Liberty Global Reports Q1 2025 Results
Reconfirming commitment to create and deliver value to shareholders
DENVER, Colorado--(BUSINESS WIRE)--May 02, 2025--
Liberty Global Ltd. announces its Q1 2025 financial results.
CEO Mike Fries stated, "In our year-end investor call we outlined the core strategies we are undertaking to create and deliver value to shareholders following the successful spin-off of our Swiss subsidiary Sunrise. We made good progress on these plans in the first quarter of 2025.
-- Our Liberty Telecom operations demonstrated resilience in competitive
markets, with Virgin Media O2 returning to growth in revenue and Adjusted
EBITDA1, and VodafoneZiggo launching the first of a series of initiatives
to regain commercial momentum.
-- Financing and monetizing our network infrastructure remains a key
priority, with Virgin Media Ireland expected to reach 80% of homes with
fiber by year-end, and Telenet advancing discussions on rationalizing the
fiber market in Flanders with Proximus. In the UK, we have decided to
pause VMO2's potential NetCo stake sale process to align with our JV
partner, but remain opportunistic on both network upgrade and development
opportunities.
-- In our Liberty Growth portfolio, we remain committed to realizing
$500-$750 million of asset disposals and to prioritizing our scale-based
investments, including Formula E which has had a successful launch to
Season 11 of the global racing championship.
-- The FMV of the portfolio increased to $3.3 billion2, with the top seven
investments still comprising 75% of the value.
-- And our Liberty Services platforms in finance and tech continue to scale
and generate positive Adj. EBITDA and Adj. EBITDA less P&E Additions,
with Liberty Blume officially launching its B2B marketing campaign.
Across the group, our clear focus on unlocking shareholder value remains, as we resumed buybacks during the quarter towards our 'up to 10% of shares' target for 2025. The balance sheets of our core operating businesses are strong with no maturities until 2028(3) , and low borrowing costs. Finally, it's worth noting that Sunrise continues to trade well in the current macro environment following the spin-off, at over $10 per share of implied value to Liberty Global shareholders.
Our guidance at the Liberty Global corporate level remains unchanged, as does the guidance for all of our Liberty Telecom operations with the exception of VodafoneZiggo where we have revised guidance to align with management's new long-term growth strategy."
Key Summary of Operating and Financial Highlights(4,5)
Three months ended
March 31, Increase/(decrease)
--------------------- --------------------------
2025 2024 Reported % Rebased %
---------- --------- ------------- -----------
in millions, except % amounts
Revenue
Telenet $ 759.7 $ 762.6 (0.4) 2.7
VM Ireland 115.8 123.0 (5.9) (2.9)
-------- ------- --------
Consolidated
Liberty
Telecom 875.5 885.6 (1.1)
Liberty Growth 96.6 14.3 575.5 (32.8)
Liberty Services &
Corporate 234.5 255.5 (8.2) (11.3)
Consolidated
intercompany
eliminations (35.4) (64.1) N.M. N.M.
-------- ------- ------------- -----------
Total
consolidated $ 1,171.2 $1,091.3 7.3 (5.3)
======== ======= ======== === =======
Nonconsolidated 50%
owned Liberty
Telecom:
VMO2 JV $ 3,126.3 $3,282.8 (4.8) (4.2)
VodafoneZiggo JV $ 1,052.0 $1,114.0 (5.6) (2.6)
Earnings (loss) from
continuing operations
Liberty Global
Consolidated $(1,323.3) $ 634.5 (308.6)
Liberty Growth $ (13.3) $ (4.7) (183.0)
Liberty Services &
Corporate $(1,406.2) $ 717.0 (296.1)
Adjusted EBITDA
Telenet $ 301.6 $ 308.4 (2.2) 0.8
VM Ireland 37.2 40.0 (7.0) (4.1)
-------- ------- --------
Consolidated
Liberty
Telecom 338.8 348.4 (2.8)
Liberty Growth 8.4 (0.4) 2,200.0 (36.3)
Liberty Services &
Corporate (12.6) (30.3) 58.4 44.9
Consolidated
intercompany
eliminations (10.0) (34.7) N.M. N.M.
-------- ------- ------------- -----------
Total
consolidated $ 324.6 $ 283.0 14.7 2.0
======== ======= ======== === =======
Nonconsolidated 50%
owned Liberty
Telecom:
VMO2 JV $ 1,073.4 $1,073.6 -- 0.6
VodafoneZiggo JV $ 463.1 $ 519.0 (10.8) (8.0)
Subscriber Variance Table -- March 31, 2025 vs. December
31, 2024
--------------------------------------------------------
Fixed-Line Postpaid
Customer Broadband Total Mobile
Relationships Subscribers RGUs Subscribers
--------------- ------------- --------- -------------
Consolidated
Reportable
Segments:
Telenet (11,800) (2,100) (43,900) (3,700)
VM Ireland (2,000) (1,000) (11,500) 900
-------- ---- -------- -------- ---------
Total
Consolidated
Reportable
Segments (13,800) (3,100) (55,400) (2,800)
======== ==== ======== ======== =========
Nonconsolidated
Reportable
Segments:
VMO2 JV (46,000) (44,000) (286,500) (122,800)
VodafoneZiggo JV (40,500) (31,000) (135,900) 29,100
VMO2
VMO2 delivers growth in guided revenue and Adjusted EBITDA metrics and reaffirms all 2025 guidance
VMO2's first quarter results saw a return to growth in both revenue and Adj. EBITDA on a guidance basis, representing a sequential improvement versus Q4. Despite a highly competitive environment, VMO2 continues to drive more value across the fixed base, maintaining ARPU growth. In mobile, the planned acquisition of spectrum from the VOD/3 merger will further strengthen VMO2's network position, alongside customer and digital initiatives to improve commercial momentum.
Highlights for Q1
-- Fixed strategy update: Announcing pause of NetCo stake sale process to
align with JV partner's strategic review; also adjusting nexfibre's build
ambition to 2.5 million cumulative premises (currently at 2.2 million) by
year-end 2025, retaining capital discipline in an increasingly irrational
altnet environment and remaining opportunistic around M&A
-- Fibre UP: Progressing with the upgrade of existing network to fiber, with
a combined fiber footprint now at 6.8 million6 premises and launched
trials of giffgaff broadband to increase reach and leverage VMO2's
wholesale capabilities
-- On track to acquire spectrum: Plan to acquire spectrum licenses from
VOD/3 merger remains on track and will strengthen VMO2's network position
considerably
Q1 Financial Highlights (in U.S. GAAP, as reported by Liberty Global)(7)
-- Revenue of $3,126.3 million, -4.8% YoY on a reported basis and -4.2% on a
rebased8 basis
-- Primarily driven by the net effect of (i) lower construction
revenue from nexfibre and (ii) lower handset sales, partially
offset by (a) higher fixed ARPU and (b) an increase in mobile
service revenue, with each revenue category as defined and
reported by the VMO2 JV
-- Adjusted EBITDA9 of $1,073.4 million, flat YoY on a reported basis and
+0.6% on a rebased basis
-- Primarily driven by cost efficiencies, partially offset by a
decrease in the nexfibre construction impact to Adjusted EBITDA
-- Property and equipment additions of $594.2 million, -13.4% YoY on a
reported basis and -12.8% on a rebased basis
-- Adjusted EBITDA less P&E additions9 of $479.2 million, +23.6% YoY on a
reported basis and +24.3% on a rebased basis
-- Cash flows from operating activities of -$81.0 million, cash flows from
investing activities of -$692.0 million, and cash flows from financing
activities of -$773.0 million
Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)(10)
-- Revenue of GBP2,480.1 million, -4.2% YoY on a reported and rebased basis
-- Revenue excluding handsets and the impact of nexfibre construction of
GBP2,111.5 million, +0.4% YoY on a reported and rebased basis
-- Adjusted EBITDA of GBP914.1 million, -1.3% YoY on a reported and rebased
basis
-- Q1 2025 included the benefit of GBP62.6 million of U.S. GAAP/IFRS
differences, primarily related to (i) the VMO2 JV's investment in
CTIL and (ii) leases
-- Adjusted EBITDA excluding the impact of nexfibre construction of GBP921.7
million, +0.8% YoY 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 losses of 44,000, primarily driven by elevated churn
following a high level of market discounting during Q1
-- Postpaid net losses of 122,800, primarily driven by lower value B2B
customer disconnections, while consumer performance improved compared to
Q1 2024
-- Fixed ARPU maintained positive growth supported by value focus and
improved retention, with a 1.6% YoY increase in Q1 ahead of price rise
implementation in Q2
2025 VMO2 guidance (in IFRS)(i)
-- We are confirming11:
-- Growth in revenue excluding handsets and the impact of nexfibre
construction
-- Growth in Adjusted EBITDA excluding the impact of nexfibre
construction
-- P&E additions of GBP2.0 to GBP2.2 billion
-- Adjusted FCF and cash distributions to shareholders both in the
range of GBP350 to GBP400 million
(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 from continuing operations, nor
(ii) specific changes in working capital that impact cash flows from
operating activities. The items we do not forecast may vary
significantly from period to period.
VodafoneZiggo
VodafoneZiggo launches new strategic plan and revises 2025 guidance
VodafoneZiggo's first quarter results were heavily impacted by the intensely competitive environment, particularly in the fixed market. During the quarter, we launched new front book propositions which are the first part of a wider strategic plan to regain commercial momentum. While the new strategic plan and market environment will impact VodafoneZiggo's 2025 guidance, notably driving a steeper than expected Adj. EBITDA decline, it will position the company for growth and future-proof the network through an accelerated DOCSIS 4.0 upgrade plan.
