Liberty .(US:LBTYK)2025-10-30 12:13Revenue 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].