Liberty Global Reports Q4 2025 Results

Improving commercial momentum and continued focus on value creation

DENVER, Colorado–(BUSINESS WIRE)–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.

• Liberty Telecom: We delivered all full-year guidance metrics at VMO2, VodafoneZiggo and Telenet, reflecting growing commercial progress despite challenging competitive environments. VMO2 delivered a sequential improvement in broadband additions and was recognized by Opensignal as the UK’s top broadband provider. VodafoneZiggo continued its positive trajectory, delivering its best quarterly broadband performance in over two years while also becoming the largest provider offering 2Gbps speeds in the Netherlands. Telenet recorded its highest broadband net adds in three years, supported by strong Black Friday campaigns and further FMC growth on the BASE brand. Virgin Media Ireland delivered its best quarterly wholesale activity to date and remains firmly on track to substantially complete its fiber rollout in 2026.

• Liberty Growth: We continued to rotate capital into higher‑return opportunities across our Growth portfolio and the wider group, delivering ~$400m¹ in non‑core asset disposals, including UPC Slovakia as announced in December. The Growth portfolio remains concentrated, with over 70% of its $3.4 billion² FMV attributable to just five key assets. We are investing in areas where we see conviction in our right‑to‑play, strong industrial tailwinds, and a clear path to value creation over time.

• Liberty Corporate: We delivered a substantial reshaping of our operating model that positioned us to outperform our 2025 guidance for corporate spend and has materially improved our Adj. EBITDA trajectory which will be down 75% in 2026 compared to 2024. Meanwhile, Liberty Blume and Liberty Tech continued to provide impactful support to our operating companies, driving scale and expanding opportunities to create value through shared platforms and attracting new, third-party customers. Beginning in 2026, Liberty Blume will be reported and managed through our Liberty Growth portfolio reflecting its stand-alone position and the possibility of raising third-party capital.

We closed 2025 with a strong corporate cash position of $2.2 billion³, reflecting disciplined capital allocation throughout the year, including non‑core asset disposal proceeds and continued upstreaming of JV dividends during the fourth quarter. We also have made significant progress in extending 2028 maturities across our credit silos with almost $15 billion⁴ of refinancings last year and have started financing activity on 2029 instruments to ensure we have a long-tenured, resilient capital structure. As we look to 2026, we remain solely focused on taking further action to unlock and deliver increased shareholder value.”

For more information, including the bond update by credit silo, please see our full release here.

Key Summary of Operating and Financial Highlights^5,6

Virgin Media O2

Virgin Media O2 continued strong execution on fixed and mobile network upgrades while delivering on all 2025 guidance metrics

Against a backdrop of intense market competition, VMO2 saw improved momentum in fixed-line trading, as broadband net losses improved sequentially supported by progress in commercial initiatives. VMO2 continued to execute on key strategic steps, including expanding their full fiber footprint to 8.3 million premises and growing 5G outdoor population coverage to 87%, a 12 percentage point increase over the prior year. VMO2 delivered on all 2025 guidance metrics⁸, including growth in combined consumer and wholesale revenue (excluding handsets and nexfibre construction) and growth in Adj. EBITDA (excluding nexfibre construction and the impact of the O2 Daisy transaction).

Highlights for Q4

• Full fiber footprint: Continued momentum in full fiber roll-out, expanding footprint to 8.3 million premises, with total gigabit footprint at 18.8 million premises and fiber upgrade activity progressing
• Network quality: Virgin Media recognised by Opensignal as the UK’s top broadband provider, ranking first across all national categories, building on the launch of giffgaff broadband in Q3

Q4 Financial Highlights (in U.S. GAAP, as reported by Liberty Global)⁹

• Revenue of $3,399.4 million, -2.3% YoY on a reported basis and -5.9% YoY on a rebased⁷ basis
  • Primarily driven by (i) lower nexfibre construction revenue and (ii) a decrease in mobile handset revenue
• Adjusted EBITDA¹⁰ of $1,166.8 million, +3.6% YoY on a reported basis and -0.2% on a rebased basis
  • Primarily driven by negative nexfibre construction profitability from lower build volumes and increased consumer fixed costs of sales
• Property and equipment additions of $707.2 million, +0.8% YoY on a reported basis and -2.9% on a rebased basis
• Adjusted EBITDA less P&E additions¹⁰ of $459.6 million, +8.2% YoY on a reported basis and +4.2% on a rebased basis
• Cash flows from operating activities of $966.2 million, cash flows from investing activities of -$321.8 million and cash flows from financing activities of -$533.0 million

