Liberty Global Ltd (LBTYA, LBTYB, LBTYK) reported fiscal 2025 consolidated loss from continuing operations of $7.1 billion, compared to a profit of $1.9 billion in the previous fiscal year. Total consolidated adjusted EBITDA increased by 9.9% to $1.3 billion. Total consolidated revenue grew by 12.4% to $4.9 billion. Fourth quarter consolidated consolidated loss from continuing operations was $2.9 billion compared to profit of $2.3 billion, a year ago. Total consolidated adjusted EBITDA was $278.6 million, ...

Revenue Performance - Liberty Global reported Q4 2025 revenue of $1,231.1 million, a 9.6% increase year-over-year, and full-year revenue of $4,878.5 million, up 12.4% from 2024[4]. - Telenet achieved Q4 revenue of $842.3 million, a 7.8% increase year-over-year, and full-year revenue of $3,207.9 million, up 4.0% from 2024[4]. - VodafoneZiggo achieved revenue of $1,186.4 million in Q4, representing a 6.5% year-over-year increase on a reported basis, but a 2.3% decline on a rebased basis[19]. - Telenet reported revenue of $842.3 million in Q4, a 7.8% year-over-year increase on a reported basis, but a 1.3% decline on a rebased basis[27]. - Virgin Media Ireland's revenue was $134.0 million in Q4, a 4.2% year-over-year increase on a reported basis, but a 4.5% decline on a rebased basis[34]. - The VMO2 joint venture reported a revenue of $3,399.4 million for Q4 2025, a decrease of 2.3% from Q4 2024[39]. - Total revenue decreased by 5.9% year-over-year to £2,556.9 million for the three months ended December 31, 2025[53]. - Total revenue for Q4 2025 was €1,020.2 million, a decrease of 2.3% compared to €1,044.3 million in Q4 2024[62]. - Total revenue for Q4 2025 was €723.8 million, a decrease of 1.3% compared to €733.3 million in Q4 2024[11]. - Total revenue for Q4 2025 was €115.2 million, a decrease of 4.5% compared to €120.6 million in Q4 2024[81]. Adjusted EBITDA - Adjusted EBITDA for Liberty Global was $278.6 million in Q4, a 12.4% increase year-over-year, and $1,275.0 million for the full year, up 9.9% from 2024[4]. - Adjusted EBITDA for VodafoneZiggo was $495.7 million in Q4, reflecting a 5.8% year-over-year increase on a reported basis and a 3.4% decline on a rebased basis[19]. - Telenet's adjusted EBITDA was $305.4 million in Q4, showing a 1.8% year-over-year decline on a reported basis and a 9.9% decline on a rebased basis[27]. - Virgin Media Ireland's adjusted EBITDA reached $59.9 million in Q4, marking a 17.0% year-over-year increase on a reported basis and a 7.3% increase on a rebased basis[34]. - Adjusted EBITDA for Q4 2025 rose by 12.4% to $278.6 million, while the year-to-date figure increased by 9.9% to $1,275.0 million[40]. - The total consolidated adjusted EBITDA less P&E additions for Q4 2025 was $(145.8) million, a decrease of 62.4% compared to Q4 2024[40]. - Liberty Growth segment reported a Q4 2025 adjusted EBITDA of $(14.4) million, an improvement from $(19.1) million in Q4 2024[40]. - U.S. GAAP Adjusted EBITDA for Q4 2025 was £877.4 million, slightly down from £879.4 million in Q4 2024, while the year-end figure for 2025 was £3,536.1 million compared to £3,523.7 million in 2024[122]. - IFRS Adjusted EBITDA for Q4 2025 was £965.4 million, down from £989.1 million in Q4 2024, with a year-end total of £3,879.5 million compared to £3,896.6 million in 2024[122]. Cash Flow and Capital Expenditures - Liberty Global ended 2025 with a strong cash position of $2.2 billion, reflecting disciplined capital allocation and non-core asset disposals[3]. - Liberty Global's adjusted free cash flow for 2025 was $393.1 million, aligning with guidance of $350-400 million[14]. - Cash provided by operating activities decreased by 5.4% to $630.9 million in Q4 2025, and year-to-date cash flow decreased by 9.0% to $1,211.1 million[37]. - Distributable