Liberty Global (LBTYA) Q4 2025 earnings summary

Executive summary

• Announced and completed major acquisitions, including Vodafone's 50% stake in VodafoneZiggo and Substantial Group/Netomnia, expanding the U.K. fiber footprint and creating the second-largest fiber network.

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

• Reshaped operating model, reducing net corporate spend by 75% over the last year and targeting further reductions by 2026.

• Completed ~$400M in non-core asset disposals, maintaining a concentrated growth portfolio valued at $3.4B FMV.

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

Financial highlights

• Full-year 2025 consolidated revenue: $4,878.5M; Adjusted EBITDA: $1,275.0M; Q4 revenue up 9.6% YoY, Adjusted EBITDA up 12.4% YoY.

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

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

• Q4 cash provided by operating activities was $630.9M, down 5.4% YoY; full-year operating cash flow was $1,211.1M, down 9.0%.

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

Outlook and guidance

• VMO2 expects 2026 revenue and Adjusted EBITDA to decline 3–5% YoY, with P&E additions of £2.0–2.2B and cash distributions around £200M.

• VodafoneZiggo projects stable to low-single digit revenue decline and mid- to high-single digit Adj. EBITDA decline in 2026, with EUR 100M incremental OpEx/CapEx for network resilience and no cash distributions.

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

• VodafoneZiggo expects EBITDA rebound in 2027/2028 after one-off investments in 2026.

• Corporate adjusted EBITDA expected at -$50M in 2026, reflecting cost savings and new management fee.