DENVER, May 01, 2026 (GLOBE NEWSWIRE) -- Liberty Global Ltd. announces its Q1 2026 financial results.
CEO Mike Fries stated, "In the first quarter, we made continued progress against our operational and strategic goals while remaining fully focused on unlocking and crystallizing value for shareholders. We are on track with our Ziggo Group plans, including the acquisition of Vodafone's 50% stake in VodafoneZiggo which should close in July and the building blocks required to spin-off our interest to shareholders in H2 2027. After an encouraging commercial performance in Q1, we are reiterating all 2026 full-year guidance targets.
-- Liberty Telecom: Our Telecom operations delivered strong Q1 commercial
results with sequential improvement in broadband net adds across our
markets. Virgin Media O2 further optimized its fixed commercial
initiatives and launched O2 Satellite, becoming the first UK operator to
provide direct-to-device satellite connectivity. VodafoneZiggo improved
broadband net adds for the fourth consecutive quarter since its new
strategic plan while Telenet achieved its best broadband performance in
over 10 years, driven by exceptional sales execution and cross-sell
campaigns. Virgin Media Ireland delivered another positive quarter of
wholesale growth, while driving positive postpaid mobile net adds for the
fifth consecutive quarter.
-- Liberty Growth: We continued to execute our strategy of rotating capital
within the Growth portfolio during Q1, exiting half of our 5% stake in
ITV and a portion of our EdgeConneX investment, with combined disposal
proceeds of $180m in the quarter and $300m15 through April. The
portfolio remains concentrated, with our top five investments comprising
65% of its $3.4B1 FMV at March 31, 2026. We have also moved Liberty
Blume into a new 'Services' pillar in the portfolio, to reflect its
increased focus on third-party revenue growth going forward. Liberty
Growth continues to be a significant source of capital and we are focused
on investing in sectors that have structural tailwinds along with a clear
path to value creation.
-- Liberty Corporate: As we highlighted at our year-end call, we delivered a
substantial reshaping of our corporate operating model that will result
in a 75% improvement to our Adj. EBITDA outlook13 for this year compared
to 2024. As we look ahead, we remain committed to identifying further
efficiencies and are squarely focused on executing our strategy to grow
and deliver value directly to shareholders.
We ended the first quarter with a consolidated cash balance of $1.9 billion(14) , reflecting disciplined capital allocation and further non-core asset disposals, as we rotate capital into higher growth investments and strategic transactions."
For more information, including the bond update by credit silo, please see our full release here: https://www.libertyglobal.com/wp-content/uploads/2026/05/LG-Q1-2026-Press-Release.pdf
Key Summary of Operating and Financial Highlights(2) (,) (3)
Three months ended
March 31, Increase/(decrease)
----------------------------
2026 2025 Reported % Rebased %(4)
------- -------- ------------ --------------
in millions, except % amounts
Revenue
Telenet $ 759.4 $ 743.2 2.2 (0.4)
Wyre 198.9 180.8 10.0 (1.0)
VM Ireland 127.0 115.8 9.7 (1.4)
------- -------- --------
Consolidated
Liberty
Telecom 1,085.3 1,039.8 4.4
Liberty Growth 177.6 127.3 39.5 25.4
Liberty
Corporate 239.2 207.4 15.3 (2.4)
Consolidated
intercompany
eliminations (227.5) (203.3) N.M. N.M.
------- -------- ------------ --------------
Total
consolidated $1,274.6 $ 1,171.2 8.8 2.9
======= ======== ======== ======== ====
Nonconsolidated
50% owned
Liberty
Telecom:
VMO2 JV $3,222.4 $ 3,126.3 3.1 (6.5)
VodafoneZiggo
JV $1,148.5 $ 1,052.0 9.2 (1.8)
Net earnings
(loss)
Liberty Global
Consolidated $ 358.2 $(1,323.3) 127.1
Liberty Growth $ (39.8) $ (13.8) (188.4)
Liberty
Corporate $ 362.8 $(1,406.1) 125.8
Adjusted EBITDA
Telenet $ 183.9 $ 155.8 18.0 8.8
Wyre 154.3 145.8 5.8 (4.6)
VM Ireland 38.4 37.2 3.2 (7.1)
------- -------- --------
Consolidated
Liberty
Telecom 376.6 338.8 11.2
Liberty Growth 2.0 10.3 (80.6) N.M.
Liberty
Corporate (2.3) (14.5) 84.1 N.M.
Consolidated
intercompany
eliminations (9.8) (10.0) N.M. N.M.
------- -------- ------------ --------------
Total
consolidated $ 366.5 $ 324.6 12.9 1.4
======= ======== ======== ======== ====
Nonconsolidated
50% owned
Liberty
Telecom:
VMO2 JV $1,091.8 $ 1,073.4 1.7 (7.0)
VodafoneZiggo
JV $ 482.0 $ 463.1 4.1 (6.4)
Subscriber Variance Table -- March 31, 2026 vs. December
31, 2025
--------------------------------------------------------
Fixed-Line Postpaid
Customer Broadband Total Mobile
Relationships Subscribers RGUs Subscribers
--------------- ------------- --------- -------------
Organic Change
Summary
-------------------
Consolidated
Reportable
Segments:
Telenet (13,500) 17,100 (143,400) (9,100)
VM Ireland (3,300) (2,500) (11,300) 1,800
Total
Consolidated
Reportable
Segments (16,800) 14,600 (154,700) (7,300)
========= === ========= ======== =========
Q1 2026
Consolidated
Reportable Segments
Adjustments:
-------------------
Telenet -- -- -- (10,600)
Nonconsolidated
Reportable
Segments:
VMO2 JV (6,900) (5,300) (172,000) (60,400)
VodafoneZiggo
JV((i) () (15,100) (8,500) (64,200) 24,700
Q1 2026 Joint
Venture
Adjustments:
-------------------
VMO2 JV -- -- -- (72,300)
_______________
(i) Organic movements for the periods presented exclude certain B2B customers and subscribers for fixed line counts and include voice-only connections for mobile counts
Virgin Media O2 begins 2026 focused on network quality through targeted investment
VMO2 delivered improved fixed performance in Q1, driven by ongoing optimization of commercial initiatives which are helping to stabilize the base despite sustained promotional market intensity. VMO2 also advanced its network strategy through investments in O2 Satellite, network upgrades, spectrum transfers and continued full-fiber expansion. Q1 financial performance was inline with expectations, with the anticipated decline in consumer and business revenue partially offset by wholesale growth. VMO2 remains on track for all full-year guidance.(5)
Highlights for Q1
-- Connectivity and mobile network: O2 Satellite launched, becoming the
first UK mobile network to provide direct--to--device satellite
connectivity; advanced mobile network transformation through new RAN
upgrade agreements and second spectrum tranche transferred from Vodafone
UK
-- Full-fiber footprint: Now reaching 8.7 million6 premises, driving
long-term network modernization and improved operational efficiency
