Liberty Global Ltd.
Liberty Global Ltd.
10/30/2025 | Press release | Distributed by Public on 10/30/2025 06:13
Driving value creation across our strategic pillars including reshaped corporate operating model (Form 8-K)
Driving value creation across our strategic pillars including reshaped corporate operating model
Denver, Colorado: October 30, 2025 - Liberty Global Ltd. announces its Q3 2025 financial results.
CEO Mike Fries stated, "In the third quarter, we continued to execute against our key strategic initiatives. Despite challenging competitive environments across our Telecom markets, our operations each showed signs of commercial progress. Liberty Growth saw the conclusion of an outstanding Season 11 at Formula E, with fan engagement and TV viewership at record levels, while our data center assets continued to appreciate during the quarter. At Liberty Services & Corporate, we implemented an extensive program to reshape our operating model, driving cost efficiencies and resulting in a more agile platform going forward with Liberty Blume and Liberty Tech well-positioned to create value. An unwavering focus on fostering, crystallizing and delivering value to shareholders remains our top priority.
•Liberty Telecom: Our telco operations in the UK, Netherlands and Ireland all delivered improved net adds across both their broadband and postpaid commercial results in Q3, while Belgium remained broadly stable. VMO2 successfully launched giffgaff broadband, underpinning its multi-brand approach in fixed alongside a similar strategy in mobile. VodafoneZiggo's new strategic plan helped deliver its best quarterly broadband performance in over two years and in October, VodafoneZiggo launched a 2 Gbps offering, reaching nearly 7 million homes by year-end. Lastly, in Belgium the authorities launched a market test to assess the proposed network collaboration between Telenet, Wyre, Proximus and Fiberklaar; this is a significant step towards finalizing the agreement. Additionally, the recent €4.35B1 underwritten financing for Wyre fully funds the fiber build-out and reduces Telenet servco leverage.
•Liberty Growth: Our portfolio remains concentrated, with the top six investments2 comprising >80% of its $3.4B3 FMV. Formula E concluded a record growth year, with a double-digit increase in the global fanbase year-over-year and 17% growth in cumulative TV-viewership to 561 million. With Gen4 coming in Season 13, and a great schedule already set for Season 12, we could not be more excited about the path ahead for Formula E. We remain committed to our non-core asset disposal target of $500-750m, with the recent partial ITV stake sale taking us to ~$300m4 of proceeds YTD.
•Liberty Services and Corporate: We implemented a significant reshaping of our corporate operating model in the third quarter, driving a material improvement in our projected Adj. EBITDA outlook. Including run-rate cost savings across Liberty Corporate and Liberty Tech, we now anticipate that our 2026 negative Adj. EBITDA will be ~$100m5, a 50% reduction from our run-rate going into 2025. We continue to view our tech-enabled back office (Liberty Blume) and technology (LG Tech) platforms as potential sources of value creation going forward.
1
Guidance update: In the UK, we are confirming expected growth in combined consumer and wholesale revenue (excluding handsets and nexfibre construction) and are reviewing the impact of the Daisy M&A transaction on B2B6. Following our corporate reshaping and associated cost savings, we now expect an improved outlook for Liberty Services & Corporate Adj. EBITDA of approximately negative $150m for full year 20255, an improvement from negative ~$175m at our Q2 upgrade and <$200m negative in our original 2025 guidance.
Recent announcement regarding Liberty Global's board of directors
Liberty Global announced yesterday that Dr. John C. Malone, Chairman of Liberty Global's board of directors ("Board"), will step down from the Board effective January 1, 2026 and transition to Chairman Emeritus. In this capacity, Dr. Malone will continue to provide active counsel and strategic insight to Liberty Global and may attend board meetings, but will not have a formal vote on Board matters.
Mike Fries, Liberty Global's Chief Executive Officer and Vice Chairman, has been elected by the Board to succeed Dr. Malone as Chairman. Mr. Fries has served as CEO since the Company's formation in 2005 and will continue in his role as CEO going forward.
Link to: "Dr John C. Malone to Transition to Chairman Emeritus of Liberty Global Ltd."
2
Key Summary of Operating and Financial Highlights8,9
|
Three months ended September 30, |
Increase/(decrease) |
Nine months ended September 30, |
Increase/(decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | Reported % | Rebased % | 2025 | 2024 | Reported % | Rebased % | ||||||||||||||||||||||||||||||||||||||||
| in millions, except % amounts | |||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||||||||||||||
| Telenet | $ | 804.9 | $ | 785.2 | 2.5 | (3.6) | $ | 2,365.6 | $ | 2,302.9 | 2.7 | (0.1) | |||||||||||||||||||||||||||||||||||
| VM Ireland | 122.2 | 119.8 | 2.0 | (3.9) | 360.8 | 362.8 | (0.6) | (3.3) | |||||||||||||||||||||||||||||||||||||||
| Consolidated Liberty Telecom | 927.1 | 905.0 | 2.4 | 2,726.4 | 2,665.7 | 2.3 | |||||||||||||||||||||||||||||||||||||||||
| Liberty Growth | 59.7 | 15.3 | 290.2 | 54.1 | 293.6 | 43.8 | 570.3 | 3.8 | |||||||||||||||||||||||||||||||||||||||
| Liberty Services & Corporate | 263.9 | 214.3 | 23.1 | 12.8 | 744.5 | 711.2 | 4.7 | (2.5) | |||||||||||||||||||||||||||||||||||||||
| Consolidated intercompany eliminations | (43.6) | (65.1) | N.M. | N.M. | (117.1) | (202.0) | N.M. | N.M. | |||||||||||||||||||||||||||||||||||||||
| Total consolidated | $ | 1,207.1 | $ | 1,069.5 | 12.9 | 1.0 | $ | 3,647.4 | $ | 3,218.7 | 13.3 | (0.9) | |||||||||||||||||||||||||||||||||||
| Nonconsolidated 50% owned Liberty Telecom: | |||||||||||||||||||||||||||||||||||||||||||||||
|
VMO2 JV
|
$ | 3,436.0 | $ | 3,512.7 | (2.2) | (5.6) | $ | 9,935.8 | $ | 10,170.9 | (2.3) | (5.1) | |||||||||||||||||||||||||||||||||||
|
VodafoneZiggo JV
|
$ | 1,156.8 | $ | 1,131.1 | 2.3 | (3.9) | $ | 3,332.1 | $ | 3,336.7 | (0.1) | (3.0) | |||||||||||||||||||||||||||||||||||
| Loss from continuing operations | |||||||||||||||||||||||||||||||||||||||||||||||
| Liberty Global Consolidated | $ | (83.4) | $ | (1,423.7) | 94.1 | $ | (4,180.5) | $ | (465.1) | (798.8) | |||||||||||||||||||||||||||||||||||||
| Liberty Growth | $ | (47.2) | $ | (3.9) | (1,110.3) | $ | (86.3) | $ | (11.7) | (637.6) | |||||||||||||||||||||||||||||||||||||
| Liberty Services & Corporate | $ | (71.6) | $ | (1,237.2) | 94.2 | $ | (4,188.9) | $ | (85.7) | (4,787.9) | |||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||||
| Telenet | $ | 358.9 | $ | 360.9 | (0.6) | (6.5) | $ | 998.4 | $ | 981.2 | 1.8 | (1.2) | |||||||||||||||||||||||||||||||||||
| VM Ireland | 41.8 | 41.4 | 1.0 | (5.3) | 120.4 | 127.1 | (5.3) | (8.1) | |||||||||||||||||||||||||||||||||||||||
| Consolidated Liberty Telecom | 400.7 | 402.3 | (0.4) | 1,118.8 | 1,108.3 | 0.9 | |||||||||||||||||||||||||||||||||||||||||
| Liberty Growth | (24.1) | 0.3 | (8,133.3) | (13.4) | (24.2) | 0.9 | (2,788.9) | 31.7 | |||||||||||||||||||||||||||||||||||||||
| Liberty Services & Corporate | (30.1) | (39.1) | 23.0 | 23.8 | (68.2) | (95.3) | 28.4 | 19.4 | |||||||||||||||||||||||||||||||||||||||
| Consolidated intercompany eliminations | (10.0) | (32.1) | N.M. | N.M. | (30.0) | (101.9) | N.M. | N.M. | |||||||||||||||||||||||||||||||||||||||
| Total consolidated | $ | 336.5 | $ | 331.4 | 1.5 | (5.7) | $ | 996.4 | $ | 912.0 | 9.3 | 0.5 | |||||||||||||||||||||||||||||||||||
| Nonconsolidated 50% owned Liberty Telecom: | |||||||||||||||||||||||||||||||||||||||||||||||
|
VMO2 JV
|
$ | 1,250.3 | $ | 1,170.9 | 6.8 | 3.1 | $ | 3,496.0 | $ | 3,376.9 | 3.5 | 0.5 | |||||||||||||||||||||||||||||||||||
|
VodafoneZiggo JV
|
$ | 522.2 | $ | 527.8 | (1.1) | (6.9) | $ | 1,482.0 | $ | 1,565.5 | (5.3) | (8.0) | |||||||||||||||||||||||||||||||||||
3
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Subscriber Variance Table - September 30, 2025 vs. June 30, 2025
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|
Fixed-Line Customer Relationships |
Broadband Subscribers |
Total RGUs |
Postpaid Mobile Subscribers |
||||||||||||||||||||
| Organic Change Summary | |||||||||||||||||||||||
| Consolidated Reportable Segments: | |||||||||||||||||||||||
|
Telenet
|
(8,500) | 4,400 | (30,500) | (2,000) | |||||||||||||||||||
| VM Ireland | (1,700) | (800) | (10,100) | 4,600 | |||||||||||||||||||
| Total Consolidated Reportable Segments | (10,200) | 3,600 | (40,600) | 2,600 | |||||||||||||||||||
| Nonconsolidated Reportable Segments: | |||||||||||||||||||||||
|
VMO2 JV10
|
(29,300) | (26,300) | (215,700) | (36,300) | |||||||||||||||||||
| VodafoneZiggo JV | (27,000) | (18,500) | (93,100) | 17,200 | |||||||||||||||||||
4
VMO2 continues growth in guided Adjusted EBITDA7 and achieves significant operational milestones
During the third quarter, VMO2 sustained Adj. EBITDA growth and saw an improvement in commercial performance. Despite further competitive intensity, new commercial initiatives and continued mobile network improvements drove better broadband and postpaid net adds as compared to Q2. VMO2 executed key strategic steps including launching giffgaff broadband, completing the O2 Daisy merger, and enabling the spectrum acquired from Vodafone UK. VMO2 is confirming all guidance metrics, including growth in combined consumer and wholesale revenue (excluding handsets and nexfibre construction) and continuing to review the impact of the Daisy M&A transaction on B2B6.
