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]

Liberty Global Ltd. (NASDAQ:LBTYK) is one of the best stocks to buy according to Seth Klarman. As of December 12, the average price target for LBTYK suggests an upside of 22%; however, the Street high indicates an upside of 216%. According to the Q3 13F filings, Seth Klarman’s hedge fund owns 21.65 million Class C common shares of Liberty Global, valued at approximately $254.5 million and accounting for 5.31% of the total portfolio. On December 4, analyst David Wright from BofA Securities assigned a Sell ...

Revenue Performance - Liberty Global reported Q3 2025 total consolidated revenue of $1,207.1 million, a 12.9% increase year-over-year[9]. - Liberty Telecom's consolidated revenue reached $927.1 million, up 2.4% from Q3 2024, with broadband and postpaid mobile operations showing improved net adds[5]. - Liberty Growth's revenue surged to $59.7 million, a 290.2% increase year-over-year, driven by significant growth in Formula E's fanbase and TV viewership[5]. - 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]. - Total revenue for Q3 2025 was €104.6 million, a decrease of 3.9% compared to €108.9 million in Q3 2024[83]. Adjusted EBITDA - Adjusted EBITDA for Liberty Global was $336.5 million, reflecting a 1.5% increase compared to Q3 2024, with a projected improvement in 2026 negative Adj. EBITDA to approximately $100 million, a 50% reduction from previous estimates[5][6]. - VMO2 achieved an Adjusted EBITDA of $1,250.3 million, a 6.8% increase year-over-year, supported by lower operating expenses despite challenges in B2B fixed revenue[16]. - 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 Q3 2025 was $336.5 million, a 1.5% increase from $331.4 million in Q3 2024[42]. - U.S. GAAP Adjusted EBITDA for Q3 2025 was £928.8 million, up from £900.7 million in Q3 2024, representing a growth of 3.0%[130]. - IFRS Adjusted EBITDA for the nine months ended September 30, 2025, reached £2,914.1 million, slightly increasing from £2,907.5 million in the same period of 2024[130]. - U.S. GAAP Adjusted EBITDA for Telenet in Q3 2025 was €307.0 million, down from €328.3 million in Q3 2024, reflecting a decrease of 6.5%[137]. - IFRS Adjusted EBITDA for Telenet for the nine months ended September 30, 2025, was €1,010.3 million, consistent with €1,010.5 million in the same period of 2024, showing stability[137]. Cash Flow and Debt - Total principal amount of debt and finance leases was $8.5 billion, with an average debt tenor of 3.3 years[38]. - Adjusted free cash flow for Telenet is projected to be between -€180.0 million and -€150.0 million[32]. - Operating cash flow decreased by 5.4% to $301.8 million for Q3 2025 compared to $319.1 million in Q3 2024[39]. - Distributable Cash Flow from continuing operations was negative at $(84.5) million for Q3 2025, a decrease of 207.4% compared to $78.7 million in Q3 2024[39]. - The company reported a significant increase in cash used by investing activities, which was $(360.9) million for Q3 2025, compared to $152.1 million in Q3 2024[39]. - Cash and cash equivalents decreased to €(215.9) million as of September 30, 2025, compared to €(140.6) million as of June 30, 2025[65]. - Total third-party debt and finance lease obligations amounted to €10,639.7 million as of September 30, 2025, down from €10,716.8 million as of June 30, 2025[68]. - The company had maximum undrawn commitments of €800 million under its Revolving Facilities as of September 30, 2025[70]. - The leverage ratio (Net Total Debt to Annualized Adjusted EBITDA) was 5.43x as of September 30, 2025[87]. - The company reported a net senior debt to annualized adjusted EBITDA ratio of 3.77x as of September 30, 2025[61]. Customer Metrics - Total mobile subscribers for consolidated reportable segments reached 2,972,700 as of September 30, 2025, with Telenet contributing 2,828,300 and VM Ireland contributing 144,400[45]. - The total number of customer relationships for consolidated reportable segments was 2,323,300 as of September 30, 2025, with Telenet having 1,938,700 and VM Ireland having 384,600[45]. - Organic fixed-line customer relationships saw a net loss of 29,300 in Q3 2025, compared to a gain of 15,000 in Q3 2024[54]. - Broadband subscribers decreased by 26,300 quarter-over-quarter, with a total of 5,704,300 subscribers as of September 30, 2025[54]. - Postpaid mobile subscribers decreased by 36,300 quarter-over-quarter, totaling 15,763,300 subscribers[54]. - Postpaid mobile subscribers reached 5,337,100 as of September 30, 2025, with organic net additions of 17,200 in Q3 2025[63]. - Converged households as a percentage of broadband RGUs stood at 41.6%[54]. - Converged households as a percentage of broadband RGUs increased to 9.1% from 8.9% YoY[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, an increase from $611.9 million in the same period in 2024[101]. - U.S. GAAP P&E Additions for Q3 2025 totaled £480.0 million, down from £529.2 million in Q3 2024, reflecting a decrease of 9.0%[130]. - IFRS P&E Additions for the nine months ended September 30, 2025, were £1,660.1 million, a decrease from £2,026.3 million in the same period of 2024, showing a decline of 18.1%[130]. Strategic Initiatives - The company is targeting $500-750 million in non-core asset disposals, with approximately $300 million in proceeds year-to-date from a partial ITV stake sale[5]. - VMO2 launched giffgaff broadband, enhancing its multi-brand strategy in the fixed market, and completed the O2 Daisy merger, aiming for operational synergies of around £600 million[16]. - The company anticipates a significant improvement in its corporate operating model, driving cost efficiencies and positioning Liberty Blume and Liberty Tech for future value creation[5]. - The company’s Liberty Growth strategic platform includes investments in scalable technology, media, sports, and digital infrastructure companies[120].

