SEC FORM 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person ^*

Nair Balan

(Last)

(First)

(Middle)

1550 WEWATTA STREET

SUITE 800

(Street)

DENVER

80202

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Liberty Latin America Ltd. [ LILA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Share Units P	⁽¹⁾	06/17/2026		J	V	23,622 ⁽²⁾		⁽³⁾	⁽³⁾	Series A Preference Shares	23,622 ⁽²⁾	$ 0	23,622	D
Restricted Share Units P	⁽¹⁾	06/17/2026		J	V	46,359 ⁽²⁾		⁽⁴⁾	⁽⁴⁾	Series A Preference Shares	46,359 ⁽²⁾	$ 0	46,359	D
Restricted Share Units P	⁽¹⁾	06/17/2026		J	V	61,935 ⁽²⁾		⁽⁵⁾	⁽⁵⁾	Series A Preference Shares	61,935 ⁽²⁾	$ 0	61,935	D
Share Appreciation Rights A	$ 15.1							⁽⁶⁾	01/02/2028	Class A Common Shares	286,000 ⁽⁷⁾		286,000	D
Share Appreciation Rights C	$ 14.56							⁽⁶⁾	01/02/2028	Class C Common Shares	588,000 ⁽⁸⁾		588,000	D
Share Appreciation Rights A	$ 13.03							⁽⁶⁾	05/01/2028	Class A Common Shares	165,508 ⁽⁹⁾		165,508	D
Share Appreciation Rights C	$ 12.41							⁽⁶⁾	05/01/2028	Class C Common Shares	340,275 ⁽¹⁰⁾		340,275	D
Share Appreciation Rights A	$ 13.93							⁽⁶⁾	05/01/2029	Class A Common Shares	175,642 ⁽¹¹⁾		175,642	D
Share Appreciation Rights C	$ 13.63							⁽⁶⁾	05/01/2029	Class C Common Shares	361,111 ⁽¹²⁾		361,111	D
Share Appreciation Rights A	$ 7.29							⁽⁶⁾	03/16/2030	Class A Common Shares	315,649 ⁽¹³⁾		315,649	D
Share Appreciation Rights C	$ 7.13							⁽⁶⁾	03/16/2030	Class C Common Shares	648,957 ⁽¹⁴⁾		648,957	D
Share Appreciation Rights A	$ 9.8							⁽⁶⁾	03/16/2031	Class A Common Shares	1,430,000 ⁽¹⁵⁾		1,430,000	D
Share Appreciation Rights C	$ 9.6							⁽⁶⁾	03/16/2031	Class C Common Shares	2,940,000 ⁽¹⁶⁾		2,940,000	D
Share Appreciation Rights A	$ 9.8							⁽⁶⁾	03/16/2031	Class A Common Shares	280,079 ⁽¹⁷⁾		280,079	D
Share Appreciation Rights C	$ 9.6							⁽⁶⁾	03/16/2031	Class C Common Shares	575,828 ⁽¹⁸⁾		575,828	D
Share Appreciation Rights A	$ 6.78							⁽⁶⁾	03/11/2032	Class A Common Shares	430,025 ⁽¹⁹⁾		430,025	D
Share Appreciation Rights C	$ 6.56							⁽⁶⁾	03/11/2032	Class C Common Shares	884,107 ⁽²⁰⁾		884,107	D
Share Appreciation Rights A	$ 6.78							⁽⁶⁾	03/11/2032	Class A Common Shares	33,078 ⁽²¹⁾		33,078	D
Share Appreciation Rights C	$ 6.56							⁽⁶⁾	03/11/2032	Class C Common Shares	68,008 ⁽²²⁾		68,008	D
Share Appreciation Rights A	$ 5.47							⁽⁶⁾	03/20/2033	Class A Common Shares	498,317 ⁽²³⁾		498,317	D
Share Appreciation Rights C	$ 5.3							⁽⁶⁾	03/20/2033	Class A Common Shares	1,024,513 ⁽²⁴⁾		1,024,513	D
Share Appreciation Rights A	$ 4.31							⁽²⁵⁾	03/12/2034	Class A Common Shares	639,344 ⁽²⁶⁾		639,344	D
Share Appreciation Rights C	$ 4.24							⁽²⁵⁾	03/12/2034	Class C Common Shares	1,314,456 ⁽²⁷⁾		1,314,456	D
Share Appreciation Rights A	$ 4.68							⁽²⁸⁾	03/14/2035	Class A Common Shares	610,605 ⁽²⁹⁾		610,605	D
Share Appreciation Rights C	$ 4.54							⁽²⁸⁾	03/14/2035	Class C Common Shares	1,255,371 ⁽³⁰⁾		1,255,371	D
Share Appreciation Rights A	$ 5.31							⁽³¹⁾	03/13/2036	Class A Common Shares	558,048 ⁽³²⁾		558,048	D
Share Appreciation Rights C	$ 5.29							⁽³¹⁾	03/13/2036	Class C Common Shares	1,147,317 ⁽³³⁾		1,147,317	D

Explanation of Responses:

1. Each Restricted Share Unit P ("RSU") represents a right to receive one share of the Issuer's Series A Preference Shares at settlement.

