CEO
Liberty Telecom : Our Telecom operations delivered strong Q1 commercial results with sequential improvement in broadband net adds across our markets.Virgin Media O2 further optimized its fixed commercial initiatives and launched O2 Satellite, becoming the firstUK operator to provide direct-to-device satellite connectivity. VodafoneZiggo improved broadband net adds for the fourth consecutive quarter since its new strategic plan whileTelenet achieved its best broadband performance in over 10 years, driven by exceptional sales execution and cross-sell campaigns.Virgin Media Ireland delivered another positive quarter of wholesale growth, while driving positive postpaid mobile net adds for the fifth consecutive quarter.- Liberty Growth: We continued to execute our strategy of rotating capital within the Growth portfolio during Q1, exiting half of our 5% stake in ITV and a portion of our
EdgeConneX investment, with combined disposal proceeds of~$180m in the quarter and$300m 15 through April. The portfolio remains concentrated, with our top five investments comprising ~65% of its$3.4B 1 FMV atMarch 31, 2026 . We have also movedLiberty Blume into a new 'Services' pillar in the portfolio, to reflect its increased focus on third-party revenue growth going forward. Liberty Growth continues to be a significant source of capital and we are focused on investing in sectors that have structural tailwinds along with a clear path to value creation. - Liberty Corporate: As we highlighted at our year-end call, we delivered a substantial reshaping of our corporate operating model that will result in a ~75% improvement to our Adj. EBITDA outlook13 for this year compared to 2024. As we look ahead, we remain committed to identifying further efficiencies and are squarely focused on executing our strategy to grow and deliver value directly to shareholders.
We ended the first quarter with a consolidated cash balance of
For more information, including the bond update by credit silo, please see our full release here: https://www.libertyglobal.com/wp-content/uploads/2026/05/LG-Q1-2026-Press-Release.pdf
Key Summary of Operating and Financial Highlights2,3
| Three months ended | Increase/(decrease) | ||||||||||||
| 2026 | 2025 | Reported % | Rebased %4 | ||||||||||
| in millions, except % amounts | |||||||||||||
| Revenue | |||||||||||||
| $ | 759.4 | $ | 743.2 | 2.2 | (0.4 | ) | |||||||
| Wyre | 198.9 | 180.8 | 10.0 | (1.0 | ) | ||||||||
| VM Ireland | 127.0 | 115.8 | 9.7 | (1.4 | ) | ||||||||
| 1,085.3 | 1,039.8 | 4.4 | |||||||||||
| Liberty Growth | 177.6 | 127.3 | 39.5 | 25.4 | |||||||||
| Liberty Corporate | 239.2 | 207.4 | 15.3 | (2.4 | ) | ||||||||
| Consolidated intercompany eliminations | (227.5 | ) | (203.3 | ) | N.M. | N.M. | |||||||
| Total consolidated | $ | 1,274.6 | $ | 1,171.2 | 8.8 | 2.9 | |||||||
| Nonconsolidated 50% owned | |||||||||||||
| VMO2 JV | $ | 3,222.4 | $ | 3,126.3 | 3.1 | (6.5 | ) | ||||||
| VodafoneZiggo JV | $ | 1,148.5 | $ | 1,052.0 | 9.2 | (1.8 | ) | ||||||
| Net earnings (loss) | |||||||||||||
| Liberty Global Consolidated | $ | 358.2 | $ | (1,323.3 | ) | 127.1 | |||||||
| Liberty Growth | $ | (39.8 | ) | $ | (13.8 | ) | (188.4 | ) | |||||
| Liberty Corporate | $ | 362.8 | $ | (1,406.1 | ) | 125.8 | |||||||
| Adjusted EBITDA | |||||||||||||
| $ | 183.9 | $ | 155.8 | 18.0 | 8.8 | ||||||||
| Wyre | 154.3 | 145.8 | 5.8 | (4.6 | ) | ||||||||
| VM Ireland | 38.4 | 37.2 | 3.2 | (7.1 | ) | ||||||||
| 376.6 | 338.8 | 11.2 | |||||||||||
| Liberty Growth | 2.0 | 10.3 | (80.6 | ) | N.M. | ||||||||
| Liberty Corporate | (2.3 | ) | (14.5 | ) | 84.1 | N.M. | |||||||
| Consolidated intercompany eliminations | (9.8 | ) | (10.0 | ) | N.M. | N.M. | |||||||
| Total consolidated | $ | 366.5 | $ | 324.6 | 12.9 | 1.4 | |||||||
| Nonconsolidated 50% owned | |||||||||||||
| VMO2 JV | $ | 1,091.8 | $ | 1,073.4 | 1.7 | (7.0 | ) | ||||||
| VodafoneZiggo JV | $ | 482.0 | $ | 463.1 | 4.1 | (6.4 | ) | ||||||
| Subscriber Variance Table — | |||||||||||
| Fixed-Line Customer Relationships | Broadband Subscribers | Total RGUs | Postpaid Mobile Subscribers | ||||||||
| Organic Change Summary | |||||||||||
| Consolidated Reportable Segments: | |||||||||||
| (13,500 | ) | 17,100 | (143,400 | ) | (9,100 | ) | |||||
| VM Ireland | (3,300 | ) | (2,500 | ) | (11,300 | ) | 1,800 | ||||
| Total Consolidated Reportable Segments | (16,800 | ) | 14,600 | (154,700 | ) | (7,300 | ) | ||||
| Q1 2026 Consolidated Reportable Segments Adjustments: | |||||||||||
| — | — | — | (10,600 | ) | |||||||
| Nonconsolidated Reportable Segments: | |||||||||||
| VMO2 JV | (6,900 | ) | (5,300 | ) | (172,000 | ) | (60,400 | ) | |||
| VodafoneZiggo JV(i) | (15,100 | ) | (8,500 | ) | (64,200 | ) | 24,700 | ||||
| Q1 2026 Joint Venture Adjustments: | |||||||||||
| VMO2 JV | — | — | — | (72,300 | ) | ||||||
