Liberty Latin America Ltd. (LILA): Business Model Canvas [Dec-2025 Updated]

You're looking at Liberty Latin America Ltd. (LILA) right now, trying to map out how they'll grow while servicing that $8.2 billion consolidated debt load. Honestly, the Q3 snapshot shows a clear pivot: they are betting big on Fixed-Mobile Convergence (FMC) bundles, leveraging their nearly 97% Gigabit-ready fixed footprint across the Caribbean and Latin America. This isn't just about selling more; it's a race for customer stickiness against a backdrop of heavy CapEx and spectrum costs, and this Business Model Canvas lays out the precise levers they are pulling to make it work. Dive in below to see the full picture.

Liberty Latin America Ltd. (LILA) - Canvas Business Model: Key Partnerships

You're looking at how Liberty Latin America Ltd. (LILA) builds its network and services through external relationships as of late 2025. These alliances are critical for everything from emergency response to core infrastructure management.

Starlink Collaboration for Direct-to-Cell Satellite Service During Crises

Liberty Latin America Ltd. established a crucial partnership with Starlink Direct to Cell to provide emergency communications following Hurricane Melissa in Jamaica in October 2025. This move enables FLOW Jamaica customers to access data, SMS, and text services when terrestrial infrastructure fails. This collaboration is noted as the first of its kind in the Caribbean between a traditional operator and a satellite provider for direct-to-mobile connectivity during emergencies. Starlink Direct to Cell supports this through its constellation of over 650 satellites in low-Earth orbit.

This emergency deployment required specific regulatory sign-off. The collaboration utilized spectrum approved by Jamaica's Spectrum Management Authority and the Ministry of Energy, Transport, and Telecommunications.

Technology Vendors for Network Equipment and Software Solutions

The digital transformation strategy of Liberty Latin America Ltd. is heavily reliant on cloud partners. Amazon Web Services (AWS) is a key enabler, supporting the implementation of cloud-native architecture, Artificial Intelligence (AI), and machine learning capabilities. This foundation supports personalized, zero-touch eCommerce options and self-service applications. The digital platforms powered by AWS have achieved 99.999% availability.

For enterprise and infrastructure needs, Liberty Networks, the wholesale division, is leveraging technology from vendors like Infinera, using its ICE6 800G technology to power new routes. Furthermore, BTS was selected as the exclusive International Voice Managed Services Partner for Costa Rica, Panama, and Puerto Rico, including the USVI markets.

Here's a quick look at some of the vendor relationships and associated metrics:

Content Providers for Video and Entertainment Services

Liberty Latin America Ltd. relies on partnerships with content providers to fuel its digital video services across its footprint. While specific 2025 contract details aren't public, the availability and cost of this programming remain a focus area for management, as noted in forward-looking statements.

The company's strategy involves driving Fixed-Mobile Convergence (FMC) penetration higher, which depends on compelling bundled offerings that include video content.

Local Government and Regulatory Bodies for Spectrum and Licenses

Securing and managing radio spectrum is a foundational partnership activity with government bodies. The acquisition of EchoStar's mobile spectrum in Puerto Rico and the USVI, which closed in September 2024 for an aggregate purchase price of $255 million, required approval from the United States Department of Justice Antitrust Division and the Federal Communications Commission (FCC). This deal added over 100 MHz of spectrum in those territories.

Following that, Liberty Latin America Ltd. would hold a maximum of 278 MHz of spectrum across Puerto Rico and the US Virgin Islands, which includes up to 83 MHz of below-1-GHz spectrum.

• Spectrum acquired from EchoStar (PR/USVI): Over 100 MHz.
• Total spectrum held in PR/USVI post-acquisition: Maximum of 278 MHz.
• Below-1-GHz spectrum held in PR/USVI: Up to 83 MHz.

Partners like PTI for Infrastructure Repair and Rebuilding

Infrastructure sharing and monetization through tower companies are key to managing capital intensity. Liberty Latin America Ltd. has a significant agreement with Phoenix Tower International (PTI). This deal involved monetizing approximately 1,300 mobile tower sites across Panama, Jamaica, The Bahamas, Puerto Rico, Barbados, and the British Virgin Islands. The total proceeds from this transaction, including commitments to build another 500 towers over five years, amount to $407 million. The initial expected proceeds were $355 million.

