Liberty Global Reports Q2 2025 Results

About this update from Liberty Global Ltd.

[{"type":"text","content":" \n Executing on mission to create and unlock value for Liberty shareholders \n\n \n DENVER, Colorado --(BUSINESS WIRE)--\nLiberty Global Ltd. announces its Q2 2025 financial results.\n\n \nCEO Mike Fries stated, “In the second quarter, we continued to execute across our strategic pillars – Liberty Growth, Liberty Telecom and Liberty Services & Corporate, with an unwavering focus on creating and delivering value to shareholders. We are encouraged to see our strategy to unlock value succeeding, with Sunrise continuing to trade higher post-spin, particularly when factoring in its inaugural dividend payment which was paid in May.\n\n \n \n Our Liberty Telecom operations remain focused on improving commercial momentum against the continued backdrop of intense competition. At VodafoneZiggo, we saw early signs of improving fixed-line performance under its new strategic plan. Telenet delivered another solid quarter, with positive broadband growth and a return to mobile postpaid additions. VMO2 is nearing the completion of its acquisition of the B2B business Daisy, bolstering our growth ambitions in this segment, whilst continuing to deliver Adj. EBITDA3 growth in Q2.\n\n \n \n \n Strategically we continue to invest in our network positions with VMO2 set to benefit significantly over time through the acquisition of spectrum from Vodafone/3, which will take our total spectrum share to ~30% in the UK . Ireland remains on track with its accelerated FTTH upgrade program, including the addition of a new wholesale customer during the quarter. Wyre and Proximus have strongly progressed to reach an agreement in principle regarding the fixed network sharing initiative and anticipate the start of a market test in September.\n\n \n \n \n Our Liberty Growth portfolio FMV increased to $3.4 billion 1 during the quarter, with the top six investments2 now comprising over 80% of the overall portfolio's value. Formula E hosted its flagship race quarter, including stops in Monaco , Miami and Tokyo , with cumulative viewership for season 11 now expected to surpass 500 million. Lastly, we exited our Vodafone collar position and continue to target $500-750m of non-core asset disposals this year.\n\n \n \n \n Our Liberty Services platforms in Finance and Tech continue making progress, with new client wins at Liberty Blume, our financial services business, during the second quarter.\n\n \n \n \n Finally, following the successful spin-off of Sunrise in November 2024 , we are currently working on opportunities to separate our remaining core operating units and/or assets to unlock the conglomerate discount in our stock. The unique structure of our balance sheet and holdings provides us with the flexibility to pursue additional spin-offs, tracking stocks, IPOs and other transactions, in multiple combinations. The specific timing of these transactions is to be determined, but we are targeting completion of one or more in the next 12 to 24 months. It’s also important to note that none of these potential transactions are dependent on M&A in any of our existing markets.\n\n \n \nWe are reconfirming all guidance metrics for our Liberty Telecom operations while raising Telenet's Adj. EBITDAaL outlook4. In addition, we now expect an improved outlook for Liberty Services & Corporate Adj. EBITDA of negative ~$175m for 20254, driven by cost optimization initiatives.\"\n\n \n \n \n Key Summary of Operating and Financial Highlights5,6 \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n Three months ended\n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six months ended\n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Revenue \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Telenet \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n801.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n755.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,560.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,517.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n122.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n120.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n238.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n243.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Consolidated Liberty Telecom \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n923.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n875.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,799.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,760.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Growth\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n137.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n866.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n233.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n720.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nLiberty Services & Corporate\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n246.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n241.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n480.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n496.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nConsolidated intercompany eliminations\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(38.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(72.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(73.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(136.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \nTotal consolidated\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,269.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,057.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,440.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,149.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Nonconsolidated 50% owned Liberty Telecom : \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n3,373.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,375.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(5.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,499.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,658.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(4.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVodafoneZiggo JV\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,123.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,091.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,175.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,205.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Earnings (loss) from continuing operations \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Global Consolidated\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n(2,773.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n324.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(955.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(4,097.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n958.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(527.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Growth\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n(25.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(3.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(732.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(39.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(7.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(401.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Services & Corporate\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n(2,711.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n434.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(724.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(4,117.