Highlights for Q1
-- Customer experience: Launched a new fixed front book portfolio with a
focus on reliable connectivity through Wifi Guarantee, a first in the
Dutch market
-- Strategy evolution under new CEO: VodafoneZiggo continues to implement
the new strategy with a focus on regaining commercial momentum and
creating a leaner and more agile organization
-- Guidance update: To support the key investments needed to drive long-term
commercial momentum, VodafoneZiggo is revising 2025 guidance as outlined
below
Q1 Financial Highlights (in U.S. GAAP)
-- Revenue of $1,052.0 million, -5.6% YoY on a reported basis and -2.6% on a
rebased basis
-- Primarily driven by (i) a decline in the consumer fixed base, (ii)
lower handset sales and (iii) lower B2B mobile revenue, partially
offset by (a) price indexation, (b) strong growth in Ziggo Sport
Totaal revenue and (c) continued growth in B2B fixed revenue
-- Adjusted EBITDA of $463.1 million, -10.8% YoY on a reported basis and
-8.0% on a rebased basis
-- Primarily driven by (i) the aforementioned decrease in revenue,
(ii) higher programming costs related to the UEFA broadcast and
(iii) higher labor costs related to the collective labor agreement,
partially offset by (a) cost control measures in areas such as
customer service, IT and procurement and (b) lower energy costs
-- Cash flows from operating activities of $192.3 million, cash flows from
investing activities of -$142.4 million and cash flows from financing
activities of -$667.2 million
Q1 Financial Highlights (in U.S. GAAP) in local currency
-- Revenue of EUR999.1 million, -2.6% YoY on both a reported and rebased
basis
-- Adjusted EBITDA of EUR439.7 million, -8.0% on both a reported and rebased
basis
Q1 Operating Highlights
-- Broadband net losses of 31,000, primarily driven by continued promotional
intensity, despite early signs of improvement in churn following the
migration of existing customers to the new front book
-- Postpaid net adds of 29,100, primarily driven by growth in B2B
-- Fixed ARPU increased 1.5% YoY, supported by the prior year's price
adjustment
-- Implemented an increase in download speeds across the existing broadband
portfolio in March
2025 VodafoneZiggo guidance (in U.S. GAAP)
-- We are confirming:
-- P&E Additions to sales: 20-22%
-- We are updating:
-- Low-single digit decline in revenue growth (updated from broadly
stable)
-- Mid to high-single digit decline in Adjusted EBITDA growth
(updated from low-single digit decline)
-- Adjusted FCF of EUR200-EUR250 million (updated from around EUR300
million)12
-- Cash distributions to shareholders of EUR200-EUR250 million
(updated from around EUR300 million)
Telenet
Telenet delivered strong fixed ARPU and revenue growth, on track to deliver full-year guidance
Telenet's first quarter results demonstrated resilience in the face of a competitive environment, with growth in revenue and Adj. EBITDAaL. Telenet continues to leverage the BASE brand to drive growth in the South of Belgium and BASE's status as a challenger brand means it is well positioned to defend in the mobile-only segment. Elsewhere, Wyre continues to advance the FTTH build while also making progress with Proximus and Belgian regulators on the FTTH-sharing agreement announced last year.
Highlights for Q1
-- Competitive environment: An intensely competitive environment in Belgium
remains, resulting in pressure on the Telenet brand with BASE partly
compensating
-- Price adjustment: Announced a price adjustment of 3% on the Telenet
brand which took effect from April
-- FTTH: Wyre is on track to build an additional 375,000 FTTH homes passed
by year-end 2025 and continued to make progress with Proximus and
regulators regarding FTTH-sharing agreement
Q1 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)
-- Revenue of $759.7 million, -0.4% YoY on a reported basis and +2.7% on a
rebased basis
-- Primarily driven by (i) higher programming revenue and (ii) the
benefit of the June 2024 price indexation, partially offset by (a)
lower handset revenue and (b) lower interconnect revenue
-- Adjusted EBITDA of $301.6 million, -2.2% YoY on a reported basis and
+0.8% on a rebased basis
-- Adjusted EBITDAaL of $301.3 million, -2.2% YoY on a reported basis and
+0.8% on a rebased basis
-- Primarily driven by (i) the increase in revenue, (ii) lower
network operating costs and (iii) cost control measures, partially
offset by (a) an increase in programming costs, (b) higher
staff-related expenses following the mandatory 3.6% wage
indexation as of January and (c) increased sales and marketing
costs
-- Property and equipment additions of $246.7 million, +34.3% YoY on a
reported basis and +32.4% on a rebased basis
-- Adjusted EBITDA less P&E Additions of $54.9 million, -56.0% YoY on a
reported basis and -54.1% on a rebased basis
-- Cash flows from operating activities of $185.0 million, cash flows from
investing activities of -$198.9 million and cash flows from financing
activities of -$21.8 million
Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)(10)
-- Revenue of EUR721.2 million, +2.7% YoY on both a reported and rebased
basis
-- Adjusted EBITDA of EUR323.8 million, +2.8% YoY on both a reported and
rebased basis
-- Q1 2025 included the benefit of EUR37.4 million of U.S. GAAP/IFRS
differences, primarily related to (i) sports and film broadcasting
rights and (ii) leases
-- Adjusted EBITDAaL of EUR304.0 million, +2.6% YoY on both 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 losses of 2,100, primarily due to continued elevated churn
on the Telenet brand, which was only partially offset by growth in BASE
-- Postpaid net losses of 3,700, primarily due to the intensely competitive
market environment following the Digi launch, despite better performance
from BASE following portfolio adjustments during Q1
-- Fixed ARPU in Q1 saw continued growth of 2.8% supported by the June 2024
price rise, ahead of a 3% adjustment which took effect from April
2025 Telenet guidance (in IFRS)(13)
-- We are confirming:
-- Broadly stable revenue (FY 2024: EUR2,851.4 million)
-- Low to mid-single digit decline in Adjusted EBITDAaL (FY 2024:
EUR1,279.9 million)
-- P&E Additions as a percentage of revenue of around 38%
-- Adjusted FCF between -EUR180.0 and -EUR150.0 million
Virgin Media Ireland
Virgin Media Ireland continues to drive transformation into full fiber operator
Virgin Media Ireland's first quarter results were impacted by the competitive environment in Ireland which remains intense, driving modest revenue and Adj. EBITDA declines. Despite the market dynamics, Virgin Media Ireland continues to make strong progress against its key strategic priorities including FTTH rollout, wholesale penetration and offnet footprint expansion.
Highlights for Q1
-- Network upgrade: Continued to deliver on full fiber upgrade project, with
over half of premises upgraded to full fiber at the end of Q1
-- Fiber momentum: Almost 60k fiber customers on Virgin Media Ireland's
network at the end of Q1, including Wholesale customers
Q1 Financial Highlights (in U.S. GAAP)
-- Revenue of $115.8 million, -5.9% YoY on a reported basis and -2.9% on a
rebased basis
-- Primarily driven by (i) lower fixed and mobile revenue resulting
from the intense competitive environment and (ii) lower
advertising revenues at VMTV, partially offset by continued strong
growth in B2B wholesale revenue
-- Adjusted EBITDA of $37.2 million, -7.0% YoY on a reported basis and -4.1%
on a rebased basis
-- Primarily due to (i) the aforementioned revenue decline, (ii) the
parallel running of IT systems and (iii) higher labor costs
following annual salary increase
-- Cash flows from operating activities of $12.2 million, cash flows from
investing activities of -$41.2 million, and cash flows from financing
activities of $29.1 million
Q1 Financial Highlights (in U.S. GAAP) in local currency
-- Revenue of EUR110.0 million, -2.9% YoY on both a reported and rebased
basis
-- Adjusted EBITDA of EUR35.3 million, -4.1% YoY on both a reported and
rebased basis
Q1 Operating Highlights
-- Broadband net losses of 1,000, primarily due to continued competitive
intensity in the market
-- Postpaid net adds of 900, a sequential and YoY improvement, primarily due
to reduced churn
-- Over 1.4 million addressable homes, including offnet footprint
Consolidated Leverage & Liquidity
-- Total principal amount of debt and finance leases: $9.4 billion
-- Average debt tenor14: 3.5 years, with 32% not due until 2029 or
thereafter
-- Borrowing costs: Blended, fully-swapped cost of debt was 3.7%
The following table(i) details the U.S. dollar equivalents of our liquidity(15) position at March 31, 2025, which includes our (i) cash and cash equivalents, (ii) investments held under SMAs and (iii) unused borrowing capacity:
Cash Unused
and Cash Borrowing Total
Equivalents SMAs(ii) Capacity(iii) Liquidity
------------- ---------- --------------- -----------
in millions
Liberty Global
and
unrestricted
subsidiaries $ 849.8 $ 77.9 $ -- $ 927.7
Telenet 1,119.9 -- 664.9 1,784.8
VM Ireland 12.9 -- 108.1 121.0
--------- ------ --- ---------- -------
Total $ 1,982.6 $ 77.9 $ 773.0 $ 2,833.5
========= ====== === ========== =======
_______________
(i) Except as otherwise indicated, the amounts reported in the table
include the named entity and its subsidiaries.
(ii) Represents our SMA in a leveraged structured note issued by a
third-party investment bank.
(iii) Our aggregate unused borrowing capacity of $0.8 billion(16)
represents maximum undrawn commitments under the applicable
facilities without regard to covenant compliance calculations or
other conditions precedent to borrowing.
The following table(i) details the March 31, 2025 U.S. dollar equivalents of the (i) outstanding principal amounts of our debt and finance lease obligations, (ii) expected principal-related derivative cash payments or receipts and (iii) swapped principal amounts of our debt and finance lease obligations:
Principal
Finance Total Debt Related Swapped Debt
& Finance & Finance
Lease Lease Derivative Lease
Debt Obligations Obligations Cash Payments Obligations
-------- ------------- ------------- -------------- -------------
in millions
Telenet $7,070.7 $ 2.5 $ 7,073.2 $ (133.3) $ 6,939.9
VM Ireland 973.0 -- 973.0 -- 973.0
Other(ii) 1,360.7 31.6 1,392.3 -- 1,392.3
------- --- -------- --------- ------ ---------
Total $9,404.4 $ 34.1 $ 9,438.5 $ (133.3) $ 9,305.2
======= === ======== ========= ====== =========
_______________
(i) Except as otherwise indicated, the amounts reported in the table
include the named entity and its subsidiaries.
(ii) Debt amount includes a loan of $1,360.1 million backed by the shares
we hold in Vodafone Group plc.