Cash Flow from continuing operations fell by 69.5% to $161.9 million in Q4 2025, with a year-to-date decrease of 151.1% to $(265.0) million[37]. - The company reported a significant increase in P&E additions, which rose by 35.5% to €271.9 million in Q4 2025 from €200.6 million in Q4 2024[62]. - The company reported total capital expenditures of $1,343.1 million for the year ended December 31, 2025, compared to $908.5 million in 2024, reflecting a significant increase of 47.8%[97]. - The company incurred foreign currency transaction losses of $39.8 million in Q4 2025, compared to gains of $1,958.6 million in Q4 2024[138]. - P&E Additions for the year ended December 31, 2025, totaled $(1,362.8) million, up from $(1,061.9) million in 2024, indicating increased capital expenditures[138]. Subscriber Metrics - VMO2's broadband net losses improved sequentially, with a reduction of 16,700 subscribers, despite intense competition[14]. - Telenet achieved broadband net adds of 12,400 in Q4, supported by the growth of BASE FMC in the South[29]. - Virgin Media Ireland's postpaid net adds were 1,500 in Q4, marking the fourth consecutive quarter of growth in this segment[34]. - VodafoneZiggo's broadband net losses improved to 11,900 in Q4, attributed to higher sales and lower churn from new pricing strategies[19]. - Organic broadband net additions for Q4 2025 were 12,400, compared to 3,200 in Q4 2024, indicating a positive trend in subscriber growth[71]. - Organic fixed-line customer relationship net losses were 4,200 in Q4 2025, compared to 1,900 in Q4 2024[80]. Debt and Financial Obligations - Total principal amount of debt and finance leases for Telenet was $8.6 billion, with an average debt tenor of 3.1 years[36]. - As of December 31, 2025, total third-party debt and lease obligations amounted to £22,117.4 million, slightly increasing from £22,116.9 million as of September 30, 2025[57]. - The net carrying amount of third-party debt and lease obligations was £21,510.7 million as of December 31, 2025, compared to £21,549.5 million as of September 30, 2025[57]. - The blended fully-swapped debt borrowing cost was 5.2% with an average tenor of third-party debt of 4.8 years as of December 31, 2025[55]. - The total covenant amount of third-party net debt was £16,703.9 million as of December 31, 2025, down from £16,963.0 million as of September 30, 2025[57]. - The company reported a net carrying amount of third-party debt and finance lease obligations of €10,429.7 million as of December 31, 2025, slightly up from €10,398.3 million on September 30, 2025[68]. - The leverage ratio for net total debt to annualized adjusted EBITDA was 4.99x as of December 31, 2025[69]. - The company had maximum undrawn commitments of €800 million under its Revolving Facilities as of December 31, 2025[70]. Operational Challenges and Future Outlook - The company plans to continue investing heavily in its fixed and mobile networks, with a focus on cost efficiencies to support profitability in 2026[12]. - Liberty Global's adjusted EBITDA trajectory is expected to improve, with a projected 75% decrease in corporate spend in 2026 compared to 2024[2]. - The company expects to close the sale of UPC Slovakia in the first half of 2026, which is anticipated to generate estimated proceeds[99]. - The company’s unused borrowing capacity was $0.7 billion as of December 31, 2025, which increased to approximately $0.9 billion in January 2026 after repaying borrowings[100]. - The company reported a loss from continuing operations of $2,916.2 million in Q4 2025, compared to a profit of $2,334.2 million in Q4 2024[138]. - The company’s operating loss for the year ended December 31, 2025, was $(339.7) million, compared to $(333.1) million in 2024, reflecting ongoing operational challenges[141].

