changes in policy, would you see something there? I know you're not trying to take a political stand across the schism.

但就像關稅這種可能出現政策變動的事情，你們會看到什麼影響嗎？我知道你們不想在分歧中採取政治立場。

On the tariffs, it did impact us in Puerto Rico. The rest of our businesses, we import most of our goods outside the US, so it really did not impact us as much. The issues around the challenges with pricing come from the tariffs, and we have been working with our vendors to split some of the costs. But the bigger issue really is on supply chain of memory chips and power supplies and a whole bunch of other things that are really driven by the AI demand in the US.

關於關稅，它確實影響了我們在波多黎各的業務。至於我們其他業務，我們大部分貨品是在美國以外進口，所以影響就沒那麼大。關稅帶來的挑戰主要在定價壓力，我們一直在和供應商合作分攤部分成本。但更大的問題其實是供應鏈——記憶體晶片、電源供應器，以及一大堆其他零組件——這些都主要是由美國的 AI 需求所驅動。

Now, to a certain degree, if that demand slows down, clearly, they will put a lot less pressure on the supply chain. But I suspect the politicians that come in will study that, and they may come to the same conclusions as the last politicians, I guess.

某種程度上，如果那個需求放緩，顯然對供應鏈的壓力就會小很多。但我猜新上任的政治人物會研究這件事，而他們可能會得出和上一任政治人物相同的結論吧。

Do you have any further thoughts on Starlink version 3? I know you regard it more as a frenemy than some of the US guys do.

你對 Starlink 第三版還有其他看法嗎？我知道你把它視為亦敵亦友（frenemy），不像一些美國業者那樣看待。

Yeah. On Starlink version 3, actually, there is many nomenclatures for that. Listen, these guys are going to be good operators. They are going to be a good competitor as well. Right now, they are a good friend and a good customer.

是的，關於 Starlink 第三版，其實有很多不同的稱呼。聽著，這些人會是很好的營運商。他們也會是很強的競爭對手。但就目前而言，他們是很好的朋友，也是很好的客戶。

They are a large customer of ours in our B2B across the Caribbean and in Puerto Rico, where they have landing stations. I will tell you, it has been a great partnership with them. Now, will we compete with them in the future? We probably will. I suspect everybody will.

他們在加勒比海地區以及波多黎各的 B2B 業務上是我們的大客戶，因為他們在那裡有登陸站。我可以告訴你，和他們的合作一直非常棒。那未來我們會不會和他們競爭？我們大概會。我想大家都會。

But we have a lot of good things going for us. One, in our market, remember, the ARPUs are actually quite low, and it is a lot of prepaid. While we are working really hard to migrate to postpaid, the solutions they provide is really not really great for prepaid, very low ARPU, lots of recharging, et cetera.

但我們有很多有利因素。第一，在我們的市場，請記得，ARPU（每用戶平均收入）其實相當低，而且預付費占比很高。雖然我們正非常努力推動轉向後付費，但他們提供的解決方案對預付費、非常低ARPU、頻繁加值等情境而言，確實不太理想。

Secondly, on fixed broadband, if I move from mobile to broadband, we have pretty much upgraded a lot of our homes to fiber to the home with great symmetrical speeds. Even our HFC, we have upgraded them with very high uplink speeds and very high downlink speeds. I will tell you, yeah, they will be a competitor, but we have, I think, a much superior product, a lower price, and we have people on the ground. Our customer care is on the ground, our technicians on the ground, our shops is on the ground. I think we feel pretty good where we stand, certainly in our region.

第二，在固網寬頻方面，如果我從行動轉到寬頻，我們基本上已把許多住家升級為FTTH（光纖到府），並提供很好的對稱速率。即便是我們的HFC（混合光纖同軸），也已升級到非常高的上行與下行速度。我會說，是的，他們會是競爭對手，但我認為我們的產品明顯更優、價格更低，而且我們有人員在地支援。我們的客服在地、技術人員在地、門市也在地。我認為就我們所處的位置而言，我們感覺相當不錯，至少在我們這個區域是如此。

I do not know if it applies to other regions, but in our region, I think we feel pretty good.

我不確定這是否適用於其他區域，但在我們這個區域，我認為我們的狀況相當不錯。

Great. Thanks for your answers.

很好。謝謝你的回答。

David Lopes, New Street Research.

David Lopes，New Street Research。

Couple of questions, please. The first one is on the price increase in residential that you mentioned in the release. If you could add some color, and maybe especially in Puerto Rico.