-- Customer experience: Rolled out 24/7 broadband support, as Virgin Media
broadband complaints decreased 42% year-over-year
-- O2 Business: The rebrand follows the integration of the Daisy Group,
which is continuing at pace
Q1 Financial Highlights (in U.S. GAAP, as reported by Liberty Global)(7)
-- Revenue of $3,222.4 million, +3.1% YoY on a reported basis and -6.5% YoY
on a rebased4 basis
-- Primarily driven by (i) lower nexfibre construction revenue, (ii)
lower consumer fixed and consumer mobile revenue and (iii) lower
business revenue as O2 Business rationalizes the product portfolio,
partially offset by growth in wholesale service revenue
-- Adjusted EBITDA8 of $1,091.8 million, +1.7% YoY on a reported basis and
-7.0% on a rebased basis
-- Primarily driven by (i) lower total service revenue and (ii) a
non-cash provision for legal matters recorded in the quarter,
partially offset by cost reduction initiatives
-- Property and equipment additions of $609.5 million, +2.6% YoY on a
reported basis and -4.7% on a rebased basis
-- Adjusted EBITDA less P&E additions8 of $482.3 million, +0.6% YoY on a
reported basis and -9.8% on a rebased basis
-- Cash flows from operating activities of $476.1 million, cash flows from
investing activities of -$263.5 million and cash flows from financing
activities of -$472.5 million
Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)(9)
-- Revenue of GBP2,390.1 million, -3.6% YoY on a reported basis and -6.5% on
a rebased basis, adjusted for the Daisy Transaction
-- Total service revenue was GBP2,007.9 million, -0.4% YoY on a reported
basis and -3.0% on a rebased basis, adjusted for the Daisy Transaction
-- Adjusted EBITDA of GBP901.7 million, -1.4% YoY on a reported basis and
-3.4% on a rebased basis, adjusted for the Daisy Transaction
-- Q1 2026 included the benefit of GBP91.9 million of U.S. GAAP/IFRS
differences, primarily related to (i) the VMO2 JV's investment in
CTIL and (ii) leases
-- The drivers of these IFRS changes are largely consistent with those under
U.S. GAAP, as detailed above
Q1 Operating Highlights
-- Consumer broadband net losses of 5,300, reflecting a progressively
stabilizing base despite sustained competitive intensity
-- Postpaid net losses of 60,400, driven by moderate losses in the consumer
and business segments, with consumer contract churn reducing as expected
-- Fixed ARPU declined by 1.6% YoY, reflecting sustained promotional
intensity in the market
2026 VMO2 guidance (in IFRS)((i) ()
We are confirming(5) :
-- Revenue: Total service revenue decline of 3 to 5% year-over-year,
adjusted for the Daisy Transaction
-- Adj. EBITDA: Adjusted EBITDA decline of 3 to 5% year-over-year, adjusted
for the Daisy Transaction
-- P&E additions: GBP2.0-GBP2.2B
-- Adj. FCF: Around GBP200m10
-- Cash distributions to shareholders: Around GBP200m
(i) Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) and cash flow from operating activities for Adjusted EBITDA, Adjusted EBITDAaL and Adjusted FCF guidance for Liberty Global and each of its OpCos cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including: the components of non-operating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/loss, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly from period to period.
VodafoneZiggo continues to execute commercial turnaround with successful rebranding and new product propositions
VodafoneZiggo delivered further key milestones in Q1, aligned with the 'How We Win Plan' set out in early 2025. Broadband net losses improved sequentially for the fourth consecutive quarter while maintaining stable ARPU, supported by the lowest churn level in three years in the consumer segment. Q1 also saw strong performance in mobile on the hollandsnieuwe brand, driven by new commercial propositions launched in January. Revenue performance improved sequentially, while Adj. EBITDA saw the anticipated impact of investments in network resilience and service reliability. VodafoneZiggo remains on track for all full-year guidance.
Highlights for Q1
-- Commercial momentum: Fourth consecutive quarter of improving broadband
trends; launched 'The Everything Network' rebrand campaign, new mobile
bundles on hollandsnieuwe brand and new Vodafone Unlimited and Kids &
Teens products
-- Network quality: Both Vodafone and Ziggo networks received 'Outstanding'
rating from Umlaut, and Ziggo highlighted for highest score on download
speed in the Netherlands
Q1 Financial Highlights (in U.S. GAAP)
-- Revenue of $1,148.5 million, +9.2% YoY on a reported basis and -1.8% on a
rebased basis
-- Primarily driven by (i) the lower broadband customer base and
ongoing repricing impact, and (ii) lower B2B mobile revenue
-- Adjusted EBITDA of $482.0 million, +4.1% YoY on a reported basis and
-6.4% on a rebased basis
-- Primarily driven by (i) the aforementioned revenue decline, and
(ii) investment in network resilience and service reliability,
partially offset by lower labor, service delivery and energy costs
-- Cash flows from operating activities of $199.2 million, cash flows from
investing activities of -$141.8 million and cash flows from financing
activities of -$153.0 million
Q1 Financial Highlights (in U.S. GAAP) in local currency
-- Revenue of EUR980.9 million, -1.8% YoY on both a reported and rebased
basis
-- Adjusted EBITDA of EUR411.5 million, -6.4% YoY on both a reported and
rebased basis
Q1 Operating Highlights
-- Broadband net losses of 8,500 improved sequentially, reflecting higher
sales and lower churn, primarily in the consumer segment, as a result of
new front book pricing and migration programs
-- Postpaid net adds of 24,700 driven by strong hollandsnieuwe sales,
supported by new commercial propositions, and stabilizing B2B net adds
-- Fixed ARPU stable YoY, as the fixed price indexation was partially offset
by the proactive right-pricing of the new front book
2026 VodafoneZiggo guidance (in U.S. GAAP)
We are confirming:
-- Revenue: Stable to low-single digit decline -- Adj. EBITDA: Mid- to high-single digit decline -- P&E additions to revenue: 23-25% -- Adj. FCF: Around EUR100 million10 -- Cash distributions to shareholders: No Distributions11
Telenet delivered strong commercial performance in broadband, driven by successful cross-selling and sales execution
During the first quarter, Telenet delivered its best broadband net adds performance in over a decade, driven by effective cross-selling campaigns into the video customer base. While revenue was stable, Adj. EBITDAaL grew in Q1, driven by lower programming costs and labor expenses. Telenet remains on track for all full-year guidance.