These long-term lease agreements allow Liberty Latin America Ltd. to continue using the sites while lowering capital costs associated with the assets and supporting network expansion, including future 5G deployment plans.

Finance: draft 13-week cash view by Friday.

Liberty Latin America Ltd. (LILA) - Canvas Business Model: Key Activities

You're looking at the core actions Liberty Latin America Ltd. (LILA) is taking to drive performance as of late 2025. It's all about integrating services, upgrading the physical plant, managing customer relationships in tough spots like Puerto Rico, and keeping a tight lid on costs. Here's the quick math on what those activities look like in real numbers.

Fixed-Mobile Convergence (FMC) product bundling and promotion

Driving Fixed-Mobile Convergence is clearly a central theme, especially in markets outside of the Puerto Rico stabilization effort. This bundling strategy is directly tied to subscriber growth momentum.

• FMC penetration across key markets reached >30% as of Q1 2025.
• Postpaid mobile additions in Q3 2025 were the highest in three years, supported by the FMC push.
• Liberty Caribbean saw fixed residential revenue increase by 5% on a rebased basis in Q3 2025.

Extensive network infrastructure maintenance and upgrade (FTTH, 5G)

Investment in the physical network continues, focusing on fiber backbone and next-generation mobile, though capital intensity is anticipated to decline overall. The subsea network expansion is a key wholesale enabler.

Customer acquisition and churn reduction, especially in Puerto Rico

Acquisition is strong outside of Puerto Rico, where the focus is on stabilizing the mobile base and improving ARPU following network migration challenges. The overall group saw solid subscriber additions.

• Net organic broadband and postpaid additions (excluding Puerto Rico) reached just over 100,000 in H1 2025.
• Liberty Puerto Rico reported a rebased revenue decline of 5% in Q3 2025.
• Liberty Puerto Rico's residential mobile rebased revenue declined by 7% in Q3 2025.
• The Liberty Mix plan rollout in Puerto Rico supported an ARPU increase of 40% in September 2025 versus the month prior to launch.
• Postpaid churn in Puerto Rico was reported as improved.

Strategic cost reduction and operational efficiency programs

Cost control is yielding tangible operating leverage results across the group, helping to offset revenue pressures in certain areas. These programs are defintely set to continue.

• Group rebased Adjusted OIBDA expanded by 7% YoY in both Q3 2025 and Year-to-Date (YTD) 2025.
• LLA's Adjusted OIBDA margin reached 39% for Q3 2025 on a sequential basis.
• Adjusted OIBDA less Property, Plant & Equipment (P&E) additions showed a 22% improvement year-over-year through Q3 2025.
• Cost reduction programs are in flight and expected to carry over into 2026.

Wholesale subsea capacity sales via Liberty Networks

The Liberty Networks segment is growing, with wholesale capacity sales being a key driver of that expansion, even as overall segment revenue growth was reported.

Overall Total Revenue (TTM as of late 2025) was $4.43 Billion USD.

Liberty Latin America Ltd. (LILA) - Canvas Business Model: Key Resources

You're looking at the core assets that power Liberty Latin America Ltd. (LILA)'s operations across the region. These aren't just assets; they are the physical and financial foundations that let them compete against other major players.

Extensive subsea and terrestrial fiber optic network infrastructure is perhaps the most critical resource. This network is the backbone for all their fixed and mobile services. As of the latest data, Liberty Networks, the infrastructure and carrier division, operates approximately 50,000 kilometers of subsea and terrestrial fiber optic cable, connecting over 30 countries. This massive footprint is key to their wholesale business and overall service resilience.

To give you a clearer picture of this physical scale, here's a look at the network reach and related infrastructure points:

The commitment to high-speed delivery is clear; they aim for nearly 100% of their fixed network to be Gigabit-ready by the end of 2025. Also, they are actively investing in new subsea cable systems to support future revenue growth.

Next, let's look at the licensed mobile spectrum. Spectrum is the airwaves needed for mobile service, and securing it is a major capital commitment. Liberty Latin America Ltd. has been strategically enhancing this resource. For instance, they completed an acquisition in Puerto Rico and the US Virgin Islands, which added over 100 MHz of spectrum. This move was explicitly aimed at strengthening their 5G mobile network capabilities in those markets.