Q4 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)¹¹

• Revenue of £2,556.9 million, -5.9% YoY on a reported and rebased basis, including £65.4 million of Daisy Group revenue
• Adjusted EBITDA of £965.4 million, -2.4% YoY on a reported and rebased basis
  • Q4 2025 included the benefit of £88.0 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

Q4 Operating Highlights

• Broadband net losses of 16,700, a sequential improvement despite continued intense competition
• Postpaid net losses of 164,800, primarily driven by elevated churn during the 30-day exit window following the October price rise announcement
• Fixed ARPU declined by 0.8% YoY due to pricing pressure, in particular during the Black Friday period

2025 VMO2 performance against guidance metrics (in IFRS)^8,12

• Guidance metrics delivered:
  • Guided revenue grew 0.2% to £7,706.5 million, despite fixed market headwinds
  • Guided Adjusted EBITDA grew 0.9%, underpinned by cost efficiencies
  • P&E additions excluding ROU additions of £2.1B in-line with guidance of £2.0-2.2B
  • Adjusted Free Cash Flow of £393.1m¹³ in-line with guidance of £350-400m and cash distributions to shareholders of £378.0m in-line with guidance of £350-400m

2026 VMO2 guidance (in IFRS)⁽ⁱ⁾

VMO2 2026 guidance⁸ reflects heightened promotional intensity in the UK market and ongoing uncertainty in the consumer fixed market, alongside planned streamlining of the B2B product portfolio following creation of O2 Daisy. While continued cost efficiencies will support profitability, these benefits will be partially offset by an increasing proportion of the customer base on the nexfibre footprint with associated wholesale fees. In addition, VMO2 is set to continue to invest heavily in its fixed and mobile networks.

• 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: £2.0-£2.2B
• Adj. FCF: Around £200m¹³
• Cash distributions to shareholders: Around £200m

VodafoneZiggo

VodafoneZiggo continued strong execution on strategic plan in Q4 and delivered on all guidance metrics for full year 2025

VodafoneZiggo’s fourth quarter results continued to be supported by the strategic plan implemented in Q1, with the new front book tariffs and proactive right-pricing of the fixed base driving commercial momentum through the end of the year. Broadband net adds performance improved further in Q4, while mobile postpaid net adds were positive for the second consecutive quarter, benefiting from strong performance on the hollandsnieuwe brand. VodafoneZiggo achieved all full-year financial guidance for 2025.

Highlights for Q4

• Commercial momentum continued: Broadband operational performance continued the recent trend and improved further in Q4 supported by a strong Black Friday trading period and the proactive recontracting of existing customers onto the new front book tariffs
• Network speed upgraded: Successfully rolled out 2.0 and 2.2 Gbps speed upgrades, becoming the largest provider of 2.0+ Gbps speeds in the Netherlands
• Invested in core strengths: Continued to revitalize our brands through new marketing campaigns and the Priority loyalty program

Q4 Financial Highlights (in U.S. GAAP)

• Revenue of $1,186.4 million, +6.5% YoY on a reported basis and -2.3% on a rebased basis
  • Primarily driven by the lower broadband customer base and ongoing repricing impact, partially offset by (i) the fixed and mobile price indexation, implemented in July and October, respectively, (ii) higher handset sales and (iii) higher Ziggo Sport revenue
• Adjusted EBITDA of $495.7 million, +5.8% YoY on a reported basis and -3.4% on a rebased basis
  • Primarily driven by (i) the aforementioned revenue decline, (ii) higher handset costs, and (iii) higher digital sales costs, partially offset by lower operating expenses related to labor, customer service and energy costs
• Cash flows from operating activities of $380.8 million, cash flows from investing activities of -$138.7 million and cash flows from financing activities of -$286.5 million

Q4 Financial Highlights (in U.S. GAAP) in local currency

• Revenue of €1,020.2 million, -2.3% YoY on both a reported and rebased basis
• Adjusted EBITDA of €425.2 million, -3.4% YoY on both a reported and rebased basis

