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

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

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

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

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

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

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

Customer and Subscriber Metrics - As of June 30, 2025, the company served 11,412,000 fixed-line customers and 44,577,800 mobile subscribers, with networks passing 29,062,700 homes[245]. Acquisitions and Investments - The company completed the Formula E Acquisition on October 2, 2024, consolidating 100% of Formula E's results from that date[244]. - The company is actively investing across infrastructure, content, and technology industries, providing innovative technology solutions and finance services[241]. Financial Performance - For the three months ended June 30, 2025, the total consolidated Adjusted EBITDA was $335.3 million, compared to $297.6 million for the same period in 2024, reflecting an increase of 12.6%[256]. - The total consolidated revenue for the three months ended June 30, 2025, was $1,269.1 million, representing a 20.0% increase from $1,057.9 million in the same period of 2024[259]. - Telenet's revenue for the three months ended June 30, 2025, was $801.0 million, up 6.1% from $755.1 million in 2024, with an organic increase of 0.6%[261]. - The total consolidated reportable segments' revenue for the six months ended June 30, 2025, was $2,440.3 million, a 13.5% increase from $2,149.2 million in 2024[259]. - The total consolidated Adjusted EBITDA for the six months ended June 30, 2025, was $659.9 million, compared to $580.6 million in 2024, marking a 13.6% increase[256]. Revenue Breakdown - Residential fixed revenue increased by $24.5 million (5.8%) to $443.8 million, driven by broadband internet revenue growth of $19.3 million (8.8%)[271]. - B2B revenue grew by $14.3 million (6.8%) to $225.9 million, with subscription revenue up by $5.3 million (4.9%)[271]. - The revenue from the "all other category" for the three months ended June 30, 2025, was $383.4 million, a significant increase of 50.0% from $255.6 million in 2024[259]. Cost and Expense Analysis - The company is subject to inflationary pressures on labor, programming, and other costs, which may rise faster than revenue[247]. - Programming and other direct costs of services increased by $128.9 million or 38.3% for the three months ended June 30, 2025, compared to the same period in 2024[279]. - Other operating expenses (excluding share-based compensation) increased by $32.1 million or 18.1% and $39.7 million or 11.0% during the three and six months ended June 30, 2025, respectively[283]. - SG&A expenses increased by $12.5 million or 5.1% for the three months ended June 30, 2025, compared to the same period in 2024, and by $34.3 million or 7.2% for the six months ended June 30, 2025[290]. Foreign Currency Impact - Changes in foreign currency exchange rates significantly impacted reported operating results, particularly with exposure to the euro[250]. - The company’s primary exposure to foreign exchange risk was to the euro, affecting reported revenue significantly during the period[250]. - Foreign currency transaction gains for the three months ended June 30, 2025, amounted to $2,089.9 million, compared to losses of $173.5 million in the same period of 2024[256]. Joint Ventures Performance - The VMO2 joint venture reported revenue of $3,373.5 million for the three months ended June 30, 2025, a slight decrease from $3,375.4 million in 2024[307]. - The VodafoneZiggo joint venture generated revenue of $1,123.3 million for the three months ended June 30, 2025, compared to $1,091.6 million in the same period of 2024[310]. - VMO2 JV reported Adjusted EBITDA of $1,172.3 million, an increase of $39.9 million (3.5%) compared to $1,132.4 million in 2024[268]. Losses and Impairments - For the three months ended June 30, 2025, the company reported a loss from continuing operations of $2,773.8 million compared to earnings of $324.1 million in the same period of 2024[322]. - The company recognized impairment, restructuring, and other operating items of $5.5 million for the three months ended June 30, 2025, compared to $4.5 million for the same period in 2024[294]. - The company reported a net loss of $119.9 million for the three months ended June 30, 2025, compared to a loss of $15.4 million in 2024[310]. Cash Flow and Liquidity - As of June 30, 2025, total cash and cash equivalents amounted to $1,816.5 million, with $1,217.8 million held by borrowing groups[330]. - Net cash provided by operating activities decreased to $278.4 million in the six months ended June 30, 2025, down from $345.0 million in 2024, a decline of $66.6 million[349]. - Adjusted free cash flow for the six months ended June 30, 2025, was $(342.4) million, a decline from $(91.2) million in 2024, indicating a worsening cash position[355]. Debt and Interest Expenses - The company has a total consolidated debt of $9.9 billion as of June 30, 2025, including $2.0 billion classified as current[346]. - The company expects to maintain significant levels of interest expense due to its capital structure and debt levels[325]. - Interest expense decreased by $21.7 million or 15.0% for the three months ended June 30, 2025, compared to the same period in 2024[297].