_______________
(i) Organic movements for the periods presented exclude certain B2B customers and subscribers for fixed line counts and include voice-only connections for mobile counts
VMO2 delivered improved fixed performance in Q1, driven by ongoing optimization of commercial initiatives which are helping to stabilize the base despite sustained promotional market intensity. VMO2 also advanced its network strategy through investments in O2 Satellite, network upgrades, spectrum transfers and continued full-fiber expansion. Q1 financial performance was inline with expectations, with the anticipated decline in consumer and business revenue partially offset by wholesale growth. VMO2 remains on track for all full-year guidance.5
Highlights for Q1
- Connectivity and mobile network: O2 Satellite launched, becoming the first
UK mobile network to provide direct-to-device satellite connectivity; advanced mobile network transformation through new RAN upgrade agreements and second spectrum tranche transferred fromVodafone UK - Full-fiber footprint: Now reaching 8.7 million6 premises, driving long-term network modernization and improved operational efficiency
- Customer experience: Rolled out 24/7 broadband support, as
Virgin Media broadband complaints decreased 42% year-over-year - O2 Business: The rebrand follows the integration of the
Daisy Group , which is continuing at pace
Q1 Financial Highlights (in
- Revenue of
$3,222.4 million , +3.1% YoY on a reported basis and -6.5% YoY on a rebased4 basis- Primarily driven by (i) lower nexfibre construction revenue, (ii) lower consumer fixed and consumer mobile revenue and (iii) lower business revenue as O2 Business rationalizes the product portfolio, partially offset by growth in wholesale service revenue
- Adjusted EBITDA8 of
$1,091.8 million , +1.7% YoY on a reported basis and -7.0% on a rebased basis- Primarily driven by (i) lower total service revenue and (ii) a non-cash provision for legal matters recorded in the quarter, partially offset by cost reduction initiatives
- Property and equipment additions of
$609.5 million , +2.6% YoY on a reported basis and -4.7% on a rebased basis - Adjusted EBITDA less P&E additions8 of
$482.3 million , +0.6% YoY on a reported basis and -9.8% on a rebased basis - Cash flows from operating activities of
$476.1 million , cash flows from investing activities of -$263.5 million and cash flows from financing activities of -$472.5 million
Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)9
- Revenue of £2,390.1 million, -3.6% YoY on a reported basis and -6.5% on a rebased basis, adjusted for the Daisy Transaction
- Total service revenue was £2,007.9 million, -0.4% YoY on a reported basis and -3.0% on a rebased basis, adjusted for the Daisy Transaction
- Adjusted EBITDA of £901.7 million, -1.4% YoY on a reported basis and -3.4% on a rebased basis, adjusted for the Daisy Transaction
- Q1 2026 included the benefit of £91.9 million of
U.S. GAAP/IFRS differences, primarily related to (i) the VMO2 JV's investment in CTIL and (ii) leases
- Q1 2026 included the benefit of £91.9 million of
- The drivers of these IFRS changes are largely consistent with those under
U.S. GAAP, as detailed above
Q1 Operating Highlights
- Consumer broadband net losses of 5,300, reflecting a progressively stabilizing base despite sustained competitive intensity
- Postpaid net losses of 60,400, driven by moderate losses in the consumer and business segments, with consumer contract churn reducing as expected
- Fixed ARPU declined by 1.6% YoY, reflecting sustained promotional intensity in the market
2026 VMO2 guidance (in IFRS)(i)
We are confirming5:
- Revenue: Total service revenue decline of 3 to 5% year-over-year, adjusted for the Daisy Transaction
- Adj. EBITDA: Adjusted EBITDA decline of 3 to 5% year-over-year, adjusted for the Daisy Transaction
- P&E additions: £2.0-£2.2B
- Adj. FCF: Around £200m10
- Cash distributions to shareholders: Around £200m
(i) Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) and cash flow from operating activities for Adjusted EBITDA, Adjusted EBITDAaL and Adjusted FCF guidance for
VodafoneZiggo continues to execute commercial turnaround with successful rebranding and new product propositions
VodafoneZiggo delivered further key milestones in Q1, aligned with the 'How We Win Plan' set out in early 2025. Broadband net losses improved sequentially for the fourth consecutive quarter while maintaining stable ARPU, supported by the lowest churn level in three years in the consumer segment. Q1 also saw strong performance in mobile on the hollandsnieuwe brand, driven by new commercial propositions launched in January. Revenue performance improved sequentially, while Adj. EBITDA saw the anticipated impact of investments in network resilience and service reliability. VodafoneZiggo remains on track for all full-year guidance.
