DENVER, March 24, 2026 (GLOBE NEWSWIRE) -- Liberty Global Ltd. (“Liberty Global” or the “Company”) (NASDAQ: LBTYA, LBTYB and LBTYK) today announced plans to release its first quarter 2026 results on the morning of Friday, May 1, 2026. You are invited to join in its Investor Call, which will begin at 09:00 a.m. (Eastern Time). During the call, management will discuss the Company’s results and may provide other forward-looking information. A listen-only webcast, along with a summary investor presentation, ca ...

Ian Larkin Image of incoming CEO, Liberty Blume LONDON, March 18, 2026 (GLOBE NEWSWIRE) -- Liberty Global’s (NASDAQ: LBTYA, LBTYB, and LBTYK) tech-enabled back-office solutions provider, Liberty Blume, has announced the appointment of Ian Larkin as Chief Executive Officer to lead the next phase of the company’s growth. Larkin brings more than 25 years of leadership experience across consultancy, financial services, technology, and global operations. He most recently served as CEO of TopSource Worldwide, ...

Group 1 - Liberty Global Ltd. is trading at a significant discount, with a market capitalization of approximately $3.75 billion against an estimated underlying asset value of $11–15 billion, indicating a potential upside of 3–4 times if the value is realized [2] - The company's major assets include Virgin Media O2, VodafoneZiggo, and Telenet, which contribute to strong EBITDA and synergies, with Virgin Media O2 exploring a NetCo infrastructure separation that could enhance valuations [3][4] - The persistent discount in Liberty Global's valuation is attributed to structural challenges in the European telecom market, including regulatory fragmentation and high leverage, although potential regulatory reforms could act as long-term catalysts [5] Group 2 - Liberty Global has shown strong operational performance, generating billions in EBITDA and cash flows, even during heavy investment cycles, supported by liquid assets exceeding current market value [6] - The company has executed significant capital returns and asset disposals, with further actions expected in 2025, including aggressive buybacks that have meaningfully reduced shares outstanding [5][6] - The telecom infrastructure market is experiencing private transactions at higher multiples than public valuations, highlighting an arbitrage opportunity for Liberty Global's assets [4]

Core Insights - The article emphasizes the significance of Liberty Global Ltd. (LBTYA, LBTYB, LBTYK) and suggests that this analysis is more critical than the previous Sunrise spin-off discussions [1] Company Analysis - Liberty Global Ltd. has been a subject of multiple analyses, indicating a sustained interest and potential investment opportunity in the company [1] Analyst Background - The author has a background in engineering and transitioned to capital management in 2018, focusing on fundamental analysis and investment strategies [2] - The author emphasizes the importance of a "Margin of Safety" and a "Catalyst" for stock selection, indicating a disciplined investment approach [2]

