Liberty Global Ltd.

02/18/2026 | Press release | Distributed by Public on 02/18/2026 07:45

Improving commercial momentum and continued focus on value creation (Form 8-K)

Improving commercial momentum and continued focus on value creation
Denver, Colorado: February 18, 2026 - Liberty Global Ltd. announces its Q4 2025 financial results.

CEO Mike Fries stated, "In the fourth quarter, we continued to execute our plans to both drive commercial momentum in our telecom operations and unlock value for shareholders.

•Liberty Telecom: We delivered all full-year guidance metrics at VMO2, VodafoneZiggo and Telenet, reflecting growing commercial progress despite challenging competitive environments. VMO2 delivered a sequential improvement in broadband additions and was recognized by Opensignal as the UK's top broadband provider. VodafoneZiggo continued its positive trajectory, delivering its best quarterly broadband performance in over two years while also becoming the largest provider offering 2Gbps speeds in the Netherlands. Telenet recorded its highest broadband net adds in three years, supported by strong Black Friday campaigns and further FMC growth on the BASE brand. Virgin Media Ireland delivered its best quarterly wholesale activity to date and remains firmly on track to substantially complete its fiber rollout in 2026.

•Liberty Growth: We continued to rotate capital into higher-return opportunities across our Growth portfolio and the wider group, delivering ~$400m1 in non-core asset disposals, including UPC Slovakia as announced in December. The Growth portfolio remains concentrated, with over 70% of its $3.4 billion2 FMV attributable to just five key assets. We are investing in areas where we see conviction in our right-to-play, strong industrial tailwinds, and a clear path to value creation over time.

•Liberty Corporate: We delivered a substantial reshaping of our operating model that positioned us to outperform our 2025 guidance for corporate spend and has materially improved our Adj. EBITDA trajectory which will be down 75% in 2026 compared to 2024. Meanwhile, Liberty Blume and Liberty Tech continued to provide impactful support to our operating companies, driving scale and expanding opportunities to create value through shared platforms and attracting new, third-party customers. Beginning in 2026, Liberty Blume will be reported and managed through our Liberty Growth portfolio reflecting its stand-alone position and the possibility of raising third-party capital.

1
We closed 2025 with a strong corporate cash position of $2.2 billion3, reflecting disciplined capital allocation throughout the year, including non-core asset disposal proceeds and continued upstreaming of JV dividends during the fourth quarter. We also have made significant progress in extending 2028 maturities across our credit silos with almost $15 billion4 of refinancings last year and have started financing activity on 2029 instruments to ensure we have a long-tenured, resilient capital structure. As we look to 2026, we remain solely focused on taking further action to unlock and deliver increased shareholder value."
2
Key Summary of Operating and Financial Highlights5,6
Three months ended
December 31, 		Increase/(decrease) Year ended
December 31, 		Increase/(decrease)
2025 2024 Reported %
Rebased %7
2025 2024 Reported %
Rebased %7
in millions, except % amounts
Revenue
Telenet $ 842.3 $ 781.5 7.8 (1.3) $ 3,207.9 $ 3,084.4 4.0 (0.4)
VM Ireland 134.0 128.6 4.2 (4.5) 494.8 491.4 0.7 (3.6)
Consolidated Liberty Telecom 976.3 910.1 7.3 3,702.7 3,575.8 3.5
Liberty Growth 36.6 35.1 4.3 (5.4) 330.2 78.9 318.5 2.7
Liberty Services & Corporate 266.6 223.5 19.3 9.4 1,011.1 934.7 8.2 0.4
Consolidated intercompany eliminations (48.4) (45.5) N.M. N.M. (165.5) (247.5) N.M. N.M.
Total consolidated $ 1,231.1 $ 1,123.2 9.6 (0.5) $ 4,878.5 $ 4,341.9 12.4 (0.8)
Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV
$ 3,399.4 $ 3,478.8 (2.3) (5.9) $ 13,335.2 $ 13,649.7 (2.3) (5.3)
VodafoneZiggo JV
$ 1,186.4 $ 1,113.8 6.5 (2.3) $ 4,518.5 $ 4,450.5 1.5 (2.8)
Earnings (loss) from continuing operations
Liberty Global Consolidated $ (2,916.2) $ 2,334.2 (224.9) $ (7,096.7) $ 1,869.1 (479.7)
Liberty Growth $ (38.2) $ (41.3) 7.5 $ (124.5) $ (53.0) (134.9)
Liberty Services & Corporate $ (2,812.9) $ 2,424.7 (216.0) $ (7,001.8) $ 2,339.0 (399.4)
Adjusted EBITDA
Telenet $ 305.4 $ 311.0 (1.8) (9.9) $ 1,303.8 $ 1,292.2 0.9 (3.3)
VM Ireland 59.9 51.2 17.0 7.3 180.3 178.3 1.1 (3.6)
Consolidated Liberty Telecom 365.3 362.2 0.9 1,484.1 1,470.5 0.9
Liberty Growth (14.4) (19.1) 24.6 35.0 (38.6) (18.2) (112.1) 32.5
Liberty Services & Corporate (61.1) (75.2) 18.8 23.9 (129.3) (170.5) 24.2 21.8
Consolidated intercompany eliminations (11.2) (20.1) N.M. N.M. (41.2) (122.0) N.M. N.M.
Total consolidated $ 278.6 $ 247.8 12.4 (0.9) $ 1,275.0 $ 1,159.8 9.9 0.2
Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV
$ 1,166.8 $ 1,126.5 3.6 (0.2) $ 4,662.8 $ 4,503.4 3.5 0.4
VodafoneZiggo JV
$ 495.7 $ 468.4 5.8 (3.4) $ 1,977.7 $ 2,033.9 (2.8) (6.9)

3
Subscriber Variance Table - December 31, 2025 vs. September 30, 2025
Fixed-Line Customer
Relationships 		Broadband
Subscribers 		Total
RGUs 		Postpaid Mobile
Subscribers
Organic Change Summary
Consolidated Reportable Segments:
Telenet
(4,600) 12,400 (22,300) 2,900
VM Ireland (4,200) (3,400) (11,100) 1,500
Total Consolidated Reportable Segments (8,800) 9,000 (33,400) 4,400
Nonconsolidated Reportable Segments:
VMO2 JV (18,500) (16,700) (174,000) (164,800)
VodafoneZiggo JV (16,800) (11,900) (75,600) 9,900

