Reconfirming commitment to create and deliver value to shareholders
DENVER, Colorado–(BUSINESS WIRE)–Liberty Global Ltd. announces its Q1 2025 financial results.
CEO Mike Fries stated, “In our year-end investor call we outlined the core strategies we are undertaking to create and deliver value to shareholders following the successful spin-off of our Swiss subsidiary Sunrise. We made good progress on these plans in the first quarter of 2025.
- Our Liberty Telecom operations demonstrated resilience in competitive markets, with Virgin Media O2 returning to growth in revenue and Adjusted EBITDA1, and VodafoneZiggo launching the first of a series of initiatives to regain commercial momentum.
- Financing and monetizing our network infrastructure remains a key priority, with Virgin Media Ireland expected to reach 80% of homes with fiber by year-end, and Telenet advancing discussions on rationalizing the fiber market in Flanders with Proximus. In the UK, we have decided to pause VMO2’s potential NetCo stake sale process to align with our JV partner, but remain opportunistic on both network upgrade and development opportunities.
- In our Liberty Growth portfolio, we remain committed to realizing $500-$750 million of asset disposals and to prioritizing our scale-based investments, including Formula E which has had a successful launch to Season 11 of the global racing championship.
- The FMV of the portfolio increased to $3.3 billion2, with the top seven investments still comprising ~75% of the value.
- And our Liberty Services platforms in finance and tech continue to scale and generate positive Adj. EBITDA and Adj. EBITDA less P&E Additions, with Liberty Blume officially launching its B2B marketing campaign.
Across the group, our clear focus on unlocking shareholder value remains, as we resumed buybacks during the quarter towards our ‘up to 10% of shares’ target for 2025. The balance sheets of our core operating businesses are strong with no maturities until 20283, and low borrowing costs. Finally, it’s worth noting that Sunrise continues to trade well in the current macro environment following the spin-off, at over $10 per share of implied value to Liberty Global shareholders.
Our guidance at the Liberty Global corporate level remains unchanged, as does the guidance for all of our Liberty Telecom operations with the exception of VodafoneZiggo where we have revised guidance to align with management’s new long-term growth strategy.”
|
Key Summary of Operating and Financial Highlights4,5 |
|||||||||||||
|
|
Three months ended March 31, |
|
Increase/(decrease) |
||||||||||
|
|
2025 |
|
2024 |
|
Reported % |
|
Rebased % |
||||||
|
|
in millions, except % amounts |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
Revenue |
|
|
|
|
|
|
|
||||||
|
Telenet |
$ |
759.7 |
|
|
$ |
762.6 |
|
|
(0.4 |
) |
|
2.7 |
|
|
VM Ireland |
|
115.8 |
|
|
|
123.0 |
|
|
(5.9 |
) |
|
(2.9 |
) |
|
Consolidated Liberty Telecom |
|
875.5 |
|
|
|
885.6 |
|
|
(1.1 |
) |
|
|
|
|
Liberty Growth |
|
96.6 |
|
|
|
14.3 |
|
|
575.5 |
|
|
(32.8 |
) |