Customer Base and Market Environment - 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 competitive environment has adversely impacted revenue, customer numbers, and average monthly subscription revenue per fixed-line customer or mobile subscriber (ARPU)[251] - The company experienced competition across all markets, adversely impacting customer growth and ARPU[261] - The economic environment in the countries of operation is influenced by various factors beyond the company's control, potentially leading to inflation[252] Financial Performance - Loss from continuing operations for Q3 2025 was $83.4 million, compared to a loss of $1,423.7 million in Q3 2024[260] - Total consolidated revenue for Q3 2025 was $1,207.1 million, a 12.9% increase from $1,069.5 million in Q3 2024[263] - 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] - 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] Revenue Breakdown - The company derives revenue primarily from residential and B2B communications services through its reportable segments, including Telenet and VM Ireland[257] - Total residential revenue increased by $27.6 million (4.6%) to $624.4 million for the three months ended September 30, 2025, compared to $596.8 million in 2024[274] - Total B2B revenue increased by $20.3 million (9.5%) to $233.3 million for the three months ended September 30, 2025, compared to $213.0 million in 2024[274] - The "Plus: all other category" revenue increased by $94.0 million, or 40.9%, in Q3 2025 compared to Q3 2024[263] Cost and Expense Analysis - 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[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[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] - General and administrative expenses rose by $37.9 million or 24.6% for the three months and $50.2 million or 10.4% for the nine months ended September 30, 2025[293] Joint Ventures and Affiliates - 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 for the three months ended September 30, 2025, an increase of $79.4 million (6.8%) from $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, slightly up from $1,131.1 million in 2024, with Adjusted EBITDA of $522.2 million compared to $527.8 million[318] Cash Flow and Liquidity - 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] - Net cash provided by operating activities decreased to $580.2 million for the nine months ended September 30, 2025, down from $664.1 million in 2024, representing a decline of $83.9 million[358] - Net cash used in investing activities was $(607.8) million for the nine months ended September 30, 2025, a decrease of $1,327.7 million compared to $719.9 million in 2024[359] - The company aims to maintain a consolidated debt balance between four and five times its consolidated Adjusted EBITDA[353] Foreign Currency Impact - Changes in foreign currency exchange rates significantly impact reported operating results, particularly exposure to the euro[255] - The company experienced 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 in 2024[260] - For the three months ended September 30, 2025, the company reported total foreign currency transaction gains of $10.0 million, compared to a loss of $934.9 million in the same period of 2024[308] Impairments and Restructuring - The company recognized impairment, restructuring, and other operating items of $22.0 million and $25.8 million for the three and nine months ended September 30, 2025, respectively[299] - The restructuring program initiated in Q3 2025 included $17.3 million in costs related to employee terminations[300] - The company experienced significant competition in the VodafoneZiggo joint venture, which may lead to potential impairments in future periods[319] 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 benefits was primarily due to non-deductible foreign currency exchange results and permanent differences in financial and tax accounting treatments[326][327] - The financial and tax accounting treatment of items associated with investments in subsidiaries and affiliates contributed to the discrepancies in expected income tax benefits[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]

Core Viewpoint - Analysts project an 11.86% upside for the JPMorgan BetaBuilders US Mid Cap Equity ETF (BBMC) based on its underlying holdings, with an implied target price of $116.29 per unit compared to its recent trading price of $103.96 [1][2]. Group 1: ETF and Analyst Target Prices - The implied analyst target price for BBMC is $116.29 per unit, indicating potential growth [1][3]. - BBMC is currently trading at $103.96, suggesting an upside of 11.86% based on analyst targets [2][3]. Group 2: Underlying Holdings with Notable Upside - Americold Realty Trust Inc (COLD) has a recent price of $13.20, with an average analyst target of $19.71, representing a 49.35% upside [2][3]. - LIBERTY GLOBAL LTD (LBTYK) is trading at $11.70, with a target price of $16.00, indicating a 36.74% upside [2][3]. - Mattel Inc (MAT) has a recent price of $17.93, with an average target of $24.50, reflecting a 36.64% upside [2][3]. Group 3: Analyst Justifications and Market Sentiment - Questions arise regarding whether analysts' targets are justified or overly optimistic, considering recent company and industry developments [3].

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 by 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 and 0.6% on a rebased basis[25]. - Total consolidated revenue for the first half of 2025 reached $2,440.3 million, a 13.5% increase from $2,149.2 million in the same period of 2024[36]. - VMO2's revenue for Q2 2025 was $3,373.5 million, a slight decrease of 0.1% year-over-year[11]. - VodafoneZiggo JV's revenue for Q2 2025 was $1,123.3 million, a 2.9% increase from $1,091.6 million in Q2 2024[36]. Adjusted EBITDA - Telenet's Adjusted EBITDA grew by 8.3% year-over-year to $337.9 million[5]. - Adjusted EBITDA for Telenet was $337.9 million, up 8.3% year-over-year on a reported basis and 2.8% on a rebased basis[25]. - Adjusted EBITDA of $496.7 million, down 4.2% year-over-year on a reported basis and 9.1% on a rebased basis[18]. - 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]. - Adjusted EBITDA for Q2 2025 was $335.3 million, an increase of 12.5% compared to $297.6 million in Q2 2024[139]. Customer Metrics - Fixed-line customer relationships saw a net loss of 51,400 broadband subscribers and 73,600 postpaid mobile subscribers due to intense market competition[14]. - Telenet's broadband subscribers totaled 1,717,600 as of June 30, 2025, with a decrease of 2,000 subscribers compared to the previous year[40]. - The total number of mobile subscribers for Telenet reached 2,844,200, reflecting a decrease of 45,900 subscribers year-over-year[44]. - Organic broadband net losses for the quarter were 51,400, resulting in a total of 5,643,500 broadband subscribers[49]. - VodafoneZiggo's organic broadband subscriber losses were 27,500 in the second quarter, resulting in a total of 3,048,900 subscribers[57]. Debt and Financial Obligations - Total principal amount of debt and finance leases stands at $9.9 billion, with a blended cost of debt at 3.7%[33]. - Telenet's total third-party debt and lease obligations amounted to €6,890.4 million as of June 30, 2025, down from €7,165.0 million in March 2025[70]. - The net carrying amount of third-party debt and lease obligations was €5,855.7 million, reflecting a decrease from €6,113.3 million[70]. - The leverage ratio for net total debt to annualized adjusted EBITDA was 4.15x as of June 30, 2025[55]. - VodafoneZiggo's net carrying amount of third-party debt, after accounting for cash and cash equivalents, was €10,554.5 million[61]. 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 a net loss of €2.6 million in adjusted free cash flow for the second quarter, compared to a positive cash flow of €125.5 million in the same period last year[65]. - Cash capital expenditures, net, increased to $(319.3) million in Q2 2025 from $(185.0) million in Q2 2024, indicating a rise in investment spending[138]. - Total capital expenditures (P&E Additions) increased by 26.1% to €48.8 million in Q2 2025 from €38.7 million in Q2 2024[74]. - The company reported total capital expenditures of $319.3 million for the three months ended June 30, 2025, compared to $185.0 million for the same period in 2024, marking a 72.5% increase[93]. Strategic Initiatives - Liberty Global is targeting $500-750 million in non-core asset disposals in 2025, following the exit from its Vodafone collar position[3]. - The company is confirming guidance metrics for Liberty Telecom operations while raising Telenet's Adjusted EBITDA outlook for 2025[4]. - Liberty Global is exploring opportunities for further spin-offs and tracking stocks, targeting completion of one or more transactions in the next 12 to 24 months[3]. - The share repurchase program for 2025 allows for the repurchase of up to 10% of outstanding shares as of December 31, 2024[81]. - VMO2 is set to acquire 78.8 MHz of spectrum for £343 million, increasing its total mobile spectrum share to approximately 30%[11]. Market Competition - Fixed-line customer relationships decreased by 51,300 quarter-over-quarter, totaling 5,738,800 as of June 30, 2025[49]. - The number of homes serviceable increased by 1,046,800 year-over-year to 18,535,800 as of June 30, 2025[49]. - Converged households as a percentage of broadband RGUs increased to 54.8%, up from 53.1% year-over-year[64]. - The average monthly ARPU per fixed-line customer relationship was £48.51, slightly up from £48.49 in the previous quarter[49]. - The average monthly ARPU per fixed-line customer relationship increased to €64.05, up from €62.12 year-over-year[64].

