Good morning, ladies and gentlemen, and thank you for standing by. Today's call is being recorded. I'll now turn the call over to Soomit Datta, VP of Investor Relations for Liberty Latin America.

Good morning, and welcome to Liberty Latin America's second quarter 2025 investor call. [Operator Instructions]. Today's formal presentation materials can be found under the Investor Relations section of Liberty Latin America's website at www.lla.com. Following today's formal presentation, instructions will be given for a question-and-answer session. As a reminder, this call is being recorded. Today's remarks may include forward-looking statements, including the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not historical fact. Actual results may differ materially from those expressed or implied by these statements. For more information, please refer to the risk factors discussed in Liberty Latin America's most recently filed annual report on Form 10-K and quarterly report on Form 10-Q, along with the associated press release. Liberty Latin America disclaims any obligation to update any forward-looking statements or information to reflect any change in its expectations, or in the conditions on which any such statement or information is based. In addition, on this call, we will refer to certain non-GAAP financial measures, which are reconciled to the most comparable GAAP financial measures, which can be found in the appendices to this presentation, which is accessible under the Investor section of our website. I would now like to turn the call over to our CEO, Mr. Balan Nair.

Thank you, Soomit, and welcome, everybody to Liberty Latin America's second quarter and first half 2025 results presentation. I'll begin with our group highlights and an overview of our operating results by credit silo. Chris Noyes, our CFO, will then follow with a review of the company's financial performance. After that, we will get straight to your questions. As always, I'm joined by my talented executive team from across our operations, and I will invite them to contribute as needed during the Q&A following our prepared remarks. That's a point of housekeeping, we will both be working from slides, which you can find on our website at www.lla.com. Starting on Slide 4 and our highlights. Today, we believe our share price does not fully reflect the intrinsic value of our underlying business. To unlock is value for our shareholders, we plan to proceed with the separation of Liberty Puerto Rico from LLA. It is essential that Liberty Puerto Rico is positioned with a strong and sustainable capital structure post separation. To that end, we are actively working towards this goal through a targeted liability management exercise. Chris will provide more details on this in his section. We also continued to grow our high-speed broadband and postpaid mobile base in the first half, adding 70,000 subscribers in total across the group. This was over 100,000 additions, excluding Puerto Rico with the main contributor being Costa Rica, Panama and Jamaica. We reported $2.2 billion of revenue in the first half of 2025. In the same period, residential revenue was up 2% in Liberty Caribbean and Costa Rica and 8% in C&W Panama year-over-year on a rebased basis. We expect these businesses to continue the momentum in the second half following the launch of new customer value propositions, which should resonate well in…

Thanks, Balan. Let me now take you through our financial performance in greater detail, starting on Slide 16. Q2 2025 revenue, was 3% lower on a rebased basis, totaling $1.1 billion. This decline was primarily driven by the phasing of project-related B2B revenues across several geographies. Importantly, we have good visibility into stronger delivery in the second half of the year. However, residential revenue grew 1% year-over-year on a rebased basis, reflecting the strength of our core consumer business. Turning to adjusted OIBDA. We reported a rebased increase of 7% to $415 million, building on a solid 8% growth in Q1. Among our segments, only Liberty Networks saw a year-over-year decline in adjusted OIBDA, largely due to the timing of noncash IRU accelerations, which have now largely normalized. Supporting this growth is operating leverage, as we continue to execute on a range of cost out initiatives across our operations. These efforts have contributed to an improvement in our consolidated adjusted OIBDA margin, which expanded by 340 basis points year-over-year. Moving to the last section, we highlight an important metric for us, which is adjusted OIBDA less P&E additions. This increased by 26% to $265 million in Q2, representing 24% of revenue compared to 19% last year. The year-over-year improvement is reflective of the higher adjusted OIBDA margin and lower capital intensity, with P&E additions amounting to 14% of revenue in the quarter. Although we were up year-over-year on adjusted OIBDA less P&E additions, our reported adjusted FCF before partner distributions was negative $41 million in Q2 as compared to negative $7 million in the prior year, a decline of $34 million. This was attributable to working capital swings, including timing on key collections from our government customers. As in previous years, we anticipate a robust second half in cash flow…

[Operator Instructions] The first question comes from Vitor Tomita of Goldman Sachs.