Liberty Global Consolidated Q1 Cash Flows
Three months ended
March 31, Increase/(decrease)
--------------------------- ---------------------
2025 2024 Reported %
--------------- ---------- ---------------------
$ in millions, except % amounts
Liberty Global
Consolidated Cash
Flows:
Cash provided by
operating
activities of
continuing
operations 129.2 91.3 41.5%
Cash provided
(used) by
investing
activities of
continuing
operations 52.5 (63.9) 182.2%
Cash used by
financing
activities of
continuing
operations (66.2) (240.7) 72.5%
Adjusted FCF from
continuing
operations (141.2) (151.8) 7.0%
Distributable Cash
Flow from
continuing
operations (141.2) (151.8) 7.0%
Financial Highlights (in U.S. GAAP)(4,5)
The following tables present (i) selected financial information for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis. Adjusted EBITDA and Adjusted EBITDA less P&E Additions for Consolidated Continuing Operations, Liberty Growth and Liberty Services & Corporate are non-GAAP measures. For reconciliations, additional information on how these measures are defined and why we believe they are meaningful, see the Glossary and Reconciliations sections of the Appendix.
Three months ended
-------
March 31, Increase/(decrease)
-------------------- -------------------------
Revenue 2025 2024 Reported % Rebased %
--------- --------- ------------ -----------
in millions, except % amounts
Telenet $ 759.7 $ 762.6 (0.4) 2.7
VM Ireland 115.8 123.0 (5.9) (2.9)
------- ------- -------
Consolidated
Liberty
Telecom 875.5 885.6 (1.1)
Liberty Growth 96.6 14.3 575.5 (32.8)
Liberty Services &
Corporate 234.5 255.5 (8.2) (11.3)
Consolidated
intercompany
eliminations (35.4) (64.1) N.M. N.M.
------- ------- ------- --- -------
Total
consolidated $1,171.2 $1,091.3 7.3 (5.3)
======= ======= ======= === =======
Nonconsolidated 50%
owned Liberty
Telecom:
VMO2 JV $3,126.3 $3,282.8 (4.8) (4.2)
VodafoneZiggo JV $1,052.0 $1,114.0 (5.6) (2.6)
_______________
N.M. - Not Meaningful
Three months ended
--------
March 31, Increase/(decrease)
-------------------- --------------------------
Adjusted EBITDA 2025 2024 Reported % Rebased %
--------- --------- ------------- -----------
in millions, except % amounts
Telenet $ 301.6 $ 308.4 (2.2) 0.8
VM Ireland 37.2 40.0 (7.0) (4.1)
------- ------- --------
Consolidated
Liberty
Telecom 338.8 348.4 (2.8)
Liberty Growth 8.4 (0.4) 2,200.0 (36.3)
Liberty Services &
Corporate (12.6) (30.3) 58.4 44.9
Consolidated
intercompany
eliminations (10.0) (34.7) N.M. N.M.
------- ------- ------------- -----------
Total
consolidated $ 324.6 $ 283.0 14.7 2.0
======= ======= ======== === =======
Nonconsolidated 50%
owned Liberty
Telecom:
VMO2 JV $1,073.4 $1,073.6 -- 0.6
VodafoneZiggo JV $ 463.1 $ 519.0 (10.8) (8.0)
_______________
N.M. - Not Meaningful
Three months ended
---------
March 31, Increase/(decrease)
------------------- -----------------------
Adjusted EBITDA
less P&E Additions 2025 2024 Reported % Rebased %
---------- ------- ---------- -----------
in millions, except % amounts
Telenet $ 54.9 $124.7 (56.0) (54.1)
VM Ireland (5.7) 0.6 (1,050.0) (1,160.0)
----- ----- ---------
Consolidated
Liberty
Telecom 49.2 125.3 (60.7)
Liberty Growth 6.6 (1.9) 447.4 81.1
Liberty Services &
Corporate (16.8) (36.2) 53.6 41.5
Consolidated
intercompany
eliminations -- (25.2) N.M. N.M.
----- ----- ---------- -----------
Total
consolidated $ 39.0 $ 62.0 (37.1) (59.6)
===== ===== ========= ========
Nonconsolidated 50%
owned Liberty
Telecom:
VMO2 JV $ 479.2 $387.8 23.6 24.3
VodafoneZiggo JV $ 256.2 $274.3 (6.6) (3.8)
_______________
N.M. - Not Meaningful
Operating Data -- March 31, 2025
-------------------------------------------------------------------------------
Fixed-Line Postpaid
Homes Customer Broadband Total Mobile Total Mobile
Passed Relationships Subscribers RGUs Subscribers Subscribers(i)
---------- ------------- ----------- ---------- ----------- --------------
Consolidated
Reportable
Segments:
Telenet 4,216,600 1,955,400 1,716,700 4,111,900 2,671,300 2,853,700
VM Ireland 1,005,200 391,300 362,200 718,700 137,600 137,600
---------- ------------- ----------- ---------- ----------- --------------
Total
Consolidated
Reportable
Segments 5,221,800 2,346,700 2,078,900 4,830,600 2,808,900 2,991,300
========== ============= =========== ========== =========== ==============
Nonconsolidated
Reportable
Segments:
VMO2 JV 16,244,500 5,790,100 5,694,900 11,942,300 15,713,200 35,618,400
VodafoneZiggo
JV(ii) 7,590,400 3,375,400 3,076,400 7,620,300 5,328,300 5,602,900
Subscriber Variance Table -- March 31, 2025 vs. December 31, 2024
--------------------------------------------------------------------------
Fixed-Line Postpaid
Homes Customer Broadband Total Mobile Total Mobile
Passed Relationships Subscribers RGUs Subscribers Subscribers(i)
------ ------------- ----------- --------- ----------- --------------
Organic Change
Summary
-------------------
Consolidated
Reportable
Segments:
Telenet 42,900 (11,800) (2,100) (43,900) (3,700) (16,400)
VM Ireland 2,500 (2,000) (1,000) (11,500) 900 900
------ ------------- ----------- --------- ----------- --------------
Total
Consolidated
Reportable
Segments 45,400 (13,800) (3,100) (55,400) (2,800) (15,500)
====== ============= =========== ========= =========== ==============
Q1 2025
Consolidated
Reportable Segments
Adjustments:
-------------------
Telenet 13,200 -- -- -- -- --
Nonconsolidated
Reportable
Segments:
VMO2 JV 400 (46,000) (44,000) (286,500) (122,800) (34,100)
VodafoneZiggo
JV(ii) 10,200 (40,500) (31,000) (135,900) 29,100 19,200
Subscriber Variance Table -- March 31, 2025 vs. March 31, 2024
----------------------------------------------------------------------------
Fixed-Line Postpaid
Homes Customer Broadband Total Mobile Total Mobile
Passed Relationships Subscribers RGUs Subscribers Subscribers(i)
-------- ------------- ----------- --------- ----------- --------------
Organic Change
Summary
-------------------
Consolidated
Reportable
Segments:
Telenet 91,700 (37,200) (7,700) (162,500) (5,200) (45,400)
VM Ireland 18,100 (10,200) (6,000) (63,300) 3,400 3,400
-------- ------------- ----------- --------- ----------- --------------
Total
Consolidated
Reportable
Segments 109,800 (47,400) (13,700) (225,800) (1,800) (42,000)
======== ============= =========== ========= =========== ==============
Consolidated
Reportable Segments
Adjustments:
-------------------
Telenet (75,700) -- -- -- -- --
Nonconsolidated
Reportable
Segments:
VMO2 JV 18,900 (34,700) (28,000) (686,700) (226,800) 293,500
VodafoneZiggo
JV(ii) 57,200 (142,400) (104,200) (486,700) 13,800 (39,100)
Nonconsolidated
Reportable Segments
Adjustments:
-------------------
VMO2 JV -- -- -- -- (34,500) (34,500)
VodafoneZiggo JV -- -- (3,000) (3,000) (9,600) (9,600)
Footnotes for Operating Data and Subscriber Variance Tables:
(i) In a number of countries, our mobile subscribers receive mobile
services pursuant to prepaid contracts. The mobile subscriber count
for the VMO2 JV includes IoT connections, which are Machine-to-Machine
contract mobile connections, including Smart Metering contract
connections. The mobile subscriber count presented above for the VMO2
JV excludes wholesale mobile connections of approximately 10,066,600
that are included in the total mobile subscriber count as defined and
presented by the VMO2 JV.
(ii) Fixed-line counts for the VodafoneZiggo JV include certain B2B
customers and subscribers.
Additional General Notes to Tables:
Most of our broadband communications subsidiaries provide broadband, telephony, data, video or other B2B services. Certain of our B2B revenue is derived from SOHO subscribers that pay a premium price to receive enhanced service levels along with broadband, video or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHOs, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our broadband communications operations, with only those services provided at premium prices considered to be "SOHO RGUs" or "SOHO customers". To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs or SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO subscribers and mobile subscribers at medium and large enterprises, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.
While we take appropriate steps to ensure that subscriber statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber counting process. We periodically review our subscriber counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber statistics based on those reviews.
Bond Update by Credit Silo
VMO2 Credit Update
Operating Statistics Summary
As of and for the
three months ended
March 31,
-----------------------------------------
2025 2024
-------------------- -------------------
Footprint
---------------------------------
Homes Serviceable 18,420,900 17,193,700
Homes Serviceable net additions (QoQ) 165,300 194,000
Fixed
---------------------------------
Fixed-Line Customer Relationships 5,790,100 5,824,800
Organic Fixed-Line Customer
Relationship net losses (QoQ) (46,000) (2,000)
Organic Fixed-Line Customer
Relationship net additions (losses)
(YoY) (34,700) 8,400
Broadband Subscribers 5,694,900 5,722,900
Organic Broadband net additions
(losses) (QoQ) (44,000) 5,300
Organic Broadband net additions
(losses) (YoY) (28,000) 40,300
Q1 Monthly ARPU per Fixed-Line
Customer Relationship GBP 47.00 GBP 46.25
Mobile
---------------------------------
Postpaid Mobile Subscribers(i) 15,713,200 15,974,500
Organic Postpaid Mobile net losses
(QoQ)(i) (122,800) (77,800)
Organic Postpaid Mobile net losses
(YoY)(i) (226,800) (21,100)
Q1 Monthly Consumer Postpaid ARPU GBP 17 GBP 17
Convergence
---------------------------------
Converged Households as % of Broadband
RGUs 42.1% 43.7%
_______________
(i) Previously reported postpaid mobile subscribers figures have been
restated. For more information regarding the VMO2 JV and the
restatement, please visit its investor relations page.