|
Liberty Services & Corporate |
|
234.5 |
|
|
|
255.5 |
|
|
(8.2 |
) |
|
(11.3 |
) |
|
Consolidated intercompany eliminations |
|
(35.4 |
) |
|
|
(64.1 |
) |
|
N.M. |
|
N.M. |
||
|
Total consolidated |
$ |
1,171.2 |
|
|
$ |
1,091.3 |
|
|
7.3 |
|
|
(5.3 |
) |
|
|
|
|
|
|
|
|
|
||||||
|
Nonconsolidated 50% owned Liberty Telecom: |
|
|
|
|
|
|
|
||||||
|
VMO2 JV |
$ |
3,126.3 |
|
|
$ |
3,282.8 |
|
|
(4.8 |
) |
|
(4.2 |
) |
|
VodafoneZiggo JV |
$ |
1,052.0 |
|
|
$ |
1,114.0 |
|
|
(5.6 |
) |
|
(2.6 |
) |
|
|
|
|
|
|
|
|
|
||||||
|
Earnings (loss) from continuing operations |
|
|
|
|
|
|
|
||||||
|
Liberty Global Consolidated |
$ |
(1,323.3 |
) |
|
$ |
634.5 |
|
|
(308.6 |
) |
|
|
|
|
Liberty Growth |
$ |
(13.3 |
) |
|
$ |
(4.7 |
) |
|
(183.0 |
) |
|
|
|
|
Liberty Services & Corporate |
$ |
(1,406.2 |
) |
|
$ |
717.0 |
|
|
(296.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted EBITDA |
|
|
|
|
|
|
|
||||||
|
Telenet |
$ |
301.6 |
|
|
$ |
308.4 |
|
|
(2.2 |
) |
|
0.8 |
|
|
VM Ireland |
|
37.2 |
|
|
|
40.0 |
|
|
(7.0 |
) |
|
(4.1 |
) |
|
Consolidated Liberty Telecom |
|
338.8 |
|
|
|
348.4 |
|
|
(2.8 |
) |
|
|
|
|
Liberty Growth |
|
8.4 |
|
|
|
(0.4 |
) |
|
2,200.0 |
|
|
(36.3 |
) |
|
Liberty Services & Corporate |
|
(12.6 |
) |
|
|
(30.3 |
) |
|
58.4 |
|
|
44.9 |
|
|
Consolidated intercompany eliminations |
|
(10.0 |
) |
|
|
(34.7 |
) |
|
N.M. |
|
N.M. |
||
|
Total consolidated |
$ |
324.6 |
|
|
$ |
283.0 |
|
|
14.7 |
|
|
2.0 |
|
|
|
|
|
|
|
|
|
|
||||||
|
Nonconsolidated 50% owned Liberty Telecom: |
|
|
|
|
|
|
|
||||||
|
VMO2 JV |
$ |
1,073.4 |
|
|
$ |
1,073.6 |
|
|
— |
|
|
0.6 |
|
|
VodafoneZiggo JV |
$ |
463.1 |
|
|
$ |
519.0 |
|
|
(10.8 |
) |
|
(8.0 |
) |
|
|
Subscriber Variance Table — March 31, 2025 vs. December 31, 2024 |
||||||||||
|
|
Fixed-Line Customer Relationships |
|
Broadband Subscribers |
|
Total RGUs |
|
Postpaid Mobile Subscribers |
||||
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||
|
Consolidated Reportable Segments: |
|
|
|
|
|
|
|
||||
|
Telenet |
(11,800 |
) |
|
(2,100 |
) |
|
(43,900 |
) |
|
(3,700 |
) |
|
VM Ireland |
(2,000 |
) |
|
(1,000 |
) |
|
(11,500 |
) |
|
900 |
|
|
Total Consolidated Reportable Segments |
(13,800 |
) |
|
(3,100 |
) |
|
(55,400 |
) |
|
(2,800 |
) |
|
|
|
|
|
|
|
|
|
||||
|
Nonconsolidated Reportable Segments: |
|
|
|
|
|
|
|
||||
|
VMO2 JV |
(46,000 |
) |
|
(44,000 |
) |
|
(286,500 |
) |
|
(122,800 |
) |
|
VodafoneZiggo JV |
(40,500 |
) |
|
(31,000 |
) |
|
(135,900 |
) |
|
29,100 |
|
VMO2
VMO2 delivers growth in guided revenue and Adjusted EBITDA metrics and reaffirms all 2025 guidance
VMO2’s first quarter results saw a return to growth in both revenue and Adj. EBITDA on a guidance basis, representing a sequential improvement versus Q4. Despite a highly competitive environment, VMO2 continues to drive more value across the fixed base, maintaining ARPU growth. In mobile, the planned acquisition of spectrum from the VOD/3 merger will further strengthen VMO2’s network position, alongside customer and digital initiatives to improve commercial momentum.
