Financial Performance - For the fiscal year ended December 31, 2025, Datadog reported revenues of $3,427.2 million, representing a year-over-year growth of 28% from $2,684.3 million in 2024[226]. - Revenue for the year ended December 31, 2025, was $3,427,158, representing an increase of $742,883 or 28% compared to 2024[255]. - The dollar-based net retention rate for the trailing 12 months as of December 31, 2025, was about 120%, up from the high-110% range in 2024[232]. - Revenue from regions outside of North America accounted for approximately 29% of total revenue for both 2025 and 2024[237]. Customer Metrics - As of December 31, 2025, Datadog had approximately 32,700 customers, an increase from approximately 30,000 customers in 2024[229]. - The annual run-rate revenue (ARR) from customers with $100,000 or more increased to approximately 4,310, representing 90% of total ARR, up from 88% in 2024[231]. Cash Flow and Liquidity - Datadog's operating cash flow for the fiscal year ended December 31, 2025, was $1,050.1 million, compared to $870.6 million in 2024[226]. - Free cash flow for the fiscal year ended December 31, 2025, was $914.7 million, an increase from $775.1 million in 2024[226]. - Cash and cash equivalents were $0.4 billion, with marketable securities totaling $4.1 billion as of December 31, 2025, indicating strong liquidity[262]. - Net cash provided by operating activities for the year ended December 31, 2025, increased by $179.5 million to $1,050.1 million compared to $870.6 million in 2024[267]. Expenses and Costs - Cost of revenue increased by $171,426 to $686,957, a 33% increase from 2024, primarily due to higher third-party cloud infrastructure costs[256]. - Gross margin decreased to 80% in 2025 from 81% in 2024, attributed to increased costs from third-party cloud infrastructure providers[257]. - Research and development expenses rose by $395,748 to $1,548,451, a 34% increase, driven by higher personnel costs and cloud infrastructure investments[258]. - Sales and marketing expenses increased by $199,818 to $956,423, a 26% rise, mainly due to higher personnel costs and increased marketing activities[259]. - General and administrative expenses grew by $74,548 to $279,700, a 36% increase, primarily due to higher personnel and professional service costs[260]. Investment and Financing - The company issued $1.0 billion in 2029 Notes in December 2024, with net proceeds of approximately $979.1 million after costs[264]. - Net cash used in investing activities increased by $597.6 million to $(1,334.5) million in 2025, primarily due to a $946.6 million increase in purchases of marketable securities[268]. - Net cash provided by financing activities decreased by $1,359.6 million to $(572.5) million in 2025, largely due to the absence of proceeds from the issuance of the 2029 Notes amounting to $979.1 million[269]. Future Outlook and Strategy - Datadog plans to continue investing in sales and marketing to drive new customer acquisition and brand awareness[229]. - The company aims to expand its product offerings and enhance its platform capabilities to support new use cases and customer needs[235]. Risk and Commitments - Non-cancelable purchase commitments for business operations totaled $1.4 billion, primarily related to cloud hosting services[263]. - The fair value of the 2029 Notes issued in December 2024 is subject to interest rate risk and market risk, with a principal amount of $1.0 billion[286]. - The company has not entered into any hedging arrangements for foreign currency risk for the fiscal year 2025[288]. - A hypothetical 10% change in interest rates would not have a material impact on the company's consolidated financial statements[285].

Exhibit 99.1 Bridgeline Announces Financial Results for the First Quarter of Fiscal 2026 Woburn, Mass. - Bridgeline Digital, Inc. (NASDAQ: BLIN), a leader in AI-powered marketing technology, today announced financial results for its fiscal 2026 first quarter, which ended December 31, 2025. "Bridgeline's Core products, led by the HawkSearch suite, grew by 17% and now represent more than 63% of the company's subscription revenue," said Ari Kahn, Bridgeline's President and Chief Executive Officer. "HawkSearch ...