Financial Results (in IFRS)(10)
Three months ended
March 31,
----------------------------------- -----------
2025 2024 Increase/(decrease)
----------------- ---------------- ---------------------
in millions, except % amounts
Revenue
-------------------
Mobile GBP 1,347.8 GBP 1,362.7 (1.1%)
---- ------- --- ------- ----------- ------
Handset 272.7 291.9 (6.6%)
Fixed 938.5 931.6 0.7%
------- --- ------- ----------- -------
Consumer Fixed 838.4 822.9 1.9%
Subscription 819.8 807.7 1.5%
Other 18.6 15.2 22.4%
B2B Fixed 100.1 108.7 (7.9%)
Other 193.8 294.5 (34.2%)
------- --- ------- ----------- ------
Total revenue GBP 2,480.1 GBP 2,588.8 (4.2%)
==== ======= === ======= =========== ======
Adjusted EBITDA GBP 914.1 GBP 925.7 (1.3%)
==== ======= === ======= =========== ======
P&E Additions GBP 498.3 GBP 571.4
ROU asset additions 30.5 76.1
------- --- -------
Total P&E
Additions
including ROU
asset
additions GBP 528.8 GBP 647.5 (18.3%)
==== ======= === ======= =========== ======
P&E Additions as a %
of revenue 20.1% 22.1%
Adjusted EBITDA
less P&E
Additions GBP 385.3 GBP 278.2 38.5%
==== ======= === ======= =========== =======
Adjusted FCF GBP (885.4) GBP (738.7)
==== ======= === =======
Third-Party Debt, Lease Obligations and Cash and Cash Equivalents
The borrowing currency and pound sterling equivalent of the nominal amounts of VMED O2's consolidated third-party debt, lease obligations and cash and cash equivalents is set forth below:
March 31, December 31,
2025 2024
------------------------------ ----------------
Borrowing
currency GBP equivalent
-------------- --------------------------------
in millions
Senior and Senior
Secured Credit
Facilities:
Term Loan N (Term SOFR +
2.50%) due 2028 $ 2,804.5 GBP 2,172.9 GBP 2,635.9
Term Loan O (EURIBOR +
2.50%) due 2029 EUR 750.0 628.2 620.0
Term Loan Q (Term SOFR +
3.25%) due 2029 $ 1,300.0 1,007.2 1,038.4
Term Loan R (EURIBOR +
3.25%) due 2029 EUR 750.0 628.2 620.0
Term Loan X1 (SONIA +
3.25%) due 2029 GBP 750.0 750.0 750.0
Term Loan Y (Term SOFR +
3.25%) due 2031 $ 1,250.0 968.4 998.5
Term Loan Y1 (Term
SOFR + 3.25%) due
2031 . $ 500.0 387.4 --
Term Loan Z (EURIBOR +
3.50%) due 2031 EUR 720.0 603.1 595.2
GBP54 million
(equivalent) RCF
(SONIA + 2.75%) due
2026 GBP -- -- --
GBP1,324 million
(equivalent) RCF
(SONIA + 2.75%) due
2029 GBP -- -- --
VM Financing Facilities
(GBP equivalent) GBP 420.3 420.3 413.6
--- -------- --- --------
Total Senior and Senior Secured Credit
Facilities 7,565.7 7,671.6
Senior Secured Notes:
5.00% GBP Senior Secured
Notes due 2027 GBP 90.4 90.4 121.8
5.50% USD Senior Secured
Notes due 2029 $ 1,425.0 1,104.0 1,138.3
5.25% GBP Senior Secured
Notes due 2029 GBP 340.0 340.0 340.0
4.00% GBP Senior Secured
Notes due 2029 GBP 600.0 600.0 600.0
4.25% GBP Senior Secured
Notes due 2030 GBP 635.0 635.0 635.0
4.50% USD Senior Secured
Notes due 2030 $ 915.0 708.9 730.9
4.125% GBP Senior Secured
Notes due 2030 GBP 480.0 480.0 480.0
3.25% EUR Senior Secured
Notes due 2031 EUR 950.0 795.7 785.3
4.25% USD Senior Secured
Notes due 2031 $ 1,350.0 1,045.9 1,078.4
4.75% USD Senior Secured
Notes due 2031 $ 1,400.0 1,084.6 1,118.3
4.50% GBP Senior Secured
Notes due 2031 GBP 675.0 675.0 675.0
7.75% USD Senior Secured
Notes due 2032 $ 750.0 581.1 599.1
5.625% EUR Senior Secured
Notes due 2032 EUR 600.0 502.6 496.0
--- -------- --- --------
Total Senior Secured Notes 8,643.2 8,798.1
Senior Notes:
5.00% USD Senior Notes due
2030 $ 925.0 716.6 738.9
3.75% EUR Senior Notes due
2030 EUR 500.0 418.8 413.3
--- -------- --- --------
Total Senior Notes 1,135.4 1,152.2
Vendor financing(i) 2,999.8 2,984.2
Share of CTIL debt(i) 202.5 194.5
Other debt 318.3 320.3
Lease obligations(i) 920.6 950.8
--- -------- --- --------
Total third-party debt and lease
obligations 21,785.5 22,071.7
Unamortized premiums, discounts, deferred
financing costs and fair value adjustments,
net (11.2) (8.5)
--- -------- --- --------
Total carrying amount of third-party
debt and lease obligations 21,774.3 22,063.2
Less: cash and cash equivalents 294.3 1,128.3
--- -------- --- --------
Net carrying amount of third-party
debt and lease obligations GBP 21,480.0 GBP 20,934.9
=== ======== === ========
Exchange rate (EUR to GBP) 1.1939 1.2097
Exchange rate ($ to GBP) 1.2908 1.2519
_______________
(i) Amounts presented on an IFRS basis, consistent with bondholder
covenants.
Capital Structure
-- At March 31, 2025, the blended fully-swapped debt borrowing cost was 5.2%
and the average tenor of third-party debt (excluding vendor financing and
certain other obligations) was 5.0 years.
-- In January, VMO2 entered into a $500 million sustainability-linked term
loan facility (Term Loan Y1, previously termed Y3). Term Loan Y1 matures
on March 31, 2031 and bears interest at a rate of the Term SOFR plus
credit adjustment spread plus 3.25% per annum (subject to adjustment
based on the achievement or otherwise of certain ESG metrics). $495
million of the loan will be an exchange of Term Loan N due 2028 into a
new tranche of Term Loan Y due 2031, which became fungible with Term Loan
Y in April.
-- In April, VMO2 redeemed all of its outstanding 5.00% GBP Senior Secured
Notes due 2027 in the total amount of GBP90.4 million.
-- At March 31, 2025, VMO2 had maximum undrawn commitments of GBP1,378.0
million equivalent.
Covenant Debt Information
The following table details the pound sterling equivalents of the reconciliation from VMO2's consolidated third-party debt and lease obligations to the total covenant amount of third-party gross and net debt and includes information regarding the projected principal-related cash flows of cross-currency derivative instruments. The pound sterling equivalents presented below are based on exchange rates that were in effect as of March 31, 2025 and December 31, 2024. These amounts are based on IFRS covenants and presented for illustrative purposes only, and will likely differ from the actual cash payments or receipts in future periods.
March 31, December 31,
2025 2024
--------------- ----------------
in millions
Total third-party debt and lease
obligations (GBP equivalent) GBP 21,785.5 GBP 22,071.7
Vendor financing (2,917.5) (2,893.2)
Other debt (318.3) (320.3)
CTIL debt (202.5) (194.5)
Credit Facility Excluded Amount (997.6) (1,043.2)
Lease obligations (920.6) (950.8)
Projected principal-related cash payments
associated with our cross-currency
derivative instruments 373.8 98.6
-------- --- --------
Total covenant amount of third-party gross
debt 16,802.8 16,768.3
Less: cash and cash equivalents(i) (257.7) (591.8)
-------- --- --------
Total covenant amount of third-party
net debt GBP 16,545.1 GBP 16,176.5
==== ======== === ========
_______________
(i) Excludes cash and cash equivalents that are held outside the covenant
group.
Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last two quarters annualized basis as of March 31, 2025.