Highlights for Q1
- Fixed strategy update: Announcing pause of NetCo stake sale process to align with JV partner’s strategic review; also adjusting nexfibre’s build ambition to 2.5 million cumulative premises (currently at 2.2 million) by year-end 2025, retaining capital discipline in an increasingly irrational altnet environment and remaining opportunistic around M&A
- Fibre UP: Progressing with the upgrade of existing network to fiber, with a combined fiber footprint now at 6.8 million6 premises and launched trials of giffgaff broadband to increase reach and leverage VMO2’s wholesale capabilities
- On track to acquire spectrum: Plan to acquire spectrum licenses from VOD/3 merger remains on track and will strengthen VMO2’s network position considerably
Q1 Financial Highlights (in U.S. GAAP, as reported by Liberty Global)7
-
Revenue of $3,126.3 million, -4.8% YoY on a reported basis and -4.2% on a rebased8 basis
- Primarily driven by the net effect of (i) lower construction revenue from nexfibre and (ii) lower handset sales, partially offset by (a) higher fixed ARPU and (b) an increase in mobile service revenue, with each revenue category as defined and reported by the VMO2 JV
-
Adjusted EBITDA9 of $1,073.4 million, flat YoY on a reported basis and +0.6% on a rebased basis
- Primarily driven by cost efficiencies, partially offset by a decrease in the nexfibre construction impact to Adjusted EBITDA
- Property and equipment additions of $594.2 million, -13.4% YoY on a reported basis and -12.8% on a rebased basis
- Adjusted EBITDA less P&E additions9 of $479.2 million, +23.6% YoY on a reported basis and +24.3% on a rebased basis
- Cash flows from operating activities of -$81.0 million, cash flows from investing activities of -$692.0 million, and cash flows from financing activities of -$773.0 million
Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)10
- Revenue of £2,480.1 million, -4.2% YoY on a reported and rebased basis
- Revenue excluding handsets and the impact of nexfibre construction of £2,111.5 million, +0.4% YoY on a reported and rebased basis
-
Adjusted EBITDA of £914.1 million, -1.3% YoY on a reported and rebased basis
- Q1 2025 included the benefit of £62.6 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 of £921.7 million, +0.8% 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
Q1 Operating Highlights
- Broadband net losses of 44,000, primarily driven by elevated churn following a high level of market discounting during Q1
- Postpaid net losses of 122,800, primarily driven by lower value B2B customer disconnections, while consumer performance improved compared to Q1 2024
- Fixed ARPU maintained positive growth supported by value focus and improved retention, with a 1.6% YoY increase in Q1 ahead of price rise implementation in Q2
2025 VMO2 guidance (in IFRS)(i)
-
We are confirming11:
- Growth in revenue excluding handsets and the impact of nexfibre construction
- Growth in Adjusted EBITDA excluding the impact of nexfibre construction
- 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. |
VodafoneZiggo
VodafoneZiggo launches new strategic plan and revises 2025 guidance
VodafoneZiggo’s first quarter results were heavily impacted by the intensely competitive environment, particularly in the fixed market. During the quarter, we launched new front book propositions which are the first part of a wider strategic plan to regain commercial momentum. While the new strategic plan and market environment will impact VodafoneZiggo’s 2025 guidance, notably driving a steeper than expected Adj. EBITDA decline, it will position the company for growth and future-proof the network through an accelerated DOCSIS 4.0 upgrade plan.