Highlights for Q1
- Commercial momentum: Fourth consecutive quarter of improving broadband trends; launched 'The Everything Network' rebrand campaign, new mobile bundles on hollandsnieuwe brand and new
Vodafone Unlimited and Kids & Teens products - Network quality: Both Vodafone and Ziggo networks received 'Outstanding' rating from Umlaut, and Ziggo highlighted for highest score on download speed in
the Netherlands
Q1 Financial Highlights (in
- Revenue of
$1,148.5 million , +9.2% YoY on a reported basis and -1.8% on a rebased basis- Primarily driven by (i) the lower broadband customer base and ongoing repricing impact, and (ii) lower B2B mobile revenue
- Adjusted EBITDA of
$482.0 million , +4.1% YoY on a reported basis and -6.4% on a rebased basis- Primarily driven by (i) the aforementioned revenue decline, and (ii) investment in network resilience and service reliability, partially offset by lower labor, service delivery and energy costs
- Cash flows from operating activities of
$199.2 million , cash flows from investing activities of -$141.8 million and cash flows from financing activities of -$153.0 million
Q1 Financial Highlights (in
- Revenue of €980.9 million, -1.8% YoY on both a reported and rebased basis
- Adjusted EBITDA of €411.5 million, -6.4% YoY on both a reported and rebased basis
Q1 Operating Highlights
- Broadband net losses of 8,500 improved sequentially, reflecting higher sales and lower churn, primarily in the consumer segment, as a result of new front book pricing and migration programs
- Postpaid net adds of 24,700 driven by strong hollandsnieuwe sales, supported by new commercial propositions, and stabilizing B2B net adds
- Fixed ARPU stable YoY, as the fixed price indexation was partially offset by the proactive right-pricing of the new front book
2026 VodafoneZiggo guidance (in
We are confirming:
- Revenue: Stable to low-single digit decline
- Adj. EBITDA: Mid- to high-single digit decline
- P&E additions to revenue: 23-25%
- Adj. FCF: Around €100 million10
- Cash distributions to shareholders: No Distributions11
During the first quarter,
Highlights for Q1
- Broadband momentum: Best quarterly broadband net adds performance in 10 years was driven by effective cross-selling into the video subscriber base
- Caviar stake disposal: The full exit from Caviar is part of a realignment of
Telenet's media and entertainment strategy and enablesTelenet to sharpen its focus on the Flemish media ecosystem and continued digital innovation
Q1 Financial Highlights (in
- Revenue of
$759.4 million , +2.2% YoY on a reported basis and -0.4% on a rebased basis- Primarily due to lower fixed revenue driven by the strategic non-renewal of the Belgian Football rights, partially offset by higher broadband revenue and higher handset sales
- Adjusted EBITDA of
$183.9 million , +18.0% YoY on a reported basis and +8.8% on a rebased basis - Adjusted EBITDAaL of
$183.9 million , +18.0% YoY on a reported basis and +8.6% on a rebased basis- Primarily driven by (i) lower programming costs related to the non-renewal of the Belgian football rights, (ii) lower labor costs and (iii) lower wholesale fees reflecting new wholesale pricing and a lower subscriber base
- Property and equipment additions of
$108.1 million , -17.4% YoY on a reported basis and -25.6% on a rebased basis, reflecting lower capital intensity in line withTelenet's full year outlook - Adjusted EBITDA less P&E Additions of
$75.8 million , +204.4% YoY on a reported basis and N.M. on a rebased basis - Cash flows from operating activities of
$183.5 million , cash flows from investing activities of -$296.2 million and cash flows from financing activities of -$131.5 million - Adjusted FCF of
$10.5 million
Q1 Financial Highlights (in IFRS)9
- Revenue of €648.6 million, -8.1% YoY on a reported basis and -0.4% YoY on a rebased basis
- Adjusted EBITDA of €190.4 million, +3.0% YoY on a reported basis and +5.0% YoY on a rebased basis
- Q1 2025 included the benefit of €33.4 million of
U.S. GAAP/IFRS differences, primarily related to (i) sports and film broadcasting rights and (ii) leases
- Q1 2025 included the benefit of €33.4 million of
- Adjusted EBITDAaL of €171.1 million, +3.1% YoY on a reported basis and +5.6% on a rebased basis
- Property and equipment additions of €107.5 million, -43.3% YoY on a reported basis and -43.2% on a rebased basis
- Adjusted EBITDA less P&E Additions of €82.9 million, N.M. on a reported and rebased basis
- The drivers of these IFRS changes are largely consistent with those under
U.S. GAAP, as detailed above
Q1 Operating Highlights
- Broadband net adds of 17,100 driven by successful cross-selling into video customer base and strong BASE performance
- Postpaid net losses of 9,100 driven by the discontinuation of end-of-year promotions and continued market competition
- Fixed ARPU remains stable at -0.2% YoY where the positive impacts from the price increases at
Telenet and cross-selling were offset by the removal of the football rights from bundles and the negative mix impact due to higher BASE share
2026
We are confirming:
- Revenue growth: Stable
- Adj. EBITDAaL: Low-single digit growth
- P&E additions to revenue: Around 20%
- Adj. FCF: Return to positive Adj. FCF of around €20m
Wyre signs fiber sharing agreement with Proximus and continues to execute fiber roll out plan
Wyre and Proximus signed their fiber sharing agreement in April, marking an important step in advancing Wyre’s next phase of its network strategy. The agreement is still subject to approval by the
Highlights for Q1
- Capital structure separation: Financing is in place to fully separate the
Telenet and Wyre capital structures, pending approval of the fiber sharing agreement by the BCA, including the repayment of all outstanding shareholder loans with its shareholdersTelenet andFluvius - Fiber roll out: Wyre continued to progress its fiber build plan during the quarter, in line with its medium-term targets
Q1 Financial Highlights (in
- Revenue of
$198.9 million , +10.0% YoY on a reported basis and -1.0% on a rebased basis- Primarily driven by new wholesale pricing model, partially offset by higher dark fiber related revenue
- Adjusted EBITDA of
$154.3 million , +5.8% YoY on a reported basis and -4.6% on a rebased basis - Adjusted EBITDAaL of
$154.0 million , +5.8% on a reported basis and -4.6% on a rebased basis- Primarily driven by (i) increased costs related to the insourcing of certain technical services and (ii) higher labor costs to support organizational growth
- Property and equipment additions of
$192.6 million , +66.3% YoY on a reported basis and +50.1% on a rebased basis - Cash flows from operating activities of
$32.2 million , cash flows from investing activities of -$164.5 million and cash flows from financing activities of$141.1 million - Adjusted FCF of -
$132.3 million
Q1 Financial Highlights (in IFRS)9
- Revenue of €169.9 million, -1.0% YoY on both a reported and rebased basis
- Adjusted EBITDA of €132.4 million, -4.7% YoY on both a reported and rebased basis
- Adjusted EBITDAaL of €131.6 million, -4.6% YoY on both a reported and rebased basis
- Property and equipment additions of €167.5 million, +51.6% YoY on a reported basis and rebased basis
- The drivers of these IFRS changes are largely consistent with those under
U.S. GAAP, as detailed above
Highlights for Q1