Net Senior Debt to Annualized Adjusted EBITDA 3.84x Net Total Debt to Annualized Adjusted EBITDA 4.15x Net Total Debt (excluding Credit Facility Excluded Amount and including 5.52x vendor financing, CTIL net debt and lease obligations) to Annualized Adjusted EBITDA
VodafoneZiggo Credit Update
Operating Statistics Summary
As of and for the
three months ended
March 31,
---------------------------------------
2025 2024
------------------- ------------------
Footprint
-----------------------------------
Homes Passed 7,590,400 7,533,200
Organic Homes Passed net additions (QoQ) 10,200 16,600
Organic Homes Passed net additions (YoY) 57,200 90,100
Fixed
-----------------------------------
Fixed-Line Customer Relationships 3,375,400 3,517,800
Organic Fixed-Line Customer Relationship
net losses (QoQ) (40,500) (35,200)
Organic Fixed-Line Customer Relationship
net losses (YoY) (142,400) (154,900)
Broadband Subscribers 3,076,400 3,183,600
Organic Broadband net losses (QoQ) (31,000) (23,500)
Organic Broadband net losses (YoY) (104,200) (114,900)
Q1 Monthly ARPU per Fixed-Line
Customer Relationship EUR 56 EUR 55
Mobile
-----------------------------------
Postpaid Mobile Subscribers 5,328,300 5,324,100
Organic Postpaid Mobile net additions
(QoQ) 29,100 22,300
Organic Postpaid Mobile net additions
(YoY) 13,800 128,700
Q1 Monthly Consumer Postpaid ARPU EUR 18 EUR 19
Convergence
-----------------------------------
Converged Households as % of Broadband
RGUs 49.6% 48.3%
Financial Results (in U.S. GAAP)
Three months ended
March 31,
--------------------------------- -----------
2025 2024(i) Increase/(decrease)
--------------- ---------------- ---------------------
in millions, except % amounts
Revenue
---------------------
Residential fixed
revenue:
Subscription EUR 477.9 EUR 496.1 (3.7%)
Non-subscription 1.7 3.1 (45.2%)
----- --- ------- ----------- ------
Total residential
fixed revenue 479.6 499.2 (3.9%)
Residential mobile
revenue:
Subscription 178.0 180.4 (1.3%)
Non-subscription 62.5 64.0 (2.3%)
----- --- ------- ----------- ------
Total residential
mobile revenue 240.5 244.4 (1.6%)
----- --- ------- ----------- ------
Total residential
revenue 720.1 743.6 (3.2%)
----- --- ------- ----------- ------
B2B fixed revenue:
Subscription 141.7 139.9 1.3%
Non-subscription 1.7 2.0 (15.0%)
----- --- ------- ----------- ------
Total B2B fixed
revenue 143.4 141.9 1.1%
----- --- ------- ----------- -------
B2B mobile revenue:
Subscription 95.4 103.5 (7.8%)
Non-subscription 29.1 29.9 (2.7%)
----- --- ------- ----------- ------
Total B2B mobile
revenue 124.5 133.4 (6.7%)
----- --- ------- ----------- ------
Total B2B revenue 267.9 275.3 (2.7%)
----- --- ------- ----------- ------
Other revenue 11.1 7.2 54.2%
----- --- ------- ----------- -------
Total revenue EUR 999.1 EUR 1,026.1 (2.6%)
==== ===== === ======= =========== ======
Adjusted EBITDA EUR 439.7 EUR 478.1 (8.0%)
==== ===== === ======= =========== ======
P&E Additions EUR 196.5 EUR 225.4 (12.8%)
==== ===== === ======= =========== ======
P&E Additions as a % of
revenue 19.7% 22.0%
Adjusted EBITDA less
P&E Additions EUR 243.2 EUR 252.7 (3.8%)
==== ===== === ======= =========== ======
Adjusted FCF EUR (19.6) EUR (64.6)
==== ===== === =======
_______________
(i) Certain revenue amounts have been reclassified to conform to 2025
presentation.
Third-Party Debt, Finance Lease Obligations and Cash and Cash Equivalents
The borrowing currency and euro equivalent of the nominal amounts of VodafoneZiggo's consolidated third-party debt, finance lease obligations and cash and cash equivalents is set forth below:
March 31, December 31,
2025 2024
------------------------------ ----------------
Borrowing
currency EUR equivalent
-------------- --------------------------------
in millions
Credit Facilities:
Term Loan I (Term
SOFR + 2.50%) USD
due 2028 $ 2,525.0 EUR 2,335.5 EUR 2,439.9
Term Loan H (EURIBOR
+ 3.00%) due 2029 EUR 2,250.0 2,250.0 2,250.0
Financing Facility 3.3 2.4
EUR25.0 million Ziggo Revolving
Facility G1 EUR due 2026 -- --
EUR775.0 million Ziggo Revolving
Facility G2 EUR due 2029 -- --
--- -------- --- --------
Total Credit Facilities 4,588.8 4,692.3
--- -------- --- --------
Senior Secured Notes:
4.875% USD Senior
Secured Notes due
2030 $ 991.0 916.6 957.6
2.875% EUR Senior
Secured Notes due
2030 EUR 502.5 502.5 502.5
5.00% USD Senior
Secured Notes due
2032 $ 1,525.0 1,410.5 1,473.6
3.50% EUR Senior
Secured Notes due
2032 EUR 750.0 750.0 750.0
--- -------- --- --------
Total Senior Secured Notes 3,579.6 3,683.7
--- -------- --- --------
Senior Notes:
6.00% USD Senior
Notes due 2027 $ -- -- 603.9
3.375% EUR Senior
Notes due 2030 EUR 900.0 900.0 900.0
5.125% USD Senior
Notes due 2030 $ 500.0 462.5 483.1
6.125% EUR Senior
Notes due 2032 EUR 575.0 575.0 575.0
--- -------- --- --------
Total Senior Notes 1,937.5 2,562.0
--- -------- --- --------
Vendor financing 999.6 999.6
Finance lease obligations 27.2 24.3
--- -------- --- --------
Total third-party debt and finance
lease obligations 11,132.7 11,961.9
Unamortized premiums, discounts and
deferred financing costs, net (23.2) (29.1)
--- -------- --- --------
Total carrying amount of
third-party debt and finance
lease obligations 11,109.5 11,932.8
Less: cash and cash equivalents 144.1 745.1
--- -------- --- --------
Net carrying amount of third-party
debt and finance lease
obligations EUR 10,965.4 EUR 11,187.7
=== ======== === ========
Exchange rate ($ to EUR) 1.0812 1.0349
Capital Structure
-- At March 31, 2025, the blended fully-swapped debt borrowing cost was 3.9%
and the average tenor of third-party debt (excluding vendor financing
obligations) was approximately 4.8 years
-- At March 31, 2025, VodafoneZiggo had maximum undrawn commitments of
EUR800 million under its Revolving Facilities
Covenant Debt Information
The following table details the euro equivalent of the reconciliation from VodafoneZiggo's consolidated third-party debt to the total covenant amount of third-party gross and net debt and includes information regarding the projected principal-related cash flows of cross-currency derivative instruments. The euro equivalents presented below are based on exchange rates that were in effect as of March 31, 2025 and December 31, 2024. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.
March 31, December 31,
2025 2024
--------------- ----------------
in millions
Total third-party debt and finance
lease obligations (EUR equivalent) EUR 11,132.7 EUR 11,961.9
Vendor financing (999.6) (999.6)
Finance lease obligations (27.2) (24.3)
Credit Facility Excluded Amount (460.2) (482.0)
Projected principal-related cash receipts
associated with our cross-currency
derivative instruments (458.2) (733.6)
-------- --- --------
Total covenant amount of third-party gross
debt 9,187.5 9,722.4
Less: cash and cash equivalents(i) (28.0) (599.3)
-------- --- --------
Net carrying amount of third-party debt EUR 9,159.5 EUR 9,123.1
==== ======== === ========
_______________
(i) Excludes the cash that is related to the unutilized portion of the
Vendor Finance Note facility of EUR40.9 million and EUR30.5 million,
respectively, as well as cash that is held outside the covenant group,
amounting to EUR75.2 million and EUR115.3 million, respectively.
Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last two quarters annualized basis as of March 31, 2025.
Net Senior Debt to Annualized Adjusted EBITDA 3.94x Net Total Debt to Annualized Adjusted EBITDA 4.98x Net Total Debt (excluding Credit Facility Excluded Amount and including 5.77x vendor financing) to Annualized Adjusted EBITDA
Telenet Credit Update
Operating Statistics Summary
As of and for the
three months ended
March 31,
---------------------------------------
2025 2024
------------------- ------------------
Footprint
-----------------------------------
Homes Passed(i) 4,216,600 4,200,600
Organic Homes Passed net additions (QoQ) 42,900 7,200
Organic Homes Passed net additions (YoY) 91,700 30,400
Fixed
-----------------------------------
Fixed-Line Customer Relationships 1,955,400 1,992,600
Organic Fixed-Line Customer Relationship
net losses (QoQ) (11,800) (14,900)
Organic Fixed-Line Customer Relationship
net losses (YoY) (37,200) (61,700)
Broadband Subscribers 1,716,700 1,724,400
Organic Broadband net losses (QoQ) (2,100) (6,000)
Organic Broadband net losses (YoY) (7,700) (29,700)
Q1 Monthly ARPU per Fixed-Line
Customer Relationship EUR 63.31 EUR 61.60
Mobile
-----------------------------------
Postpaid Mobile Subscribers 2,671,300 2,676,500
Organic Postpaid Mobile net losses (QoQ) (3,700) (800)
Organic Postpaid Mobile net losses (YoY) (5,200) (8,300)
Q1 Monthly Consumer Postpaid ARPU EUR 15.99 EUR 16.64
Convergence
-----------------------------------
Converged Households as % of Broadband
RGUs 54.5% 52.8%
_______________
(i) Amount for March 31, 2025 includes an aggregate adjustment of 13,200
Homes Passed to correct the understatement of the December 31, 2024
reported Homes Passed.
Financial Results (in IFRS)(10)
Three months ended
March 31,
--------------------------------- ------------
2025 2024 Increase/(decrease)
----------------- -------------- ---------------------
in millions, except % amounts
Revenue
--------------------
Residential fixed
revenue:
Subscription EUR 307.7 EUR 305.1 0.9%
Non-subscription 4.4 2.4 83.3%
------ --- ----- ------------ ------
Total residential
fixed revenue 312.1 307.5 1.5%
Residential mobile
revenue:
Subscription 102.4 104.1 (1.6%)
Non-subscription 32.8 40.8 (19.6%)
------ --- ----- ------------ -----
Total residential
mobile revenue 135.2 144.9 (6.7%)
B2B revenue:
Subscription 94.2 94.3 (0.1%)
Non-subscription 90.6 86.4 4.9%
------ --- ----- ------------ ------
Total B2B revenue 184.8 180.7 2.3%
Other revenue 89.1 69.3 28.6%
------ --- ----- ------------ ------
Total revenue EUR 721.2 EUR 702.4 2.7%
===== ====== === ===== ============ ======
Adjusted EBITDA EUR 323.8 EUR 314.9 2.8%
===== ====== === ===== ============ ======
Adjusted EBITDAaL EUR 304.0 EUR 296.4 2.6%
===== ====== === ===== ============ ======
P&E Additions(i) 292.8 187.3
ROU asset additions 7.2 10.9
------ --- -----
Total P&E
Additions
including ROU
asset
additions(i) EUR 300.0 EUR 198.2 51.4%
===== ====== === ===== ============ ======
P&E Additions as a % of
revenue 40.6% 26.7%
Adjusted EBITDA less
P&E Additions(i) EUR 23.8 EUR 116.7 (79.6%)
===== ====== === ===== ============ =====
Adjusted FCF EUR (35.0) EUR 12.8
===== ====== === =====
_______________
(i) Includes amounts capitalized as intangible assets related to sports and
film broadcasting rights.
