PART I — FINANCIAL INFORMATION [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents Liberty Global Ltd.'s unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive earnings (loss), equity, and cash flows for the periods ended June 30, 2025 and 2024 [Condensed Consolidated Balance Sheets](index=4&type=page&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202025%20and%20December%2031%2C%202024%20%28unaudited%29) The condensed consolidated balance sheets show an increase in total assets and total liabilities from December 31, 2024, to June 30, 2025, with a corresponding increase in total equity | Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :-------------------------------- | :-------------------------- | :----------------------------- | | Total assets | $27,167.1 | $25,439.7 | | Total liabilities | $13,962.1 | $12,895.4 | | Total equity | $13,205.0 | $12,544.3 | | Cash and cash equivalents | $1,816.5 | $1,816.3 | | Short-term investments | $1,328.1 | $335.6 | | Current portion of debt | $1,990.5 | $898.5 | [Condensed Consolidated Statements of Operations](index=6&type=page&id=Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024%20%28unaudited%29) Liberty Global reported a net loss for the three and six months ended June 30, 2025, a significant decline compared to net earnings in the prior year periods | Metric (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | | Revenue | $1,269.1 | $1,057.9 | | Operating income (loss) | $29.6 | $(33.0) | | Net earnings (loss) | $(2,773.8) | $275.2 | | Net earnings (loss) attributable to Liberty Global shareholders | $(2,792.9) | $268.1 | | Basic EPS attributable to Liberty Global shareholders | $(8.09) | $0.72 | | Diluted EPS attributable to Liberty Global shareholders | $(8.09) | $0.71 | | Metric (in millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $2,440.3 | $2,149.2 | | Operating income (loss) | $90.3 | $(45.3) | | Net earnings (loss) | $(4,097.1) | $802.2 | | Net earnings (loss) attributable to Liberty Global shareholders | $(4,130.2) | $778.1 | | Basic EPS attributable to Liberty Global shareholders | $(11.91) | $2.08 | | Diluted EPS attributable to Liberty Global shareholders | $(11.91) | $2.04 | - Significant non-operating losses for the three and six months ended June 30, 2025, were primarily due to foreign currency transaction losses (net) of **$(2,089.9) million** and **$(3,170.9) million**, respectively, and realized/unrealized losses on derivative instruments (net) of **$(406.0) million** and **$(570.7) million**, respectively[13](index=13&type=chunk) [Condensed Consolidated Statements of Comprehensive Earnings (Loss)](index=7&type=page&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings%20%28Loss%29%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024%20%28unaudited%29) The company reported comprehensive earnings for the three and six months ended June 30, 2025, despite net losses, primarily due to substantial foreign currency translation adjustments in other comprehensive earnings | Metric (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | | Net earnings (loss) | $(2,773.8) | $275.2 | | Foreign currency translation adjustments | $3,174.4 | $(416.4) | | Other comprehensive earnings (loss) | $3,179.0 | $(198.5) | | Comprehensive earnings (loss) | $405.2 | $76.7 | | Metric (in millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------------------------------- | :----------------------------- | :----------------------------- | | Net earnings (loss) | $(4,097.1) | $802.2 | | Foreign currency translation adjustments | $4,801.4 | $(1,455.7) | | Other comprehensive earnings (loss) | $4,800.9 | $(1,224.9) | | Comprehensive earnings (loss) | $703.8 | $(422.7) | [Condensed Consolidated Statements of Equity](index=8&type=page&id=Condensed%20Consolidated%20Statements%20of%20Equity%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024%20%28unaudited%29) Liberty Global's total equity increased from January 1, 2025, to June 30, 2025, despite net losses, primarily due to significant accumulated other comprehensive earnings, net of taxes | Metric (in millions) | January 1, 2025 | June 30, 2025 | | :--------------------------------------- | :-------------- | :------------ | | Total Liberty Global shareholders | $12,365.9 | $12,994.0 | | Noncontrolling interests | $178.4 | $211.0 | | Total equity | $12,544.3 | $13,205.0 | | Accumulated earnings | $12,242.6 | $8,112.4 | | Accumulated other comprehensive earnings (loss), net of taxes | $(657.0) | $4,143.9 | - The increase in accumulated other comprehensive earnings (loss), net of taxes, from **$(657.0) million** at January 1, 2025, to **$4,143.9 million** at June 30, 2025, was largely due to other comprehensive earnings of **$3,179.0 million** during the second quarter of 2025[23](index=23&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=page&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024%20%28unaudited%29) For the six months ended June 30, 2025, net cash provided by operating activities decreased, while net cash used by investing activities increased significantly, and net cash used by financing activities decreased compared to the prior year | Metric (in millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $278.4 | $791.8 | | Net cash provided (used) by investing activities | $(246.9) | $310.7 | | Net cash used by financing activities | $(191.0) | $(473.3) | | Effect of exchange rate changes on cash | $159.7 | $(33.0) | | Net increase in cash and cash equivalents | $0.2 | $596.2 | | Cash and cash equivalents, end of period | $1,822.5 | $2,019.1 | - Cash paid for interest from continuing operations decreased from **$254.8 million** in 2024 to **$236.0 million** in 2025 for the six-month period[32](index=32&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=page&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20%28unaudited%29) These notes provide detailed explanations and disclosures for the condensed consolidated financial