Liberty .(US:LBTYA)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, reflecting a 2.4% increase compared to Q3 2024[9]. - Liberty Growth achieved a significant revenue increase of 290.2% year-over-year, totaling $59.7 million in Q3 2025[9]. - VMO2 JV reported revenue of $3,436.0 million, a decrease of 2.2% year-over-year, while Adjusted EBITDA increased by 6.8% to $1,250.3 million[16]. - Liberty Services & Corporate's revenue increased by 23.1% year-over-year to $263.9 million, with an improved outlook for Adj. EBITDA of approximately negative $150 million for full year 2025[6][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, a 2.3% increase YoY on a reported basis, but a 3.9% decrease on a rebased basis[24]. - Telenet's revenue was $804.9 million, a 2.5% increase YoY on a reported basis, but a 3.6% decrease on a rebased basis[29]. - Virgin Media Ireland's revenue was $122.2 million, a 2.0% increase YoY on a reported basis, but a 3.9% decrease 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]. - Mobile revenue declined by 0.9% to £1,428.8 million, while fixed revenue increased by 1.9% to £985.0 million[55]. - Total revenue for the three months ended September 30, 2025, was €989.8 million, a decrease of 3.9% compared to €1,029.5 million in the same period in 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, a 1.5% increase from Q3 2024, with a projected improvement in 2026 negative Adj. EBITDA to approximately $100 million, a 50% reduction from previous estimates[9][5]. - Adjusted EBITDA for consolidated Liberty Telecom decreased by 0.4% to $400.7 million in Q3 2025 from $402.3 million in Q3 2024[42]. - 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 increased by 2.2% to £1,015.8 million for the three months ended September 30, 2025[55]. - 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 three months ended September 30, 2025, was $336.5 million, slightly up from $331.4 million in the same period of 2024, indicating a growth of 0.3%[146]. Cash Flow and Capital Expenditures - Cash provided by operating activities 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 dropped by 207.4% to $(84.5) million in Q3 2025, down from $78.7 million in Q3 2024[39]. - Total cash capital expenditures for the three months ended September 30, 2025, were $(342.9) million, compared to $(220.8) million in the same period of 2024, reflecting an increase of 55.2%[145]. - The company reported an adjusted free cash flow of €82.7 million for the three months ended September 30, 2025, compared to €39.6 million in the same period of 2024[64]. - Adjusted Free Cash Flow (Adjusted FCF) for the nine months ended September 30, 2025, was impacted by cash payments for capital expenditures totaling $2.2 million, compared to $7.6 million in the same period of 2024[105]. - The company’s total capital expenditures, net of vendor financing and finance leases, were $342.9 million for the three months ended September 30, 2025, compared to $220.8 million for the same period in 2024[101]. Debt and Financing - Total principal amount of debt and finance leases was $8.5 billion, with a blended, fully-swapped cost of debt at 3.8%[38]. - As of September 30, 2025, total third-party debt and lease obligations amounted to £22,116.9 million, an increase from £21,266.1 million as of June 30, 2025[60]. - The blended fully-swapped debt borrowing cost was 5.1% with an average tenor of third-party debt of 4.8 years as of September 30, 2025[58]. - VodafoneZiggo issued €650 million in euro-denominated senior secured notes and $600 million in US dollar-denominated senior secured notes in September and October 2025, respectively[70]. - The leverage ratios as of September 30, 2025, were 3.86x for Net Senior Debt to Annualized Adjusted EBITDA and 4.89x for Net Total Debt to Annualized Adjusted EBITDA[69]. - The net carrying amount of third-party debt was €10,398.3 million, reflecting a decrease from €10,554.5 million[68]. - The company had maximum undrawn commitments of £1,378.0 million equivalent as of September 30, 2025[58]. - 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]. Subscriber Metrics - Total mobile subscribers for consolidated reportable segments reached 2,972,700 as of September 30, 2025[45]. - The number of broadband subscribers for consolidated reportable segments was 2,079,500 as of September 30, 2025[45]. - Organic fixed-line customer relationships saw a net loss of 29,300 in the quarter, with a year-over-year decline of 116,700[54]. - Broadband subscribers decreased by 26,300 quarter-over-quarter and 109,700 year-over-year, totaling 5,704,300[54]. - Postpaid mobile subscribers experienced a net loss of 36,300 in the quarter and 217,100 year-over-year, totaling 15,763,300[54]. - Postpaid mobile subscribers increased to 5,337,100, with organic net additions of 17,200 (QoQ) and 38,700 (YoY) as of September 30, 2025[63]. Management and Corporate Changes - Liberty Global's board announced the transition of Dr. John C. Malone to Chairman Emeritus effective January 1, 2026, with Mike Fries succeeding him as Chairman[7][8]. - 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]. - Liberty Global's share buyback program for 2025 allows for the repurchase of up to 10% of outstanding shares as of December 31, 2024[90].