Balan Nair refines Liberty Latin America (LILA) voting stake via share moves

Rhea-AI Filing Summary

Balan Nair filed an amended Schedule 13D updating his ownership in Liberty Latin America Ltd. following several equity compensation events and a share exchange. He now may be deemed to beneficially own 712,808 Class A shares, or 1.8% of that class, and 561,563 Class B shares, or 22.2% of that class. Because each Class B share carries ten votes, he may be deemed to hold about 9.1% of the company’s voting power. The update reflects vesting of restricted stock units and performance share units, and an exchange of 1,363,080 Class A shares for 1,300,243 Class C shares for tax-planning purposes.

Insights

Equity ownership & governance analyst

Nair reshapes his stake and voting power but remains a major holder.

Balan Nair reports revised holdings after RSU and PSU vesting plus an exchange of 1,363,080 Class A shares for 1,300,243 Class C shares. He is deemed to beneficially own 712,808 Class A shares and 561,563 Class B shares.

The dual-class structure is important. Class B shares carry ten votes each, so Nair’s 22.2% Class B ownership equates to about 9.1% of total voting power. The filing notes this structure and ties his changes partly to tax planning under the Net Controlled Foreign Corporation Tested Income regime.

For investors, the key point is that Nair continues to hold a meaningful voting block and remains aligned with the company’s long-term strategy, while optimizing his position across share classes. Subsequent company filings may provide more detail on any further exchanges or compensation-related equity changes.

Key Figures

Deemed Class A beneficial ownership: 712,808 Class A shares Actual Class B ownership: 561,563 Class B shares Class A exchange amount: 1,363,080 Class A shares +5 more

8 metrics

Deemed Class A beneficial ownership 712,808 Class A shares Beneficially owned as of the filing; 1.8% of Class A

Actual Class B ownership 561,563 Class B shares 22.2% of Class B outstanding as of January 31, 2026

Class A exchange amount 1,363,080 Class A shares Exchanged for Class C shares on March 27, 2026

Class C shares received 1,300,243 Class C shares Received in LILAK Share Exchange on March 27, 2026

RSU vesting 216,121 Class A shares Vested from time-vesting RSUs on March 15, 2026

PSU vesting 132,813 Class B shares Vested performance share units tied to 2025 goals on March 30, 2026

Companywide Class A outstanding 38.9 million Class A shares Outstanding as of January 31, 2026

Voting power 9.1% voting power Estimated voting equity securities Nair may be deemed to beneficially own

Key Terms

beneficially own, share appreciation rights, performance share units, Net Controlled Foreign Corporation Tested Income regime, +2 more

6 terms

beneficially own financial

"Mr. Nair may be deemed to beneficially own Class A common shares and Class B common shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

share appreciation rights financial

"Includes 151,152 Class A common shares that may be acquired upon exercise of vested share appreciation rights"

performance share units financial

"Class B common share PSUs that remained outstanding from the final tranche of his Sign-on LILAB Award"

Performance share units are a type of company stock award given to employees that depend on the company meeting specific goals or targets. If these goals are achieved, the employee receives shares or the value of shares; if not, they may receive little or no compensation. This aligns employees’ interests with the company's success and encourages performance that benefits investors.

Net Controlled Foreign Corporation Tested Income regime financial

"for tax planning purposes in light of certain requirements imposed by the Net Controlled Foreign Corporation Tested Income regime"

Section 3(a)(9) regulatory

"The LILAK Share Exchange is exempt pursuant to Section 3(a)(9) of the Securities Act of 1933"

Section 3(a)(9) is a provision of U.S. securities law that exempts certain exchanges of an issuer’s own securities with its existing holders from the usual public registration rules, typically when the swap doesn’t involve a public offering or outside buyers. For investors, it matters because such exchanges can change who holds what, affect dilution and liquidity, and may occur with less public disclosure than a registered sale — think of it like swapping old coupons for new ones behind the scenes rather than selling them in a public marketplace.

dual-class structure financial

"Each Class A common share is entitled to one vote, whereas each Class B common share is entitled to ten votes"

A dual-class structure is a way companies organize their ownership by creating two types of shares: one that gives shareholders more voting power and another with less or no voting rights. This approach allows certain shareholders, often company founders or insiders, to maintain control even if they own a smaller portion of the total shares. For investors, it matters because it can influence how much influence they have over company decisions and how the company's leadership is held accountable.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Liberty Latin America Ltd.