4
Virgin Media O2 continued strong execution on fixed and mobile network upgrades while delivering on all 2025 guidance metrics
Against a backdrop of intense market competition, VMO2 saw improved momentum in fixed-line trading, as broadband net losses improved sequentially supported by progress in commercial initiatives. VMO2 continued to execute on key strategic steps, including expanding their full fiber footprint to 8.3 million premises and growing 5G outdoor population coverage to 87%, a 12 percentage point increase over the prior year. VMO2 delivered on all 2025 guidance metrics8, including growth in combined consumer and wholesale revenue (excluding handsets and nexfibre construction) and growth in Adj. EBITDA (excluding nexfibre construction and the impact of the O2 Daisy transaction).
Highlights for Q4
•Full fiber footprint: Continued momentum in full fiber roll-out, expanding footprint to 8.3 million premises, with total gigabit footprint at 18.8 million premises and fiber upgrade activity progressing
•Network quality: Virgin Media recognised by Opensignal as the UK's top broadband provider, ranking first across all national categories, building on the launch of giffgaff broadband in Q3
Q4 Financial Highlights (in U.S. GAAP, as reported by Liberty Global)9
•Revenue of $3,399.4 million, -2.3% YoY on a reported basis and -5.9% YoY on a rebased7 basis
◦Primarily driven by (i) lower nexfibre construction revenue and (ii) a decrease in mobile handset revenue
•Adjusted EBITDA10 of $1,166.8 million, +3.6% YoY on a reported basis and -0.2% on a rebased basis
◦Primarily driven by negative nexfibre construction profitability from lower build volumes and increased consumer fixed costs of sales
•Property and equipment additions of $707.2 million, +0.8% YoY on a reported basis and -2.9% on a rebased basis
•Adjusted EBITDA less P&E additions10 of $459.6 million, +8.2% YoY on a reported basis and +4.2% on a rebased basis
•Cash flows from operating activities of $966.2 million, cash flows from investing activities of -$321.8 million and cash flows from financing activities of -$533.0 million
Q4 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)11
•Revenue of £2,556.9 million, -5.9% YoY on a reported and rebased basis, including £65.4 million of Daisy Group revenue
•Adjusted EBITDA of £965.4 million, -2.4% YoY on a reported and rebased basis
◦Q4 2025 included the benefit of £88.0 million of U.S. GAAP/IFRS differences, primarily related to (i) the VMO2 JV's investment in CTIL and (ii) leases
•The drivers of these IFRS changes are largely consistent with those under U.S. GAAP, as detailed above
5
Q4 Operating Highlights
•Broadband net losses of 16,700, a sequential improvement despite continued intense competition
•Postpaid net losses of 164,800, primarily driven by elevated churn during the 30-day exit window following the October price rise announcement
•Fixed ARPU declined by 0.8% YoY due to pricing pressure, in particular during the Black Friday period
2025 VMO2 performance against guidance metrics (in IFRS)8,12
•Guidance metrics delivered:
◦Guided revenue grew 0.2% to £7,706.5 million, despite fixed market headwinds
◦Guided Adjusted EBITDA grew 0.9%, underpinned by cost efficiencies
◦P&E additions excluding ROU additions of £2.1B in-line with guidance of £2.0-2.2B
◦Adjusted Free Cash Flow of £393.1m13 in-line with guidance of £350-400m and cash distributions to shareholders of £378.0m in-line with guidance of £350-400m
2026 VMO2 guidance (in IFRS)(i)
VMO2 2026 guidance8 reflects heightened promotional intensity in the UK market and ongoing uncertainty in the consumer fixed market, alongside planned streamlining of the B2B product portfolio following creation of O2 Daisy. While continued cost efficiencies will support profitability, these benefits will be partially offset by an increasing proportion of the customer base on the nexfibre footprint with associated wholesale fees. In addition, VMO2 is set to continue to invest heavily in its fixed and mobile networks.
•Revenue: Total service revenue decline of 3 to 5% year-over-year, adjusted for the Daisy Transaction
•Adj. EBITDA: Adjusted EBITDA decline of 3 to 5% year-over-year, adjusted for the Daisy Transaction
•P&E additions: £2.0-£2.2B
•Adj. FCF: Around £200m13
•Cash distributions to shareholders: Around £200m

(i) Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) and cash flow from operating activities for Adjusted EBITDA, Adjusted EBITDAaL and Adjusted FCF guidance for Liberty Global and each of its OpCos cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including: the components of non-operating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/loss from continuing operations, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly from period to period.
6
VodafoneZiggo continued strong execution on strategic plan in Q4 and delivered on all guidance metrics for full year 2025
VodafoneZiggo's fourth quarter results continued to be supported by the strategic plan implemented in Q1, with the new front book tariffs and proactive right-pricing of the fixed base driving commercial momentum through the end of the year. Broadband net adds performance improved further in Q4, while mobile postpaid net adds were positive for the second consecutive quarter, benefiting from strong performance on the hollandsnieuwe brand. VodafoneZiggo achieved all full-year financial guidance for 2025.
Highlights for Q4
•Commercial momentum continued: Broadband operational performance continued the recent trend and improved further in Q4 supported by a strong Black Friday trading period and the proactive recontracting of existing customers onto the new front book tariffs
•Network speed upgraded: Successfully rolled out 2.0 and 2.2 Gbps speed upgrades, becoming the largest provider of 2.0+ Gbps speeds in the Netherlands
•Invested in core strengths: Continued to revitalize our brands through new marketing campaigns and the Priority loyalty program
Q4 Financial Highlights (in U.S. GAAP)
•Revenue of $1,186.4 million, +6.5% YoY on a reported basis and -2.3% on a rebased basis
◦Primarily driven by the lower broadband customer base and ongoing repricing impact, partially offset by (i) the fixed and mobile price indexation, implemented in July and October, respectively, (ii) higher handset sales and (iii) higher Ziggo Sport revenue
•Adjusted EBITDA of $495.7 million, +5.8% YoY on a reported basis and -3.4% on a rebased basis
◦Primarily driven by (i) the aforementioned revenue decline, (ii) higher handset costs, and (iii) higher digital sales costs, partially offset by lower operating expenses related to labor, customer service and energy costs
•Cash flows from operating activities of $380.8 million, cash flows from investing activities of -$138.7 million and cash flows from financing activities of -$286.5 million
Q4 Financial Highlights (in U.S. GAAP) in local currency
•Revenue of €1,020.2 million, -2.3% YoY on both a reported and rebased basis
•Adjusted EBITDA of €425.2 million, -3.4% YoY on both a reported and rebased basis
Q4 Operating Highlights
•Broadband net losses of 11,900 improved sequentially, reflecting higher sales and lower churn as a result of new front book pricing and recontracting of existing customers
•Postpaid net adds of 9,900 were driven by continued strength in consumer mobile, especially on the hollandsnieuwe brand
•Fixed ARPU increased 1.0% YoY, as the fixed price indexation was partially offset by the proactive right-pricing of the new front book
7
2025 VodafoneZiggo performance against guidance metrics (in U.S. GAAP)
•Guidance metrics delivered:
◦Revenue declined by 2.8% in-line with 2025 guidance for low single digit decline
◦Adj. EBITDA declined by 6.9% in-line with 2025 guidance for mid-high single digit decline
◦P&E additions as a percent of revenue of 21.9% in-line with 20-22% guidance
◦Adj. Free Cash Flow of €224m in-line with €200-250m guide and cash distributions to shareholders of €224m in-line with €200-250m guide13
2026 VodafoneZiggo guidance (in U.S. GAAP)
VodafoneZiggo 2026 guidance reflects an ongoing improvement in fixed subscriber trends and execution against the 'How We Win Plan' supporting improving year-on-year revenue trends. However, the previously flagged impact of front book repricing & commercial initiatives will continue to impact Adj. EBITDA trends. In addition, both Adj. EBITDA and capital intensity will be impacted by a cumulative ~€100 million of investment in 2026, split equally across opex and capex, into network resilience and service reliability. This investment will significantly moderate beyond 2026 reducing to a ~€50 million opex-only impact across 2027 & 2028.
•Revenue: Stable to low-single digit decline
•Adj. EBITDA: Mid- to high-single digit decline
•P&E additions to revenue: 23-25%
•Adj. FCF: Around €100 million13
•Cash distributions to shareholders: No Distributions15
8
Telenet achieved strong growth in both broadband and mobile in Q4, and delivered all full year guidance
Telenet continued to deliver strong commercial momentum during the fourth quarter, with both broadband and mobile delivering positive net adds, driven by the strong performance of both Telenet and BASE FMC. Broadband delivered a sequential improvement in net adds for the third consecutive quarter, while mobile postpaid delivered the best quarterly net add performance of the year. Telenet achieved all financial guidance for 2025.
Highlights for Q4
•Commercial momentum growing: Both Telenet and BASE continued to grow commercial momentum, with strong uptake of BASE FMC in the South driving improved operational results across both fixed and mobile
•Gigabit network collaboration: Telenet & Wyre remain on track to finalize the network sharing agreement with Proximus and Fiberklaar in Flanders, subject to approval by the Belgian Competition Authority
Q4 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)
•Revenue of $842.3 million, +7.8% YoY on a reported basis and -1.3% on a rebased basis
◦Primarily driven by (i) lower fixed revenue following the strategic non-renewal of the Belgian Football rights and (ii) lower programming revenue
•Adjusted EBITDA of $305.4 million, -1.8% YoY on a reported basis and -9.9% on a rebased basis
•Adjusted EBITDAaL of $305.1 million, -1.8% YoY on a reported basis and -9.9% on a rebased basis
◦Primarily driven by (i) the aforementioned decrease in revenue, (ii) higher labor costs, (iii) higher costs related to professional services and outsourced labor and (iv) higher marketing costs on branding and Q4 campaigns, partially offset by savings on programming costs related to the non-renewal of the Belgian football broadcasting rights
•Property and equipment additions of $340.2 million, +28.3% YoY on a reported basis and +17.8% on a rebased basis
•Adjusted EBITDA less P&E Additions of -$34.8 million, -175.8% YoY on a reported basis and -168.4% on a rebased basis
•Cash flows from operating activities of $271.1 million, cash flows from investing activities of -$330.8 million and cash flows from financing activities of $50.5 million
Q4 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)11
•Revenue of €723.8 million, -1.3% YoY on both a reported and rebased basis
•Adjusted EBITDA of €316.2 million, -8.8% YoY on both a reported and rebased basis
◦Q4 2025 included the benefit of €53.6 million of U.S. GAAP/IFRS differences, primarily related to (i) sports and film broadcasting rights and (ii) leases
•Adjusted EBITDAaL of €296.1 million, -9.4% YoY on both a reported and rebased basis
•The drivers of these IFRS changes are largely consistent with those under U.S. GAAP, as detailed above
9
Q4 Operating Highlights
•Broadband net adds of 12,400 continued to improve sequentially, supported by the growth of BASE FMC in the South
•Postpaid net adds of 2,900, driven by successful fourth quarter campaigns by BASE and improved performance of Telenet consumer
•Fixed ARPU declined by 0.7% YoY, impacted by bundle spin-down following the non-renewal of the Belgian football broadcasting rights and changes to the customer mix, partially offset by the April 2025 price increase
2025 Telenet performance against guidance metrics (in IFRS)14
•Guidance metrics delivered:
◦Revenue declined by 0.4% in-line with 2025 guidance for broadly stable revenue growth
◦Adj. EBITDAaL declined by 2.5% in-line with 2025 guidance for low-single digit decline
◦P&E additions as a percentage of revenue of 38.3% in-line with 2025 guidance of 'around 38%'
◦Adj. Free Cash Flow was -€176.3m in-line with 2025 guidance of between -€180 and -€150m
2026 Telenet guidance (in IFRS and excluding Wyre)14
Telenet 2026 guidance reflects a broadly stable operating environment with the benefit of the annual price indexation. Commercial momentum is expected to continue on the BASE brand in the South of Belgium as BASE FMC penetration grows. Financially, revenue will continue to be impacted by the non-renewal of the Belgian football broadcast rights, and capex will step down significantly as the 5G and digital upgrades are completed.
•Revenue growth: Stable
•Adj. EBITDAaL: Low-single digit growth
•P&E additions to revenue: Around 20%
•Adj. FCF: Return to positive Adj. FCF of around €20m