Highlights for Q1
-- Broadband momentum: Best quarterly broadband net adds performance in 10
years was driven by effective cross--selling into the video subscriber
base
-- Caviar stake disposal: The full exit from Caviar is part of a realignment
of Telenet's media and entertainment strategy and enables Telenet to
sharpen its focus on the Flemish media ecosystem and continued digital
innovation
Q1 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)
-- Revenue of $759.4 million, +2.2% YoY on a reported basis and -0.4% on a
rebased basis
-- Primarily due to lower fixed revenue driven by the strategic
non-renewal of the Belgian Football rights, partially offset by
higher broadband revenue and higher handset sales
-- Adjusted EBITDA of $183.9 million, +18.0% YoY on a reported basis and
+8.8% on a rebased basis
-- Adjusted EBITDAaL of $183.9 million, +18.0% YoY on a reported basis and
+8.6% on a rebased basis
-- Primarily driven by (i) lower programming costs related to the
non-renewal of the Belgian football rights, (ii) lower labor costs
and (iii) lower wholesale fees reflecting new wholesale pricing
and a lower subscriber base
-- Property and equipment additions of $108.1 million, -17.4% YoY on a
reported basis and -25.6% on a rebased basis, reflecting lower capital
intensity in line with Telenet's full year outlook
-- Adjusted EBITDA less P&E Additions of $75.8 million, +204.4% YoY on a
reported basis and N.M. on a rebased basis
-- Cash flows from operating activities of $183.5 million, cash flows from
investing activities of -$296.2 million and cash flows from financing
activities of -$131.5 million
-- Adjusted FCF of $10.5 million
Q1 Financial Highlights (in IFRS)(9)
-- Revenue of EUR648.6 million, -8.1% YoY on a reported basis and -0.4% YoY
on a rebased basis
-- Adjusted EBITDA of EUR190.4 million, +3.0% YoY on a reported basis and
+5.0% YoY on a rebased basis
-- Q1 2025 included the benefit of EUR33.4 million of U.S. GAAP/IFRS
differences, primarily related to (i) sports and film broadcasting
rights and (ii) leases
-- Adjusted EBITDAaL of EUR171.1 million, +3.1% YoY on a reported basis and
+5.6% on a rebased basis
-- Property and equipment additions of EUR107.5 million, -43.3% YoY on a
reported basis and -43.2% on a rebased basis
-- Adjusted EBITDA less P&E Additions of EUR82.9 million, N.M. on a reported
and rebased basis
-- The drivers of these IFRS changes are largely consistent with those under
U.S. GAAP, as detailed above
Q1 Operating Highlights
-- Broadband net adds of 17,100 driven by successful cross-selling into
video customer base and strong BASE performance
-- Postpaid net losses of 9,100 driven by the discontinuation of end-of-year
promotions and continued market competition
-- Fixed ARPU remains stable at -0.2% YoY where the positive impacts from
the price increases at Telenet and cross-selling were offset by the
removal of the football rights from bundles and the negative mix impact
due to higher BASE share
2026 Telenet guidance (in IFRS and excluding Wyre)(12)
We are confirming:
-- Revenue growth: Stable -- Adj. EBITDAaL: Low-single digit growth -- P&E additions to revenue: Around 20% -- Adj. FCF: Return to positive Adj. FCF of around EUR20m
Wyre signs fiber sharing agreement with Proximus and continues to execute fiber roll out plan
Wyre and Proximus signed their fiber sharing agreement in April, marking an important step in advancing Wyre's next phase of its network strategy. The agreement is still subject to approval by the Belgian Competition Authority (BCA). Wyre remains committed to ensuring a fast and efficient deployment of high-speed gigabit networks and is on track to deliver its medium-term targets.
Highlights for Q1
-- Capital structure separation: Financing is in place to fully separate the
Telenet and Wyre capital structures, pending approval of the fiber
sharing agreement by the BCA, including the repayment of all outstanding
shareholder loans with its shareholders Telenet and Fluvius
-- Fiber roll out: Wyre continued to progress its fiber build plan during
the quarter, in line with its medium-term targets
Q1 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)
-- Revenue of $198.9 million, +10.0% YoY on a reported basis and -1.0% on a
rebased basis
-- Primarily driven by new wholesale pricing model, partially offset
by higher dark fiber related revenue
-- Adjusted EBITDA of $154.3 million, +5.8% YoY on a reported basis and
-4.6% on a rebased basis
-- Adjusted EBITDAaL of $154.0 million, +5.8% on a reported basis and -4.6%
on a rebased basis
-- Primarily driven by (i) increased costs related to the insourcing
of certain technical services and (ii) higher labor costs to
support organizational growth
-- Property and equipment additions of $192.6 million, +66.3% YoY on a
reported basis and +50.1% on a rebased basis
-- Cash flows from operating activities of $32.2 million, cash flows from
investing activities of -$164.5 million and cash flows from financing
activities of $141.1 million
-- Adjusted FCF of -$132.3 million
Q1 Financial Highlights (in IFRS)(9)
-- Revenue of EUR169.9 million, -1.0% YoY on both a reported and rebased
basis
-- Adjusted EBITDA of EUR132.4 million, -4.7% YoY on both a reported and
rebased basis
-- Adjusted EBITDAaL of EUR131.6 million, -4.6% YoY on both a reported and
rebased basis
-- Property and equipment additions of EUR167.5 million, +51.6% YoY on a
reported basis and rebased basis
-- The drivers of these IFRS changes are largely consistent with those under
U.S. GAAP, as detailed above
Virgin Media Ireland executes against strategic plan with further progress in wholesale and fiber upgrade program
Virgin Media Ireland ended the first quarter with continued momentum in total fixed and mobile, driven by continued off-net expansion and growth in wholesale connections. Mobile postpaid net adds were positive for the fifth consecutive quarter, despite strong market competition. Virgin Media Ireland continued to progress the fiber upgrade program, and remains on track to substantially complete the rollout by year-end.
Highlights for Q1
-- Wholesale performance: Continued momentum with over 6k net additions
during the quarter
-- Fiber rollout progress: Fiber expansion remains on track to substantially
complete by year-end, with 40k additional connections built in the
quarter
-- Home of international rugby: Virgin Media Ireland will become the
exclusive free-to-air Irish broadcaster of the Nations Championship,
cementing Virgin Media Television's role as the home of top-class
international rugby
Q1 Financial Highlights (in U.S. GAAP)
-- Revenue of $127.0 million, +9.7% YoY on a reported basis and -1.4% on a
rebased basis
-- Primarily driven by lower consumer fixed and mobile revenue, as
well as lower VMTV revenue due to lower advertising revenue,
partially offset by growth in wholesale
-- Adjusted EBITDA of $38.4 million, +3.2% YoY on a reported basis and -7.1%
on a rebased basis
-- Primarily driven by (i) the decline in revenue, and (ii) a tough
comparison against Q1 2025 due to a one--off benefit in the prior
year, partially offset by enhanced cost discipline including a
lower IT cost base
-- Cash flows from operating activities of -$1.5 million, cash flows from
investing activities of -$46.7 million, and cash flows from financing
activities of $35.6 million
Q1 Financial Highlights (in U.S. GAAP) in local currency
-- Revenue of EUR108.5 million, -1.4% YoY on both a reported and rebased
basis
-- Adjusted EBITDA of EUR32.8 million, -7.1% YoY on both a reported and
rebased basis
Q1 Operating Highlights
-- Broadband net losses of 2,500 impacted by ongoing market competition
-- Postpaid net adds of 1,800 marked the fifth consecutive quarter of
customer base growth, driven by earlier commercial initiatives
-- Wholesale broadband net adds of 6,300 driven by a strong quarter of new
activations
Appendix
Forward-Looking Statements and Disclaimer
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our, our subsidiaries', and our joint ventures' strategies, future growth prospects and opportunities; expectations regarding our and our businesses' financial performance, including Reported and Rebased Revenue, Reported and Rebased Adjusted EBITDA, Reported and Rebased Adjusted EBITDA less P&E Additions, property and equipment additions, Adjusted Free Cash Flow, Distributable Cash Flow and ARPU metrics; our operating companies' 2026 U.S. GAAP and IFRS financial and operational guidance; our future strategies for maximizing and creating value for our shareholders, including any potential separations of our business or capital market or private transactions that we may undertake with respect to any of our businesses, including the timing, costs, and benefits to be derived therefrom; the expected timing, completion, structure and post--transaction ownership of announced or contemplated acquisitions, dispositions, business separations or spin--off transactions; the anticipated receipt of required regulatory approvals and satisfaction of closing conditions; the anticipated acquisition of the remaining equity interest that we don't own in VodafoneZiggo, including the future performance, activities, and ownership of such business and the timing, costs, and benefits to be derived from such transaction; the expected drivers of future operational and financial performance at our operating companies and our joint ventures; our, our affiliates' and our joint ventures' plans with respect to networks, products and services and the investments