Highlights for Q1
- Customer experience: Launched a new fixed front book portfolio with a focus on reliable connectivity through Wifi Guarantee, a first in the Dutch market
- Strategy evolution under new CEO: VodafoneZiggo continues to implement the new strategy with a focus on regaining commercial momentum and creating a leaner and more agile organization
- Guidance update: To support the key investments needed to drive long-term commercial momentum, VodafoneZiggo is revising 2025 guidance as outlined below
Q1 Financial Highlights (in U.S. GAAP)
-
Revenue of $1,052.0 million, -5.6% YoY on a reported basis and -2.6% on a rebased basis
- Primarily driven by (i) a decline in the consumer fixed base, (ii) lower handset sales and (iii) lower B2B mobile revenue, partially offset by (a) price indexation, (b) strong growth in Ziggo Sport Totaal revenue and (c) continued growth in B2B fixed revenue
-
Adjusted EBITDA of $463.1 million, -10.8% YoY on a reported basis and -8.0% on a rebased basis
- Primarily driven by (i) the aforementioned decrease in revenue, (ii) higher programming costs related to the UEFA broadcast and (iii) higher labor costs related to the collective labor agreement, partially offset by (a) cost control measures in areas such as customer service, IT and procurement and (b) lower energy costs
- Cash flows from operating activities of $192.3 million, cash flows from investing activities of -$142.4 million and cash flows from financing activities of -$667.2 million
Q1 Financial Highlights (in U.S. GAAP) in local currency
- Revenue of €999.1 million, -2.6% YoY on both a reported and rebased basis
- Adjusted EBITDA of €439.7 million, -8.0% on both a reported and rebased basis
Q1 Operating Highlights
- Broadband net losses of 31,000, primarily driven by continued promotional intensity, despite early signs of improvement in churn following the migration of existing customers to the new front book
- Postpaid net adds of 29,100, primarily driven by growth in B2B
- Fixed ARPU increased 1.5% YoY, supported by the prior year’s price adjustment
- Implemented an increase in download speeds across the existing broadband portfolio in March
2025 VodafoneZiggo guidance (in U.S. GAAP)
-
We are confirming:
- P&E Additions to sales: 20-22%
-
We are updating:
- Low-single digit decline in revenue growth (updated from broadly stable)
- Mid to high-single digit decline in Adjusted EBITDA growth (updated from low-single digit decline)
- Adjusted FCF of €200-€250 million (updated from around €300 million)12
- Cash distributions to shareholders of €200-€250 million (updated from around €300 million)
Telenet
Telenet delivered strong fixed ARPU and revenue growth, on track to deliver full-year guidance
Telenet’s first quarter results demonstrated resilience in the face of a competitive environment, with growth in revenue and Adj. EBITDAaL. Telenet continues to leverage the BASE brand to drive growth in the South of Belgium and BASE’s status as a challenger brand means it is well positioned to defend in the mobile-only segment. Elsewhere, Wyre continues to advance the FTTH build while also making progress with Proximus and Belgian regulators on the FTTH-sharing agreement announced last year.
Highlights for Q1
- Competitive environment: An intensely competitive environment in Belgium remains, resulting in pressure on the Telenet brand with BASE partly compensating