10
Virgin Media Ireland continues to execute on fiber rollout and delivers growth across its customer base
Virgin Media Ireland's fourth quarter results were impacted by the continuation of intense competitive pressure, which drove a decline in revenue and modest consumer broadband losses. Despite market headwinds, mobile postpaid net adds were positive for the fourth consecutive quarter, supported by earlier commercial initiatives, while consumer business revenue trends improved. Strategically, Virgin Media Ireland continued to execute on the fiber upgrade program, expand the off-net footprint, and grow wholesale momentum.
Highlights for Q4
•Network upgrade progressing: Over 70% completed at year-end and remain on track to substantially complete the build in 2026
•Network quality award: Virgin Media recognised as Ireland's best fixed-line network in 2025 for upload and download speeds by nPerf
•Wholesale momentum growing: Continued to grow the wholesale customer base with Q4 activations being the highest to date; total fixed connections were positive despite consumer fixed net losses in the quarter
Q4 Financial Highlights (in U.S. GAAP)
•Revenue of $134.0 million, +4.2% YoY on a reported basis and -4.5% on a rebased basis
◦Primarily driven by lower consumer fixed and mobile revenue, including mobile headwinds from the network migration completion, partially offset by continued wholesale momentum and improving trend in the consumer business
•Adjusted EBITDA of $59.9 million, +17.0% YoY on a reported basis and +7.3% on a rebased basis
◦Primarily driven by disciplined cost control, partially offset by the aforementioned revenue decline
•Cash flows from operating activities of $54.6 million, cash flows from investing activities of -$58.0 million, and cash flows from financing activities of $21.8 million
Q4 Financial Highlights (in U.S. GAAP) in local currency
•Revenue of €115.2 million, -4.5% YoY on both a reported and rebased basis
•Adjusted EBITDA of €51.5 million, +7.3% YoY on both a reported and rebased basis
Q4 Operating Highlights
•Broadband net losses of 3,400 impacted by increased regulatory switching and intense competitor environment
•The postpaid customer base grew for the fourth consecutive quarter, with net adds of 1,500 supported by the mobile initiatives launched earlier in the year
•Wholesale broadband net adds of 6,400 driven by strongest quarter of new activations
•~17% of the retail broadband base now on fiber
11
Consolidated Leverage & Liquidity
•Total principal amount of debt and finance leases: $8.6 billion
•Average debt tenor16: 3.1 years, with ~38% not due until 2029 or thereafter
•Borrowing costs: Blended, fully-swapped cost of debt was 3.8%

The following table(i) details the U.S. dollar equivalents of our liquidity17 position at December 31, 2025, which includes our (i) cash and cash equivalents, (ii) investments held under SMAs and (iii) unused borrowing capacity:
Cash Unused
and Cash Borrowing Total
Equivalents
SMAs(ii)
Capacity(iii)
Liquidity
in millions
Liberty Global and unrestricted subsidiaries
$ 914.3 $ 76.2 $ - $ 990.5
Telenet 1,134.3 - 627.9 1,762.2
VM Ireland 32.8 - 117.4 150.2
Total
$ 2,081.4 $ 76.2 $ 745.3 $ 2,902.9
_______________

(i)Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.
(ii)Represents our SMA in a leveraged structured note issued by a third-party investment bank.
(iii)Our aggregate unused borrowing capacity of $0.7 billion18 represents maximum undrawn commitments under the applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing.

The following table(i) details the December 31, 2025 U.S. dollar equivalents of the (i) outstanding principal amounts of our debt and finance lease obligations, (ii) expected principal-related derivative cash payments or receipts and (iii) swapped principal amounts of our debt and finance lease obligations:
Finance Total Debt Principal Related Swapped Debt
Lease & Finance Lease Derivative & Finance Lease
Debt Obligations Obligations Cash Payments Obligations
in millions
Telenet $ 7,448.1 $ 1.8 $ 7,449.9 $ 137.0 $ 7,586.9
VM Ireland 1,056.2 - 1,056.2 - 1,056.2
Other 80.5 31.3 111.8 - 111.8
Total
$ 8,584.8 $ 33.1 $ 8,617.9 $ 137.0 $ 8,754.9
_______________

(i)Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.

12
Liberty Global Consolidated Q4 Cash Flows

Three months ended
December 31, 		Increase/(decrease) Year ended
December 31, 		Increase/(decrease)
2025 2024 Reported % 2025 2024 Reported %
$ in millions, except % amounts
Liberty Global Consolidated Cash Flows:
Cash provided by operating activities of continuing operations 630.9 667.1 (5.4 %) 1,211.1 1,331.2 (9.0 %)
Cash provided (used) by investing activities of continuing operations (267.1) 425.6 (162.8 %) (874.9) 1,145.5 (176.4 %)
Cash provided (used) by financing activities of continuing operations 47.3 (162.7) 129.1 % (226.1) (806.2) 72.0 %
Adjusted FCF from continuing operations 152.9 324.2 (52.8 %) (274.0) 311.7 (187.9 %)
Distributable Cash Flow from continuing operations 161.9 530.6 (69.5 %) (265.0) 518.1 (151.1 %)

