Strong Postpaid Subscriber Growth
Added 50,000 mobile postpaid subscribers across the group in Q1 2026, with Liberty Caribbean contributing ~15,000 postpaid adds (11,000 in Jamaica).
Adjusted OIBDA Ahead of Expectations
Reported $405 million of adjusted OIBDA in Q1 2026, coming in ahead of internal targets (rebased decline of ~1% YoY but outperformance versus plan).
Improved Adjusted Free Cash Flow
Adjusted free cash flow before partner distributions improved materially: Q1 adjusted FCF was negative $64 million (approximately $40 million better YoY). Last twelve months (LTM) adjusted FCF increased to $190 million from $150 million (+~27%).
Jamaica Recovery Momentum
Jamaica recovering faster than expected: 11,000 postpaid adds in Q1, 30,000 revenue-generating residential customers reconnected in Q1, recognized by Ookla as the fastest mobile network on the island in H2 2025; company more confident of returning to run-rate Jamaican adjusted OIBDA by year-end and reducing previously guided 2026 negative FCF impact.
Liberty Puerto Rico Operational Improvement
Liberty Puerto Rico delivered adjusted OIBDA of $91 million (+12% YoY) with revenue stabilizing at $296 million (Q1 revenue down ~1% rebased). Positive postpaid additions for second consecutive quarter, improving mobile NPS and port-in/port-out ratio >1 in April indicating postpaid market share gain; fixed broadband losses have diminished.
Panama Mobile and Fixed Momentum
Cable & Wireless Panama reported strong residential/mobile trends: postpaid subscriber growth ~10% YoY, total RGUs grew ~7% YoY, FMC now >40%, and historically low postpaid churn; continued product and promotional catalysts planned (e.g., World Cup campaigns).
Liberty Networks Revenue Growth and Strategic Projects
Wholesale/sub-sea capacity demand remained healthy with rebased revenue growth in the mid-to-high single digits (management referenced +7% to +9% YoY and reported $121 million revenue). Ongoing projects (Manta and El Salvador) are expected to drive high-margin revenue once live.
Capital Return and Balance Sheet Actions
Announced intention to distribute $500 million of preferred equity (9% cash pay preferred) to shareholders and resumed share repurchases (~$184–185 million of buyback authorization remaining). Joint press release: GCI Liberty acquired ~6% stake (increasing support from Dr. John Malone).
Disciplined CapEx and Cash Generation Metrics
P&E additions of $111 million (10% of revenue), down ~8% YoY; adjusted OIBDA less P&E additions of $294 million (+3% YoY) representing a 27% margin of revenue. Q1 P&E included ~$12 million related to Jamaican recovery efforts.