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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.
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Q3 2025 earnings summary30 Oct, 2025

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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Frequently asked questions

Liberty Global plc provides broadband internet, video, fixed-line telephony, and mobile communications services to residential and business customers. The company offers residential broadband internet and WiFi services under the Virgin Media brand; television services under the Virgin TV brand; fixed-line telephony services; mobile voice and data services under the Virgin Mobile brand; and offers converged bundled products consisting of broadband internet, video, and telephony services. It also supports small business customers with video entertainment and information services, as well as offers IPTV services to business customers through central Europe. In addition, the company operates iTV4U.com, an e-Commerce site for secondhand televisions. Further, it engages in the property development activities. The company serves approximately 26 million revenue generating units in 14 countries primarily in Europe, Asia Pacific, Latin America, Israel, and Africa.

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