Financial Performance - The company reported a consolidated Adjusted EBITDA of $1,275.0 million for the year ended December 31, 2025, compared to $1,159.8 million in 2024, reflecting a year-over-year increase of 10%[310]. - The company experienced a significant operating loss of $7,096.7 million in 2025, compared to a profit of $1,869.1 million in 2024, indicating a substantial decline in profitability[310]. - The company reported a foreign currency transaction gain of $3,121.1 million in 2025, compared to a loss of $1,756.5 million in 2024, highlighting the impact of currency fluctuations on financial results[310]. - Total consolidated revenue increased by $536.6 million, or 12.4%, from $4,341.9 million in 2024 to $4,878.5 million in 2025[313]. - The company’s share of results from affiliates, net, was $3,186.9 million in 2025, a significant increase from $205.6 million in 2024, indicating strong performance from joint ventures[310]. - Adjusted EBITDA for total consolidated reportable segments increased by $13.6 million, or 0.9%, reaching $1,484.1 million in 2025[319]. - The company reported a loss from continuing operations of $7,096.7 million in 2025, compared to earnings of $1,869.1 million in 2024[378]. Customer and Market Metrics - The company served 11,399,700 fixed-line customers and 44,886,600 mobile subscribers as of December 31, 2025, with networks passing 29,117,600 homes[290]. - The average number of residential customers decreased by $37.3 million, while ARPU increased by $15.1 million[325]. - The VMO2 joint venture reported revenue of $13,335.2 million in 2025, down from $13,649.7 million in 2024, with adjusted EBITDA increasing to $4,662.8 million from $4,503.4 million[360][361]. - The VodafoneZiggo joint venture generated revenue of $4,518.5 million in 2025, slightly up from $4,450.5 million in 2024, while adjusted EBITDA decreased to $1,977.7 million from $2,033.9 million[363]. Revenue Breakdown - Residential fixed revenue increased by $57.1 million, or 3.3%, with broadband internet subscription revenue growing by $59.0 million, or 6.6%[323]. - B2B revenue rose by $56.3 million, or 6.7%, with subscription revenue increasing by $15.5 million, or 3.6%[323]. - Other revenue surged by $410.2 million, or 36.1%, contributing significantly to the overall revenue growth[323]. - The impact of foreign exchange (FX) contributed $136.3 million to the total revenue increase, highlighting the importance of currency fluctuations[314]. - Consolidated revenue increased by $536.6 million or 12.4% in 2025 compared to 2024, with $240.8 million from the Formula E Acquisition and $171.1 million from Sunrise Services[324]. Operating Expenses - Programming and other direct costs of services increased by $219.8 million or 15.2% in 2025, with an organic decrease of $71.2 million or 4.3%[331]. - Other operating expenses (excluding share-based compensation) rose by $122.9 million or 16.5% in 2025, with an organic increase of $59.3 million or 7.9%[334]. - SG&A expenses (excluding share-based compensation) increased by $78.7 million or 8.0% in 2025, with an organic decrease of $20.7 million or 2.0%[338]. Debt and Cash Management - The company aims to maintain a consolidated debt balance between four and six times its consolidated Adjusted EBITDA, which is a non-GAAP measure[399]. - As of December 31, 2025, the consolidated debt and finance lease obligations totaled $8.6 billion, with $0.8 billion classified as current and $3.3 billion not due until 2029 or later[401]. - The company expects to maintain significant levels of interest expense due to its debt management strategy aimed at providing attractive equity returns[380]. - The total cash and cash equivalents as of December 31, 2025, amounted to $2,081.4 million, with $914.3 million held by unrestricted subsidiaries[384]. Strategic Initiatives - The company aims to achieve organic revenue and customer growth