in such networks, products and services, the planned fiber upgrade programs in the U.K. Belgium and Ireland, including the timing of such upgrade programs and the expected completion, pace and operational impact of network deployment and modernization initiatives; the outlook for Liberty Corporate & Services, as well as the expected run rate savings and efficiencies to be derived from the Company's operating model changes; the anticipated benefits of VMO2's direct-to-device satellite connectivity service and the continued integration of the Daisy Group; the continued execution of VodafoneZiggo's "How We Win" strategic plan, including the anticipated timing, cost and benefits to be received from such strategic plan; Wyre's fixed network agreement with Proximus, including the expected approval thereof and the timing, cost and benefits expected to be derived therefrom; our strategic plans for our Liberty Growth portfolio, including any expected capital rotation between investments; the strength of our and our affiliates' respective balance sheets (including cash and liquidity position); the tenor and cost of such third-party debt, as well as the expected use of such debt proceeds, future capital allocation priorities, cash generation, liquidity deployment and anticipated distributions to shareholders, and any anticipated additional borrowing capacity; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as the continued use by subscribers and potential subscribers of our and our affiliates' and joint ventures' services and their willingness to upgrade to our more advanced offerings; our, our affiliates' and our joint ventures' ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to subscribers or to pass through increased costs to subscribers; the potential impact of pandemics and epidemics on us and our businesses as well as our customers; the effects of changes in laws or regulations, including as a result of the U.K.'s exit from the E.U.; trade wars or the threat of such trade wars; general economic factors; our, our affiliates' and our joint ventures' ability to obtain regulatory approval and satisfy regulatory conditions associated with acquisitions and dispositions; the risk that announced or contemplated transactions, separations or capital structure changes may not be completed on the expected timeline or at all, or may deliver different benefits than anticipated; our, our affiliates' and our joint ventures' ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our, our affiliates' and our joint ventures' video services and the costs associated with such programming; our, our affiliates' and our joint ventures' ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our
operating companies and affiliates and joint ventures to access the cash of their respective subsidiaries, whether in a tax-efficient manner or at all; the impact of our operating companies', affiliates' and joint ventures' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers, vendors and contractors to timely deliver quality products, equipment, software, services and access; our, our affiliates' and our joint ventures' ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions and upgrades; and other factors detailed from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including our most recently filed Form 10-K, Form 10-K/A and Form 10-Qs. These forward-looking statements speak only as of the date of this release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
About Liberty Global
Liberty Global Ltd. (Nasdaq: LBTYA, LBTYB, LBTYK) delivers long-term shareholder value through the strategic management of two complementary platforms: Liberty Telecom and Liberty Growth.
Liberty Telecom is a world leader in converged broadband, video and mobile communications, providing approximately 80 million fixed and mobile connections across Europe through advanced fiber and 5G networks that empower customers and strengthen national economies. The business generates aggregate revenue of $22 billion, including approximately $18 billion from nonconsolidated joint ventures and $4 billion from consolidated operations.
Liberty Growth invests in scalable businesses across the technology, media, sports and infrastructure sectors, with a portfolio of roughly 70 companies and funds valued at $3.4 billion.* Together, these platforms reflect Liberty Global's focus on operating, enabling and investing in businesses with strong strategic fit and the potential to deliver sustainable long-term returns. *As independently valued as of March 31, 2026.
Balance Sheets, Statements of Operations and Statements of Cash Flows
The condensed consolidated balance sheets, statements of operations and statements of cash flows of Liberty Global are in our 10-Q.
Rebase Information
Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For purposes of calculating rebase growth rates on a comparable basis for all businesses that we owned during 2026, we have adjusted our historical revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for the three months ended March 31, 2025 to (i) include the pre-acquisition revenue, Adjusted EBITDA and P&E Additions to the same extent these entities are included in our results for the three months ended March 31, 2026, (ii) exclude from our rebased amounts the revenue, Adjusted EBITDA and P&E Additions of entities disposed of to the same extent these entities are excluded in our results for the three months ended March 31, 2026 and (iii) reflect the translation of our rebased amounts at the applicable average foreign currency exchange rates that were used to translate our results for the three months ended March 31, 2026. For entities we have acquired during 2024, we have reflected the revenue, Adjusted EBITDA and P&E Additions of these acquired entities in our 2025 rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired businesses during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions of these entities on a basis that is comparable to the corresponding post-acquisition amounts that are included in our results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebase growth percentages are not necessarily indicative of the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions that will occur in the future. Investors should view rebase growth as a supplement to, and not a substitute for, U.S. GAAP measures of performance included in our condensed consolidated statements of operations.
The following table provides adjustments made to 2025 amounts (i) for our consolidated reportable segments and (ii) for the nonconsolidated VMO2 JV and VodafoneZiggo JV to derive our rebased growth rates:
Three months ended March 31, 2025
Adjusted
EBITDA
Adjusted less P&E
Revenue EBITDA Additions
---------------- ------------ --------------
in millions
Consolidated Liberty
Global:
Telenet:
Acquisitions and
dispositions $ (64.6) $ (5.3) $ (12.1)
Foreign currency 83.6 18.5 4.1
Wyre:
Acquisitions and
dispositions -- 0.8 7.6
Foreign currency 20.2 ` 15.2 3.1
VM Ireland:
Foreign currency 13.0 4.1 (0.6)
Other:
Foreign currency 14.7 3.6 4.1
-------- ------- -------
Total $ 66.9 $ 36.9 $ 6.2
======== ======= =======
Nonconsolidated JVs:
VMO2 JV((i) () :
Acquisitions and
dispositions $ 102.5 $ 26.1 $ 22.4
Foreign currency 217.4 74.6 33.3
-------- ------- -------
Total $ 319.9 $ 100.7 $ 55.7
======== ======= =======
VodafoneZiggo JV((i)
() :
Foreign currency $ 118.1 $ 51.9 $ 28.8
======== ======= =======
_______________
(i) Amounts reflect 100% of the adjustments made related to the VMO2 JV's and the VodafoneZiggo JV's revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions, which we do not consolidate, as we hold a 50% noncontrolling interest in the VMO2 JV and the VodafoneZiggo JV.
Footnotes
1 Amount excludes SMAs and includes our consolidated investments in Slovakia, Egg, Formula E and Liberty Blume. Amount also reflects fair value adjustments for certain investments that have a higher estimated fair value than reported book value. Includes listed stakes in ITV and Lionsgate.
2 Consolidated intercompany elimination amounts primarily relate to (i) the elimination of intercompany revenue resulting from transactions between our Telenet and Wyre reportable segments, (ii) the revenue recognized within our T&I Function related to the Tech Framework and (iii) the Adjusted EBITDA impact related to the Tech Framework. For additional information on the Tech Framework, see the Glossary.
3 Amounts within the Financial Highlights tables reflect 100% of the 50:50 nonconsolidated VMO2 JV and VodafoneZiggo JV.
4 Rebase growth rates included in this release are rebased for acquisitions, dispositions, FX and other items that impact the comparability of our year-over-year results, as applicable. See the Rebase Information section for more information on rebased growth.
5 VMO2 guidance presented on an IFRS basis as guided by the VMO2 JV. US GAAP guidance for the VMO2 JV cannot be provided without unreasonable efforts, as the VMO2 JV reports under IFRS and does not have U.S. GAAP forecasts for all components of their IFRS guidance.
6 Includes homes passed by the nexfibre partner network, which the VMO2 JV has access to and acts as the anchor tenant.
7 This release includes the actual U.S. GAAP results for the VMO2 JV for the three months ended March 31, 2026 and 2025. For more information regarding the VMO2 JV, including full IFRS disclosures, please visit their investor relations page to access the VMO2 JV's Q1 earnings release.