- Price adjustment: Announced a price adjustment of ~3% on the Telenet brand which took effect from April
- FTTH: Wyre is on track to build an additional 375,000 FTTH homes passed by year-end 2025 and continued to make progress with Proximus and regulators regarding FTTH-sharing agreement
Q1 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)
-
Revenue of $759.7 million, -0.4% YoY on a reported basis and +2.7% on a rebased basis
- Primarily driven by (i) higher programming revenue and (ii) the benefit of the June 2024 price indexation, partially offset by (a) lower handset revenue and (b) lower interconnect revenue
- Adjusted EBITDA of $301.6 million, -2.2% YoY on a reported basis and +0.8% on a rebased basis
-
Adjusted EBITDAaL of $301.3 million, -2.2% YoY on a reported basis and +0.8% on a rebased basis
- Primarily driven by (i) the increase in revenue, (ii) lower network operating costs and (iii) cost control measures, partially offset by (a) an increase in programming costs, (b) higher staff-related expenses following the mandatory 3.6% wage indexation as of January and (c) increased sales and marketing costs
- Property and equipment additions of $246.7 million, +34.3% YoY on a reported basis and +32.4% on a rebased basis
- Adjusted EBITDA less P&E Additions of $54.9 million, -56.0% YoY on a reported basis and -54.1% on a rebased basis
- Cash flows from operating activities of $185.0 million, cash flows from investing activities of -$198.9 million and cash flows from financing activities of -$21.8 million
Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)10
- Revenue of €721.2 million, +2.7% YoY on both a reported and rebased basis
-
Adjusted EBITDA of €323.8 million, +2.8% YoY on both a reported and rebased basis
- Q1 2025 included the benefit of €37.4 million of U.S. GAAP/IFRS differences, primarily related to (i) sports and film broadcasting rights and (ii) leases
- Adjusted EBITDAaL of €304.0 million, +2.6% 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
Q1 Operating Highlights
- Broadband net losses of 2,100, primarily due to continued elevated churn on the Telenet brand, which was only partially offset by growth in BASE
- Postpaid net losses of 3,700, primarily due to the intensely competitive market environment following the Digi launch, despite better performance from BASE following portfolio adjustments during Q1
- Fixed ARPU in Q1 saw continued growth of 2.8% supported by the June 2024 price rise, ahead of a ~3% adjustment which took effect from April
2025 Telenet guidance (in IFRS)13
-
We are confirming:
- Broadly stable revenue (FY 2024: €2,851.4 million)
- Low to mid-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
Virgin Media Ireland
Virgin Media Ireland continues to drive transformation into full fiber operator
Virgin Media Ireland’s first quarter results were impacted by the competitive environment in Ireland which remains intense, driving modest revenue and Adj. EBITDA declines. Despite the market dynamics, Virgin Media Ireland continues to make strong progress against its key strategic priorities including FTTH rollout, wholesale penetration and offnet footprint expansion.
Highlights for Q1
- Network upgrade: Continued to deliver on full fiber upgrade project, with over half of premises upgraded to full fiber at the end of Q1
- Fiber momentum: Almost 60k fiber customers on Virgin Media Ireland’s network at the end of Q1, including Wholesale customers