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,151.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(457.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted EBITDA \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Telenet \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n337.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n311.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n639.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n620.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n41.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(14.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n78.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n85.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Consolidated Liberty Telecom \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n379.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n357.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n718.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n706.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Growth\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(8.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(950.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n68.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(116.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n94.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Services & Corporate\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(25.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(25.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(38.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(56.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n32.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nConsolidated intercompany eliminations\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(10.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(35.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(20.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(69.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \nTotal consolidated\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n335.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n297.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n659.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n580.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Nonconsolidated 50% owned Liberty Telecom : \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,172.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,132.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,245.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,206.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVodafoneZiggo JV\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n496.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n518.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n959.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,037.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Subscriber Variance Table — June 30, 2025 vs. March 31, 2025 \n\n \n\n \n\n \n \n \n \n \n Fixed-Line Customer Relationships \n\n \n\n \n\n \n \n\n \n\n \n\n \n Broadband Subscribers \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total RGUs \n\n \n\n \n\n \n \n\n \n\n \n\n \n Postpaid Mobile \n\n \n\n \n Subscribers \n\n \n\n \n\n \n \n \n Organic Change Summary \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Consolidated Reportable Segments: \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Telenet \n\n \n\n \n\n \n \n(8,200\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(30,300\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n(5,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,900\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(15,200\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total Consolidated Reportable Segments \n\n \n\n \n\n \n \n(13,200\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(45,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n3,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Nonconsolidated Reportable Segments: \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV\n\n \n\n \n\n \n \n(51,300\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(51,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(280,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(73,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVodafoneZiggo JV\n\n \n\n \n\n \n \n(35,700\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(27,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(113,900\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(8,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n Virgin Media O2 \n\n \n Virgin Media O2 continues growth in Adjusted EBITDA3 and executing on network upgrade plans \n\n \n VMO2 maintained Adj. EBITDA growth during the second quarter supported by a stable core revenue performance and cost efficiencies. Commercially, the UK market remains very competitive, impacting volumes across both broadband and mobile postpaid. Nonetheless, we executed on price adjustments during the quarter and remain focused on improving commercial momentum and retention through a range of initiatives. VMO2 remains on track to deliver 2025 guidance for growth across core revenues and Adj. EBITDA. \n\n \n Highlights for Q2 \n\n \n \n Advancing commercial initiatives: Customer service transformation has more than halved Virgin Media complaints year-over-year; proposition enhancements include data rollover on O2 premium plans and multi-SIM capability for the converged Volt proposition\n\n \n \n Combined full fiber footprint: Over 7 million7 fiber premises, executing fixed network upgrade and rollout on behalf of nexfibre\n\n \n \n Spectrum Acquisition: VMO2 to acquire 78.8 MHz of spectrum for an investment of £343 million, bringing total mobile spectrum share to approximately 30%. Spectrum transfer is expected to begin in H2 2025, with 2025 investment funded by the minority stake sale of Cornerstone in 2024\n\n \n \n Q2 Financial Highlights (in U.S. GAAP, as reported by Liberty Global ) 8\n\n \n \nRevenue of $3,373.5 million , -0.1% YoY on a reported basis and -5.5% YoY on a rebased9 basis\n \n \nPrimarily driven by the net effect of (i) lower B2B fixed revenue as a result of lower rental revenues and (ii) lower construction revenue from nexfibre, with each revenue category as defined and reported by the VMO2 JV\n\n \n \n\n \n \nAdjusted EBITDA10 of $1,172.3 million , +3.5% YoY on a reported basis and -2.1% on a rebased basis\n \n \nPrimarily driven by a decrease in the nexfibre construction impact to Adjusted EBITDA, partially offset by cost efficiencies\n\n \n \n\n \n \nProperty and equipment additions of $672.9 million , 14.8% YoY on a reported basis and 8.7% on a rebased basis\n\n \n \nAdjusted EBITDA less P&E additions10 of $499.4 million , -8.6% YoY on a reported basis and -13.6% on a rebased basis\n\n \n \nCash flows from operating activities of $972.4 million , cash flows from investing activities of - $289.0 million and cash flows from financing activities of - $473.9 million \n\n \n \n Q2 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants) 11\n\n \n \nRevenue of £2,526.8 million, -5.5% YoY on a reported and rebased basis\n\n \n \nRevenue excluding handsets and the impact of nexfibre construction of £2,175.0 million, -0.4% YoY on a reported and rebased basis\n\n \n \nAdjusted EBITDA of £984.2 million, -0.4% YoY on a reported and rebased basis\n \n \nQ2 2025 included the benefit of £105.8 million of U.S. GAAP/IFRS differences, primarily related to (i) the VMO2 JV's investment in CTIL and (ii) leases\n\n \n \n\n \n \nAdjusted EBITDA excluding the impact of nexfibre construction of £985.9 million, +1.1% YoY on a reported and rebased basis\n\n \n \nThe drivers of these IFRS changes are largely consistent with those under U.S. GAAP as detailed above\n\n \n \n Q2 Operating Highlights \n\n \n \nBroadband net losses of 51,400, driven by continued intense market competition and elevated churn\n\n \n \nPostpaid net losses of 73,600, primarily driven by competitive pressure from MVNOs and a weak handset market\n\n \n \nFixed ARPU was stable in Q2, supported by price adjustments\n\n \n \n 2025 VMO2 guidance (in IFRS) (i)\n\n \n \nWe are confirming12:\n \n \nGrowth in revenue excluding handsets and the impact of nexfibre construction\n\n \n \nGrowth in Adjusted EBITDA excluding the impact of nexfibre construction\n\n \n \nP&E additions of £2.0 to £2.2 billion\n\n \n \nAdjusted FCF and cash distributions to shareholders both in the range of £350 to £400 million\n\n \n \n\n \n \n \n \n(i)\n\n \n\n \n\n \n \nQuantitative 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.