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Liberty Global (LBTYA) investor relations material
Liberty Global Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Strategic initiatives advanced, including a reshaped operating model, cost efficiency programs, and leadership transition with John Malone becoming Chairman Emeritus and Mike Fries elected as Chairman. 
- Commercial progress across telecom operations in the UK, Netherlands, Ireland, and Belgium, with sequential improvement in broadband and postpaid net adds despite intense competition and pricing pressure. 
- Liberty Growth portfolio valued at $3.4 billion, with over 80% in six core investments, and strong performance in media, sports (notably Formula E), and digital infrastructure. 
- Significant progress in deleveraging and balance sheet strength, including refinancing over $9 billion of 2028 maturities and securing €4.35 billion for Wyre fiber buildout. 
- Ongoing asset sales and capital rotation into higher-return assets, with $300 million generated year-to-date and a target of $500–750 million. 
Financial highlights
- Q3 2025 consolidated revenue was $1,207.1 million, up 12.9% year-over-year, with nine-month revenue at $3,647.4 million; organic revenue declined 1.6% due to competitive pressures. 
- Adjusted EBITDA for Q3 2025 was $336.5 million, up 1.5% year-over-year; nine-month Adjusted EBITDA was $996.4 million, up 9.3%. 
- Net loss from continuing operations was $83.4 million for Q3 2025, a significant improvement from prior year. 
- Cash and cash equivalents at September 30, 2025, were $1,674.2 million; total liquidity at $2.6 billion including SMAs and unused borrowing capacity. 
- Net corporate cost guidance for 2025 improved to $150 million, with visibility to $100 million in 2026. 
Outlook and guidance
- Revenue growth confirmed in combined consumer and wholesale segments (excluding handsets and construction); Daisy transaction expected to contribute £125 million in 2025. 
- Adjusted EBITDA growth expected for VMO2 and VodafoneZiggo, with Telenet guidance for stable revenue and low single-digit EBITDAAL decline. 
- Free cash flow guidance: £350–400 million for VMO2, €200–250 million for VodafoneZiggo, negative €180–150 million for Telenet (Wyre to be debt funded). 
- Services & Corporate Adjusted EBITDA now expected to be ~$150 million negative, improved from previous guidance. 
- Management expects continued competition and macroeconomic headwinds to pressure revenue and margins, with ongoing restructuring charges through 2026. 
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