The company's consolidated debt load is a significant financial resource, representing the capital structure they operate within. As of September 30, 2025, the reported figures were:

• Consolidated debt and finance lease obligations (Long-term plus current): $7,828.3 million plus $451.7 million current, totaling approximately $8.28 billion.
• Consolidated gross leverage ratio: 4.9x as of Q3 2025.
• Unused borrowing capacity: $912.8 million as of Q3 2025.

That leverage ratio tells you how much debt they carry relative to their operating income, and having significant unused capacity is a resource for flexibility, so that's important to note.

Finally, the brand portfolio is a key intangible asset, representing market recognition and customer trust. Liberty Latin America Ltd. operates under several well-known consumer and business brands across its more than 20 operating countries. You'll see these names representing their services:

• BTC (The Bahamas Telecommunications Company)
• Flow (Caribbean full-service provider)
• Liberty Communications (Puerto Rico fiber network)
• Más Móvil
• Liberty Business and Liberty Networks (Enterprise/Wholesale arms)
• The company also operates as ClaroVTR through its joint venture in Chile.

The company is working to simplify this structure, for example, by rebranding C&W Networks to Liberty Networks.

Liberty Latin America Ltd. (LILA) - Canvas Business Model: Value Propositions

You're looking at the core value Liberty Latin America Ltd. delivers to its customers, which is really about providing the essential digital pipes for the region. It's not just about having a service; it's about the quality and reach of that service in a diverse geography.

High-speed, reliable broadband connectivity (up to Gigabit speeds)

We see a clear commitment to speed and capacity in the fixed network. By the end of 2024, a substantial 97% of Liberty Latin America Ltd.'s fixed networks were equipped to deliver speeds of at least 1 Gbps, with plans to approach 100% coverage in 2025. This focus on fiber-to-the-home (FTTH) technology underpins the reliability you expect.

Bundled Fixed-Mobile Convergence (FMC) services for value and simplicity

Bundling services is a major value driver, and the numbers show customers are taking advantage. As of the first quarter of 2025, Fixed-Mobile Convergence (FMC) penetration across key markets surpassed 30%. This strategy is working, as evidenced by the strong commercial momentum, with postpaid additions in Q3 2025 being the highest in three years. Overall, Liberty Latin America Ltd. added just over 100,000 net organic broadband and postpaid mobile subscribers in the first half of 2025 across its core growth segments.

Here's a quick look at the adoption metric:

Enterprise-grade connectivity and managed IT solutions for B2B clients

For business clients, the value proposition is rooted in the wholesale and enterprise network, Liberty Networks. This division saw its rebased revenue grow by 3% year-over-year in Q1 2025, specifically helped by managed services and B2B connectivity. The Q3 2025 results also noted better momentum in the B2B segment, showing that these specialized services are a growing part of the overall value delivered.

Extensive regional coverage across 20+ countries and territories

The sheer scale of operation is a value point in itself, offering a single partner across a wide footprint. Liberty Latin America Ltd. is a leading communications company operating in over 20 countries across Latin America and the Caribbean. The Liberty Networks division specifically connects more than 30 markets in the region through its infrastructure.

Resilient network infrastructure supported by subsea cables

Resilience comes from deep investment in physical assets. Liberty Networks operates nearly 50,000 kilometres of submarine fibre optic cable and 17,000 kilometres of terrestrial networks. This backbone is being actively upgraded to meet future demands. For example, the ongoing MAYA-1.2 reconfiguration is set to double the capacity for the Cayman Islands to up to 4 terabits per second in each direction. Furthermore, the new MANTA subsea cable system, estimated at 5,400 km in length, is designed to support up to 22 Tb/s per fiber pair (FP).

The infrastructure investment is clearly long-term.

• Liberty Networks operates nearly 50,000 km of submarine fibre.
• The MANTA system is estimated at 5,400 km long.
• MAYA-1.2 upgrade doubles capacity to up to 4 Tb/s per direction.
• The network connects Liberty Latin America Ltd. to more than 30 markets.