by developing bundled services and enhancing network quality, excluding the impact of foreign currency translation and acquisitions[297]. - The company plans to roll out DOCSIS 4 technology capable of 10 Gbps starting in 2026, following successful tests on live network infrastructure[44]. - Liberty Telecom's sustainability strategy includes commitments to achieve Net Zero targets for the majority of its operations by 2040[34]. - The company aims to enhance its product offerings through strategic acquisitions and partnerships, as well as new product developments[28]. Joint Ventures and Affiliates - The net loss for the VMO2 joint venture was $5,766.5 million in 2025, compared to a net gain of $1.7 million in 2024, impacted by a goodwill impairment charge of £3.8 billion ($5.0 billion)[362]. - The VodafoneZiggo JV's revenue in 2025 decreased compared to 2024, primarily due to a decline in residential fixed revenue and mobile revenue, offset by increases in other revenue related to premium sports content and B2B fixed revenue[365]. - The VodafoneZiggo JV's Adjusted EBITDA in 2025 was affected by increased consulting costs, higher programming costs, and cost control measures, alongside the revenue changes[365]. Impairment and Valuation - The company evaluates goodwill for impairment at least annually, with assessments conducted on October 1 and whenever circumstances indicate potential impairment[417]. - The company did not record any significant impairment charges related to goodwill for the years ended December 31, 2025, 2024, and 2023[419]. - The aggregate valuation allowance against deferred tax assets was $2,088.5 million as of December 31, 2025[431]. Economic and Regulatory Risks - The company is subject to inflationary pressures and foreign currency exchange risks, which could impact operating margins if costs cannot be passed on to customers[308]. - The company is subject to risks from economic conditions, competitive pressures, and regulatory changes that could impact future performance[434]. - The company has significant uncertainties regarding future cash flows, which could lead to potential impairment charges if actual results differ from estimates[420].

Group 1 - Liberty Global has agreed to sell UPC Slovakia to O2 Slovakia for approximately €95 million ($110 million) [1][2] - The sale price reflects a multiple of about 7x UPC Slovakia's estimated 2025 Adjusted EBITDA and approximately 15x when considering Adjusted EBITDA less P&E Additions [2] - UPC Slovakia serves over 600,000 households in 80 cities, offering internet speeds of up to 2.5 Gbps [2] Group 2 - Liberty Global operates through three platforms: Liberty Telecom, Liberty Growth, and Liberty Services [3] - Liberty Telecom provides over 80 million fixed and mobile connections across Europe, generating approximately $21.6 billion in revenue [4] - Liberty Growth invests in scalable businesses across various sectors, with a portfolio valued at $3.4 billion [5] - Liberty Services generates around $600 million in annual revenue, primarily from consolidated businesses and joint ventures [5]

Core Insights - Liberty Global plc reported an EPS of -$0.39, which was better than the estimated EPS of -$0.42, but revenue of $1.21 billion fell short of the anticipated $1.23 billion [1][6] Financial Metrics - The company has a P/E ratio of -1.15 and an earnings yield of -0.87%, indicating negative earnings and a lack of profit generation from operations [2][6] - The price-to-sales ratio stands at 1.28, suggesting that investors are willing to pay $1.28 for every dollar of sales, reflecting some confidence in the company's revenue potential [2][6] - Liberty Global's enterprise value to sales ratio is 4.22, and the enterprise value to operating cash flow ratio is 8.23, indicating a substantial valuation compared to its cash flow [3] - The debt-to-equity ratio is 0.81, suggesting a moderate and manageable level of debt relative to equity [3][6] Liquidity Position - The current ratio of 1.02 indicates that Liberty Global has slightly more current assets than liabilities, suggesting a stable liquidity position to meet short-term obligations [4] Leadership Change - Dr. John C. Malone is stepping down as Chairman to become Chairman Emeritus, effective January 1, 2026, marking a significant leadership transition for the company [5]

