Liberty Global Ltd. · NASDAQ:LBTYA
Liberty Global — Q4 2025 Earnings Presentation
49 slides from Liberty Global's earnings presentation, Feb 18, 2026
Slide 1: Liberty Global Investor Call Q4 2025
LIBERTY GLOBAL INVESTOR CALL Q4 2025 FEBRUARY 18, 2026
Slide 2: Safe Harbor: Forward-Looking Statements + Disclaimer
SAFE HARBOR Forward-Looking Statements + Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our and our affiliates’ and joint ventures’ strategies, ambitions, strategic goal
Slide 3: Safe Harbor: No Offer to Sell or Solicit
SAFE HARBOR No Offer to Sell or Solicit This communication is not an offer to sell or a solicitation of offers to purchase or subscribe for shares or a solicitation of any vote or approval. Copies of this document may not be sent to, distributed in or sent from jurisdictions in which this is barred
Slide 4: Three Core Pillars of Value Creation for Shareholders
LIBERTY GLOBAL | CLEAR OPERATING STRUCTURE THREE CORE PILLARS OF VALUE CREATION FOR SHAREHOLDERS LIBERTY LIBERTY LIBERTY TELECOM GLOBAL GROWTH Media | Sports Experienced team of TMT operators and investors Infra | Energy Financial, M&A, Tech tech and talent leadership Services National Champions1 $2
Slide 5: We Delivered Against Core Strategic Priorities in 2025
LIBERTY GLOBAL | Q4 & FULL YEAR HIGHLIGHTS WE DELIVERED AGAINST CORE STRATEGIC PRIORITIES IN 2025 LIBERTY LIBERTY LIBERTY TELECOM GLOBAL GROWTH Driving commercial momentum and Reshaped operating model and Building on strategic platforms in unlocking value for shareholders allocating capital to highe
Slide 6: Investing in Networks and Products to Drive Growth in All Markets (UK)
LIBERTY TELECOM | KEY OPERATING HIGHLIGHTS INVESTING IN NETWORKS AND PRODUCTS TO DRIVE GROWTH IN ALL MARKETS Strong commercial initiatives Broadband net losses UK (incl. Netflix bundles) drive broadband 12 16 (44) (26) (17) improved sequentially despite (51) improvement (36) intense market compe
Slide 7: Investing in Networks and Products to Drive Growth in All Markets (NL)
LIBERTY TELECOM | KEY OPERATING HIGHLIGHTS INVESTING IN NETWORKS AND PRODUCTS TO DRIVE GROWTH IN ALL MARKETS ‘How We Win’ strategic plan driving Broadband net losses NL broadband improvements 29 improved sequentially with strong 17 10 Black Friday campaign and (7,9 Successfully delivered 2Gbps
Slide 8: Achieved FY25 Revenue and Adj. EBITDA Guidance Across All OpCos
LIBERTY TELECOM | Q4 FINANCIAL HIGHLIGHTS10 ACHIEVED FY25 REVENUE AND ADJ. EBITDA GUIDANCE ACROSS ALL OPCOS (7,11 (7 (13) Q4 FINANCIAL COMMENTARY REVENUE ($m) REVENUE ($m) REVENUE ($m) Revenue decline impacted by nexfibre 3,479 3,374 3,436 3,399 1,157 1,186 842 construction, with fixed and mobile
Slide 9: Significant Progress on Refinancing 2028 and 2029 Maturities
LIBERTY GLOBAL | TREASURY UPDATE SIGNIFICANT PROGRESS ON REFINANCING 2028 AND 2029 MATURITIES; INCL. WYRE FINANCING12 KEY TRANSACTIONS IN Q4 AND YTD 2026 VMO2 VODAFONEZIGGO TELENET 2028 maturities fully repaid following 2028 maturities fully repaid following Wyre €4.35B financing underwritten,
Slide 10: $2.2 Billion YE Cash Balance and $3.4 Billion FMV Growth Portfolio
LIBERTY GLOBAL | CAPITAL ALLOCATION AND CASH GENERATION $2.2 BILLION2 YE CASH BALANCE AND $3.4 BILLION3 FMV GROWTH PORTFOLIO CAPITAL ALLOCATION & GROWTH WALK CASH GENERATION Adj. FCF & Distributions vs Guidance13 Q4 Cash Walk ($m) FY 2025 FY 2025 Results Guidance $2,158 130 (34) 140 Telenet Adj. FCF
Slide 11: $3.4B FMV Portfolio at Year End, Rotating Capital into Higher Return Investments
LIBERTY GROWTH $3.4B3 FMV PORTFOLIO AT YEAR END, ROTATING CAPITAL INTO HIGHER RETURN INVESTMENTS AND SECTORS WITH TAILWINDS MEDIA | SPORTS INFRA | ENERGY TECH SERVICES15 FMV $1.5B* $1.5B $0.4B $0.1B New pillar from 2026 Grow existing platforms and Strategically positioned in fast- Building a portfol