Finance: draft 13-week cash view by Friday.

Liberty Latin America Ltd. (LILA) - Canvas Business Model: Customer Relationships

You're looking at how Liberty Latin America Ltd. (LILA) keeps its millions of customers engaged across over 20 countries, balancing digital transformation with on-the-ground support.

Dedicated account management for B2B and wholesale enterprise clients is a core part of the strategy, especially through Liberty Networks and the B2B segments in operating companies like C&W Panama. Management noted better momentum in B2B revenue during the third quarter of 2025. However, Liberty Networks reported a decrease in enterprise revenue in Q3 2025, and C&W Panama also saw a decline in its B2B revenue for the same period. This indicates that while the focus is there, execution varies by market segment and location.

The push for digital self-service platforms for billing and support is significant, driven by a digital-first vision. Liberty Latin America is actively deploying a common, cloud-native architecture across its operating companies to deliver a revitalized B2C and B2B customer experience. This transformation involves integrating platforms like Salesforce Communication Cloud and MuleSoft APIs, aiming for 50% reusability in TMF Open APIs and an 80% increase in data accuracy. The goal is to offer a comprehensive suite of self-service applications, including personalized, zero-touch eCommerce options.

For customer care focus to reduce churn, particularly in challenged markets, Liberty Puerto Rico is a key area of attention. Postpaid churn in Liberty Puerto Rico continues to trend favorably, and the introduction of the new postpaid customer value proposition, Liberty Mix, in July 2025 is intended to support momentum in the second half of the year. Still, postpaid churn in Liberty Puerto Rico remains elevated following a challenging migration through 2024.

Loyalty programs tied to FMC bundles for increased stickiness are central to commercial strategy. The company is actively driving Fixed-Mobile Convergence (FMC) penetration higher, viewing it as a key differentiator. FMC penetration reached over 30% across key markets by Q1 2025. This focus is paying off, as postpaid additions in Q3 2025 were the highest in three years, led by Costa Rica, as the company pushes FMC. Overall, the group added just over 100,000 net organic broadband and postpaid subscribers in H1 2025 across Liberty Caribbean, C&W Panama, and Liberty Costa Rica.

Liberty Latin America maintains a retail store presence for in-person sales and service, although specific 2025 financial data on this channel is not detailed in recent earnings reports, which heavily emphasize digital growth and network improvements. The company serves customers across over 20 countries under brands like BTC, Flow, Liberty, and Más Móvil.

Here's a quick look at some key customer-related operational metrics as of the latest reporting periods in 2025:

The focus on customer base management, which helped maintain a 7% YoY rebased Adjusted OIBDA expansion in Q3 and YTD 2025, shows that these relationship efforts translate directly to financial results. If onboarding takes 14+ days, churn risk rises, especially in markets like Puerto Rico where migration issues have been a factor.

Liberty Latin America Ltd. (LILA) - Canvas Business Model: Channels

You're looking at how Liberty Latin America Ltd. (LILA) gets its services-mobile, fixed, and enterprise-into the hands of customers across its operating segments. The channel strategy is a mix of direct engagement for larger deals and broad retail/digital reach for the mass market.

Direct sales force for B2B and governmental contracts is a key avenue, especially through the Liberty Networks segment. While B2B revenue saw a 30% year-over-year decline in Q2 2025 on both reported and rebased bases, this was largely due to a tough comparison against strong project revenue in the prior year period. However, by Q3 2025, there was better momentum, with B2B revenue increasing by 2% on a rebased basis. Enterprise revenue within Liberty Networks continues to benefit from managed services and B2B connectivity.

For consumer reach, Liberty Latin America Ltd. (LILA) relies on physical retail stores and kiosks across operating segments. Specific counts for these points of sale aren't public, but the overall subscriber momentum suggests these physical touchpoints are active. For instance, across Caribbean, Panama, and Costa Rica operations, the company added close to 60,000 organic broadband and postpaid mobile net additions in Q1 2025.

The push toward digital self-service is significant, with online portals and mobile apps for self-service and sales being a strategic focus. Liberty Latin America Ltd. (LILA) is targeting 30% of its sales to come from high-growth digital services by the end of 2025. This aligns with the overall growth in Fixed-Mobile Convergence (FMC) penetration, a key differentiator.