Revenue Performance - Liberty Global reported Q3 2025 revenue of $1,207.1 million, a 12.9% increase year-over-year, with consolidated revenue for the nine months ending September 30, 2025, at $3,647.4 million, up 13.3%[9]. - Revenue excluding handsets was £2,154.4 million, a decrease of 1.1% YoY on a reported and rebased basis[19]. - Revenue for VodafoneZiggo was $1,156.8 million, an increase of 2.3% YoY on a reported basis but a decrease of 3.9% on a rebased basis[24]. - Telenet's revenue was $804.9 million, an increase of 2.5% YoY on a reported basis but a decrease of 3.6% on a rebased basis[29]. - Virgin Media Ireland's revenue was $122.2 million, an increase of 2.0% YoY on a reported basis but a decrease of 3.9% on a rebased basis[36]. - Total revenue decreased by 5.6% year-over-year to £2,549.3 million for the three months ended September 30, 2025[55]. - Total revenue for Q3 2025 was €989.8 million, a decrease of 3.9% compared to €1,029.5 million in Q3 2024[64]. - Total revenue for Q3 2025 was €688.7 million, a decrease of 3.6% compared to €714.3 million in Q3 2024[72]. - Liberty Global's total revenue for the nine months ended September 30, 2025, was €322.8 million, a decrease of 3.3% from €333.7 million in the same period of 2024[83]. Adjusted EBITDA - Adjusted EBITDA for Liberty Global was $336.5 million in Q3 2025, a 1.5% increase year-over-year, with a projected negative Adjusted EBITDA of approximately $100 million for 2026, a 50% reduction from previous estimates[9][6]. - Adjusted EBITDA was £1,015.8 million, an increase of 2.2% YoY on a reported and rebased basis[19]. - Adjusted EBITDA for VodafoneZiggo was $522.2 million, a decrease of 1.1% YoY on a reported basis and 6.9% on a rebased basis[24]. - Telenet's adjusted EBITDA was $358.9 million, a decrease of 0.6% YoY on a reported basis and 6.5% on a rebased basis[29]. - Adjusted EBITDA for consolidated Liberty Telecom decreased by 0.4% to $400.7 million for Q3 2025 compared to Q3 2024[42]. - Total consolidated Adjusted EBITDA increased by 1.5% to $336.5 million for Q3 2025 compared to Q3 2024[42]. - Adjusted EBITDA for Q3 2025 was €447.2 million, down 6.9% from €480.3 million in Q3 2024[64]. - Adjusted EBITDA for Q3 2025 was €345.0 million, down 5.7% from €366.0 million in Q3 2024[72]. - Consolidated Adjusted EBITDA for the nine months ended September 30, 2025, was $996.4 million, up from $912.0 million in 2024, reflecting an increase of 9.2%[146]. Cash Flow and Debt - Liberty Global's cash flows from operating activities were $1,280.3 million, with cash flows from investing activities at -$269.1 million and financing activities at -$940.5 million[16]. - Total principal amount of debt and finance leases was $8.5 billion, with a blended, fully-swapped cost of debt of 3.8%[38]. - Cash provided by operating activities decreased by 5.4% to $301.8 million for Q3 2025 compared to Q3 2024[39]. - The company reported a net carrying amount of third-party debt and finance lease obligations of €10,398.3 million as of September 30, 2025[68]. - The leverage ratio of Net Total Debt to Annualized Adjusted EBITDA was 4.89x as of September 30, 2025[69]. - The company reported a net carrying amount of third-party debt and lease obligations of €5,911.0 million as of September 30, 2025[79]. - The average tenor of third-party debt was approximately 3.2 years, with a blended fully-swapped debt borrowing cost of 3.8%[79]. - The company had maximum undrawn commitments of £1,378.0 