Slide 12: 2026 Guidance: LG Telecom and Corporate
LIBERTY GLOBAL | 2026 GUIDANCE17 LG TELECOM AND CORPORATE 18 19 20 Revenue: -3% to -5% total service Revenue: Stable to low-single- Telenet guidance is now based on LG Corporate Adj. EBITDA: revenue decline (vs 2025 adjusted digit decline IFRS financials excluding Wyre: Around $50m negative Ad
Slide 13: Investor Call Strategic Update
LIBERTY GLOBAL INVESTOR CALL STRATEGIC UPDATE FEBRUARY 18, 2026
Slide 14: Significant Progress on Our Strategies to Unlock Value
LIBERTY GLOBAL | STRATEGIC UPDATE SIGNIFICANT PROGRESS ON OUR STRATEGIES TO UNLOCK VALUE21 LIBERTY LIBERTY LIBERTY TELECOM GLOBAL GROWTH Media | Sports Experienced team of TMT operators and investors Infra | Energy Financial, M&A, Tech tech and talent leadership Services National Champions1 $2.2B Ca
Slide 15: Several Factors Support Renewed Investor Interest in European Telecom Sector
LIBERTY GLOBAL | MARKET TRENDS SEVERAL FACTORS SUPPORT RENEWED INVESTOR INTEREST IN THE EUROPEAN TELECOM SECTOR IMPROVING REGULATORY DECLINING CAPEX AI ROTATION Draft Digital Networks Act and 5G and fiber network Telcos are enablers & net Cybersecurity Act should be upgrades are largely nearin
Slide 16: We Are on Track to Deliver on Both of Our 2025 Strategic Goals
LIBERTY TELECOM | UPDATE ON 2025 GOALS WE ARE ON TRACK TO DELIVER ON BOTH OF OUR 2025 STRATEGIC GOALS KEY 2025 GOALS CURRENT UPDATE Prepare each of the New CEO at VodafoneZiggo LIBERTY Benelux operating Wyre & Telenet separation TELECOM companies for the next complete phase of value creation R
Slide 17: Unlocks Synergies and Creates Clear Path to Benelux Listing
LIBERTY TELECOM | ACQUISITION OF VODAFONE’S 50% STAKE IN VODAFONEZIGGO UNLOCKS SYNERGIES AND CREATES CLEAR PATH TO BENELUX LISTING VODAFONE TRANSACTION SUMMARY NEW ZIGGO GROUP Vodafone’s 50% interest in Vodafone Ziggo to be acquired for: €1.0 billion in cash; plus 10% equity stake in new Ziggo
Slide 18: New Strategic Plan Is Driving a Clear Operational Turnaround
VODAFONE ZIGGO | RECENT PERFORMANCE NEW STRATEGIC PLAN IS DRIVING A CLEAR OPERATIONAL TURNAROUND Launched ‘The Accelerated Everything Network’ DOCSIS 4.0 rollout campaign, Materially with interim speed rejuvenating the brand lower churn Redesigned intent amongst Strong step-ups performance from oper
Slide 19: Expect VZ to Be 'Back to Growth' After One-Off Investments in 2026
VODAFONE ZIGGO | OUTLOOK EXPECT VZ TO BE ‘BACK TO GROWTH’ AFTER ONE-OFF INVESTMENTS IN 2026 UPDATED MEDIUM-TERM OUTLOOK HOW WE WIN PLAN ON TRACK 2025 Adj. EBITDA delivered in-line with plan given Fixed subscriber trends turning around anticipated impact of front book repricing and commercial ini
Slide 20: Positioned for Significant Adj. FCF Growth
TELENET | UPDATE & OUTLOOK POSITIONED FOR SIGNIFICANT ADJ. FCF GROWTH EXECUTING VALUE CREATION STEPS IN BELGIUM STRONG TELENET EQUITY STORY Telenet & Wyre separation complete and will create two Leading FMC Champion with valuable multi-brand distinct credit silos and operating businesses portfol
Slide 21: Transaction Creates 2nd Largest Fiber Network in the Market
LIBERTY TELECOM | ACQUISITION OF SUBSTANTIAL GROUP IN THE UK TRANSACTION CREATES 2ND LARGEST FIBER NETWORK IN THE MARKET TRANSACTION SUMMARY NEXFIBRE 2.0 Substantial Group to be acquired for £2.0 billion enterprise value or £1.1 billion of cash at closing + + nexfibre to acquire Netomnia fiber a
Slide 22: Transaction Delivers Significant Benefits for VMO2
LIBERTY TELECOM | ACQUISITION OF SUBSTANTIAL GROUP IN THE UK TRANSACTION DELIVERS SIGNIFICANT BENEFITS FOR VMO2 TRANSACTION STEPS VMO2 BENEFITS £950m of net cash to help reduce debt £150m ~500k broadband customers from two cash Substantial Group ISPs ~500k subs Traffic on £1.1b Capex avoidance on 3.