statements, covering accounting policies, significant transactions, financial instruments, and segment performance [(1) Basis of Presentation](index=13&type=page&id=%281%29%20Basis%20of%20Presentation) Liberty Global Ltd. is a Bermuda-exempted company providing broadband internet, video, fixed-line telephony, and mobile communications services in Europe, alongside investments in infrastructure, content, and technology - Liberty Global's continuing operations include Telenet (Belgium/Luxembourg) and VM Ireland, and **50%** noncontrolling interests in VMO2 JV (U.K.) and VodafoneZiggo JV (Netherlands)[35](index=35&type=chunk) - The Spin-off of Sunrise (Switzerland) was completed on November 8, 2024, with Sunrise operations reflected as discontinued[36](index=36&type=chunk) - A controlling interest in Formula E Holdings Ltd. was acquired on October 2, 2024, leading to **100%** consolidation of its results from that date[37](index=37&type=chunk) [(2) Accounting Changes and Recent Accounting Pronouncements](index=14&type=page&id=%282%29%20Accounting%20Changes%20and%20Recent%20Accounting%20Pronouncements) Liberty Global adopted several new accounting standards in 2024 and 2025, including ASU 2023-09, ASU 2023-07, and ASU 2023-05, and is evaluating ASU 2024-03 - Adopted ASU 2023-09 (Improvements to Income Tax Disclosures) on January 1, 2025, retrospectively[42](index=42&type=chunk) - Adopted ASU 2023-07 (Improvements to Reportable Segment Disclosures) on January 1, 2024, retrospectively, enhancing disclosures in note 16[43](index=43&type=chunk) - Adopted ASU 2023-05 (Business Combinations — Joint Venture Formations) on January 1, 2025, requiring fair value measurement of assets and liabilities upon joint venture formation[44](index=44&type=chunk) - Currently evaluating the impact of ASU 2024-03 (Disaggregation of Income Statement Expenses), effective for annual periods beginning after December 15, 2026[46](index=46&type=chunk) [(3) Revenue Recognition and Related Costs](index=15&type=page&id=%283%29%20Revenue%20Recognition%20and%20Related%20Costs) The company recognizes revenue when goods or services are transferred to customers, recording trade receivables, contract assets, or deferred revenue based on payment timing | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :------------------- | :------------ | :---------------- | | Trade receivables, net | $570.3 | $449.8 | | Allowance for doubtful accounts | $33.2 | $20.5 | | Contract assets | $11.7 | $9.4 | | Deferred revenue | $257.9 | $289.5 | - The decrease in deferred revenue for the six months ended June 30, 2025, is primarily due to the recognition of **$262.7 million** of revenue that was included in the December 31, 2024, balance[50](index=50&type=chunk) [(4) Acquisitions and Dispositions](index=15&type=page&id=%284%29%20Acquisitions%20and%20Dispositions) Liberty Global completed the Formula E Acquisition on October 2, 2024, gaining a controlling interest and consolidating its results, and completed the Spin-off of Sunrise on November 8, 2024 - Acquired a controlling interest in Formula E on October 2, 2024, increasing ownership from **38.2%** to **65.6%** for **€150.0 million ($165.7 million)**[52](index=52&type=chunk) - Completed the Spin-off of Sunrise on November 8, 2024, distributing Sunrise common shares to Liberty Global shareholders[57](index=57&type=chunk)[58](index=58&type=chunk) | Metric (in millions) | Six months ended June 30, 2024 (Sunrise Discontinued Operations) | | :------------------- | :------------------------------------------------------------- | | Revenue | $1,669.6 | | Operating income | $87.0 | | Net loss attributable to Liberty Global shareholders | $(156.4) | - Recorded **$101.3 million** in revenue from Sunrise Services for the six months ended June 30, 2025, following the Spin-off[59](index=59&type=chunk) [(5) Investments](index=17&type=page&id=%285%29%20Investments) Liberty Global holds significant equity method investments in VMO2 JV and VodafoneZiggo JV, and fair value investments in various companies, subject to macroeconomic pressures and volatility | Investment (in millions) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | **Equity Method:** | | | | VMO2 JV | $6,844.9 | $6,501.4 | | VodafoneZiggo JV | $1,873.1 | $1,738.4 | | **Fair Value:** | | | | Vodafone (short-term) | $1,328.1 | — | | EdgeConneX | $516.3 | $414.5 | | ITV | $431.2 | $351.4 | | Televisa Univision | $313.9 | $314.8 | | Vodafone (long-term) | — | $1,141.5 | | Total investments | $12,554.6 | $12,023.6 | | Share of Results of Affiliates, net (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :------------------------------------------------ | :------------------------------- | :------------------------------- | | VMO2 JV | $(161.1) | $3.0 | | VodafoneZiggo JV | $(48.1) | $4.8 | | nexfibre JV | $(29.6) | $(0.7) | | AtlasEdge JV | $(18.5) | $(4.7) | | Total | $(264.6) | $(24.6) | | Realized and Unrealized Gains (Losses) on Investments, net (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :----------------------------------------------------------------------- | :------------------------------- | :------------------------------- | | Vodafone | $57.9 | $(1.7) | | ITV | $43.1 | $33.1 | | Televisa Univision | $(27.6) | $1.2 | | Plume | $(9.7) | $(26.7) | | EdgeConneX | $14.9 | $17.3 | | Total | $55.3 | $(29.8) | - During Q2 2025, Liberty Global disposed of **90 million Vodafone shares** and unwound the associated Vodafone Collar and Loan, receiving **€70.9 million ($81.7 million)** net cash[67](index=67&type=chunk) [(6) Derivative Instruments](index=23&type=page&id=%286%29%20Derivative%20Instruments) Liberty Global uses derivative instruments to manage interest rate and foreign currency exposures, reporting significant realized and unrealized losses for the three and six months ended June 30, 2025 | Derivative Instrument Fair Values (in millions) | June 30, 2025 (Assets) | June 30, 2025 (Liabilities) | December 31, 2024 (Assets) | December 