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Liberty Global (LBTYA) investor relations material
Liberty Global Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong commercial and operational performance in Q2 2026, highlighted by VodafoneZiggo's best consumer broadband results in over six years and positive mobile net adds.
Progressed major strategic initiatives, including the Ziggo Group spin-off (targeted for mid-2027), with regulatory approvals secured and key management appointments made.
Monetized ~$1.2 billion in assets year-to-date, including $900 million from disposals and $340 million from an asset-backed loan.
Upgraded year-end corporate cash target to $2 billion, reflecting disciplined capital allocation and successful disposals.
AI initiatives underway across the group, delivering tangible operational and cost benefits.
Financial highlights
Aggregate European telecom assets generated $22 billion in revenue and $8 billion in EBITDA.
Q2 2026 consolidated revenue was $1,172.0 million, down 7.7% year-over-year; six-month revenue was $2,446.6 million, up 0.3%.
Adjusted EBITDA for Q2 was $324.9 million, down 3.1% year-over-year; six-month Adjusted EBITDA was $691.4 million, up 4.8%.
Q2 ended with $2.4 billion in corporate cash, supported by EdgeConneX sale and Wyre loan.
Year-to-date asset monetizations reached ~$1.2 billion, including $900 million from portfolio disposals and a $340 million asset-backed loan.
Outlook and guidance
All 2026 guidance metrics for VMO2, VodafoneZiggo, and Telenet reconfirmed, with upgraded year-end corporate cash target to $2 billion.
VMO2: service revenue and Adjusted EBITDA expected to decline 3–5% year-over-year; P&E additions £2.0–£2.2B; Adjusted FCF and shareholder distributions around £200 million.
VodafoneZiggo: revenue stable to low-single digit decline, Adjusted EBITDA mid- to high-single digit decline, P&E additions 23–25% of revenue, Adjusted FCF around €100 million.
Telenet: stable revenue, low-single digit Adjusted EBITDAAL growth, P&E additions around 20% of revenue, positive Adjusted FCF of ~€20 million.
Ziggo Group spin-off timeline accelerated to mid-2027, with potential for earlier completion.
- FY guidance met despite lower EBITDA and a tax hit; buybacks cut shares 18.5%.LBTYA
Q4 2023 - Q1 2026 delivered revenue and EBITDA growth, broadband gains, and progress on strategic initiatives.LBTYA
Q1 2026 - Shareholders will vote on directors, auditor, executive pay, and ESG-focused governance initiatives.LBTYA
Proxy filing - Shareholders to vote on directors, auditor, and executive pay at June 2026 annual meeting.LBTYA
Proxy filing - AI-driven transformation and strategic spin-offs are unlocking value and boosting sector optimism.LBTYA
NSR/BCG Global Connectivity Leaders Conference - New York - Major Dutch and UK deals, cost savings, and refinancing drive value amid competitive pressures.LBTYA
Q4 2025 - Q2 2025 revenue up 20%, EBITDA rose, and asset separation plans advanced.LBTYA
Q2 2025 - Sunrise spin-off and fiber build-out drive value creation and major shareholder returns.LBTYA
Goldman Sachs European Communacopia & Technology Conference - Net loss of $1.34B on 7.3% higher revenue, with strong liquidity and resumed buybacks.LBTYA
Q1 2025
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