Slide 23: After Five Years of Steady Performance, VMO2 Is Poised for Growth
VMO2 | UPDATE & OUTLOOK AFTER FIVE YEARS OF STEADY PERFORMANCE, VMO2 IS POISED FOR GROWTH STABLE FINANCIAL RESULTS25 NEW OPERATING STRUCTURE MID-TERM GROWTH DRIVERS 0.0% +1.5% CAGR Consumer: Leveraging 3 powerful FMC 2.0: Enabled by strong brand CAGR brands – Virgin Media, O2 and giffgaff – port
Slide 24: Key Takeaways from Today's Strategic Update
LIBERTY GLOBAL | FOCUSED ON VALUE CREATION KEY TAKEAWAYS FROM TODAY’S STRATEGIC UPDATE 1 2 3 The Telecom sector is We are committed to Our Corporate group is lean beginning to see tailwinds creating and delivering value and fit for purpose with a from consolidation, stable cash to shareholders and h
Slide 25: Appendix
APPENDIX
Slide 26: YTD Adjusted Attributed FCF & Distributable CF
Q4 2025: YTD ADJUSTED ATTRIBUTED FCF & DISTRIBUTABLE CF LIBERTY LIBERTY 50-50 50-50 LIBERTY SERVICES & GLOBAL VODAFONEZIGGO VMO2 JV $M VM IRELAND TELENET GROWTH CORPORATE CONTINUING JV IFRS BASIS 26 OPS 7,27 7,27,28 ADJUSTED EBITDA $180 $1,304 $(38) $(171) $1,275 $1,978 $5,121 P&E ADDITIONS (215) (1
Slide 27: YTD Adj EBITDA & Adj EBITDAaL
Q4 2025: YTD ADJ EBITDA & ADJ EBITDAAL LIBERTY LIBERTY 50-50 50-50 LIBERTY SERVICES & GLOBAL VODAFONEZIGGO VMO2 JV $m VM IRELAND TELENET GROWTH CORPORATE CONTINUING JV IFRS BASIS 26 OPS 7,27 7,27,28 ADJUSTED EBITDA $180 $1,304 $(38) $(171) $1,275 $1,978 $5,121 FINANCE LEASE ADJUSTMENTS - (1) (6) (3)
Slide 28: Footnotes
FOOTNOTES Note: Certain amounts in this presentation may not sum due to rounding. 1. Represents the aggregate of (i) our full year 2025 consolidated Liberty Telecom revenue and Adjusted EBITDA of $3.7 billion and $1.5 billion, respectively, (ii) 100% of the full year 2025 revenue and Adjusted EBITDA
Slide 29: Footnotes
FOOTNOTES 17. 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 cannot be provided without unreasonable efforts as we do not forecast (i) certain non-ca
Slide 30: Glossary
GLOSSARY 10-Q or 10-K: As used herein, the terms 10-Q and 10-K refer to our most recent quarterly or annual report as filed with the Securities and Exchange Commission on Form 10-Q or Form 10-K, as applicable. Adjusted EBITDA, Adjusted EBITDA less P&E Additions and Property and Equipment Additions (
Slide 31: Glossary
GLOSSARY For purposes of the statements of cash flows, operating-related vendor financing additions represent operating-related expenses financed by an intermediary that are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liab
Slide 32: Glossary
GLOSSARY Blended, fully-swapped debt borrowing cost (or WACD): The weighted average interest rate on our aggregate variable- and fixed-rate indebtedness (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or
Slide 33: Glossary
GLOSSARY Mobile Subscriber Count: For residential and business subscribers, the number of active SIM cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscri
Slide 34: Rebase Information
REBASE INFORMATION Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For purposes of calculating rebase growth rates on a comparable basis for all businesses that we owned during 2025, we have adjusted our historical re
Slide 35: Rebase Information (Continued)
REBASE INFORMATION (CONTINUED) The following table provides adjustments made to 2024 amounts (i) for our consolidated continuing operations and (ii) for the nonconsolidated VMO2 JV and VodafoneZiggo JV to derive our rebased growth rates: (i) In addition to our acquisitions and dispositions, these re
Slide 36: Rebase Adjustments
RECONCILIATIONS REBASE ADJUSTMENTS Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For further details on adjustments made to arrive at our rebase growth rates for the periods below, refer to our previously issued ear
