Liberty Global (LBTYA) Q4 2025 earnings summary

Executive summary

• Announced and completed major acquisitions: Vodafone's 50% stake in VodafoneZiggo and Substantial Group (Netomnia/YouFibre) in the UK, advancing plans to spin off Ziggo Group and consolidate UK fiber assets, creating the second-largest fiber network.

• Achieved all full-year guidance metrics across major telecom operations, with commercial and network momentum, especially in broadband and mobile, despite competitive pressures.

• Reshaped operating model, targeting a 75% reduction in corporate spend by 2026 versus 2024, and focusing on high-return capital allocation.

• Completed ~$400 million in non-core asset disposals and maintained a concentrated growth portfolio valued at $3.4 billion FMV.

• Ended 2025 with $2.2 billion in corporate cash and extended debt maturities, refinancing nearly $15 billion and starting 2029 instrument financing.

Financial highlights

• Full-year 2025 consolidated revenue was $4,878.5 million, up 12.4% YoY; Adjusted EBITDA was $1,275.0 million, up 9.9% YoY.

• VMO2 JV (100%): $13.3 billion revenue, $4.7 billion Adjusted EBITDA; VodafoneZiggo JV (100%): $4.5 billion revenue, $2.0 billion Adjusted EBITDA.

• Q4 2025 revenue and Adjusted EBITDA declined YoY across some major segments due to competitive dynamics and strategic decisions.

• Q4 earnings from continuing operations were a loss of $2,916.2 million, compared to a profit of $2,334.2 million in Q4 2024.

• Executed $400 million in non-core disposals during 2025, with historical IRRs in the mid-teens.

Outlook and guidance

• 2026 guidance: VMO2 expects a 3–5% decline in revenue and Adjusted EBITDA, with P&E additions of £2.0–2.2 billion and cash distributions around £200 million.

• VodafoneZiggo projects stable to low single-digit revenue decline and mid- to high-single digit Adjusted EBITDA decline, with EUR 100 million incremental investment in network resilience and no cash distributions.

• Telenet anticipates stable revenue, low single-digit Adjusted EBITDA growth, and a return to positive Adjusted FCF (~€20 million) in 2026.

• Liberty Corporate expects around $50 million negative Adjusted EBITDA in 2026, reflecting cost savings and new management fee.