We are reconfirming all guidance metrics for our Liberty Telecom operations while raising Telenet's Adj. EBITDAaL outlook . In addition, we now expect an improved outlook for Liberty Services & Corporate Adj. EBITDA of negative ~$175m for 2025 , driven by cost optimization initiatives." 4 4 2 Denver, Colorado: August 1, 2025 - Liberty Global Ltd. announces its Q2 2025 financial results. CEO Mike Fries stated, "In the second quarter, we continued to execute across our strategic pillars – Liberty Growth, Libe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35961 Liberty Global Ltd. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organizati ...

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, a decline of 4.8% year-over-year, while Adjusted EBITDA remained flat at $1,073.4 million[5]. - VodafoneZiggo's revenue decreased by 5.6% year-over-year to $1,052.0 million, with Adjusted EBITDA down 10.8% to $463.1 million[13]. - Telenet reported revenue of $759.7 million, a decrease of 0.4% YoY on a reported basis, but an increase of 2.7% on a rebased basis[21]. - Telenet confirmed a stable revenue outlook for FY 2024 at €2,851.4 million, with a low to mid-single digit decline in Adjusted EBITDAaL expected[24]. - Total revenue for the three months ended March 31, 2025, was £2,480.1 million, a decrease of 4.2% compared to £2,588.8 million in the same period of 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]. - Telenet reported a total revenue of €721.2 million for the three months ended March 31, 2025, which is a 2.7% increase from €702.4 million in the same period of 2024[62]. Adjusted EBITDA - Adjusted EBITDA for Liberty Global increased by 14.7% year-over-year to $324.6 million, with Telenet's Adjusted EBITDA at $301.6 million, down 2.2%[4]. - VodafoneZiggo's Adjusted EBITDA for the three months ended March 31, 2025, was €323.8 million, an increase of 2.8% from €314.9 million in the same period of 2024[62]. - 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]. - Adjusted EBITDA for the same period was £914.1 million, down 1.3% from £925.7 million year-over-year[47]. - Telenet's U.S. GAAP Adjusted EBITDA for Q1 2025 was €286.4 million, up from €284.1 million in Q1 2024[129]. - Telenet's IFRS Adjusted EBITDA increased to €323.8 million in Q1 2025 from €314.9 million in Q1 2024[129]. Cash Flow and Debt - Cash flows from operating activities for Telenet were $185.0 million, while cash flows from investing activities were -$198.9 million[21]. - The total principal amount of debt and finance leases for Telenet was $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]. - Telenet's total third-party debt and lease obligations were €7,165.0 million as of March 31, 2025, down from €7,307.9 million as of December 31, 2024, reflecting a decline of approximately 1.9%[64]. - The leverage ratio for net total debt to annualized adjusted EBITDA was 4.15x as of March 31, 2025[52]. - The average tenor of third-party debt, excluding vendor financing, was 5.0 years as of March 31, 2025[53]. - The leverage ratio for VodafoneZiggo was reported at 4.98x for net total debt to annualized adjusted EBITDA as of March 31, 2025[59]. Customer Metrics - Total mobile subscribers for the consolidated reportable segments reached 2,991,300, with a decrease of 15,500 subscribers compared to the previous quarter[39]. - Fixed-line customer relationships for VMO2 JV decreased by 46,000 quarter-over-quarter, totaling 5,790,100 as of March 31, 2025[46]. - Broadband subscribers for VMO2 JV decreased by 44,000 in the first quarter of 2025, totaling 5,694,900[46]. - The number of homes serviceable increased by 165,300 quarter-over-quarter, reaching 18,420,900 as of March 31, 2025[46]. - The monthly ARPU per fixed-line customer relationship increased to £47.00 from £46.25 year-over-year[46]. - Telenet's organic fixed-line customer relationship net losses were 10,200 for the year-over-year period ending March 31, 2025, an improvement from 17,100 losses in the previous year[72]. 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]. - The company is focused on expanding its infrastructure and platforms to support digital transformation and innovation[82]. - Liberty Global's growth strategy includes investments in scalable businesses across technology, media, sports, and infrastructure sectors[83]. Shareholder Returns - Liberty Global's share repurchase program for 2025 allows for the repurchase of up to 10% of outstanding shares as of December 31, 2024[80]. Foreign Currency and Other Financial Metrics - Foreign currency transaction losses amounted to $1,226.1 million in Q1 2025, a significant increase from gains of $639.2 million in Q1 2024[141]. - The company reported an adjusted free cash flow of £(885.4) million for the three months ended March 31, 2025[47]. - Adjusted Free Cash Flow (Adjusted FCF) for the period includes net cash from operating activities and vendor financed expenses, with cash payments for capital expenditures at $0.8 million and $5.2 million for Q1 2025 and Q1 2024 respectively[96].