Highlights for Q3
•Completed the B2B merger of O2 Daisy: Targeting ~£600 million of operational synergies on a net present value basis
•Launched giffgaff broadband: Increasing brand reach in the fixed market with challenger brand giffgaff
•Spectrum: Launched VMO2's first Giga Site, enabled by spectrum transferred from Vodafone UK, and successfully acquired one third of available spectrum in recent mmWave auction
•Starlink Partnership: VMO2 and Starlink have agreed to a UK-first deal that is set to boost mobile coverage in rural areas using Direct-to-Cell satellite technology
Q3 Financial Highlights (in U.S. GAAP, as reported by Liberty Global)11
•Revenue of $3,436.0 million, -2.2% YoY on a reported basis and -5.6% YoY on a rebased12 basis
◦Primarily driven by (i) continued pressure on B2B fixed revenue and (ii) lower construction revenue from nexfibre, with each revenue category as defined and reported by the VMO2 JV
•Adjusted EBITDA13 of $1,250.3 million, +6.8% YoY on a reported basis and +3.1% on a rebased basis
◦Primarily driven by (i) lower operating expenses, including lower costs to capture, partially offset by negative profitability associated with nexfibre construction. Additionally, an approximately $27 million handset inventory-related insurance recovery was substantially offset by a provision for legal matters which did not impact cash in the quarter
•Property and equipment additions of $647.7 million, -5.8% YoY on a reported basis and -9.3% on a rebased basis
•Adjusted EBITDA less P&E additions13 of $602.6 million, +24.7% YoY on a reported basis and +20.8% on a rebased basis
•Cash flows from operating activities of $1,280.3 million, cash flows from investing activities of -$269.1 million and cash flows from financing activities of -$940.5 million
Q3 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)14
•Revenue of £2,549.3 million, -5.6% YoY on a reported and rebased basis, including £51.8 million of Daisy Group revenue
5
•Revenue excluding handsets, the impact of nexfibre construction, and two months of consolidated Daisy Group revenue was £2,154.4 million, -1.1% YoY on a reported and rebased basis
◦Excluding B2B and the impact of the Daisy M&A transaction, consumer and wholesale generated £1,946.2 million, -0.1% YoY on a reported and rebased basis
•Adjusted EBITDA of £1,015.8 million, +2.2% YoY on a reported and rebased basis
◦Q3 2025 included the benefit of £87.0 million of U.S. GAAP/IFRS differences, primarily related to (i) the VMO2 JV's investment in CTIL and (ii) leases
•Adjusted EBITDA excluding the impact of nexfibre construction and the impact of the O2 Daisy transaction was £1,015.4 million, +2.7% YoY on a reported and rebased basis
•The drivers of these IFRS changes are largely consistent with those under U.S. GAAP, as detailed above
Q3 Operating Highlights10
•Broadband net losses of 26,300 improved sequentially, despite elevated churn due to ongoing intense competition and the impact of One Touch Switch
•Postpaid net losses of 36,300, primarily driven by B2B losses, while the consumer base remained stable, with improved churn supported by O2 free EU roaming campaign and continued network improvements
•Fixed ARPU declined modestly by 1.2%, reflecting pricing pressure
2025 VMO2 guidance (in IFRS)(i)
•We are confirming6:
◦Growth in combined consumer and wholesale revenue excluding handsets and the impact of nexfibre construction. Reviewing impact of the Daisy M&A transaction on B2B, with approximately £125 million incremental revenue expected from consolidation of Daisy Group
◦Growth in Adjusted EBITDA excluding the impact of nexfibre construction and the impact of the O2 Daisy transaction
◦P&E additions of £2.0 to £2.2 billion
◦Adjusted FCF and cash distributions to shareholders both in the range of £350 to £400 million
(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 executing on strategic plan with commercial momentum continuing in Q3
VodafoneZiggo's third quarter financial results saw the continued impact from the strategic plan implemented in the first quarter. Commercial momentum continued to grow in Q3, with both broadband net adds and churn metrics improving as customers were proactively migrated onto new tariffs. For the remainder of the year, we are committed to building on the early success so far, and remain on track to deliver guidance for 2025 as revised at Q1.
Highlights for Q3
•Broadband momentum: VodafoneZiggo delivered its strongest broadband net adds performance since Q1 2023, with customer churn improving through the quarter as a result of the proactive recontracting of existing customers onto the new front book tariffs
•Network investment: 2 Gbps offering launched in October, reaching nearly 7 million homes by year-end and becoming the only operator in the Netherlands with 2 Gbps speeds nationwide, and 2.2 Gbps offering for B2B customers; 1.8GHz technology deployed in preparation for the DOCSIS 4.0 rollout scheduled for late 2026
•Re-energizing the brand: Launched several campaigns including OH Yeah Unlimited as of June, Ziggo Switch & Save to coincide with the start of the UEFA Champions League, and Battery Guarantee for Vodafone customers
Q3 Financial Highlights (in U.S. GAAP)
•Revenue of $1,156.8 million, +2.3% YoY on a reported basis and -3.9% on a rebased basis
◦Primarily driven by (i) the lower broadband customer base and ongoing repricing impact, (ii) lower B2B mobile subscription revenue and (iii) lower non-subscription revenue including handset revenue, partially offset by the fixed price indexation implemented in July
•Adjusted EBITDA of $522.2 million, -1.1% YoY on a reported basis and -6.9% on a rebased basis
◦Primarily driven by (i) the aforementioned revenue decline and (ii) slightly higher operating costs related to third-party consulting fees
•Cash flows from operating activities of $324.7 million, cash flows from investing activities of -$154.2 million and cash flows from financing activities of -$86.3 million
Q3 Financial Highlights (in U.S. GAAP) in local currency
•Revenue of €989.8 million, -3.9% YoY on both a reported and rebased basis
•Adjusted EBITDA of €447.2 million, -6.9% YoY on both a reported and rebased basis
Q3 Operating Highlights
•Broadband net losses of 18,500 improved sequentially, reflecting higher sales and a continued improvement in churn as a result of proactive customer recontracting
•Postpaid net adds of 17,200 were driven by continued strength in consumer
•Fixed ARPU increased 1.1% YoY, as the fixed price rise of 3.3% was offset by the proactive right-pricing of the new front book
7
2025 VodafoneZiggo guidance (in U.S. GAAP)
•We are confirming:
◦Low-single digit decline in revenue growth
◦Mid- to high-single digit decline in Adjusted EBITDA growth
◦P&E additions to sales: 20-22%
◦Adjusted FCF of €200-€250 million16
◦Cash distributions to shareholders of €200-€250 million
8
Telenet continued to deliver broadband growth and welcomed the launch of a market test on the proposed network collaboration
Commercial momentum improved further in the third quarter, supported by strong performance by BASE and successful back-to-school campaigns. Financially, Q3 results were impacted by a tough year-over-year comparison as Q3'24 included a positive one-off deferred revenue unwind ($18m). Strategically, the Belgian Competition Authority (BCA) launched a public consultation regarding the proposed fiber sharing agreement between Telenet, Wyre, Proximus and Fiberklaar. Telenet remains on track for all 2025 financial guidance.