Financial Highlights (in U.S. GAAP)5,6
The following tables present (i) selected financial information for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis. Adjusted EBITDA and Adjusted EBITDA less P&E Additions for Consolidated Continuing Operations, Liberty Growth and Liberty Services & Corporate are non-GAAP measures. For reconciliations, additional information on how these measures are defined and why we believe they are meaningful, see the Glossary and Reconciliations sections of the Appendix.
Three months ended Increase/(decrease) Year ended Increase/(decrease)
December 31, December 31,
Revenue 2025 2024 Reported % Rebased % 2025 2024 Reported % Rebased %
in millions, except % amounts
Telenet $ 842.3 $ 781.5 7.8 (1.3) $ 3,207.9 $ 3,084.4 4.0 (0.4)
VM Ireland 134.0 128.6 4.2 (4.5) 494.8 491.4 0.7 (3.6)
Consolidated Liberty Telecom 976.3 910.1 7.3 3,702.7 3,575.8 3.5
Liberty Growth 36.6 35.1 4.3 (5.4) 330.2 78.9 318.5 2.7
Liberty Services & Corporate 266.6 223.5 19.3 9.4 1,011.1 934.7 8.2 0.4
Consolidated intercompany eliminations (48.4) (45.5) N.M. N.M. (165.5) (247.5) N.M. N.M.
Total consolidated $ 1,231.1 $ 1,123.2 9.6 (0.5) $ 4,878.5 $ 4,341.9 12.4 (0.8)
Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV
$ 3,399.4 $ 3,478.8 (2.3) (5.9) $ 13,335.2 $ 13,649.7 (2.3) (5.3)
VodafoneZiggo JV
$ 1,186.4 $ 1,113.8 6.5 (2.3) $ 4,518.5 $ 4,450.5 1.5 (2.8)
_______________

N.M. - Not Meaningful

13
Three months ended Increase/(decrease) Year ended Increase/(decrease)
December 31, December 31,
Adjusted EBITDA 2025 2024 Reported % Rebased % 2025 2024 Reported % Rebased %
in millions, except % amounts
Telenet $ 305.4 $ 311.0 (1.8) (9.9) $ 1,303.8 $ 1,292.2 0.9 (3.3)
VM Ireland 59.9 51.2 17.0 7.3 180.3 178.3 1.1 (3.6)
Consolidated Liberty Telecom 365.3 362.2 0.9 1,484.1 1,470.5 0.9
Liberty Growth (14.4) (19.1) 24.6 35.0 (38.6) (18.2) (112.1) 32.5
Liberty Services & Corporate (61.1) (75.2) 18.8 23.9 (129.3) (170.5) 24.2 21.8
Consolidated intercompany eliminations (11.2) (20.1) N.M. N.M. (41.2) (122.0) N.M. N.M.
Total consolidated $ 278.6 $ 247.8 12.4 (0.9) $ 1,275.0 $ 1,159.8 9.9 0.2
Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV
$ 1,166.8 $ 1,126.5 3.6 (0.2) $ 4,662.8 $ 4,503.4 3.5 0.4
VodafoneZiggo JV
$ 495.7 $ 468.4 5.8 (3.4) $ 1,977.7 $ 2,033.9 (2.8) (6.9)
_______________

N.M. - Not Meaningful

Three months ended Increase/(decrease) Year ended Increase/(decrease)
Adjusted EBITDA less P&E Additions
December 31, December 31,
2025 2024 Reported % Rebased % 2025 2024 Reported % Rebased %
in millions, except % amounts
Telenet $ (34.8) $ 45.9 (175.8) (168.4) $ 198.0 $ 415.6 (52.4) (53.8)
VM Ireland 4.1 3.1 32.3 32.1 (36.0) 4.9 (834.7) (802.2)
Consolidated Liberty Telecom (30.7) 49.0 (162.7) 162.0 420.5 (61.5)
Liberty Growth (45.0) (33.5) (34.3) (13.0) (99.3) (38.0) (161.3) 3.2
Liberty Services & Corporate (70.1) (94.4) 25.7 30.5 (150.5) (200.4) 24.9 23.3
Consolidated intercompany eliminations - (10.9) N.M. N.M. - (84.2) N.M. N.M.
Total consolidated $ (145.8) $ (89.8) (62.4) (66.2) $ (87.8) $ 97.9 (189.7) N.M.
Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV
$ 459.6 $ 424.8 8.2 4.2 $ 2,040.8 $ 1,842.1 10.8 7.4
VodafoneZiggo JV
$ 181.7 $ 254.8 (28.7) (36.0) $ 990.2 $ 1,105.0 (10.4) (14.2)
_______________

N.M. - Not Meaningful

14
Operating Data - December 31, 2025
Homes
Passed 		Fixed-Line Customer
Relationships 		Broadband
Subscribers 		Total
RGUs 		Postpaid Mobile
Subscribers
Total Mobile
Subscribers(i)
Consolidated Reportable Segments:
Telenet
4,246,200 1,934,100 1,734,400 4,028,800 2,673,500 2,820,500
VM Ireland 1,014,300 380,400 354,100 682,300 145,900 145,900
Total Consolidated Reportable Segments 5,260,500 2,314,500 2,088,500 4,711,100 2,819,400 2,966,400
Nonconsolidated Reportable Segments:
VMO2 JV 16,226,100 5,789,300 5,687,600 11,372,100 15,598,500 36,309,300
VodafoneZiggo JV(ii)
7,631,000 3,295,900 3,018,500 7,337,700 5,342,700 5,610,900

Subscriber Variance Table - December 31, 2025 vs. September 30, 2025
Homes
Passed 		Fixed-Line Customer
Relationships 		Broadband
Subscribers 		Total
RGUs 		Postpaid Mobile
Subscribers
Total Mobile
Subscribers(i)
Organic Change Summary
Consolidated Reportable Segments:
Telenet
18,900 (4,600) 12,400 (22,300) 2,900 (7,800)
VM Ireland 7,100 (4,200) (3,400) (11,100) 1,500 1,500
Total Consolidated Reportable Segments 26,000 (8,800) 9,000 (33,400) 4,400 (6,300)
Nonconsolidated Reportable Segments:
VMO2 JV 100 (18,500) (16,700) (174,000) (164,800) (83,800)
VodafoneZiggo JV(ii)
18,100 (16,800) (11,900) (75,600) 9,900 10,200
Q4 2025 Joint Venture Adjustments:
VodafoneZiggo JV - - - - (4,300) (4,300)

15
Subscriber Variance Table - December 31, 2025 vs. December 31, 2024
Homes
Passed 		Fixed-Line Customer
Relationships 		Broadband
Subscribers 		Total
RGUs 		Postpaid Mobile
Subscribers
Total Mobile
Subscribers(i)
Organic Change Summary
Consolidated Reportable Segments:
Telenet
84,300 (33,100) 15,600 (127,000) (1,500) (49,600)
VM Ireland 16,400 (12,900) (9,100) (47,900) 9,200 9,200
Total Consolidated Reportable Segments 100,700 (46,000) 6,500 (174,900) 7,700 (40,400)
Consolidated Reportable Segments Net Adjustments:
Telenet 1,400 - - - - -
VM Ireland (4,800) - - - - -
Nonconsolidated Reportable Segments:
VMO2 JV(iii)
2,000 (145,100) (138,400) (956,200) (397,500) 496,800
VodafoneZiggo JV(ii)
50,800 (120,000) (88,900) (418,500) 47,800 31,500
Nonconsolidated Reportable Segments Net Adjustments:
VodafoneZiggo JV - - - - (4,300) (4,300)

Footnotes for Operating Data and Subscriber Variance Tables:

(i)In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. The mobile subscriber count for the VMO2 JV includes IoT connections, which are Machine-to-Machine contract mobile connections, including Smart Metering contract connections. The mobile subscriber count presented above for the VMO2 JV excludes wholesale mobile connections of approximately 10,430,600 that are included in the total mobile subscriber count as defined and presented by the VMO2 JV.
(ii)Fixed-line counts for the VodafoneZiggo JV include certain B2B customers and subscribers.
(iii)Organic movements for the year to date period presented above exclude the impact of the O2 Daisy Merger. All net additions (losses) reflect changes in the underlying business performance, independent of merger-related activity at the VMO2 JV.

Additional General Notes to Tables:

Most of our broadband communications subsidiaries provide broadband, telephony, data, video or other B2B services. Certain of our B2B revenue is derived from SOHO subscribers that pay a premium price to receive enhanced service levels along with broadband, video or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHOs, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our broadband communications operations, with only those services provided at premium prices considered to be "SOHO RGUs" or "SOHO customers". To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs or SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO subscribers and mobile subscribers at medium and large enterprises, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.

While we take appropriate steps to ensure that subscriber statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber counting process. We periodically review our subscriber counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber statistics based on those reviews.