million equivalent as of September 30, 2025[58]. - The company’s liquidity, defined as cash and cash equivalents plus maximum undrawn commitments, was reported at $0.9 billion as of September 30, 2025[103]. Subscriber Metrics - Total mobile subscribers for consolidated reportable segments reached 2,972,700 as of September 30, 2025[45]. - Organic postpaid mobile net additions increased by 17,200 QoQ, reaching 5,337,100 postpaid mobile subscribers[63]. - Broadband subscribers decreased by 26,300 quarter-over-quarter and 109,700 year-over-year, totaling 5,704,300[54]. - Fixed-line customer relationships decreased by 27,000 QoQ to 3,312,700 as of September 30, 2025[63]. - Postpaid mobile subscribers decreased by 36,300 quarter-over-quarter and 217,100 year-over-year, totaling 15,763,300[54]. - Converged households as a percentage of broadband RGUs stood at 41.6%[54]. - Converged households as a percentage of broadband RGUs increased to 50.5% as of September 30, 2025[63]. - Converged households as a percentage of broadband RGUs increased to 9.1% in Q3 2025, up from 8.9% in Q3 2024[82]. Capital Expenditures - Total P&E additions, including ROU asset additions, decreased by 31.3% to £560.2 million[55]. - For the three months ended September 30, 2025, total consolidated property and equipment additions were $327.6 million, compared to $262.9 million for the same period in 2024, representing a growth of 24.6%[101]. - Total capital expenditures for the nine months ended September 30, 2025, were $905.5 million, compared to $611.9 million in 2024, marking an increase of 47.9%[101]. - Capital expenditures (P&E Additions) increased by 32.5% to €53.4 million in Q3 2025 from €40.3 million in Q3 2024[83]. Strategic Initiatives - The company is committed to a non-core asset disposal target of $500-750 million, with approximately $300 million in proceeds year-to-date from a partial ITV stake sale[5]. - VMO2 completed the B2B merger of O2 Daisy, targeting operational synergies of approximately £600 million on a net present value basis[16]. - The company anticipates the launch of a 2 Gbps offering by VodafoneZiggo, reaching nearly 7 million homes by year-end 2025[5]. - The company plans to focus on market expansion and new product development to drive future growth[130]. Foreign Currency Impact - The foreign currency impact on the VMO2 JV's revenue for the three months ended September 30, 2025, was $128.4 million[98]. - Foreign currency transaction losses for the nine months ended September 30, 2025, were $3,160.9 million, a significant increase from $202.1 million in the same period of 2024[146].

Customer Metrics - As of September 30, 2025, the company served 11,443,800 fixed-line customers and 44,970,800 mobile subscribers, with networks passing 29,073,400 homes[250]. - The average number of residential customers decreased, contributing to a decline in fixed subscription revenue by $9.1 million for the three months and $28.2 million for the nine months ended September 30, 2025[278]. - The competitive environment has adversely impacted revenue, customer numbers, and average monthly subscription revenue per fixed-line customer or mobile subscriber[251]. Financial Performance - Total consolidated revenue for Q3 2025 reached $1,207.1 million, representing a 12.9% increase from $1,069.5 million in Q3 2024[263]. - For the nine months ended September 30, 2025, total consolidated revenue was $3,647.4 million, a 13.3% increase from $3,218.7 million in the same period of 2024[263]. - Loss from continuing operations for Q3 2025 was $83.4 million, compared to a loss of $1,423.7 million in Q3 2024[260]. - The company reported a significant increase in non-subscription revenue, which rose by $3.6 million (76.6%) to $8.3 million for the three months ended September 30, 2025[274]. - Consolidated revenue increased by $137.6 million or 12.9% for the three months and $428.7 million or 