Customer Metrics - As of March 31, 2025, the company served 11,512,200 fixed-line customers and 44,212,600 mobile subscribers, with networks passing 29,056,700 homes[229]. - The average number of residential fixed customers decreased, contributing to a decline in subscription revenue[255]. Financial Performance - Earnings from continuing operations for Q1 2025 were $(1,323.3) million, compared to $634.5 million in Q1 2024[240]. - Total consolidated revenue increased by $79.9 million (7.3%) to $1,171.2 million in Q1 2025, driven by a $61.3 million (22.7%) increase in the "all other" category[243]. - Total consolidated Adjusted EBITDA for Q1 2025 was $324.6 million, an increase of 14.7% from $283.0 million in Q1 2024[250]. - The net loss for the company in Q1 2025 was $70.5 million, compared to a net loss of $13.6 million in Q1 2024[288]. - Other income, net, decreased to $19.4 million in Q1 2025 from $36.4 million in Q1 2024, primarily due to lower interest and dividend income[292]. Revenue Breakdown - Revenue from Telenet decreased by $2.9 million (0.4%) to $759.7 million in Q1 2025, while VM Ireland's revenue decreased by $7.2 million (5.9%) to $115.8 million[243]. - Total residential revenue decreased by $27.8 million or 4.7% during the same period, with a significant organic decrease of $9.0 million or 1.5%[255]. - VM Ireland experienced a total revenue decrease of $7.2 million, with a $6.4 million decrease in subscription revenue[247]. - B2B non-subscription revenue increased by $5.3 million or 5.3% on an organic basis, primarily due to growth at Telenet[256]. - Other revenue decreased by $10.7 million or 2.8% on an organic basis, mainly due to lower sales of CPE to joint ventures[257]. Cost and Expenses - The company is experiencing inflationary pressures on labor, programming, and other costs, which may negatively impact operating results and cash flows[231]. - Programming and copyright costs increased by $13.1 million or 8.7%, primarily due to higher content costs at Telenet[262]. - Personnel costs increased by $4.4 million or 7.6%, primarily due to higher average costs per employee at Telenet[265]. - SG&A expenses (excluding share-based compensation) increased by $26.6 million or 11.7% in Q1 2025 compared to Q1 2024, with an organic increase of $0.9 million or 0.3%[269]. - Depreciation and amortization expense rose to $232.2 million in Q1 2025, up from $222.7 million in Q1 2024, marking a $16.2 million or 7.3% increase[272]. Joint Ventures - The company has a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, accounted for as equity method investments[236]. - The VMO2 JV reported a slight decrease in Adjusted EBITDA to $1,073.4 million in Q1 2025, while VodafoneZiggo JV's Adjusted EBITDA decreased by $55.9 million (10.8%) to $463.1 million[250]. - The VMO2 joint venture reported revenue of $3,126.3 million in Q1 2025, down from $3,282.8 million in Q1 2024[285]. - VMO2 JV's revenue decreased to $1,052.0 million in Q1 2025 from $1,114.0 million in Q1 2024, a decline of 5.6%[288]. Market Conditions - The competitive environment has adversely impacted revenue, customer numbers, and average monthly subscription revenue per fixed-line customer or mobile subscriber[230]. - The company noted competition across all markets, adversely affecting customer growth and ARPU[241]. - The company’s operations are subject to various risks, including regulatory changes, competition, and economic conditions in the countries of operation[222]. Foreign Exchange Impact - Changes in foreign currency exchange rates significantly impacted reported operating results, primarily due to exposure to the euro[234]. - Foreign currency transaction losses totaled $1,081.0 million in Q1 2025, compared to gains of $559.3 million in Q1 2024[281]. Capital Management - The company expects to maintain significant levels of interest expense due to its capital structure and debt management strategy[301]. - As of March 31, 2025, the consolidated debt amounted to $9.4 billion, with $1.1 billion classified as current and $3.0 billion not due until 2029 or later[323]. - The company maintained compliance with its debt covenants as of March 31, 2025, and does not anticipate any material adverse impacts on liquidity in the next 12 months[322]. Future Outlook - Future outlook includes a focus on improving customer retention and exploring new product offerings to enhance revenue streams[242]. - The company’s ability to service or refinance its debt is closely tied to maintaining or increasing Adjusted EBITDA across its subsidiaries[322].