Core Insights - Liberty Global (LBTYA) reported a significant loss of $2.92 billion from continuing operations in Q4 2025, contrasting with earnings of $2.33 billion in the same quarter of the previous year [1] - Despite the loss, revenues increased by 9.6% year over year to $1.23 billion, although on a rebased basis, revenues saw a slight decline of 0.5% [1] Revenue Performance - Consolidated Liberty Telecom, which includes Telenet and Virgin Media Ireland, saw revenues rise by 7.3% year over year to $976.3 million [2] - Liberty Growth revenues increased to $36.6 million from $35.1 million in the previous year [2] - Liberty Services & Corporate revenues grew by 19.3% year over year and 9.4% on a rebased basis to $266.6 million [2] Segment Analysis - Telenet's revenues reached $842.3 million, marking a 7.8% increase year over year, but a decline of 1.3% on a rebased basis [3] - Virgin Media Ireland's revenues increased by 4.2% on a reported basis but decreased by 4.5% on a rebased basis to $134 million [3] - Adjusted EBITDA for Liberty Global increased by 12.4% year over year to $278.6 million in Q4, but declined by 0.9% on a rebased basis [3] Subscriber Trends - Telenet lost 4,600 fixed-line customers but gained 12,400 broadband customers and 2,900 postpaid mobile subscribers [5] - VM Ireland lost 4,200 fixed-line customers and 3,400 broadband customers, while gaining 1,500 postpaid mobile subscribers [5][6] Joint Venture Performance - VMO2 joint venture revenues were $3.40 billion, down 2.3% on a reported basis and 5.9% on a rebased basis, with significant subscriber losses [7] - VodafoneZiggo joint venture revenues increased by 6.5% on a reported basis but decreased by 2.3% on a rebased basis, also experiencing subscriber losses [8] Financial Position - At the end of Q4 2025, Liberty Global had $2.90 billion in cash and investments, a decrease from $2.61 billion at the end of Q3 2025 [10] - Total debt and finance leases amounted to $8.6 billion, up from $8.5 billion in the previous quarter [10] - Cash provided by operating activities was $630.9 million, down 5.4% year over year but up 109% from the previous quarter [11] 2026 Guidance - Liberty Global anticipates further improvement in Liberty Services & Corporate performance, guiding to approximately $50 million negative Adjusted EBITDA for 2026 [12] - VMO2 expects a 3-5% decline in total service revenues and Adjusted EBITDA, reflecting competitive pressures in the U.K. market [12] - VodafoneZiggo forecasts stable to low-single-digit revenue decline and a mid- to high-single-digit decline in Adjusted EBITDA [13] - Telenet expects stable revenue growth and low-single-digit growth in Adjusted EBITDA, supported by price indexation benefits [13]

We recently published 10 Market Winners With Stunning Gains. Liberty Global Ltd. (NASDAQ:LBTYA) was one of the best performers on Wednesday. Liberty Global soared to a new 52-week high on Wednesday, as investors took heart from a flurry of billion-dollar acquisition initiatives. At intra-day trading, the stock jumped to its highest price of $13.52 before trimming gains to finish the session just up by 16.76 percent at $13.03 apiece. In an updated report during the day, Liberty Global Ltd. (NASDAQ:LBTYA ...

由西班牙电信(Telefonica SA)和Liberty Global拥有的宽带合资企业Nexfibre Networks Ltd.已同意收购光纤 挑战者品牌Netomnia Ltd.的母公司Substantial Group，交易价值20亿英镑(约27亿美元)。这标志着拥挤的 英国宽带市场迎来了首次重大整合。（格隆汇） ...

Financial Performance - Liberty Global Ltd reported a consolidated loss from continuing operations of $7.1 billion for fiscal 2025, a significant decline from a profit of $1.9 billion in the previous fiscal year [1] - In the fourth quarter, the consolidated loss from continuing operations was $2.9 billion, compared to a profit of $2.3 billion in the same quarter last year [2] - Total consolidated adjusted EBITDA for fiscal 2025 increased by 9.9% to $1.3 billion, while the fourth quarter adjusted EBITDA was $278.6 million, reflecting a 12.4% increase from the previous year [1][2] - Total consolidated revenue grew by 12.4% to $4.9 billion for fiscal 2025, with fourth quarter revenue reaching $1.2 billion, up 9.6% from the prior year [1][2] Strategic Developments - Liberty Global has entered into a definitive agreement with Vodafone Group Plc to acquire Vodafone's 50% shareholding in their Dutch telecommunications joint venture, VodafoneZiggo [3] - Vodafone will receive €1.0 billion in cash and a 10% stake in a new Benelux company named Ziggo Group, which will hold Liberty Global's interests in VodafoneZiggo and Telenet in Belgium [3] - The deal aims to unlock the value of Liberty Global's Benelux operating businesses for shareholders, with plans to list Ziggo Group locally in 2027 on Euronext in Amsterdam and to spin off the 90% held by Liberty Global to its shareholders [3]