Highlights for Q3
•Gigabit network collaboration: The BCA launched a market test in October to assess the proposed network sharing agreement in Flanders; Telenet & Wyre expect to finalize the agreement after the market test, subject to BCA approval
•Capital structure: Secured underwritten €4.35 billion debt facility1 which fully funds Wyre fiber roll-out and reduces Telenet leverage
•Commercial momentum growing: Telenet and BASE continued to build on recent commercial momentum, supported by successful back-to-school and DTV campaigns
Q3 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)
•Revenue of $804.9 million, +2.5% YoY on a reported basis and -3.6% on a rebased basis
◦Primarily driven by (i) the one-off impact of the recognition of previously deferred revenue of approximately $18 million during Q3 2024, (ii) lower fixed revenue following the non-renewal of the Belgian football rights and (iii) lower programming revenue
•Adjusted EBITDA of $358.9 million, -0.6% YoY on a reported basis and -6.5% on a rebased basis
•Adjusted EBITDAaL of $358.6 million, -0.6% YoY on a reported basis and -6.5% on a rebased basis
◦Primarily driven by (i) the decrease in revenue and (ii) higher costs related to professional services and outsourced labor, partially offset by the non-renewal of the Belgian football broadcasting rights
•Property and equipment additions of $249.6 million, +10.2% YoY on a reported basis and +3.5% on a rebased basis
•Adjusted EBITDA less P&E Additions of $109.3 million, -18.6% YoY on a reported basis and -23.4% on a rebased basis
•Cash flows from operating activities of $270.4 million, cash flows from investing activities of -$270.5 million and cash flows from financing activities of -$55.7 million
Q3 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)14
•Revenue of €688.7 million, -3.6% YoY on both a reported and rebased basis
•Adjusted EBITDA of €345.0 million, -5.7% YoY on both a reported and rebased basis
◦Q3 2025 included the benefit of €38.0 million of U.S. GAAP/IFRS differences, primarily related to (i) sports and film broadcasting rights and (ii) leases
•Adjusted EBITDAaL of €325.5 million, -6.1% YoY on both a reported and rebased basis
9
•The drivers of these IFRS changes are largely consistent with those under U.S. GAAP, as detailed above
Q3 Operating Highlights
•Broadband net adds of 4,400 continued to improve sequentially, supported by the growth of BASE FMC in the South and successful back-to-school campaigns
•The postpaid base declined by 2,000, driven by increased competition at Telenet and partially offset by continued growth at BASE
•Fixed ARPU grew modestly by 0.2% YoY, as the benefit of the ~3% price adjustment from April was partially offset by changes to the customer mix
2025 Telenet guidance (in IFRS)15
•We are confirming:
◦Broadly stable revenue (FY 2024: €2,851.4 million)
◦Low-single digit decline in Adjusted EBITDAaL (FY 2024: €1,279.9 million)
◦P&E Additions as a percentage of revenue of around 38%
◦Adjusted FCF between -€180.0 and -€150.0 million
10
Virgin Media Ireland delivered further growth in mobile and continued to expand full fiber network
Virgin Media Ireland's performance in the third quarter continued to be impacted by intense market competition, which drove a decline in revenue and Adj. EBITDA. Despite the competitive pressure, the business saw strong performance in mobile, supported by new offers that drove higher gross adds in the quarter. Strategically, Virgin Media Ireland continued to make strong progress on its targets, including FTTH rollout and off-net footprint expansion.
Highlights for Q3
•Network upgrade: Biggest quarter for fiber build and on track to complete ~73% of roll-out by end of 2025
•Mobile momentum: Continued strong mobile performance in Q3, benefitting from the €15/month offer launched in May
Q3 Financial Highlights (in U.S. GAAP)
•Revenue of $122.2 million, +2.0% YoY on a reported basis and -3.9% on a rebased basis
◦Primarily driven by lower consumer fixed and mobile revenue due to the high level of market competition, partially offset by continued strong performance in B2B revenue
•Adjusted EBITDA of $41.8 million, +1.0% YoY on a reported basis and -5.3% on a rebased basis
◦Primarily due to the aforementioned revenue declined, partially offset by lower programming costs during the quarter
•Cash flows from operating activities of $14.4 million, cash flows from investing activities of -$56.2 million, and cash flows from financing activities of $45.4 million
Q3 Financial Highlights (in U.S. GAAP) in local currency
•Revenue of €104.6 million, -3.9% YoY on both a reported and rebased basis
•Adjusted EBITDA of €35.7 million, -5.3% YoY on both a reported and rebased basis
Q3 Operating Highlights
•Broadband net losses of 800 improved sequentially, despite continued competitive intensity in the market
•The postpaid customer base continued to grow sequentially and YoY, with net adds of 4,600 supported by the launch of a new mobile offer during Q2
•~15% of the broadband base now on fiber
11
Consolidated Leverage & Liquidity
•Total principal amount of debt and finance leases: $8.5 billion
•Average debt tenor17: 3.3 years, with ~39% 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 liquidity18 position at September 30, 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
|
$ | 513.4 | $ | 85.9 | $ | - | $ | 599.3 | |||||||||||||||
| Telenet | 1,146.5 | - | 734.8 | 1,881.3 | |||||||||||||||||||
| VM Ireland | 14.3 | - | 117.6 | 131.9 | |||||||||||||||||||
|
Total
|
$ | 1,674.2 | $ | 85.9 | $ | 852.4 | $ | 2,612.5 | |||||||||||||||
(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 $0.9 billion19 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 September 30, 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 | $ | 7,387.3 | $ | 2.1 | $ | 7,389.4 | $ | 143.0 | $ | 7,532.4 | |||||||||||||||||||
| VM Ireland | 1,058.1 | - | 1,058.1 | - | 1,058.1 | ||||||||||||||||||||||||
| Other | 35.8 | 31.2 | 67.0 | - | 67.0 | ||||||||||||||||||||||||
|
Total
|
$ | 8,481.2 | $ | 33.3 | $ | 8,514.5 | $ | 143.0 | $ | 8,657.5 | |||||||||||||||||||
_______________
(i)Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.
12
Liberty Global Consolidated Q3 Cash Flows
|
Three months ended September 30, |
Increase/(decrease) |
Nine months ended September 30, |
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 | 301.8 | 319.1 | (5.4 | %) | 580.2 | 664.1 | (12.6 | %) | |||||||||||||||||||||||||||
| Cash provided (used) by investing activities of continuing operations | (360.9) | 152.1 | (337.3 | %) | (607.8) | 719.9 | (184.4 | %) | |||||||||||||||||||||||||||
| Cash used by financing activities of continuing operations | (82.4) | (203.8) | 59.6 | % | (273.4) | (643.5) | 57.5 | % | |||||||||||||||||||||||||||
| Adjusted FCF from continuing operations | (84.5) | 78.7 | (207.4 | %) | (426.9) | (12.5) | (3,315.2 | %) | |||||||||||||||||||||||||||
| Distributable Cash Flow from continuing operations | (84.5) | 78.7 | (207.4 | %) | (426.9) | (12.5) | (3,315.2 | %) | |||||||||||||||||||||||||||
Financial Highlights (in U.S. GAAP)8,9
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) | Nine months ended | Increase/(decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | 2025 | 2024 | Reported % | Rebased % | 2025 | 2024 | Reported % | Rebased % | |||||||||||||||||||||||||||||||||||||||
| in millions, except % amounts | |||||||||||||||||||||||||||||||||||||||||||||||
| Telenet | $ | 804.9 | $ | 785.2 | 2.5 | (3.6) | $ | 2,365.6 | $ | 2,302.9 | 2.7 | (0.1) | |||||||||||||||||||||||||||||||||||
| VM Ireland | 122.2 | 119.8 | 2.0 | (3.9) | 360.8 | 362.8 | (0.6) | (3.3) | |||||||||||||||||||||||||||||||||||||||
| Consolidated Liberty Telecom | 927.1 | 905.0 | 2.4 | 2,726.4 | 2,665.7 | 2.3 | |||||||||||||||||||||||||||||||||||||||||
| Liberty Growth | 59.7 | 15.3 | 290.2 | 54.1 | 293.6 | 43.8 | 570.3 | 3.8 | |||||||||||||||||||||||||||||||||||||||
| Liberty Services & Corporate | 263.9 | 214.3 | 23.1 | 12.8 | 744.5 | 711.2 | 4.7 | (2.5) | |||||||||||||||||||||||||||||||||||||||
| Consolidated intercompany eliminations | (43.6) | (65.1) | N.M. | N.M. | (117.1) | (202.0) | N.M. | N.M. | |||||||||||||||||||||||||||||||||||||||
| Total consolidated | $ | 1,207.1 | $ | 1,069.5 | 12.9 | 1.0 | $ | 3,647.4 | $ | 3,218.7 | 13.3 | (0.9) | |||||||||||||||||||||||||||||||||||
| Nonconsolidated 50% owned Liberty Telecom: | |||||||||||||||||||||||||||||||||||||||||||||||