Financial Data and Key Metrics Changes - The company delivered over $4 billion in shareholder remuneration in 2024, compared to a market of $7 billion just twelve months ago [10] - The aggregate revenue from Liberty Telecom reached $22 billion, with approximately $8 billion in aggregate EBITDA [11] - The company achieved all fourteen of its financial guidance metrics for 2024, except for one related to VodafoneZigo revenue, which came in flat [25] Business Line Data and Key Metrics Changes - Liberty Telecom consists of four European telcos, serving 80 million fixed to mobile connections [11] - Liberty Growth, a portfolio of investments in technology, media, sports, and infrastructure, is valued at $3.1 billion [12] - Liberty Services generated nearly $600 million in annual revenue, transitioning over two-thirds of its central employee base into profitable activities [13] Market Data and Key Metrics Changes - VMO2 in the UK saw a strong broadband quarter with 12,000 net adds, despite a flat broadband market overall [42] - Telenet reported a revenue decline of 0.4% year-on-year in Q4, primarily due to a decline in customers [61] - VodafoneZygo experienced a revenue decline of 2.5% in Q4, driven by a decrease in the consumer fixed customer base [62] Company Strategy and Development Direction - The company is focused on maximizing the intrinsic value of its assets and delivering that value to shareholders, including a commitment to spin off 100% of Sunrise [15] - Plans to create a fixed Netco in the UK market are underway, with operational and financial parameters established for around 16 million homes [18] - The company aims to rotate capital into higher return Liberty Growth assets and prioritize infrastructure investments [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating free cash flow, particularly in the UK and Ireland, as CapEx declines [98] - The company anticipates that the trajectory of free cash flow will improve as CapEx reduces over time [99] - Management highlighted the importance of driving commercial momentum and expanding loyalty programs to reduce churn [35] Other Important Information - The company plans to sell between $500 million and $750 million of non-core assets in 2025 [39] - A substantial cash balance of $2.2 billion was reported at the end of Q4, even after significant capital injections [66] - The company is targeting a buyback of up to 10% of its shares outstanding in 2025 [89] Q&A Session Summary Question: General free cash flow outlook beyond 2025 - Management indicated that free cash flow is a key metric and expects growth in free cash flow across various markets, particularly with the Netco separation in the UK [97] Question: Details on slide fourteen regarding central services business - Management clarified that while increasing MSA fees is a strategy, they are also focused on reducing costs and rethinking the operating model to balance cash upstreaming and maintaining EBITDA [110][114] Question: Update on A shares versus C shares for buyback - Management stated that buybacks are conducted dynamically and did not buy any stock through February 19, 2025, but anticipates future buybacks [120] Question: Acceleration on the handset replacement cycle - Management acknowledged the potential for an acceleration in the handset replacement cycle, influenced by AI functionality [123]

nd 201 LIBERTY GLOBAL INVESTOR CALL Q4 2024 FEBRUARY 19, 2025 (一) 02 02 (1 Forward-Looking Statements + Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our strategies, future growth prospects and opportunities; expectations regarding our, our affiliates' and our joint ventures' financial performance, including revenue, Adjusted EBITDA, Adjusted EBITDA Less P&E Additions, Adjusted ...