- Wholesale performance: Continued momentum with over 6k net additions during the quarter
- Fiber rollout progress: Fiber expansion remains on track to substantially complete by year-end, with ~40k additional connections built in the quarter
- Home of international rugby:
Virgin Media Ireland will become the exclusive free-to-air Irish broadcaster of the Nations Championship, cementingVirgin Media Television's role as the home of top-class international rugby
Q1 Financial Highlights (in
- Revenue of
$127.0 million , +9.7% YoY on a reported basis and -1.4% on a rebased basis- Primarily driven by lower consumer fixed and mobile revenue, as well as lower VMTV revenue due to lower advertising revenue, partially offset by growth in wholesale
- Adjusted EBITDA of
$38.4 million , +3.2% YoY on a reported basis and -7.1% on a rebased basis- Primarily driven by (i) the decline in revenue, and (ii) a tough comparison against Q1 2025 due to a one-off benefit in the prior year, partially offset by enhanced cost discipline including a lower IT cost base
- Cash flows from operating activities of -
$1.5 million , cash flows from investing activities of -$46.7 million , and cash flows from financing activities of$35.6 million
Q1 Financial Highlights (in
- Revenue of €108.5 million, -1.4% YoY on both a reported and rebased basis
- Adjusted EBITDA of €32.8 million, -7.1% YoY on both a reported and rebased basis
Q1 Operating Highlights
- Broadband net losses of 2,500 impacted by ongoing market competition
- Postpaid net adds of 1,800 marked the fifth consecutive quarter of customer base growth, driven by earlier commercial initiatives
- Wholesale broadband net adds of 6,300 driven by a strong quarter of new activations
Appendix
Forward-Looking Statements and Disclaimer
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our, our subsidiaries', and our joint ventures' strategies, future growth prospects and opportunities; expectations regarding our and our businesses' financial performance, including Reported and Rebased Revenue, Reported and Rebased Adjusted EBITDA, Reported and Rebased Adjusted EBITDA less P&E Additions, property and equipment additions, Adjusted Free Cash Flow, Distributable Cash Flow and ARPU metrics; our operating companies' 2026 U.S. GAAP and IFRS financial and operational guidance; our future strategies for maximizing and creating value for our shareholders, including any potential separations of our business or capital market or private transactions that we may undertake with respect to any of our businesses, including the timing, costs, and benefits to be derived therefrom; the expected timing, completion, structure and post-transaction ownership of announced or contemplated acquisitions, dispositions, business separations or spin-off transactions; the anticipated receipt of required regulatory approvals and satisfaction of closing conditions; the anticipated acquisition of the remaining equity interest that we don't own in VodafoneZiggo, including the future performance, activities, and ownership of such business and the timing, costs, and benefits to be derived from such transaction; the expected drivers of future operational and financial performance at our operating companies and our joint ventures; our, our affiliates' and our joint ventures' plans with respect to networks, products and services and the investments in such networks, products and services, the planned fiber upgrade programs in the
About
Liberty Global Ltd. (Nasdaq: LBTYA, LBTYB, LBTYK) delivers long-term shareholder value through the strategic management of two complementary platforms:
Liberty Growth invests in scalable businesses across the technology, media, sports and infrastructure sectors, with a portfolio of roughly 70 companies and funds valued at
Balance Sheets, Statements of Operations and Statements of Cash Flows
The condensed consolidated balance sheets, statements of operations and statements of cash flows of
Rebase Information
Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For purposes of calculating rebase growth rates on a comparable basis for all businesses that we owned during 2026, we have adjusted our historical revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for the three months ended
The following table provides adjustments made to 2025 amounts (i) for our consolidated reportable segments and (ii) for the nonconsolidated VMO2 JV and VodafoneZiggo JV to derive our rebased growth rates:
| Three months ended | |||||||||||
| Revenue | Adjusted EBITDA | Adjusted EBITDA less P&E Additions | |||||||||
| in millions | |||||||||||
| Consolidated | |||||||||||
| Acquisitions and dispositions | $ | (64.6 | ) | $ | (5.3 | ) | $ | (12.1 | ) | ||
| Foreign currency | 83.6 | 18.5 | 4.1 | ||||||||
| Wyre: | |||||||||||
| Acquisitions and dispositions | — | 0.8 | 7.6 | ||||||||
| Foreign currency | 20.2 | ` | 15.2 | 3.1 | |||||||
| VM Ireland: | |||||||||||
| Foreign currency | 13.0 | 4.1 | (0.6 | ) | |||||||
| Other: | |||||||||||
| Foreign currency | 14.7 | 3.6 | 4.1 | ||||||||
| Total | $ | 66.9 | $ | 36.9 | $ | 6.2 | |||||
| Nonconsolidated JVs: | |||||||||||
| VMO2 JV(i): | |||||||||||
| Acquisitions and dispositions | $ | 102.5 | $ | 26.1 | $ | 22.4 | |||||
| Foreign currency | 217.4 | 74.6 | 33.3 | ||||||||
| Total | $ | 319.9 | $ | 100.7 | $ | 55.7 | |||||
| VodafoneZiggo JV(i): | |||||||||||
| Foreign currency | $ | 118.1 | $ | 51.9 | $ | 28.8 | |||||
_______________
(i) Amounts reflect 100% of the adjustments made related to the VMO2 JV's and the VodafoneZiggo JV's revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions, which we do not consolidate, as we hold a 50% noncontrolling interest in the VMO2 JV and the VodafoneZiggo JV.
Footnotes
1 Amount excludes SMAs and includes our consolidated investments in
2 Consolidated intercompany elimination amounts primarily relate to (i) the elimination of intercompany revenue resulting from transactions between our
3 Amounts within the Financial Highlights tables reflect 100% of the 50:50 nonconsolidated VMO2 JV and VodafoneZiggo JV.
4 Rebase growth rates included in this release are rebased for acquisitions, dispositions, FX and other items that impact the comparability of our year-over-year results, as applicable. See the Rebase Information section for more information on rebased growth.
5 VMO2 guidance presented on an IFRS basis as guided by the VMO2 JV. US GAAP guidance for the VMO2 JV cannot be provided without unreasonable efforts, as the VMO2 JV reports under IFRS and does not have
6 Includes homes passed by the nexfibre partner network, which the VMO2 JV has access to and acts as the anchor tenant.
7 This release includes the actual
8 Includes opex costs to capture of
9 See Reconciliations section of the Appendix below for applicable non-GAAP reconciliations.
10 VMO2 and VodafoneZiggo Adjusted FCF excludes investing cash flows related to mobile spectrum fees.
11 Subject to any interest payments on the shareholder loan.
12
13 The improvement includes (a) Liberty Corporate reshaping, (b) the implementation of a 1.5% asset under management fee charged by Liberty Corporate to Liberty Growth
14 Includes cash and SMAs.
15 Primarily includes net proceeds of (i)
Glossary
See Reconciliations section of the Appendix below for applicable non-GAAP reconciliations.
