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].

DENVER, Colorado--(BUSINESS WIRE)--Liberty Global Ltd. ("Liberty Global†or the "Company†) (Nasdaq: LBTYA, LBTYB, LBTYK) announced today that Dr. John C. Malone, Chairman of Liberty Global's board of directors ("Board†), will step down from the Board effective January 1, 2026 and transition to Chairman Emeritus. In this capacity, Dr. Malone will continue to provide active counsel and strategic insight to Liberty Global and may attend board meetings, but will not have a formal vote on Board matt. ...

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].

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] - 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 Adjusted EBITDA increased by 10.6% YoY to €48.0 million, driven by lower programming and sales costs[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] 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] - The 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] Customer Metrics - VM Ireland serves 393,300 fixed-line customers and 136,700 mobile subscribers as of December 31, 2024[20] - 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] - 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] - RGUs (Revenue Generating Units) are counted separately for internet, video, and telephony services, with each bundled service counted as a distinct RGU[33] - Telephony Subscribers exclude mobile telephony subscribers, focusing on those receiving voice services over the company's networks[35] - Video Subscribers are defined as units receiving video service over broadband networks, indicating the company's service offerings[36] Growth and Future Outlook - Approximately 50% of over one million premises upgraded to full fiber by the end of Q4 2024[5] - The company expects to cover 1.4 million addressable homes, with further growth anticipated[2] - The company anticipates continued growth in addressable homes at Virgin Media Ireland, contributing to future revenue growth[15] - Liberty Global's consolidated businesses generated annual revenue of approximately $3.6 billion for the year 2024[18] - The company is focused on a full fiber upgrade at Virgin Media Ireland, which is expected to enhance service offerings and customer satisfaction[15] Performance Metrics - 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] Property and Equipment - Property and equipment additions as a percentage of revenue for the three months ended December 31, 2024, was 37.5%, compared to 36.4% in the same period of 2023[11]