|
VMO2 JV
|
$ | 3,436.0 | $ | 3,512.7 | (2.2) | (5.6) | $ | 9,935.8 | $ | 10,170.9 | (2.3) | (5.1) | |||||||||||||||||||||||||||||||||||
|
VodafoneZiggo JV
|
$ | 1,156.8 | $ | 1,131.1 | 2.3 | (3.9) | $ | 3,332.1 | $ | 3,336.7 | (0.1) | (3.0) | |||||||||||||||||||||||||||||||||||
_______________
N.M. - Not Meaningful
13
| Three months ended | Increase/(decrease) | Nine months ended | Increase/(decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 2025 | 2024 | Reported % | Rebased % | 2025 | 2024 | Reported % | Rebased % | |||||||||||||||||||||||||||||||||||||||
| in millions, except % amounts | |||||||||||||||||||||||||||||||||||||||||||||||
| Telenet | $ | 358.9 | $ | 360.9 | (0.6) | (6.5) | $ | 998.4 | $ | 981.2 | 1.8 | (1.2) | |||||||||||||||||||||||||||||||||||
| VM Ireland | 41.8 | 41.4 | 1.0 | (5.3) | 120.4 | 127.1 | (5.3) | (8.1) | |||||||||||||||||||||||||||||||||||||||
| Consolidated Liberty Telecom | 400.7 | 402.3 | (0.4) | 1,118.8 | 1,108.3 | 0.9 | |||||||||||||||||||||||||||||||||||||||||
| Liberty Growth | (24.1) | 0.3 | (8,133.3) | (13.4) | (24.2) | 0.9 | (2,788.9) | 31.7 | |||||||||||||||||||||||||||||||||||||||
| Liberty Services & Corporate | (30.1) | (39.1) | 23.0 | 23.8 | (68.2) | (95.3) | 28.4 | 19.4 | |||||||||||||||||||||||||||||||||||||||
| Consolidated intercompany eliminations | (10.0) | (32.1) | N.M. | N.M. | (30.0) | (101.9) | N.M. | N.M. | |||||||||||||||||||||||||||||||||||||||
| Total consolidated | $ | 336.5 | $ | 331.4 | 1.5 | (5.7) | $ | 996.4 | $ | 912.0 | 9.3 | 0.5 | |||||||||||||||||||||||||||||||||||
| Nonconsolidated 50% owned Liberty Telecom: | |||||||||||||||||||||||||||||||||||||||||||||||
|
VMO2 JV
|
$ | 1,250.3 | $ | 1,170.9 | 6.8 | 3.1 | $ | 3,496.0 | $ | 3,376.9 | 3.5 | 0.5 | |||||||||||||||||||||||||||||||||||
|
VodafoneZiggo JV
|
$ | 522.2 | $ | 527.8 | (1.1) | (6.9) | $ | 1,482.0 | $ | 1,565.5 | (5.3) | (8.0) | |||||||||||||||||||||||||||||||||||
_______________
N.M. - Not Meaningful
| Three months ended | Increase/(decrease) | Nine months ended | Increase/(decrease) | ||||||||||||||||||||||||||||||||||||||||||||
|
Adjusted EBITDA less P&E Additions
|
September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | Reported % | Rebased % | 2025 | 2024 | Reported % | Rebased % | ||||||||||||||||||||||||||||||||||||||||
| in millions, except % amounts | |||||||||||||||||||||||||||||||||||||||||||||||
| Telenet | $ | 109.3 | $ | 134.3 | (18.6) | (23.4) | $ | 232.8 | $ | 369.7 | (37.0) | (39.2) | |||||||||||||||||||||||||||||||||||
| VM Ireland | (20.4) | (2.9) | (603.4) | (580.8) | (40.1) | 1.8 | (2,327.8) | (2,176.5) | |||||||||||||||||||||||||||||||||||||||
| Consolidated Liberty Telecom | 88.9 | 131.4 | (32.3) | 192.7 | 371.5 | (48.1) | |||||||||||||||||||||||||||||||||||||||||
| Liberty Growth | (45.0) | (1.9) | (2,268.4) | (62.0) | (54.3) | (4.5) | (1,106.7) | 14.0 | |||||||||||||||||||||||||||||||||||||||
| Liberty Services & Corporate | (35.0) | (38.6) | 9.3 | 9.5 | (80.4) | (106.0) | 24.2 | 15.4 | |||||||||||||||||||||||||||||||||||||||
| Consolidated intercompany eliminations | - | (22.4) | N.M. | N.M. | - | (73.3) | N.M. | N.M. | |||||||||||||||||||||||||||||||||||||||
| Total consolidated | $ | 8.9 | $ | 68.5 | (87.0) | (87.9) | $ | 58.0 | $ | 187.7 | (69.1) | (74.0) | |||||||||||||||||||||||||||||||||||
| Nonconsolidated 50% owned Liberty Telecom: | |||||||||||||||||||||||||||||||||||||||||||||||
|
VMO2 JV
|
$ | 602.6 | $ | 483.1 | 24.7 | 20.8 | $ | 1,581.2 | $ | 1,417.3 | 11.6 | 8.3 | |||||||||||||||||||||||||||||||||||
|
VodafoneZiggo JV
|
$ | 283.8 | $ | 312.1 | (9.1) | (14.6) | $ | 808.5 | $ | 850.2 | (4.9) | (7.6) | |||||||||||||||||||||||||||||||||||
_______________
N.M. - Not Meaningful
14
|
Operating Data - September 30, 2025
|
||||||||||||||||||||||||||||||||||||||
|
Homes Passed |
Fixed-Line Customer Relationships |
Broadband Subscribers |
Total RGUs |
Postpaid Mobile Subscribers |
Total Mobile
Subscribers(i)
|
|||||||||||||||||||||||||||||||||
| Consolidated Reportable Segments: | ||||||||||||||||||||||||||||||||||||||
|
Telenet
|
4,227,300 | 1,938,700 | 1,722,000 | 4,051,100 | 2,670,600 | 2,828,300 | ||||||||||||||||||||||||||||||||
| VM Ireland | 1,007,200 | 384,600 | 357,500 | 693,400 | 144,400 | 144,400 | ||||||||||||||||||||||||||||||||
| Total Consolidated Reportable Segments | 5,234,500 | 2,323,300 | 2,079,500 | 4,744,500 | 2,815,000 | 2,972,700 | ||||||||||||||||||||||||||||||||
| Nonconsolidated Reportable Segments: | ||||||||||||||||||||||||||||||||||||||
| VMO2 JV | 16,226,000 | 5,807,800 | 5,704,300 | 11,546,100 | 15,763,300 | 36,393,100 | ||||||||||||||||||||||||||||||||
|
VodafoneZiggo JV(ii)
|
7,612,900 | 3,312,700 | 3,030,400 | 7,413,300 | 5,337,100 | 5,605,000 | ||||||||||||||||||||||||||||||||
|
Subscriber Variance Table - September 30, 2025 vs. June 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
|
9,500 | (8,500) | 4,400 | (30,500) | (2,000) | (15,900) | ||||||||||||||||||||||||||||||||
| VM Ireland | 3,600 | (1,700) | (800) | (10,100) | 4,600 | 4,600 | ||||||||||||||||||||||||||||||||
| Total Consolidated Reportable Segments | 13,100 | (10,200) | 3,600 | (40,600) | 2,600 | (11,300) | ||||||||||||||||||||||||||||||||
|
Q3 2025 Consolidated Reportable Segments Adjustments:
|
||||||||||||||||||||||||||||||||||||||
|
Telenet
|
(11,800) | - | - | - | - | - | ||||||||||||||||||||||||||||||||
| Nonconsolidated Reportable Segments: | ||||||||||||||||||||||||||||||||||||||
|
VMO2 JV(iii)
|
100 | (29,300) | (26,300) | (215,700) | (36,300) | 219,800 | ||||||||||||||||||||||||||||||||
|
VodafoneZiggo JV(ii)
|
9,300 | (27,000) | (18,500) | (93,100) | 17,200 | 24,500 | ||||||||||||||||||||||||||||||||
15
|
Subscriber Variance Table - September 30, 2025 vs. September 30, 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
|
89,100 | (33,100) | 6,400 | (137,600) | (6,200) | (52,300) | ||||||||||||||||||||||||||||||||
| VM Ireland | 13,400 | (10,600) | (6,600) | (48,100) | 7,300 | 7,300 | ||||||||||||||||||||||||||||||||
| Total Consolidated Reportable Segments | 102,500 | (43,700) | (200) | (185,700) | 1,100 | (45,000) | ||||||||||||||||||||||||||||||||
| Consolidated Reportable Segments Net Adjustments: | ||||||||||||||||||||||||||||||||||||||
| Telenet | (19,600) | - | - | - | - | - | ||||||||||||||||||||||||||||||||
| VM Ireland | (4,800) | - | - | - | - | - | ||||||||||||||||||||||||||||||||
| Nonconsolidated Reportable Segments: | ||||||||||||||||||||||||||||||||||||||
|
VMO2 JV(iii)
|
13,100 | (116,700) | (109,700) | (955,900) | (217,100) | 783,700 | ||||||||||||||||||||||||||||||||
|
VodafoneZiggo JV(ii)
|
54,800 | (139,900) | (107,200) | (472,500) | 38,700 | 24,500 | ||||||||||||||||||||||||||||||||
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 10,191,500 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 periods presented 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 Update10
Operating Statistics Summary
|
As of and for the three months ended |
|||||||||||
| September 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Footprint | |||||||||||
| Homes Serviceable | 18,675,100 | 17,770,100 | |||||||||
| Homes Serviceable net additions (QoQ) | 139,300 | 281,100 | |||||||||
| Fixed | |||||||||||
| Fixed-Line Customer Relationships | 5,807,800 | 5,826,200 | |||||||||
|
Organic Fixed-Line Customer Relationship net additions (losses) (QoQ)
|
(29,300) | 15,000 | |||||||||
|
Organic Fixed-Line Customer Relationship net additions (losses) (YoY)
|
(116,700) | 2,000 | |||||||||
| Broadband Subscribers | 5,704,300 | 5,726,900 | |||||||||
|
Organic Broadband net additions (losses) (QoQ)
|
(26,300) | 16,200 | |||||||||
|
Organic Broadband net additions (losses) (YoY)
|
(109,700) | 18,800 | |||||||||
|
Q3 Monthly ARPU per Fixed-Line Customer Relationship
|
£ | 47.75 | £ | 48.33 | |||||||
| Mobile | |||||||||||
|
Postpaid Mobile Subscribers(i)
|
15,763,300 | 15,820,400 | |||||||||
|
Organic Postpaid Mobile net losses (QoQ)(i)
|
(36,300) | (25,500) | |||||||||
|
Organic Postpaid Mobile net losses (YoY)(i)
|
(217,100) | (212,900) | |||||||||
|
Q3 Monthly Consumer Postpaid ARPU
|
£ | 18 | £ | 18 | |||||||
| Convergence | |||||||||||
| Converged Households as % of Broadband RGUs | 41.6% | 42.7% | |||||||||
_______________
(i)Previously reported postpaid mobile subscribers figures have been restated. For more information regarding the VMO2 JV and the restatement, please visit its investor relations page.