Financial Performance - Q4 2025 revenues increased by 5% to $1.50 billion, compared to $1.43 billion in Q4 2024[4] - Full-year 2025 revenues reached a record $6.03 billion, up 2% from $5.89 billion in 2024[8] - Q4 net income was $86.6 million, or $1.62 per diluted share, compared to $84.0 million, or $1.55 per diluted share in Q4 2024[6] - Full-year adjusted EBITDA was $1.17 billion, a 5% increase from $1.12 billion in 2024[9] - Net income for the twelve months ended December 31, 2025, was $390.97 million, compared to $402.30 million in 2024[31] - Basic earnings per share for the twelve months ended December 31, 2025, was $7.31, slightly down from $7.46 in 2024[31] - Net income for the year ended December 31, 2025, was $390.974 million, a decrease from $402.299 million in 2024, representing a decline of approximately 2.5%[35] - Total revenue for the year ended December 31, 2025, reached $6.031 billion, an increase of 2.4% from $5.890 billion in 2024[37] Cash Flow and Investments - The company generated record adjusted free cash flow of $509.3 million in 2025, compared to $357.9 million in 2024[9] - Cash flows from operating activities increased to $866.725 million in 2025, compared to $777.771 million in 2024, marking an increase of 11.4%[35] - Cash and cash equivalents at the end of 2025 were $826.315 million, up from $687.192 million at the end of 2024, indicating a growth of 20.3%[35] - The company reported a net cash used in investing activities of $425.786 million in 2025, a decrease from $903.674 million in 2024, indicating improved cash management[35] Future Projections - For full-year 2026, Clean Harbors expects adjusted EBITDA in the range of $1.20 billion to $1.26 billion, with a midpoint of $1.23 billion[17] - Projected GAAP net income for the year ending December 31, 2026, is estimated to be between $410 million and $461 million[22] - Projected Adjusted EBITDA for the same period is expected to range from $1,200 million to $1,260 million[22] - Projected net cash from operating activities for the year ending December 31, 2026, is anticipated to be between $820 million and $940 million[24] - Projected adjusted free cash flow for the same period is estimated to be between $480 million and $540 million[24] Shareholder Actions - Clean Harbors announced a $350 million expansion of its share repurchase program, following a $250 million repurchase in 2025[12][13] - The company repurchased $250.002 million in common stock during the year, significantly higher than $55.178 million in 2024[35] Asset and Equity Changes - Total assets as of December 31, 2025, increased to $7,624.06 million from $7,377.28 million in 2024[33] - Total stockholders' equity as of December 31, 2025, was $2,745.66 million, up from $2,573.53 million in 2024[33] Segment Performance - Adjusted EBITDA for Environmental Services segment for the year ended December 31, 2025, was $1.344 billion, up from $1.267 billion in 2024, reflecting a growth of 6.1%[37] - Environmental Services revenue for the three months ended December 31, 2025, was $1.291 billion, compared to $1.214 billion in the same period of 2024, an increase of 6.3%[37] - Safety-Kleen Sustainability Solutions revenue for the year ended December 31, 2025, was $837.361 million, down from $884.798 million in 2024, a decrease of 5.3%[37] Strategic Initiatives - An agreement was signed to acquire environmental businesses from Depot Connect International for approximately $130 million, expected to generate $40 million in revenue annually[14] - A strategic investment of $50 million will be made to expand the vacuum truck fleet over the next two years[16]

Financial Performance - Net sales for the year ended December 31, 2025, reached $609,780,000, an increase of 18.2% compared to $516,013,000 in 2024[273] - Gross profit for 2025 was $222,595,000, reflecting a 12.0% increase from $198,783,000 in 2024[273] - Income from operations increased to $82,532,000 in 2025, up 11.8% from $73,820,000 in 2024[273] - Net income for 2025 was $71,320,000, representing a 27.5% increase from $55,952,000 in 2024[273] Segment Performance - The Americas segment's net sales for Vita Coco Coconut Water grew by 23.6% to $424,319,000 in 2025, compared to $343,288,000 in 2024[275] - The International segment's net sales for Vita Coco Coconut Water increased by 43.0% to $71,943,000 in 2025, up from $50,318,000 in 2024[275] - Total volume in case equivalent (CE) for Vita Coco Coconut Water increased by 21.3% across both segments in 2025[276] - Americas net sales increased by $66.4 million, or 15.0%, driven by CE volume growth of 11.2% and branded pricing benefits[278] - Vita Coco Coconut Water net sales rose by $81.0 million, or 23.6%, due to increased CE volume and net pricing actions[278] - International net sales increased by $27.3 million, or 37.1%, with CE volume growth of 33.7%[281] Cost and Expenses - Total operating expenses for 2025 were $140,063,000, a 12.1% increase from $124,963,000 in 2024[273] - Total cost of goods sold increased by $70.0 million, or 22.1%, primarily due to CE volume increase and tariffs[283] - Selling, General & Administrative expenses rose by $15.1 million, or 12.1%, driven by higher personnel and marketing expenses[286] - Gross profit increased by $23.8 million, or 12.0%, with a gross margin decrease to 36.5%[284] Tax and Cash Flow - Income tax expense increased by $6.8 million, or 45.9%, with an effective tax rate of 23.3%[292] - Cash flows from operating activities increased by $4.3 million, or 10.0%, compared to the previous year[304] - Cash used in investing activities increased by $7.3 million, primarily due to leasehold improvements for new offices[305] - Net increase in cash and cash equivalents was $32.2 million, a decrease of 2.6% compared to the previous year[303] Debt and Obligations - As of December 31, 2025, the company had an immaterial amount of outstanding debt related to vehicle loans[308] - The company entered into a Credit Facility with Wells Fargo Bank providing for committed borrowings of $60 million, amended to extend maturity to February 13, 2030[309] - No amounts were drawn on the Credit Facility as of December 31, 2025, and the company was compliant with all financial covenants[311] - The company has contractual obligations under noncancelable operating leases with future minimum commitments of $18.6 million as of December 31, 2025[315] - As of December 31, 2025, the company had no outstanding balance on the Credit Facility, which must be repaid by February 2030[314] Revenue Recognition and Accounting Policies - The company recognizes revenue in accordance with ASC Topic 606, with revenue recognized when control of the promised good is transferred to the customer[319] - The company provides trade promotions and sales discounts, which are accounted for as a reduction of revenue[322] - Goodwill is tested for impairment annually on December 31, with no impairments recorded for the years ended December 31, 2025, and 2024[332] - The company has inventory purchase commitments due to be paid within one year, including raw material and packaging commitments[316] - The company accounts for stock-based compensation under ASC Topic 718, recognizing compensation expense over the requisite service period[326]

Revenue Performance - Liberty Global reported Q4 2025 revenue of $1,231.1 million, a 9.6% increase year-over-year, and full-year revenue of $4,878.5 million, up 12.4% from 2024[4] - Telenet achieved Q4 revenue of $842.3 million, a 7.8% increase year-over-year, and full-year revenue of $3,207.9 million, up 4.0% from 2024[4] - VMO2 JV reported Q4 revenue of $3,399.4 million, a 2.3% decrease year-over-year, with full-year revenue of $13,335.2 million, also down 2.3%[4] - VodafoneZiggo achieved revenue of $1,186.4 million in Q4, representing a 6.5% year-over-year increase on a reported basis, but a 2.3% decline on a rebased basis[19] - Telenet reported revenue of $842.3 million in Q4, marking a 7.8% year-over-year increase on a reported basis, but a 1.3% decline on a rebased basis[27] - Virgin Media Ireland's revenue was $134.0 million in Q4, which is a 4.2% year-over-year increase on a reported basis, but a 4.5% decline on a rebased basis[34] Adjusted EBITDA - Adjusted EBITDA for Liberty Global was $278.6 million in Q4, a 12.4% increase year-over-year, and $1,275.0 million for the full year, up 9.9% from 2024[4] - Adjusted EBITDA for VodafoneZiggo was $495.7 million in Q4, reflecting a 5.8% year-over-year increase on a reported basis and a 3.4% decline on a rebased basis[19] - Telenet's adjusted EBITDA was $305.4 million in Q4, showing a 1.8% year-over-year decline on a reported basis and a 9.9% decline on a rebased basis[27] - Virgin Media