10-Q or 10-K: As used herein, the terms 10-Q and 10-K refer to our most recent quarterly or annual report as filed with the Securities and Exchange Commission on Form 10-Q or Form 10-K, as applicable.
Adjusted EBITDA, Adjusted EBITDA less P&E Additions and Property and Equipment Additions (P&E Additions):
- Adjusted EBITDA: Adjusted EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, Adjusted EBITDA is defined as net earnings (loss) before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on debt extinguishment, net realized and unrealized gains (losses) due to changes in fair values of certain investments, net foreign currency transaction gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate. We believe our consolidated Adjusted EBITDA measure, which is a non-GAAP measure, is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted EBITDA of our Liberty Growth and our Liberty Corporate are each non-GAAP measures. These non-GAAP measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for,
U.S. GAAP measures of income included in our condensed consolidated statements of operations. - Adjusted EBITDA less P&E Additions: We define Adjusted EBITDA less P&E Additions, which is a non-GAAP measure, as Adjusted EBITDA less P&E Additions on an accrual basis. Adjusted EBITDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted EBITDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted EBITDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted EBITDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not a substitute for,
U.S. GAAP measures of income included in our condensed consolidated statements of operations. - P&E Additions: Includes capital expenditures, including capitalized software, on an accrual basis, amounts financed under vendor financing or finance lease arrangements and other non-cash additions.
Adjusted EBITDA after leases (Adjusted EBITDAaL): We define Adjusted EBITDAaL as Adjusted EBITDA as further adjusted to include finance lease related depreciation and interest expense. Our internal decision makers believe Adjusted EBITDAaL is a meaningful measure because it represents a transparent view of our recurring operating performance that includes recurring lease expenses necessary to operate our business. We believe Adjusted EBITDAaL, which is a non-GAAP measure, is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted EBITDAaL should be viewed as a measure of operating performance that is a supplement to, and not a substitute for,
Adjusted Free Cash Flow (Adjusted FCF) & Distributable Cash Flow:
- Adjusted FCF: We define Adjusted FCF as net cash provided by operating activities, plus operating-related vendor financed expenses (which represents an increase in the period to our actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities), less (i) cash payments in the period for capital expenditures, (ii) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to our actual cash available as a result of paying amounts to vendors and intermediaries where we previously had extended vendor payments beyond the normal payment terms), and (iii) principal payments on finance leases (which represents a decrease in the period to our actual cash available), each as reported in our condensed consolidated statements of cash flows. Net cash provided by operating activities includes cash paid for third-party costs directly associated with successful and unsuccessful acquisition and dispositions of
$3.2 million and$0.8 million during the three months endedMarch 31, 2026 and 2025, respectively.
For purposes of the statements of cash flows, operating-related vendor financing additions represent operating-related expenses financed by an intermediary that are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor. When the financing intermediary is paid, a financing cash outflow is recorded in the statements of cash flows. For purposes of Adjusted FCF, we (i) add in the constructive financing cash inflow when the intermediary settles the liability with the vendor as our actual net cash available at that time is not affected and (ii) subsequently deduct the related financing cash outflow when we actually pay the financing intermediary, reflecting the actual reduction to our cash available to service debt or fund new investment opportunities.
- Distributable Cash Flow: We define Distributable Cash Flow as Adjusted FCF plus any dividends received from our equity affiliates that are funded by activities outside of their normal course of operations, including, for example, those funded by recapitalizations (referred to as “Other Affiliate Dividends”).
- VodafoneZiggo Adjusted FCF: VodafoneZiggo defines Adjusted FCF as net cash provided by operating activities, plus (i) operating-related vendor financed expenses (which represents an increase in the period to actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities) and (ii) interest payments on shareholder loans, less (a) cash payments in the period for capital expenditures (excluding spectrum payments), (b) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to actual cash available as a result of paying amounts to vendors and intermediaries where we previously had extended vendor payments beyond the normal payment terms), and (c) principal payments on finance leases (which represents a decrease in the period to actual cash available).
We believe our presentation of Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF, each of which is a non-GAAP measure, provides useful information to our investors because these measures can be used to gauge our ability to (i) service debt and (ii) fund new investment opportunities after consideration of all actual cash payments related to our working capital activities and expenses that are capital in nature, whether paid inside normal vendor payment terms or paid later outside normal vendor payment terms (in which case we typically pay in less than 365 days). Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at these amounts. Investors should view Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF as supplements to, and not substitutes for,U.S. GAAP measures of liquidity included in our condensed consolidated statements of cash flows. Further, our Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF may differ from how other companies define and apply their definition of Adjusted FCF or other similar measures.
ARPU: Average Revenue Per Unit is the average monthly subscription revenue per average fixed customer relationship or mobile subscriber, as applicable. ARPU per average fixed-line customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO services by the average number of fixed-line customer relationships for the period. ARPU per average mobile subscriber is calculated by dividing mobile subscription revenue for the indicated period by the average number of mobile subscribers for the period. Unless otherwise indicated, ARPU per fixed customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per RGU refers to average monthly revenue per average RGU, which is calculated by dividing the average monthly subscription revenue from residential and SOHO services for the indicated period, by the average number of the applicable RGUs for the period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average fixed customer relationship or mobile subscriber, as applicable. Fixed-line customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. In addition, for purposes of calculating the percentage change in ARPU on a rebased basis, which is a non-GAAP measure, we adjust the prior-year subscription revenue, fixed-line customer relationships, mobile subscribers and RGUs, as applicable, to reflect acquisitions, dispositions and FX on a comparable basis with the current year, consistent with how we calculate our rebased growth for revenue and Adjusted EBITDA, as further described in the body of this release.
ARPU per Consumer Postpaid Mobile Subscriber: Our ARPU per consumer postpaid mobile subscriber calculation refers to the average monthly postpaid mobile subscription revenue per average consumer postpaid mobile subscriber and is calculated by dividing the average monthly postpaid mobile subscription revenue (excluding handset sales and late fees) for the indicated period, by the monthly average of the opening and closing balances of consumer postpaid mobile subscribers in service for the period.