[PART I — FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section encompasses the unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive earnings (loss), equity, and cash flows, along with detailed notes. It provides a financial overview of Liberty Global's performance and position for the periods ended June 30, 2025, and December 31, 2024 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement provides a snapshot of the company's assets, liabilities, and equity at specific points in time | 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 | | Current Assets | $4,428.9 | $3,300.3 | | Current Liabilities | $4,343.7 | $3,133.9 | - Total assets increased by **$1,727.4 million**, and total liabilities increased by **$1,066.7 million** from December 31, 2024, to June 30, 2025. Current assets saw a notable increase, primarily driven by short-term investments, while current liabilities also rose significantly, mainly due to the current portion of debt[7](index=7&type=chunk)[10](index=10&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This statement details the company's revenues, expenses, and net earnings or losses over specific reporting periods | Metric | Three months ended June 30, 2025 (in millions) | Three months ended June 30, 2024 (in millions) | Six months ended June 30, 2025 (in millions) | Six months ended June 30, 2024 (in millions) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,269.1 | $1,057.9 | $2,440.3 | $2,149.2 | | Operating income (loss) | $29.6 | $(33.0) | $90.3 | $(45.3) | | Net earnings (loss) attributable to Liberty Global shareholders | $(2,792.9) | $268.1 | $(4,130.2) | $778.1 | | Basic EPS attributable to Liberty Global shareholders | $(8.09) | $0.72 | $(11.91) | $2.08 | | Diluted EPS attributable to Liberty Global shareholders | $(8.09) | $0.71 | $(11.91) | $2.04 | - The company reported a significant net loss for both the three and six months ended June 30, 2025, primarily driven by substantial foreign currency transaction losses and realized and unrealized losses on derivative instruments. Revenue increased year-over-year for both periods[13](index=13&type=chunk) Key Non-Operating Income (Expense) Changes (Six months ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Realized and unrealized gains (losses) on derivative instruments, net | $(570.7) | $224.5 | | Foreign currency transaction gains (losses), net | $(3,170.9) | $732.8 | | Share of results of affiliates, net | $(412.6) | $(31.6) | [Condensed Consolidated Statements of Comprehensive Earnings (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings%20(Loss)) This statement presents net earnings alongside other comprehensive income or loss items, such as foreign currency translation adjustments | Metric | Three months ended June 30, 2025 (in millions) | Three months ended June 30, 2024 (in millions) | Six months ended June 30, 2025 (in millions) | Six months ended June 30, 2024 (in millions) | | :--- | :--- | :--- | :--- | :--- | | Net earnings (loss) | $(2,773.8) | $275.2 | $(4,097.1) | $802.2 | | Foreign currency translation adjustments | $3,174.4 | $(416.4) | $4,801.4 | $(1,455.7) | | Other comprehensive earnings (loss) | $3,179.0 | $(198.5) | $4,800.9 | $(1,224.9) | | Comprehensive earnings (loss) attributable to Liberty Global shareholders | $386.1 | $69.7 | $670.7 | $(447.3) | - Despite a net loss, comprehensive earnings attributable to Liberty Global shareholders turned positive for both the three and six months ended June 30, 2025, primarily due to significant positive foreign currency translation adjustments[16](index=16&type=chunk) [Condensed Consolidated Statements of Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) This statement tracks changes in shareholders' equity, including net earnings, share repurchases, and other comprehensive income | Metric | January 1, 2025 (in millions) | June 30, 2025 (in millions) | | :--- | :--- | :--- | | Total Liberty Global shareholders' equity | $12,365.9 | $12,994.0 | | Accumulated earnings | $12,242.6 | $8,112.4 | | Accumulated other comprehensive earnings (loss), net of taxes | $(657.0) | $4,143.9 | | Class C common shares outstanding | 162,710,787 | 155,157,101 | - Total Liberty Global shareholders' equity increased, driven by a substantial increase in accumulated other comprehensive earnings, net of taxes, which offset the decrease in accumulated earnings due to net losses. The number of Class C common shares outstanding decreased due to repurchases[10](index=10&type=chunk)[23](index=23&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement categorizes cash inflows and outflows from operating, investing, and financing activities over a period | Cash Flow Activity (Six months ended June 30) | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | 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) | | Net increase in cash and cash equivalents and restricted cash | $0.2 | $596.2 | - Net cash provided by operating activities decreased significantly in 2025 compared to 2024. Investing activities shifted from providing cash to using cash, while financing activities used less cash in 2025[26](index=26&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) Capital Expenditures and Cash Paid for Interest/Taxes (Six months ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Capital expenditures, net | $(562.6) | $(391.1) | | Cash paid for interest | $236.0 | $468.1 | | Net cash paid for taxes | $182.7 | $190.7 | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and additional information supporting the condensed consolidated financial statements [Note 1: Basis of Presentation](index=13&type=section&id=Note%201%3A%20Basis%20of%20Presentation) This note outlines the company's business, its continuing operations, and significant changes in consolidated entities - Liberty Global is an international provider of broadband internet, video, fixed-line telephony, and mobile communications services in Europe, and an active investor across infrastructure, content, and technology industries[34](index=34&type=chunk) - Continuing operations include Telenet (Belgium, Luxembourg) and VM Ireland (Ireland), and 50% noncontrolling interests in VMO2 JV (UK) and VodafoneZiggo JV (Netherlands)[35](index=35&type=chunk) - Sunrise Entities (Switzerland) were spun off on November 8, 2024, and are presented as discontinued operations. Liberty Global acquired a controlling interest in Formula E on October 2, 2024, and began consolidating its results[36](index=36&type=chunk)[37](index=37&type=chunk) [Note 2: Accounting Changes and Recent Accounting Pronouncements](index=14&type=section&id=Note%202%3A%20Accounting%20Changes%20and%20Recent%20Accounting%20Pronouncements) This note details the adoption of new accounting standards and their impact on financial reporting - Adopted ASU 2023-09 (Improvements to Income Tax Disclosures) on January 1, 2025, retrospectively, to enhance transparency of income tax