Q1 Financial Highlights (in U.S. GAAP)
-
Revenue of $115.8 million, -5.9% YoY on a reported basis and -2.9% on a rebased basis
- Primarily driven by (i) lower fixed and mobile revenue resulting from the intense competitive environment and (ii) lower advertising revenues at VMTV, partially offset by continued strong growth in B2B wholesale revenue
-
Adjusted EBITDA of $37.2 million, -7.0% YoY on a reported basis and -4.1% on a rebased basis
- Primarily due to (i) the aforementioned revenue decline, (ii) the parallel running of IT systems and (iii) higher labor costs following annual salary increase
- Cash flows from operating activities of $12.2 million, cash flows from investing activities of -$41.2 million, and cash flows from financing activities of $29.1 million
Q1 Financial Highlights (in U.S. GAAP) in local currency
- Revenue of €110.0 million, -2.9% YoY on both a reported and rebased basis
- Adjusted EBITDA of €35.3 million, -4.1% YoY on both a reported and rebased basis
Q1 Operating Highlights
- Broadband net losses of 1,000, primarily due to continued competitive intensity in the market
- Postpaid net adds of 900, a sequential and YoY improvement, primarily due to reduced churn
- Over 1.4 million addressable homes, including offnet footprint
Consolidated Leverage & Liquidity
- Total principal amount of debt and finance leases: $9.4 billion
- Average debt tenor14: 3.5 years, with ~32% not due until 2029 or thereafter
- Borrowing costs: Blended, fully-swapped cost of debt was 3.7%
The following table(i) details the U.S. dollar equivalents of our liquidity15 position at March 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 |
$ |
849.8 |
|
$ |
77.9 |
|
$ |
— |
|
$ |
927.7 |
|
Telenet |
|
1,119.9 |
|
|
— |
|
|
664.9 |
|
|
1,784.8 |
|
VM Ireland |
|
12.9 |
|
|
— |
|
|
108.1 |
|
|
121.0 |
|
Total |
$ |
1,982.6 |
|
$ |
77.9 |
|
$ |
773.0 |
|
$ |
2,833.5 |
|
_______________ |
||
|
(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 $0.8 billion16 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 March 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 |
$ |
7,070.7 |
|
$ |
2.5 |
|
$ |
7,073.2 |
|
$ |
(133.3 |
) |
|
$ |
6,939.9 |
|
VM Ireland |
|
973.0 |
|
|
— |
|
|
973.0 |
|
|
— |
|
|
|
973.0 |
|
Other(ii) |
|
1,360.7 |
|
|
31.6 |
|
|
1,392.3 |
|
|
— |
|
|
|
1,392.3 |
|
Total |
$ |
9,404.4 |
|
$ |
34.1 |
|
$ |
9,438.5 |
|
$ |
(133.3 |
) |
|
$ |
9,305.2 |
|
_______________ |
||
|
(i) |
Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries. |
|
|
(ii) |
Debt amount includes a loan of $1,360.1 million backed by the shares we hold in Vodafone Group plc. |
|
|
Liberty Global Consolidated Q1 Cash Flows |
||||||||
|
|
Three months ended March 31, |
|
Increase/(decrease) |
|||||
|
|
2025 |
|
2024 |
|
Reported % |
|||
|
|
$ in millions, except % amounts |
|||||||
|
|
|
|
|
|
|
|||
|
Liberty Global Consolidated Cash Flows: |
|
|
|
|
|
|||
|
Cash provided by operating activities of continuing operations |
129.2 |
|
|
91.3 |
|
|
41.5 |
% |
|
Cash provided (used) by investing activities of continuing operations |
52.5 |
|
|
(63.9 |
) |
|
182.2 |
% |
|
Cash used by financing activities of continuing operations |
(66.2 |
) |
|
(240.7 |
) |
|
72.5 |
% |
|
|
|
|
|
|
|
|||
|
Adjusted FCF from continuing operations |
(141.2 |
) |
|
(151.8 |
) |
|
7.0 |
% |
|
Distributable Cash Flow from continuing operations |
(141.2 |
) |
|
(151.8 |
) |
|
7.0 |
% |
Financial Highlights (in U.S. GAAP)4,5