For prepaid mobile services, which rely heavily on accessibility, third-party dealers and distributors are essential. While specific dealer metrics aren't itemized, the success in mobile revenue is evident in areas like C&W Caribbean, where mobile residential revenue grew 5% rebased in Q1 2025, driven partly by higher prepaid ARPU following price increases.

Call centers for customer service and telesales support the entire ecosystem. The company's focus on cost reduction and efficiency, which helped drive an 8% year-over-year rebased Adjusted OIBDA growth in H1 2025, involves streamlining operations that include these centers. In Liberty Puerto Rico, for example, the stabilization efforts included lower FTEs (Full-Time Equivalents) in the period, which would impact call center staffing and cost structures.

Here's a look at some of the key financial and statistical data points related to the business performance driving these channels as of late 2025:

The company continues to see strong commercial momentum, with postpaid additions in Q3 2025 being the highest in three years, led by Costa Rica. Also, the Adjusted OIBDA margin reached 39% for Q3 2025 on a sequential basis.

Liberty Latin America Ltd. (LILA) - Canvas Business Model: Customer Segments

You're looking at the core customer groups for Liberty Latin America Ltd. (LILA) as of late 2025, based on their latest operational reports through the third quarter of 2025. The customer base is clearly segmented across consumer and business needs, with specific metrics showing where the growth-and the challenges-lie.

Residential consumers seeking bundled fixed (broadband, video) and mobile services represent a primary focus, especially through the Fixed-Mobile Convergence (FMC) strategy. By the end of Q3 2025, Liberty Latin America Ltd. reported a consolidated mobile subscription base of 6.68 million. This base included 101,700 net postpaid additions during Q3 2025, which offset prepaid losses. The fixed side saw a dip, with fixed line Revenue Generating Units (RGUs) at 3.98 million in Q3 2025, down 600 year-on-year. The success of bundling is shown by FMC penetration exceeding 30% in key markets as of Q1 2025. For context on recent momentum, the first half of 2025 saw over 100,000 net organic broadband and postpaid additions across the core operating segments (Liberty Caribbean, C&W Panama, and Liberty Costa Rica).

The company's residential performance varies by region; for instance, in Liberty Caribbean, mobile residential revenue increased by 6% rebased year-over-year in Q2 2025, supported by 41,000 net organic postpaid additions over the preceding twelve months.

Small and Medium Enterprises (SMEs) requiring connectivity and managed solutions, along with Large enterprises and governmental agencies needing high-capacity data and IT services, fall under the B2B category. This segment showed signs of recovery late in the year. While B2B revenue fell by 30% on both a reported and rebased basis in Q2 2025 due to tough comparisons with strong prior-year project revenue, Q3 2025 saw better momentum in B2B.

Here is a snapshot of the key customer-facing metrics we have for the residential and B2B segments through H1 and Q3 2025:

Wholesale carriers and content providers utilizing subsea capacity (Liberty Networks) form the final distinct segment. This division leverages the company's fiber optic network connecting over 30 markets in the region. Liberty Networks reported a 6% YoY rebased revenue growth in Q3 2025, specifically driven by subsea capacity sales.

The focus on wholesale capacity is a key driver for this part of the business, as evidenced by the Q3 2025 performance:

• Liberty Networks Q3 rebased revenue growth: 6%.
• Liberty Networks Q2 2025 rebased revenue decline: 3%.

The company is actively managing its customer relationships, excluding mobile-only customers from its official customer relationship count. If onboarding takes 14+ days, churn risk rises.

Liberty Latin America Ltd. (LILA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Liberty Latin America Ltd. (LILA)'s operations as of late 2025. It's a capital-intensive business, so where the money goes is critical to watching for margin improvement.

The company has been actively managing its capital intensity, which directly impacts the spending on network assets. Management reaffirmed a plan to bring Property, Plant, and Equipment (P&E) additions down to a 14% of revenue target over the next few years, a reduction from the prior 16% level. You saw this trend in action in the third quarter of 2025, where P&E additions were reported at 13% of revenue for Q3. That focus on lower capital intensity is a key lever for future cash flow generation.