我有幾個問題。第一個是關於你們在新聞稿中提到的住宅用戶價格調漲。能否補充一些細節，尤其是波多黎各的情況。

Have you seen any spike in churn in early Q4 following these price increases? Then, one on the Puerto Rican KPIs, and it is encouraging to see the mobile net as positive again. I was wondering if you could share some comments on the Net Promoter Score evolution lately in Puerto Rico. Thank you.

在這些調價之後，你們在第四季初期是否看到退租率（churn）出現任何飆升？另外一個問題是波多黎各的KPI，看到行動淨增用戶（mobile net adds）再次轉正令人鼓舞。我想請你分享一下近期波多黎各的NPS（淨推薦值）變化趨勢。謝謝。

Hey, David. So let me see. On the price increases, so far this year, all of our price increases, we have not seen the kind of churn we have seen before in price increases. I think there are two reasons. One, we are better at targeting our price increases.

嗨，David。我來看看。關於調價，到目前為止，今年我們所有的調價都沒有看到過去調價時那種程度的退租。我認為有兩個原因。第一，我們在調價對象的鎖定上做得更好。

I think, two, consumers are also understanding that with inflation, some of these prices come true. By the way, our competitors are doing the same thing, so we are not an outlier in this process. By the way, if you recall, if you are an investor with us for a while, for the longest time, we have not taken price increases. We focus on volume growth. This shift in the last two years is we feel really comfortable with where we are on volume, so we started to do some price increases.

第二，消費者也理解在通膨之下，某些價格上調是合理的。順帶一提，我們的競爭對手也在做同樣的事，所以我們並不是這個過程中的異類。另外，如果你回想一下，若你投資我們一段時間了，你會記得很長一段時間我們都沒有調價。我們專注於量的成長。過去兩年的轉變是：我們對目前的量很有信心，因此開始做一些調價。

Now, we've taken, in addition to price increases, another good way to drop cash to the EBITDA line and free cash flow line is to remove some of the discounts. We've had some really excessive discounts that we've given our customers, whether it's on auto-pay, whether it's on we absorb the regulatory fees. Some of these things we've now passed back to our customers. Clearly, some of our customers, when they go compare with our competitors, they find that our competitors actually don't have some of these discounts in place. Even with that, we don't see.

現在，除了調價之外，另一個把現金更有效地落到EBITDA與自由現金流（FCF）的方法，是取消部分折扣。我們過去給客戶的一些折扣確實偏高，不論是自動扣款折扣，或是我們吸收監管費用等。其中一些我們現在已轉回由客戶承擔。很明顯地，有些客戶去和競爭對手比較時，會發現競爭對手其實並沒有提供其中一些折扣。即便如此，我們也沒有看到——

At least, it is early days, but we're not seeing the kind of churn that you would expect with changes in pricing. Going forward, as we look at where our competitors stand, where we're at, and relative to the region, our ARPUs, there's still room for more price increases.

至少目前還在早期階段，但我們沒有看到你在價格變動時可能預期的那種退租。往前看，當我們檢視競爭對手的位置、我們自身的狀況，以及相對於區域水準的ARPU時，仍然有進一步調價的空間。

If I look at our 2027 budget, there are price increases built into our 2027 budgets as well. We feel really good. As I indicated in my comments earlier, with AI, we are doing a much better job in targeting our price increases. As an example, if you've called into our customer care center and complained about our service in the last quarter, two quarters, we're not going to try to give you a price increase. That's a sure way to get churn.

如果我看我們的2027年預算，裡面也納入了調價。我們感覺非常好。如我先前評論所提到的，透過AI，我們在調價對象的精準鎖定上做得更好。舉例來說，如果你在過去一季、兩季曾打進我們客服中心抱怨服務，我們就不會嘗試對你調價。那是導致退租的保證方式。

There's a lot of things that we're trying to do on that front. Q4, when we look at churn, at least in our projections right now, from all the price increases we've done, we're not planning some massive churn in the fourth quarter. Your other question on mobile net adds.

在這方面我們正嘗試做很多事情。第四季就退租來看，至少以我們目前的預測，基於我們已做的所有調價，我們並不預期第四季會出現大幅退租。你另一個問題是行動淨增用戶。

I think in mobile net adds, as we go more and more FMC, you'll start seeing more and more postpaid adds improving. In Puerto Rico specifically, we've launched some very innovative products. One of the products that we've launched is this Liberty SIMple product where our management team on the ground, we are very excited about this product for two reasons. One, it is literally very simple for our customers to buy it. Two, there's a lot less subsidies.