13.3% for the nine months ended September 30, 2025, compared to the same periods in 2024[277]. Adjusted EBITDA - Total consolidated Adjusted EBITDA for Q3 2025 was $336.5 million, up from $331.4 million in Q3 2024, reflecting a slight increase[260]. - Total consolidated reportable segments' Adjusted EBITDA was $400.7 million, a decrease of $1.6 million (0.4%) from $402.3 million in the prior year[270]. - Total consolidated Adjusted EBITDA for the nine months ended September 30, 2025, was $996.4 million, up from $912.0 million in the same period of 2024, representing an increase of 9.3%[260]. Revenue Segments - Telenet's revenue for Q3 2025 was $804.9 million, a 2.5% increase from $785.2 million in Q3 2024, while VM Ireland's revenue increased by 2.0% to $122.2 million[263]. - Residential fixed revenue increased by $20.6 million (4.7%) to $457.1 million for the three months ended September 30, 2025[274]. - Total B2B revenue increased by $20.3 million (9.5%) to $233.3 million for the three months ended September 30, 2025[274]. - Other revenue surged by $89.7 million (34.5%) to $349.4 million compared to $259.7 million in the previous year[274]. Costs and Expenses - Programming and other direct costs of services increased by $72.5 million or 22.6% for the three months and $210.3 million or 20.0% for the nine months ended September 30, 2025, compared to the same periods in 2024[284]. - Other operating expenses (excluding share-based compensation) increased by $23.6 million or 12.5% for the three months and $63.3 million or 11.5% for the nine months ended September 30, 2025, compared to the same periods in 2024[288]. - SG&A expenses increased, with specific increases in core network and IT-related costs of $10.7 million or 19.4% for the three months and $19.1 million or 15.9% for the nine months ended September 30, 2025[288]. - The company anticipates continued pressure on costs due to rising programming and copyright costs associated with digital content expansion and live sporting events[282]. Foreign Currency Impact - Changes in foreign currency exchange rates significantly impacted reported operating results, particularly with exposure to the euro[255]. - The primary exposure to foreign exchange risk was to the euro, impacting reported revenue significantly during the three months ended September 30, 2025[255]. - The company reported a foreign currency transaction gain of $3,160.9 million for the nine months ended September 30, 2025, compared to a gain of $202.1 million in the same period of 2024[260]. Debt and Liquidity - The outstanding principal amount of consolidated debt and finance lease obligations was $8.5 billion as of September 30, 2025[355]. - The company expects to maintain significant levels of interest expense due to its capital structure and debt levels[332]. - The total cash and cash equivalents as of September 30, 2025, amounted to $1,674.2 million, with $1,160.8 million held by borrowing groups[337]. - The company aims to maintain a consolidated debt balance between four and five times its consolidated Adjusted EBITDA[353]. Joint Ventures - The company has a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, with results accounted for under the equity method[256]. - VMO2 JV reported an Adjusted EBITDA of $1,250.3 million, an increase of $79.4 million (6.8%) compared to $1,170.9 million in 2024[270]. - The VodafoneZiggo joint venture generated revenue of $1,156.8 million for the three months ended September 30, 2025, compared to $1,131.1 million in the same period of 2024[318]. Taxation - The income tax benefit for the three months ended September 30, 2025, was $46.9 million, compared to a benefit of $11.2 million in the same period of 2024[322]. - The net negative impact on income tax was primarily due to non-deductible foreign currency exchange results and permanent differences in financial and tax accounting treatments[326][327].