Ireland's adjusted EBITDA reached $59.9 million in Q4, reflecting a 17.0% year-over-year increase on a reported basis and a 7.3% increase on a rebased basis[34] - Adjusted EBITDA for total consolidated operations rose by 12.4% to $278.6 million in Q4 2025, compared to $247.8 million in Q4 2024[40] Cash Flow and Liquidity - Liberty Global's cash position at the end of 2025 was $2.2 billion, reflecting disciplined capital allocation and upstreaming of JV dividends[3] - The company achieved an Adjusted Free Cash Flow of £393.1 million, aligning with guidance of £350-400 million[14] - Cash provided by operating activities decreased by 5.4% to $630.9 million in Q4 2025 compared to $667.1 million in Q4 2024[37] - Distributable Cash Flow from continuing operations fell by 69.5% to $161.9 million in Q4 2025 from $530.6 million in Q4 2024[37] - Adjusted Free Cash Flow from continuing operations decreased by 52.8% to $152.9 million in Q4 2025 compared to $324.2 million in Q4 2024[37] Subscriber Metrics - Liberty Global's broadband net losses improved sequentially to 16,700, despite ongoing competitive pressures[14] - VodafoneZiggo's broadband net losses improved to 11,900 in Q4, indicating higher sales and lower churn due to new pricing strategies[19] - Telenet achieved broadband net adds of 12,400 in Q4, supported by the growth of BASE FMC in the South[29] - Virgin Media Ireland's postpaid net adds were 1,500 in Q4, marking the fourth consecutive quarter of growth in this segment[34] - Total mobile subscribers for consolidated reportable segments reached 2,966,400 as of December 31, 2025, showing a decrease of 6,300 from the previous quarter[45] Debt and Financial Obligations - Total principal amount of debt and finance leases for Telenet was $8.6 billion, with an average debt tenor of 3.1 years[36] - As of December 31, 2025, total third-party debt and lease obligations amounted to £22,117.4 million, slightly increasing from £22,116.9 million as of September 30, 2025[57] - The blended fully-swapped debt borrowing cost was 5.2% with an average tenor of third-party debt at 4.8 years as of December 31, 2025[55] - The total covenant amount of third-party net debt was £16,703.9 million as of December 31, 2025[57] - The net senior debt to annualized adjusted EBITDA ratio was 3.71x as of December 31, 2025[58] Capital Expenditures - Total consolidated property and equipment additions were $1,362.8 million for the year ended December 31, 2025, up from $1,061.9 million in 2024, representing a 28.4% increase[97] - Capital expenditures (P&E Additions) increased by 35.5% in Q4 2025, totaling €271.9 million compared to €200.6 million in Q4 2024[62] - Total P&E additions, including ROU asset additions, decreased by 6.6% to £573.9 million[53] - P&E Additions for the year ended December 31, 2025, were $1,362.8 million, up from $1,061.9 million in 2024, an increase of 28.3%[138] Operational Performance - The company reported a loss from continuing operations of $2,916.2 million in Q4 2025, compared to a profit of $2,334.2 million in Q4 2024[138] - The company incurred foreign currency transaction losses of $39.8 million in Q4 2025, compared to gains of $1,958.6 million in Q4 2024[138] - Adjusted EBITDA less P&E Additions for the year ended December 31, 2025, was $(87.8) million, compared to $97.9 million in 2024, indicating a decline in operational efficiency[138] Market Position and Strategy - The company plans to continue investing heavily in its fixed and mobile networks while streamlining its B2B product portfolio[12] - VMO2 expanded its full fiber footprint to 8.3 million premises and increased 5G outdoor coverage to 87%, a 12 percentage point increase year-over-year[7] - The company expects to close the sale of UPC Slovakia in the first half of 2026, contributing estimated proceeds to future financials[99]

Exhibit 99.1 Improving commercial momentum and continued focus on value creation Denver, Colorado: February 18, 2026 - Liberty Global Ltd. announces its Q4 2025 financial results. CEO Mike Fries stated, "In the fourth quarter, we continued to execute our plans to both drive commercial momentum in our telecom operations and unlock value for shareholders. 1 • Liberty Telecom: We delivered all full-year guidance metrics at VMO2, VodafoneZiggo and Telenet, reflecting growing commercial progress despite challeng ...