Financial Performance - Q4 2024 revenue decreased by 3.0% YoY to €120.6 million, with B2B wholesale revenue growth partially offsetting declines in fixed and mobile revenue[5] - FY 2024 revenue totaled €454.3 million, a decrease of 2.9% YoY[5] - Q4 residential fixed revenue decreased by 5.0% YoY to €70.1 million, while residential mobile revenue decreased by 6.5% YoY to €10.1 million[6] - Q4 Adjusted EBITDA increased by 10.6% YoY to €48.0 million, driven by lower programming and sales costs[6] - FY 2024 net earnings increased by 153.4% YoY to €4.7 million, with Q4 net earnings rising by 134.6% YoY to €11.9 million[6] - Q4 B2B revenue grew by 14.7% YoY to €10.9 million, supported by strong wholesale growth[6] - Adjusted EBITDA for the year ended December 31, 2024, was €165.0 million, slightly down from €167.7 million in 2023, indicating a decrease of 1.6%[11] Capital Expenditures - Q4 property and equipment additions remained stable YoY at €45.2 million, with P&E additions as a percentage of revenue increasing to 37.5%[6] - Property and equipment additions for the year ended December 31, 2024, totaled €160.5 million, a decrease of 1.7% from €163.3 million in 2023[11] - Total capital expenditures for the year ended December 31, 2024, were €156.8 million, down from €161.4 million in 2023, reflecting a decrease of 2.8%[11] - Property and equipment additions as a percentage of revenue for the year ended December 31, 2024, was 35.3%, compared to 34.9% in 2023[11] Debt and Financial Ratios - At December 31, 2024, the ratio of Net Senior Debt to Annualized EBITDA was 5.12x[6] - The net carrying amount of third-party debt as of December 31, 2024, was €884.1 million, unchanged from the previous quarter[12] - Total covenant amount of third-party net debt as of December 31, 2024, was €838.1 million, consistent with €838.2 million as of September 30, 2024[14] - The company has a Term Loan B1 of €900.0 million due in 2029, with an interest rate of EURIBOR + 3.575%[12] Customer Metrics - VM Ireland serves 393,300 fixed-line customers and 136,700 mobile subscribers as of December 31, 2024[20] - Fixed-Line Customer Relationships are counted on a unique premises basis, excluding mobile-only customers, indicating the number of customers receiving internet, video, or telephony services[30] - Homes Passed refers to residential and commercial units that can be connected to networks without significant distribution plant extension, based on census data[31] - Internet Subscribers include homes and commercial units receiving internet services, highlighting the company's reach in the market[31] - Mobile Subscriber Count reflects the number of active SIM cards in service, with specific exclusions for non-paying customers after inactivity periods[32] - RGUs (Revenue Generating Units) sum up Internet, Video, and Telephony Subscribers, providing a comprehensive view of service uptake[33] - Telephony Subscribers exclude mobile telephony subscribers, focusing on those receiving voice services over the company's networks[35] - Video Subscribers are counted as homes or units receiving video service, indicating the company's service penetration in the video market[36] Strategic Initiatives - Approximately 50% of over one million premises upgraded to full fiber by the end of Q4 2024[5] - The company plans a full fiber upgrade at Virgin Media Ireland, which is expected to enhance financial performance and customer offerings[15] General Insights - Year-over-year (YoY) metrics are utilized to assess performance trends over time, providing context for financial results[37] - Adjusted EBITDA is a key performance measure, reflecting net earnings before various expenses, providing a transparent view of recurring operating performance[11] - Adjusted EBITDA less P&E Additions offers insight into performance after capital expenditures, important for evaluating overall performance relative to other telecommunications companies[11]