Third-Party Debt, Lease Obligations and Cash and Cash Equivalents
The borrowing currency and euro equivalent of the nominal amounts of Telenet's consolidated third-party debt, lease obligations and cash and cash equivalents is set forth below:
March 31, December 31,
2025 2024
----------------------------- ---------------
Borrowing
currency EUR equivalent
-------------- ------------------------------
in millions
2024 Amended Senior
Credit Facility
Term Loan AR (Term
SOFR 1-month +
2.11%) USD due
2028 $ 2,295.0 EUR 2,122.7 EUR 2,217.6
Term Loan AT1
(EURIBOR + 3.00%)
EUR due 2028 EUR 390.0 390.0 890.0
Term Loan AQ
(EURIBOR + 2.25%)
EUR due 2029 EUR 1,110.0 1,110.0 1,110.0
Term Loan AU
(EURIBOR + 3.00%)
EUR due 2033 EUR 500.0 500.0 --
EUR570.0 million
Revolving Credit
Facility B (EURIBOR
+ 2.25%) due 2029 EUR -- -- --
--- ------- --- -------
Total Senior Credit Facility 4,122.7 4,217.6
--- ------- --- -------
Senior Secured Notes
5.50% USD Senior
Secured Notes due
2028 $ 1,000.0 925.0 966.3
3.50% EUR Senior
Secured Notes due
2028 EUR 540.0 540.0 540.0
--- ------- --- -------
Total Senior Secured Notes 1,465.0 1,506.3
--- ------- --- -------
Other
Lease obligations(i) 625.1 630.5
Mobile spectrum 367.2 377.3
Vendor financing 342.1 342.8
Other debt 242.9 233.4
EUR20.0 million Revolving Credit
Facility (EURIBOR + 2.25%) due 2026 -- --
EUR25.0 million Overdraft Facility
(EURIBOR + 1.60%) due 2025 -- --
--- ------- --- -------
Total third-party debt and lease
obligations 7,165.0 7,307.9
Deferred financing fees, discounts and
premiums, net (15.8) (22.0)
--- ------- --- -------
Total carrying amount of
third-party debt and lease
obligations 7,149.2 7,285.9
Less: cash and cash equivalents 1,035.9 1,072.3
--- ------- --- -------
Net carrying amount of
third-party debt and lease
obligations EUR 6,113.3 EUR 6,213.6
=== ======= === =======
Exchange rate ($ to EUR) 1.0812 1.0349
_______________
(i) Amounts presented on an IFRS basis, consistent with bondholder
covenants.
Capital Structure
-- At March 31, 2025, the blended fully-swapped debt borrowing cost was 3.8%
and the average tenor of third-party debt (excluding vendor financing and
certain other obligations) was approximately 3.7 years
-- In February, Telenet secured commitments for a 5-year EUR500.0 million
standalone capex facility for Wyre priced at EURIBOR +2.75%. This funding
will support Wyre's roll-out ambitions
-- In February, Telenet entered into a EUR500.0 million
sustainability-linked term loan facility priced at EURIBOR +3.0%. The
proceeds were used to repay EUR500.0 million of the EUR890.0 million
outstanding principal amount under Telenet Facility AT1
-- At March 31, 2025, Telenet had access to total liquidity of EUR1,650.9
million, consisting of EUR1,035.9 million cash and cash equivalents and
EUR615.0 million of undrawn commitments under revolving credit facilities
Covenant Debt Information
The following table details the euro equivalent of the reconciliation from Telenet's consolidated third-party debt to the total covenant amount of third-party gross and net debt and includes information regarding the projected principal-related cash flows of cross-currency derivative instruments. The euro equivalents presented below are based on exchange rates that were in effect as of March 31, 2025 and December 31, 2024. These amounts are based on IFRS covenants and presented for illustrative purposes only, and will likely differ from the actual cash payments or receipts in future periods.
March 31, December 31,
2025 2024
-------------- ----------------
in millions
Total third-party debt and lease
obligations (EUR equivalent) EUR 7,165.0 EUR 7,307.9
Lease obligations (625.1) (630.5)
Mobile spectrum (367.2) (377.3)
Vendor financing (342.1) (342.8)
Other debt (242.9) (233.4)
Credit Facility Excluded Amount (400.0) (400.0)
Projected principal-related cash payments
(receipts) associated with our
cross-currency derivative instruments (123.4) (259.6)
------- ---- -------
Total covenant amount of third-party gross
debt 5,064.3 5,064.3
Less: cash and cash equivalents(i) 1,034.9 1,068.0
------- ---- -------
Total covenant amount of third-party net
debt EUR 4,029.4 EUR 3,996.3
==== ======= ==== =======
_______________
(i) Excludes cash and cash equivalents that are held outside the covenant
group.
Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA and Adjusted EBITDAaL, as defined under covenants, on a last two quarters annualized basis as of March 31, 2025.
Net Total Debt to Annualized Adjusted EBITDA 3.03x Net Total Debt (excluding Credit Facility Excluded Amount and including 3.58x vendor financing) to Annualized Adjusted EBITDA Net Total Debt (excluding Credit Facility Excluded Amount and including 4.3x vendor financing, mobile spectrum and other debt) to Annualized Adjusted EBITDAaL
A Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income and Statement of Cash Flows for Telenet can be found in the investor toolkit on the Telenet investor relations page.
VM Ireland Credit Update
Operating Statistics Summary
As of and for the
three months ended
March 31,
-------------------------------------
2025 2024
------------------- ----------------
Footprint
-------------------------------------
Homes Passed 1,005,200 987,100
Organic Homes Passed net additions (QoQ) 2,500 4,200
Organic Homes Passed net additions (YoY) 18,100 11,300
Fixed
-------------------------------------
Fixed-Line Customer Relationships 391,300 401,500
Organic Fixed-Line Customer Relationship
net losses (QoQ) (2,000) (1,300)
Organic Fixed-Line Customer Relationship
net losses (YoY) (10,200) (17,100)
Broadband Subscribers 362,200 368,200
Organic Broadband net losses (QoQ) (1,000) (300)
Organic Broadband net losses (YoY) (6,000) (12,900)
Q1 Monthly ARPU per Fixed-Line
Customer Relationship EUR 60.98 EUR 61.99
Mobile
-------------------------------------
Postpaid Mobile Subscribers 137,600 134,200
Organic Postpaid Mobile net additions
(losses) (QoQ) 900 (200)
Organic Postpaid Mobile net additions
(losses) (YoY) 3,400 (8,800)
Q1 Monthly Consumer Postpaid ARPU EUR 19.64 EUR 21.41
Convergence
-------------------------------------
Converged Households as % of Broadband RGUs 8.6% 9.1%
Financial Results (in U.S. GAAP)
Three months ended
March 31,
------------------------------- ---------------
2025 2024 Increase/(decrease)
--------------- -------------- ---------------------
in millions, except % amounts
Revenue
--------------------
Residential fixed
revenue:
Subscription EUR 68.9 EUR 72.0 (4.3%)
Non-subscription 0.4 0.5 (20.0%)
----- --- ----- ---------------
Total residential
fixed revenue 69.3 72.5 (4.4%)
Residential mobile
revenue:
Subscription 7.5 8.0 (6.3%)
Non-subscription 1.7 1.9 (10.5%)
----- --- ----- ---------------
Total residential
mobile revenue 9.2 9.9 (7.1%)
B2B revenue:
Subscription 3.1 3.1 --%
Non-subscription 7.5 6.5 15.4%
----- --- ----- --------------- ---
Total B2B revenue 10.6 9.6 10.4%
Other revenue 20.9 21.3 (1.9%)
----- --- ----- ---------------
Total revenue EUR 110.0 EUR 113.3 (2.9%)
==== ===== === ===== ===============
Adjusted EBITDA EUR 35.3 EUR 36.8 (4.1%)
==== ===== === ===== ===============
P&E Additions EUR 40.6 EUR 36.3 11.8%
==== ===== === ===== =============== ===
P&E Additions as a % of
revenue 36.9% 32.0%
Adjusted EBITDA less
P&E Additions EUR (5.3) EUR 0.5 (1,160.0%)
==== ===== === ===== ===============
Adjusted FCF EUR (27.8) EUR (20.7)
==== ===== === =====
Third-Party Debt and Cash and Cash Equivalents
The following table details the borrowing currency and euro equivalent of the nominal amounts of VM Ireland's consolidated third-party debt and cash and cash equivalents:
March 31, December 31,
2025 2024
----------------------------- --------------
Borrowing
currency EUR equivalent
---------------- ---------------------------
in millions
Credit Facilities:
Term Loan B1
(EURIBOR + 3.575%)
due 2029 EUR 900.0 EUR 900.0 EUR 900.0
EUR100.0 million Revolving Facility
(EURIBOR + 2.825%) due 2027 -- --
--- ----- ---- -----
Total third-party debt 900.0 900.0
Deferred financing costs and discounts,
net (3.7) (4.0)
--- ----- ---- -----
Total carrying amount of
third-party debt 896.3 896.0
Less: cash and cash equivalents 11.9 11.9
--- ----- ---- -----
Net carrying amount of third-party
debt EUR 884.4 EUR 884.1
=== ===== ==== =====
Capital Structure
-- At March 31, 2025, the blended fully-swapped debt borrowing cost was 4.0%
and the average tenor of third-party debt was approximately 4.3 years
-- At March 31, 2025, VM Ireland had EUR100.0 million of undrawn commitments
available
Covenant Debt Information
The following table details the euro equivalents of the reconciliation from VM Ireland's consolidated third-party debt to the total covenant amount of third-party gross and net debt. The euro equivalents presented below are based on exchange rates that were in effect as of March 31, 2025 and December 31, 2024. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.