16

Bond Update by Credit Silo
17
VMO2 Credit Update19
Operating Statistics Summary
As of and for the
three months ended
December 31,
2025 2024
Footprint
Homes Serviceable 18,790,200 18,255,600
Homes Serviceable net additions (QoQ) 115,100 485,500
Fixed
Fixed-Line Customer Relationships 5,789,300 5,836,100
Organic Fixed-Line Customer Relationship net additions (losses) (QoQ)
(18,500) 9,900
Organic Fixed-Line Customer Relationship net additions (losses) (YoY)
(145,100) 9,300
Broadband Subscribers 5,687,600 5,738,900
Organic Broadband net additions (losses) (QoQ)
(16,700) 12,000
Organic Broadband net additions (losses) (YoY)
(138,400) 21,300
Q4 Monthly ARPU per Fixed-Line Customer Relationship
£ 47.36 £ 47.74
Mobile
Postpaid Mobile Subscribers 15,598,500 15,836,000
Organic Postpaid Mobile net additions (losses) (QoQ)
(164,800) 15,600
Organic Postpaid Mobile net losses (YoY)
(397,500) (216,300)
Q4 Monthly Consumer Postpaid ARPU
£ 17 £ 17
Convergence
Converged Households as % of Broadband RGUs 42.0% 42.2%

18
Financial Results (in IFRS)11
Three months ended Year ended
December 31, Increase/(decrease) December 31, Increase/(decrease)
2025 2024 2025 2024
in millions, except % amounts
Revenue
Mobile £ 1,418.6 £ 1,484.6 (4.4 %) £ 5,580.2 £ 5,687.0 (1.9 %)
Handset 327.0 383.9 (14.8 %) 1,178.3 1,286.7 (8.4 %)
Fixed 1,033.0 981.3 5.3 % 3,912.8 3,852.1 1.6 %
Consumer Fixed 824.7 852.9 (3.3 %) 3,361.6 3,400.2 (1.1 %)
Subscription 806.7 834.0 (3.3 %) 3,284.8 3,331.2 (1.4 %)
Other 18.0 18.9 (4.8 %) 76.8 69.0 11.3 %
B2B Fixed 208.3 128.4 62.2 % 551.2 451.9 22.0 %
Other 105.3 250.3 (57.9 %) 620.1 1,141.4 (45.7 %)
Total revenue £ 2,556.9 £ 2,716.2 (5.9 %) £ 10,113.1 £ 10,680.5 (5.3 %)
Adjusted EBITDA £ 965.4 £ 989.1 (2.4 %) £ 3,879.5 £ 3,896.6 (0.4 %)
P&E Additions £ 530.5 £ 550.2 £ 2,089.2 £ 2,184.4
ROU asset additions 43.4 64.1 144.8 456.2
Total P&E Additions including ROU asset additions £ 573.9 £ 614.3 (6.6 %) £ 2,234.0 £ 2,640.6 (15.4 %)
P&E Additions as a % of revenue 20.7% 20.3% 20.7% 20.5%
Adjusted EBITDA less Total P&E Additions £ 391.5 £ 374.8 4.5 % £ 1,645.5 £ 1,256.0 31.0 %
Adjusted FCF £ 750.4 £ 993.7 £ 393.1 £ 494.5

19
Third-Party Debt, Lease Obligations and Cash and Cash Equivalents
The borrowing currency and pound sterling equivalent of the nominal amounts of VMED O2's consolidated third-party debt, lease obligations and cash and cash equivalents is set forth below:
December 31, September 30,
2025 2025
Borrowing currency
£ equivalent
in millions
Senior and Senior Secured Credit Facilities:
Term Loan N (Term SOFR + 2.50%) due 2028 $ - £ - £ 735.4
Term Loan O (EURIBOR + 2.50%) due 2029 € 200.0 174.5 655.2
Term Loan Q (Term SOFR + 3.25%) due 2029 $ 1,300.0 966.2 965.9
Term Loan R (EURIBOR + 3.25%) due 2029 € - - 655.2
Term Loan AC1 (SONIA + 3.25%) due 2030 £ 925.0 925.0 925.0
Term Loan AC2 (SONIA + 3.25%) due 2030 £ 750.0 750.0 750.0
Term Loan Y (Term SOFR + 3.25%) due 2031 $ 2,080.2 1,546.4 1,545.7
Term Loan Z (EURIBOR + 3.50%) due 2031 € 720.0 628.1 628.9
Term Loan AE (EURIBOR + 3.25%) due 2033 € 1,430.0 1,247.5 -
£54 million (equivalent) RCF (SONIA + 2.75%) due 2026 £ - - -
£1,324 million (equivalent) RCF (SONIA + 2.75%) due 2029 £ - - -
VM Financing Facilities (GBP equivalent) £ 94.0 94.0 273.3
Total Senior and Senior Secured Credit Facilities 6,331.7 7,134.6
Senior Secured Notes:
5.50% USD Senior Secured Notes due 2029 $ 1,425.0 1,059.3 1,058.8
5.25% GBP Senior Secured Notes due 2029 £ 340.0 340.0 340.0
4.00% GBP Senior Secured Notes due 2029 £ 600.0 600.0 600.0
4.25% GBP Senior Secured Notes due 2030 £ 635.0 635.0 635.0
4.50% USD Senior Secured Notes due 2030 $ 915.0 680.2 679.9
4.125% GBP Senior Secured Notes due 2030 £ 480.0 480.0 480.0
3.25% EUR Senior Secured Notes due 2031 € 950.0 828.8 829.9
4.25% USD Senior Secured Notes due 2031 $ 1,350.0 1,003.5 1,003.1
4.75% USD Senior Secured Notes due 2031 $ 1,400.0 1,040.7 1,040.2
4.50% GBP Senior Secured Notes due 2031 £ 675.0 675.0 675.0
7.75% USD Senior Secured Notes due 2032 $ 950.0 706.2 705.9
5.625% EUR Senior Secured Notes due 2032 € 1,810.0 1,579.0 1,581.1
6.75% USD Senior Secured Notes due 2033 $ 850.0 631.9 -
Total Senior Secured Notes 10,259.6 9,628.9
Senior Notes:
5.00% USD Senior Notes due 2030 $ 925.0 687.6 687.3
3.75% EUR Senior Notes due 2030 € 500.0 436.2 436.8
Total Senior Notes 1,123.8 1,124.1
Vendor financing(i)
3,037.2 2,870.9
Share of CTIL debt(i)
296.8 262.5
Other debt 189.7 200.5
Lease obligations(i)
878.6 895.4
Total third-party debt and lease obligations 22,117.4 22,116.9
Unamortized premiums, discounts, deferred financing costs and fair value adjustments, net (33.2) (22.7)
Total carrying amount of third-party debt and lease obligations 22,084.2 22,094.2
Cash and cash equivalents (573.5) (544.7)
Net carrying amount of third-party debt and lease obligations £ 21,510.7 £ 21,549.5
Exchange rate (£ to €) 1.1463 1.1448
Exchange rate (£ to $) 1.3453 1.3459
_______________

