Liberty Global Ltd.

What they do

Liberty Global reports consolidated Liberty Telecom operations consisting of Telenet (Belgium), Wyre (Belgium) and Virgin Media Ireland, plus a Liberty Growth investment portfolio and a Liberty Corporate segment. Beyond the consolidated perimeter, it holds 50% noncontrolling interests in two joint ventures: Virgin Media O2 in the UK and VodafoneZiggo in the Netherlands. Revenue comes from residential and business broadband, video and mobile subscriptions, wholesale access, and to a lesser degree from its investment portfolio. The 10-K/A filed March 26, 2026 was amended solely to include the separate consolidated financial statements of equity investee VMED O2 UK Limited under Regulation S-X Rule 3-09.

Revenue drivers

• Telenet (Belgium) — Largest consolidated segment, generating $753.1 million of Q2 2026 revenue (down 4.1% reported, 1.0% rebased year over year) and $1,512.5 million in the first half of 2026.
• Wyre and VM Ireland — Wyre contributed $197.8 million in Q2 2026 and VM Ireland $122.4 million; together they are smaller consolidated fixed and mobile operations in Belgium and Ireland.
• Liberty Growth portfolio — Investment segment with $110.8 million of Q2 2026 revenue (down 32.4% reported) and a reported $2.9 billion fair market value, with the top five holdings over 50% of that value.
• Liberty Corporate and eliminations — Corporate segment reported $232.7 million of Q2 2026 revenue, largely intercompany, with $244.8 million of consolidated intercompany eliminations in the quarter.

Recent performance

Q2 2026 consolidated revenue was $1,172.0 million, down 7.7% reported and 6.0% rebased from $1,269.1 million a year earlier. Operating income was $3.0 million for the quarter versus $29.6 million in Q2 2025, and the consolidated net loss attributable to Liberty Global was $357.8 million versus a $2,773.8 million loss a year earlier. The prior-year quarter included $2,089.9 million of foreign currency transaction losses and $406.0 million of derivative losses; Q2 2026 had a $155.4 million gain from changes in fair values of certain investments but a $289.9 million negative share of results of affiliates. For the six months ended June 30, 2026, revenue was $2,446.6 million and operating income was $26.8 million. Full-year 2025 revenue was $4.88 billion with a net loss of $7.10 billion and operating cash flow of $1.21 billion.

Strategy

Management is executing a plan to spin off the Ziggo Group (Netherlands and Belgium assets) as early as mid-2027, with Ziggo Group management announced in June 2026. In the Netherlands, Liberty Global expects to close the acquisition of Vodafone's 50% stake in VodafoneZiggo by the end of July 2026 with all approvals met; in Belgium, the Belgian Competition Authority approved the fiber sharing agreement with Proximus. The Liberty Growth portfolio is being monetized, including the full exit of EdgeConneX for $604 million in proceeds at a 30% IRR, bringing year-to-date disposals to $900 million. The company reports $1.2 billion of year-to-date asset monetizations, including $900 million of Growth portfolio disposals and a $340 million asset-backed loan secured by part of its Wyre stake. Management raised its year-end corporate cash target from $1.5 billion to $2.0 billion.

Risks

• High leverage — Total liabilities were $12.07 billion against $21.53 billion of assets at June 30, 2026, including $7.73 billion of long-term debt and finance lease obligations and a $620.4 million current portion.
• Foreign currency swings — Q2 2025 results included $2,089.9 million of foreign currency transaction losses and the six months ended June 30, 2025 included $3,170.9 million, showing reported earnings are highly sensitive to currency moves.
• Joint venture dependence — A large part of the business sits in 50%-owned VMO2 and VodafoneZiggo, which are not consolidated; share of results of affiliates was a $289.9 million loss in Q2 2026 and a $311.6 million loss for the first half.
• Execution risk on Ziggo spin-off — The spin-off is targeted for as early as mid-2027 and depends on steps including the VodafoneZiggo stake purchase, capital structure separation at Telenet and Wyre, and regulatory approvals already partly obtained.

Outlook

Management describes the second quarter as continued progress toward the Ziggo Group spin-off in 2027 and toward closing the VodafoneZiggo stake acquisition. It upgraded its year-end corporate cash target to $2.0 billion after $1.2 billion of year-to-date monetizations. Liberty Telecom operators reported positive broadband subscriber trends: VodafoneZiggo's best quarterly broadband net adds in six years, Telenet's fifth consecutive quarter of positive broadband net adds, and VMO2 full-fiber expansion reaching 9 million premises.