(Name of Issuer)

Class A common shares, par value $0.01 per share

(Title of Class of Securities)

G9001E102

(CUSIP Number)

Balan Nair
c/o Liberty Latin America Ltd., 1550 Wewatta Street, Suite 810
Denver, CO, 80202
3039256000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/27/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): G9001E102

1

Name of reporting person

Nair Balan

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 712,808.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 712,808.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

712,808.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.8 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note (1) to Rows 7, 9 and 11: Includes Class A common shares issuable upon conversion of 561,563 Class B common shares held by Balan Nair (the "Reporting Person" or "Mr. Nair") on the Filing Date. Each Class B common share is convertible, at the option of the holder, into one Class A common share. Note (2) to Rows 7, 9 and 11: Includes 151,152 Class A common shares that may be acquired upon exercise of vested share appreciation rights to acquire Class A common shares, all of which have an exercise price that exceeded the closing market price of Class A common shares on the date of filing of this Amendment No. 2 to Schedule 13D (the "Filing Date"). Excludes 2,179,010 share appreciation rights to acquire Class A common shares held by Mr. Nair on the Filing Date, all of which have an exercise price that exceeded the closing market price of Class A common shares on the Filing Date. Note (3) to Rows 7, 9 and 11: Based upon approximately 38.9 million Class A common shares and 2.4 million Class B common shares, in each case, outstanding as of January 31, 2026, as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 18, 2026, and, as required by Rule 13d-3 under the Securities Exchange Act of the 1934, as amended, and the exercise of all vested, in-the-money share appreciation rights to acquire Class A common shares held by the Reporting Personas of the Filing Date. Note (4) to Row 13: Each Class A common share is entitled to one vote, whereas each Class B common share is entitled to ten votes. Accordingly, in the election of directors of the Issuer, the Reporting Person may be deemed to beneficially own voting equity securities representing approximately 9.2% of the voting power of the Issuer, based on the number of shares outstanding specified above in Note 3 and assuming that the Reporting Person has not converted any of his Class B common shares into Class A common shares.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A common shares, par value $0.01 per share
(b)	Name of Issuer: Liberty Latin America Ltd.
(c)	Address of Issuer's Principal Executive Offices: 1550 Wewatta Street, Suite 810, Denver, COLORADO , 80202.
Item 1 Comment: This Amendment No. 2 to Schedule 13D (this "Amendment") amends and supplements the Statement on Schedule 13D originally filed by Balan Nair (the "Reporting Person" or "Mr. Nair") with the Securities and Exchange Commission (the "SEC") on February 27, 2023 (the "Original Statement"), as amended by Amendment No. 1 thereto filed by Mr. Nair with the SEC on March 14, 2024 (together with the Original Statement and the Amendment, the "Schedule 13D"), and relates to (i) the Liberty Latin America Class A common shares, par value $0.01 per share (the "Class A common shares"), of the Issuer, and (ii) pursuant to Rule 13d-3 under the Securities Exchange of 1934, as amended (the "Act"), the Class A common shares issuable upon conversion of the Liberty Latin America Class B common shares, par value $0.01 per share, of the Issuer (the "Class B common shares"). Capitalized terms used but not defined herein have the meanings given to such terms in the Schedule 13D. This Amendment is being filed by Mr. Nair to report his disposition on March 27, 2026 of beneficial ownership of 1,363,080 Class A common shares and his acquisition of 132,813 Class B common shares on March 30, 2026 in connection with the vesting of Class B common share performance share units. Except as set forth herein, the Schedule 13D is unmodified.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Statement is hereby amended and supplemented to include the following information: On March 15, 2026, Mr. Nair vested in 216,121 Class A common shares upon vesting of time-vesting RSUs that were granted in 2023, 2024 and 2025 pursuant to compensatory arrangements with the Issuer. On March 27, 2026, Mr. Nair surrendered 1,363,080 Class A common shares to the Issuer and received 1,300,243 Class C common shares in exchange therefor. In addition, on March 30, 2026, the compensation committee approved vesting of 132,813 Class B common share PSUs that remained outstanding from the final tranche of his Sign-on LILAB Award and for which the compensation committee conditioned vesting on the achievement of 2025 performance goals. Vesting of the 23,437 Class B common share PSUs that remain outstanding from the Sign-on LILAB Award will be conditioned on the achievement of 2026 performance goals to be determined by the compensation committee at a later date.
Item 5.	Interest in Securities of the Issuer
(a)	Mr. Nair may be deemed to beneficially own Class A common shares and Class B common shares of the Issuer as follows: Actual ownership: 93 Class A common shares (or 0% of the class) and 561,563 Class B common shares (or 22.2% of the class) (1). Deemed Beneficial Ownership: 712,808 Class A common shares (or 1.8% of the class) (2)(3)(4); and 561,563 Class B common shares or (22.2% of the class) (3). (1) Based upon approximately 38.9 million Class A common shares and 2.4 million Class B common shares, in each case, outstanding as of January 31, 2026, as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 18, 2026. (2) Includes, as required by Rule 13d-3 under the Exchange Act, (a) 151,152 Class A common shares issuable upon exercise of 788,870 share appreciation rights to acquire Class A common sharesthat were vested as the date of filing of this Amendment No. 2 to Schedule 13D (the "Filing Date") (b) 561,563 Class A common shares issuable upon conversion of 561,563 Class B common shares held by Mr. Nair as of the Filing Date. (3) Each Class B common share is convertible, at the option of the holder, into one Class A common share. Each Class A common share is entitled to one vote, whereas each Class B common share is entitled to ten votes. These two classes of shares generally vote together as a single class on all matters. Accordingly, in the election of directors of the Issuer, Mr. Nair may be deemed to beneficially own voting equity securities representing approximately 9.1% of the voting power of the Issuer, based on the number of shares outstanding specified above and assuming that Mr. Nair has not converted any of his Class B common shares into Class A common shares. (4) Excludes 2,179,010 share appreciation rights to acquire Class A common shares held by Mr. Nair on the Filing Date, all of which have an exercise price that exceeded the closing market price of Class A common shares on the Filing Date.
(b)	Mr. Nair has the sole power to vote and to dispose of, or to direct the voting or disposition of, his common shares of the Issuer.
(c)	See Item 3 above, which is incorporated herein by reference. Other than as described herein, the Reporting Person has not effected any transactions in the Issuer's common shares during the past sixty days.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	On March 27, 2026, the Issuer entered into an exchange agreement with Mr. Nair pursuant to which he agreed to exchange 1,363,080 Class A common shares, for 1,300,243 Class C common shares of the Issuer (the "LILAK Share Exchange"). The LILAK Share Exchange is exempt pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended, and closed on March 27, 2026. Mr. Nair continues to support the long-term business strategy of the Issuer, but desired to effect the LILAK Exchange for tax planning purposes in light of certain requirements imposed by the Net Controlled Foreign Corporation Tested Income regime. This regime imposes certain additional taxes on the foreign earnings of U.S. shareholders of certain foreign corporations in the event that the voting power held by such shareholder exceeds 10% of the issued and outstanding shares of the Issuer.
Item 7.	Material to be Filed as Exhibits.
	Exchange Agreement between the Issuer and the Reporting Person, dated March 27, 2026.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Nair Balan