matters[42](index=42&type=chunk) - Adopted ASU 2023-07 (Improvements to Reportable Segment Disclosures) on January 1, 2024, retrospectively, requiring enhanced disclosures regarding significant segment expenses[43](index=43&type=chunk) - Adopted ASU 2023-05 (Business Combinations — Joint Venture Formations) on January 1, 2025, requiring joint ventures to measure assets and liabilities at fair value upon formation[44](index=44&type=chunk) [Note 3: Revenue Recognition and Related Costs](index=15&type=section&id=Note%203%3A%20Revenue%20Recognition%20and%20Related%20Costs) This note provides details on the company's revenue recognition policies and related contract balances | Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Trade receivables, net | $570.3 | $449.8 | | 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) [Note 4: Acquisitions and Dispositions](index=15&type=section&id=Note%204%3A%20Acquisitions%20and%20Dispositions) This note details significant business combinations and divestitures, including the Formula E acquisition and Sunrise spin-off - On October 2, 2024, Liberty Global acquired a controlling interest in Formula E, increasing its ownership from **38.2% to 65.6%** for **€150.0 million ($165.7 million)**, and began consolidating **100%** of Formula E's results[52](index=52&type=chunk) - On November 8, 2024, the Spin-off of Sunrise Entities was completed, resulting in Sunrise Communications AG becoming an independent, publicly-traded Swiss company. Sunrise operations are now presented as discontinued[57](index=57&type=chunk) Sunrise Entities Operating Results (Discontinued Operations) (Six months ended June 30, 2024) | Metric | Amount (in millions) | | :--- | :--- | | Revenue | $1,669.6 | | Operating income | $87.0 | | Net loss attributable to Liberty Global shareholders | $(156.4) | [Note 5: Investments](index=17&type=section&id=Note%205%3A%20Investments) This note provides information on the company's equity method and fair value investments, including joint ventures | Investment Type | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Total investments | $12,554.6 | $12,023.6 | | Equity method investments (Total) | $9,296.5 | $8,780.3 | | Fair value investments (Total) | $3,258.1 | $3,243.3 | Key Equity Method Investments (June 30, 2025) | Investment | Carrying Value (in millions) | Ownership % | | :--- | :--- | :--- | | VMO2 JV | $6,844.9 | 50.0% | | VodafoneZiggo JV | $1,873.1 | 50.0% | | AtlasEdge JV | $395.8 | 48.7% | | Nexfibre JV | $92.5 | 24.9% | Share of Results of Affiliates, net (Six months ended June 30) | Affiliate | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | VMO2 JV | $(247.7) | $3.7 | | VodafoneZiggo JV | $(70.7) | $11.4 | | Nexfibre JV | $(42.2) | $11.7 | | AtlasEdge JV | $(34.5) | $(13.8) | | Total | $(412.6) | $(31.6) | - During Q2 2025, Liberty Global partially unwound its Vodafone Collar and fully settled the associated Vodafone Collar Loan in July 2025, effectively reducing its economic interest in Vodafone to nil[67](index=67&type=chunk) - The VodafoneZiggo JV is facing significant competition, which could lead to future impairment charges on Liberty Global's investment[75](index=75&type=chunk) [Note 6: Derivative Instruments](index=23&type=section&id=Note%206%3A%20Derivative%20Instruments) This note describes the company's use of derivative instruments to manage interest rate and foreign currency exposures | Derivative Type | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Total Derivative Assets | $322.0 | $843.9 | | Total Derivative Liabilities | $333.2 | $186.4 | Realized and Unrealized Gains (Losses) on Derivative Instruments, net (Six months ended June 30) | Derivative Type | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Cross-currency and interest rate derivative contracts | $(433.9) | $280.3 | | Equity-related derivative instruments | $(123.1) | $(48.1) | | Foreign currency forward and option contracts | $(13.7) | $(7.7) | | Total | $(570.7) | $224.5 | - The company uses cross-currency swaps, interest rate swaps, swaptions, and basis swaps to manage interest rate and foreign currency exposure. These derivatives resulted in a net loss of **$570.7 million** for the six months ended June 30, 2025, compared to a net gain in the prior year[88](index=88&type=chunk)[92](index=92&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[100](index=100&type=chunk) Impact of Derivative Instruments on Borrowing Costs (June 30, 2025) | Entity | Decrease to borrowing costs | | :--- | :--- | | Telenet | (1.69)% | | VM Ireland | (1.59)% | | Total decrease | (1.67)% | [Note 7: Fair Value Measurements](index=27&type=section&id=Note%207%3A%20Fair%20Value%20Measurements) This note explains the categorization and valuation techniques used for assets and liabilities measured at fair value - Fair value measurements are categorized into Level 1 (quoted prices), Level 2 (observable inputs), and Level 3 (unobservable inputs). The Vodafone Collar transferred from Level 3 to Level 2 during Q2 2025[107](index=107&type=chunk) Assets and Liabilities Measured at Fair Value (June 30, 2025) | Category | Total (in millions) | Level 1 (in millions) | Level 2 (in millions) | Level 3 (in millions) | | :--- | :--- | :--- | :--- | :--- | | Total Assets | $3,580.1 | $1,807.5 | $404.9 | $1,367.7 | | Total Liabilities | $333.2 | $0 | $333.2 | $0 | Reconciliation of Level 3 Net Assets (January 1, 2025 to June 30, 2025) | Metric | Amount (in millions) | | :--- | :--- | | Balance at January 1, 2025 | $1,477.2 | | Losses included in loss from continuing operations | $(137.8) | | Additions | $60.5 | | Transfers out of Level 3 | $(173.8) | | Foreign currency translation adjustments and other, net | $141.6 | | Balance at June 30, 2025 | $1,367.7 | [Note 8: Long-lived Assets](index=30&type=section&id=Note%208%3A%20Long-lived%20Assets) This note provides details on property and equipment, goodwill, and intangible assets, including changes and impairment risks | Asset Category | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Total property and equipment, net | $5,091.6 | $4,326.0 | | Goodwill | $3,601.0 | $3,152.6 | | Intangible assets subject to amortization, net | $1,423.2 | $1,290.4 | - Goodwill increased by **$448.4 million** during the six months ended June 30, 2025, primarily due to foreign currency translation adjustments (**$431.7 million**) and acquisitions (**$16.7 million**)[119](index=119&type=chunk) - The company warns that adverse economic, competitive, or regulatory factors could lead to significant impairment charges on goodwill and other long-lived assets in future periods[119](index=119&type=chunk) [Note 9: Debt](index=32&type=section&id=Note%209%3A%20Debt) This note details the company's debt structure, interest rates, and significant debt-related transactions and maturities | Debt Category | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Total debt before deferred financing costs, discounts and