(i)Amounts presented on an IFRS basis, consistent with bondholder covenants.
20
Capital Structure
•At December 31, 2025, the blended fully-swapped debt borrowing cost was 5.2% and the average tenor of third-party debt (excluding vendor financing and certain other obligations) was 4.8 years
•In October 2025, VMO2 issued $850.0 million principal amount of senior secured notes, maturing on 15 January 2033 and bearing interest at a rate of 6.75%, with proceeds used to prepay $845.0 million of Term Loan N
•In December 2025, VMO2 issued a €1,430.0 million term loan (Term Loan AE), maturing on 31 January 2033 and bearing interest at a rate of 3.25% + EURIBOR, subject to adjustment based on the achievement or otherwise of certain ESG metrics. Proceeds were used to (i) prepay $145.0 million of Term Loan N, (ii) prepay €302.2 million of Term Loan R and prepay €9.5 million of Term Loan O, and (iii) purchase €447.8 million of Term Loan R and €540.4 million of Term Loan O for cash at par and purchase €360.9 million of Term Loan R and €439.4 million of Term Loan O which were subsequently exchanged in Term Loan AE
•In January 2026, activity was undertaken to support the vendor financing structure, with net proceeds of the following issuances used to refinance 2028 maturity Vendor Financing Notes:
◦VMO2 Vendor Financing Notes V Designated Activity Company, a third-party SPV that is outside of the Group, issued £175.0 million aggregate principal amount of 7.875% Vendor Financing Notes due 15 March 2032
◦VMO2 Vendor Financing Notes VI Designated Activity Company, a third-party SPV that is outside of the Group, issued $500.0 million aggregate principal amount of 8.50% Vendor Financing Notes at par due 15 March 2033
◦VMO2 Vendor Financing Notes VII Designated Activity Company, a third-party SPV that is outside of the Group, issued €550.0 million aggregate principal amount of 7.50% Vendor Financing Notes at par due 15 July 2033
◦VMO2 Vendor Financing Notes VIII Designated Activity Company, a third-party SPV that is outside of the Group, issued £250.0 million aggregate principal amount of 8.875% Vendor Financing Notes at par due 15 July 2033
•In January, VMO2 issued a €920 million term loan (Term Loan AF), maturing on 15 October 2031 and bearing interest at a rate of EURIBOR + 3.00%, subject to adjustment based on the achievement or otherwise of certain ESG metrics. Proceeds were used to (i) prepay €74.6 million of Term Loan Z and €151.1 million of Term Loan O and (ii) purchase €645.4 million of Term Loan Z and €48.9 million of Term Loan O which were subsequently exchanged into Term Loan AF
•At December 31, 2025, VMO2 had maximum undrawn commitments of £1,378.0 million equivalent
•When compliance reporting requirements have been completed and assuming no change from 31 December 2025 borrowing levels, it is anticipated that the full borrowing capacity will continue to be available, based on the maximum the company can incur and upstream

21
Covenant Debt Information
The following table details the pound sterling equivalents of the reconciliation from VMO2's consolidated third-party debt and lease obligations to the total covenant amount of third-party gross and net debt and includes information regarding the projected principal-related cash flows of cross-currency derivative instruments. The pound sterling equivalents presented below are based on exchange rates that were in effect as of December 31, 2025 and September 30, 2025. These amounts are based on IFRS covenants and presented for illustrative purposes only, and will likely differ from the actual cash payments or receipts in future periods.
December 31,
September 30,
2025 2025
in millions
Total third-party debt and lease obligations (£ equivalent) £ 22,117.4 £ 22,116.9
Vendor financing (2,967.2) (2,793.9)
Other debt (189.7) (200.5)
Cornerstone debt (296.8) (262.5)
Credit Facility Excluded Amount (1,044.6) (1,040.3)
Lease obligations (878.6) (895.4)
Projected principal-related cash payments associated with our cross-currency derivative instruments 510.1 517.0
Total covenant amount of third-party gross debt 17,250.6 17,441.3
Cash and cash equivalents(i)
(546.7) (478.3)
Total covenant amount of third-party net debt £ 16,703.9 £ 16,963.0
_______________

(i)Excludes cash and cash equivalents that are held outside the covenant group.

Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on the last three quarters annualized basis as of December 31, 2025.

Net Senior Debt to Annualized Adjusted EBITDA 3.71x
Net Total Debt to Annualized Adjusted EBITDA 4.00x
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing, CTIL net debt and lease obligations) to Annualized Adjusted EBITDA 5.39x
22
VodafoneZiggo Credit Update
Operating Statistics Summary
As of and for the
three months ended
December 31,
2025 2024
Footprint
Homes Passed 7,631,000 7,580,200
Organic Homes Passed net additions (QoQ) 18,100 22,100
Organic Homes Passed net additions (YoY) 50,800 63,600
Fixed
Fixed-Line Customer Relationships 3,295,900 3,415,900
Organic Fixed-Line Customer Relationship net losses (QoQ)
(16,800) (36,700)
Organic Fixed-Line Customer Relationship net losses (YoY)
(120,000) (137,100)
Broadband Subscribers 3,018,500 3,107,400
Organic Broadband net losses (QoQ)
(11,900) (30,200)
Organic Broadband net losses (YoY)
(88,900) (96,700)
Q4 Monthly ARPU per Fixed-Line Customer Relationship
€ 57 € 56
Mobile
Postpaid Mobile Subscribers 5,342,700 5,299,200
Organic Postpaid Mobile net additions (QoQ) 9,900 800
Organic Postpaid Mobile net additions (losses) (YoY) 47,800 7,000
Q4 Monthly Consumer Postpaid ARPU
€ 18 € 19
Convergence
Converged Households as % of Broadband RGUs 51% 50%

23
Financial Results (in U.S. GAAP)
Three months ended Year ended
December 31, Increase/(decrease) December 31, Increase/(decrease)
2025
2024(i)
2025
2024(i)
in millions, except % amounts
Revenue
Residential fixed revenue:
Subscription € 467.0 € 488.5 (4.4 %) € 1,886.4 € 1,968.0 (4.1 %)
Non-subscription 1.6 1.8 (11.1 %) 6.7 10.5 (36.2 %)
Total residential fixed revenue 468.6 490.3 (4.4 %) 1,893.1 1,978.5 (4.3 %)
Residential mobile revenue:
Subscription 181.4 180.4 0.6 % 719.0 723.5 (0.6 %)
Non-subscription 78.9 73.9 6.8 % 254.2 263.9 (3.7 %)
Total residential mobile revenue 260.3 254.3 2.4 % 973.2 987.4 (1.4 %)
Total residential revenue 728.9 744.6 (2.1 %) 2,866.3 2,965.9 (3.4 %)
B2B fixed revenue:
Subscription 144.7 144.3 0.3 % 572.7 567.0 1.0 %
Non-subscription 1.5 1.5 - % 6.5 7.8 (16.7 %)
Total B2B fixed revenue 146.2 145.8 0.3 % 579.2 574.8 0.8 %
B2B mobile revenue:
Subscription 92.9 102.6 (9.5 %) 379.0 410.6 (7.7 %)
Non-subscription 38.7 40.0 (3.3 %) 126.9 128.1 (0.9 %)
Total B2B mobile revenue 131.6 142.6 (7.7 %) 505.9 538.7 (6.1 %)
Total B2B revenue 277.8 288.4 (3.7 %) 1,085.1 1,113.5 (2.6 %)
Other revenue 13.5 11.3 19.5 % 47.6 34.4 38.4 %
Total revenue € 1,020.2 € 1,044.3 (2.3 %) € 3,999.0 € 4,113.8 (2.8 %)
Adjusted EBITDA € 425.2 € 440.0 (3.4 %) € 1,750.1 € 1,880.1 (6.9 %)
P&E Additions € 271.9 € 200.6 35.5 % € 874.0 € 858.6 1.8 %
P&E Additions as a % of revenue 26.7% 19.2% 21.9% 20.9%
Adjusted EBITDA less P&E Additions € 153.3 € 239.4 (36.0 %) € 876.1 € 1,021.5 (14.2 %)
Adjusted FCF € 128.8 € 417.8 € 224.3 € 508.0
_______________

(i)Certain revenue amounts have been reclassified to conform to 2025 presentation.