8 Includes opex costs to capture of $3 million and capex costs to capture of $21 million, as applicable.
9 See Reconciliations section of the Appendix below for applicable non-GAAP reconciliations.
10 VMO2 and VodafoneZiggo Adjusted FCF excludes investing cash flows related to mobile spectrum fees.
11 Subject to any interest payments on the shareholder loan.
12 Telenet guidance presented on an IFRS basis. US GAAP guidance for Telenet is broadly the same as their separate IFRS guidance.
13 The improvement includes (a) Liberty Corporate reshaping, (b) the implementation of a 1.5% asset under management fee charged by Liberty Corporate to Liberty Growth $50 million and (c) the allocation of $15 million of costs historically reported in Liberty Corporate now reported in Liberty Growth as they are directly related to Liberty Growth.
14 Includes cash and SMAs.
15 Primarily includes net proceeds of (i) $101 million from the exit of half of our 5% stake in ITV, (ii) $74 million from the disposal of a portion of our EdgeConneX investment and (iii) $111 million related to the sale of UPC Slovakia, which closed on April 30, 2026.
Glossary
See Reconciliations section of the Appendix below for applicable non-GAAP reconciliations.
10-Q or 10-K: As used herein, the terms 10-Q and 10-K refer to our most recent quarterly or annual report as filed with the Securities and Exchange Commission on Form 10-Q or Form 10-K, as applicable.
Adjusted EBITDA, Adjusted EBITDA less P&E Additions and Property and Equipment Additions (P&E Additions):
-- Adjusted EBITDA: Adjusted EBITDA is the primary measure used by our chief
operating decision maker to evaluate segment operating performance and is
also a key factor that is used by our internal decision makers to (i)
determine how to allocate resources and (ii) evaluate the effectiveness
of our management for purposes of annual and other incentive compensation
plans. As we use the term, Adjusted EBITDA is defined as net earnings
(loss) before net income tax benefit (expense), other non-operating
income or expenses, net share of results of affiliates, net gains
(losses) on debt extinguishment, net realized and unrealized gains
(losses) due to changes in fair values of certain investments, net
foreign currency transaction gains (losses), net gains (losses) on
derivative instruments, net interest expense, depreciation and
amortization, share-based compensation, provisions and provision releases
related to significant litigation and impairment, restructuring and other
operating items. Other operating items include (a) gains and losses on
the disposition of long-lived assets, (b) third-party costs directly
associated with successful and unsuccessful acquisitions and dispositions,
including legal, advisory and due diligence fees, as applicable, and (c)
other acquisition-related items, such as gains and losses on the
settlement of contingent consideration. Our internal decision makers
believe Adjusted EBITDA is a meaningful measure because it represents a
transparent view of our recurring operating performance that is
unaffected by our capital structure and allows management to (1) readily
view operating trends, (2) perform analytical comparisons and
benchmarking between segments and (3) identify strategies to improve
operating performance in the different countries in which we operate. We
believe our consolidated Adjusted EBITDA measure, which is a non-GAAP
measure, is useful to investors because it is one of the bases for
comparing our performance with the performance of other companies in the
same or similar industries, although our measure may not be directly
comparable to similar measures used by other public companies. Adjusted
EBITDA of our Liberty Growth and our Liberty Corporate are each non-GAAP
measures. These non-GAAP measures should be viewed as measures of
operating performance that are a supplement to, and not a substitute for,
U.S. GAAP measures of income included in our condensed consolidated
statements of operations.
-- Adjusted EBITDA less P&E Additions: We define Adjusted EBITDA less P&E
Additions, which is a non-GAAP measure, as Adjusted EBITDA less P&E
Additions on an accrual basis. Adjusted EBITDA less P&E Additions is a
meaningful measure because it provides (i) a transparent view of Adjusted
EBITDA that remains after our capital spend, which we believe is
important to take into account when evaluating our overall performance
and (ii) a comparable view of our performance relative to other
telecommunications companies. Our Adjusted EBITDA less P&E Additions
measure may differ from how other companies define and apply their
definition of similar measures. Adjusted EBITDA less P&E Additions should
be viewed as a measure of operating performance that is a supplement to,
and not a substitute for, U.S. GAAP measures of income included in our
condensed consolidated statements of operations.
-- P&E Additions: Includes capital expenditures, including capitalized
software, on an accrual basis, amounts financed under vendor financing or
finance lease arrangements and other non-cash additions.
Adjusted EBITDA after leases (Adjusted EBITDAaL): We define Adjusted EBITDAaL as Adjusted EBITDA as further adjusted to include finance lease related depreciation and interest expense. Our internal decision makers believe Adjusted EBITDAaL is a meaningful measure because it represents a transparent view of our recurring operating performance that includes recurring lease expenses necessary to operate our business. We believe Adjusted EBITDAaL, which is a non-GAAP measure, is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted EBITDAaL should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, U.S. GAAP measures of income included in our condensed consolidated statements of operations.
Adjusted Free Cash Flow (Adjusted FCF) & Distributable Cash Flow:
-- Adjusted FCF: We define Adjusted FCF as net cash provided by operating
activities, plus operating-related vendor financed expenses (which
represents an increase in the period to our actual cash available as a
result of extending vendor payment terms beyond normal payment terms,
which are typically 90 days or less, through non-cash financing
activities), less (i) cash payments in the period for capital
expenditures, (ii) principal payments on operating- and capital-related
amounts financed by vendors and intermediaries (which represents a
decrease in the period to our actual cash available as a result of paying
amounts to vendors and intermediaries where we previously had extended
vendor payments beyond the normal payment terms), and (iii) principal
payments on finance leases (which represents a decrease in the period to
our actual cash available), each as reported in our condensed
consolidated statements of cash flows. Net cash provided by operating
activities includes cash paid for third-party costs directly associated
with successful and unsuccessful acquisition and dispositions of $3.2
million and $0.8 million during the three months ended March 31, 2026 and
2025, respectively. For purposes of the statements of cash flows,
operating-related vendor financing additions represent operating-related
expenses financed by an intermediary that are treated as constructive
operating cash outflows and constructive financing cash inflows when the
intermediary settles the liability with the vendor. When the financing
intermediary is paid, a financing cash outflow is recorded in the
statements of cash flows. For purposes of Adjusted FCF, we (i) add in the
constructive financing cash inflow when the intermediary settles the
liability with the vendor as our actual net cash available at that time
is not affected and (ii) subsequently deduct the related financing cash
outflow when we actually pay the financing intermediary, reflecting the
actual reduction to our cash available to service debt or fund new
investment opportunities.
-- Distributable Cash Flow: We define Distributable Cash Flow as Adjusted
FCF plus any dividends received from our equity affiliates that are
funded by activities outside of their normal course of operations,
including, for example, those funded by recapitalizations (referred to as
"Other Affiliate Dividends").