Revenue Performance - Liberty Global reported Q4 2025 revenue of $1,231.1 million, a 9.6% increase year-over-year, and full-year revenue of $4,878.5 million, up 12.4% from 2024[4]. - Telenet achieved Q4 revenue of $842.3 million, a 7.8% increase year-over-year, and full-year revenue of $3,207.9 million, up 4.0% from 2024[4]. - VodafoneZiggo achieved revenue of $1,186.4 million in Q4, representing a 6.5% year-over-year increase on a reported basis, but a 2.3% decline on a rebased basis[19]. - Telenet reported revenue of $842.3 million in Q4, a 7.8% year-over-year increase on a reported basis, but a 1.3% decline on a rebased basis[27]. - Virgin Media Ireland's revenue was $134.0 million in Q4, a 4.2% year-over-year increase on a reported basis, but a 4.5% decline on a rebased basis[34]. - The VMO2 joint venture reported a revenue of $3,399.4 million for Q4 2025, a decrease of 2.3% from Q4 2024[39]. - Total revenue decreased by 5.9% year-over-year to £2,556.9 million for the three months ended December 31, 2025[53]. - Total revenue for Q4 2025 was €1,020.2 million, a decrease of 2.3% compared to €1,044.3 million in Q4 2024[62]. - Total revenue for Q4 2025 was €723.8 million, a decrease of 1.3% compared to €733.3 million in Q4 2024[11]. - Total revenue for Q4 2025 was €115.2 million, a decrease of 4.5% compared to €120.6 million in Q4 2024[81]. Adjusted EBITDA - Adjusted EBITDA for Liberty Global was $278.6 million in Q4, a 12.4% increase year-over-year, and $1,275.0 million for the full year, up 9.9% from 2024[4]. - Adjusted EBITDA for VodafoneZiggo was $495.7 million in Q4, reflecting a 5.8% year-over-year increase on a reported basis and a 3.4% decline on a rebased basis[19]. - Telenet's adjusted EBITDA was $305.4 million in Q4, showing a 1.8% year-over-year decline on a reported basis and a 9.9% decline on a rebased basis[27]. - Virgin Media Ireland's adjusted EBITDA reached $59.9 million in Q4, marking a 17.0% year-over-year increase on a reported basis and a 7.3% increase on a rebased basis[34]. - Adjusted EBITDA for Q4 2025 rose by 12.4% to $278.6 million, while the year-to-date figure increased by 9.9% to $1,275.0 million[40]. - The total consolidated adjusted EBITDA less P&E additions for Q4 2025 was $(145.8) million, a decrease of 62.4% compared to Q4 2024[40]. - Liberty Growth segment reported a Q4 2025 adjusted EBITDA of $(14.4) million, an improvement from $(19.1) million in Q4 2024[40]. - U.S. GAAP Adjusted EBITDA for Q4 2025 was £877.4 million, slightly down from £879.4 million in Q4 2024, while the year-end figure for 2025 was £3,536.1 million compared to £3,523.7 million in 2024[122]. - IFRS Adjusted EBITDA for Q4 2025 was £965.4 million, down from £989.1 million in Q4 2024, with a year-end total of £3,879.5 million compared to £3,896.6 million in 2024[122]. Cash Flow and Capital Expenditures - Liberty Global ended 2025 with a strong cash position of $2.2 billion, reflecting disciplined capital allocation and non-core asset disposals[3]. - Liberty Global's adjusted free cash flow for 2025 was $393.1 million, aligning with guidance of $350-400 million[14]. - Cash provided by operating activities decreased by 5.4% to $630.9 million in Q4 2025, and year-to-date cash flow decreased by 9.0% to $1,211.1 million[37]. - Distributable Cash Flow from continuing operations fell by 69.5% to $161.9 million in Q4 2025, with a year-to-date decrease of 151.1% to $(265.0) million[37]. - The company reported a significant increase in P&E additions, which rose by 35.5% to €271.9 million in Q4 2025 from €200.6 million in Q4 2024[62]. - The company reported total capital expenditures of $1,343.1 million for the year ended December 31, 2025, compared to $908.5 million in 2024, reflecting a significant increase of 47.8%[97]. - The company incurred foreign currency transaction losses of $39.8 million in Q4 2025, compared to gains of $1,958.6 million in Q4 2024[138]. - P&E Additions for the year ended December 31, 2025, totaled $(1,362.8) million, up from $(1,061.9) million in 2024, indicating increased capital expenditures[138]. Subscriber Metrics - VMO2's broadband net losses improved sequentially, with a reduction of 16,700 subscribers, despite intense competition[14]. - Telenet achieved broadband net adds of 12,400 in Q4, supported by the growth of BASE FMC in the South[29]. - Virgin Media Ireland's postpaid net adds were 1,500 in Q4, marking the fourth consecutive quarter of growth in this