24
Third-Party Debt, Finance Lease Obligations and Cash and Cash Equivalents
The borrowing currency and euro equivalent of the nominal amounts of VodafoneZiggo's consolidated third-party debt, finance lease obligations and cash and cash equivalents is set forth below:
December 31, September 30,
2025 2025
Borrowing currency
€ equivalent
in millions
Credit Facilities:
Term Loan I (Term SOFR + 2.50%) USD due 2028 € - € - € 1,398.4
Term Loan H (EURIBOR + 3.00%) due 2029
€ 2,250.0 2,250.0 2,250.0
Term Loan N (Term SOFR + 3.25%) USD due 2033 $ 500.0 426.0 -
Financing Facility 2.3 19.2
€800 million Ziggo Revolving Facility G2 EUR due 2029
- -
Total Credit Facilities
2,678.3 3,667.6
Senior Secured Notes:
4.875% USD Senior Secured Notes due 2030 $ 991.0 844.4 842.9
2.875% EUR Senior Secured Notes due 2030 € 502.5 502.5 502.5
5.00% USD Senior Secured Notes due 2032 $ 1,525.0 1,299.5 1,297.2
3.50% EUR Senior Secured Notes due 2032 € 750.0 750.0 750.0
5.25% EUR Senior Secured Notes due 2033 € 650.0 650.0 650.0
7.50% USD Senior Secured Notes due 2033 $ 1,150.0 979.9 -
Total Senior Secured Notes 5,026.3 4,042.6
Senior Notes:
3.375% EUR Senior Notes due 2030 € 900.0 900.0 900.0
5.125% USD Senior Notes due 2030 $ 500.0 426.0 425.3
6.125% EUR Senior Notes due 2032 € 575.0 575.0 575.0
Total Senior Notes 1,901.0 1,900.3
Vendor financing 999.6 999.5
Finance lease obligations 37.7 29.7
Total third-party debt and finance lease obligations 10,642.9 10,639.7
Unamortized premiums, discounts and deferred financing costs, net (34.4) (25.5)
Total carrying amount of third-party debt and finance lease obligations 10,608.5 10,614.2
Cash and cash equivalents (178.8) (215.9)
Net carrying amount of third-party debt and finance lease obligations € 10,429.7 € 10,398.3
Exchange rate (€ to $) 1.1736 1.1757

25
Capital Structure
•At December 31, 2025, the blended fully-swapped debt borrowing cost was 4.2% and the average tenor of third-party debt (excluding vendor financing obligations) was approximately 5.1 years
•At December 31, 2025, VodafoneZiggo had maximum undrawn commitments of €800 million under its Revolving Facilities
•In October, VodafoneZiggo issued a $600.0 million principal amount of US dollar-denominated senior secured notes. These notes mature in January 2033 and bear interest at a rate of 7.50%. In addition, VodafoneZiggo entered into a $500.0 million term loan facility (Term Loan B), issued at 98% of par.
•In December, VodafoneZiggo issued a private tap of $550 million to the existing US dollar-denominated senior secured notes maturing in 2033, which bear interest at a rate of 7.50%
•The net proceeds of these transactions were used to fully redeem Term Loan I

Covenant Debt Information

The following table details the euro equivalent of the reconciliation from VodafoneZiggo's consolidated third-party debt to the total covenant amount of third-party gross and net debt and includes information regarding the projected principal-related cash flows of cross-currency derivative instruments. The euro equivalents presented below are based on exchange rates that were in effect as of December 31, 2025 and September 30, 2025. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.
December 31, September 30,
2025 2025
in millions
Total third-party debt and finance lease obligations (€ equivalent) € 10,642.9 € 10,639.7
Vendor financing (999.6) (999.5)
Finance lease obligations (37.7) (29.7)
Credit Facility Excluded Amount (457.7) (466.7)
Projected principal-related cash receipts associated with our cross-currency derivative instruments 17.3 24.2
Total covenant amount of third-party gross debt 9,165.2 9,168.0
Cash and cash equivalents(i)
(38.4) (33.8)
Net carrying amount of third-party debt € 9,126.8 € 9,134.2
_______________

(i)Excludes the cash that is related to the unutilized portion of the Vendor Finance Note facility of €48.1 million and €66.4 million, respectively, as well as cash that is held outside the covenant group, amounting to €92.3 million and €115.7 million, respectively.

Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last two quarters annualized basis as of December 31, 2025.
Net Senior Debt to Annualized Adjusted EBITDA 3.94x
Net Total Debt to Annualized Adjusted EBITDA 4.99x
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing) to Annualized Adjusted EBITDA 5.78x
26
Telenet Credit Update
Operating Statistics Summary
As of and for the
three months ended
December 31,
2025 2024
Footprint
Homes Passed 4,246,200 4,160,500
Organic Homes Passed net additions (QoQ)
18,900 23,700
Organic Homes Passed net additions (YoY)
84,300 56,000
Fixed
Fixed-Line Customer Relationships 1,934,100 1,967,200
Organic Fixed-Line Customer Relationship net losses (QoQ)
(4,600) (4,600)
Organic Fixed-Line Customer Relationship net losses (YoY)
(33,100) (40,300)
Broadband Subscribers 1,734,400 1,718,800
Organic Broadband net additions (QoQ) 12,400 3,200
Organic Broadband net additions (losses) (YoY)
15,600 (11,600)
Q4 Monthly ARPU per Fixed-Line Customer Relationship
€ 63.32 € 63.77
Mobile
Postpaid Mobile Subscribers 2,673,500 2,675,000
Organic Postpaid Mobile net additions (losses) (QoQ) 2,900 (1,800)
Organic Postpaid Mobile net losses (YoY)
(1,500) (2,300)
Q4 Monthly Consumer Postpaid ARPU
€ 15.93 € 16.35
Convergence
Converged Households as % of Broadband RGUs 55.3% 54.0%

27
Financial Results (in IFRS)11
Three months ended Year ended
December 31, Increase/(decrease) December 31, Increase/(decrease)
2025 2024 2025 2024
in millions, except % amounts
Revenue
Residential fixed revenue:
Subscription € 302.3 € 311.5 (3.0 %) € 1,225.8 € 1,234.4 (0.7 %)
Non-subscription 7.2 9.3 (22.6 %) 21.9 18.4 19.0 %
Total residential fixed revenue 309.5 320.8 (3.5 %) 1,247.7 1,252.8 (0.4 %)
Residential mobile revenue:
Subscription 103.2 104.8 (1.5 %) 413.1 418.9 (1.4 %)
Non-subscription 48.8 39.4 23.9 % 142.3 148.4 (4.1 %)
Total residential mobile revenue 152.0 144.2 5.4 % 555.4 567.3 (2.1 %)
B2B revenue:
Subscription 93.7 95.3 (1.7 %) 378.4 381.5 (0.8 %)
Non-subscription 93.1 90.8 2.5 % 365.5 353.7 3.3 %
Total B2B revenue 186.8 186.1 0.4 % 743.9 735.2 1.2 %
Other revenue 75.5 82.2 (8.2 %) 292.6 296.1 (1.2 %)
Total revenue € 723.8 € 733.3 (1.3 %) € 2,839.6 € 2,851.4 (0.4 %)
Adjusted EBITDA € 316.2 € 346.9 (8.8 %) € 1,326.5 € 1,357.4 (2.3 %)
Adjusted EBITDAaL € 296.1 € 327.0 (9.4 %) € 1,247.7 € 1,279.9 (2.5 %)
P&E Additions(i)
306.5 272.1 1,086.4 882.4
ROU asset additions 20.4 14.4 40.2 46.1
Total P&E Additions including ROU asset additions(i)
€ 326.9 € 286.5 14.1 % € 1,126.6 € 928.5 21.3 %
P&E Additions as a % of revenue 42.3% 37.1% 38.3% 30.9%
Adjusted EBITDA less Total P&E Additions(i)
€ (10.7) € 60.4 (117.7 %) € 199.9 € 428.9 (53.4 %)
Adjusted FCF € (102.6) € (60.9) € (176.3) € 102.8
_______________

(i)Includes amounts capitalized as intangible assets related to sports and film broadcasting rights.

28
Third-Party Debt, Lease Obligations and Cash and Cash Equivalents
The borrowing currency and euro equivalent of the nominal amounts of Telenet's consolidated third-party debt, lease obligations and cash and cash equivalents is set forth below:
December 31, September 30,
2025 2025
Borrowing currency
€ equivalent
in millions
2025 Amended Senior Credit Facility
Term Loan AR (Term SOFR + 2.11%) USD due 2028 $ 2,295.0 € 1,955.5 € 1,952.1
Term Loan AT1 (EURIBOR + 3.00%) EUR due 2028 € 390.0 390.0 390.0
Term Loan AQ (EURIBOR + 2.25%) EUR due 2029 € 1,110.0 1,110.0 1,110.0
Term Loan AU (EURIBOR + 3.00%) EUR due 2033 € 500.0 500.0 500.0
€580.0 million Revolving Credit Facility I (EURIBOR + 2.25%) due 2029 € 90.0 90.0 -
Total Senior Credit Facility 4,045.5 3,952.1
Senior Secured Notes
5.50% USD Senior Secured Notes due 2028 $ 1,000.0 852.1 850.6
3.50% EUR Senior Secured Notes due 2028 € 540.0 540.0 540.0
Total Senior Secured Notes 1,392.1 1,390.6
Other
Lease obligations(i)
618.4 612.7
Mobile spectrum 360.8 372.0
Vendor financing 311.8 332.2
Other debt 236.0 236.6
€20.0 million Revolving Credit Facility (EURIBOR + 2.25%) due 2026 - -
€25.0 million Overdraft Facility (EURIBOR + 1.60%) due 2026 - -
Total third-party debt and lease obligations 6,964.6 6,896.2
Deferred financing fees, discounts and premiums, net (11.6) (12.8)
Total carrying amount of third-party debt and lease obligations 6,953.0 6,883.4
Cash and cash equivalents (966.5) (975.2)
Net carrying amount of third-party debt and lease obligations € 5,986.5 € 5,908.2
Exchange rate (€ to $) 1.1736 1.1757
_______________

(i)Amounts presented on an IFRS basis, consistent with bondholder covenants.

