Liberty .(LBTYK) - 2025 Q1 - Quarterly Results

Revenue Performance - Liberty Global's Q1 2025 total consolidated revenue increased by 7.3% year-over-year to $1,171.2 million, while consolidated Liberty Telecom revenue decreased by 1.1% to$ 875.5 million[4]. - VMO2 reported revenue of $3,126.3 million, down 4.8% year-over-year, primarily due to lower construction revenue and handset sales, but offset by higher fixed ARPU and mobile service revenue[5]. - Telenet's revenue for Q1 2025 was$ 759.7 million, a slight decrease of 0.4% year-over-year, but showed a rebased increase of 2.7%[4]. - VodafoneZiggo's revenue decreased by 5.6% year-over-year to $1,052.0 million, impacted by a decline in the consumer fixed base and lower handset sales[13]. - Virgin Media Ireland's revenue was$ 115.8 million, down 5.9% YoY on a reported basis, primarily due to lower fixed and mobile revenue[28]. - Total revenue for the three months ended March 31, 2025, was £2,480.1 million, a decrease of 4.2% from £2,588.8 million in 2024[47]. - The company reported a total revenue of €999.1 million for the three months ended March 31, 2025, down 2.6% from €1,026.1 million in the same period of 2024[55]. - VodafoneZiggo's total revenue for the three months ended March 31, 2025, was €721.2 million, reflecting a 2.7% increase from €702.4 million in the same period of 2024[62]. - Telenet's total revenue for the three months ended March 31, 2025, was €110.0 million, down 2.9% from €113.3 million in the same period of 2024[73]. Adjusted EBITDA - Adjusted EBITDA for Liberty Global increased by 14.7% year-over-year to $324.6 million, with VMO2's Adjusted EBITDA remaining flat at$ 1,073.4 million[4][5]. - Adjusted EBITDA for Telenet was $301.6 million, down 2.2% YoY on a reported basis, but up 0.8% on a rebased basis[21]. - VodafoneZiggo revised its 2025 guidance, expecting a mid to high-single digit decline in Adjusted EBITDA growth, down from a low-single digit decline[17]. - Adjusted EBITDA for the same period was £914.1 million, down 1.3% from £925.7 million[47]. - Adjusted EBITDA decreased by 8.0% to €439.7 million for the three months ended March 31, 2025, compared to €478.1 million in 2024[55]. - Adjusted EBITDA for Telenet increased to €286.4 million in Q1 2025 from €284.1 million in Q1 2024, while IFRS Adjusted EBITDA rose from €314.9 million to €323.8 million[129]. Cash Flow and Debt - Liberty Global's cash flows from operating activities were negative at -$ 81.0 million, with cash flows from investing activities at - $692.0 million and financing activities at -$ 773.0 million[5]. - Cash flows from operating activities were $185.0 million, while cash flows from investing activities were -$ 198.9 million[21]. - Total principal amount of debt and finance leases stood at $9.4 billion, with a blended cost of debt at 3.7%[30]. - As of March 31, 2025, total third-party debt and lease obligations amounted to £21,785.5 million, a decrease from £22,071.7 million as of December 31, 2024[51]. - The net carrying amount of third-party debt and lease obligations was £21,480.0 million as of March 31, 2025, compared to £20,934.9 million at the end of 2024[51]. - As of March 31, 2025, VodafoneZiggo's total third-party debt and finance lease obligations amounted to €11,132.7 million, a decrease from €11,961.9 million as of December 31, 2024, representing a reduction of approximately 6.9%[56]. - The net carrying amount of third-party debt and finance lease obligations was €10,965.4 million as of March 31, 2025, compared to €11,187.7 million at the end of 2024, indicating a decrease of about 2.0%[56]. - Telenet's total third-party debt and lease obligations amounted to €7,165.0 million, a decrease from €7,307.9 million as of December 31, 2024, representing a reduction of approximately 1.9%[68]. Customer Metrics - Broadband net losses were 2,100, primarily due to elevated churn on the Telenet brand, partially offset by growth in BASE[24]. - Telenet reported 4,216,600 homes passed and 1,955,400 customer relationships, with a total of 4,111,900 RGUs[37]. - VM Ireland had 1,005,200 homes passed and 391,300 customer relationships, totaling 718,700 RGUs[37]. - Total consolidated reportable segments showed 5,221,800 homes passed and 2,346,700 customer relationships, with 4,830,600 RGUs[37]. - Telenet experienced a net loss of 43,900 RGUs in Q1 2025 compared to the previous quarter[39]. - VMO2 JV reported a significant loss of 286,500 RGUs in Q1 2025, while VodafoneZiggo JV lost 135,900 RGUs[39]. - The average monthly ARPU for fixed-line customers increased to £47.00 from £46.25[46]. - The average monthly ARPU per fixed-line customer relationship for Telenet was €60.98 in Q1 2025, down from €61.99 in Q1 2024, indicating a decrease of approximately 1.6%[72]. - The average monthly ARPU per fixed-line customer relationship increased to €63.31 in Q1 2025, up from €61.60 in Q1 2024, marking a growth of 2.8%[62]. Capital Expenditures - Property and equipment additions were$ 246.7 million, representing a 34.3% increase YoY on a reported basis[21]. - Total capital expenditures, including P&E additions, were €300.0 million for the three months ended March 31, 2025, representing a significant increase of 51.4% compared to €198.2 million in the same period of 2024[62]. - Total consolidated property and equipment additions for the three months ended March 31, 2025, were $285.6 million, compared to$ 221.0 million in the same period of 2024[91]. - Capital expenditures for the three months ended March 31, 2025, were $243.3 million, up from$ 206.1 million in 2024, representing an increase of 18%[91]. - U.S. GAAP P&E Additions for Telenet increased to €233.7 million in Q1 2025 from €169.7 million in 2024, while IFRS P&E Additions rose from €198.2 million to €300.0 million[129]. Strategic Initiatives - Liberty Global aims to realize $500-$ 750 million in asset disposals and is prioritizing scale-based investments, including a successful launch of Formula E[3]. - The fair market value of Liberty Global's portfolio increased to $3.3 billion, with the top seven investments comprising approximately 75% of the value[3]. - VMO2 confirmed growth in revenue and Adjusted EBITDA metrics for 2025, despite a competitive environment, and plans to acquire spectrum licenses from the VOD/3 merger[5][12]. - The company is focused on strategic management across three platforms: Liberty Telecom, Liberty Growth, and Liberty Services[81]. - Liberty Global's investments include stakes in approximately 70 companies across technology, media, sports, and infrastructure sectors[83]. - Telenet secured a 5-year €500.0 million standalone capex facility in February 2025 to support its roll-out ambitions for Wyre[69]. - Liberty Global's share buyback program for 2025 allows for the repurchase of up to 10% of outstanding shares as of December 31, 2024[80].