-- VodafoneZiggo Adjusted FCF: VodafoneZiggo defines Adjusted FCF as net
cash provided by operating activities, plus (i) operating-related vendor
financed expenses (which represents an increase in the period to actual
cash available as a result of extending vendor payment terms beyond
normal payment terms, which are typically 90 days or less, through
non-cash financing activities) and (ii) interest payments on shareholder
loans, less (a) cash payments in the period for capital expenditures
(excluding spectrum payments), (b) principal payments on operating- and
capital-related amounts financed by vendors and intermediaries (which
represents a decrease in the period to actual cash available as a result
of paying amounts to vendors and intermediaries where we previously had
extended vendor payments beyond the normal payment terms), and (c)
principal payments on finance leases (which represents a decrease in the
period to actual cash available). We believe our presentation of Adjusted
FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF, each of
which is a non-GAAP measure, provides useful information to our investors
because these measures can be used to gauge our ability to (i) service
debt and (ii) fund new investment opportunities after consideration of
all actual cash payments related to our working capital activities and
expenses that are capital in nature, whether paid inside normal vendor
payment terms or paid later outside normal vendor payment terms (in which
case we typically pay in less than 365 days). Adjusted FCF, Distributable
Cash Flow and VodafoneZiggo Adjusted FCF should not be understood to
represent our ability to fund discretionary amounts, as we have various
mandatory and contractual obligations, including debt repayments, that
are not deducted to arrive at these amounts. Investors should view
Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF as
supplements to, and not substitutes for, U.S. GAAP measures of liquidity
included in our condensed consolidated statements of cash flows. Further,
our Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF
may differ from how other companies define and apply their definition of
Adjusted FCF or other similar measures.
ARPU: Average Revenue Per Unit is the average monthly subscription revenue per average fixed customer relationship or mobile subscriber, as applicable. ARPU per average fixed-line customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO services by the average number of fixed-line customer relationships for the period. ARPU per average mobile subscriber is calculated by dividing mobile subscription revenue for the indicated period by the average number of mobile subscribers for the period. Unless otherwise indicated, ARPU per fixed customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per RGU refers to average monthly revenue per average RGU, which is calculated by dividing the average monthly subscription revenue from residential and SOHO services for the indicated period, by the average number of the applicable RGUs for the period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average fixed customer relationship or mobile subscriber, as applicable. Fixed-line customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. In addition, for purposes of calculating the percentage change in ARPU on a rebased basis, which is a non-GAAP measure, we adjust the prior-year subscription revenue, fixed-line customer relationships, mobile subscribers and RGUs, as applicable, to reflect acquisitions, dispositions and FX on a comparable basis with the current year, consistent with how we calculate our rebased growth for revenue and Adjusted EBITDA, as further described in the body of this release.
ARPU per Consumer Postpaid Mobile Subscriber: Our ARPU per consumer postpaid mobile subscriber calculation refers to the average monthly postpaid mobile subscription revenue per average consumer postpaid mobile subscriber and is calculated by dividing the average monthly postpaid mobile subscription revenue (excluding handset sales and late fees) for the indicated period, by the monthly average of the opening and closing balances of consumer postpaid mobile subscribers in service for the period.
Blended, fully-swapped debt borrowing cost (or WACD): The weighted average interest rate on our aggregate variable- and fixed-rate indebtedness (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings.
Broadband Subscriber: A home, residential multiple dwelling unit or commercial unit that receives internet services over our networks, or that we service through a partner network.
B2B: Business-to-Business.
Costs to capture: Costs to capture generally include incremental, third-party operating and capital related costs that are directly associated with integration activities, restructuring activities and certain other costs associated with aligning an acquiree to our business processes to derive synergies. These costs are necessary to combine the operations of a business being acquired (or joint venture being formed) with ours or are incidental to the acquisition. As a result, costs to capture may include certain (i) operating costs that are included in Adjusted EBITDA, (ii) capital-related costs that are included in property and equipment additions and Adjusted EBITDA less P&E Additions and (iii) certain integration-related restructuring expenses that are not included within Adjusted EBITDA or Adjusted EBITDA less P&E Additions. Given the achievement of synergies occurs over time, certain of our costs to capture are recurring by nature, and generally incurred within a few years of completing the transaction.
Customer Churn: The rate at which customers relinquish their subscriptions. The annual rolling average basis is calculated by dividing the number of disconnects during the preceding 12 months by the average number of customer relationships. For the purpose of computing churn, a disconnect is deemed to have occurred if the customer no longer receives any level of service from us and is required to return our equipment. A partial product downgrade, typically used to encourage customers to pay an outstanding bill and avoid complete service disconnection, is not considered to be disconnected for purposes of our churn calculations. Customers who move within our footprint and upgrades and downgrades between services are also excluded from the disconnect figures used in the churn calculation.
Fixed-Line Customer Relationships: The number of customers who receive at least one of our broadband, video or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. Fixed-Line Customer Relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two Fixed-Line Customer Relationships. We exclude mobile-only customers from Fixed-Line Customer Relationships.
Fixed-Mobile Convergence $(FMC)$: Fixed-mobile convergence penetration represents the number of customers who subscribe to both a fixed broadband service and postpaid mobile telephony service, divided by the total number of customers who subscribe to our fixed broadband service.
Homes Passed: Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our Homes Passed counts are based on census data that can change based on either revisions to the data or from new census results.
Homes Serviceable: As defined by VMO2, this includes homes, residential multiple dwelling units or commercial units that can be connected to VMO2's networks that are technologically capable of providing two-way services (including broadband, video and telephony services) or partner networks with which VMO2 has a service agreement, where customers can request and receive services, without materially extending the distribution plant. Certain of VMO2's Homes Serviceable counts are based on census data that can change based on either revisions to the data or from new census results.
Liberty Growth: Represents certain investments in technology, media, sports and digital infrastructure companies, as well as our operational and finance services platform (Liberty Blume) that generates revenue by providing services to various third parties and affiliates, that we view as scalable businesses. Our Liberty Growth strategic platform is included in the "all other category" in the 10-Q.
Liberty Corporate: Includes our technology, services and certain corporate activities. Liberty Corporate is included in the "all other category" in the 10-Q.
Mobile Subscriber Count: For residential and business subscribers, the number of active SIM cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop would be counted as two mobile subscribers. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. Prepaid mobile customers are excluded from the VMO2 JV's and the VodafoneZiggo JV's mobile subscriber counts after a period of inactivity of three months and nine months, respectively.
MVNO: Mobile Virtual Network Operator.
RGU: A Revenue Generating Unit is separately a Broadband Subscriber, Video Subscriber or Telephony Subscriber. A home, residential multiple dwelling unit or commercial unit may contain one or more RGUs. For example, if a residential customer subscribed to our broadband service, video service and fixed-line telephony service, the customer would constitute three RGUs. Total RGUs is the sum of Broadband, Video and Telephony Subscribers. RGUs generally are counted on a unique premises basis such that a given premise does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled broadband, video or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a
long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.
SIM: Subscriber Identification Module.
SOHO: Small or Home Office Subscribers.
Tech Framework: Our centrally-managed technology and innovation function (our T&I Function) provides, and allocates charges for, certain products and services to our consolidated reportable segments (the Tech Framework). These products and services include CPE hardware and related essential software, maintenance, hosting and other services. Our consolidated reportable segments capitalize the combined cost of the CPE hardware and essential software as property and equipment additions and the corresponding amounts charged by our T&I Function are reflected as revenue when earned.
Telephony Subscriber: A home, residential multiple dwelling unit or commercial unit that receives voice services over our networks, or that we service through a partner network. Telephony Subscribers exclude mobile telephony subscribers.
Video Subscriber: A home, residential multiple dwelling unit or commercial unit that receives our video service over our broadband network or through a partner network.
Non-GAAP Reconciliations
VMO2
Adjusted EBITDA, P&E Additions, Adjusted EBITDA less P&E Additions
The following table provides U.S. GAAP to IFRS reconciliations of VMO2's Adjusted EBITDA, P&E Additions and Adjusted EBITDA less P&E Additions for the indicated periods.