segment[34]. - VodafoneZiggo's broadband net losses improved to 11,900 in Q4, attributed to higher sales and lower churn from new pricing strategies[19]. - Organic broadband net additions for Q4 2025 were 12,400, compared to 3,200 in Q4 2024, indicating a positive trend in subscriber growth[71]. - Organic fixed-line customer relationship net losses were 4,200 in Q4 2025, compared to 1,900 in Q4 2024[80]. Debt and Financial Obligations - Total principal amount of debt and finance leases for Telenet was $8.6 billion, with an average debt tenor of 3.1 years[36]. - As of December 31, 2025, total third-party debt and lease obligations amounted to £22,117.4 million, slightly increasing from £22,116.9 million as of September 30, 2025[57]. - The net carrying amount of third-party debt and lease obligations was £21,510.7 million as of December 31, 2025, compared to £21,549.5 million as of September 30, 2025[57]. - The blended fully-swapped debt borrowing cost was 5.2% with an average tenor of third-party debt of 4.8 years as of December 31, 2025[55]. - The total covenant amount of third-party net debt was £16,703.9 million as of December 31, 2025, down from £16,963.0 million as of September 30, 2025[57]. - The company reported a net carrying amount of third-party debt and finance lease obligations of €10,429.7 million as of December 31, 2025, slightly up from €10,398.3 million on September 30, 2025[68]. - The leverage ratio for net total debt to annualized adjusted EBITDA was 4.99x as of December 31, 2025[69]. - The company had maximum undrawn commitments of €800 million under its Revolving Facilities as of December 31, 2025[70]. Operational Challenges and Future Outlook - The company plans to continue investing heavily in its fixed and mobile networks, with a focus on cost efficiencies to support profitability in 2026[12]. - Liberty Global's adjusted EBITDA trajectory is expected to improve, with a projected 75% decrease in corporate spend in 2026 compared to 2024[2]. - The company expects to close the sale of UPC Slovakia in the first half of 2026, which is anticipated to generate estimated proceeds[99]. - The company’s unused borrowing capacity was $0.7 billion as of December 31, 2025, which increased to approximately $0.9 billion in January 2026 after repaying borrowings[100]. - The company reported a loss from continuing operations of $2,916.2 million in Q4 2025, compared to a profit of $2,334.2 million in Q4 2024[138]. - The company’s operating loss for the year ended December 31, 2025, was $(339.7) million, compared to $(333.1) million in 2024, reflecting ongoing operational challenges[141].

Financial Performance - The company reported a consolidated Adjusted EBITDA of $1,275.0 million for the year ended December 31, 2025, compared to $1,159.8 million in 2024, reflecting a year-over-year increase of 10%[310]. - The company experienced a significant operating loss of $7,096.7 million in 2025, compared to a profit of $1,869.1 million in 2024, indicating a substantial decline in profitability[310]. - The company reported a foreign currency transaction gain of $3,121.1 million in 2025, compared to a loss of $1,756.5 million in 2024, highlighting the impact of currency fluctuations on financial results[310]. - Total consolidated revenue increased by $536.6 million, or 12.4%, from $4,341.9 million in 2024 to $4,878.5 million in 2025[313]. - The company’s share of results from affiliates, net, was $3,186.9 million in 2025, a significant increase from $205.6 million in 2024, indicating strong performance from joint ventures[310]. - Adjusted EBITDA for total consolidated reportable segments increased by $13.6 million, or 0.9%, reaching $1,484.1 million in 2025[319]. - The company reported a loss from continuing operations of $7,096.7 million in 2025, compared to earnings of $1,869.1 million in 2024[378]. Customer and Market Metrics - The company served 11,399,700 fixed-line customers and 44,886,600 mobile subscribers as of December 31, 2025, with networks passing 29,117,600 homes[290]. - The average number of residential customers decreased by $37.3 million, while ARPU increased by $15.1 million[325]. - The VMO2 joint venture reported revenue of $13,335.2 million in 2025, down from $13,649.7 million in 2024, with adjusted EBITDA increasing to $4,662.8 million from $4,503.4 million[360][361]. - The VodafoneZiggo joint venture generated revenue of $4,518.5 million in 2025, slightly up from $4,450.5 million in 