Financial 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]. - 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]. - 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]. - 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]. - Adjusted EBITDA for the same period was £914.1 million, down 1.3% from £925.7 million year-over-year[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]. - Adjusted EBITDA for the same period was €439.7 million, reflecting an 8.0% decrease from €478.1 million year-over-year[55]. Customer Metrics - Telenet achieved a fixed ARPU growth of 1.6% year-over-year, demonstrating resilience in a competitive market[18]. - Total mobile subscribers for the VMO2 JV were 15,713,200, reflecting a quarterly loss of 122,800 subscribers, and a year-over-year loss of 226,800 subscribers[46]. - Fixed-line customer relationships for VMO2 JV decreased by 46,000 quarter-over-quarter, and by 34,700 year-over-year, totaling 5,790,100[46]. - Broadband subscribers for VMO2 JV were 5,694,900, with a quarterly loss of 44,000 and a year-over-year loss of 28,000[46]. - Telenet's organic fixed-line customer relationship net losses were 11,800 for the quarter ended March 31, 2025, an improvement from 14,900 losses in the previous quarter[61]. - Telenet's organic broadband net losses for the year-over-year period were 6,000 subscribers, compared to 12,900 in the previous year, showing an improvement in customer retention[72]. Debt and Financial Obligations - Telenet's total principal amount of debt and finance leases stood at $9.4 billion, with a blended cost of debt at 3.7%[30]. - As of March 31, 2025, total third-party debt and lease obligations amounted to £21,785.5 million, a decrease from £22,071.7 million as of December 31, 2024[51]. - The net carrying amount of third-party debt and lease obligations was £21,480.0 million as of March 31, 2025, compared to £20,934.9 million at the end of 2024[51]. - VodafoneZiggo's total third-party debt and finance lease obligations amounted to €11,132.7 million, a decrease from €11,961.9 million as of December 31, 2024, representing a reduction of approximately 6.9%[56]. - 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 net total debt to annualized adjusted EBITDA ratio was 4.15x as of March 31, 2025[52]. - The net total debt to annualized adjusted EBITDA ratio for VodafoneZiggo was 4.98x as of March 31, 2025, indicating a stable leverage position[59]. Capital Expenditures and Investments - 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]. - Total consolidated property and equipment additions for the three months ended March 31, 2025, were $285.6 million, compared to $221.0 million for the same period in 2024[91]. - Property and equipment additions as a percentage of revenue increased to 24.4% in Q1 2025 from 20.3% in Q1 2024[91]. - VodafoneZiggo's capital expenditures for the three months ended March 31, 2025, were €300.0 million, a significant increase of 51.4% compared to €198.2 million in the same period of 2024[62]. - Telenet secured a 5-year €500.0 million standalone capex facility for Wyre, priced at EURIBOR +2.75%, to support its roll-out ambitions[69]. Cash Flow and Liquidity - Cash flows from operating activities for Telenet were $185.0 million, while cash flows from investing activities were -$198.9 million[21]. - Liberty Global's liquidity includes cash and cash equivalents totaling $0.8 billion, representing maximum undrawn commitments under subsidiary borrowing facilities[93]. - The company reported an adjusted free cash flow of £(885.4) million for the three months ended March 31, 2025[47]. - Liberty Global's Adjusted FCF for Q1 2025 was $(141.2) million, an improvement from $(151.8) million in Q1 2024[137]. - U.S. GAAP Adjusted Free Cash Flow (FCF) decreased to £(923.1) million in Q1 2025 from £(763.2) million in Q1 2024[124]. - IFRS Adjusted FCF also declined to £(885.4) million in Q1 2025 compared to £(738.7) million in Q1 2024[124]. Market Position and Strategy - Liberty Global's fair market value of its 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 consolidated businesses include approximately 80 million connections across Europe, enhancing its market presence[82]. - The company is actively investing in scalable businesses across technology, media, sports, and infrastructure sectors[83]. - Liberty Global's share buyback program for 2025 allows for the repurchase of up to 10% of outstanding shares as of December 31, 2024[80]. Operational Challenges - Broadband net losses were 2,100, primarily due to elevated churn on the Telenet brand, partially offset by growth in BASE[24]. - VodafoneZiggo revised its 2025 guidance, expecting a mid to high-single digit decline in Adjusted EBITDA growth[17]. - The company experienced a 3.9% decline in total residential fixed revenue, which was £479.6 million for Q1 2025[55]. - The average tenor of third-party debt, excluding vendor financing, was 5.0 years as of March 31, 2025[53]. - The company reported an operating loss for the quarter of $44.7 million, an improvement from a loss of $81.2 million in the same quarter last year[141].