Three months ended
March 31,
---- ------------------------
2026 2025
-------
in millions
Revenue:
U.S. GAAP revenue GBP 2,390.1 GBP 2,480.1
Rebase adjustments((i) () -- 76.0
------- --- -------
U.S. GAAP rebased revenue 2,390.1 2,556.1
U.S. GAAP/IFRS adjustments -- --
---- ------- --- -------
IFRS rebased revenue 2,390.1 2,556.1
Rebase adjustments((i) () -- (76.0)
------- --- -------
IFRS Adjusted EBITDA GBP 2,390.1 GBP 2,480.1
==== ======= === =======
Adjusted EBITDA:
U.S. GAAP Adjusted EBITDA GBP 809.8 GBP 851.5
Rebase adjustments((i) () -- 19.4
------- --- -------
U.S. GAAP rebased Adjusted EBITDA 809.8 870.9
U.S. GAAP/IFRS adjustments(ii) 91.9 62.6
------- --- -------
IFRS rebased Adjusted EBITDA 901.7 933.5
Rebase adjustments((i) () -- (19.4)
------- --- -------
IFRS Adjusted EBITDA GBP 901.7 GBP 914.1
==== ======= === =======
P&E Additions:
U.S. GAAP P&E Additions GBP 452.1 GBP 471.4
Rebase adjustments((i) () -- 2.9
------- --- -------
U.S. GAAP rebased P&E additions 452.1 474.3
U.S. GAAP/IFRS adjustments(ii) 81.7 57.4
------- --- -------
IFRS rebased P&E additions 533.8 531.7
Rebase adjustments((i) () -- (2.9)
------- --- -------
IFRS P&E Additions GBP 533.8 GBP 528.8
==== ======= === =======
Adjusted EBITDA less P&E Additions:
U.S. GAAP Adjusted EBITDA less P&E
Additions GBP 357.7 GBP 380.1
Rebase adjustments((i) () -- 16.5
------- --- -------
U.S. GAAP rebased Adjusted EBITDA less P&E
additions 357.7 396.6
U.S. GAAP/IFRS adjustments(ii) 10.2 5.2
------- --- -------
IFRS rebased Adjusted EBITDA less P&E
additions 367.9 401.8
Rebase adjustments((i) () -- (16.5)
------- --- -------
IFRS Adjusted EBITDA less P&E
Additions GBP 367.9 GBP 385.3
==== ======= === =======
_______________
(i) Rebase adjustments relate to the impact of the Daisy Transaction.
(ii) U.S. GAAP/IFRS differences primarily relate to (a) the VMO2 JV's investment in CTIL and (b) leases.
Telenet
Adjusted EBITDA, Adjusted EBITDAaL, P&E Additions, Adjusted EBITDA less P&E Additions
The following table provides U.S. GAAP to IFRS reconciliations of Telenet's Adjusted EBITDA, Adjusted EBITDAaL, P&E Additions and Adjusted EBITDA less P&E Additions for the indicated periods.
Three months ended
March 31,
---- ------------------------
2026 2025
------
in millions
Revenue:
U.S. GAAP revenue EUR 648.6 EUR 705.8
Rebase adjustments((i) () -- (54.6)
------- ---- ------
U.S. GAAP rebased revenue 648.6 651.2
U.S. GAAP/IFRS adjustments -- --
---- ------- ---- ------
IFRS rebased revenue 648.6 651.2
Rebase adjustments((i) () -- 54.6
------- ---- ------
IFRS revenue EUR 648.6 EUR 705.8
==== ======= ==== ======
Adjusted EBITDA:
U.S. GAAP Adjusted EBITDA EUR 157.0 EUR 148.2
Rebase adjustments((i) () -- (3.6)
------- ---- ------
U.S. GAAP rebased Adjusted EBITDA 157.0 144.6
U.S. GAAP/IFRS adjustments(ii) 33.4 36.7
------- ---- ------
IFRS rebased Adjusted EBITDA 190.4 181.3
Rebase adjustments((i) () -- 3.6
------- ---- ------
IFRS Adjusted EBITDA EUR 190.4 EUR 184.9
==== ======= ==== ======
Adjusted EBITDAaL:
U.S. GAAP Adjusted EBITDAaL EUR 157.0 EUR 148.2
Rebase adjustments((i) () -- (3.9)
------- ---- ------
U.S. GAAP rebased Adjusted EBITDAaL 157.0 144.3
U.S. GAAP/IFRS adjustments(ii) 14.1 17.8
------- ---- ------
IFRS rebased Adjusted EBITDAaL 171.1 162.1
Rebase adjustments((i) () -- 3.9
------- ---- ------
IFRS Adjusted EBITDAaL EUR 171.1 EUR 166.0
==== ======= ==== ======
P&E Additions:
U.S. GAAP P&E Additions EUR 92.3 EUR 124.0
Rebase adjustments((i) () -- (0.1)
------- ---- ------
U.S. GAAP rebased P&E Additions 92.3 123.9
U.S. GAAP/IFRS adjustments(ii) 15.2 65.5
------- ---- ------
IFRS rebased P&E Additions 107.5 189.4
Rebase adjustments((i) () -- 0.1
------- ---- ------
IFRS P&E Additions EUR 107.5 EUR 189.5
==== ======= ==== ======
Adjusted EBITDA less P&E Additions:
U.S. GAAP Adjusted EBITDA less P&E
Additions EUR 64.7 EUR 24.2
Rebase adjustments((i) () -- (3.5)
------- ---- ------
U.S. GAAP rebased Adjusted EBITDA less P&E
Additions 64.7 20.7
U.S. GAAP/IFRS adjustments(ii) 18.2 (28.8)
------- ---- ------
IFRS rebased Adjusted EBITDA less P&E
Additions 82.9 (8.1)
Rebase adjustments((i) () -- 3.5
------- ---- ------
IFRS Adjusted EBITDA less P&E
Additions EUR 82.9 EUR (4.6)
==== ======= ==== ======
_______________
(i) Rebase adjustments relate to the disposal of certain entities at Telenet.
(ii) U.S. GAAP/IFRS differences primarily relate to (a) the treatment of sports and film broadcasting rights and (b) leases.
Adjusted EBITDAaL
The following table provides a reconciliation of Telenet's U.S. GAAP Adjusted EBITDA to Adjusted EBITDAaL for the indicated periods.
Three months ended
March 31,
---- ----------------------
2026 2025
------
in millions
U.S. GAAP Adjusted EBITDA EUR 157.0 EUR 148.2
Finance lease adjustments -- --
---- ------- ----- ------
U.S. GAAP Adjusted EBITDAaL EUR 157.0 EUR 148.2
==== ======= ===== ======
Adjusted FCF
The following table provides a reconciliation of Telenet's U.S. GAAP net cash provided by operating activities to IFRS Adjusted FCF for the indicated periods.
Three months ended
March 31,
---- --------------------------
2026 2025
--- -----
in millions
U.S. GAAP:
Net cash provided by operating
activities EUR 156.7 EUR 109.4
Operating-related vendor financing additions 58.5 67.3
Cash capital expenditures, net (124.1) (99.6)
Principal payments on operating-related
vendor financing (74.6) (82.0)
Principal payments on capital-related vendor
financing (7.2) (8.8)
Principal payments on finance leases (0.3) (0.3)
------- --- -----
U.S. GAAP Adjusted FCF 9.0 (14.0)
IFRS:
U.S. GAAP/IFRS adjustments -- --
---- ------- --- -----
IFRS Adjusted FCF EUR 9.0 EUR (14.0)
==== ======= === =====
Wyre
Adjusted EBITDA, Adjusted EBITDAaL, P&E Additions, Adjusted EBITDA less P&E Additions
The following table provides U.S. GAAP to IFRS reconciliations of Wyre's Adjusted EBITDA, Adjusted EBITDAaL, P&E Additions and Adjusted EBITDA less P&E Additions for the indicated periods.