2. In connection with the Dividend (as defined in Remarks), all RSUs with respect to the Issuer's common stock ("Original RSUs") were adjusted pursuant to the anti-dilution provisions of the incentive plans under which the RSU awards held by the reporting person were granted. Each holder of an Original RSU was entitled to receive an RSU with respect to a number of Preferred Shares equal to 0.10 multiplied by the number of shares of common stock underlying the Original RSU, subject to the same terms and conditions as the Original RSU. These adjustments were approved by the Issuer's board of directors pursuant to Rule 16b-3.

3. The Restricted Share Units vest in full on March 15, 2027.

4. The RSUs vest in two equal annual installments on March 15 of 2027 and 2028.

5. The RSUs vest in three equal annual installments on March 15 of 2027, 2028 and 2029.

6. The derivative security is fully vested.

7. This SAR was previously reported as a SAR relating to 200,000 shares of the Issuer's common stock at a base price of $21.58 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

8. This SAR was previously reported as a SAR relating to 400,000 shares of the Issuer's common stock at a base price of $21.39 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

9. This share appreciation right award ("SAR") was previously reported as a SAR relating to 115,740 shares of the Issuer's common stock at a base price of $18.63 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

10. This SAR was previously reported as a SAR relating to 231,480 shares of the Issuer's common stock at a base price of $18.24 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

11. This SAR was previously reported as a SAR relating to 122,827 shares of the Issuer's common stock at a base price of $19.91 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

12. This SAR was previously reported as a SAR relating to 245,654 shares of the Issuer's common stock at a base price of $20.03 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

13. This SAR was previously reported as a SAR relating to 220,734 shares of the Issuer's common stock at a base price of $10.42 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

14. This SAR was previously reported as a SAR relating to 441,468 shares of the Issuer's common stock at a base price of $10.48 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

15. This SAR was previously reported as a SAR relating to 1,000,000 shares of the Issuer's common stock at a base price of $14.00 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

16. This SAR was previously reported as a SAR relating to 2,000,000 shares of the Issuer's common stock at a base price of $14.10 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

17. This SAR was previously reported as a SAR relating to 195,860 shares of the Issuer's common stock at a base price of $14.00 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

18. This SAR was previously reported as a SAR relating to 391,720 shares of the Issuer's common stock at a base price of $14.10 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

19. This SAR was previously reported as a SAR relating to 300,717 shares of the Issuer's common stock at a base price of $9.69 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

20. This SAR was previously reported as a SAR relating to 601,434 shares of the Issuer's common stock at a base price of $9.63 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

21. This SAR was previously reported as a SAR relating to 23,132 shares of the Issuer's common stock at a base price of $9.69 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

22. This SAR was previously reported as a SAR relating to 46,264 shares of the Issuer's common stock at a base price of $9.63 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

23. This SAR was previously reported as a SAR relating to 348,474 shares of the Issuer's common stock at a base price of $7.81 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

24. This SAR was previously reported as a SAR relating to 696,948 shares of the Issuer's common stock at a base price of $7.78 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

25. The SARs vest in full on March 15 2027.

26. This SAR was previously reported as a SAR relating to 447,094 shares of the Issuer's common stock at a base price of $6.16 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

27. This SAR was previously reported as a SAR relating to 894,188 shares of the Issuer's common stock at a base price of $6.22 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

28. The Share Appreciation Rights vest in two equal annual installments on March 15 of 2027 and 2028.

29. This SAR was previously reported as a SAR relating to 426,997 shares of the Issuer's common stock at a base price of $6.69 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

30. This SAR was previously reported as a SAR relating to 853,994 shares of the Issuer's common stock at a base price of $6.66 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

31. The Share Appreciation Rights vest in three equal annual installments on March 15 of 2027, 2028 and 2029

32. This SAR was previously reported as a SAR relating to 390,244 shares of the Issuer's common stock at a base price of $7.58 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

33. This SAR was previously reported as a SAR relating to 780,488 shares of the Issuer's common stock at a base price of $7.77 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.

Remarks:

On May 21, 2026, the Issuer announced that an authorized committee of the Issuer's board of directors declared a special dividend on each of its outstanding common shares payable on June 16, 2026 to all holders of record as of 5:00 p.m., New York City time, on June 1, 2026 consisting of a special dividend of 0.10 shares of newly issued 9.0% Fixed Rate Cumulative Perpetual Redeemable Series A Preferred Shares (the "Series A Preference Shares"), having an initial liquidation price of $25 per Preferred Share (the "Dividend").

The trading symbols for the Issuer's classes of common shares are LILA, LILAB, and LILAK, and the trading symbol for the Issuer's Series A Preference Shares is LILAP.

	/s/ John M. Winter, Attorney-in-Fact	07/17/2026
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