Core Insights - Liberty Global (LBTYA) reported a significant loss of $2.92 billion from continuing operations in Q4 2025, contrasting with earnings of $2.33 billion in the same quarter of the previous year [1] - Despite the loss, revenues increased by 9.6% year over year to $1.23 billion, although on a rebased basis, revenues saw a slight decline of 0.5% [1] Revenue Performance - Consolidated Liberty Telecom, which includes Telenet and Virgin Media Ireland, saw revenues rise by 7.3% year over year to $976.3 million [2] - Liberty Growth revenues increased to $36.6 million from $35.1 million in the previous year [2] - Liberty Services & Corporate revenues grew by 19.3% year over year and 9.4% on a rebased basis to $266.6 million [2] Segment Analysis - Telenet's revenues reached $842.3 million, marking a 7.8% increase year over year, but a decline of 1.3% on a rebased basis [3] - Virgin Media Ireland's revenues increased by 4.2% on a reported basis but decreased by 4.5% on a rebased basis to $134 million [3] - Adjusted EBITDA for Liberty Global increased by 12.4% year over year to $278.6 million in Q4, but declined by 0.9% on a rebased basis [3] Subscriber Trends - Telenet lost 4,600 fixed-line customers but gained 12,400 broadband customers and 2,900 postpaid mobile subscribers [5] - VM Ireland lost 4,200 fixed-line customers and 3,400 broadband customers, while gaining 1,500 postpaid mobile subscribers [5][6] Joint Venture Performance - VMO2 joint venture revenues were $3.40 billion, down 2.3% on a reported basis and 5.9% on a rebased basis, with significant subscriber losses [7] - VodafoneZiggo joint venture revenues increased by 6.5% on a reported basis but decreased by 2.3% on a rebased basis, also experiencing subscriber losses [8] Financial Position - At the end of Q4 2025, Liberty Global had $2.90 billion in cash and investments, a decrease from $2.61 billion at the end of Q3 2025 [10] - Total debt and finance leases amounted to $8.6 billion, up from $8.5 billion in the previous quarter [10] - Cash provided by operating activities was $630.9 million, down 5.4% year over year but up 109% from the previous quarter [11] 2026 Guidance - Liberty Global anticipates further improvement in Liberty Services & Corporate performance, guiding to approximately $50 million negative Adjusted EBITDA for 2026 [12] - VMO2 expects a 3-5% decline in total service revenues and Adjusted EBITDA, reflecting competitive pressures in the U.K. market [12] - VodafoneZiggo forecasts stable to low-single-digit revenue decline and a mid- to high-single-digit decline in Adjusted EBITDA [13] - Telenet expects stable revenue growth and low-single-digit growth in Adjusted EBITDA, supported by price indexation benefits [13]