Three months ended
March 31,
---- ------------------------
2026 2025
--- ------
in millions
Adjusted EBITDA:
U.S. GAAP Adjusted EBITDA EUR 131.9 EUR 138.3
U.S. GAAP/IFRS adjustments((i) () 0.5 0.6
------- --- ------
IFRS Adjusted EBITDA EUR 132.4 EUR 138.9
==== ======= === ======
Adjusted EBITDAaL:
U.S. GAAP Adjusted EBITDAaL EUR 131.6 EUR 138.0
U.S. GAAP/IFRS adjustments((i) () -- --
---- ------- --- ------
IFRS Adjusted EBITDAaL EUR 131.6 EUR 138.0
==== ======= === ======
P&E Additions:
U.S. GAAP P&E Additions EUR 164.7 EUR 109.7
U.S. GAAP/IFRS adjustments((i) () 2.8 0.8
------- --- ------
IFRS P&E Additions EUR 167.5 EUR 110.5
==== ======= === ======
Adjusted EBITDA less P&E Additions:
U.S. GAAP Adjusted EBITDA less P&E
Additions EUR (32.8) EUR 28.6
U.S. GAAP/IFRS adjustments((i) () (2.3) (0.2)
------- --- ------
IFRS Adjusted EBITDA less P&E
Additions EUR (35.1) EUR 28.4
==== ======= === ======
_______________
(i) U.S. GAAP/IFRS differences primarily relate to (a) the treatment of sports and film broadcasting rights and (b) leases.
Adjusted EBITDAaL
The following table provides a reconciliation of Wyre's U.S. GAAP Adjusted EBITDA to Adjusted EBITDAaL for the indicated periods.
Three months ended
March 31,
---- ------------------------
2026 2025
------
in millions
U.S. GAAP Adjusted EBITDA EUR 131.9 EUR 138.3
Finance lease adjustments (0.3) (0.3)
------- --- ------
U.S. GAAP Adjusted EBITDAaL EUR 131.6 EUR 138.0
==== ======= === ======
Adjusted FCF
The following table provides a reconciliation of Wyre's U.S. GAAP net cash provided by operating activities to IFRS Adjusted FCF for the indicated periods.
Three months ended
March 31,
---- --------------------------
2026 2025
-----
in millions
U.S. GAAP:
Net cash provided by operating
activities EUR 27.6 EUR 64.4
Operating-related vendor financing
additions -- --
Cash capital expenditures, net (140.6) (85.4)
Principal payments on operating-related
vendor financing -- --
Principal payments on capital-related
vendor financing -- --
Principal payments on finance leases -- --
---- ------- --- -----
U.S. GAAP Adjusted FCF (113.0) (21.0)
IFRS:
U.S. GAAP/IFRS adjustments -- --
---- ------- --- -----
IFRS Adjusted FCF EUR (113.0) EUR (21.0)
==== ======= === =====
Liberty Global
Adjusted FCF
The following table provides a reconciliation of Liberty Global's net cash provided by operating activities to consolidated Adjusted FCF and Distributable Cash Flow for the indicated periods.
Three months ended
March 31,
------------------------
2026 2025
------
in millions
Net cash provided by operating activities $ 107.6 $ 129.2
Operating-related vendor financing additions 68.4 71.2
Cash capital expenditures, net (397.6) (243.3)
Principal payments on operating-related vendor
financing (88.0) (86.4)
Principal payments on capital-related vendor
financing (7.9) (10.0)
Principal payments on finance leases (1.8) (1.9)
------- ------
Adjusted FCF (319.3) (141.2)
Other affiliate dividends -- --
------- ------
Distributable Cash Flow $ (319.3) $(141.2)
======= ======
Adjusted EBITDA, P&E Additions, Adjusted EBITDA less P&E Additions
A reconciliation of consolidated net earnings (loss) to consolidated Adjusted EBITDA less P&E Additions is presented in the following table:
Three months ended
March 31,
----------------------
2026 2025
--------
in millions
Net earnings (loss) $ 358.2 $(1,323.3)
Income tax expense (benefit) 175.4 (70.0)
Other income, net (25.0) (11.4)
Share of results of affiliates, net 21.7 148.0
Realized and unrealized gains due to changes
in fair values of certain investments, net (57.8) (55.8)
Foreign currency transaction losses (gains),
net (430.2) 1,081.0
Realized and unrealized losses (gains) on
derivative instruments, net (132.2) 164.7
Interest expense 113.7 127.5
------ --------
Operating income 23.8 60.7
Impairment, restructuring and other operating
items, net 40.8 (1.7)
Depreciation and amortization 264.8 232.2
Share-based compensation expense 37.1 33.4
------ --------
Consolidated Adjusted EBITDA 366.5 324.6
P&E Additions (390.7) (285.6)
------ --------
Consolidated Adjusted EBITDA less P&E
Additions $ (24.2) $ 39.0
====== ========
A reconciliation of Liberty Growth net loss to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Growth does not meet the reportable segment quantitative thresholds and is included in the "all other category" in the 10-Q.
Three months ended
March 31,
------------------------
2026 2025
------
in millions
Net loss $ (39.8) $ (13.8)
Income tax expense (benefit) (0.5) 0.4
Other income, net -- (0.5)
Foreign currency transaction losses (gains),
net (1.0) 1.2
Realized and unrealized losses (gains) on
derivative instruments, net (1.3) 0.6
Interest expense 12.6 7.5
------- ------
Operating income (loss) (30.0) (4.6)
Impairment, restructuring and other operating
items, net 17.4 4.0
Depreciation and amortization 13.0 10.1
Share-based compensation expense 1.6 0.8
------- ------
Liberty Growth Adjusted EBITDA 2.0 10.3
P&E Additions (51.9) (2.4)
------- ------
Liberty Growth Adjusted EBITDA less P&E
Additions $ (49.9) $ 7.9
======= ======
A reconciliation of Liberty Corporate net earnings (loss) to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Corporate does not meet the reportable segment quantitative thresholds and is included in the "all other category" in the 10-Q.
Three months ended
March 31,
----------------------
2026 2025
--------
in millions
Net earnings (loss) $ 362.8 $(1,406.1)
Income tax expense 147.6 0.8
Other income, net (35.4) (19.2)
Share of results of affiliates, net 23.7 147.5
Realized and unrealized gains due to changes
in fair values of certain investments, net (57.8) (55.8)
Foreign currency transaction losses (gains),
net (485.1) 1,226.0
Realized and unrealized losses (gains) on
derivative instruments, net (0.1) 52.2
Interest expense 1.5 11.0
------ --------
Operating loss (42.8) (43.6)
Impairment, restructuring and other operating
items, net 1.0 (14.5)
Depreciation and amortization 9.6 16.5
Share-based compensation expense 29.9 27.1
------ --------
Liberty Corporate Adjusted EBITDA (2.3) (14.5)
P&E Additions (2.3) (3.6)
------ --------
Liberty Corporate Adjusted EBITDA less
P&E Additions $ (4.6) $ (18.1)
====== ========
For more information, please visit www.libertyglobal.com or contact:
Investor Relations
Michael Bishop +44 20 8483 6246
Lewis Chong +44 7927 583187
Corporate Communications
Pádraig McGarrigle +44 7474 736967
(END) Dow Jones Newswires
May 01, 2026 08:00 ET (12:00 GMT)