2024, while adjusted EBITDA decreased to $1,977.7 million from $2,033.9 million[363]. Revenue Breakdown - Residential fixed revenue increased by $57.1 million, or 3.3%, with broadband internet subscription revenue growing by $59.0 million, or 6.6%[323]. - B2B revenue rose by $56.3 million, or 6.7%, with subscription revenue increasing by $15.5 million, or 3.6%[323]. - Other revenue surged by $410.2 million, or 36.1%, contributing significantly to the overall revenue growth[323]. - The impact of foreign exchange (FX) contributed $136.3 million to the total revenue increase, highlighting the importance of currency fluctuations[314]. - Consolidated revenue increased by $536.6 million or 12.4% in 2025 compared to 2024, with $240.8 million from the Formula E Acquisition and $171.1 million from Sunrise Services[324]. Operating Expenses - Programming and other direct costs of services increased by $219.8 million or 15.2% in 2025, with an organic decrease of $71.2 million or 4.3%[331]. - Other operating expenses (excluding share-based compensation) rose by $122.9 million or 16.5% in 2025, with an organic increase of $59.3 million or 7.9%[334]. - SG&A expenses (excluding share-based compensation) increased by $78.7 million or 8.0% in 2025, with an organic decrease of $20.7 million or 2.0%[338]. Debt and Cash Management - The company aims to maintain a consolidated debt balance between four and six times its consolidated Adjusted EBITDA, which is a non-GAAP measure[399]. - As of December 31, 2025, the consolidated debt and finance lease obligations totaled $8.6 billion, with $0.8 billion classified as current and $3.3 billion not due until 2029 or later[401]. - The company expects to maintain significant levels of interest expense due to its debt management strategy aimed at providing attractive equity returns[380]. - The total cash and cash equivalents as of December 31, 2025, amounted to $2,081.4 million, with $914.3 million held by unrestricted subsidiaries[384]. Strategic Initiatives - The company aims to achieve organic revenue and customer growth by developing bundled services and enhancing network quality, excluding the impact of foreign currency translation and acquisitions[297]. - The company plans to roll out DOCSIS 4 technology capable of 10 Gbps starting in 2026, following successful tests on live network infrastructure[44]. - Liberty Telecom's sustainability strategy includes commitments to achieve Net Zero targets for the majority of its operations by 2040[34]. - The company aims to enhance its product offerings through strategic acquisitions and partnerships, as well as new product developments[28]. Joint Ventures and Affiliates - The net loss for the VMO2 joint venture was $5,766.5 million in 2025, compared to a net gain of $1.7 million in 2024, impacted by a goodwill impairment charge of £3.8 billion ($5.0 billion)[362]. - The VodafoneZiggo JV's revenue in 2025 decreased compared to 2024, primarily due to a decline in residential fixed revenue and mobile revenue, offset by increases in other revenue related to premium sports content and B2B fixed revenue[365]. - The VodafoneZiggo JV's Adjusted EBITDA in 2025 was affected by increased consulting costs, higher programming costs, and cost control measures, alongside the revenue changes[365]. Impairment and Valuation - The company evaluates goodwill for impairment at least annually, with assessments conducted on October 1 and whenever circumstances indicate potential impairment[417]. - The company did not record any significant impairment charges related to goodwill for the years ended December 31, 2025, 2024, and 2023[419]. - The aggregate valuation allowance against deferred tax assets was $2,088.5 million as of December 31, 2025[431]. Economic and Regulatory Risks - The company is subject to inflationary pressures and foreign currency exchange risks, which could impact operating margins if costs cannot be passed on to customers[308]. - The company is subject to risks from economic conditions, competitive pressures, and regulatory changes that could impact future performance[434]. - The company has significant uncertainties regarding future cash flows, which could lead to potential impairment charges if actual results differ from estimates[420].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35961 Liberty Global Ltd. (Exact name of Registrant as specified in its charter) Bermuda 98-1750381 (State or other jurisdiction of incorporatio ...