31, 2024 (Liabilities) | | :---------------------------------------------- | :--------------------- | :-------------------------- | :------------------------- | :------------------------------ | | Cross-currency and interest rate derivative contracts | $270.1 | $304.5 | $623.2 | $183.1 | | Equity-related derivative instruments | $29.3 | — | $213.4 | — | | Foreign currency forward and option contracts | $15.6 | $21.8 | $6.5 | $3.3 | | Total | $322.0 | $333.2 | $843.9 | $186.4 | | Realized and Unrealized Gains (Losses) on Derivative Instruments, net (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :-------------------------------------------------------------------------------- | :------------------------------- | :------------------------------- | | Cross-currency and interest rate derivative contracts | $(323.2) | $103.2 | | Equity-related derivative instruments | $(73.9) | $(4.6) | | Total | $(406.0) | $91.2 | | Realized and Unrealized Gains (Losses) on Derivative Instruments, net (in millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------------------------------------------------------- | :----------------------------- | :----------------------------- | | Cross-currency and interest rate derivative contracts | $(433.9) | $280.3 | | Equity-related derivative instruments | $(123.1) | $(48.1) | | Total | $(570.7) | $224.5 | - Derivative instruments reduced borrowing costs by **1.67%** at June 30, 2025[102](index=102&type=chunk) [(7) Fair Value Measurements](index=27&type=page&id=%287%29%20Fair%20Value%20Measurements) Liberty Global uses fair value measurements for certain investments and derivative instruments, categorizing inputs into Level 1, 2, or 3, with the Vodafone Collar transferring from Level 3 to Level 2 during Q2 2025 - The Vodafone Collar transferred from Level 3 to Level 2 during the second quarter of 2025[107](index=107&type=chunk) | Fair Value Assets (in millions) | Level 1 (June 30, 2025) | Level 2 (June 30, 2025) | Level 3 (June 30, 2025) | | :------------------------------ | :---------------------- | :---------------------- | :---------------------- | | Total derivative instruments | $0 | $322.0 | $0 | | Total investments | $1,807.5 | $82.9 | $1,367.7 | | Total assets | $1,807.5 | $404.9 | $1,367.7 | | Fair Value Liabilities (in millions) | Level 1 (June 30, 2025) | Level 2 (June 30, 2025) | Level 3 (June 30, 2025) | | :----------------------------------- | :---------------------- | :---------------------- | :---------------------- | | Total derivative instruments | $0 | $333.2 | $0 | | Total liabilities | $0 | $333.2 | $0 | - As of June 30, 2025, **$366.6 million** of Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes[117](index=117&type=chunk) [(8) Long-lived Assets](index=30&type=page&id=%288%29%20Long-lived%20Assets) Liberty Global's property and equipment, net, increased to $5,091.6 million at June 30, 2025, from $4,326.0 million at December 31, 2024, with goodwill also increasing to $3,601.0 million | Property and Equipment, Net (in millions) | June 30, 2025 | December 31, 2024 | | :---------------------------------------- | :------------ | :---------------- | | Distribution systems | $6,913.4 | $5,702.7 | | Support equipment, buildings and land | $2,972.3 | $2,518.0 | | CPE | $1,024.8 | $843.1 | | Total property and equipment, net | $5,091.6 | $4,326.0 | | Goodwill (in millions) | January 1, 2025 | Acquisitions and related adjustments | Foreign currency translation adjustments and other | June 30, 2025 | | :--------------------- | :-------------- | :----------------------------------- | :----------------------------------------------- | :------------ | | Telenet | $2,656.4 | $0.6 | $363.1 | $3,020.1 | | VM Ireland | $250.8 | — | $34.2 | $285.0 | | Other | $245.4 | $16.1 | $34.4 | $295.9 | | Total | $3,152.6 | $16.7 | $431.7 | $3,601.0 | | Intangible Assets Subject to Amortization, Net (in millions) | June 30, 2025 | December 31, 2024 | | :----------------------------------------------------------- | :------------ | :---------------- | | Licenses | $1,178.3 | $1,061.2 | | Customer relationships | $99.8 | $94.4 | | Other | $145.1 | $134.8 | | Total | $1,423.2 | $1,290.4 | [(9) Debt](index=32&type=page&id=%289%29%20Debt) Liberty Global's total debt before deferred financing costs, discounts, and premiums increased to $9,816.7 million at June 30, 2025, with a weighted average interest rate of 4.91% | Debt Component (in millions) | June 30, 2025 (Principal) | December 31, 2024 (Principal) | | :--------------------------- | :------------------------ | :---------------------------- | | Telenet Credit Facility | $4,647.5 | $4,364.8 | | Telenet Senior Secured Notes | $1,635.2 | $1,558.8 | | VM Ireland Credit Facility | $1,058.6 | $931.4 | | Vodafone Collar Loan | $1,379.9 | $1,301.9 | | Vendor financing | $385.2 | $355.9 | | Other | $710.3 | $632.2 | | Total debt before deferred financing costs, discounts and premiums | $9,816.7 | $9,145.0 | - The weighted average interest rate on total debt was **4.91%** at June 30, 2025, excluding derivative impacts[124](index=124&type=chunk) - Telenet entered into a **€500.0 million** sustainability-linked term loan facility in February 2025, maturing March 31, 2033, with interest at EURIBOR + 3.0%[131](index=131&type=chunk) - The Vodafone Collar Loan was partially settled by **€84.8 million ($99.7 million)** in Q2 2025, resulting in a **$0.9 million** loss on debt extinguishment, and fully settled in July 2025[127](index=127&type=chunk)[133](index=133&type=chunk) [(10) Leases](index=36&type=page&id=%2810%29%20Leases) Liberty Global's ROU assets and lease liabilities increased from December 31, 2024, to June 30, 2025, with total lease expense for the six months ended June 30, 2025, at $62.1 million | Lease Balances (in millions) | June 30, 2025 | December 31, 2024 | | :--------------------------- | :------------ | :---------------- | | Operating ROU assets | $776.6 | $710.5 | | Finance ROU assets | $39.4 | $38.2 | | Total