我認為在行動淨增用戶方面，隨著我們越來越走向FMC（固移融合），你會看到後付費淨增持續改善。在波多黎各，我們推出了一些非常創新的產品。其中之一是我們推出的Liberty SIMple產品；我們在地的管理團隊對這個產品非常興奮，原因有兩點。第一，客戶購買起來真的非常簡單。第二，補貼少很多。

No handsets, just bring your own handset to the party. There's a lot of things that mix. One of the drivers for our margin improvements as well, somebody had, we were thinking about the margin improvements in Puerto Rico. Some of these drive those margin improvements as well. So we feel really good about mobile net adds. FMC is rolled out everywhere.

不提供手機，只要自備手機即可。這裡面有很多因素交織。這也是我們毛利率改善的驅動因素之一；有人提到我們在思考波多黎各的毛利率改善，其中一些措施也推動了毛利率提升。所以我們對行動淨增用戶感覺非常好。FMC已在各地推行。

In Costa Rica, mobile net adds have come in really nicely, and also on the backs of our Liberty-Starlink partnership. So lots of good things happening there. On NPS, our NPS continues to improve both in mobile and our fixed, and I think your question was specifically to Puerto Rico. Our NPS continues to improve, but we have still a lot of work to do. We were coming up from a period where our service, quite frankly, was below our customers' expectations and ours.

在哥斯大黎加，行動淨增用戶表現非常亮眼，也受惠於我們與Liberty-Starlink的合作夥伴關係。所以那邊有很多好事正在發生。至於NPS，我們在行動與固網的NPS都持續改善；我想你的問題特別是波多黎各。我們的NPS持續提升，但仍有很多工作要做。坦白說，我們之前有一段時間的服務低於客戶與我們自身的期待。

That's more than 18 months ago. We've done a lot of work to fix it, and it's month-over-month steady improvement, and we're sitting really quite good right now. Between our good service, our innovative products, both our mobile and our fixed, I think we'll continue to see growth there in Puerto Rico.

那是18個多月以前的事了。我們做了很多工作來修正，NPS呈現逐月穩定改善，而我們目前的水準其實相當不錯。在我們良好的服務、以及行動與固網的創新產品帶動下，我認為我們會在波多黎各持續看到成長。

Very clear.

非常清楚。

Roberta Versiani, Citigroup.

Roberta Versiani，花旗集團（Citigroup）。

Hi, good morning. I have two questions for me. One, just a follow-up on satellite. I just wanted to understand a little bit better how customers are using the Starlink service so far. Is it primarily to cover, to fill coverage gaps?

嗨，早安。我有兩個問題。第一個是關於衛星的追問。我想更了解目前客戶是如何使用Starlink服務的。主要是用來補足覆蓋、填補訊號缺口嗎？

Is it more of regular connectivity? As the capabilities improve, do you expect that satellite will remain complementary to your terrestrial network, or could it eventually change how much you currently invest in your network? Then a second question for me is on Costa Rica. We saw some good margin improvement there, and I just wanted to know how much of it is sustainable going forward and what exactly drove that margin improvement. Thank you.

還是更偏向日常的連線使用？隨著能力提升，你是否預期衛星仍會作為你們地面網路的互補，或是它最終可能改變你們目前在網路上的投資規模？第二個問題是關於哥斯大黎加。我們看到那邊毛利率有不錯的改善，我想了解其中有多少在未來是可持續的，以及究竟是什麼驅動了那次毛利率改善。謝謝。

Sure. On the Starlink satellite usage, it will continue to be complementary, certainly for our business. The use cases usually in our markets, if you live on an island where we haven't upgraded the fiber to the home, and there are a number of islands in the Bahamas especially, very wealthy enclaves, there is a lot of Starlink penetration in those areas. I will tell you, that is actually good for those customers because it is really expensive for us to go out and build fiber and then run subsea cables to some of these small islands where there is only 20 homes or 30 homes.

