Liberty Global — Q3 2026 Earnings Summary

Financial Performance:

• Consolidated revenue for the three months ended September 30, 2026, was $1,920.6 million, a 59.1% increase from $1,207.1 million in the prior year period (1.0% rebased growth).
• Consolidated net earnings were $547.7 million for the quarter, compared to a net loss of $83.4 million in the prior year period.
• Consolidated Adjusted EBITDA was $602.6 million for the quarter, a 79.1% increase from $336.5 million in the prior year period (13.7% rebased decline).
• Nine-month consolidated revenue was $4,367.2 million, a 19.7% increase from $3,647.4 million in the prior year period (0.8% rebased decline).
• Nine-month consolidated Adjusted EBITDA was $1,294.0 million, a 29.9% increase from $996.4 million in the prior year period (7.5% rebased decline).
• Total principal amount of debt and finance leases was $21.8 billion as of September 30, 2026.
• Liberty Global ended Q3 with approximately $2.0 billion of corporate cash.
• Adjusted Free Cash Flow (Distributable Cash Flow) for the quarter was $81.7 million, compared to a negative $84.5 million in the prior year period.

Guidance and Future Outlook:

• The planned spin-off of the Ziggo Group is on track for Q2 2027, with initial confidential submissions to the SEC and AFM expected in December 2026.
• Operating and financial synergies for the Ziggo Group are expected to exceed the previous Net Present Value (NPV) estimate of €1 billion.
• Virgin Media O2 aims to achieve £800 million in run-rate cost reductions by 2029, supported by a 30% reduction in people costs.
• Virgin Media O2 has halted its own fiber upgrade plan but continues to support nexfibre.
• VMO2 2026 guidance confirms total service revenue decline of 3% to 5% and Adjusted EBITDA decline of 3% to 5% (adjusted for the Daisy Transaction).
• VMO2 2026 guidance confirms P&E additions of £2.0 billion to £2.2 billion and Adjusted Free Cash Flow of around £200 million.
• VodafoneZiggo 2026 guidance confirms revenue stable to low-single digit decline and Adjusted EBITDA mid- to high-single digit decline.
• VodafoneZiggo 2026 guidance confirms P&E additions to revenue of 23% to 25% and Adjusted Free Cash Flow of around €100 million.
• Liberty Global anticipates ending 2026 with approximately $1.8 billion of corporate cash.

Business Segments and Product Lines:

• Ziggo Group: Revenue was $1,906.5 million (1.4% rebased growth). Adjusted EBITDA was $674.8 million (6.8% rebased decline). VodafoneZiggo reported the best quarterly broadband performance since Q2 2019 and became the first major provider globally to offer 8Gbps on DOCSIS 4.0. Telenet grew its broadband customer base for the sixth consecutive quarter.
• Virgin Media O2 (JV): Revenue was $3,262.7 million (5.7% rebased decline). Adjusted EBITDA was $1,207.8 million (3.9% rebased decline). Fixed-line net losses improved year-over-year, and mobile net losses also improved year-over-year.
• Wyre: Revenue was $193.8 million (2.1% rebased decline). Adjusted EBITDA was $138.9 million (12.2% rebased decline). Property and equipment additions were $179.9 million, an 83.8% increase year-over-year.
• Virgin Media Ireland: Revenue was $118.6 million (1.5% rebased decline). Adjusted EBITDA was $28.5 million (30.8% rebased decline). Postpaid net adds were positive for the seventh consecutive quarter.
• Liberty Growth: Revenue was $108.3 million (34.5% rebased growth). Adjusted EBITDA was a loss of $58.9 million.
• Liberty Corporate: Revenue was $248.1 million (10.9% rebased growth). Adjusted EBITDA was $8.2 million.

Market and Competitive Landscape:

• The UK telecom market is described as intensely competitive, contributing to pressure on fixed and mobile performance for Virgin Media O2.
• Competitive intensity persists in Ireland, though Virgin Media Ireland achieved its strongest aggregate broadband and wholesale net additions performance in seven quarters.
• VodafoneZiggo and Telenet maintained strong commercial momentum in the Benelux region.
• Virgin Media Ireland is the number one provider of 1Gbps+ connectivity in Ireland.
• VMO2 recorded the lowest level of broadband complaints among major UK providers in Ofcom's latest data.

Risks and Challenges:

• Virgin Media O2 faces a challenging macro-economic climate and intense competition in the UK market.
• VMO2 experienced consumer fixed and mobile revenue declines, partially offset by ARPU growth.
• Wyre's Adjusted EBITDA was impacted by higher costs under the arms-length reset of the Telenet MSA and higher coax maintenance costs.
• Virgin Media Ireland's Adjusted EBITDA decline was driven by a one-time change in estimates relating to the amortization of VMTV content rights.
• VMO2 is reviewing options regarding cash distributions to shareholders in 2026 pending the outcome of the Netomnia transaction.

Management Commentary and Tone:

• CEO Mike Fries stated the company made significant progress against key priorities, focusing on commercial initiatives and value unlock strategies.
• Management emphasized a focus on disciplined capital allocation and executing the unlock strategy to deliver value directly to shareholders.
• The tone regarding the Ziggo spin-off was positive, citing the formal creation of the Ziggo Group and the announcement of the full executive leadership team.
• Management noted that both operating businesses in the Netherlands and Belgium reported strong quarterly results.
• Regarding VMO2, management outlined a strategic plan to simplify the business and drive sustainable growth and cash generation.

Other Key Points:

• Liberty Global completed $100 million of share buybacks during Q3 2026 and expects a further $100 million in Q4.
• An agreement was reached to sell VodafoneZiggo's mobile towers for €669 million (16.2x 2025 EBITDA), with proceeds to be used for deleveraging at VodafoneZiggo.
• The sale of mobile towers is part of a wider €1.2 billion to €1.4 billion target for Ziggo Group non-core asset disposals.
• VMO2 secured a long-term extension of The O2 naming rights agreement through 2038.
• Ziggo became the first major provider worldwide to offer 8Gbps on DOCSIS 4.0.
• Virgin Media Ireland announced a Superfast broadband footprint expansion covering more homes than any other provider.
• VMO2 launched a new voice AI agent to handle broadband fault calls.
• VodafoneZiggo included ESPN in standard TV packages, supporting a €2.50 price increase.
• The Ziggo Group executive leadership team was announced, led by CEO Stephen van Rooyen and CFO Jany Fruytier, with Rocío Lorenzo as Telenet's new CEO.
• VMO2's net earnings were not explicitly detailed in the consolidated table but VMO2 guidance and specific segment data were provided.
• VMO2 has undrawn commitments of £1,378.0 million equivalent as of September 30, 2026.
• VMO2 leverage ratios as of September 30, 2026, include Net Senior Debt to Annualized Adjusted EBITDA of 3.89x and Net Total Debt to Annualized Adjusted EBITDA of 4.19x.