Financial Performance - The company reported a consolidated Adjusted EBITDA of $1,275.0 million for the year ended December 31, 2025, compared to $1,159.8 million in 2024, reflecting a year-over-year increase of 10%[310]. - The company reported a loss from continuing operations of $7,096.7 million for 2025, compared to a profit of $1,869.1 million in 2024[310]. - Total consolidated revenue increased by $536.6 million, or 12.4%, from $4,341.9 million in 2024 to $4,878.5 million in 2025[313]. - Adjusted EBITDA for total consolidated reportable segments increased by $13.6 million, or 0.9%, reaching $1,484.1 million in 2025[319]. - Telenet's revenue rose by $123.5 million, or 4.0%, driven by a $15.8 million increase in ARPU despite a decrease in the average number of customers[314]. - VM Ireland's total revenue increased by $3.4 million, or 0.7%, with a notable organic decrease of $17.6 million, primarily due to a decline in residential fixed subscription revenue[315]. - Other revenue surged by $410.2 million, or 36.1%, from $1,136.3 million in 2024 to $1,546.5 million in 2025, indicating successful diversification strategies[323]. - The share of results from affiliates showed a net loss of $3,186.9 million in 2025, compared to a loss of $205.6 million in 2024, largely driven by the VMO2 JV's performance[360]. Customer and Market Metrics - The company served 11,399,700 fixed-line customers and 44,886,600 mobile subscribers as of December 31, 2025, with networks passing 29,117,600 homes[290]. - Liberty Telecom serves residential and business customers in Belgium, Ireland, and Slovakia, with a total of 5,260,500 homes passed and 2,314,500 fixed-line customer relationships[29]. - As of December 31, 2025, Liberty Telecom had 2,088,500 broadband subscribers and 4,711,100 total RGUs across its consolidated operations[37]. - The VMO2 joint venture reported 16,226,100 homes passed and 5,789,300 fixed-line customer relationships, with 36,309,300 mobile subscribers[37]. Revenue Streams and Growth - The company aims to achieve organic revenue and customer growth by developing bundled services and upgrading network quality, excluding foreign currency translation effects and acquisition impacts[297]. - B2B revenue increased by $56.3 million, or 6.7%, from $842.8 million in 2024 to $899.1 million in 2025, reflecting growth in both subscription and non-subscription revenue[323]. - Residential fixed revenue grew by $57.1 million, or 3.3%, driven by a $59.0 million increase in broadband internet subscription revenue[323]. - Non-subscription revenue for total residential fixed revenue increased by $6.0 million, or 27.8%, indicating a positive trend in ancillary services[323]. Costs and Expenses - Programming and other direct costs of services increased by $219.8 million or 15.2% in 2025, with $193.7 million attributed to the Formula E Acquisition[331]. - Other operating expenses (excluding share-based compensation) rose by $122.9 million or 16.5% in 2025, with a core network and IT-related cost increase of $51.5 million or 29.3%[334]. - SG&A expenses (excluding share-based compensation) increased by $78.7 million or 8.0% in 2025, with $58.1 million attributed to the Formula E Acquisition[338]. Foreign Currency and Economic Factors - The company experienced a significant foreign currency transaction gain of $3,121.1 million in 2025, compared to a loss of $1,756.5 million in 2024[310]. - The company is subject to inflationary pressures and foreign currency exchange risks, which could impact operating margins if costs cannot be passed on to subscribers[308]. - The company’s revenue is primarily derived from jurisdictions that administer VAT or similar taxes, which could adversely affect revenue growth if tax increases occur[306]. Debt and Cash Flow - The company aims to maintain a consolidated debt balance between four and six times its consolidated Adjusted EBITDA, which is a non-GAAP measure[399]. - As of December 31, 2025, the consolidated debt and finance lease obligations totaled $8.6 billion, with $0.8 billion classified as current and $3.3 billion not due until 2029 or later[401]. - Net cash provided by operating activities decreased from $1,331.2 million in 2024 to $1,211.1 million in 2025, a decline of $120.1 million[405]. - Adjusted free cash flow for 2025 was negative at $(274.0) million, compared to positive $311.7 million in 2024[414]. Strategic Initiatives and Future Outlook - The company is focused on sustainability, with commitments to achieve Net Zero targets for 2040 across most of its operations, including Telenet and VodafoneZiggo JV[34]. - The company plans to roll out DOCSIS 4 technology capable of 10 Gbps by 2026, enhancing its broadband service offerings[44]. - Telenet's fiber network expansion plans include covering 70% of its footprint with FTTH by 2030 and 78% by 2038[64]. - The company anticipates an increase in property and equipment additions for 2026 compared to 2025, although actual amounts may vary due to several factors[409]. Joint Ventures and Affiliates - The VMO2 JV reported revenue of $13,335.2 million in 2025, a decrease from $13,649.7 million in 2024, with adjusted EBITDA increasing to $4,662.8 million from $4,503.4 million[361]. - The VodafoneZiggo JV generated revenue of $4,518.5 million in 2025, slightly up from $4,450.5 million in 2024, with adjusted EBITDA decreasing to $1,977.7 million from $2,033.9 million[363].