March 31, December 31,
2025 2024
------------ ----------------
in millions
Total third-party debt EUR 900.0 EUR 900.0
Credit Facility Excluded Amount (50.0) (50.0)
----- ----- ------
Total covenant amount of third-party gross debt 850.0 850.0
Cash and cash equivalents (11.9) (11.9)
----- ----- ------
Total covenant amount of third-party net
debt EUR 838.1 EUR 838.1
==== ===== ===== ======
Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last twelve months basis as of March 31, 2025.
Net Total Debt to Annualized Adjusted EBITDA 5.17x Net Total Debt (excluding Credit Facility Excluded Amount) to 5.48x Annualized Adjusted EBITDA
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 Revenue and Rebased Revenue, Adjusted EBITDA, Adjusted EBITDA less P&E Additions, operating and capital expenses, property and equipment additions, Adjusted Free Cash Flow, Distributable Cash Flow and ARPU metrics; our operating companies' 2025 U.S. GAAP and IFRS financial guidance, including updates to such guidance; our future strategies for maximizing and creating value for our shareholders, including any potential capital market or private transactions that we may undertake with respect to any of our businesses; 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, including any anticipated price increases, Formula E's social media initiatives, VodafoneZiggo's new Wifi Guarantee, the planned fiber upgrade programs in the U.K. (including through nexfibre), Belgium and Ireland, investments in VodafoneZiggo's HFC network and the planned acquisition of spectrum from Vodafone-Three in the U.K.; our fiber sharing 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 (previously referred to as the Ventures portfolio), including any expected capital rotation between investments and the proceeds to be received therefrom; our share repurchase program, including the amount of shares we intend to repurchase during the year; the strength of our and our affiliates' respective balance
sheets (including cash and liquidity position); our and our joint ventures' use of derivatives, the tenor and cost of our third-party debt, as well as the expected use of such debt proceeds 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; 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 and interest rates; the ability of suppliers, vendors and contractors to timely deliver quality products, equipment, software, services and access; our, our affiliates' and our joint ventures' ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions and upgrades; and other factors detailed from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including our most recently filed Form 10-K, Form 10-K/A and Form 10-Q. These forward-looking statements speak only as of the date of this release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Share Repurchase Program
Our share buyback plan for 2025 authorized the repurchase of up to 10% of our outstanding shares as of December 31, 2024. The program may be effected through open market transactions and/or privately negotiated transactions, which may include derivative transactions. The timing of the repurchase of shares pursuant to the program will depend on a variety of factors, including market conditions and applicable law. The program may be implemented in conjunction with brokers for Liberty Global and other financial institutions with whom Liberty Global has relationships within certain pre-set parameters, and purchases may continue during closed periods in accordance with applicable restrictions. The program may be suspended or discontinued at any time and will terminate upon repurchasing the authorized limits unless further repurchase authorization is provided for.
About Liberty Global
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is a dynamic team of operators and investors generating and delivering shareholder value through the strategic management of three platforms -- Liberty Telecom, Liberty Growth and Liberty Services.
Liberty Telecom is a world leader in converged broadband, video and mobile communications services, delivering next-generation products through advanced fiber and 5G networks. Liberty Telecom currently provides approximately 80 million* connections through some of Europe's best-known consumer brands, including Virgin Media O2 (VMO2) in the U.K., VodafoneZiggo in the Netherlands, Telenet in Belgium and Virgin Media in Ireland. With our substantial scale and commitment to innovation, we are building Tomorrow's Connections Today, investing in the infrastructure and platforms that empower our customers to make the most of the digital revolution, while deploying the advanced technologies that nations and economies need to thrive.
Liberty Telecom's consolidated businesses generate annual revenue of approximately $3.6 billion, while the VMO2 JV and the VodafoneZiggo JV generate combined annual revenue of more than $18 billion.**
Liberty Growth invests, grows and rotates capital into scalable businesses across the technology, media/content, sports and infrastructure industries with a portfolio of approximately 70 companies and various funds, including stakes in companies like ITV, Televisa Univision, Plume, EdgeConneX and AtlasEdge, as well as our controlling interest in the Formula E racing series. Liberty Services delivers innovative technology and finance services, generating approximately $600 million in revenue.***
Telenet, the VMO2 JV and the VodafoneZiggo JV deliver mobile services as mobile network operators. Virgin Media Ireland delivers mobile services as a mobile virtual network operator through third-party networks.
Liberty Global Ltd. is listed on the Nasdaq Global Select Market under the symbols "LBTYA", "LBTYB" and "LBTYK".
* Represents aggregate consolidated and 50% owned nonconsolidated fixed
and mobile subscribers. Includes wholesale mobile connections of the
VMO2 JV and B2B fixed subscribers of the VodafoneZiggo JV.
** Revenue figures above are provided based on full year 2024 Liberty
Global consolidated results and the combined as reported full year 2024
results for the VodafoneZiggo JV and full year 2024 U.S. GAAP results
for the VMO2 JV.
*** Represents full year 2024 revenue of Liberty Services, substantially
all of which is derived from our consolidated businesses and
nonconsolidated JVs.
For more information, please visit www.libertyglobal.com.
Balance Sheets, Statements of Operations and Statements of Cash Flows
The condensed consolidated balance sheets, statements of operations and statements of cash flows of Liberty Global are in our 10-Q.
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 2025, we have adjusted our historical revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for the three months ended March 31, 2024 to (i) include the pre-acquisition revenue, Adjusted EBITDA and P&E Additions to the same extent these entities are included in our results for the three months ended March 31, 2025, (ii) exclude from our rebased amounts the revenue, Adjusted EBITDA and P&E Additions of entities disposed of to the same extent these entities are excluded in our results for the three months ended March 31, 2025, (iii) include in our rebased amounts the impact to revenue and Adjusted EBITDA of activity between our continuing and discontinued operations related to the Tech Framework that previously eliminated within our consolidated results, (iv) include in our rebased amounts the revenue and costs for the temporary elements of transitional and other services provided to iliad, Vodafone, Deutsche Telekom and Sunrise, to reflect amounts related to these services equal to those included in our results for the three months ended March 31, 2025 and (v) reflect the translation of our rebased amounts at the applicable average foreign currency exchange rates that were used to translate our results for the three months ended March 31, 2025. For entities we have acquired during 2024, we have reflected the revenue, Adjusted EBITDA and P&E Additions of these acquired entities in our 2024 rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired businesses during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions of these entities on a basis that is comparable to the corresponding post-acquisition amounts that are included in our results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebase growth percentages are not necessarily indicative of the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions that would have occurred if these transactions had occurred on the dates
assumed for purposes of calculating our rebased amounts or the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions that will occur in the future. Investors should view rebase growth as a supplement to, and not a substitute for, U.S. GAAP measures of performance included in our condensed consolidated statements of operations.
The following table provides adjustments made to 2024 amounts (i) for our consolidated continuing operations and (ii) for the nonconsolidated VMO2 JV and VodafoneZiggo JV to derive our rebased growth rates:
Three months ended March 31, 2024
---------------------------------------------------
Adjusted Adjusted EBITDA
Revenue EBITDA less P&E Additions
--------------- ------------- -------------------
in millions
Consolidated
Continuing
Operations:
Telenet:
Foreign currency $ (22.2) $ (9.3) $ (3.6)
VM Ireland:
Foreign currency (3.7) (1.2) --
Other:
Acquisitions and
dispositions(i) 176.7 45.6 37.8
Foreign currency (5.3) 0.2 0.4
------- --- ------- ----- ------ ----
Total
consolidated
continuing
operations $ 145.5 $ 35.3 $ 34.6
======= === ======= ===== ====== ====
Nonconsolidated
JVs:
VMO2 JV(ii) :
Foreign currency $ (19.4) $ (6.4) $ (2.3)
======= === ======= ===== ====== ===
VodafoneZiggo
JV(ii) :
Foreign currency $ (33.6) $ (15.4) $ (8.0)
======= === ======= ===== ====== ===
_______________
(i) In addition to our acquisitions and dispositions, these rebase
adjustments include amounts related to agreements to provide
transitional and other services to iliad, Vodafone, Deutsche Telekom
and Sunrise. These adjustments result in an equal amount of fees in
both the 2025 and 2024 periods for those services that are deemed to
be temporary in nature.
(ii) 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.
Property and Equipment Additions and Capital Expenditures
The table below reconciles the property and equipment additions of our continuing operations for the indicated periods to the capital expenditures that are presented in the condensed consolidated statements of cash flows in our 10-Q.
Three months ended
March 31,
-------------------------------------
2025 2024
-------------------- ---------------
in millions, except % amounts
Total consolidated property and
equipment additions $ 285.6 $ 221.0
Reconciliation of property and
equipment additions to capital
expenditures:
Assets acquired under
capital-related vendor
financing arrangements(i) (20.6) (30.6)
Assets acquired under finance
leases -- (0.5)
Changes in current liabilities
related to capital
expenditures (21.7) 16.2
---------- --- --------- ---
Total capital expenditures,
net(ii) $ 243.3 $ 206.1
========== ==== ========= ===
Property and equipment additions as
% of revenue 24.4% 20.3%
_______________
(i) Amounts exclude related VAT of $3.2 million and $4.4 million for the
three months ended March 31, 2025 and 2024, respectively, that were
also financed under these arrangements.
(ii) The capital expenditures that we report in our condensed consolidated
statements of cash flows do not include amounts that are financed
under vendor financing or finance lease arrangements. Instead, these
expenditures are reflected as non-cash additions to our property and
equipment when the underlying assets are delivered, and as repayments
of debt when the related principal is repaid.