Financial 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, a 12.4% increase compared to 2024[4]. - Adjusted EBITDA for Q4 2025 was $278.6 million, a 12.4% increase year-over-year, with full-year Adjusted EBITDA reaching $1,275.0 million, up 9.9% from 2024[4]. - Liberty Telecom's consolidated revenue for Q4 2025 was $976.3 million, reflecting a 7.3% increase year-over-year, while full-year revenue was $3,702.7 million, a 3.5% increase[4]. - VMO2 JV reported revenue of $3,399.4 million for Q4 2025, a 2.3% decrease year-over-year, and $13,335.2 million for the full year, also down 2.3%[4]. - Total consolidated revenue increased by 9.6% to $1,231.1 million in Q4 2025 from $1,123.2 million in Q4 2024[39]. - Adjusted EBITDA rose by 12.4% to $278.6 million in Q4 2025, compared to $247.8 million in Q4 2024[40]. - Total revenue decreased by 5.9% year-over-year to £2,556.9 million for the three months ended December 31, 2025[53]. - Adjusted EBITDA decreased by 2.4% to £965.4 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]. - Adjusted EBITDA for the year ended December 31, 2025, was €1,750.1 million, down 6.9% from €1,880.1 million in 2024[62]. Cash Flow and Investments - The company achieved a strong corporate cash position of $2.2 billion at the end of 2025, supported by disciplined capital allocation and non-core asset disposals[3]. - Adjusted Free Cash Flow for 2025 was reported at £393.1 million, aligning with guidance of £350 million to £400 million[14]. - Cash provided by operating activities decreased by 5.4% to $630.9 million in Q4 2025 compared to $667.1 million in Q4 2024[37]. - Distributable Cash Flow from continuing operations decreased by 69.5% to $161.9 million in Q4 2025 from $530.6 million in Q4 2024[37]. - Adjusted Free Cash Flow (Adjusted FCF) for the year ended December 31, 2025, was impacted by cash payments for capital expenditures of $3.3 million and principal payments on operating-related amounts financed by vendors totaling $5.5 million[102]. - The company reported a significant increase in cash used by investing activities, which decreased by 162.8% to $(267.1) million in Q4 2025 from $425.6 million in Q4 2024[37]. Subscriber Metrics - Liberty Global's total broadband net losses were 16,700 in Q4 2025, showing sequential improvement despite intense competition[14]. - Total mobile subscribers for consolidated reportable segments reached 2,966,400 as of December 31, 2025[43]. - 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[34]. - Organic broadband net additions for Q4 2025 were 12,400, compared to 3,200 in Q4 2024[71]. - Fixed-line customer relationships decreased by 16,800 quarter-over-quarter, with a total of 3,295,900 as of December 31, 2025[60]. Debt and Financing - 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]. - VMO2 issued $850.0 million in senior secured notes in October 2025, maturing on January 15, 2033, at an interest rate of 6.75%[55]. - A €1,430.0 million term loan (Term Loan AE) was issued in December 2025, maturing on January 31, 2033, with an interest rate of 3.25% + EURIBOR[55]. - The net total debt to annualized adjusted EBITDA ratio was 4.00x as of December 31, 2025[58]. - The leverage ratio for net total debt to annualized adjusted EBITDA was 4.99x as of December 31, 2025[69]. Strategic Initiatives - The company is focused on strategic acquisitions, including the anticipated acquisition of Substantial Group (Netomnia) and VodafoneZiggo[87]. - Liberty Growth reported a revenue increase of 4.3% to $36.6 million in Q4 2025[39]. - The company’s Liberty Growth strategic platform focuses on investments in scalable technology, media, sports, and digital infrastructure companies, indicating a strategic direction for growth[115]. Market Outlook - The company expects a decline in total service revenue of 3% to 5% year-over-year for 2026, adjusted for the Daisy Transaction[14]. - 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]. - 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 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].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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) Bermuda 98-1750381 (State or other jurisdiction of incorporatio ...