Q4 Operating Highlights

• Broadband net losses of 11,900 improved sequentially, reflecting higher sales and lower churn as a result of new front book pricing and recontracting of existing customers
• Postpaid net adds of 9,900 were driven by continued strength in consumer mobile, especially on the hollandsnieuwe brand
• Fixed ARPU increased 1.0% YoY, as the fixed price indexation was partially offset by the proactive right-pricing of the new front book

2025 VodafoneZiggo performance against guidance metrics (in U.S. GAAP)

• Guidance metrics delivered:
  • Revenue declined by 2.8% in-line with 2025 guidance for low single digit decline
  • Adj. EBITDA declined by 6.9% in-line with 2025 guidance for mid-high single digit decline
  • P&E additions as a percent of revenue of 21.9% in-line with 20-22% guidance
  • Adj. Free Cash Flow of €224m in-line with €200-250m guide and cash distributions to shareholders of €224m in-line with €200-250m guide¹³

2026 VodafoneZiggo guidance (in U.S. GAAP)

VodafoneZiggo 2026 guidance reflects an ongoing improvement in fixed subscriber trends and execution against the ‘How We Win Plan’ supporting improving year-on-year revenue trends. However, the previously flagged impact of front book repricing & commercial initiatives will continue to impact Adj. EBITDA trends. In addition, both Adj. EBITDA and capital intensity will be impacted by a cumulative ~€100 million of investment in 2026, split equally across opex and capex, into network resilience and service reliability. This investment will significantly moderate beyond 2026 reducing to a ~€50 million opex-only impact across 2027 & 2028.

• 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 €100 million¹³
• Cash distributions to shareholders: No Distributions¹⁵

Telenet

Telenet achieved strong growth in both broadband and mobile in Q4, and delivered all full year guidance

Telenet continued to deliver strong commercial momentum during the fourth quarter, with both broadband and mobile delivering positive net adds, driven by the strong performance of both Telenet and BASE FMC. Broadband delivered a sequential improvement in net adds for the third consecutive quarter, while mobile postpaid delivered the best quarterly net add performance of the year. Telenet achieved all financial guidance for 2025.

Highlights for Q4

• Commercial momentum growing: Both Telenet and BASE continued to grow commercial momentum, with strong uptake of BASE FMC in the South driving improved operational results across both fixed and mobile
• Gigabit network collaboration: Telenet & Wyre remain on track to finalize the network sharing agreement with Proximus and Fiberklaar in Flanders, subject to approval by the Belgian Competition Authority

Q4 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)

• Revenue of $842.3 million, +7.8% YoY on a reported basis and -1.3% on a rebased basis
  • Primarily driven by (i) lower fixed revenue following the strategic non-renewal of the Belgian Football rights and (ii) lower programming revenue
• Adjusted EBITDA of $305.4 million, -1.8% YoY on a reported basis and -9.9% on a rebased basis
• Adjusted EBITDAaL of $305.1 million, -1.8% YoY on a reported basis and -9.9% on a rebased basis
  • Primarily driven by (i) the aforementioned decrease in revenue, (ii) higher labor costs, (iii) higher costs related to professional services and outsourced labor and (iv) higher marketing costs on branding and Q4 campaigns, partially offset by savings on programming costs related to the non-renewal of the Belgian football broadcasting rights
• Property and equipment additions of $340.2 million, +28.3% YoY on a reported basis and +17.8% on a rebased basis
• Adjusted EBITDA less P&E Additions of -$34.8 million, -175.8% YoY on a reported basis and -168.4% on a rebased basis
• Cash flows from operating activities of $271.1 million, cash flows from investing activities of -$330.8 million and cash flows from financing activities of $50.5 million

Q4 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)¹¹

• Revenue of €723.8 million, -1.3% YoY on both a reported and rebased basis
• Adjusted EBITDA of €316.2 million, -8.8% YoY on both a reported and rebased basis
  • Q4 2025 included the benefit of €53.6 million of U.S. GAAP/IFRS differences, primarily related to (i) sports and film broadcasting rights and (ii) leases
• Adjusted EBITDAaL of €296.1 million, -9.4% YoY on both a reported and rebased basis
• The drivers of these IFRS changes are largely consistent with those under U.S. GAAP, as detailed above