\n\n \n\n \n\n \n \n VodafoneZiggo \n\n \n VodafoneZiggo executing on new strategic plan with signs of commercial improvement \n\n \n VodafoneZiggo's second quarter results saw the anticipated impact of the new strategic plan including new front book tariffs implemented during the first quarter. Encouragingly, as the second quarter progressed, we saw growing commercial momentum in fixed broadband as churn improved. For the remainder of the year, we are committed to further commercial initiatives and the implementation of a new agile operating model. We remain on track to deliver guidance for 2025 as revised at Q1. \n\n \n Highlights for Q2 \n\n \n \n Improving commercial performance: Improved broadband trend through the second quarter following the implementation of new front book pricing and proactive customer migrations to those tariffs from March; successful start to Ziggo brand repositioning with new marketing campaigns, including WiFi Guarantee\n\n \n \n Fixed network expansion: Announced fiber wholesale deal with Delta Fiber , expanding reach to 600k homes in off-net areas; commercial launch expected in 2026\n\n \n \n Operating efficiency: New operating model implemented July 1 , creating a leaner and more agile operating structure\n\n \n \n Q2 Financial Highlights (in U.S. GAAP) \n\n \n \nRevenue of $1,123.3 million , +2.9% YoY on a reported basis and -2.4% on a rebased basis\n \n \nPrimarily driven by (i) a decline in the consumer fixed base, (ii) front book repricing impact and (iii) lower B2B mobile revenue, partially offset by (a) growth in B2B fixed and (b) growth in Ziggo Sport Totaal revenue\n\n \n \n\n \n \nAdjusted EBITDA of $496.7 million , -4.2% YoY on a reported basis and -9.1% on a rebased basis\n \n \nPrimarily driven by (i) the aforementioned decrease in revenue, (ii) higher programming costs related to the UEFA broadcast, and (iii) higher marketing costs, partially offset by cost control measures\n\n \n \n\n \n \nCash flows from operating activities of $251.7 million , cash flows from investing activities of - $118.8 million and cash flows from financing activities of - $134.5 million \n\n \n \n Q2 Financial Highlights (in U.S. GAAP) in local currency \n\n \n \nRevenue of €989.9 million, -2.4% YoY on both a reported and rebased basis\n\n \n \nAdjusted EBITDA of €438.0 million, -9.1% YoY on both a reported and rebased basis\n\n \n \n Q2 Operating Highlights \n\n \n \nBroadband net losses of 27,500 improved sequentially and as the quarter progressed, reflecting improvements in churn following the new front book and proactive customer migrations\n\n \n \nPostpaid net losses of 8,400, driven by low-margin B2B port outs, as Consumer remained positive\n\n \n \nFixed ARPU increased 0.9% YoY, as the benefit of the prior year's price adjustment was impacted by the proactive right-pricing of the new front book\n\n \n \nSuccessful WiFi Guarantee campaign launched in May and ongoing CPE swaps\n\n \n \n 2025 VodafoneZiggo guidance (in U.S. GAAP) \n\n \n \nWe are confirming:\n \n \nLow-single digit decline in revenue growth\n\n \n \nMid- to high-single digit decline in Adjusted EBITDA growth\n\n \n \nP&E additions to sales: 20-22%\n\n \n \nAdjusted FCF of €200-€250 million13\n\n \n \nCash distributions to shareholders of €200-€250 million\n\n \n \n\n \n \n Telenet \n\n \n Telenet delivered growth in broadband and postpaid during the second quarter resulting in an improved outlook for the year \n\n \n Telenet continued to deliver strong results during the second quarter, supported by the earlier annual price adjustment and improved commercial momentum in broadband and postpaid. Strategically, expansion in the South of Belgium continues to gain momentum, with BASE also compensating for the heightened competitive environment in mobile. Following the strong overall first half performance, Telenet now expects a 'low-single digit decline' in Adj. EBITDAaL4, at the top-end of the previous outlook range, notwithstanding the upcoming tough Q3 comparator as previously highlighted. \n\n \n Highlights for Q2 \n\n \n \n Broadband and postpaid growth: Despite the competitive environment, Telenet delivered growth in the subscriber base, with BASE continuing its solid growth since launch last year\n\n \n \n Price adjustment: Implemented price adjustment from April of ~3% across the Telenet brand, benefiting the quarter from earlier implementation as compared to the prior year\n\n \n \n FTTH sharing : Proximus, Fiberklaar, Telenet and Wyre have strongly progressed to reach an agreement in principle on the terms of a future collaboration to accelerate the deployment of fiber networks across Flanders. Parties are working closely with the BCA and BIPT and anticipate the start of a market test in September\n\n \n \n Q2 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global ) \n\n \n \nRevenue of $801.0 million , +6.1% YoY on a reported basis and +0.6% on a rebased basis\n \n \nPrimarily driven by (i) higher fixed revenue supported by the April price rise and (ii) higher programming revenue, partially offset by (a) lower interconnect revenue and (b) lower handset sales\n\n \n \n\n \n \nAdjusted EBITDA of $337.9 million , +8.3% YoY on a reported basis and +2.8% on a rebased basis\n\n \n \nAdjusted EBITDAaL of $337.7 million , +8.3% YoY on a reported basis and +2.8% on a rebased basis\n \n \nPrimarily driven by (i) the increase in revenue, (ii) lower labor costs and (iii) lower sales and marketing costs, partially offset by (a) higher IT costs and (b) higher costs related to professional services and outsourced labor\n\n \n \n\n \n \nProperty and equipment additions of $269.3 million , +33.8% YoY on a reported basis and +27.2% on a rebased basis\n\n \n \nAdjusted EBITDA less P&E Additions of $68.6 million , -38.0% YoY on a reported basis and -41.3% on a rebased basis\n\n \n \nCash flows from operating activities of $290.0 million , cash flows from investing activities of - $262.4 million and cash flows from financing activities of - $40.9 million \n\n \n \n Q2 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants) 11\n\n \n \nRevenue of €705.9 million, +0.6% YoY on both a reported and rebased basis\n\n \n \nAdjusted EBITDA of €341.5 million, +3.6% YoY on both a reported and rebased basis\n \n \nQ2 2025 included the benefit of €43.7 million of U.S. GAAP/IFRS differences, primarily related to (i) sports and film broadcasting rights and (ii) leases\n\n \n \n\n \n \nAdjusted EBITDAaL of €322.1 million, +4.0% YoY on both a reported and rebased basis\n\n \n \nThe drivers of these IFRS changes are largely consistent with those under U.S. GAAP as detailed above\n\n \n \n Q2 Operating Highlights \n\n \n \nBroadband returned to modest growth, with net adds of 900, supported by reduced churn and continued expansion of BASE FMC in the South\n\n \n \nPostpaid mobile also returned