We have 2 from our side. They're actually on Panama. The first one is if you could give a bit more color on the B2B headwinds that you saw there, if those are related to private or government projects, and if there have been any further collections issues on this B2B front? And the second question would also be on Panama, but on the margin side, margins improved a lot there and to a point that EBITDA rose year-on-year, despite the revenue headwinds. Could you give more color on the OpEx reductions or efficiencies that allowed for that aside from revenue mix effects naturally?

Thanks for the question, and I'll ask Rocio to join me here in a second as well. The B2B headwinds are primarily one comparison to a very, very strong second quarter in 2024, but in addition to that, we did deliver a number of projects to the government in the second quarter this year that due to a lot of the bureaucracy and signatures required, we did not recognize that revenue. And so you'll start seeing that drop in the third quarter. And -- but for the most part, it's all B2G, it's business to government. And who is one of our largest customers as well. So that's kind of a little bit of the headwind there. On the margin expansion, I mean, it's actually quite a strong story. You'll see the real margin expansion at the operating free cash flow level. And the way we've done that is through both efficiencies at the OpEx level and efficiencies at the CapEx level. I mean the -- we see a significant -- I think from the last time, it's like almost 6, 7 points in -- and we think there's still plenty of room to grow if you look at some of our other operating units as well. So we are quite bullish around the margin expansion in Panama. The cash -- the revenue trajectory will change in the third quarter as the phasing issues of B2B. But I would like to highlight our mobile business has been growing. Revenue has been growing, and our fixed business grew as well. And the fixed business has, I think, even more opportunity for us because we do have the smaller market share in that market with a better network, a fiber-to-the- home network. So with that, Rocio, would you like to add some color?

Sure. Absolutely. So on the revenue side for B2B, the headwinds that we were experiencing this quarter, I would say our B2B business is a tale of 2 cities. So one, the recurring business and the other side, the nonrecurring business, which is mostly government revenue. So on the recurring business, we are experiencing quite a strong quarter, in fact. Just to give you a bit of comfort, we are seeing our customer base in both in mobile and in fixed services growing middle to high single digits. So we're seeing the recurring business progressing -- continuing to progress very well with momentum. On the nonrecurring business, which is this type of big projects. In this case, 100% government projects. Of course, it's basically depending on the phasing. So you have one big project like we won this quarter of the Maduka project, right? That was like $40 million. However, until you are able to see it on your P&L, it takes time. And those -- this lumpiness of the nonrecurring business is basically what you are seeing right now. And as Balan and Chris stated, is something that we are hoping to see with a very different momentum on the second half of the year. So that's your point on revenue. On the increased profitability, I think it's basically 2 main levers. At the gross margin level, it's basically the tailwinds from our well- performing recurring business, the residential business and the recurring part of the B2B business. And then at the OpEx level, we have done significant work over the last quarters in terms of streamlining our labor and our nonlabor OpEx, and you're starting to see the fruits of that work. So glad you noticed. Thank you.

Thanks, Rocio.

The next question comes from Chris Hoare of New Street Research.

I just had a couple of questions on the plans around spinning out Puerto Rico. Obviously, you've mentioned that you want to use selected assets. I just wondered if you could clarify which assets in particular. I mean the key ones from my perspective would seem to be spectrum and the broadband network. But is there anything else that you think is material enough to be able to utilize?

Well, as you've kind of highlighted a lot, the assets that we have. But we're really not commenting too much around how we're going to approach that liability management. The management -- our team right now, we just focus on running the business, improving the operational metrics. And -- but we -- as you highlighted, we do have some strong assets within the group that gives us financial flexibility.

Okay. Great. And then just a sort of follow-up then. As you also mentioned, once Puerto Rico is separated, the rest of the group leverage is significantly lower. Would you feel at that point that you would want to delever the rest of the group further. So just trying to think about sort of potential shareholder remuneration, as you mentioned, the possibility of dividends or share buyback. I mean, would there be a further need for delevering of the rest of the group? Or you think at that point, you have flexibility essentially around all of the cash flow to use it either for shareholder remuneration or M&A, if there was something interesting from that perspective?