29
Capital Structure
•At December 31, 2025, the blended fully-swapped debt borrowing cost was 3.7% and the average tenor of third-party debt (excluding vendor financing and certain other obligations) was approximately 3.0 years
•At December 31, 2025, Telenet had access to total liquidity of €1,501.5 million, consisting of €966.5 million cash and cash equivalents and €535.0 million of undrawn commitments under revolving credit facilities

Covenant Debt Information
The following table details the euro equivalent of the reconciliation from Telenet's consolidated third-party debt to the total covenant amount of third-party gross and net debt and includes information regarding the projected principal-related cash flows of cross-currency derivative instruments. The euro equivalents presented below are based on exchange rates that were in effect as of December 31, 2025 and September 30, 2025. These amounts are based on IFRS covenants and presented for illustrative purposes only, and will likely differ from the actual cash payments or receipts in future periods.

December 31, September 30,
2025 2025
in millions
Total third-party debt and lease obligations (€ equivalent) € 6,964.6 € 6,896.2
Lease obligations (618.4) (612.7)
Mobile spectrum (360.8) (372.0)
Vendor financing (311.8) (332.2)
Other debt (236.0) (236.6)
Credit Facility Excluded Amount (400.0) (400.0)
Projected principal-related cash payments (receipts) associated with our cross-currency derivative instruments 116.7 121.6
Total covenant amount of third-party gross debt 5,154.3 5,064.3
Cash and cash equivalents(i)
(964.9) (973.0)
Total covenant amount of third-party net debt € 4,189.4 € 4,091.3
_______________

(i)Excludes cash and cash equivalents that are held outside the covenant group.

Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA and Adjusted EBITDAaL, as defined under covenants, on a last two quarters annualized basis as of December 31, 2025.

Net Total Debt to Annualized Adjusted EBITDA 3.18x
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing) to Annualized Adjusted EBITDA 3.73x
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing, mobile spectrum and other third-party debt) to Annualized Adjusted EBITDAaL 4.45x

A Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income and Statement of Cash Flows for Telenet can be found in the investor toolkit on the Telenet investor relations page.
30
VM Ireland Credit Update
Operating Statistics Summary
As of and for the
three months ended
December 31,
2025 2024
Footprint
Homes Passed 1,014,300 1,002,700
Organic Homes Passed net additions (QoQ) 7,100 4,100
Organic Homes Passed net additions (YoY) 16,400 19,800
Fixed
Fixed-Line Customer Relationships 380,400 393,300
Organic Fixed-Line Customer Relationship net losses (QoQ)
(4,200) (1,900)
Organic Fixed-Line Customer Relationship net losses (YoY)
(12,900) (9,500)
Broadband Subscribers 354,100 363,200
Organic Broadband net losses (QoQ)
(3,400) (900)
Organic Broadband net losses (YoY)
(9,100) (5,300)
Q4 Monthly ARPU per Fixed-Line Customer Relationship
€ 60.62 € 61.27
Mobile
Postpaid Mobile Subscribers 145,900 136,700
Organic Postpaid Mobile net additions (losses) (QoQ) 1,500 (400)
Organic Postpaid Mobile net additions (YoY) 9,200 2,300
Q4 Monthly Consumer Postpaid ARPU
€ 18.32 € 19.95
Convergence
Converged Households as % of Broadband RGUs 9.5% 8.7%
31
Financial Results (in U.S. GAAP)
Three months ended Year ended
December 31, Increase/(decrease) December 31, Increase/(decrease)
2025 2024 2025 2024
in millions, except % amounts
Revenue
Residential fixed revenue:
Subscription € 66.8 € 69.6 (4.0 %) € 271.4 € 283.3 (4.2 %)
Non-subscription 0.9 0.5 80.0 % 2.0 2.0 - %
Total residential fixed revenue 67.7 70.1 (3.4 %) 273.4 285.3 (4.2 %)
Residential mobile revenue:
Subscription 7.3 7.6 (3.9 %) 29.6 31.4 (5.7 %)
Non-subscription 1.8 2.5 (28.0 %) 6.9 8.3 (16.9 %)
Total residential mobile revenue 9.1 10.1 (9.9 %) 36.5 39.7 (8.1 %)
B2B revenue:
Subscription 3.0 3.1 (3.2 %) 12.3 12.4 (0.8 %)
Non-subscription 9.2 7.8 17.9 % 33.5 28.7 16.7 %
Total B2B revenue 12.2 10.9 11.9 % 45.8 41.1 11.4 %
Other revenue 26.2 29.5 (11.2 %) 82.3 88.2 (6.7 %)
Total revenue € 115.2 € 120.6 (4.5 %) € 438.0 € 454.3 (3.6 %)
Adjusted EBITDA € 51.5 € 48.0 7.3 % € 159.0 € 165.0 (3.6 %)
P&E Additions € 47.8 € 45.2 5.8 % € 190.6 € 160.5 18.8 %
P&E Additions as a % of revenue 41.5% 37.5% 43.5% 35.3%
Adjusted EBITDA less P&E Additions € 3.7 € 2.8 32.1 % € (31.6) € 4.5 (802.2 %)
Adjusted FCF € (3.0) € 2.8 € (82.6) € (33.1)
32
Third-Party Debt and Cash and Cash Equivalents

The following table details the borrowing currency and euro equivalent of the nominal amounts of VM Ireland's consolidated third-party debt and cash and cash equivalents:

December 31, September 30,
2025 2025
Borrowing currency
€ equivalent
in millions
Credit Facilities:
Term Loan B1 (EURIBOR + 3.50%) due 2029
€ 900.0 € 900.0 € 900.0
€100.0 million Revolving Facility (EURIBOR + 2.75%) due 2027 - -
Total Senior Credit Facilities
900.0 900.0
Deferred financing costs and discounts, net (3.1) (3.4)
Total carrying amount of third-party debt 896.9 896.6
Cash and cash equivalents (28.0) (12.2)
Net carrying amount of third-party debt € 868.9 € 884.4

33
Capital Structure
•At December 31, 2025, the blended fully-swapped debt borrowing cost was 3.9% and the average tenor of third-party debt was approximately 3.5 years
•At December 31, 2025, VM Ireland had €100.0 million of undrawn commitments available

Covenant Debt Information

The following table details the euro equivalents of the reconciliation from VM Ireland's consolidated third-party debt to the total covenant amount of third-party gross and net debt. The euro equivalents presented below are based on exchange rates that were in effect as of December 31, 2025 and September 30, 2025. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.
December 31, September 30,
2025 2025
in millions
Total third-party debt € 900.0 € 900.0
Credit Facility Excluded Amount (50.0) (50.0)
Total covenant amount of third-party gross debt 850.0 850.0
Cash and cash equivalents (28.0) (12.2)
Total covenant amount of third-party net debt € 822.0 € 837.8

Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last twelve months basis as of December 31, 2025.

Net Total Debt to Annualized Adjusted EBITDA 5.21x
Net Total Debt (excluding Credit Facility Excluded Amount) to Annualized Adjusted EBITDA 5.53x

34
Appendix
Liberty Global Ltd. published this content on February 18, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 18, 2026 at 13:46 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]