Subscriber Growth — Mobile Postpaid Momentum
Added 50,000 mobile postpaid subscribers in Q1 2026 across the group; Liberty Caribbean contributed ~15,000 postpaid adds (11,000 in Jamaica). Postpaid remains a strong driver in multiple markets (Panama postpaid subscribers +10% year-over-year).
Adjusted OIBDA Performance
Reported $405 million of adjusted OIBDA in Q1 2026, which came in ahead of internal expectations despite headwinds; adjusted OIBDA was roughly flat on a rebased basis (1% rebased decline year-over-year).
Improved Adjusted Free Cash Flow
Adjusted free cash flow before partner distributions improved materially: negative $64 million in Q1 2026, ~$40 million better year-over-year. Last twelve months adjusted FCF increased to $190 million from $150 million (up $40 million).
Liberty Networks Revenue Growth and Wholesale Demand
Liberty Networks delivered rebased revenue growth (reported by management at between 7%–9% in Q1) driven by healthy sub-sea wholesale capacity demand from international carriers and hyperscalers.
Region-Specific Operational Recoveries
Jamaica recovery faster than anticipated: 30,000 revenue-generating residential customers added back in Q1 after Hurricane Melissa; mobile network recognized by Ookla as the fastest on the island in H2 2025. Puerto Rico returned to positive postpaid additions for the second consecutive quarter and LPR adjusted OIBDA grew 12% to $91 million.
Capital Return and Balance Sheet Actions
Announced intention to distribute $500 million of preferred equity (9% cash pay) to equity shareholders and resumed share repurchases (approximately $184–185 million remaining under buyback authorization), signaling confidence in future free cash flow generation.
Cost and CapEx Discipline
P&E additions were $111 million (10% of revenue), an 8% reduction versus prior year. Adjusted OIBDA less P&E additions improved 3% year-over-year to $294 million and represented a 27% margin of revenue. Management is executing cost-out programs and expects further AI-driven efficiency gains.
Strategic Partnerships and Product Innovation
Signed Liberty Starlink direct-to-cell agreement for Costa Rica (launch H2 2026) and deployed loyalty/value-added services in Panama; FMC adoption rising (Panama FMC >40%), supporting upsell/cross-sell and low postpaid churn.
Shareholder Support and Investor Confidence
GCI Liberty acquired ~6% stake in LLA and Dr. John Malone’s combined direct/indirect holdings increase visible support for management and long-term strategy.