premiums | $9,816.7 | $9,145.0 | | Total debt and finance lease obligations | $9,795.5 | $9,101.0 | | Current portion of debt and finance lease obligations | $1,990.5 | $898.5 | | Long-term debt and finance lease obligations | $7,805.0 | $8,202.5 | - The weighted average interest rate on aggregate variable- and fixed-rate indebtedness (including derivative effects) was **3.74%** at June 30, 2025[124](index=124&type=chunk) - In February 2025, Telenet entered into a **€500.0 million** sustainability-linked term loan facility, used to refinance existing debt, resulting in an **$8.0 million** loss on debt extinguishment[131](index=131&type=chunk) Debt Maturities (June 30, 2025) | Year Ending December 31 | Total Debt Maturities (in millions) | | :--- | :--- | | 2025 (remainder of year) | $1,876.8 | | 2026 | $166.0 | | 2027 | $24.6 | | 2028 | $4,447.4 | | 2029 | $2,389.2 | | 2030 | $25.8 | | Thereafter | $886.9 | | Total | $9,816.7 | [Note 10: Leases](index=36&type=section&id=Note%2010%3A%20Leases) This note provides information on the company's right-of-use assets, lease liabilities, and lease expenses | Lease Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Total ROU assets | $816.0 | $748.7 | | Total lease liabilities | $863.6 | $787.2 | Total Lease Expense (Six months ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Total 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 | Cash Outflows from Operating and Finance Leases (Six months ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Total cash outflows from operating and finance leases | $43.5 | $36.7 | [Note 11: Income Taxes](index=38&type=section&id=Note%2011%3A%20Income%20Taxes) This note discusses income tax provisions, effective tax rates, unrecognized tax benefits, and ongoing tax litigation - Bermuda enacted the Corporate Income Tax Act 2023, effective January 1, 2025, imposing a **15.0%** statutory rate. This rate is now used to compute expected income tax benefit/expense[151](index=151&type=chunk) Effective Tax Rate vs. Statutory Rate (Six months ended June 30, 2025) | Metric | Amount (in millions) | Rate | | :--- | :--- | :--- | | Income tax benefit (expense) | $69.1 | 1.7% | | Expected income tax benefit (Bermuda statutory rate of 15.0%) | $624.9 | 15.0% | - The difference between the effective and statutory tax rates is primarily due to non-deductible net foreign exchange losses and non-deductible net losses from investments in certain subsidiaries and affiliates, partially offset by statutory rate differences in other jurisdictions and the 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) - The company is involved in ongoing tax litigation with the U.S. Department of Justice for the 2018 tax year (**$284 million**) and appealed an unfavorable decision from the U.S. Tax Court for the 2010 tax year (**$315 million** paid in December 2023)[161](index=161&type=chunk)[162](index=162&type=chunk) [Note 12: Equity](index=40&type=section&id=Note%2012%3A%20Equity) This note details share repurchase activities and remaining authorization under the company's repurchase program - During the six months ended June 30, 2025, Liberty Global repurchased **9,421,772 Class C common shares** at an average price of **$10.93 per share**, for an aggregate of **$103.0 million**[165](index=165&type=chunk) - As of June 30, 2025, the company was 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 current share prices[166](index=166&type=chunk) [Note 13: Share-based Compensation](index=40&type=section&id=Note%2013%3A%20Share-based%20Compensation) This note outlines the types of share-based awards granted, associated expenses, and performance conditions Total Share-based Compensation Expense (Six months ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | 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 | | Other | $3.9 | $4.5 | | Total | $82.8 | $82.4 | - In March 2025, the company granted 2025 PSUs to executive officers and employees, with performance tied to Liberty Global's average share price appreciation from March 2025 to December 2027, and payouts ranging from **0% to 200%** of target[174](index=174&type=chunk) [Note 14: Earnings (Loss) per Share](index=42&type=section&id=Note%2014%3A%20Earnings%20(Loss)%20per%20Share) This note presents the basic and diluted earnings or loss per share from continuing operations Basic and Diluted EPS from Continuing Operations (Six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Basic EPS attributable to Liberty Global shareholders | $(11.91) | $2.50 | | Diluted EPS attributable to Liberty Global shareholders | $(11.91) | $2.45 | - The company reported a significant basic and diluted loss per share from continuing operations for the six months ended June 30, 2025, a substantial decline from earnings per share in the prior year[13](index=13&type=chunk) [Note 15: Commitments and Contingencies](index=43&type=section&id=Note%2015%3A%20Commitments%20and%20Contingencies) This note details the company's contractual commitments and outlines significant legal proceedings and their potential financial impact Total Commitments (June 30, 2025) | Commitment Type | Total (in millions) | | :--- | :--- | | Purchase commitments | $2,234.4 | | Programming commitments | $154.0 | | Network and connectivity commitments | $93.4 | | Other commitments | $486.2 | | Total | $2,968.0 | - Programming commitments are expected to be significantly higher than reported amounts due to contractual inflation and other price adjustments not yet fixed[182](index=182&type=chunk) - The company is involved in ongoing legal proceedings, including the Interkabel Acquisition litigation (seeking annulment of a 2008 agreement and **€1.4 billion** damages) and the Telekom Deutschland Litigation (seeking reduction in cable duct lease fees). No amounts have been accrued for Interkabel as loss is not probable[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) [Note 16: Segment Reporting](index=45&type=section&id=Note%2016%3A%20Segment%20Reporting) This note provides financial information by operating segment, including revenue, Adjusted EBITDA, and capital expenditures - Liberty Global operates through three strategic platforms: Liberty Telecom (converged communications), Liberty Growth (global investments in technology, media, sports, digital infrastructure), and Liberty Services (technology and finance services)[196](index=196&type=chunk) - Reportable segments include Telenet, VM Ireland, VMO2 JV (nonconsolidated), and VodafoneZiggo JV (nonconsolidated). Adjusted EBITDA is the primary measure for evaluating segment performance[196](index=196&type=chunk)[200](index=200&type=chunk) Total Consolidated Revenue (Six months ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Reported Change | Organic Change | | :--- | :--- | :--- | :--- | :--- | | Total consolidated revenue | $2,440.3 | $2,149.2 | +13.5% | -1.2% | Total Consolidated Adjusted EBITDA (Six months ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Reported