I mean -- here's how I would say, if you look at the separated asset from what remains, just look at the EBITDA growth on that, and we will organically delever. That is kind of one point. And as Chris highlighted, the actual free cash flow generation of the RemainCo, especially if you look at our wholesale business, our subsea business, we're throwing up quite good cash. And now certainly, dividend, stock buybacks and a number of things, the traditional capital allocation strategy, we would go through it. But we're actually really excited about the cash flow generation of the business. We think the debt will organically delever as we expand our EBITDA and all the operational efficiencies that we've been working on kicks in. So from that sense, I think it's sitting pretty good. So you're going to have a lower levered balance sheet, good cash flow generation and a lot of optionality for management and the Board to consider.

And I would add that the capital structure on Cable & Wireless in Costa Rica is long-term in nature. So over -- 80% of the debt is 2031 or beyond. So that provides a huge amount of flexibility for the company.

[Operator Instructions] The next question comes from Gabriel Baselina from Morgan Stanley.

Could you give a bit more color on the impairment you had on Puerto Rico? That would be my [indiscernible].

Sure. The impairment is really around the spectrum that we have here in Puerto Rico, and we had a third-party assessment on that. This is a spectrum that came to us from the AT&T acquisition. And as you know, we recently acquired new spectrum from DISH, which required a valuation pegged on the spectrum that we already own. It's an accounting adjustment. Brian, do you want to add to that?

No, that's right. The spectrum was impaired from the AT&T acquisition, which had a relatively higher carrying value than the DISH spectrum, so that ultimately resulted in the loss.

That will conclude today's question-and-answer session. I'd like to hand back to Balan Nair for any -- apologies. We do have another question from David Lopez of New Street Research.

Just a couple more on Puerto Rico. I think you mentioned a change in management team there. I was wondering if you could give a bit more color. And on your new offers, Mix and Match, I know it's early days, but what's the initial impression and initial traction? Do customers like it? Or what are the initial thoughts, please?

Sure. There are a number of things we were looking at here at Puerto Rico, and the management changes is really focused around 3 specific areas. One, our operations and processes. And this is everything from how you sell to how you collect to how you manage the back office. Second, we were really focused on our network and technology, and that was another big management change that we made, so that the network and technology improvements that we were looking for get manifested this year. As you saw, we fired up new spectrum, we improved the fixed network and made significant improvements on our IT systems as well. And then finally, our commercial go-to-market. And the commercial go-to-market strategy that we have had over the last year clearly, as you can say, was underwhelming. And so we've brought in some really strong talent in that area. And you can see it manifested really in the last few weeks with our first launch under this new management team, and it's catching. ARPUs have actually increased. The MRC has increased over the -- on incoming over the base and the proposition is catching. We've got more traffic into stores, et cetera. So the culmination of all 3 resulted in better NPS, lower churn. And soon in the second half of this year, you'll start seeing the drop in the top line as well. That is kind of like how we've been thinking about it. This is a project that's going to take a lot longer than it took to get to where we were at. And -- but we are very focused on it. And I think we have the right team here in Puerto Rico to execute on it.

That will conclude today's question-and-answer session. I'd like to hand back to Balan Nair for any additional or closing remarks.

Thank you, operator, and thank you, everybody, on the call. We are actually quite excited about the future here, the future in Puerto Rico and the future in the rest of our businesses. Puerto Rico, things are turning. Green shoots are appearing. And as Chris indicated, the capital structure is just not optimal for the business right now. So we're going to work on that, and this is going to be a really good business for LLA and future LLA shareholders. And then on the remaining business, you can see the numbers. We are very, very excited about it. The cash flow generation as well as the organic growth that we are going to see. It's going to be really clear to all of you, to our investors as well, where you can now have a clear line of sight to both these businesses. And Chris, John, Ray, my whole management team, we are very excited about the future here and some of the changes we are making. So thank you for your support and look forward to talking to you again.

Ladies and gentlemen, this concludes Liberty Latin America's second quarter 2025 investor call. As a reminder, a replay of the call will be available in the Investor Relations section of Liberty Latin America's website at www.lla.com. There, you can also find a copy of today's presentation materials.