Liberty Latin America Ltd-A 2025年度报告

WASHINGTON, D.C. 20549 Form 10-K ☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Liberty Latin America Ltd. (Exact name of Registrant as specified in its charter) (I.R.S. Employer Identification No.) Registrant’s telephone number, including area code: (441) 295-5950 or (303) 925-6000 Securities registered pursuant to Section12(b) of the Act: Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.YesNo Indicate by check mark if the Registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.YesNo Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12months (or for such shorter period that the Registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days.YesNo Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).YesNo Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. Check one: Large Accelerated Filer☑Accelerated Filer☐Non-Accelerated FilerSmallerReportingCompany☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reportingunder Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correctionof an error to previously issued financial statements.☑ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’sexecutive officers during the relevant recovery period pursuant to §240.10D-1(b).☑ Indicate by check mark whether the Registrant is a shell company as defined in Rule12b-2 of the Exchange Act.Yes☐No State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold,or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter: $0.9billion. The number of outstanding common shares of Liberty Latin America Ltd. as of January 31, 2026 was: 38.9 million Class A; 2.4 million Class B; and 158.8 million Class C. DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive proxy statement for the Registrant’s 2026 Annual General Meeting of Shareholders are incorporated by reference in PartIII of this Form10-K. LIBERTY LATIN AMERICA LTD.ANNUAL REPORT ON FORM 10-KTABLE OF CONTENTS Item1.BusinessI-1Item1A.Risk FactorsI-29Item1B.Unresolved Staff CommentsI-50Item 1C.CybersecurityI-51Item2.PropertiesI-52Item3.Legal ProceedingsI-52Item 4.Mine Safety DisclosuresI-52 Item5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity SecuritiesII-1Item6.[Reserved]II-3Item7.Management’s Discussion and Analysis of Financial Condition and Results of OperationsII-4Item7A.Quantitative and Qualitative Disclosures About Market RiskII-28Item8.Financial Statements and Supplementary DataII-31Item9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureII-31Item9A.Controls and ProceduresII-31Item9B.Other InformationII-33Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsII-34 Item10.Directors, Executive Officers and Corporate GovernanceIII-1Item11.Executive CompensationIII-1Item12.Security Ownership of Certain Beneficial Owners and Management and Related Shareholder MattersIII-1Item13.Certain Relationships and Related Transactions, and Director IndependenceIII-1Item14.Pri