當然。關於 Starlink 衛星的使用，它將會持續作為互補方案，對我們的業務而言確實如此。在我們市場中的使用情境通常是：如果你住在我們尚未將光纖升級到府（FTTH）的島嶼上——尤其在巴哈馬有不少島嶼、非常富裕的聚落——那些地區的 Starlink 滲透率很高。我可以告訴你，這其實對那些客戶是好事，因為對我們而言，要外出建置光纖，然後再鋪設海底電纜到其中一些只有 20 戶或 30 戶的小島，成本真的非常高。

They are niche use cases where actually Starlink is better, and sometimes we tell our customers, you should get that because it will be a long while before we run. We are very disciplined in our CapEx, so in areas where it makes no sense for us to go build, I think Starlink is a good alternative for those individuals living there. But also understand, this has really only worked in a few markets where, like the Bahamas I indicated, these are not 20 huts. These are 20 multimillion-dollar homes in enclaves. So, there is a very different ARPU type expectations for some of these customers. In most other places where ARPUs are very low, our fiber to the home ARPU is actually quite low, like say Jamaica as an example.

這些是利基型的使用情境，在那種情況下 Starlink 其實更好；有時我們也會告訴客戶，你應該用那個，因為我們要鋪設過去還要很久。我們在資本支出（CapEx）上非常自律，所以在一些我們去建置並不合理的區域，我認為 Starlink 對住在那裡的個人而言是很好的替代方案。但也要理解，這其實只在少數市場奏效；像我提到的巴哈馬，那些不是 20 間小茅屋。那是聚落裡 20 棟數百萬美元的住宅。因此，對其中一些客戶而言，ARPU（每用戶平均收入）的期待值是非常不同的。在大多數其他地方，ARPU 很低；我們的 FTTH ARPU 其實也相當低，例如以牙買加為例。

It is not as obvious for somebody to move to Starlink because the upfront cost is high and the monthly cost is high, versus the product that you get from us, which is higher bandwidth, upstream, downstream, and a lower cost. I think to a certain degree, we do not see that in those markets, but there is a niche use case for sure. A lot of wealthy people in remote areas, yeah, I think that is a product that makes sense. On Costa Rica, the margin improvements, you will see a number of reasons the margin improvements is, one, our postpaid business is growing really well in Costa Rica, and it is a very high-margin product for us. Our broadband has also recovered there, and some of our lower-margin products, like video, is slowing down, and that is kind of a shift.

因此，對某些人來說，轉去用 Starlink 並不那麼明顯有利，因為前期成本高、月費也高；相較之下，我們提供的產品頻寬更高（上行、下行），而且成本更低。我認為在某種程度上，我們在那些市場並沒有看到這種情況，但確實存在利基型的使用情境。很多住在偏遠地區的富裕人士，是的，我認為那是一個合理的產品。至於哥斯大黎加的毛利率改善，你會看到幾個原因：第一，我們在哥斯大黎加的後付費業務成長得非常好，對我們而言是高毛利產品。我們的寬頻業務在那裡也已恢復，而一些較低毛利的產品（例如影像/電視）正在放緩，這形成了一種結構性轉移。

This year, good news, bad news, our B2B, a lot of our B2B business that we were counting on also got phased out in one of our big projects with the government, has moved from third quarter to fourth quarter, and I think some of it may even bleed into the first quarter of next year. Those are lower-margin products than our traditional consumer business. So there is a shift in our products as well. Then finally, cost takeout. We have been doing some significant cost takeout in every part of our operations, whether it is in the Caribbean, if it is in Costa Rica, Panama, in Denver, in Miami.

今年有好消息也有壞消息：我們原本寄望的一些 B2B 業務，在與政府的一個大型專案中也被分階段推遲，從第三季延到第四季，我認為其中一些甚至可能延續到明年第一季。那些產品的毛利率低於我們傳統的消費者業務。所以我們的產品組合也出現了轉移。最後是成本削減。我們在營運的每個部分都在進行相當顯著的成本削減，不論是在加勒比海地區、哥斯大黎加、巴拿馬、丹佛或邁阿密。

Every part of our operations, we are working really hard to take cost down, and that has also contributed to margin improvements. In Costa Rica specifically, our general manager there, together with the leadership team, have done a really good job in the first two quarters of this year in taking some costs out, and then we still have more to go on that.

在我們營運的每個部分，我們都非常努力地把成本降下來，而這也促成了毛利率的改善。就哥斯大黎加而言，當地的總經理與領導團隊在今年前兩季在削減部分成本方面做得非常好，而且我們在這方面仍有進一步空間。

Very helpful.

非常有幫助。

Ernesto Gonzalez, Morgan Stanley.

