CEO Mike Fries stated, "In the first quarter, we made continued progress against our operational and strategic goals while remaining fully focused on unlocking and crystallizing value for shareholders. We are on track with our Ziggo Group plans, including the acquisition of Vodafone's 50% stake in VodafoneZiggo which should close in July and the building blocks required to spin-off our interest to shareholders in H2 2027. After an encouraging commercial performance in Q1, we are reiterating all 2026 full-year guidance targets.
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 first UK operator to provide direct-to-device satellite connectivity. VodafoneZiggo improved broadband net adds for the fourth consecutive quarter since its new strategic plan while Telenet 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 $300m15 through April. The portfolio remains concentrated, with our top five investments comprising ~65% of its $3.4B1 FMV at March 31, 2026. We have also moved Liberty 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 $1.9 billion14, reflecting disciplined capital allocation and further non-core asset disposals, as we rotate capital into higher growth investments and strategic transactions."
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 endedMarch 31,
Increase/(decrease)
2026
2025
Reported %
Rebased %4
in millions, except % amounts
Revenue
Telenet
$
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
)
Consolidated Liberty Telecom
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 Liberty Telecom:
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
Telenet
$
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
)
Consolidated Liberty Telecom
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 Liberty Telecom:
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, March 31, 2026 vs. December 31, 2025
Fixed-Line CustomerRelationships
BroadbandSubscribers
TotalRGUs
Postpaid MobileSubscribers
Organic Change Summary
Consolidated Reportable Segments:
Telenet
(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:
Telenet
—
—
—
(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
Virgin Media O2 begins 2026 focused on network quality through targeted investment
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 from Vodafone 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 U.S. GAAP, as reported by Liberty Global)7
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
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 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, 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.
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 U.S. GAAP)
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 U.S. GAAP) in local currency
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 U.S. GAAP)
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
Telenet delivered strong commercial performance in broadband, driven by successful cross-selling and sales execution
During the first quarter, Telenet delivered its best broadband net adds performance in over a decade, driven by effective cross-selling campaigns into the video customer base. While revenue was stable, Adj. EBITDAaL grew in Q1, driven by lower programming costs and labor expenses. Telenet remains on track for all full-year guidance.
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 enables Telenet to sharpen its focus on the Flemish media ecosystem and continued digital innovation
Q1 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)
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 with Telenet'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
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 Telenet guidance (in IFRS and excluding Wyre)12
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 Belgian Competition Authority (BCA). Wyre remains committed to ensuring a fast and efficient deployment of high-speed gigabit networks and is on track to deliver its medium-term targets.
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 shareholders Telenet and Fluvius
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 U.S. GAAP, as consolidated by Liberty Global)
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
Virgin Media Ireland executes against strategic plan with further progress in wholesale and fiber upgrade program
Virgin Media Ireland ended the first quarter with continued momentum in total fixed and mobile, driven by continued off-net expansion and growth in wholesale connections. Mobile postpaid net adds were positive for the fifth consecutive quarter, despite strong market competition. Virgin Media Ireland continued to progress the fiber upgrade program, and remains on track to substantially complete the rollout by year-end.
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, cementing Virgin Media Television's role as the home of top-class international rugby
Q1 Financial Highlights (in U.S. GAAP)
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 U.S. GAAP) in local currency
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 U.K. Belgium and Ireland, including the timing of such upgrade programs and the expected completion, pace and operational impact of network deployment and modernization initiatives; the outlook for Liberty Corporate & Services, as well as the expected run rate savings and efficiencies to be derived from the Company's operating model changes; the anticipated benefits of VMO2's direct-to-device satellite connectivity service and the continued integration of the Daisy Group; the continued execution of VodafoneZiggo's "How We Win" strategic plan, including the anticipated timing, cost and benefits to be received from such strategic plan; Wyre's fixed network agreement with Proximus, including the expected approval thereof and the timing, cost and benefits expected to be derived therefrom; our strategic plans for our Liberty Growth portfolio, including any expected capital rotation between investments; the strength of our and our affiliates' respective balance sheets (including cash and liquidity position); the tenor and cost of such third-party debt, as well as the expected use of such debt proceeds, future capital allocation priorities, cash generation, liquidity deployment and anticipated distributions to shareholders, and any anticipated additional borrowing capacity; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as the continued use by subscribers and potential subscribers of our and our affiliates' and joint ventures' services and their willingness to upgrade to our more advanced offerings; our, our affiliates' and our joint ventures' ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to subscribers or to pass through increased costs to subscribers; the potential impact of pandemics and epidemics on us and our businesses as well as our customers; the effects of changes in laws or regulations, including as a result of the U.K.'s exit from the E.U.; trade wars or the threat of such trade wars; general economic factors; our, our affiliates' and our joint ventures' ability to obtain regulatory approval and satisfy regulatory conditions associated with acquisitions and dispositions; the risk that announced or contemplated transactions, separations or capital structure changes may not be completed on the expected timeline or at all, or may deliver different benefits than anticipated; our, our affiliates' and our joint ventures' ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our, our affiliates' and our joint ventures' video services and the costs associated with such programming; our, our affiliates' and our joint ventures' ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies and affiliates and joint ventures to access the cash of their respective subsidiaries, whether in a tax-efficient manner or at all; the impact of our operating companies', affiliates' and joint ventures' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange ...
