v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity Equity
Share Capital
A summary of the changes in our share capital during 2025, 2024 and 2023 is set forth in the table below:
Class AClass BClass C
in millions
Balance at January 1, 2023
42.7 2.1 171.3 
Repurchase of Liberty Latin America common shares(2.6)— (11.7)
Issued in connection with share-based compensation plans and other0.7 0.1 2.1 
Balance at December 31, 2023
40.8 2.2 161.7 
Balance at January 1, 2024
40.8 2.2 161.7 
Repurchase of Liberty Latin America common shares(4.0)— (8.2)
Issued in connection with share-based compensation plans and other1.2 0.2 2.8 
Balance at December 31, 2024
38.0 2.4 156.3 
Balance at January 1, 2025
38.0 2.4 156.3 
Repurchase of Liberty Latin America common shares(0.2)— (0.4)
Issued in connection with share-based compensation plans and other1.1 — 2.8 
Balance at December 31, 2025
38.9 2.4 158.7 
Voting rights. Holders of Class A common shares and Class B common shares vote together as a single class on all matters submitted to a vote of Liberty Latin America’s shareholders. The holders of Class A common shares have one vote per share; the holders of Class B common shares have 10 votes per share; and the holders of Class C common shares generally have no votes per share. In the event a right to vote is required under applicable law, holders of Class C common shares will vote as a single class with the holders of Class A common shares and Class B common shares and will be entitled to 1/100 of a vote on such matter for each Class C common share. Each Class B common share is convertible at the option of the holder for one Class A common share.
Share Repurchase Programs
From time to time, and subject to certain limitations and conditions, our Directors approve Share Repurchase Programs, which authorize us to repurchase up to a specified aggregate dollar value of our Class A common shares and/or Class C common shares through specified dates, as detailed below:
Authorization DateAuthorized Repurchase AmountExpiration Date
in millions
February 22, 2022$200.0 December 2024
May 8, 2023$200.0 December 2025
May 7, 2024$200.0 December 2026
The Share Repurchase Programs do not obligate us to repurchase any of our Class A or C common shares. Under the Share Repurchase Programs, we may repurchase our common shares in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means. At December 31, 2025, the remaining amount authorized for share repurchases under the Share Repurchase Programs was $200 million.
Convertible Notes Capped Calls
In connection with the issuance of our Convertible Notes, we entered into the Convertible Notes Capped Calls, which expired on July 15, 2024. The Convertible Notes Capped Calls were used as an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we could have been required to make in excess of the principal amount of such converted notes, as the case may have been, with such reduction and/or offset subject to a cap. The Convertible Notes Capped Calls were not considered a derivative instrument under ASC 815, Derivatives and Hedging, as the contracts were indexed to our Class C common shares and therefore were classified within shareholders’ equity.
Capped Call Option Contracts
During 2024, we entered into capped call option contracts, pursuant to which we have purchased capped call options on 1.7 million and 4.3 million Liberty Latin America Class A and Class C common shares, respectively, with a low exercise price and a capped payout. Shares acquired through the exercise of the call options are included in our share repurchases. The capped call option contracts are not considered derivative instruments as the contracts are indexed to our Class A and Class C common shares and are therefore classified within shareholders’ equity. At December 31, 2024, the aggregate premium associated with these capped call option contracts of $15 million is included as a reduction of additional paid-in capital in our consolidated statement of equity and as a financing cash outflow in our consolidated statement of cash flows. During 2025, we exercised some of our rights pursuant to the capped call option contracts, which resulted in 0.6 million shares being effectively repurchased and reflected in treasury stock at December 31, 2025.
LCR NCI Transaction
During August 2024, we entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire an additional 8.5% of the remaining noncontrolling interest on January 30, 2026 for an aggregate cash consideration of approximately $84 million. The consideration comprises CRC 22 billion ($44 million) and $40 million, with 62.5% of the purchase price due upon closing and the remaining 37.5% due on January 29, 2027. Subsequent to December 31, 2025, we paid the first installment payment of $53 million.