The balance sheet carries a significant debt load, which translates directly into fixed interest costs you must account for. As of the latest reports, Liberty Latin America Ltd. holds $8.2 billion in consolidated debt. This level of leverage results in a group leverage ratio of 4.7x. To put the cost of servicing that debt into perspective, the interest cover ratio was recently reported at a tight 0.84, which definitely signals that interest expense is a major component of the overall cost structure and a key risk if earnings dip.

Here's a quick look at some of the key financial metrics that define the cost environment you're dealing with:

Network operating costs, which include things like maintenance, energy, and spectrum fees, are being actively managed alongside labor. Management has cost reduction programs in flight across all operating segments, aiming for enhanced operating leverage. You'll see management emphasizing solid execution on cost reduction initiatives to maintain Adjusted OIBDA expansion.

Labor and personnel costs are under the microscope, too. The forecast for margin expansion depends on management maintaining discipline on these costs while continuing digitization efforts. The company is streamlining its operating structure to achieve cost efficiencies, with these activities set to carry over into 2026.

For equipment costs, including what you spend on customer premise equipment (CPE), the focus on lower capital intensity is the clearest indicator of management's approach to managing these expenditures. The goal is to drive Adjusted EBITDA less P&E additions, which saw a 22% improvement year-over-year in Q3 2025, reaching a margin of 26%.

• Continue to monitor spectrum acquisition costs relative to network expansion needs.
• Watch for segment-specific cost improvements, like the efficiency initiatives in Liberty Caribbean.
• Labor cost discipline is explicitly tied to future margin forecasts.

Finance: draft 13-week cash view by Friday.

Liberty Latin America Ltd. (LILA) - Canvas Business Model: Revenue Streams

You're looking at the top-line performance for Liberty Latin America Ltd. (LILA) as of late 2025, focusing strictly on where the money comes in. The most recent reported figure you have is the Q3 2025 reported revenue of $1.11 billion, which represented a 2% increase year-over-year on a reported basis. The trailing twelve months (TTM) revenue ending September 30, 2025, stood at $4.43 billion.

Here's a quick look at the headline financial context around that revenue:

The revenue streams are fundamentally driven by subscriptions across fixed and mobile services, supplemented by business services and equipment sales. The commercial momentum in Q3 2025 was strong, showing year-over-year rebase revenue growth.

Residential subscription revenue from fixed services (broadband, video, voice) is a core component, with growth noted in specific operations:

• Liberty Caribbean saw residential fixed revenue increase by 5% on a rebase basis year-over-year in Q3 2025.
• Liberty Costa Rica's rebase growth was fueled by higher residential mobile revenue, but fixed services are a foundational part of that market's revenue base.

Residential subscription revenue from mobile services (postpaid and prepaid) showed particular strength:

• The company reported its highest quarterly mobile postpaid additions in three years during Q3 2025.
• Liberty Costa Rica's rebase revenue growth was primarily due to higher residential mobile revenue, driven by postpaid subscriber growth.
• Liberty Caribbean saw residential mobile revenue increase by 2% on a rebase basis.
• The push for Fixed-Mobile Convergence (FMC) penetration is a key strategic focus supporting this stream.

Business-to-Business (B2B) service revenue (enterprise and wholesale) is another significant driver, showing improved momentum:

• C&W Panama's B2B segment delivered 14% rebased growth, largely from large enterprise and government projects.
• C&W Panama's B2B revenue increased by approximately $20 million sequentially from Q2 2025.
• Liberty Networks saw 6% rebased revenue growth, driven by expansion in both wholesale and enterprise, with subsea capacity revenue being a key fueler.
• Liberty Caribbean's B2B revenue increased by 2% on a rebase basis.

Non-subscription revenue from equipment sales (e.g., buy-to-own CPE model) contributes to the mobile revenue performance, though specific dollar amounts for this stream aren't broken out separately in the high-level reports. You see its impact noted qualitatively:

• Residential mobile revenue growth in Liberty Costa Rica was explicitly fueled by higher mobile equipment sales.
• Overall mobile performance was bolstered by these equipment sales alongside postpaid additions.

Finance: draft 13-week cash view by Friday.