18
Financial Results (in IFRS)14
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
| September 30, | Increase/(decrease) | September 30, | Increase/(decrease) | ||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||
| in millions, except % amounts | |||||||||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||
| Mobile | £ | 1,428.8 | £ | 1,441.6 | (0.9 | %) | £ | 4,161.6 | £ | 4,202.4 | (1.0 | %) | |||||||||||||||||||||||
| Handset | 305.6 | 322.9 | (5.4 | %) | 851.3 | 902.8 | (5.7 | %) | |||||||||||||||||||||||||||
| Fixed | 985.0 | 966.3 | 1.9 | % | 2,879.8 | 2,870.8 | 0.3 | % | |||||||||||||||||||||||||||
| Consumer Fixed | 841.4 | 859.6 | (2.1 | %) | 2,536.9 | 2,547.3 | (0.4 | %) | |||||||||||||||||||||||||||
| Subscription | 819.5 | 842.9 | (2.8 | %) | 2,478.1 | 2,497.2 | (0.8 | %) | |||||||||||||||||||||||||||
| Other | 21.9 | 16.7 | 31.1 | % | 58.8 | 50.1 | 17.4 | % | |||||||||||||||||||||||||||
| B2B Fixed | 143.6 | 106.7 | 34.6 | % | 342.9 | 323.5 | 6.0 | % | |||||||||||||||||||||||||||
| Other | 135.5 | 293.9 | (53.9 | %) | 514.8 | 891.1 | (42.2 | %) | |||||||||||||||||||||||||||
| Total revenue | £ | 2,549.3 | £ | 2,701.8 | (5.6 | %) | £ | 7,556.2 | £ | 7,964.3 | (5.1 | %) | |||||||||||||||||||||||
| Adjusted EBITDA | £ | 1,015.8 | £ | 994.0 | 2.2 | % | £ | 2,914.1 | £ | 2,907.5 | 0.2 | % | |||||||||||||||||||||||
| P&E Additions | £ | 527.7 | £ | 562.3 | £ | 1,558.7 | £ | 1,634.2 | |||||||||||||||||||||||||||
| ROU asset additions | 32.5 | 253.5 | 101.4 | 392.1 | |||||||||||||||||||||||||||||||
| Total P&E Additions including ROU asset additions | £ | 560.2 | £ | 815.8 | (31.3 | %) | £ | 1,660.1 | £ | 2,026.3 | (18.1 | %) | |||||||||||||||||||||||
| P&E Additions as a % of revenue | 20.7% | 20.8% | 20.6% | 20.5% | |||||||||||||||||||||||||||||||
| Adjusted EBITDA less Total P&E Additions | £ | 455.6 | £ | 178.2 | 155.7 | % | £ | 1,254.0 | £ | 881.2 | 42.3 | % | |||||||||||||||||||||||
| Adjusted FCF | £ | 369.8 | £ | (196.4) | £ | (357.3) | £ | (499.2) | |||||||||||||||||||||||||||
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:
| September 30, | June 30, | |||||||||||||||||||
| 2025 | 2025 | |||||||||||||||||||
|
Borrowing currency
|
£ equivalent
|
|||||||||||||||||||
|
in millions
|
||||||||||||||||||||
| Senior and Senior Secured Credit Facilities: | ||||||||||||||||||||
| Term Loan N (Term SOFR + 2.50%) due 2028 | $ | 990.0 | £ | 735.4 | £ | 2,044.8 | ||||||||||||||
| Term Loan O (EURIBOR + 2.50%) due 2029 | € | 750.0 | 655.2 | 643.3 | ||||||||||||||||
| Term Loan Q (Term SOFR + 3.25%) due 2029 | $ | 1,300.0 | 965.9 | 947.9 | ||||||||||||||||
| Term Loan R (EURIBOR + 3.25%) due 2029 | € | 750.0 | 655.2 | 643.3 | ||||||||||||||||
| Term Loan X1 (SONIA + 3.25%) due 2029 | £ | - | - | 3.7 | ||||||||||||||||
| Term Loan Y (Term SOFR + 3.25%) due 2031 | $ | 2,080.2 | 1,545.7 | 1,276.0 | ||||||||||||||||
| Term Loan Z (EURIBOR + 3.50%) due 2031 | € | 720.0 | 628.9 | 617.5 | ||||||||||||||||
| Term Loan AC1 (SONIA + 3.25%) due 2030 | £ | 925.0 | 925.0 | - | ||||||||||||||||
| Term Loan AC2 (SONIA + 3.25%) due 2030 | £ | 750.0 | 750.0 | 746.3 | ||||||||||||||||
| £54 million (equivalent) RCF (SONIA + 2.75%) due 2026 | £ | - | - | - | ||||||||||||||||
| £1,324 million (equivalent) RCF (SONIA + 2.75%) due 2029 | £ | - | - | - | ||||||||||||||||
| VM Financing Facilities (GBP equivalent) | £ | 273.3 | 273.3 | 502.3 | ||||||||||||||||
| Total Senior and Senior Secured Credit Facilities | 7,134.6 | 7,425.1 | ||||||||||||||||||
|
Senior Secured Notes:
|
||||||||||||||||||||
| 5.50% USD Senior Secured Notes due 2029 | $ | 1,425.0 | 1,058.8 | 1,039.0 | ||||||||||||||||
| 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 | 679.9 | 667.2 | ||||||||||||||||
| 4.125% GBP Senior Secured Notes due 2030 | £ | 480.0 | 480.0 | 480.0 | ||||||||||||||||
| 3.25% EUR Senior Secured Notes due 2031 | € | 950.0 | 829.9 | 814.8 | ||||||||||||||||
| 4.25% USD Senior Secured Notes due 2031 | $ | 1,350.0 | 1,003.1 | 984.4 | ||||||||||||||||
| 4.75% USD Senior Secured Notes due 2031 | $ | 1,400.0 | 1,040.2 | 1,020.8 | ||||||||||||||||
| 4.50% GBP Senior Secured Notes due 2031 | £ | 675.0 | 675.0 | 675.0 | ||||||||||||||||
| 7.75% USD Senior Secured Notes due 2032 | $ | 950.0 | 705.9 | 546.9 | ||||||||||||||||
| 5.625% EUR Senior Secured Notes due 2032 | € | 1,810.0 | 1,581.1 | 514.6 | ||||||||||||||||
| Total Senior Secured Notes | 9,628.9 | 8,317.7 | ||||||||||||||||||
|
Senior Notes:
|
||||||||||||||||||||
| 5.00% USD Senior Notes due 2030 | $ | 925.0 | 687.3 | 674.5 | ||||||||||||||||
| 3.75% EUR Senior Notes due 2030 | € | 500.0 | 436.8 | 428.8 | ||||||||||||||||
| Total Senior Notes | 1,124.1 | 1,103.3 | ||||||||||||||||||
|
Vendor financing(i)
|
2,870.9 | 2,927.2 | ||||||||||||||||||
|
Share of CTIL debt(i)
|
262.5 | 262.5 | ||||||||||||||||||
| Other debt | 200.5 | 312.6 | ||||||||||||||||||
|
Lease obligations(i)
|
895.4 | 917.7 | ||||||||||||||||||
| Total third-party debt and lease obligations | 22,116.9 | 21,266.1 | ||||||||||||||||||
| Unamortized premiums, discounts, deferred financing costs and fair value adjustments, net | (22.7) | (18.0) | ||||||||||||||||||
| Total carrying amount of third-party debt and lease obligations | 22,094.2 | 21,248.1 | ||||||||||||||||||
| Cash and cash equivalents | (544.7) | (506.2) | ||||||||||||||||||
| Net carrying amount of third-party debt and lease obligations | £ | 21,549.5 | £ | 20,741.9 | ||||||||||||||||
| Exchange rate (£ to €) | 1.1448 | 1.1660 | ||||||||||||||||||
| Exchange rate (£ to $) | 1.3459 | 1.3715 | ||||||||||||||||||
(i)Amounts presented on an IFRS basis, consistent with bondholder covenants.