Change | Organic Change | | :--- | :--- | :--- | :--- | :--- | | Total consolidated Adjusted EBITDA | $659.9 | $580.6 | +13.7% | +2.3% | Property and Equipment Additions (Six months ended June 30) | Segment | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Telenet | $516.0 | $384.9 | | VM Ireland | $98.3 | $81.0 | | VMO2 JV | $1,267.1 | $1,271.8 | | VodafoneZiggo JV | $435.1 | $499.6 | | Total consolidated property and equipment additions | $610.8 | $461.4 | [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=54&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides a detailed analysis of Liberty Global's financial performance and condition for the three and six months ended June 30, 2025, compared to 2024. It covers the impact of acquisitions and dispositions, foreign currency fluctuations, revenue and expense trends, and changes in liquidity and capitalization, including adjusted free cash flow [Forward-Looking Statements](index=54&type=section&id=Forward-Looking%20Statements) This section highlights the inherent risks and uncertainties associated with forward-looking information presented in the report - The report contains forward-looking statements that involve risks and uncertainties, which could cause actual results to differ materially from expectations[236](index=236&type=chunk) - Key risk factors include economic and business conditions, competitive environment, technological changes, regulatory impacts, capital availability, consumer behavior, programming costs, supply chain, data security, foreign currency and interest rate fluctuations, global financial instability, tax laws, employee relations, government intervention, M&A integration, litigation, and external events[238](index=238&type=chunk)[239](index=239&type=chunk)[243](index=243&type=chunk) [Overview](index=56&type=section&id=Overview) This section provides a general description of Liberty Global's business, market presence, and operational challenges - Liberty Global is an international provider of broadband internet, video, fixed-line telephony, and mobile communications services in Europe, and an active investor across infrastructure, content, and technology industries[241](index=241&type=chunk) - As of June 30, 2025, the company's reportable segments (including nonconsolidated JVs) passed **29,062,700 homes** and served **11,412,000 fixed-line customers** and **44,577,800 mobile subscribers**[245](index=245&type=chunk) - The company faces significant competition and inflationary pressures across all markets, which have adversely impacted revenue, customer numbers, and average monthly subscription revenue per user (ARPU)[246](index=246&type=chunk)[247](index=247&type=chunk) [Material Changes in Results of Operations](index=57&type=section&id=Material%20Changes%20in%20Results%20of%20Operations) This section analyzes the key factors driving changes in the company's consolidated and segment-level operating results - The Formula E Acquisition (October 2, 2024) and the Spin-off of Sunrise (November 8, 2024) significantly impact the comparability of 2025 and 2024 operating results[248](index=248&type=chunk) - Changes in foreign currency exchange rates, particularly the euro, have a significant impact on reported operating results[250](index=250&type=chunk) Total Consolidated Adjusted EBITDA (Six months ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Reported Change | Organic Change | | :--- | :--- | :--- | :--- | :--- | | Total consolidated Adjusted EBITDA | $659.9 | $580.6 | +13.7% | +2.3% | [Discussion and Analysis of our Reportable Segments](index=58&type=section&id=Discussion%20and%20Analysis%20of%20our%20Reportable%20Segments) This section provides a detailed review of revenue and Adjusted EBITDA performance for each reportable operating segment Revenue of Reportable Segments (Six months ended June 30) | Segment | 2025 (in millions) | 2024 (in millions) | Reported Change | Organic Change | | :--- | :--- | :--- | :--- | :--- | | Telenet | $1,560.7 | $1,517.7 | +2.8% | +1.7% | | VM Ireland | $238.6 | $243.0 | -1.8% | -2.9% | | VMO2 JV (nonconsolidated) | $6,499.8 | $6,658.2 | -2.4% | N/A | | VodafoneZiggo JV (nonconsolidated) | $2,175.3 | $2,205.6 | -1.4% | N/A | Adjusted EBITDA of Reportable Segments (Six months ended June 30) | Segment | 2025 (in millions) | 2024 (in millions) | Reported Change | Organic Change | | :--- | :--- | :--- | :--- | :--- | | Telenet | $639.5 | $620.3 | +3.1% | +1.8% | | VM Ireland | $78.6 | $85.7 | -8.3% | -9.5% | | VMO2 JV (nonconsolidated) | $2,245.7 | $2,206.0 | +1.8% | N/A | | VodafoneZiggo JV (nonconsolidated) | $959.8 | $1,037.7 | -7.5% | N/A | Adjusted EBITDA Margins (June 30) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Telenet | 42.2% | 41.3% | | VM Ireland | 33.7% | 38.1% | | VMO2 JV | 34.8% | 33.5% | | VodafoneZiggo JV | 44.2% | 47.5% | [Discussion and Analysis of our Consolidated Operating Results](index=63&type=section&id=Discussion%20and%20Analysis%20of%20our%20Consolidated%20Operating%20Results) This section analyzes consolidated revenue by category and key expense trends impacting overall financial performance Consolidated Revenue by Major Category (Six months ended June 30) | Revenue Category | 2025 (in millions) | 2024 (in millions) | Reported Change | Organic Change | | :--- | :--- | :--- | :--- | :--- | | Total residential revenue | $1,170.2 | $1,174.5 | -0.4% | -1.5% | | Total B2B revenue | $432.9 | $418.9 | +3.3% | +2.2% | | Other revenue | $837.2 | $555.8 | +50.6% | -2.7% | | Total consolidated revenue | $2,440.3 | $2,149.2 | +13.5% | -1.2% | - The significant increase in 'Other revenue' is primarily attributable to the Formula E Acquisition and the Sunrise Services provided post-spin-off[273](index=273&type=chunk) Key Consolidated Expenses (Six months ended June 30) | Expense Category | 2025 (in millions) | 2024 (in millions) | Reported Change | Organic Change | | :--- | :--- | :--- | :--- | :--- | | Programming and other direct costs of services | $868.7 | $730.9 | +18.9% | -5.3% | | Other operating expenses (excl. share-based comp) | $402.2 | $362.5 | +11.0% | +4.4% | | SG&A expenses (excl. share-based comp) | $509.5 | $475.2 | +7.2% | -2.2% | | Depreciation and amortization | $483.0 | $505.4 | -4.4% | -5.6% | | Interest expense | $257.0 | $289.9 | -11.4% | -12.3% | - Net foreign currency transaction losses were **$(3,170.9) million** for the six months ended June 30, 2025, a significant negative swing from a **$732.8 million** gain in the prior year, primarily due to intercompany balances and U.S. dollar-denominated debt[302](index=302&type=chunk) - Share of results of affiliates, net, was a loss of **$(412.6) million** for the six months ended June 30, 2025, compared to a loss of **$(31.6) million** in the prior year, largely driven by VMO2 JV and VodafoneZiggo JV losses[307](index=307&type=chunk) [Material Changes in Financial