to growth, with net adds of 1,300 as BASE mitigated the impact of heightened competition in the Belgian market\n\n \n \nFixed ARPU grew by 3.1% YoY, supported by the price adjustment of ~3% from April on the Telenet brand, which took effect earlier than in the prior year\n\n \n \n 2025 Telenet guidance (in IFRS) 4\n\n \n \nWe are confirming:\n \n \nBroadly stable revenue (FY 2024: €2,851.4 million)\n\n \n \nP&E Additions as a percentage of revenue of around 38%\n\n \n \nAdjusted FCF between -€180.0 and -€150.0 million\n\n \n \n\n \n \nWe are updating:\n \n \nLow-single digit decline in Adjusted EBITDAaL (updated from low- to mid-single digit decline) (FY 2024: €1,279.9 million)\n\n \n \n\n \n \n Virgin Media Ireland \n\n \n Virgin Media Ireland continues to expand full fiber network and wholesale customer base \n\n \n Virgin Media Ireland's second quarter results were impacted by intense competition in the market which drove a decline in revenue and Adj. EBITDA. While the competitive landscape remains challenging, Virgin Media Ireland continues to make progress against its strategic targets, which include rolling out FTTH, increasing wholesale penetration and driving commercial momentum in mobile. \n\n \n Highlights for Q2 \n\n \n \n Network upgrade: Fiber rollout continuing at pace, with over 550,000 premises upgraded to full fiber at the end of Q2; 80% targeted by end of 2025 and remain on track to complete program in 2026\n\n \n \n Speed leadership : Launched Ireland's first 5 gigabit fiber broadband service\n\n \n \n Wholesale: Announced a wholesale access deal with Digiweb in June and continued to grow the wholesale customer base\n\n \n \n Q2 Financial Highlights (in U.S. GAAP) \n\n \n \nRevenue of $122.8 million , +2.3% YoY on a reported basis and -3.0% on a rebased basis\n \n \nPrimarily driven by lower fixed and mobile revenue resulting from the intense competitive environment, partially offset by continued strong growth in B2B wholesale revenue\n\n \n \n\n \n \nAdjusted EBITDA of $41.4 million , -9.4% YoY on a reported basis and -14.1% on a rebased basis\n \n \nPrimarily due to the aforementioned revenue decline and the impact of lower wholebuy and content costs in Q2 2024\n\n \n \n\n \n \nCash flows from operating activities of $46.3 million , cash flows from investing activities of - $61.3 million , and cash flows from financing activities of $14.8 million \n\n \n \n Q2 Financial Highlights (in U.S. GAAP) in local currency \n\n \n \nRevenue of €108.2 million, -3.0% YoY on both a reported and rebased basis\n\n \n \nAdjusted EBITDA of €36.5 million, -14.1% YoY on both a reported and rebased basis\n\n \n \n Q2 Operating Highlights \n\n \n \nBroadband net losses of 3,900 were impacted by continued competitive intensity in the market\n\n \n \nPostpaid net adds of 2,200 continued to improve both sequentially and YoY, primarily due to launch of new mobile offer during the quarter\n\n \n \nOver 1.5 million addressable homes, including off-net footprint\n\n \n \nOver 13% of the broadband base now on fiber\n\n \n \n Consolidated Leverage & Liquidity \n\n \n \nTotal principal amount of debt and finance leases: $9.9 billion \n\n \n \nAverage debt tenor14: 3.3 years, with ~34% not due until 2029 or thereafter\n\n \n \nBorrowing costs: Blended, fully-swapped cost of debt was 3.7%\n\n \n \nThe following table(i) details the U.S. dollar equivalents of our liquidity15 position at June 30, 2025 , which includes our (i) cash and cash equivalents, (ii) investments held under SMAs and (iii) unused borrowing capacity:\n\n \n \n \n \n\n \n\n \n\n \n \n Cash \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Unused \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n and Cash \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Borrowing \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n Equivalents \n\n \n\n \n\n \n \n\n \n\n \n\n \n SMAs(ii) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Capacity(iii) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Liquidity \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n in millions \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Liberty Global and unrestricted subsidiaries\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n598.7\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n82.8\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n681.5\n\n \n\n \n\n \n \n \n \n Telenet \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1,204.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n758.7\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,962.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n13.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n117.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n131.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,816.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n82.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n876.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,775.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n ____________________ \n \n \n \n(i)\n\n \n\n \n\n \n \nExcept as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.\n\n \n\n \n\n \n \n \n(ii)\n\n \n\n \n\n \n \nRepresents our SMA in a leveraged structured note issued by a third-party investment bank.\n\n \n\n \n\n \n \n \n(iii)\n\n \n\n \n\n \n \nOur aggregate unused borrowing capacity of $0.9 billion 16 represents maximum undrawn commitments under the applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing.\n\n \n\n \n\n \n \nThe following table(i) details the June 30, 2025 U.S. dollar equivalents of the (i) outstanding principal amounts of our debt and finance lease obligations, (ii) expected principal-related derivative cash payments or receipts and (iii) swapped principal amounts of our debt and finance lease obligations:\n\n \n \n \n \n\n \n\n \n\n \n \n Debt \n\n \n\n \n\n \n \n\n \n\n \n\n \n Finance Lease Obligations \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total Debt & Finance Lease Obligations \n\n \n\n \n\n \n \n\n \n\n \n\n \n Principal Related Derivative Cash Payments \n\n \n\n \n\n \n \n\n \n\n \n\n \n Swapped Debt & Finance Lease Obligations \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n in millions \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Telenet \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n7,377.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,380.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n144.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,524.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1,058.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,058.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,058.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther(ii)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1,380.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,413.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,413.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n9,816.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n34.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,851.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n144.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,996.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n ____________________ \n \n \n \n(i)\n\n \n\n \n\n \n \nExcept as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.\n\n \n\n \n\n \n \n \n(ii)\n\n \n\n \n\n \n \nDebt amount includes a loan of $1,379.9 million backed by the shares we hold in Vodafone Group plc. In July 2025 , we fully settled the loan using the value of the Vodafone shares and the Vodafone Collar.