20
Capital Structure
•At September 30, 2025, the blended fully-swapped debt borrowing cost was 5.1% and the average tenor of third-party debt (excluding vendor financing and certain other obligations) was 4.8 years
•In July, VMO2 completed a €500 million private tap of the green EUR 5.625% 2032 Senior Secured Notes. The instrument matures in April 2032 and bears a 5.625% annual coupon, with proceeds used to refinance existing debt
•In July, VMO2 completed a tender and exchange offer relating to Term Loan N due 2028, with $173.5 million of Term Loan N purchased for cash at par and canceled, and $330.2 million of Term Loan N exchanged into Term Loan Y due 2031
•In August 2025, a €510 million private tap of the green EUR 5.625% 2032 Senior Secured Notes was completed. The instrument matures in April 2032 and bears a 5.625% annual coupon, with proceeds used to refinance existing debt
•In August 2025, VMO2 prepaid $540 million of Term Loan N, using the proceeds from the August 2025 private tap, noted above
•In August 2025, a £925 million principal amount term loan facility (Term Loan AC1) was issued in connection with the creation of O2 Daisy. Term Loan AC1 matures on August 1, 2030 and bears interest at a rate of 3.25% + SONIA per annum, subject to adjustment based on the achievement or otherwise of certain ESG metrics
•In September 2025, the company completed a €200 million private tap of the green EUR 5.625% 2032 Senior Secured Notes and a $200 million private tap of the USD 7.775% 2032 Senior Secured Notes. Both instruments mature in April 2032 and bear a 5.625% annual coupon and 7.25% annual coupon, respectively. The proceeds from these 2032 Senior Secured Notes were used to refinance existing debt
•In October 2025, a $850 million principal amount of US dollar-denominated senior secured notes were issued. These notes were issued at par, mature on January 15, 2033 and bear interest at a rate of 6.75%. The proceeds from these 2033 senior secured notes were used to repay $845 million of Facility N, under the VMED O2 Credit Facilities
•At September 30, 2025, VMO2 had maximum undrawn commitments of £1,378.0 million equivalent
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 September 30, 2025 and June 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.
| September 30, |
June 30,
|
||||||||||
| 2025 | 2025 | ||||||||||
|
in millions
|
|||||||||||
| Total third-party debt and lease obligations (£ equivalent) | £ | 22,116.9 | £ | 21,266.1 | |||||||
| Vendor financing | (2,793.9) | (2,847.2) | |||||||||
| Other debt | (200.5) | (312.6) | |||||||||
| Cornerstone debt | (262.5) | (262.5) | |||||||||
| Credit Facility Excluded Amount | (1,040.3) | (987.4) | |||||||||
| Lease obligations | (895.4) | (917.7) | |||||||||
| Projected principal-related cash payments associated with our cross-currency derivative instruments | 517.0 | 863.5 | |||||||||
| Total covenant amount of third-party gross debt | 17,441.3 | 16,802.2 | |||||||||
|
Cash and cash equivalents(i)
|
(478.3) | (407.7) | |||||||||
| Total covenant amount of third-party net debt | £ | 16,963.0 | £ | 16,394.5 | |||||||
_______________
(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 September 30, 2025.
| Net Senior Debt to Annualized Adjusted EBITDA | 3.77x | ||||
| Net Total Debt to Annualized Adjusted EBITDA | 4.06x | ||||
| Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing, CTIL net debt and lease obligations) to Annualized Adjusted EBITDA | 5.31x | ||||
22
VodafoneZiggo Credit Update
Operating Statistics Summary
|
As of and for the three months ended |
|||||||||||
| September 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Footprint | |||||||||||
| Homes Passed | 7,612,900 | 7,558,100 | |||||||||
| Organic Homes Passed net additions (QoQ) | 9,300 | 8,600 | |||||||||
| Organic Homes Passed net additions (YoY) | 54,800 | 28,000 | |||||||||
| Fixed | |||||||||||
| Fixed-Line Customer Relationships | 3,312,700 | 3,452,600 | |||||||||
|
Organic Fixed-Line Customer Relationship net losses (QoQ)
|
(27,000) | (33,600) | |||||||||
|
Organic Fixed-Line Customer Relationship net losses (YoY)
|
(139,900) | (147,600) | |||||||||
| Broadband Subscribers | 3,030,400 | 3,137,600 | |||||||||
|
Organic Broadband net losses (QoQ)
|
(18,500) | (20,400) | |||||||||
|
Organic Broadband net losses (YoY)
|
(107,200) | (93,000) | |||||||||
|
Q3 Monthly ARPU per Fixed-Line Customer Relationship
|
€ | 57 | € | 56 | |||||||
| Mobile | |||||||||||
| Postpaid Mobile Subscribers | 5,337,100 | 5,298,400 | |||||||||
| Organic Postpaid Mobile net additions (QoQ) | 17,200 | 2,300 | |||||||||
| Organic Postpaid Mobile net additions (YoY) | 38,700 | 46,500 | |||||||||
|
Q3 Monthly Consumer Postpaid ARPU
|
€ | 18 | € | 19 | |||||||
| Convergence | |||||||||||
| Converged Households as % of Broadband RGUs | 50.5% | 48.6% | |||||||||
23
Financial Results (in U.S. GAAP)
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
| September 30, | Increase/(decrease) | September 30, | Increase/(decrease) | ||||||||||||||||||||||||||||||||
| 2025 |
2024(i)
|
2025 |
2024(i)
|
||||||||||||||||||||||||||||||||
| in millions, except % amounts | |||||||||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||
| Residential fixed revenue: | |||||||||||||||||||||||||||||||||||
| Subscription | € | 474.1 | € | 494.1 | (4.0 | %) | € | 1,419.4 | € | 1,479.5 | (4.1 | %) | |||||||||||||||||||||||
| Non-subscription | 1.7 | 2.5 | (32.0 | %) | 5.1 | 8.7 | (41.4 | %) | |||||||||||||||||||||||||||
| Total residential fixed revenue | 475.8 | 496.6 | (4.2 | %) | 1,424.5 | 1,488.2 | (4.3 | %) | |||||||||||||||||||||||||||
| Residential mobile revenue: | |||||||||||||||||||||||||||||||||||
| Subscription | 181.0 | 182.2 | (0.7 | %) | 537.6 | 543.1 | (1.0 | %) | |||||||||||||||||||||||||||
| Non-subscription | 52.5 | 64.5 | (18.6 | %) | 175.3 | 190.0 | (7.7 | %) | |||||||||||||||||||||||||||
| Total residential mobile revenue | 233.5 | 246.7 | (5.4 | %) | 712.9 | 733.1 | (2.8 | %) | |||||||||||||||||||||||||||
| Total residential revenue | 709.3 | 743.3 | (4.6 | %) | 2,137.4 | 2,221.3 | (3.8 | %) | |||||||||||||||||||||||||||
| B2B fixed revenue: | |||||||||||||||||||||||||||||||||||
| Subscription | 143.2 | 142.2 | 0.7 | % | 428.0 | 422.7 | 1.3 | % | |||||||||||||||||||||||||||
| Non-subscription | 1.6 | 2.0 | (20.0 | %) | 5.0 | 6.3 | (20.6 | %) | |||||||||||||||||||||||||||
| Total B2B fixed revenue | 144.8 | 144.2 | 0.4 | % | 433.0 | 429.0 | 0.9 | % | |||||||||||||||||||||||||||
| B2B mobile revenue: | |||||||||||||||||||||||||||||||||||
| Subscription | 94.4 | 104.0 | (9.2 | %) | 286.1 | 308.0 | (7.1 | %) | |||||||||||||||||||||||||||
| Non-subscription | 30.1 | 29.7 | 1.3 | % | 88.2 | 88.1 | 0.1 | % | |||||||||||||||||||||||||||
| Total B2B mobile revenue | 124.5 | 133.7 | (6.9 | %) | 374.3 | 396.1 | (5.5 | %) | |||||||||||||||||||||||||||
| Total B2B revenue | 269.3 | 277.9 | (3.1 | %) | 807.3 | 825.1 | (2.2 | %) | |||||||||||||||||||||||||||
| Other revenue | 11.2 | 8.3 | 34.9 | % | 34.1 | 23.1 | 47.6 | % | |||||||||||||||||||||||||||
| Total revenue | € | 989.8 | € | 1,029.5 | (3.9 | %) | € | 2,978.8 | € | 3,069.5 | (3.0 | %) | |||||||||||||||||||||||
| Adjusted EBITDA | € | 447.2 | € | 480.3 | (6.9 | %) | € | 1,324.9 | € | 1,440.1 | (8.0 | %) | |||||||||||||||||||||||
| P&E Additions | € | 204.3 | € | 195.9 | 4.3 | % | € | 602.1 | € | 658.0 | (8.5 | %) | |||||||||||||||||||||||
| P&E Additions as a % of revenue | 20.6% | 19.0% | 20.2% | 21.4% | |||||||||||||||||||||||||||||||
| Adjusted EBITDA less P&E Additions | € | 242.9 | € | 284.4 | (14.6 | %) | € | 722.8 | € | 782.1 | (7.6 | %) | |||||||||||||||||||||||
| Adjusted FCF | € | 82.7 | € | 39.6 | € | 95.5 | € | 90.2 | |||||||||||||||||||||||||||
_______________
(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:
| September 30, | June 30, | |||||||||||||||||||
| 2025 | 2025 | |||||||||||||||||||
|
Borrowing currency
|
€ equivalent
|
|||||||||||||||||||
|
in millions
|
||||||||||||||||||||
|
Credit Facilities:
|
||||||||||||||||||||
| Term Loan I (Term SOFR + 2.50%) USD due 2028 | $ | 1,644.0 | € | 1,398.4 | € | 2,146.7 | ||||||||||||||
|
Term Loan H (EURIBOR + 3.00%) due 2029
|
€ | 2,250.0 | 2,250.0 | 2,250.0 | ||||||||||||||||
| Financing Facility | 19.2 | 2.7 | ||||||||||||||||||
|
€25.0 million Ziggo Revolving Facility G1 EUR due 2026
|
- | - | ||||||||||||||||||
|
€775.0 million Ziggo Revolving Facility G2 EUR due 2029
|
- | - | ||||||||||||||||||
|
Total Credit Facilities
|
3,667.6 | 4,399.4 | ||||||||||||||||||
| Senior Secured Notes: | ||||||||||||||||||||
| 4.875% USD Senior Secured Notes due 2030 | $ | 991.0 | 842.9 | 842.5 | ||||||||||||||||
| 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 | 1,297.2 | 1,296.5 | ||||||||||||||||
| 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 | |||||||||||||||||
| Total Senior Secured Notes | 4,042.6 | 3,391.5 | ||||||||||||||||||
| Senior Notes: | ||||||||||||||||||||
| 3.375% EUR Senior Notes due 2030 | € | 900.0 | 900.0 | 900.0 | ||||||||||||||||
| 5.125% USD Senior Notes due 2030 | $ | 500.0 | 425.3 | 425.1 | ||||||||||||||||
| 6.125% EUR Senior Notes due 2032 | € | 575.0 | 575.0 | 575.0 | ||||||||||||||||
| Total Senior Notes | 1,900.3 | 1,900.1 | ||||||||||||||||||
| Vendor financing | 999.5 | 999.5 | ||||||||||||||||||
| Finance lease obligations | 29.7 | 26.3 | ||||||||||||||||||
| Total third-party debt and finance lease obligations | 10,639.7 | 10,716.8 | ||||||||||||||||||
| Unamortized premiums, discounts and deferred financing costs, net | (25.5) | (21.7) | ||||||||||||||||||
| Total carrying amount of third-party debt and finance lease obligations | 10,614.2 | 10,695.1 | ||||||||||||||||||
| Cash and cash equivalents | (215.9) | (140.6) | ||||||||||||||||||
| Net carrying amount of third-party debt and finance lease obligations | € | 10,398.3 | € | 10,554.5 | ||||||||||||||||
| Exchange rate (€ to $) | 1.1757 | 1.1763 | ||||||||||||||||||
25
Capital Structure
•At September 30, 2025, the blended fully-swapped debt borrowing cost was 4.0% and the average tenor of third-party debt (excluding vendor financing obligations) was approximately 4.7 years
•At September 30, 2025, VodafoneZiggo had maximum undrawn commitments of €800 million under its Revolving Facilities
•In September, VodafoneZiggo issued a €650 million principal amount of euro-denominated senior secured notes. These notes mature in January 2033 and bear interest at a rate of 5.25%. 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. The net proceeds of these transactions will be used to partially 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 September 30, 2025 and June 30, 2025. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.