Condition](index=77&type=section&id=Material%20Changes%20in%20Financial%20Condition) This section discusses changes in corporate liquidity, debt levels, and cash flow activities, including adjusted free cash flow Corporate Liquidity (June 30, 2025) | Metric | Amount (in millions) | | :--- | :--- | | Cash and cash equivalents (Liberty Global and unrestricted subsidiaries) | $598.7 | | Investments held under SMAs | $82.8 | | Total available corporate liquidity | $681.5 | - The company aims to maintain consolidated debt between **four and five times** its consolidated Adjusted EBITDA[344](index=344&type=chunk) - As of June 30, 2025, the outstanding principal amount of consolidated debt and finance lease obligations aggregated **$9.9 billion**, with **$2.0 billion** classified as current[346](index=346&type=chunk) Condensed Consolidated Statements of Cash Flows Summary (Six months ended June 30) | Cash Flow Activity | 2025 (in millions) | 2024 (in millions) | Change (in millions) | | :--- | :--- | :--- | :--- | | 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 | Adjusted Free Cash Flow (Six months ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | | 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) This section details Liberty Global's exposure to market risks, including foreign currency exchange rates, interest rates, and inflation. It outlines the company's strategies for managing these risks, primarily through derivative instruments, and provides sensitivity analysis for key financial exposures [General](index=82&type=section&id=General) This section outlines the company's exposure to market risks and its approach to managing them using derivative instruments - Liberty Global is exposed to market risk from foreign investments and ongoing investing and financing activities, covering foreign currency exchange rates, interest rates, and stock prices[358](index=358&type=chunk) - The company has established policies, procedures, and processes for managing market risks and using derivative instruments[358](index=358&type=chunk) [Cash](index=82&type=section&id=Cash) This section describes the company's cash management strategy, focusing on liquidity and mitigating exchange rate risk - Cash is invested in highly liquid instruments meeting high credit quality standards. The company actively manages cash denominations to mitigate exchange rate risk[361](index=361&type=chunk) - As of June 30, 2025, **72.1%** of consolidated cash was denominated in euros and **26.4%** in U.S. dollars. **88.2%** of investments held under SMAs were denominated in U.S. dollars[361](index=361&type=chunk) [Foreign Currency Risk](index=82&type=section&id=Foreign%20Currency%20Risk) This section addresses the risks arising from debt denominated in foreign currencies and the use of derivatives to manage them - Foreign currency exchange rate risk arises from debt denominated in currencies other than the functional currency of supporting operations. Derivative instruments are used to manage this risk[362](index=362&type=chunk) Key Foreign Currency Exchange Rates (June 30, 2025) | Currency | Spot Rate (per USD) | Average Rate (Six months ended June 30, 2025) | | :--- | :--- | :--- | | Euro | 0.8502 | 0.9159 | | British pound sterling | 0.7292 | 0.7712 | [Inflation and Foreign Investment Risk](index=83&type=section&id=Inflation%20and%20Foreign%20Investment%20Risk) This section discusses the impact of inflationary pressures on costs and the potential effects on operating results and liquidity - The company is subject to inflationary pressures on labor, programming, and other costs. While efforts are made to offset these with revenue increases, there is no assurance this will be successful, potentially impacting operating results, cash flows, and liquidity[364](index=364&type=chunk) [Interest Rate Risks](index=83&type=section&id=Interest%20Rate%20Risks) This section details the company's exposure to interest rate fluctuations on borrowings and its use of derivative instruments - Exposure to interest rate changes primarily stems from fixed-rate and variable-rate borrowings, with primary exposure to EURIBOR-indexed and Term SOFR-indexed debt[365](index=365&type=chunk) - Derivative instruments, such as interest rate swaps, caps, floors, and swaptions, are used to manage exposure to increases in variable interest rates[366](index=366&type=chunk) - As of June 30, 2025, variable-rate indebtedness aggregated **$6.8 billion**, with a weighted average interest rate of approximately **5.4%**. A hypothetical **50 basis point** increase/decrease would change annual consolidated interest expense by **$34.0 million**[368](index=368&type=chunk) [Sensitivity Information](index=83&type=section&id=Sensitivity%20Information) This section provides quantitative analysis of the potential impact of market risk changes on derivative fair values and cash flows - For Telenet's cross-currency and interest rate derivative contracts at June 30, 2025: a **10%** increase/decrease in the euro's value relative to the U.S. dollar would change the aggregate 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 the aggregate fair value of Telenet's derivatives by approximately **€71 million ($83 million)**, while a decrease would decrease it by approximately **€73 million ($85 million)**[373](index=373&type=chunk) Projected Derivative Cash Payments (Receipts), net (Total) | Period | Amount (in millions) | | :--- | :--- | | Remainder of 2025 | $(52.8) | | 2026 | $4.9 | | 2027 | $(101.1) | | 2028 | $70.6 | | 2029 | $(19.9) | | 2030 | $1.5 | | Thereafter | $0.2 | | Total | $(96.6) | [ITEM 4. CONTROLS AND PROCEDURES](index=85&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) This section confirms that management, including the CEO and CFO, evaluated the effectiveness of the company's disclosure controls and procedures as of June 30, 2025, concluding they provide reasonable assurance. No material changes to internal controls over financial reporting were identified during the quarter - Disclosure controls and procedures were evaluated by management, including the CEO and CFO, and concluded to be effective as of June 30, 2025, providing reasonable assurance of achieving desired control objectives[374](index=374&type=chunk) - No changes in internal controls over financial reporting were identified during the fiscal quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, these controls[375](index=375&type=chunk) [PART II — OTHER INFORMATION](index=86&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This section covers legal proceedings, equity security sales, other disclosures, and a list of exhibits filed with the report [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 arising in the normal course of business - Information regarding legal proceedings is provided 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) This section details the company's repurchases of Class C common shares during the second quarter of 2025 and outlines the remaining authorization under its current share repurchase program Issuer Purchases of Equity Securities (April 1, 2025 – June 30, 2025) | 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 | Class C | 6,223,775 | $10.32 | - The total aggregate purchase price for Class C shares repurchased during Q2 2025 was approximately **$64.2 million**[378](index=378&type=chunk) - As of June 30, 2025, the company was authorized to repurchase an additional **25.5 million Class A and/or Class C common shares** during 2025, equating to approximately **$259.1 million**[378](index=378&type=chunk) [ITEM 5. OTHER INFORMATION](index=86&type=section&id=ITEM%205.