Core Points - Liberty Global Ltd. announced that Dr. John C. Malone will step down as Chairman of the Board effective January 1, 2026 [1] - Dr. Malone will transition to the role of Chairman Emeritus, continuing to provide counsel and strategic insight to the company [1] - In his new role, Dr. Malone may attend board meetings but will not have a formal vote on board matters [1]

Group 1 - The article discusses the reactivation of Liberty Global (NASDAQ: LBTYA, LBTYB, LBTYK) and emphasizes that there is no change in the investment thesis [1] Group 2 - The author has a beneficial long position in Liberty Global shares, indicating confidence in the company's future performance [3]

Revenue Performance - Liberty Global's Q2 2025 revenue increased by 20.0% year-over-year to $1,269.1 million, with consolidated Liberty Telecom revenue rising 5.6% to $923.8 million[5]. - Telenet reported revenue of $801.0 million, a 6.1% year-over-year increase on a reported basis[25]. - The VMO2 joint venture reported revenue of $3,373.5 million for Q2 2025, a slight decrease of 0.1% from $3,375.4 million in Q2 2024[37]. - The VodafoneZiggo joint venture reported revenue of $1,123.3 million for Q2 2025, a 2.9% increase from $1,091.6 million in Q2 2024[37]. - As of June 30, 2025, the total revenue decreased by 5.5% year-over-year to £2,526.8 million, compared to £2,673.7 million in the same period of 2024[50]. Adjusted EBITDA - Telenet's Adjusted EBITDA grew by 8.3% year-over-year to $337.9 million, while VM Ireland's Adjusted EBITDA decreased by 9.4% to $41.4 million[5]. - Adjusted EBITDA of $496.7 million, down 4.2% year-over-year on a reported basis and 9.1% on a rebased basis[18]. - Adjusted EBITDA for Telenet was $337.9 million in Q2 2025, reflecting an 8.3% increase from $311.9 million in Q2 2024[37]. - The adjusted EBITDA for the three months ended June 30, 2025, was €341.5 million, a 3.6% increase from the previous year, while the six-month adjusted EBITDA was €665.3 million, up 3.2%[65]. - U.S. GAAP Adjusted EBITDA for Q2 2025 was £878.4 million, a decrease of 2.0% from £897.0 million in Q2 2024[123]. Cash Flow and Capital Expenditures - Cash flows from operating activities totaled $251.7 million, while cash flows from investing and financing activities were -$118.8 million and -$134.5 million, respectively[18]. - The company reported total capital expenditures of $319.3 million for the three months ended June 30, 2025, compared to $185.0 million in 2024, marking a 72.5% increase[93]. - Adjusted Free Cash Flow (Adjusted FCF) for the six months ended June 30, 2025, included cash payments for third-party costs associated with acquisitions totaling $1.1 million, compared to $5.9 million in the same period of 2024[98]. - Adjusted Free Cash Flow (FCF) was negative at $(201.2) million for the three months ended June 30, 2025, compared to positive $60.6 million in the same period of 2024[138]. Debt and Financial Obligations - Total principal amount of debt and finance leases stood at $9.9 billion, with a blended cost of debt at 3.7%[33]. - The net carrying amount of third-party debt and lease obligations was €9,142.2 million as of June 30, 2025[61]. - The total covenant amount of third-party net debt was £16,394.5 million as of June 30, 2025[54]. - The leverage ratio, Net Total Debt to Annualized Adjusted EBITDA, was 5.37x as of June 30, 2025[78]. Subscriber Metrics - Broadband net losses for VMO2 were 51,400, and postpaid mobile net losses were 73,600, attributed to intense market competition[14]. - The total number of fixed-line homes passed by Telenet was 4,229,600 as of June 30, 2025[39]. - The total mobile subscribers for Telenet reached 2,844,200 as of June 30, 2025[39]. - Organic broadband net losses were 51,400 for the quarter, leading to a total of 5,643,500 broadband subscribers[49]. Strategic Initiatives and Future Outlook - Liberty Global is targeting $500-750 million in non-core asset disposals in 2025 following the exit from the Vodafone collar position[3]. - Liberty Global is exploring opportunities for further spin-offs and tracking stocks within the next 12 to 24 months to unlock shareholder value[3]. - The acquisition of 78.8 MHz of spectrum by VMO2 for £343 million is expected to enhance its mobile spectrum share to approximately 30%[11]. Market Competition and Churn - VodafoneZiggo reported improved commercial momentum in fixed broadband, with churn rates decreasing as a result of new strategic initiatives[15]. - The organic fixed-line customer relationship net losses decreased year-over-year from (61,100) to (32,900), indicating improved retention[64]. - Customer churn is calculated on an annual rolling average basis, reflecting the number of disconnects over the past 12 months relative to the average number of customer relationships[107].