| September 30, | June 30, | ||||||||||
| 2025 | 2025 | ||||||||||
|
in millions
|
|||||||||||
| Total third-party debt and finance lease obligations (€ equivalent) | € | 10,639.7 | € | 10,716.8 | |||||||
| Vendor financing | (999.5) | (999.5) | |||||||||
| Finance lease obligations | (29.7) | (26.3) | |||||||||
| Credit Facility Excluded Amount | (466.7) | (459.7) | |||||||||
| Projected principal-related cash receipts associated with our cross-currency derivative instruments | 24.2 | (54.8) | |||||||||
| Total covenant amount of third-party gross debt | 9,168.0 | 9,176.5 | |||||||||
|
Cash and cash equivalents(i)
|
(33.8) | (34.3) | |||||||||
| Net carrying amount of third-party debt | € | 9,134.2 | € | 9,142.2 | |||||||
_______________
(i)Excludes the cash that is related to the unutilized portion of the Vendor Finance Note facility of €66.4 million and €40.9 million, respectively, as well as cash that is held outside the covenant group, amounting to €115.7 million and €65.4 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 September 30, 2025.
| Net Senior Debt to Annualized Adjusted EBITDA | 3.86x | ||||
| Net Total Debt to Annualized Adjusted EBITDA | 4.89x | ||||
| Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing) to Annualized Adjusted EBITDA | 5.68x | ||||
26
Telenet Credit Update
Operating Statistics Summary
|
As of and for the three months ended |
|||||||||||
| September 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Footprint | |||||||||||
| Homes Passed | 4,227,300 | 4,157,800 | |||||||||
|
Organic Homes Passed net additions (QoQ)
|
9,500 | 23,300 | |||||||||
|
Organic Homes Passed net additions (YoY)
|
89,100 | 41,800 | |||||||||
| Fixed | |||||||||||
| Fixed-Line Customer Relationships | 1,938,700 | 1,971,800 | |||||||||
|
Organic Fixed-Line Customer Relationship net losses (QoQ)
|
(8,500) | (8,300) | |||||||||
|
Organic Fixed-Line Customer Relationship net losses (YoY)
|
(33,100) | (48,300) | |||||||||
| Broadband Subscribers | 1,722,000 | 1,715,600 | |||||||||
| Organic Broadband net additions (losses) (QoQ) | 4,400 | (4,000) | |||||||||
|
Organic Broadband net additions (losses) (YoY)
|
6,400 | (20,000) | |||||||||
|
Q3 Monthly ARPU per Fixed-Line Customer Relationship
|
€ | 63.97 | € | 63.86 | |||||||
| Mobile | |||||||||||
| Postpaid Mobile Subscribers | 2,670,600 | 2,676,800 | |||||||||
| Organic Postpaid Mobile net additions (losses) (QoQ) | (2,000) | 800 | |||||||||
|
Organic Postpaid Mobile net additions (losses) (YoY)
|
(6,200) | 1,400 | |||||||||
|
Q3 Monthly Consumer Postpaid ARPU
|
€ | 16.24 | € | 16.78 | |||||||
| Convergence | |||||||||||
| Converged Households as % of Broadband RGUs | 55.0% | 53.4% | |||||||||
27
Financial Results (in IFRS)14
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
| September 30, | Increase/(decrease) | September 30, | Increase/(decrease) | ||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||
| in millions, except % amounts | |||||||||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||
| Residential fixed revenue: | |||||||||||||||||||||||||||||||||||
| Subscription | € | 306.6 | € | 312.6 | (1.9 | %) | € | 923.5 | € | 922.9 | 0.1 | % | |||||||||||||||||||||||
| Non-subscription | 6.6 | 4.0 | 65.0 | % | 14.7 | 9.1 | 61.5 | % | |||||||||||||||||||||||||||
| Total residential fixed revenue | 313.2 | 316.6 | (1.1 | %) | 938.2 | 932.0 | 0.7 | % | |||||||||||||||||||||||||||
| Residential mobile revenue: | |||||||||||||||||||||||||||||||||||
| Subscription | 104.8 | 105.5 | (0.7 | %) | 309.9 | 314.1 | (1.3 | %) | |||||||||||||||||||||||||||
| Non-subscription | 29.5 | 30.6 | (3.6 | %) | 93.5 | 109.0 | (14.2 | %) | |||||||||||||||||||||||||||
| Total residential mobile revenue | 134.3 | 136.1 | (1.3 | %) | 403.4 | 423.1 | (4.7 | %) | |||||||||||||||||||||||||||
| B2B revenue: | |||||||||||||||||||||||||||||||||||
| Subscription | 96.0 | 96.8 | (0.8 | %) | 285.2 | 286.2 | (0.3 | %) | |||||||||||||||||||||||||||
| Non-subscription | 90.0 | 86.3 | 4.3 | % | 271.9 | 262.9 | 3.4 | % | |||||||||||||||||||||||||||
| Total B2B revenue | 186.0 | 183.1 | 1.6 | % | 557.1 | 549.1 | 1.5 | % | |||||||||||||||||||||||||||
| Other revenue | 55.2 | 78.5 | (29.7 | %) | 217.1 | 213.9 | 1.5 | % | |||||||||||||||||||||||||||
| Total revenue | € | 688.7 | € | 714.3 | (3.6 | %) | € | 2,115.8 | € | 2,118.1 | (0.1 | %) | |||||||||||||||||||||||
| Adjusted EBITDA | € | 345.0 | € | 366.0 | (5.7 | %) | € | 1,010.3 | € | 1,010.5 | - | % | |||||||||||||||||||||||
| Adjusted EBITDAaL | € | 325.5 | € | 346.7 | (6.1 | %) | € | 951.6 | € | 952.9 | (0.1 | %) | |||||||||||||||||||||||
|
P&E Additions(i)
|
231.7 | 220.6 | 779.9 | 610.3 | |||||||||||||||||||||||||||||||
| ROU asset additions | 7.6 | 7.0 | 19.8 | 31.7 | |||||||||||||||||||||||||||||||
|
Total P&E Additions including ROU asset additions(i)
|
€ | 239.3 | € | 227.6 | 5.1 | % | € | 799.7 | € | 642.0 | 24.6 | % | |||||||||||||||||||||||
| P&E Additions as a % of revenue | 33.6% | 30.9% | 36.9% | 28.8% | |||||||||||||||||||||||||||||||
|
Adjusted EBITDA less Total P&E Additions(i)
|
€ | 105.7 | € | 138.4 | (23.6 | %) | € | 210.6 | € | 368.5 | (42.8 | %) | |||||||||||||||||||||||
| Adjusted FCF | € | (36.1) | € | 25.4 | € | (73.7) | € | 163.7 | |||||||||||||||||||||||||||
_______________
(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:
| September 30, | June 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 | € | 1,952.1 | € | 1,951.1 | ||||||||||||||
| 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 | € | - | - | - | ||||||||||||||||
| Total Senior Credit Facility | 3,952.1 | 3,951.1 | ||||||||||||||||||
|
Senior Secured Notes
|
||||||||||||||||||||
| 5.50% USD Senior Secured Notes due 2028 | $ | 1,000.0 | 850.6 | 850.2 | ||||||||||||||||
| 3.50% EUR Senior Secured Notes due 2028 | € | 540.0 | 540.0 | 540.0 | ||||||||||||||||
| Total Senior Secured Notes | 1,390.6 | 1,390.2 | ||||||||||||||||||
|
Other
|
||||||||||||||||||||
|
Lease obligations(i)
|
612.7 | 618.2 | ||||||||||||||||||
| Mobile spectrum | 372.0 | 369.6 | ||||||||||||||||||
| Vendor financing | 332.2 | 327.0 | ||||||||||||||||||
| Other debt | 236.6 | 234.3 | ||||||||||||||||||
| €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 | 6,896.2 | 6,890.4 | ||||||||||||||||||
| Deferred financing fees, discounts and premiums, net | (10.0) | (11.0) | ||||||||||||||||||
| Total carrying amount of third-party debt and lease obligations | 6,886.2 | 6,879.4 | ||||||||||||||||||
| Cash and cash equivalents | (975.2) | (1,023.7) | ||||||||||||||||||
| Net carrying amount of third-party debt and lease obligations | € | 5,911.0 | € | 5,855.7 | ||||||||||||||||
| Exchange rate (€ to $) | 1.1757 | 1.1763 | ||||||||||||||||||
_______________
(i)Amounts presented on an IFRS basis, consistent with bondholder covenants.