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]. - VM Ireland experienced a total revenue decrease of $7.2 million, with a $6.4 million decrease in subscription revenue attributed to a decline in the average number of customers[247]. 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 increase in the "all other" category[243]. - 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]. Adjusted EBITDA - Total consolidated Adjusted EBITDA for Q1 2025 was $324.6 million, an increase of 14.7% from $283.0 million in Q1 2024[250]. - Adjusted EBITDA margin for Telenet was 39.7% in Q1 2025, down from 40.4% in Q1 2024[251]. - Adjusted EBITDA for VMO2 JV fell to $463.1 million in Q1 2025 from $519.0 million in Q1 2024, representing a decrease of about 11.8%[288]. Revenue Changes - 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]. - The VMO2 JV reported revenue of $3,126.3 million in Q1 2025, down from $3,282.8 million in Q1 2024[285]. Cost and Expenses - 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 7.3% increase[272]. Foreign Exchange Impact - Changes in foreign currency exchange rates significantly impacted reported operating results, primarily due to exposure to the euro[234]. - The company’s exposure to foreign exchange risk was significant, particularly with the euro, as most revenue was derived from subsidiaries with euro as their functional currency[234]. - Foreign currency transaction losses amounted to $1,081.0 million in Q1 2025, compared to gains of $559.3 million in Q1 2024[281]. Joint Ventures - The company holds a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, accounted for as equity method investments[236]. - VodafoneZiggo JV's Adjusted EBITDA decreased by $55.9 million (10.8%) to $463.1 million in Q1 2025[250]. - The VodafoneZiggo JV's revenue decreased by $62.0 million (5.6%) to $1,052.0 million in Q1 2025[243]. Shareholder Actions - The company repurchased shares totaling $38.8 million during Q1 2025, with authorization to repurchase up to 10% of outstanding shares[316]. - The company authorized a share repurchase program for 2025, allowing the repurchase of up to 10% of total outstanding shares as of December 31, 2024[316]. Cash Flow and Liquidity - Cash and cash equivalents totaled $1,982.6 million as of March 31, 2025, with $849.3 million held by unrestricted subsidiaries[305]. - For the three months ended March 31, 2025, net cash provided by operating activities increased to $129.2 million from $91.3 million in the same period of 2024, representing a change of $37.9 million[326]. - The company maintained compliance with its debt covenants as of March 31, 2025, and does not anticipate any material adverse impact on liquidity from non-compliance in the next 12 months[322].