Signature:	/s/ Balan Nair
Name/Title:	Balan Nair
Date:	03/31/2026

FAQ

How many Liberty Latin America (LILA) shares does Balan Nair now beneficially own?

Balan Nair may be deemed to beneficially own 712,808 Class A shares and 561,563 Class B shares. These figures include shares issuable from vested share appreciation rights and from converting Class B into Class A, as required under beneficial ownership rules.

What percentage of Liberty Latin America (LILA) does Balan Nair control after this amendment?

Balan Nair reports beneficial ownership of 1.8% of the Class A shares and 22.2% of the Class B shares. Because Class B carries ten votes per share, he may be deemed to hold about 9.1% of the company’s voting power in director elections.

What share exchange did Balan Nair complete with Liberty Latin America (LILA)?

On March 27, 2026, Balan Nair exchanged 1,363,080 Class A shares for 1,300,243 Class C shares. This LILAK Share Exchange was exempt under Section 3(a)(9) and was undertaken for tax planning in light of specific foreign income tax rules.

What recent equity awards vested for Balan Nair at Liberty Latin America (LILA)?

On March 15, 2026, Balan Nair vested in 216,121 Class A shares from time-vesting RSUs granted in 2023, 2024 and 2025. On March 30, 2026, 132,813 Class B performance share units also vested after 2025 performance goals were achieved.

How does Liberty Latin America’s (LILA) dual-class structure affect Balan Nair’s voting power?

Each Class A share has one vote and each Class B share has ten votes, with both classes generally voting together. Based on outstanding shares and his Class B holdings, Nair may be deemed to control about 9.1% of the total voting power.

Why did Balan Nair pursue the LILAK Share Exchange with Liberty Latin America (LILA)?

The filing states Balan Nair pursued the exchange for tax planning purposes related to the Net Controlled Foreign Corporation Tested Income regime. That regime can impose additional taxes when a U.S. shareholder’s voting power in a foreign corporation exceeds 10%.