Strong Adjusted OIBDA Growth
Reported adjusted OIBDA of $1.7 billion for full year 2025, representing 9% rebased growth year-over-year; Q4 adjusted OIBDA was $451 million (+8% rebased).
Adjusted OIBDA Less P&E Additions Expansion
Adjusted OIBDA less P&E additions increased 27% year-over-year to $1.1 billion for FY2025 (24% of revenue); Q4 figure was $231 million, up 30% year-over-year.
Improved Free Cash Flow
Adjusted free cash flow before partner distributions was $150 million for FY2025, a 29% year-over-year increase; Q4 adjusted FCF was $278 million, aided by $81 million net proceeds from weather derivatives.
Mobile Postpaid Subscriber Growth
Group added over 225,000 mobile postpaid subscribers in 2025 driven notably by Costa Rica (over 160,000 postpaid adds, a 16% expansion on 2024 base) and supported by FMC and prepaid-to-postpaid migration; Puerto Rico posted positive net postpaid adds in Q4 for the first time since migration.
Liberty Networks Momentum and Strategic Wins
Liberty Networks delivered wholesale revenue growth of 6% rebased (12% underlying excluding noncash IRUs), Q4 revenue $129 million (+14% rebased) and adjusted OIBDA $75 million (+21% rebased). Won the El Salvador submarine cable build and is on track with the MANTA project (5,600 km) expected operational in late 2027/early 2028.
C&W Panama and B2B Strength
C&W Panama registered rebased revenue growth of 3% for FY2025 and residential mobile revenue growth of 7%; B2B showed improving performance with FY rebased B2B growth of 1% and Q4 B2B +24% year-over-year, including a national education win (MEDUCA).
Cost Control and Margin Improvement
Company improved adjusted OIBDA margins by roughly 300 basis points in 2025; P&E additions were reduced to 14% of revenue (down 2 percentage points from 16% in 2024) while FY P&E spend was $640 million versus $725 million in 2024.
Jamaica Mobile Recovery and Network Recognition
Jamaica mobile network recovered rapidly post-Hurricane Melissa, running higher subscriber and data traffic levels than pre-hurricane; Ookla recognized the network as the fastest on the island for H2 2025.
5G Deployment and Cloud Partnership
5G availability expanded (Puerto Rico, Panama, Costa Rica, Cayman Islands, Barbados) with Costa Rica having over 300,000 5G customers; announced partnership with AWS to bring compute and AI models locally and to host AWS outposts/wavelength in regional data centers.
Improved Consolidated Liquidity Position and Leverage Progress
Consolidated cash of $800 million and $900 million of available credit lines; consolidated net leverage improved to 4.3x (and would be mid-3s excluding Puerto Rico leverage pressures).