29
Capital Structure
•At September 30, 2025, the blended fully-swapped debt borrowing cost was 3.8% and the average tenor of third-party debt (excluding vendor financing and certain other obligations) was approximately 3.2 years
•At September 30, 2025, Telenet had access to total liquidity of €1,600.2 million, consisting of €975.2 million cash and cash equivalents and €625.0 million of undrawn commitments under revolving credit facilities
•In August, a subsidiary of Telenet (Wyre) executed the agreements underlying the €500.0 million standalone capex facility priced at EURIBOR+2.75%. The funding will support the roll-out of Wyre's fiber network
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 September 30, 2025 and June 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.
| September 30, | June 30, | ||||||||||
| 2025 | 2025 | ||||||||||
|
in millions
|
|||||||||||
| Total third-party debt and lease obligations (€ equivalent) | € | 6,896.2 | € | 6,890.4 | |||||||
| Lease obligations | (612.7) | (618.2) | |||||||||
| Mobile spectrum | (372.0) | (369.6) | |||||||||
| Vendor financing | (332.2) | (327.0) | |||||||||
| Other debt | (236.6) | (234.3) | |||||||||
| Credit Facility Excluded Amount | (400.0) | (400.0) | |||||||||
| Projected principal-related cash payments (receipts) associated with our cross-currency derivative instruments | 121.6 | 123.0 | |||||||||
| Total covenant amount of third-party gross debt | 5,064.3 | 5,064.3 | |||||||||
|
Cash and cash equivalents(i)
|
(973.0) | (1,015.1) | |||||||||
| Total covenant amount of third-party net debt | € | 4,091.3 | € | 4,049.2 | |||||||
_______________
(i)Excludes cash and cash equivalents that are held outside the covenant group.
30
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 September 30, 2025.
| Net Total Debt to Annualized Adjusted EBITDA | 2.99x | ||||
| Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing) to Annualized Adjusted EBITDA | 3.53x | ||||
| Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing, mobile spectrum and other debt) to Annualized Adjusted EBITDAaL | 4.21x | ||||
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.
31
VM Ireland Credit Update
Operating Statistics Summary
|
As of and for the three months ended |
|||||||||||
| September 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Footprint | |||||||||||
| Homes Passed | 1,007,200 | 998,600 | |||||||||
| Organic Homes Passed net additions (QoQ) | 3,600 | 4,700 | |||||||||
| Organic Homes Passed net additions (YoY) | 13,400 | 19,300 | |||||||||
| Fixed | |||||||||||
| Fixed-Line Customer Relationships | 384,600 | 395,200 | |||||||||
|
Organic Fixed-Line Customer Relationship net losses (QoQ)
|
(1,700) | (2,200) | |||||||||
|
Organic Fixed-Line Customer Relationship net losses (YoY)
|
(10,600) | (11,500) | |||||||||
| Broadband Subscribers | 357,500 | 364,100 | |||||||||
|
Organic Broadband net losses (QoQ)
|
(800) | (1,300) | |||||||||
|
Organic Broadband net losses (YoY)
|
(6,600) | (7,400) | |||||||||
|
Q3 Monthly ARPU per Fixed-Line Customer Relationship
|
€ | 60.95 | € | 61.76 | |||||||
| Mobile | |||||||||||
| Postpaid Mobile Subscribers | 144,400 | 137,100 | |||||||||
| Organic Postpaid Mobile net additions (QoQ) | 4,600 | 1,500 | |||||||||
| Organic Postpaid Mobile net additions (YoY) | 7,300 | 500 | |||||||||
|
Q3 Monthly Consumer Postpaid ARPU
|
€ | 18.49 | € | 20.62 | |||||||
| Convergence | |||||||||||
| Converged Households as % of Broadband RGUs | 9.1% | 8.9% | |||||||||
32
Financial Results (in U.S. GAAP)
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
| September 30, | Increase/(decrease) | September 30, | Increase/(decrease) | ||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||
| in millions, except % amounts | |||||||||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||
| Residential fixed revenue: | |||||||||||||||||||||||||||||||||||
| Subscription | € | 67.5 | € | 70.4 | (4.1 | %) | € | 204.6 | € | 213.7 | (4.3 | %) | |||||||||||||||||||||||
| Non-subscription | 0.3 | 0.4 | (25.0 | %) | 1.1 | 1.5 | (26.7 | %) | |||||||||||||||||||||||||||
| Total residential fixed revenue | 67.8 | 70.8 | (4.2 | %) | 205.7 | 215.2 | (4.4 | %) | |||||||||||||||||||||||||||
| Residential mobile revenue: | |||||||||||||||||||||||||||||||||||
| Subscription | 7.4 | 7.9 | (6.3 | %) | 22.3 | 23.8 | (6.3 | %) | |||||||||||||||||||||||||||
| Non-subscription | 1.5 | 1.9 | (21.1 | %) | 5.1 | 5.8 | (12.1 | %) | |||||||||||||||||||||||||||
| Total residential mobile revenue | 8.9 | 9.8 | (9.2 | %) | 27.4 | 29.6 | (7.4 | %) | |||||||||||||||||||||||||||
| B2B revenue: | |||||||||||||||||||||||||||||||||||
| Subscription | 3.1 | 3.1 | - | % | 9.3 | 9.3 | - | % | |||||||||||||||||||||||||||
| Non-subscription | 8.5 | 7.0 | 21.4 | % | 24.3 | 20.9 | 16.3 | % | |||||||||||||||||||||||||||
| Total B2B revenue | 11.6 | 10.1 | 14.9 | % | 33.6 | 30.2 | 11.3 | % | |||||||||||||||||||||||||||
| Other revenue | 16.3 | 18.2 | (10.4 | %) | 56.1 | 58.7 | (4.4 | %) | |||||||||||||||||||||||||||
| Total revenue | € | 104.6 | € | 108.9 | (3.9 | %) | € | 322.8 | € | 333.7 | (3.3 | %) | |||||||||||||||||||||||
| Adjusted EBITDA | € | 35.7 | € | 37.7 | (5.3 | %) | € | 107.5 | € | 117.0 | (8.1 | %) | |||||||||||||||||||||||
| P&E Additions | € | 53.4 | € | 40.3 | 32.5 | % | € | 142.8 | € | 115.3 | 23.9 | % | |||||||||||||||||||||||
| P&E Additions as a % of revenue | 51.1% | 37.0% | 44.2% | 34.6% | |||||||||||||||||||||||||||||||
| Adjusted EBITDA less P&E Additions | € | (17.7) | € | (2.6) | (580.8 | %) | € | (35.3) | € | 1.7 | (2,176.5 | %) | |||||||||||||||||||||||
| Adjusted FCF | € | (38.4) | € | (19.3) | € | (79.6) | € | (35.9) | |||||||||||||||||||||||||||
33
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:
| September 30, | June 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 | (3.4) | (3.5) | ||||||||||||||||||
| Total carrying amount of third-party debt | 896.6 | 896.5 | ||||||||||||||||||
| Cash and cash equivalents | (12.2) | (11.7) | ||||||||||||||||||
| Net carrying amount of third-party debt | € | 884.4 | € | 884.8 | ||||||||||||||||
34
Capital Structure
•At September 30, 2025, the blended fully-swapped debt borrowing cost was 3.9% and the average tenor of third-party debt was approximately 3.8 years
•At September 30, 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 September 30, 2025 and June 30, 2025. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.
| September 30, | June 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 | (12.2) | (11.7) | |||||||||
| Total covenant amount of third-party net debt | € | 837.8 | € | 838.3 | |||||||
Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last twelve months basis as of September 30, 2025.
| Net Total Debt to Annualized Adjusted EBITDA | 5.43x | ||||
| Net Total Debt (excluding Credit Facility Excluded Amount) to Annualized Adjusted EBITDA | 5.75x | ||||
35
Appendix
Liberty Global Ltd. published this content on October 30, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on October 30, 2025 at 12:14 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]