Corporate Actions and Acquisitions - The company completed the Spin-off of the Sunrise Entities on November 8, 2024, and the Formula E Acquisition on October 2, 2024, acquiring a controlling interest in Formula E[293][307]. - The company increased its ownership interest in Telenet to 100% following the Telenet Takeover Bid completed in October 2023[294]. - The company aims to enhance its product offerings through strategic acquisitions and partnerships, focusing on delivering a world-class suite of products and services[28]. Customer and Revenue Metrics - As of December 31, 2024, the company served 2,530,900 fixed-line customers and 3,006,800 mobile subscribers, with networks passing 5,808,100 homes[296]. - Total consolidated revenue increased by $226.1 million, or 5.5%, from $4,115.8 million in 2023 to $4,341.9 million in 2024[321]. - Telenet's revenue decreased by $4.8 million, or 0.2%, primarily due to a decline in the average number of customers, offset by an increase in ARPU of $51.7 million[322]. - VM Ireland's revenue decreased by $14.7 million, or 2.9%, driven by a decline in both fixed and mobile subscription revenues[323]. - Total consolidated revenue increased by $226.1 million or 5.5% in 2024 compared to 2023, with an organic increase of $189.6 million or 4.6%[332]. Financial Performance - Earnings from continuing operations for 2024 were $1,869.1 million, a significant recovery from a loss of $3,659.1 million in 2023[318]. - The net loss for 2024 was $1,634.7 million, an improvement from a net loss of $3,438.6 million in 2023, indicating a reduction of 52.5%[365]. - The company reported a net loss of $28.4 million due to changes in fair values of certain investments in 2024, a significant improvement from a loss of $556.6 million in 2023[361]. - Adjusted EBITDA for 2024 was $4,503.4 million, down from $4,531.3 million in 2023, reflecting a decrease of 0.6%[365]. Operating Expenses and Costs - Programming and other direct costs of services rose by $165.2 million or 12.9% in 2024, with an organic increase of $143.9 million or 11.0%[339]. - Other operating expenses (excluding share-based compensation) decreased by $10.9 million or 1.4% in 2024, with an organic decrease of $12.9 million or 1.7%[342]. - Share-based compensation expense increased by $6.5 million or 57.5% in 2024 compared to 2023[342]. - Interest expense increased by $69.5 million or 13.8% in 2024, reaching $574.7 million, primarily due to a higher average outstanding debt balance[354]. Cash Flow and Liquidity - Net cash provided by operating activities increased to $1,331.2 million in 2024, up from $1,199.3 million in 2023, representing a change of $131.9 million[404]. - The net cash used by investing activities improved significantly, with a change of $2,425.7 million, from $(1,280.2) million in 2023 to $1,145.5 million in 2024[404]. - Adjusted free cash flow for 2024 was $311.7 million, a significant increase from $107.1 million in 2023, reflecting a growth of approximately 190%[413]. Strategic Focus and Initiatives - The company maintains a strategic focus on three platforms: Liberty Telecom, Liberty Growth, and Liberty Services, aiming for attractive equity returns while managing debt levels[303]. - The company is committed to reducing its Scope 1, 2, and 3 greenhouse gas emissions in line with science-based targets, transitioning its fleet to electric vehicles, and enhancing network efficiency[33]. - The company is developing a fully digital, cloud-based connectivity ecosystem called "ONE Connect" to improve customer experience and service delivery[44]. Joint Ventures and Partnerships - The VMO2 JV reported a slight decrease in Adjusted EBITDA to $4,503.4 million, down by $27.9 million, or 0.6%[326]. - VodafoneZiggo JV's Adjusted EBITDA increased by $61.4 million, or 3.1%, reaching $2,033.9 million in 2024[326]. - The VMO2 JV provides gigabit internet to 16.2 million homes and has over 12 million fixed RGUs, including approximately 5.7 million broadband subscribers[80]. Regulatory and Market Risks - The company faces competition and macroeconomic factors that have negatively impacted revenue, customer numbers, and average revenue per user (ARPU)[305]. - The company faces risks related to regulatory approvals, integration of acquired businesses, and potential disruptions from external events such as political unrest and natural disasters[1]. Technology and Innovation - In 2023, the company conducted the world's first test of DOCSIS 4 technology, achieving speeds of up to 10 Gbps over HFC Plant[46]. - The company introduced the "Connect Box," a next-generation Intelligent WiFi and telephony gateway, with approximately 11 million customers using it in 2024[48]. - The company plans to introduce a DOCSIS 4 Network Termination Unit in 2024, which will support speeds up to 10 Gbps[46].