Q4 Operating Highlights

• Broadband net adds of 12,400 continued to improve sequentially, supported by the growth of BASE FMC in the South
• Postpaid net adds of 2,900, driven by successful fourth quarter campaigns by BASE and improved performance of Telenet consumer
• Fixed ARPU declined by 0.7% YoY, impacted by bundle spin-down following the non-renewal of the Belgian football broadcasting rights and changes to the customer mix, partially offset by the April 2025 price increase

2025 Telenet performance against guidance metrics (in IFRS)¹⁴

• Guidance metrics delivered:
  • Revenue declined by 0.4% in-line with 2025 guidance for broadly stable revenue growth
  • Adj. EBITDAaL declined by 2.5% in-line with 2025 guidance for low-single digit decline
  • P&E additions as a percentage of revenue of 38.3% in-line with 2025 guidance of ‘around 38%’
  • Adj. Free Cash Flow was -€176.3m in-line with 2025 guidance of between -€180 and -€150m

2026 Telenet guidance (in IFRS and excluding Wyre)¹⁴

Telenet 2026 guidance reflects a broadly stable operating environment with the benefit of the annual price indexation. Commercial momentum is expected to continue on the BASE brand in the South of Belgium as BASE FMC penetration grows. Financially, revenue will continue to be impacted by the non-renewal of the Belgian football broadcast rights, and capex will step down significantly as the 5G and digital upgrades are completed.

• 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 €20m

Virgin Media

Virgin Media Ireland continues to execute on fiber rollout and delivers growth across its customer base

Virgin Media Ireland’s fourth quarter results were impacted by the continuation of intense competitive pressure, which drove a decline in revenue and modest consumer broadband losses. Despite market headwinds, mobile postpaid net adds were positive for the fourth consecutive quarter, supported by earlier commercial initiatives, while consumer business revenue trends improved. Strategically, Virgin Media Ireland continued to execute on the fiber upgrade program, expand the off-net footprint, and grow wholesale momentum.

Highlights for Q4

• Network upgrade progressing: Over 70% completed at year-end and remain on track to substantially complete the build in 2026
• Network quality award: Virgin Media recognised as Ireland’s best fixed-line network in 2025 for upload and download speeds by nPerf
• Wholesale momentum growing: Continued to grow the wholesale customer base with Q4 activations being the highest to date; total fixed connections were positive despite consumer fixed net losses in the quarter

Q4 Financial Highlights (in U.S. GAAP)

• Revenue of $134.0 million, +4.2% YoY on a reported basis and -4.5% on a rebased basis
  • Primarily driven by lower consumer fixed and mobile revenue, including mobile headwinds from the network migration completion, partially offset by continued wholesale momentum and improving trend in the consumer business
• Adjusted EBITDA of $59.9 million, +17.0% YoY on a reported basis and +7.3% on a rebased basis
  • Primarily driven by disciplined cost control, partially offset by the aforementioned revenue decline
• Cash flows from operating activities of $54.6 million, cash flows from investing activities of -$58.0 million, and cash flows from financing activities of $21.8 million

Q4 Financial Highlights (in U.S. GAAP) in local currency

• Revenue of €115.2 million, -4.5% YoY on both a reported and rebased basis
• Adjusted EBITDA of €51.5 million, +7.3% YoY on both a reported and rebased basis

Q4 Operating Highlights

• Broadband net losses of 3,400 impacted by increased regulatory switching and intense competitor environment
• The postpaid customer base grew for the fourth consecutive quarter, with net adds of 1,500 supported by the mobile initiatives launched earlier in the year
• Wholesale broadband net adds of 6,400 driven by strongest quarter of new activations
• ~17% of the retail broadband base now on fiber

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 therefore; the anticipated acquisition of Substantial Group (Netomnia) by nexfibre, the anticipated acquisition of the remaining equity interest that we don’t own in VodafoneZiggo, and the closing of our previously announced sale of UPC Slovakia, including the future performance, activities, and ownership of such business and the timing, costs, and benefits to be derived from each 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.

Contacts

Investor Relations
Michael Bishop +44 20 8483 6246

Lewis Chong +44 7927 583187

Corporate Communications
Pádraig McGarrigle +44 7474 736967

Read full story here