Blended, fully-swapped debt borrowing cost (or WACD): The weighted average interest rate on our aggregate variable- and fixed-rate indebtedness (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings.
Broadband Subscriber: A home, residential multiple dwelling unit or commercial unit that receives internet services over our networks, or that we service through a partner network.
B2B: Business-to-Business.
Costs to capture: Costs to capture generally include incremental, third-party operating and capital related costs that are directly associated with integration activities, restructuring activities and certain other costs associated with aligning an acquiree to our business processes to derive synergies. These costs are necessary to combine the operations of a business being acquired (or joint venture being formed) with ours or are incidental to the acquisition. As a result, costs to capture may include certain (i) operating costs that are included in Adjusted EBITDA, (ii) capital-related costs that are included in property and equipment additions and Adjusted EBITDA less P&E Additions and (iii) certain integration-related restructuring expenses that are not included within Adjusted EBITDA or Adjusted EBITDA less P&E Additions. Given the achievement of synergies occurs over time, certain of our costs to capture are recurring by nature, and generally incurred within a few years of completing the transaction.
Customer Churn: The rate at which customers relinquish their subscriptions. The annual rolling average basis is calculated by dividing the number of disconnects during the preceding 12 months by the average number of customer relationships. For the purpose of computing churn, a disconnect is deemed to have occurred if the customer no longer receives any level of service from us and is required to return our equipment. A partial product downgrade, typically used to encourage customers to pay an outstanding bill and avoid complete service disconnection, is not considered to be disconnected for purposes of our churn calculations. Customers who move within our footprint and upgrades and downgrades between services are also excluded from the disconnect figures used in the churn calculation.
Fixed-Line Customer Relationships: The number of customers who receive at least one of our broadband, video or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. Fixed-Line Customer Relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two Fixed-Line Customer Relationships. We exclude mobile-only customers from Fixed-Line Customer Relationships.
Fixed-Mobile Convergence (FMC): Fixed-mobile convergence penetration represents the number of customers who subscribe to both a fixed broadband service and postpaid mobile telephony service, divided by the total number of customers who subscribe to our fixed broadband service.
Homes Passed: Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our Homes Passed counts are based on census data that can change based on either revisions to the data or from new census results.
Homes Serviceable: As defined by VMO2, this includes homes, residential multiple dwelling units or commercial units that can be connected to VMO2's networks that are technologically capable of providing two-way services (including broadband, video and telephony services) or partner networks with which VMO2 has a service agreement, where customers can request and receive services, without materially extending the distribution plant. Certain of VMO2's Homes Serviceable counts are based on census data that can change based on either revisions to the data or from new census results.
Liberty Growth: Represents certain investments in technology, media, sports and digital infrastructure companies, as well as our operational and finance services platform (
Liberty Corporate: Includes our technology, services and certain corporate activities. Liberty Corporate is included in the “all other category” in the 10-Q.
Mobile Subscriber Count: For residential and business subscribers, the number of active SIM cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop would be counted as two mobile subscribers. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. Prepaid mobile customers are excluded from the VMO2 JV's and the VodafoneZiggo JV's mobile subscriber counts after a period of inactivity of three months and nine months, respectively.
MVNO: Mobile Virtual Network Operator.
RGU: A Revenue Generating Unit is separately a Broadband Subscriber, Video Subscriber or Telephony Subscriber. A home, residential multiple dwelling unit or commercial unit may contain one or more RGUs. For example, if a residential customer subscribed to our broadband service, video service and fixed-line telephony service, the customer would constitute three RGUs. Total RGUs is the sum of Broadband, Video and Telephony Subscribers. RGUs generally are counted on a unique premises basis such that a given premise does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled broadband, video or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.
SIM: Subscriber Identification Module.
SOHO: Small or Home Office Subscribers.
Tech Framework: Our centrally-managed technology and innovation function (our T&I Function) provides, and allocates charges for, certain products and services to our consolidated reportable segments (the Tech Framework). These products and services include CPE hardware and related essential software, maintenance, hosting and other services. Our consolidated reportable segments capitalize the combined cost of the CPE hardware and essential software as property and equipment additions and the corresponding amounts charged by our T&I Function are reflected as revenue when earned.
Telephony Subscriber: A home, residential multiple dwelling unit or commercial unit that receives voice services over our networks, or that we service through a partner network. Telephony Subscribers exclude mobile telephony subscribers.
Video Subscriber: A home, residential multiple dwelling unit or commercial unit that receives our video service over our broadband network or through a partner network.
Non-GAAP Reconciliations
VMO2
Adjusted EBITDA, P&E Additions, Adjusted EBITDA less P&E Additions
The following table provides
| Three months ended | ||||||
| 2026 | 2025 | |||||
| in millions | ||||||
| Revenue: | ||||||
| £ | 2,390.1 | £ | 2,480.1 | |||
| Rebase adjustments(i) | — | 76.0 | ||||
| 2,390.1 | 2,556.1 | |||||
| — | — | |||||
| IFRS rebased revenue | 2,390.1 | 2,556.1 | ||||
| Rebase adjustments(i) | — | (76.0 | ) | |||
| IFRS Adjusted EBITDA | £ | 2,390.1 | £ | 2,480.1 | ||
| Adjusted EBITDA: | ||||||
| £ | 809.8 | £ | 851.5 | |||
| Rebase adjustments(i) | — | 19.4 | ||||
| 809.8 | 870.9 | |||||
| 91.9 | 62.6 | |||||
| IFRS rebased Adjusted EBITDA | 901.7 | 933.5 | ||||
| Rebase adjustments(i) | — | (19.4 | ) | |||
| IFRS Adjusted EBITDA | £ | 901.7 | £ | 914.1 | ||
| P&E Additions: | ||||||
| £ | 452.1 | £ | 471.4 | |||
| Rebase adjustments(i) | — | 2.9 | ||||
| 452.1 | 474.3 | |||||
| 81.7 | 57.4 | |||||
| IFRS rebased P&E additions | 533.8 | 531.7 | ||||
| Rebase adjustments(i) | — | (2.9 | ) | |||
| IFRS P&E Additions | £ | 533.8 | £ | 528.8 | ||
| Adjusted EBITDA less P&E Additions: | ||||||
| £ | 357.7 | £ | 380.1 | |||
| Rebase adjustments(i) | — | 16.5 | ||||
| 357.7 | 396.6 | |||||
| 10.2 | 5.2 | |||||
| IFRS rebased Adjusted EBITDA less P&E additions | 367.9 | 401.8 | ||||
| Rebase adjustments(i) | — | (16.5 | ) | |||
| IFRS Adjusted EBITDA less P&E Additions | £ | 367.9 | £ | 385.3 | ||
_______________
(i) Rebase adjustments relate to the impact of the Daisy Transaction.