Slide 37: Rebase Adjustments (Continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) 37
Slide 38: Rebase Adjustments (Continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) 38
Slide 39: Adj EBITDA & Adj EBITDA Less P&E – Continuing Operations
RECONCILIATIONS ADJ EBITDA & ADJ EBITDA LESS P&E – CONTINUING OPERATIONS A reconciliation of consolidated earnings (loss) from continuing operations to consolidated Adjusted EBITDA less P&E Additions is presented in the following table: 39
Slide 40: Adj EBITDA & Adj EBITDA Less P&E – Liberty Growth
RECONCILIATIONS ADJ EBITDA & ADJ EBITDA LESS P&E – LIBERTY GROWTH A reconciliation of Liberty Growth loss from continuing operations to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Growth does not meet the reportable segment quantitative thresholds and is included
Slide 41: Adj EBITDA & Adj EBITDA Less P&E – Liberty Services and Corporate
RECONCILIATIONS ADJ EBITDA & ADJ EBITDA LESS P&E – LIBERTY SERVICES AND CORPORATE A reconciliation of Liberty Services, together with our corporate functions, of earnings (loss) from continuing operations to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Services and
Slide 42: Liberty Global Adjusted FCF & Distributable CF
RECONCILIATIONS LIBERTY GLOBAL ADJUSTED FCF & DISTRIBUTABLE CF Adjusted Free Cash Flow (Adjusted FCF) & Distributable Cash Flow: • Adjusted FCF: We define Adjusted FCF as net cash provided by operating activities of our continuing operations, plus operating-related vendor financed expenses (which re
Slide 43: Liberty Global Adjusted FCF & Distributable CF (Continued)
RECONCILIATIONS LIBERTY GLOBAL ADJUSTED FCF & DISTRIBUTABLE CF (CONTINUED) 43
Slide 44: Supplemental Adjusted Attributed Free Cash Flow & Attributed Distributable Cash Flow
RECONCILIATIONS SUPPLEMENTAL ADJUSTED ATTRIBUTED FREE CASH FLOW & ATTRIBUTED DISTRIBUTABLE CASH FLOW We define Adjusted FCF as net cash provided by the operating activities of our continuing operations, plus operating-related vendor financed expenses (which represents an increase in the period to ou
Slide 45: Adjusted Attributed Free Cash Flow & Attributed Distributable Cash Flow (Continued)
RECONCILIATIONS ADJUSTED ATTRIBUTED FREE CASH FLOW & ATTRIBUTED DISTRIBUTABLE CASH FLOW (CONTINUED) a. Includes the impact of intersegment eliminations. b. Liberty Services & Corporate incurs certain operating costs related to our centrally-managed technology and innovation function. These costs are
Slide 46: VodafoneZiggo JV Reconciliations – Adj FCF
VODAFONEZIGGO JV RECONCILIATIONS – ADJ FCF VodafoneZiggo JV Adjusted FCF is defined as net cash provided by operating activities, plus (i) operating-related vendor financed expenses (which represents an increase in the period to actual cash available as a result of extending vendor payment terms bey
Slide 47: VMO2 JV Reconciliations – Adj EBITDA
VMO2 JV RECONCILIATIONS – ADJ EBITDA The following tables provide reconciliations from VMO2 JV US GAAP Adj EBITDA to Rebased IFRS Adj EBITDA for the indicated periods (in millions): 47
Slide 48: VMO2 JV Reconciliations – Adj EBITDA Less P&E Additions
VMO2 JV RECONCILIATIONS – ADJ EBITDA LESS P&E ADDITIONS The following table provides reconciliations from VMO2 JV US GAAP Adj EBITDA to IFRS Adj EBITDA and Adj EBITDA less P&E Additions for the indicated periods: 48
Slide 49: VMO2 JV Reconciliations – Adjusted FCF
VMO2 JV RECONCILIATIONS – ADJUSTED FCF VMO2 JV Adjusted FCF is defined as net cash provided or used by operating activities, plus operating-related vendor financed expenses (which represents an increase in the period to actual cash available as a result of extending vendor payment terms beyond norma