\n\n \n\n \n\n \n \n Liberty Global Consolidated Q2 Cash Flows \n\n \n \n \n \n\n \n\n \n\n \n \n Three months ended\n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six months ended\n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n $ in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Global Consolidated Cash Flows:\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash provided by operating activities of continuing operations\n\n \n\n \n\n \n \n149.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n253.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(41.2\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n278.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n345.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(19.3\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \nCash provided (used) by investing activities of continuing operations\n\n \n\n \n\n \n \n(299.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n631.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(147.4\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(246.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n567.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(143.5\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \nCash used by financing activities of continuing operations\n\n \n\n \n\n \n \n(124.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(199.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n37.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(191.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(439.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n56.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted FCF from continuing operations\n\n \n\n \n\n \n \n(201.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n60.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(432.0\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(342.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(91.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(275.4\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \nDistributable Cash Flow from continuing operations\n\n \n\n \n\n \n \n(201.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n60.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(432.0\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(342.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(91.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(275.4\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n Financial Highlights (in U.S. GAAP)5,6 \n\n \nThe 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.\n\n \n \n \n \n\n \n\n \n\n \n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Revenue \n\n \n\n \n\n \n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Telenet \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n801.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n755.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,560.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,517.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n122.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n120.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n238.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n243.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Consolidated Liberty Telecom \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n923.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n875.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,799.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,760.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Growth\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n137.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n866.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n233.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n720.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nLiberty Services & Corporate\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n246.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n241.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n480.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n496.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nConsolidated intercompany eliminations\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(38.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(72.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(73.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(136.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \nTotal consolidated\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,269.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,057.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,440.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,149.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Nonconsolidated 50% owned Liberty Telecom : \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n3,373.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,375.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(5.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,499.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,658.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(4.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVodafoneZiggo JV\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,123.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,091.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,175.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,205.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n ____________________ \n \n \n \nN.M. - Not Meaningful\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted EBITDA \n\n \n\n \n\n \n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Telenet \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n337.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n311.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n639.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n620.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n41.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(14.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n78.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n85.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Consolidated Liberty Telecom \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n379.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n357.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n718.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n706.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Growth\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(8.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(950.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n68.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(116.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n94.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Services & Corporate\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(25.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(25.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(38.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(56.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n32.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nConsolidated intercompany eliminations\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(10.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(35.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(20.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(69.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \nTotal consolidated\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n335.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n297.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n659.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n580.