ROU assets | $816.0 | $748.7 | | Operating lease liabilities | $828.7 | $753.1 | | Finance lease liabilities | $34.9 | $34.1 | | Total lease liabilities | $863.6 | $787.2 | | Lease Expense (in millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------- | :----------------------------- | :----------------------------- | | Finance lease expense | $4.8 | $2.1 | | Operating lease expense | $56.3 | $52.1 | | Short-term lease expense | $0.2 | $0.2 | | Variable lease expense | $0.8 | $0.7 | | Total lease expense | $62.1 | $55.1 | | Lease Liabilities Maturities (in millions) | Operating leases (June 30, 2025) | Finance leases (June 30, 2025) | | :----------------------------------------- | :------------------------------- | :----------------------------- | | Total payments | $1,109.1 | $44.4 | | Present value of lease payments | $828.7 | $34.9 | | Current portion | $88.4 | $7.3 | | Long-term portion | $740.3 | $27.6 | [(11) Income Taxes](index=38&type=page&id=%2811%29%20Income%20Taxes) Liberty Global will use a 15.0% Bermuda statutory rate for income tax calculations starting January 1, 2025, with effective tax rates for Q2 and YTD 2025 significantly impacted by non-deductible foreign exchange and investment losses - Bermuda enacted the Corporate Income Tax Act 2023, imposing a **15.0%** statutory rate starting January 1, 2025[151](index=151&type=chunk) - Effective tax rate for Q2 2025 was **0.0%** (expense of **$0.9 million**) compared to the **15.0%** Bermuda statutory rate, primarily due to non-deductible net foreign exchange losses (**$594.9 million**) and investment losses (**$69.5 million**)[152](index=152&type=chunk) - Effective tax rate for YTD Q2 2025 was **1.7%** (benefit of **$69.1 million**) compared to the **15.0%** Bermuda statutory rate, influenced by similar factors and a **$86.0 million** release of valuation allowances in Luxembourg[153](index=153&type=chunk) - Unrecognized tax benefits totaled **$308.6 million** as of June 30, 2025, with **$269.5 million** having a favorable impact if recognized[158](index=158&type=chunk) - Ongoing litigation includes a U.S. Department of Justice suit for **$284 million** in unpaid federal income taxes for 2018 and an appeal regarding a **$315 million** payment for the 2010 tax year[161](index=161&type=chunk)[162](index=162&type=chunk) [(12) Equity](index=40&type=page&id=%2812%29%20Equity) During the first six months of 2025, Liberty Global repurchased 9,421,772 Class C common shares for $103.0 million, with 25.5 million shares remaining under authorization - Repurchased **9,421,772 Class C common shares** for an aggregate of **$103.0 million** during the six months ended June 30, 2025[165](index=165&type=chunk) - Authorized to repurchase up to **10%** of total outstanding shares in 2025, with **25.5 million Class A and/or Class C common shares** remaining under authorization as of June 30, 2025[166](index=166&type=chunk) [(13) Share-based Compensation](index=40&type=page&id=%2813%29%20Share-based%20Compensation) Liberty Global's share-based compensation expense for the six months ended June 30, 2025, was $82.8 million, consistent with the prior year, with new 2025 PSUs granted in March 2025 | Share-based Compensation Expense (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--------------------------------------------- | :------------------------------- | :------------------------------- | | Non-performance based incentive awards | $21.3 | $27.8 | | Performance-based incentive awards | $15.4 | $4.9 | | Other | $8.8 | $7.4 | | Total Liberty Global | $45.5 | $40.1 | | Total | $49.4 | $43.4 | | Share-based Compensation Expense (in millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------------------------------------- | :----------------------------- | :----------------------------- | | Non-performance based incentive awards | $43.1 | $56.1 | | Performance-based incentive awards | $20.9 | $7.0 | | Other | $14.9 | $14.8 | | Total Liberty Global | $78.9 | $77.9 | | Total | $82.8 | $82.4 | - As of June 30, 2025, **38.6 million Class A and 86.7 million Class C options, SARs, and PSARs** were outstanding for Liberty Global employees[171](index=171&type=chunk)[172](index=172&type=chunk) - Additionally, **3.4 million Class A and 4.5 million Class C RSUs, and 4.9 million Class A and 6.7 million Class C PSUs** were outstanding[171](index=171&type=chunk)[172](index=172&type=chunk) - New 2025 PSUs were granted in March 2025, with payouts based on Liberty Global's average share price appreciation during a performance period ending December 31, 2027[174](index=174&type=chunk) [(14) Earnings (Loss) per Share](index=42&type=page&id=%2814%29%20Earnings%20%28Loss%29%20per%20Share) Liberty Global reported basic and diluted losses per share from continuing operations of $(8.09) for Q2 2025 and $(11.91) for YTD Q2 2025, a significant decline from positive EPS in the prior year | EPS Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | | Basic EPS from continuing operations | $(8.09) | $0.85 | | Diluted EPS from continuing operations | $(8.09) | $0.84 | | EPS Metric | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------------------------------- | :----------------------------- | :----------------------------- | | Basic EPS from continuing operations | $(11.91) | $2.50 | | Diluted EPS from continuing operations | $(11.91) | $2.45 | - Weighted average common shares outstanding (basic) were **345.0 million** for Q2 2025 and **346.7 million** for YTD Q2 2025[176](index=176&type=chunk) - Potentially dilutive employee share-based incentive awards of **155.5 million** were excluded from diluted EPS computation for Q2 and YTD Q2 2025 due to their anti-dilutive effect[176](index=176&type=chunk)[179](index=179&type=chunk) [(15) Commitments and Contingencies](index=43&type=page&id=%2815%29%20Commitments%20and%20Contingencies) Liberty Global has significant off-balance sheet commitments totaling $2,968.0 million as of June 30, 2025, and is involved in