Liberty .(US:LBTYA)2025-08-01 12:15Revenue Performance - Liberty Global's Q2 2025 revenue increased to $1,269.1 million, a 20.0% increase year-over-year, with consolidated Liberty Telecom revenue at $923.8 million, up 5.6%[5] - VMO2's revenue was $3,373.5 million, a slight decrease of 0.1% year-over-year, while Adjusted EBITDA was $1,172.3 million, up 3.5%[11] - 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] - The VodafoneZiggo joint venture reported a revenue of $1,123.3 million for Q2 2025, a 2.9% increase from $1,091.6 million in Q2 2024[36] - Total consolidated revenue for the first half of 2025 was $2,440.3 million, reflecting a 13.5% increase from $2,149.2 million in the same period of 2024[36] Adjusted EBITDA - Telenet's Adjusted EBITDA rose to $337.9 million, an 8.3% increase year-over-year, while VM Ireland's Adjusted EBITDA decreased to $41.4 million, down 9.4%[5] - Adjusted EBITDA for Telenet was $337.9 million in Q2 2025, an 8.3% increase from $311.9 million in Q2 2024[37] - Adjusted EBITDA for the six months ended June 30, 2025, was £1,898.3 million, down 0.8% from £1,913.5 million in the same period of 2024[123] - Consolidated Adjusted EBITDA for Q2 2025 was $335.3 million, up from $297.6 million in Q2 2024, marking an increase of 12.8%[139] Customer Metrics - Fixed-line customer relationships saw a net loss of 51,400 broadband subscribers and 73,600 postpaid mobile subscribers in Q2 2025, attributed to intense market competition[14] - Telenet's total mobile subscribers reached 2,844,200 as of June 30, 2025, with a net decrease of 45,900 subscribers compared to June 30, 2024[44] - The total number of broadband subscribers decreased by 2,000 year-over-year, with a total of 1,717,600 subscribers as of June 30, 2025[64] - Organic broadband net losses for the year-over-year period were 67,200, with total broadband subscribers at 5,643,500[49] Debt and Financial Position - 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 was €10,554.5 million as of June 30, 2025, down from €10,965.4 million[61] - 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 leverage ratio (Net Total Debt to Annualized Adjusted EBITDA) was 5.37x as of June 30, 2025[78] Cash Flow and Capital Expenditures - Cash flows from operating activities for Liberty Global were $149.2 million, a decrease of 41.2% year-over-year[34] - 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 (FCF) was negative at $(201.2) million for Q2 2025, compared to positive $60.6 million in Q2 2024[138] - Capital expenditures (P&E Additions) increased by 26.1% to €48.8 million in Q2 2025 from €38.7 million in Q2 2024[74] Strategic Initiatives and Outlook - Liberty Global is targeting $500-750 million in non-core asset disposals this year following the exit from the Vodafone collar position[3] - The company is confirming guidance metrics for Liberty Telecom operations while raising Telenet's Adjusted EBITDA outlook for 2025[4] - VodafoneZiggo is experiencing early signs of commercial improvement under its new strategic plan, with improved churn rates in fixed broadband[15] Market and Competitive Environment - Telenet confirmed a low-single digit decline in Adjusted EBITDAaL for the year, reflecting a challenging competitive environment[21] - The convergence households as a percentage of broadband RGUs decreased to 41.8% from 43.3%[49] - The company experienced a decline in residential mobile revenue, which fell by 5.8% year-over-year to €133.9 million in Q2 2025[65]