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Nonconsolidated 50% owned Liberty Telecom : \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,172.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,132.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,245.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,206.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVodafoneZiggo JV\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n496.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n518.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n959.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,037.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n ____________________ \n \n \n \nN.M. - Not Meaningful\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n \n Adjusted EBITDA less P&E Additions \n\n \n\n \n\n \n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Telenet \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n68.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n110.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(38.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(41.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n123.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n235.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(47.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(48.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(14.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(441.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(423.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(19.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(519.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(509.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Consolidated Liberty Telecom \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n54.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n114.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(52.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n103.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n240.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(56.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Growth\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(15.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n59.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(257.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n72.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Services & Corporate\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(28.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(31.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n8.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(45.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(67.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n32.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nConsolidated intercompany eliminations\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(25.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(50.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \nTotal consolidated\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n10.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n57.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(82.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(81.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n49.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n119.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(58.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(67.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Nonconsolidated 50% owned Liberty Telecom : \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n499.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n546.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(13.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n978.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n934.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVodafoneZiggo JV\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n268.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n263.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n524.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n538.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n ____________________ \n \n \n \nN.M. - Not Meaningful\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n Operating Data — June 30, 2025 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n Homes \n\n \n\n \n Passed \n\n \n\n \n\n \n \n\n \n\n \n\n \n Fixed-Line Customer \n\n \n\n \n Relationships \n\n \n\n \n\n \n \n\n \n\n \n\n \n Broadband \n\n \n\n \n Subscribers \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n RGUs \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Postpaid Mobile \n\n \n\n \n Subscribers \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total Mobile \n\n \n\n \n Subscribers(i) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Consolidated Reportable Segments: \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Telenet \n\n \n\n \n\n \n \n4,229,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,947,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,717,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,081,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,672,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,844,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n1,003,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n386,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n358,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n703,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n139,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n139,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total Consolidated Reportable Segments \n\n \n\n \n\n \n \n5,233,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,333,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,075,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,785,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,812,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,984,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Nonconsolidated Reportable Segments: \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV\n\n \n\n \n\n \n \n16,225,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,738,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,643,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,662,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,639,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36,013,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVodafoneZiggo JV(ii)\n\n \n\n \n\n \n \n7,603,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,339,700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,048,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,506,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,319,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,580,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n Subscriber Variance Table — June 30, 2025 vs. March 31, 2025 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n Homes \n\n \n\n \n Passed \n\n \n\n \n\n \n \n\n \n\n \n\n \n Fixed-Line Customer \n\n \n\n \n Relationships \n\n \n\n \n\n \n \n\n \n\n \n\n \n Broadband \n\n \n\n \n Subscribers \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n RGUs \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Postpaid Mobile \n\n \n\n \n Subscribers \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total Mobile \n\n \n\n \n Subscribers(i) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Organic Change Summary \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Consolidated Reportable Segments: \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Telenet \n\n \n\n \n\n \n \n13,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8,200\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(30,300\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n3,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,900\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(15,200\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total Consolidated Reportable Segments \n\n \n\n \n\n \n \n16,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(13,200\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(45,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,300\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Q2 2025 Consolidated Reportable Segments Adjustments: \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n(4,800\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Nonconsolidated Reportable Segments: \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV\n\n \n\n \n\n \n \n1,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(51,300\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(51,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(280,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(73,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n394,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVodafoneZiggo JV(ii)\n\n \n\n \n\n \n \n13,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(35,700\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(27,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(113,900\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(22,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n Subscriber Variance Table — June 30, 2025 vs. June 30, 2024 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n Homes \n\n \n\n \n Passed \n\n \n\n \n\n \n \n\n \n\n \n\n \n Fixed-Line Customer \n\n \n\n \n Relationships \n\n \n\n \n\n \n \n\n \n\n \n\n \n Broadband \n\n \n\n \n Subscribers \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n RGUs \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Postpaid Mobile \n\n \n\n \n Subscribers \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total Mobile \n\n \n\n \n Subscribers(i) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Organic Change Summary \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Consolidated Reportable Segments: \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Telenet \n\n \n\n \n\n \n \n102,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(32,900\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(149,700\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(45,900\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n14,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(11,100\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,100\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(55,300\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total Consolidated Reportable Segments \n\n \n\n \n\n \n \n117,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(44,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9,100\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(205,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(41,700\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Consolidated Reportable Segments Adjustments: \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Telenet \n\n \n\n \n\n \n \n(75,700\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n(4,800\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Nonconsolidated Reportable Segments: \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV\n\n \n\n \n\n \n \n16,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(72,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(67,200\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(843,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(196,100\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n391,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVodafoneZiggo JV(ii)\n\n \n\n \n\n \n \n54,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(146,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(109,100\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(491,100\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(35,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Nonconsolidated Reportable Segments Adjustments: \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV\n\n \n\n \n\n \n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(34,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(34,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVodafoneZiggo JV\n\n \n\n \n\n \n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n Footnotes for Operating Data and Subscriber Variance Tables: \n\n \n \n \n(i)\n\n \n\n \n\n \n \nIn 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 10,151,900 that are included in the total mobile subscriber count as defined and presented by the VMO2 JV.\n\n \n\n \n\n \n \n \n(ii)\n\n \n\n \n\n \n \nFixed-line counts for the VodafoneZiggo JV include certain B2B customers and subscribers.\n\n \n\n \n\n \n \n Additional General Notes to Tables: \n\n \nMost 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.\n\n \nWhile 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.\n\n \n Bond Update by Credit Silo \n\n \n VMO2 Credit Update \n\n \n \n \n Operating Statistics Summary \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n As of and for the \n\n \n\n \n three months ended \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n June 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Footprint \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nHomes Serviceable\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n18,535,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,489,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nHomes Serviceable net additions (QoQ)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n114,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n295,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Fixed \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nFixed-Line Customer Relationships\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n5,738,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,811,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOrganic Fixed-Line Customer Relationship net losses (QoQ)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(51,300\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(13,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nOrganic Fixed-Line Customer Relationship net additions (losses) (YoY)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(72,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBroadband Subscribers\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n5,643,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,710,700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOrganic Broadband net losses (QoQ)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(51,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12,200\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nOrganic Broadband net additions (losses) (YoY)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(67,200\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n43,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nQ2 Monthly ARPU per Fixed-Line Customer Relationship\n\n \n\n \n\n \n \n£\n\n \n\n \n\n \n48.51\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n48.49\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Mobile \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPostpaid Mobile Subscribers(i)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n15,639,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,870,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOrganic Postpaid Mobile net losses (QoQ)(i)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(73,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(118,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nOrganic Postpaid Mobile net losses (YoY)(i)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(196,100\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(112,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nQ2 Monthly Consumer Postpaid ARPU\n\n \n\n \n\n \n \n£\n\n \n\n \n\n \n18\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n18\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Convergence \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nConverged Households as % of Broadband RGUs\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n41.