various legal and regulatory proceedings | Commitment Type (in millions) | Remainder of 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | | :---------------------------- | :---------------- | :----- | :----- | :----- | :---- | :--- | :--------- | :------ | | Purchase commitments | $397.0 | $628.8 | $543.0 | $508.3 | $102.1 | $36.3 | $18.9 | $2,234.4 | | Programming commitments | $72.9 | $44.8 | $33.3 | $2.2 | $0.8 | — | — | $154.0 | | Network and connectivity commitments | $41.7 | $45.4 | $4.6 | $1.0 | $0.5 | $0.1 | $0.1 | $93.4 | | Other commitments | $270.5 | $181.2 | $13.8 | $9.8 | $5.7 | $2.5 | $2.7 | $486.2 | | Total | $521.3 | $782.1 | $900.2 | $594.7 | $109.1 | $38.9 | $21.7 | $2,968.0 | - Programming commitments are expected to rise in future periods due to contractual inflation and content expansion, despite the fixed amounts shown[182](index=182&type=chunk) - Ongoing legal proceedings include the Interkabel Acquisition dispute in Belgium (claiming **€1.4 billion** in damages) and the Telekom Deutschland Litigation in Germany, with no material impact expected on financial position[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk)[192](index=192&type=chunk) [(16) Segment Reporting](index=45&type=page&id=%2816%29%20Segment%20Reporting) Liberty Global operates through three strategic platforms: Liberty Telecom, Liberty Growth, and Liberty Services, with Adjusted EBITDA as the primary measure for evaluating segment performance - Reportable segments include Telenet, VM Ireland, VMO2 JV, and VodafoneZiggo JV, all part of the 'Liberty Telecom' strategic platform[200](index=200&type=chunk)[206](index=206&type=chunk) - 'Liberty Growth' and 'Liberty Services' strategic platforms, along with corporate activities, are included in the 'all other category' due to not meeting reportable segment thresholds[202](index=202&type=chunk)[203](index=203&type=chunk)[205](index=205&type=chunk) | Segment Revenue (in millions) | Three months ended June 30, 2025 | Six months ended June 30, 2025 | | :---------------------------- | :------------------------------- | :----------------------------- | | Telenet | $801.0 | $1,560.7 | | VM Ireland | $122.8 | $238.6 | | VMO2 JV | $3,373.5 | $6,499.8 | | VodafoneZiggo JV | $1,123.3 | $2,175.3 | | Total reportable segment revenue | $5,420.6 | $10,474.4 | | Segment Adjusted EBITDA (in millions) | Three months ended June 30, 2025 | Six months ended June 30, 2025 | | :------------------------------------ | :------------------------------- | :----------------------------- | | Telenet | $337.9 | $639.5 | | VM Ireland | $41.4 | $78.6 | | VMO2 JV | $1,172.3 | $2,245.7 | | VodafoneZiggo JV | $496.7 | $959.8 | | Total reportable segment Adjusted EBITDA | $2,048.3 | $3,923.6 | | Revenue by Major Category (in millions) | Three months ended June 30, 2025 | Six months ended June 30, 2025 | | :-------------------------------------- | :------------------------------- | :----------------------------- | | Residential fixed subscription revenue | $439.2 | $846.0 | | Residential mobile subscription revenue | $125.0 | $240.7 | | B2B subscription revenue | $112.5 | $216.3 | | Other revenue | $436.8 | $837.2 | | Total consolidated revenue | $1,269.1 | $2,440.3 | [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=54&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides a comprehensive analysis of Liberty Global's financial condition and results of operations for the three and six months ended June 30, 2025, compared to 2024 [Forward-Looking Statements](index=54&type=page&id=Forward-Looking%20Statements) This section outlines various risks and uncertainties that could cause actual results to differ materially from forward-looking statements - Key risks include economic and business conditions, competitive environment, technological changes, regulatory impacts, and fluctuations in currency exchange rates and interest rates[238](index=238&type=chunk)[239](index=239&type=chunk) - The company disclaims any obligation to update or revise forward-looking statements[240](index=240&type=chunk) [Overview](index=56&type=page&id=Overview) Liberty Global is an international provider of broadband, video, fixed-line telephony, and mobile services in Europe, with active investments in infrastructure, content, and technology - At June 30, 2025, reportable segments passed **29.1 million homes**, served **11.4 million fixed-line customers**, and **44.6 million mobile subscribers**[245](index=245&type=chunk) - Competition, macroeconomic, and regulatory factors are adversely impacting revenue, customer numbers, and ARPU[246](index=246&type=chunk) - The company is subject to inflationary pressures on labor, programming, and other costs, which may outpace revenue increases[247](index=247&type=chunk) [Material Changes in Results of Operations](index=57&type=page&id=Material%20Changes%20in%20Results%20of%20Operations) Liberty Global's consolidated revenue increased by 20.0% for Q2 2025 and 13.5% for YTD Q2 2025, primarily due to acquisitions, but organic revenue decreased, leading to significant net losses [Discussion and Analysis of our Reportable Segments](index=58&type=page&id=Discussion%20and%20Analysis%20of%20our%20Reportable%20Segments) Telenet's revenue increased organically, while VM Ireland's revenue decreased, and VMO2 JV and VodafoneZiggo JV experienced mixed results | Segment Revenue (in millions) | Three months ended June 30, 2025 | Organic % Change (QoQ) | | :---------------------------- | :------------------------------- | :--------------------- | | Telenet | $801.0 | 0.6% | | VM Ireland | $122.8 | (3.0)% | | Total consolidated reportable segments | $923.8 | | | Segment Revenue (in millions) | Six months ended June 30, 2025 | Organic % Change (YoY) | | :---------------------------- | :----------------------------- | :--------------------- | | Telenet | $1,560.7 | 1.7% | | VM Ireland | $238.6 | (2.9)% | | Total consolidated reportable segments | $1,799.3 | | | Segment Adjusted EBITDA (in millions) | Three months ended June 30, 2025 | Organic % Change (QoQ) | | :------------------------------------ | :------------------------------- | :--------------------- | | Telenet | $337.9 | 2.8% | | VM Ireland | $41.4 | (14.1)% | | Total consolidated reportable segments | $379.3 | | | Segment Adjusted EBITDA (in millions) | Six months ended June 30, 2025 | Organic % Change (YoY) | | :------------------------------------ | :----------------------------- | :--------------------- | | Telenet | $639.5 | 1.8% | | VM Ireland | $78.6 | (9.5)% | | Total consolidated reportable segments | $718.1 | | | Adjusted EBITDA Margin | June 30, 2025 (QoQ) | June 30, 2024 (QoQ) | June 30, 2025 (YoY) | June 30, 2024 (YoY) | | :--------------------- | :------------------ | :------------------ | :------------------ | :------------------ | | Telenet | 42.2% | 41.3% | 41.0% | 40.9% | | VM Ireland | 33.7% | 38.1% | 32.9% | 35.3% | | VMO2 JV | 34.8% | 33.5% | 34.6% | 33.1% | | VodafoneZiggo JV | 44.2% | 47.5% | 44.1% | 47.0% | [Discussion and Analysis of our Consolidated Operating Results](index=63&type=page&id=Discussion%20and%20Analysis%20of%20our%20Consolidated%20Operating%20Results) Consolidated revenue increased due to acquisitions but organic revenue declined, with net losses driven by foreign currency and derivative losses, and significant losses from affiliates | Consolidated Revenue (in millions) | Three months ended June 30, 2025 | Organic % Change (QoQ) | | :------------------------------- | :------------------------------- | :--------------------- | | Total consolidated revenue | $1,269.1 | (1.2)% | | Residential fixed revenue | $443.8 | 0.4% | | Residential mobile revenue | $162.6 | (5.7)% | | B2B revenue | $225.9 | 1.4% | | Other revenue | $436.8 | (2.3)% | | Consolidated Revenue (in millions) | Six months ended June 30, 2025 | Organic % Change (YoY) | | :------------------------------- | :----------------------------- | :--------------------- | | Total consolidated revenue | $2,440.3 | (1.2)% | | Residential fixed revenue | $855.7 | 0.4% | | Residential mobile revenue | $314.5 | (6.3)% | | B2B revenue | $432.9 | 2.2% | | Other revenue | $837.2 | (2.7)% | - Consolidated revenue increased **$211.2 million (20.0%)** for Q2 2025 and **$291.1 million (13.5%)** for YTD Q2 2025, including **$114.4 million** and **$198.9 million** from Formula E Acquisition and **$51.7 million** and **$101.3 million** from Sunrise Services, respectively[273](index=273&type=chunk) | Expense Category (in millions) | Six months ended June 30, 2025 | Organic % Change (YoY) | | :----------------------------- | :----------------------------- | :--------------------- | | Programming and other direct costs of services | $868.7 | (5.3)% | | Other operating expenses (excl. share-based comp) | $402.2 | 4.4% | | SG&A expenses (excl. share-based comp) | $509.5 | (2.2)% | - Interest expense decreased by **$35.6 million (12.3%)** for YTD Q2 2025, primarily due to lower weighted average interest rates[297](index=297&type=chunk) - Share of results of affiliates, net, showed a loss of **$(412.6) million** for YTD Q2 2025, compared to a loss of **$(31.6) million** in the prior year, largely due to VMO2 JV and VodafoneZiggo JV losses[307](index=307&type=chunk) [Material Changes in Financial Condition](index=77&type=page&id=Material%20Changes%20in%20Financial%20Condition) Liberty Global's liquidity is dependent on its subsidiaries' capital resources, with $1,899.3 million in cash, cash equivalents, and SMAs at June 30, 2025, and adjusted free cash flow was negative $(342.4) million for YTD Q2 2025 [Sources and Uses of Cash](index=77&type=page&id=Sources%20and%20Uses%20of%20Cash) Liberty Global's corporate liquidity relies on cash from unrestricted subsidiaries and investments held under SMAs, with borrowing groups holding additional cash that may have restricted access | Cash and Cash Equivalents and SMAs (in millions) | June 30, 2025 | | :----------------------------------------------- | :------------ | | Liberty Global and unrestricted subsidiaries | $598.7 | | Borrowing groups | $1,217.8 | | Total cash and cash equivalents | $1,816.5 | | Investments held under SMAs | $82.8 | | Total | $1,899.3 | - **72.1% ($1,309.6 million)** of consolidated cash and cash equivalents is denominated in euros, and **26.4% ($478.9 million)** in U.S. dollars[333](index=333&type=chunk) - The company repurchased **$103.0 million** of shares during the six months ended June 30, 2025[339](index=339&type=chunk) [Capitalization](index=79&type=page&id=Capitalization) Liberty Global aims to maintain consolidated debt between four and five times its consolidated Adjusted EBITDA, with total consolidated debt and finance lease obligations at $9.9 billion as of June 30, 2025 - Target consolidated debt balance is between **four and five times** consolidated Adjusted EBITDA[344](index=344&type=chunk) - Total consolidated debt and finance lease obligations aggregated **$9.9 billion** at June 30, 2025, with **$2.0 billion** classified as current[346](index=346&type=chunk) - All borrowing groups were in compliance with debt covenants at June 30, 2025, and no material adverse impact on liquidity is anticipated for the next 12 months[345](index=345&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=80&type=page&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities decreased, net cash used by investing activities increased, and net cash used by financing activities decreased compared to the prior year | Cash Flow Summary (in millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | Change | | :------------------------------ | :----------------------------- | :----------------------------- | :----- | | Net cash provided by operating activities | $278.4 | $345.0 | $(66.6) | | Net cash provided (used) by investing activities | $(246.9) | $567.8 | $(814.7) | | Net cash used by financing activities | $(191.0) | $(439.7) | $248.7 | | Net increase in cash | $0.2 | $441.4 | $(441.2) | - The decrease in operating cash flow was due to lower interest receipts and derivative cash receipts, partially offset by lower interest payments and FX impact[349](index=349&type=chunk) - The change in investing cash flow was primarily due to a **$411.7 million** decrease from the All3Media sale, **$258.7 million** lower net cash from investment sales, and **$171.5 million** higher capital expenditures[350](index=350&type=chunk) - The decrease in financing cash used was mainly due to **$244.5 million** lower share repurchases, partially offset by **$92.0 million** higher net debt repayments and **$84.1 million** higher net cash receipts from derivatives[352](index=352&type=chunk) [Adjusted Free Cash Flow](index=81&type=page&id=Adjusted%20Free%20Cash%20Flow) Adjusted free cash flow for the six months ended June 30, 2025, was negative $(342.4) million, a significant decrease from $(91.2) million in the prior year | Adjusted Free Cash Flow (in millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Net cash provided by operating activities of continuing operations | $278.4 | $345.0 | | Operating-related vendor financing additions | $151.6 | $170.6 | | Cash capital expenditures, net | $(562.6) | $(391.1) | | Principal payments on operating-related vendor financing | $(176.6) | $(162.6) | | Principal payments on capital-related vendor financing | $(30.4) | $(51.5) | | Principal payments on finance leases | $(2.8) | $(1.6) | | Adjusted free cash flow | $(342.4) | $(91.2) | [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=82&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Liberty Global is exposed to market risks from foreign currency exchange rates, interest rates, and stock prices, which are managed using derivative instruments [General](index=82&type=page&id=General) Liberty Global is exposed to market risks from foreign currency exchange rates, interest rates, and stock prices due to its international investments and financing activities - Market risk includes foreign currency exchange rates, interest rates, and stock prices[358](index=358&type=chunk) - Derivative instruments are used to manage exposure to market risks[358](index=358&type=chunk) [Cash](index=82&type=page&id=Cash) The company invests cash in highly liquid, high-credit-quality instruments and manages currency denominations to mitigate exchange rate risk - At June 30, 2025, **72.1% ($1,309.6 million)** of consolidated cash was in euros, and **26.4% ($478.9 million)** in U.S. dollars[361](index=361&type=chunk) - **88.2% ($73.0 million)** of investments held under SMAs were denominated in U.S. dollars[361](index=361&type=chunk) [Foreign Currency Risk](index=82&type=page&id=Foreign%20Currency%20Risk) Liberty Global faces foreign currency exchange rate risk when debt is denominated in a currency different from the functional currency of the supporting operations, primarily for the euro and British pound sterling against the U.S. dollar - Primary foreign exchange risk exposure is to the euro and British pound sterling against the U.S. dollar[362](index=362&type=chunk)[363](index=363&type=chunk) | Currency | Spot Rate (June 30, 2025) | Spot Rate (December 31, 2024) | | :------- | :------------------------ | :---------------------------- | | Euro | 0.8502 | 0.9663 | | GBP | 0.7292 | 0.7988 | [Inflation and Foreign Investment Risk](index=83&type=page&id=Inflation%20and%20Foreign%20Investment%20Risk) The company is exposed to inflationary pressures on labor, programming, and other costs, which may negatively impact operating results, cash flows, and liquidity - Subject to inflationary pressures on labor, programming, and other costs[364](index=364&type=chunk) - Costs could rise faster than revenue, negatively impacting operating results, cash flows, and liquidity[364](index=364&type=chunk) [Interest Rate Risks](index=83&type=page&id=Interest%20Rate%20Risks) Liberty Global is exposed to interest rate changes from its fixed-rate and variable-rate borrowings, primarily EURIBOR-indexed and Term SOFR-indexed debt, managed with derivative instruments - Primary exposure to variable-rate debt is through EURIBOR-indexed and Term SOFR-indexed debt[365](index=365&type=chunk) - Uses interest rate derivative contracts (swaps, caps, floors, collars, swaptions) to mitigate interest rate risk[366](index=366&type=chunk) - At June 30, 2025, outstanding variable-rate indebtedness aggregated **$6.8 billion**, with a weighted average interest rate of approximately **5.4%**[368](index=368&type=chunk) - A hypothetical **50 basis point** increase in the weighted average variable interest rate would increase annual consolidated interest expense and cash outflows by **$34.0 million**[368](index=368&type=chunk) [Sensitivity Information](index=83&type=page&id=Sensitivity%20Information) The fair value of Telenet's cross-currency and interest rate derivative contracts is sensitive to changes in exchange rates and interest rates - A **10%** increase in the euro's value relative to the U.S. dollar would decrease Telenet's cross-currency and interest rate derivative contracts' fair value by approximately **€308 million ($361 million)**[373](index=373&type=chunk) - A **50 basis point** increase in the relevant base rate would increase Telenet's cross-currency and interest rate derivative contracts' fair value by approximately **€71 million ($83 million)**[373](index=373&type=chunk) [Projected Cash Flows Associated with Derivative Instruments](index=84&type=page&id=Projected%20Cash%20Flows%20Associated%20with%20Derivative%20Instruments) Projected net cash payments associated with derivative instruments total $(96.6) million, with interest-related payments of $(247.0) million and principal-related receipts of $144.8 million | Projected Derivative Cash Flows, net (in millions) | Remainder of 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | | :----------------------------------------------- | :---------------- | :---- | :----- | :---- | :----- | :--- | :--------- | :------ | | Interest-related | $(56.8) | $3.4 | $(101.0) | $(74.4) | $(19.9) | $1.5 | $0.2 | $(247.0) | | Principal-related | — | — | — | $144.8 | — | — | — | $144.8 | | Other | $4.0 | $1.5 | $(0.1) | $0.2 | — | — | — | $5.6 | | Total | $(52.8) | $4.9 | $(101.1) | $70.6 | $(19.9) | $1.5 | $0.2 | $(96.6) | [ITEM 4. CONTROLS AND PROCEDURES](index=85&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Liberty Global's management evaluated the effectiveness of disclosure controls and procedures as of June 30, 2025, concluding they provide reasonable assurance, with no material changes in internal controls over financial reporting [Evaluation of Disclosure Controls and Procedures](index=85&type=page&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) The CEO and CFO concluded that Liberty Global's disclosure controls and procedures were effective as of June 30, 2025, providing reasonable assurance that required information is recorded, processed, summarized, and reported timely - Disclosure controls and procedures were evaluated and deemed effective as of June 30, 2025[374](index=374&type=chunk) - Controls provide reasonable assurance of achieving desired control objectives[374](index=374&type=chunk) [Changes in Internal Controls over Financial Reporting](index=85&type=page&id=Changes%20in%20Internal%20Controls%20over%20Financial%20Reporting) No material changes in internal controls over financial reporting were identified during the fiscal quarter ended June 30, 2025 - No material changes in internal controls over financial reporting occurred during the quarter[375](index=375&type=chunk) PART II — OTHER INFORMATION [ITEM 1. LEGAL PROCEEDINGS](index=86&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section refers to Note 15 of the condensed consolidated financial statements for details on legal proceedings, which arise in the normal course of business - Legal proceedings are detailed in Note 15 to the condensed consolidated financial statements[377](index=377&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=86&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During the quarter ended June 30, 2025, Liberty Global repurchased 6,223,775 Class C common shares for an average price of $10.32 per share, totaling approximately $64.2 million | Period | Class | Total number of shares purchased | Average price paid per share | | :---------------------------------- | :---- | :------------------------------- | :--------------------------- | | April 1, 2025 through April 30, 2025 | Class C | 1,881,276 | $11.09 | | May 1, 2025 through May 31, 2025 | Class C | 2,288,393 | $9.91 | | June 1, 2025 through June 30, 2025 | Class C | 2,054,106 | $10.07 | | Total — April 1, 2025 through June 30, 2025 | Class C | 6,223,775 | $10.32 | - As of June 30, 2025, the company is authorized to repurchase an additional **25.5 million Class A and/or Class C common shares** during 2025, equating to approximately **$259.1 million** based on closing share prices[378](index=378&type=chunk) [ITEM 5. OTHER INFORMATION](index=86&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No directors or executive officers adopted or terminated any Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025 - No directors or executive officers adopted or terminated Rule 10b5-1 trading arrangements during Q2 2025[379](index=379&type=chunk) [ITEM 6. EXHIBITS](index=87&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed as part of the Quarterly Report, including supplemental agreements, incentive plans, and certifications - Exhibits include a Supplemental Agreement for Telenet's Credit Agreement, a Form of Non-Executive Director Restricted Share Units Agreement, and various certifications (Rule 13a-14(a)/15d-14(a) and Section 1350)[381](index=381&type=chunk)

Core Viewpoint - Zhang Yifan will officially join Lingbei China as General Manager on July 1, 2025, succeeding Jens Hoeyer, who has left the position [2][4][3]. Group 1: Leadership Transition - Zhang Yifan will be responsible for all operations of Lingbei in mainland China and Hong Kong, while Yang Shaohua will continue as Vice President focusing on strategic finance, business development, and partnerships [3][6]. - Yang Shaohua has played a crucial role in maintaining strong performance during the transition period [6]. Group 2: Zhang Yifan's Background - Zhang Yifan has 16 years of experience in the global pharmaceutical industry, including significant roles at Novo Nordisk in Denmark, France, Taiwan, and recently in China [5][8]. - He successfully built and led the obesity business unit from scratch in China, launching new products nationwide [5][8]. - Zhang holds a Master's degree in International Business and Trade from the University of Gothenburg, Sweden, and a Bachelor's degree in International Business from Brisbane, Australia [5][8]. Group 3: Future Outlook - The leadership believes that Zhang's extensive cross-functional and regional experience, along with his strategic thinking and management skills, will drive Lingbei China towards its goal of becoming an "innovation-focused" company [5][8].

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]

Financial Highlights - Liberty Global's portfolio is valued at $3.1 billion[7] - Liberty Global repurchased $700 million of shares, representing 10% of outstanding shares[11] - Liberty Global has refinanced over $3 billion at VodafoneZiggo and VMO2[11] Operational Performance - Liberty Services generated revenue of $600 million[7] - Liberty Growth's net invested capital is approximately $1 billion[25] - Liberty Growth's 2024 FMV is approximately $3.1 billion[25] Strategic Initiatives - Liberty Global intends to repurchase up to 10% of shares outstanding in 2025[20] - Liberty Global is targeting $0.5 billion to $0.75 billion in non-core asset sales in 2025[20] - Wyre has a committed €500 million standalone capex facility for fiber rollout[10]

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]