Liberty .(US:LBTYK)2025-08-01 12:15Revenue 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].