
	December 31,
	2025		2024
	in millions
ASSETS
Current assets:
Cash and cash equivalents	$	13.7	$	10.4
Other receivables – related-party	155.1		255.4
Prepaid expenses	1.0		1.0
Other current assets	—		0.2
Total current assets	169.8		267.0

Investments in consolidated subsidiaries	425.7		917.4

Total assets	$	595.5	$	1,184.4

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Related-party liabilities	$	32.7	$	92.7
Other accrued and current liabilities	5.8		3.1
Total current liabilities	38.5		95.8

Other long-term liabilities	1.4		—
Total liabilities	39.9		95.8

Shareholders’ equity:
Class A, $0.01 par value; 500.0 million shares authorized; 54.7 million and 38.9 million shares issued and outstanding, respectively, at December 31, 2025; 53.7 million and 38.0 million shares issued and outstanding, respectively, at December 31, 2024	0.5		0.5
Class B, $0.01 par value; 50.0 million shares authorized; 2.4 million shares issued and outstanding at December 31, 2025 and 2.4 million shares issued and outstanding at December 31, 2024	—		—
Class C, $0.01 par value; 500.0 million shares authorized; 195.2 million and 158.7 million shares issued and outstanding, respectively, at December 31, 2025; 192.4 million and 156.3 million shares issued and outstanding, respectively, at December 31, 2024	2.0		1.9
Undesignated preference shares, $0.01 par value; 50.0 million shares authorized; nil shares issued and outstanding at each period	—		—
Treasury shares, at cost; 52.4 million and 51.8 million shares, respectively	(448.9)		(444.1)
Additional paid-in capital	5,368.9		5,315.6
Accumulated deficit	(4,242.3)		(3,631.1)
Accumulated other comprehensive loss, net of taxes	(124.6)		(154.2)
Total shareholders’ equity	555.6		1,088.6
Total liabilities and shareholders’ equity	$	595.5	$	1,184.4


	Year ended December 31,
	2025		2024		2023
	in millions
Operating costs and expenses:
Other operating costs and expenses	$	25.8	$	5.6	$	19.0
Related-party charges and other operating items, net	33.9		24.0		19.4
Operating loss	(59.7)		(29.6)		(38.4)
Non-operating expense:
Interest expense	—		(6.0)		(20.2)
Realized and unrealized losses on derivatives instruments, net	—		(1.4)		—
Gains (losses) on debt extinguishments, net .	—		(0.3)		0.9
Other income (expense), net	(1.3)		1.3		0.6
	(1.3)		(6.4)		(18.7)
Loss before equity in losses of consolidated subsidiaries	(61.0)		(36.0)		(57.1)
Equity in losses of consolidated subsidiaries, net	(550.2)		(653.4)		(16.5)
Net loss	$	(611.2)	$	(689.4)	$	(73.6)


	Year ended December 31,
	2025		2024		2023
	in millions
Cash flows from operating activities:
Net loss	$	(611.2)	$	(689.4)	$	(73.6)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
Equity in loss of consolidated subsidiaries, net	550.2		653.4		16.5
Share-based compensation and other Employee Incentive Plan-related expense	1.9		(1.7)		10.7
Loss (gain) on debt extinguishments, net	—		0.3		(0.9)
Amortization of debt financing costs	—		4.2		13.9
Realized and unrealized losses on derivative instruments, net	—		1.4		—
Changes in operating assets and liabilities	52.3		7.0		53.1
Net cash provided (used) by operating activities	(6.8)		(24.8)		19.7

Cash flows from investing activities:
Distribution and repayments from consolidated subsidiaries, net	7.2		323.7		277.3
Net cash provided by investing activities	7.2		323.7		277.3

Cash flows from financing activities:
Payments of principal amounts of debt and finance lease obligations	—		(219.2)		(173.0)
Repurchase of Liberty Latin America common shares	—		(82.9)		(118.3)
Capped call premium payment	—		(14.6)		—
Other financing activities, net	2.9		0.3		(1.3)
Net cash provided (used) by financing activities	2.9		(316.4)		(292.6)



Net increase (decrease) in cash, cash equivalents and restricted cash	3.3		(17.5)		4.4

Cash, cash equivalents and restricted cash:
Beginning of year	10.4		27.9		23.5
End of year	$	13.7	$	10.4	$	27.9