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n43.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n ____________________ \n \n \n \n(i)\n\n \n\n \n\n \n \nPreviously reported postpaid mobile subscribers figures have been restated. For more information regarding the VMO2 JV and the restatement, please visit its investor relations page.\n\n \n\n \n\n \n \n \n \n Financial Results (in IFRS) 11\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/\n(decrease) \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/\n(decrease) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Revenue \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nMobile\n\n \n\n \n\n \n \n£\n\n \n\n \n\n \n1,385.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n1,398.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.9\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n2,732.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n2,760.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.0\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \nHandset\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n273.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n288.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5.2\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n545.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n579.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5.9\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \nFixed\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n956.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n972.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.7\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,894.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,904.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.5\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \nConsumer Fixed\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n857.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n864.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.9\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,695.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,687.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nSubscription\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n838.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n846.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.9\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,658.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,654.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n18.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nB2B Fixed\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n99.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n108.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.2\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n199.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n216.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.1\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n185.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n302.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(38.7\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n379.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n597.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(36.5\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \nTotal revenue\n\n \n\n \n\n \n \n£\n\n \n\n \n\n \n2,526.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n2,673.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5.5\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n5,006.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n5,262.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4.9\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted EBITDA \n\n \n\n \n\n \n \n£\n\n \n\n \n\n \n984.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n987.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.4\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n1,898.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n1,913.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.8\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n P&E Additions \n\n \n\n \n\n \n \n£\n\n \n\n \n\n \n532.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n500.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n1,031.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n1,071.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nROU asset additions\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n38.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n62.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n68.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n138.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total P&E Additions including ROU asset additions \n\n \n\n \n\n \n \n£\n\n \n\n \n\n \n571.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n563.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n1,099.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n1,210.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.1\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \nP&E Additions as a % of revenue\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n21.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted EBITDA less P&E Additions \n\n \n\n \n\n \n \n£\n\n \n\n \n\n \n413.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n424.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.8\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n798.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n703.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted FCF \n\n \n\n \n\n \n \n£\n\n \n\n \n\n \n158.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n435.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n(727.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n(302.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n Third-Party Debt, Lease Obligations and Cash and Cash Equivalents \n\n \nThe 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:\n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Borrowing currency \n\n \n\n \n\n \n \n\n \n\n \n\n \n £ equivalent \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n in millions \n\n \n\n \n\n \n \n \n Senior and Senior Secured Credit Facilities: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTerm Loan N (Term SOFR + 2.50%) due 2028\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,804.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n2,044.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n£\n\n \n\n \n\n \n2,172.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTerm Loan O (EURIBOR + 2.50%) due 2029\n\n \n\n \n\n \n \n\n \n\n \n\n \n€\n\n \n\n \n\n \n750.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n643.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n628.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTerm Loan Q (Term SOFR + 3.25%) due 2029\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,300.0\n\n \n\n \n\n \n \n\n \n\n \n\...

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