(ii)
Adjusted EBITDA, Adjusted EBITDAaL, P&E Additions, Adjusted EBITDA less P&E Additions
The following table provides
| Three months ended | ||||||
| 2026 | 2025 | |||||
| in millions | ||||||
| Revenue: | ||||||
| € | 648.6 | € | 705.8 | |||
| Rebase adjustments(i) | — | (54.6 | ) | |||
| 648.6 | 651.2 | |||||
| — | — | |||||
| IFRS rebased revenue | 648.6 | 651.2 | ||||
| Rebase adjustments(i) | — | 54.6 | ||||
| IFRS revenue | € | 648.6 | € | 705.8 | ||
| Adjusted EBITDA: | ||||||
| € | 157.0 | € | 148.2 | |||
| Rebase adjustments(i) | — | (3.6 | ) | |||
| 157.0 | 144.6 | |||||
| 33.4 | 36.7 | |||||
| IFRS rebased Adjusted EBITDA | 190.4 | 181.3 | ||||
| Rebase adjustments(i) | — | 3.6 | ||||
| IFRS Adjusted EBITDA | € | 190.4 | € | 184.9 | ||
| Adjusted EBITDAaL: | ||||||
| € | 157.0 | € | 148.2 | |||
| Rebase adjustments(i) | — | (3.9 | ) | |||
| 157.0 | 144.3 | |||||
| 14.1 | 17.8 | |||||
| IFRS rebased Adjusted EBITDAaL | 171.1 | 162.1 | ||||
| Rebase adjustments(i) | — | 3.9 | ||||
| IFRS Adjusted EBITDAaL | € | 171.1 | € | 166.0 | ||
| P&E Additions: | ||||||
| € | 92.3 | € | 124.0 | |||
| Rebase adjustments(i) | — | (0.1 | ) | |||
| 92.3 | 123.9 | |||||
| 15.2 | 65.5 | |||||
| IFRS rebased P&E Additions | 107.5 | 189.4 | ||||
| Rebase adjustments(i) | — | 0.1 | ||||
| IFRS P&E Additions | € | 107.5 | € | 189.5 | ||
| Adjusted EBITDA less P&E Additions: | ||||||
| € | 64.7 | € | 24.2 | |||
| Rebase adjustments(i) | — | (3.5 | ) | |||
| 64.7 | 20.7 | |||||
| 18.2 | (28.8 | ) | ||||
| IFRS rebased Adjusted EBITDA less P&E Additions | 82.9 | (8.1 | ) | |||
| Rebase adjustments(i) | — | 3.5 | ||||
| IFRS Adjusted EBITDA less P&E Additions | € | 82.9 | € | (4.6 | ) | |
_______________
(i) Rebase adjustments relate to the disposal of certain entities at
(ii)
Adjusted EBITDAaL
The following table provides a reconciliation of
| Three months ended | |||||
| 2026 | 2025 | ||||
| in millions | |||||
| € | 157.0 | € | 148.2 | ||
| Finance lease adjustments | — | — | |||
| € | 157.0 | € | 148.2 | ||
Adjusted FCF
The following table provides a reconciliation of
| Three months ended | |||||||
| 2026 | 2025 | ||||||
| in millions | |||||||
| Net cash provided by operating activities | € | 156.7 | € | 109.4 | |||
| Operating-related vendor financing additions | 58.5 | 67.3 | |||||
| Cash capital expenditures, net | (124.1 | ) | (99.6 | ) | |||
| Principal payments on operating-related vendor financing | (74.6 | ) | (82.0 | ) | |||
| Principal payments on capital-related vendor financing | (7.2 | ) | (8.8 | ) | |||
| Principal payments on finance leases | (0.3 | ) | (0.3 | ) | |||
| 9.0 | (14.0 | ) | |||||
| IFRS: | |||||||
| — | — | ||||||
| IFRS Adjusted FCF | € | 9.0 | € | (14.0 | ) | ||
Wyre
Adjusted EBITDA, Adjusted EBITDAaL, P&E Additions, Adjusted EBITDA less P&E Additions
The following table provides
| Three months ended | |||||||
| 2026 | 2025 | ||||||
| in millions | |||||||
| Adjusted EBITDA: | |||||||
| € | 131.9 | € | 138.3 | ||||
| 0.5 | 0.6 | ||||||
| IFRS Adjusted EBITDA | € | 132.4 | € | 138.9 | |||
| Adjusted EBITDAaL: | |||||||
| € | 131.6 | € | 138.0 | ||||
| — | — | ||||||
| IFRS Adjusted EBITDAaL | € | 131.6 | € | 138.0 | |||
| P&E Additions: | |||||||
| € | 164.7 | € | 109.7 | ||||
| 2.8 | 0.8 | ||||||
| IFRS P&E Additions | € | 167.5 | € | 110.5 | |||
| Adjusted EBITDA less P&E Additions: | |||||||
| € | (32.8 | ) | € | 28.6 | |||
| (2.3 | ) | (0.2 | ) | ||||
| IFRS Adjusted EBITDA less P&E Additions | € | (35.1 | ) | € | 28.4 | ||
_______________
(i)
Adjusted EBITDAaL
The following table provides a reconciliation of Wyre's
| Three months ended | |||||||
| 2026 | 2025 | ||||||
| in millions | |||||||
| € | 131.9 | € | 138.3 | ||||
| Finance lease adjustments | (0.3 | ) | (0.3 | ) | |||
| € | 131.6 | € | 138.0 | ||||
Adjusted FCF
The following table provides a reconciliation of Wyre's
| Three months ended | |||||||
| 2026 | 2025 | ||||||
| in millions | |||||||
| Net cash provided by operating activities | € | 27.6 | € | 64.4 | |||
| Operating-related vendor financing additions | — | — | |||||
| Cash capital expenditures, net | (140.6 | ) | (85.4 | ) | |||
| Principal payments on operating-related vendor financing | — | — | |||||
| Principal payments on capital-related vendor financing | — | — | |||||
| Principal payments on finance leases | — | — | |||||
| (113.0 | ) | (21.0 | ) | ||||
| IFRS: | |||||||
| — | — | ||||||
| IFRS Adjusted FCF | € | (113.0 | ) | € | (21.0 | ) | |
Adjusted FCF
The following table provides a reconciliation of