Group 1 - Liberty Media is spinning off most assets, excluding Formula One, into a new publicly traded company named Liberty Live, with CEO Greg Maffei stepping down at year-end [1] - After the split, Liberty Media will retain ownership of Formula One and MotoGP, while Liberty Live will hold approximately 69.9 million shares of Live Nation Entertainment and other private assets [2] - Charter Communications will acquire Liberty Broadband in an all-stock transaction, simplifying Malone's portfolio, as Liberty owns 26% of Charter shares [3] Group 2 - The split-off of Liberty Live Group aims to simplify Liberty Media's capital structure, reduce the discount to net asset value of Liberty Live stock, and enhance trading liquidity for both entities, according to Maffei [4] - John Malone, known as a pioneer in the cable industry, will take over as interim CEO of Liberty Media, highlighting his ongoing involvement in various media assets [5][6] - Malone has a history of significant financial transactions, including the sale of TCI to AT&T for approximately $50 billion in 1999 [7]

Core Insights - Liberty Global's shares fell by 3% following the release of its Q3 2024 earnings, despite a year-to-date gain of 12.6%, which lags behind the S&P 500 index and relevant industry benchmarks [1][2] Financial Performance - The company reported a loss from continuing operations of $1.4 billion in Q3 2024, a significant decline from a profit of $822 million in the same quarter last year [1] - Revenues increased by 1.4% year-over-year to $1.935 billion, with a rebased revenue growth of 2.6% [2] - Adjusted EBITDA rose by 11.8% year-over-year to $668.3 million, with a rebased increase of 9.4% [12] Subscriber Metrics - Total average revenue per unit (ARPU) for fixed customer relationships increased by 0.5% year-over-year to $67.89, while mobile ARPU rose by 3% to $27.62 on a reported basis [3] - Liberty Global lost 12,200 customer relationships in Q2 2024, an improvement compared to a loss of 39,100 in the same quarter last year [4] Regional Performance - In Belgium, revenues increased by 1.3% year-over-year to $785.2 million, with a loss of 8,300 customer relationships compared to a loss of 21,100 in the previous year [5] - Switzerland's revenues grew by 0.7% year-over-year to $865.7 million, with a loss of 600 customer relationships, an improvement from a loss of 11,100 in the year-ago quarter [5] - Central and other revenues surged by 39.6% to $229.3 million [6] Joint Ventures - Virgin Media O2 reported revenues of $3.512 billion, a 0.3% increase year-over-year, but a 2.4% decrease on a rebased basis [9] - VodafoneZiggo's revenues rose by 0.5% on a reported basis to $1.131 billion, with a rebased decrease of 0.5% [10] Balance Sheet and Cash Flow - As of September 30, 2024, Liberty Global had $5 billion in cash and investments, with no material debt maturities until 2030 [14] - Cash provided by operating activities was $449.5 million, reflecting a 37.4% year-over-year increase [16]