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) |
||||||||||
|
|
March 31, |
|
|||||||||||
|
Revenue |
2025 |
|
2024 |
|
Reported % |
|
Rebased % |
||||||
|
|
in millions, except % amounts |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
Telenet |
$ |
759.7 |
|
|
$ |
762.6 |
|
|
(0.4 |
) |
|
2.7 |
|
|
VM Ireland |
|
115.8 |
|
|
|
123.0 |
|
|
(5.9 |
) |
|
(2.9 |
) |
|
Consolidated Liberty Telecom |
|
875.5 |
|
|
|
885.6 |
|
|
(1.1 |
) |
|
|
|
|
Liberty Growth |
|
96.6 |
|
|
|
14.3 |
|
|
575.5 |
|
|
(32.8 |
) |
|
Liberty Services & Corporate |
|
234.5 |
|
|
|
255.5 |
|
|
(8.2 |
) |
|
(11.3 |
) |
|
Consolidated intercompany eliminations |
|
(35.4 |
) |
|
|
(64.1 |
) |
|
N.M. |
|
|
N.M. |
|
|
Total consolidated |
$ |
1,171.2 |
|
|
$ |
1,091.3 |
|
|
7.3 |
|
|
(5.3 |
) |
|
|
|
|
|
|
|
|
|
||||||
|
Nonconsolidated 50% owned Liberty Telecom: |
|
|
|
|
|
|
|
||||||
|
VMO2 JV |
$ |
3,126.3 |
|
|
$ |
3,282.8 |
|
|
(4.8 |
) |
|
(4.2 |
) |
|
VodafoneZiggo JV |
$ |
1,052.0 |
|
|
$ |
1,114.0 |
|
|
(5.6 |
) |
|
(2.6 |
) |
| _______________ |
|
N.M. – Not Meaningful |
|
Three months ended |
|
Increase/(decrease) |
|||||||||||
|
|
March 31, |
|
|||||||||||
|
Adjusted EBITDA |
2025 |
|
2024 |
|
Reported % |
|
Rebased % |
||||||
|
|
in millions, except % amounts |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
Telenet |
$ |
301.6 |
|
|
$ |
308.4 |
|
|
(2.2 |
) |
|
0.8 |
|
|
VM Ireland |
|
37.2 |
|
|
|
40.0 |
|
|
(7.0 |
) |
|
(4.1 |
) |
|
Consolidated Liberty Telecom |
|
338.8 |
|
|
|
348.4 |
|
|
(2.8 |
) |
|
|
|
|
Liberty Growth |
|
8.4 |
|
|
|
(0.4 |
) |
|
2,200.0 |
|
|
(36.3 |
) |
|
Liberty Services & Corporate |
|
(12.6 |
) |
|
|
(30.3 |
) |
|
58.4 |
|
|
44.9 |
|
|
Consolidated intercompany eliminations |
|
(10.0 |
) |
|
|
(34.7 |
) |
|
N.M. |
|
N.M. |
||
|
Total consolidated |
$ |
324.6 |
|
|
$ |
283.0 |
|
|
14.7 |
|
|
2.0 |
|
|
|
|
|
|
|
|
|
|
||||||
|
Nonconsolidated 50% owned Liberty Telecom: |
|
|
|
|
|
|
|
||||||
|
VMO2 JV |
$ |
1,073.4 |
|
|
$ |
1,073.6 |
|
|
— |
|
|
0.6 |
|
|
VodafoneZiggo JV |
$ |
463.1 |
|
|
$ |
519.0 |
|
|
(10.8 |
) |
|
(8.0 |
) |
| _______________ |
|
N.M. – Not Meaningful |
|
|
Three months ended |
|
Increase/(decrease) |
||||||||||
|
Adjusted EBITDA less P&E Additions |
March 31, |
|
|||||||||||
|
2025 |
|
2024 |
|
Reported % |
|
Rebased % |
|||||||
|
|
in millions, except % amounts |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
Telenet |
$ |
54.9 |
|
|
$ |
124.7 |
|
|
(56.0 |
) |
|
(54.1 |
) |
|
VM Ireland |
|
(5.7 |
) |
|
|
0.6 |
|
|
(1,050.0 |
) |
|
(1,160.0 |
) |
|
Consolidated Liberty Telecom |
|
49.2 |
|
|
|
125.3 |
|
|
(60.7 |
) |
|
|
|
|
Liberty Growth |
|
6.6 |
|
|
|
(1.9 |
) |
|
447.4 |
|
|
81.1 |
|
|
Liberty Services & Corporate |
|
(16.8 |
) |
|
|
(36.2 |
) |
|
53.6 |
|
|
41.5 |
|
|
Consolidated intercompany eliminations |
|
— |
|
|
|
(25.2 |
) |
|
N.M. |
|
N.M. |
||
|
Total consolidated |
$ |
39.0 |
|
|
$ |
62.0 |
|
|
(37.1 |
) |
|
(59.6 |
) |
|
|
|
|
|
|
|
|
|
||||||
|
Nonconsolidated 50% owned Liberty Telecom: |
|
|
|
|
|
|
|
||||||
|
VMO2 JV |
$ |
479.2 |
|
|
$ |
387.8 |
|
|
23.6 |
|
|
24.3 |
|
|
VodafoneZiggo JV |
$ |
256.2 |
|
|
$ |
274.3 |
|
|
(6.6 |
) |
|
(3.8 |
) |
| _______________ |
|
N.M. – Not Meaningful |
Contacts
Investor Relations
Michael Bishop +44 20 8483 6246
Lewis Chong +44 7927 583187
Corporate Communications
Bill Myers +1 303 220 6686
Matt Beake +44 20 8483 6428
Read full story here