Ernesto Gonzalez，摩根士丹利。

Hi. Thank you for taking our questions. It is two, and both are on Puerto Rico. The first one is, how much upside do you see on margins? Can we still see further expansion in the coming quarters?

嗨，謝謝你們回答我們的問題。我有兩個問題，都關於波多黎各。第一個是，你們認為毛利率還有多少上行空間？未來幾季我們是否仍可能看到進一步擴張？

And the second one is, any updates on a potential spin-off of the unit?

第二個是，關於該事業單位可能分拆（spin-off），有任何最新進展嗎？

Okay. I will answer the second one first because it is an easier answer. We are not commenting too much on timing of any changes in the structure there. Just know that we continue to be very open to having discussions with the debt holders on that business, and there may be a solution, or may not. But we are going to be very constructive in having those discussions.

好的。我先回答第二個，因為比較容易。我們不會對那邊任何結構變動的時間點做太多評論。你只要知道，我們仍然非常願意與該業務的債權人進行討論，可能會有解決方案，也可能沒有。但我們會以非常建設性的態度來進行這些討論。

The business is improving. And your questions on the margin, the business is actually doing quite well. You can see the margins in this quarter has improved, and it will continue to improve. There is, of course, a ceiling on the margins where we can get to. But part of the improvements are driven by, one, cost reduction.

業務正在改善。至於你問的毛利率，這項業務其實表現相當不錯。你可以看到本季毛利率已經改善，而且還會持續改善。當然，毛利率能達到的水準會有上限。但改善的一部分動能來自於：第一，成本降低。

We have been very diligent on that.

我們在這方面一直非常嚴謹。

As you see, the revenue actually did decline in Puerto Rico, but it declined in favor of higher-margin products. So there is a mix shift as well. As I indicated earlier, our products, our mobile products being less and less dependent on subsidies also improves our margin. But I can tell you, going forward with price increases and some of the discounts going away, certainly our free cash flow will improve, and it will drop into our margin lines as well. Some of those take a little bit of time.

如你所見，波多黎各的營收確實下滑了，但這種下滑是朝向更高毛利產品的結果。因此也存在產品組合的轉移。如我先前提到，我們的產品——我們的行動產品——對補貼的依賴愈來愈低，也會改善我們的毛利率。但我可以告訴你，往後隨著價格上調以及部分折扣取消，我們的自由現金流一定會改善，並且也會反映到毛利率等利潤線上。其中有些需要一點時間。

Accounting guys can give you better insight into that because there's a lot of ways we amortize devices and amortize the revenues. So some of it, from an accounting standpoint, may not show up as fast, but certainly from a free cash flow standpoint, it's going to drop.

會計同仁可以就此提供你更好的洞見，因為我們在設備攤銷與收入攤銷上有很多不同的處理方式。所以其中一部分從會計角度看，可能不會那麼快顯現，但從自由現金流的角度來看，肯定會落到結果上。

Really clear.

非常清楚。

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

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

Well, thank you, operator, and thank you, everybody, for joining the call and those questions as well. Good questions. We are quite bullish. Things are coming around really nicely. The fourth quarter, as Chris indicated and I've indicated as well, is going to be a good quarter, we feel.

好的，謝謝主持人，也謝謝各位參與電話會議並提出問題。問題都很好。我們相當樂觀。各項事情進展得非常順利。第四季，如 Chris 所說、我也提到過，我們認為會是一個不錯的季度。

Clearly, you can see that from the buybacks as well as some of the purchases by not just John Malone and myself. I think at least half of my board have been buying equity in the business, whether it's the common or the pref, which reflects not only the confidence in the business today, but also the future. We feel really good about that. I do thank you for your support. Have a great day.

很明顯，你也可以從庫藏股回購以及不只是 John Malone 和我本人所做的一些買進看出來。我想至少有一半的董事會成員都在買進公司的股權，不論是普通股或特別股（pref），這不僅反映了對當下業務的信心，也反映了對未來的信心。我們對此感覺非常好。也謝謝你們的支持。祝各位有美好的一天。

Ladies and gentlemen, this concludes Liberty Latin America's third-quarter 2026 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，這裡是 Liberty Latin America 2026 年第三季投資人電話會議的結束。提醒各位，電話會議的重播將可在 Liberty Latin America 官網 www.lla.com 的投資人關係（Investor Relations）專區取得；你也可以在那裡找到今天簡報資料的副本。