%20OTHER%20INFORMATION) This section states that no directors or executive officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025 - No directors or executive officers adopted or terminated any Rule 10b5-1(c) trading arrangements for company securities during the quarter ended June 30, 2025[379](index=379&type=chunk) [ITEM 6. EXHIBITS](index=87&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed as part of the Quarterly Report, including various agreements, certifications, and XBRL taxonomy documents - Exhibits filed include supplemental agreements, forms of non-executive director restricted share units agreements, certifications (Rule 13a-14(a)/15d-14(a) and Section 1350), and Inline XBRL Taxonomy Extension documents[381](index=381&type=chunk)[382](index=382&type=chunk)

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, down 4.8% year-over-year, primarily due to lower construction revenue and handset sales, but offset by higher fixed ARPU and mobile service revenue[5]. - Telenet's revenue for Q1 2025 was $759.7 million, a slight decrease of 0.4% year-over-year, but showed a rebased increase of 2.7%[4]. - VodafoneZiggo's revenue decreased by 5.6% year-over-year to $1,052.0 million, impacted by a decline in the consumer fixed base and lower handset sales[13]. - Virgin Media Ireland's revenue was $115.8 million, down 5.9% YoY on a reported basis, primarily due to lower fixed and mobile revenue[28]. - Total revenue for the three months ended March 31, 2025, was £2,480.1 million, a decrease of 4.2% from £2,588.8 million in 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]. - VodafoneZiggo's total revenue for the three months ended March 31, 2025, was €721.2 million, reflecting a 2.7% increase from €702.4 million in the same period of 2024[62]. - Telenet's total revenue for the three months ended March 31, 2025, was €110.0 million, down 2.9% from €113.3 million in the same period of 2024[73]. Adjusted EBITDA - Adjusted EBITDA for Liberty Global increased by 14.7% year-over-year to $324.6 million, with VMO2's Adjusted EBITDA remaining flat at $1,073.4 million[4][5]. - 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]. - VodafoneZiggo revised its 2025 guidance, expecting a mid to high-single digit decline in Adjusted EBITDA growth, down from a low-single digit decline[17]. - Adjusted EBITDA for the same period was £914.1 million, down 1.3% from £925.7 million[47]. - Adjusted EBITDA decreased by 8.0% to €439.7 million for the three months ended March 31, 2025, compared to €478.1 million in 2024[55]. - Adjusted EBITDA for Telenet increased to €286.4 million in Q1 2025 from €284.1 million in Q1 2024, while IFRS Adjusted EBITDA rose from €314.9 million to €323.8 million[129]. Cash Flow and Debt - Liberty Global's cash flows from operating activities were negative at -$81.0 million, with cash flows from investing activities at -$692.0 million and financing activities at -$773.0 million[5]. - Cash flows from operating activities were $185.0 million, while cash flows from investing activities were -$198.9 million[21]. - 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]. - As of March 31, 2025, 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]. - The net carrying amount of third-party debt and finance lease obligations was €10,965.4 million as of March 31, 2025, compared to €11,187.7 million at the end of 2024, indicating a decrease of about 2.0%[56]. - Telenet's total third-party debt and lease obligations amounted to €7,165.0 million, a decrease from €7,307.9 million as of December 31, 2024, representing a reduction of approximately 1.9%[68]. Customer Metrics - Broadband net losses were 2,100, primarily due to elevated churn on the Telenet brand, partially offset by growth in BASE[24]. - Telenet reported 4,216,600 homes passed and 1,955,400 customer relationships, with a total of 4,111,900 RGUs[37]. - VM Ireland had 1,005,200 homes passed and 391,300 customer relationships, totaling 718,700 RGUs[37]. - Total consolidated reportable segments showed 5,221,800 homes passed and 2,346,700 customer relationships, with 4,830,600 RGUs[37]. - Telenet experienced a net loss of 43,900 RGUs in Q1 2025 compared to the previous quarter[39]. - VMO2 JV reported a significant loss of 286,500 RGUs in Q1 2025, while VodafoneZiggo JV lost 135,900 RGUs[39]. - The average monthly ARPU for fixed-line customers increased to £47.00 from £46.25[46]. - The average monthly ARPU per fixed-line customer relationship for Telenet was €60.98 in Q1 2025, down from €61.99 in Q1 2024, indicating a decrease of approximately 1.6%[72]. - The average monthly ARPU per fixed-line customer relationship increased to €63.31 in Q1 2025, up from €61.60 in Q1 2024, marking a growth of 2.8%[62]. Capital Expenditures - Property and equipment additions were $246.7 million, representing a 34.3% increase YoY on a reported basis[21]. - Total capital expenditures, including P&E additions, were €300.0 million for the three months ended March 31, 2025, representing a significant increase of 51.4% compared to €198.2 million in the same period of 2024[62]. - Total consolidated property and equipment additions for the three months ended March 31, 2025, were $285.6 million, compared to $221.0 million in the same period of 2024[91]. - Capital expenditures for the three months ended March 31, 2025, were $243.3 million, up from $206.1 million in 2024, representing an increase of 18%[91]. - U.S. GAAP P&E Additions for Telenet increased to €233.7 million in Q1 2025 from €169.7 million in 2024, while IFRS P&E Additions rose from €198.2 million to €300.0 million[129]. 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]. - VMO2 confirmed growth in revenue and Adjusted EBITDA metrics for 2025, despite a competitive environment, and plans to acquire spectrum licenses from the VOD/3 merger[5][12]. - The company is focused on strategic management across three platforms: Liberty Telecom, Liberty Growth, and Liberty Services[81]. - Liberty Global's investments include stakes in approximately 70 companies across technology, media, sports, and infrastructure sectors[83]. - Telenet secured a 5-year €500.0 million standalone capex facility in February 2025 to support its roll-out ambitions for Wyre[69]. - 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].