Liberty Global (LBTYA) Q2 2026 earnings summary

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.