Liberty Global Reports Q3 2025 Results

Driving value creation across our strategic pillars including reshaped corporate operating model

DENVER, Colorado--(BUSINESS WIRE)-- 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.

Guidance update: In the UK, we are confirming expected growth in combined consumer and wholesale revenue (excl. handsets and nexfibre construction) and are currently reviewing the impact of the Daisy Group transaction on B2B reporting6; with all other full-year guidance metrics for our Liberty Telecom operations reconfirmed. 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