| Three months ended | |||||||
| 2026 | 2025 | ||||||
| in millions | |||||||
| Net cash provided by operating activities | $ | 107.6 | $ | 129.2 | |||
| Operating-related vendor financing additions | 68.4 | 71.2 | |||||
| Cash capital expenditures, net | (397.6 | ) | (243.3 | ) | |||
| Principal payments on operating-related vendor financing | (88.0 | ) | (86.4 | ) | |||
| Principal payments on capital-related vendor financing | (7.9 | ) | (10.0 | ) | |||
| Principal payments on finance leases | (1.8 | ) | (1.9 | ) | |||
| Adjusted FCF | (319.3 | ) | (141.2 | ) | |||
| Other affiliate dividends | — | — | |||||
| Distributable Cash Flow | $ | (319.3 | ) | $ | (141.2 | ) | |
Adjusted EBITDA, P&E Additions, Adjusted EBITDA less P&E Additions
A reconciliation of consolidated net earnings (loss) to consolidated Adjusted EBITDA less P&E Additions is presented in the following table:
| Three months ended | |||||||
| 2026 | 2025 | ||||||
| in millions | |||||||
| Net earnings (loss) | $ | 358.2 | $ | (1,323.3 | ) | ||
| Income tax expense (benefit) | 175.4 | (70.0 | ) | ||||
| Other income, net | (25.0 | ) | (11.4 | ) | |||
| Share of results of affiliates, net | 21.7 | 148.0 | |||||
| Realized and unrealized gains due to changes in fair values of certain investments, net | (57.8 | ) | (55.8 | ) | |||
| Foreign currency transaction losses (gains), net | (430.2 | ) | 1,081.0 | ||||
| Realized and unrealized losses (gains) on derivative instruments, net | (132.2 | ) | 164.7 | ||||
| Interest expense | 113.7 | 127.5 | |||||
| Operating income | 23.8 | 60.7 | |||||
| Impairment, restructuring and other operating items, net | 40.8 | (1.7 | ) | ||||
| Depreciation and amortization | 264.8 | 232.2 | |||||
| Share-based compensation expense | 37.1 | 33.4 | |||||
| Consolidated Adjusted EBITDA | 366.5 | 324.6 | |||||
| P&E Additions | (390.7 | ) | (285.6 | ) | |||
| Consolidated Adjusted EBITDA less P&E Additions | $ | (24.2 | ) | $ | 39.0 | ||
A reconciliation of Liberty Growth net loss to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Growth does not meet the reportable segment quantitative thresholds and is included in the "all other category" in the 10-Q.
| Three months ended | |||||||
| 2026 | 2025 | ||||||
| in millions | |||||||
| Net loss | $ | (39.8 | ) | $ | (13.8 | ) | |
| Income tax expense (benefit) | (0.5 | ) | 0.4 | ||||
| Other income, net | — | (0.5 | ) | ||||
| Foreign currency transaction losses (gains), net | (1.0 | ) | 1.2 | ||||
| Realized and unrealized losses (gains) on derivative instruments, net | (1.3 | ) | 0.6 | ||||
| Interest expense | 12.6 | 7.5 | |||||
| Operating income (loss) | (30.0 | ) | (4.6 | ) | |||
| Impairment, restructuring and other operating items, net | 17.4 | 4.0 | |||||
| Depreciation and amortization | 13.0 | 10.1 | |||||
| Share-based compensation expense | 1.6 | 0.8 | |||||
| Liberty Growth Adjusted EBITDA | 2.0 | 10.3 | |||||
| P&E Additions | (51.9 | ) | (2.4 | ) | |||
| Liberty Growth Adjusted EBITDA less P&E Additions | $ | (49.9 | ) | $ | 7.9 | ||
A reconciliation of Liberty Corporate net earnings (loss) to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Corporate does not meet the reportable segment quantitative thresholds and is included in the "all other category" in the 10-Q.
| Three months ended | |||||||
| 2026 | 2025 | ||||||
| in millions | |||||||
| Net earnings (loss) | $ | 362.8 | $ | (1,406.1 | ) | ||
| Income tax expense | 147.6 | 0.8 | |||||
| Other income, net | (35.4 | ) | (19.2 | ) | |||
| Share of results of affiliates, net | 23.7 | 147.5 | |||||
| Realized and unrealized gains due to changes in fair values of certain investments, net | (57.8 | ) | (55.8 | ) | |||
| Foreign currency transaction losses (gains), net | (485.1 | ) | 1,226.0 | ||||
| Realized and unrealized losses (gains) on derivative instruments, net | (0.1 | ) | 52.2 | ||||
| Interest expense | 1.5 | 11.0 | |||||
| Operating loss | (42.8 | ) | (43.6 | ) | |||
| Impairment, restructuring and other operating items, net | 1.0 | (14.5 | ) | ||||
| Depreciation and amortization | 9.6 | 16.5 | |||||
| Share-based compensation expense | 29.9 | 27.1 | |||||
| Liberty Corporate Adjusted EBITDA | (2.3 | ) | (14.5 | ) | |||
| P&E Additions | (2.3 | ) | (3.6 | ) | |||
| Liberty Corporate Adjusted EBITDA less P&E Additions | $ | (4.6 | ) | $ | (18.1 | ) | |
For more information, please visit www.libertyglobal.com or contact:Investor RelationsSource:Michael Bishop +44 20 8483 6246Lewis Chong +44 7927 583187Corporate CommunicationsPádraig McGarrigle +44 7474 736967