Foreign Currency Information
The following table presents the relationships between the primary currencies of the countries in which we operate and the U.S. dollar, which is our reporting currency, per one U.S. dollar:
March 31, 2025 December 31, 2024
-------------- -----------------
Spot rates:
Euro 0.9249 0.9663
British pound sterling 0.7747 0.7988
Three months ended
March 31,
--------------------
2025 2024
--------- ---------
Average rates:
Euro 0.9501 0.9211
British pound sterling 0.7936 0.7886
Footnotes
1 On an as guided basis. Guidance basis revenue excludes handset revenue
and nexfibre construction revenue. Guidance basis Adjusted EBITDA
excludes nexfibre construction impacts.
2 Amounts exclude SMAs and include our consolidated investments in
Slovakia, Egg and Formula E. Amounts also reflect fair value adjustments
for certain investments that have a higher estimated fair value than
reported book value. Includes listed stakes in ITV, Lionsgate and
Vodafone.
3 Subsequent to the April redemption of VMO2's Senior Secured Notes due
2027 in the total amount of GBP90.4 million.
4 Consolidated intercompany eliminations amounts for the three months
ended March 31, 2024 within the Financial Highlights tables primarily
relate to (i) revenue and Adjusted EBITDA within our T&I Function of
($30 million) and ($22 million), respectively, related to Tech Framework
revenues and eliminations with Sunrise prior to the Spin-off and (ii)
transactions between our continuing and discontinued operations. For
additional information on the Tech Framework, see the Glossary.
5 Amounts within the Financial Highlights tables reflect 100% of the 50:50
nonconsolidated VMO2 JV and VodafoneZiggo JV.
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 U.S. GAAP results for the VMO2 JV for
the three months ended March 31, 2025 and 2024. The commentary and YoY
growth rates presented in this release are shown on a rebased basis. For
more information regarding the VMO2 JV, including full IFRS disclosures,
please visit their investor relations page to access the VMO2 JV's Q1
earnings release.
8 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. See the Rebase Information
section for more information on rebased growth.
9 Includes opex costs to capture of $3 million and capex costs to capture
of $23 million, as applicable.
10 See Reconciliations section of the Appendix below for applicable
non-GAAP reconciliations.
11 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 U.S. GAAP
forecasts for all components of their IFRS guidance.
12 VodafoneZiggo Adjusted FCF excludes financing and investing cash flows
related to potential acquisitions and mobile spectrum auction fees.
13 Telenet guidance presented on an IFRS basis. US GAAP guidance for
Telenet is broadly the same as their separate IFRS guidance.
14 For purposes of calculating our average tenor, total third-party debt
excludes vendor financing, certain debt obligations that we assumed in
connection with various acquisitions, debt collateralized by certain
trade receivables of Telenet and liabilities related to Telenet's
acquisition of mobile spectrum licenses. The percentage of debt not due
until 2029 or thereafter includes all of these amounts.
15 Liquidity refers to cash and cash equivalents and investments held under
separately managed accounts plus the maximum undrawn commitments under
subsidiary borrowing facilities, without regard to covenant compliance
calculations or other conditions precedent to borrowing.
16 Our aggregate unused borrowing capacity of $0.8 billion represents the
maximum undrawn commitments under the applicable facilities without
regard to covenant compliance calculations or other conditions precedent
to borrowing. Upon completion of the relevant March 31, 2025 compliance
reporting requirements for our credit facilities, and assuming no
further changes from quarter-end borrowing levels, we anticipate that
the full unused borrowing capacity will continue to be available under
each of the respective subsidiary facilities. Our above expectations do
not consider any actual or potential changes to our borrowing levels or
any amounts loaned or distributed subsequent to March 31, 2025.
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 earnings (loss)
from continuing operations 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 strategic platform and our Liberty Services
strategic platform, together with our corporate functions, 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, U.S. GAAP measures of income included in our condensed consolidated statements of operations.
Adjusted Free Cash Flow (Adjusted FCF) & Distributable Cash Flow:
-- Adjusted FCF: We define Adjusted FCF as net cash provided by operating
activities of our continuing operations, 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 with each item
excluding any cash provided or used by our discontinued operations. Net
cash provided by operating activities of our continuing operations
includes cash paid for third-party costs directly associated with
successful and unsuccessful acquisition and dispositions of $0.8 million
and $5.2 million during the three months ended March 31, 2025 and 2024,
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 that we view as scalable businesses. Our Liberty Growth strategic platform is included in the "all other category" in the 10-Q.
Liberty Services & Corporate: Includes our Liberty Services strategic platform and certain corporate activities, each of which is included in the "all other category" in the 10-Q. While certain of these functions provide services to investments included in our Liberty Growth strategic platform, we have not allocated these costs or cash flows in our internal management reporting or external disclosures.
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 U.S. GAAP to IFRS reconciliations of VMO2's Adjusted EBITDA, P&E Additions and Adjusted EBITDA less P&E Additions for the indicated periods.
Three months ended
March 31,
---------------------------
2025 2024
------------ -------------
in millions
Adjusted EBITDA:
U.S. GAAP Adjusted EBITDA GBP 851.5 GBP 846.6
U.S. GAAP/IFRS adjustments(i) 62.6 79.1
----- --- -----
IFRS Adjusted EBITDA GBP 914.1 GBP 925.7
===== ===== === =====
P&E Additions:
U.S. GAAP P&E Additions GBP 471.4 GBP 540.8
U.S. GAAP/IFRS adjustments(i) 57.4 106.7
----- --- -----
IFRS P&E Additions GBP 528.8 GBP 647.5
===== ===== === =====
Adjusted EBITDA less P&E Additions:
U.S. GAAP Adjusted EBITDA less P&E Additions GBP 380.1 GBP 305.8
U.S. GAAP/IFRS adjustments(i) 5.2 (27.6)
----- --- -----
IFRS Adjusted EBITDA less P&E
Additions GBP 385.3 GBP 278.2
===== ===== === =====
_______________
(i) U.S. GAAP/IFRS differences primarily relate to (a) the VMO2 JV's
investment in CTIL and (b) leases.
Adjusted FCF
The following table provides a reconciliation of VMO2's U.S. GAAP net cash provided (used) by operating activities to IFRS Adjusted FCF for the indicated periods.
Three months ended
March 31,
-------------------------------
2025 2024
------------- ----------------
in millions
U.S. GAAP:
Net cash provided (used) by operating
activities GBP (77.3) GBP 114.8
Operating-related vendor financing additions 529.6 918.6
Cash capital expenditures, net (216.5) (265.8)
Principal payments on operating-related
vendor financing (812.1) (1,156.6)
Principal payments on capital-related vendor
financing (345.8) (374.1)
Principal payments on finance leases (1.0) (0.1)
------ --- --------
U.S. GAAP Adjusted FCF (923.1) (763.2)
IFRS:
U.S. GAAP/IFRS adjustments(i) 37.7 24.5
------ --- --------
IFRS Adjusted FCF GBP (885.4) GBP (738.7)
==== ====== === ========
_______________
(i) U.S. GAAP/IFRS differences relate to the VMO2 JV's investment in CTIL.
VodafoneZiggo
Adjusted FCF
The following table provides a reconciliation of VodafoneZiggo's net cash provided by operating activities to Adjusted FCF for the indicated periods.
Three months ended
March 31,
-----------------------------
2025 2024
------------- --------------
in millions
Net cash provided by operating activities EUR 177.7 EUR 176.8
Operating-related vendor financing additions 209.6 165.3
Interest payments on shareholder loans 25.2 25.5
Cash capital expenditures, net (136.7) (190.0)
Principal payments on operating-related vendor
financing (176.1) (149.6)
Principal payments on capital-related vendor
financing (116.8) (90.4)
Principal payments on finance leases (2.5) (2.2)
------ --- ------
Adjusted FCF EUR (19.6) EUR (64.6)
==== ====== === ======
Telenet
Adjusted EBITDA, Adjusted EBITDAaL, P&E Additions, Adjusted EBITDA less P&E Additions
The following table provides U.S. GAAP to IFRS reconciliations of Telenet's Adjusted EBITDA, Adjusted EBITDAaL, P&E Additions and Adjusted EBITDA less P&E Additions for the indicated periods.
Three months ended
March 31,
-------------------------
2025 2024
------------- ----------
in millions
Adjusted EBITDA:
U.S. GAAP Adjusted EBITDA EUR 286.4 EUR 284.1
U.S. GAAP/IFRS adjustments(i) 37.4 30.8
----- --- -----
IFRS Adjusted EBITDA EUR 323.8 EUR 314.9
===== ===== === =====
Adjusted EBITDAaL:
U.S. GAAP Adjusted EBITDAaL EUR 286.2 EUR 283.9
U.S. GAAP/IFRS adjustments(i) 17.8 12.5
----- --- -----
IFRS Adjusted EBITDAaL EUR 304.0 EUR 296.4
===== ===== === =====
P&E Additions:
U.S. GAAP P&E Additions EUR 233.7 EUR 169.7
U.S. GAAP/IFRS adjustments(i) 66.3 28.5
----- --- -----
IFRS P&E Additions EUR 300.0 EUR 198.2
===== ===== === =====
Adjusted EBITDA less P&E Additions:
U.S. GAAP Adjusted EBITDA less P&E Additions EUR 52.7 EUR 114.4
U.S. GAAP/IFRS adjustments(i) (28.9) 2.3
----- --- -----
IFRS Adjusted EBITDA less P&E
Additions EUR 23.8 EUR 116.7
===== ===== === =====
_______________
(i) U.S. GAAP/IFRS differences primarily relate to (a) the treatment of
sports and film broadcasting rights and (b) leases.
Adjusted EBITDAaL
The following table provides a reconciliation of Telenet's U.S. GAAP Adjusted EBITDA to Adjusted EBITDAaL for the indicated periods.
Three months ended
March 31,
---------------------------
2025 2024
------------ -------------
in millions
U.S. GAAP Adjusted EBITDA EUR 286.4 EUR 284.1
Finance lease adjustments (0.2) (0.2)
----- --- -----
U.S. GAAP Adjusted EBITDAaL EUR 286.2 EUR 283.9
==== ===== === =====
Adjusted FCF
The following table provides a reconciliation of Telenet's U.S. GAAP net cash provided by operating activities to IFRS Adjusted FCF for the indicated periods.
Three months ended
March 31,
-----------------------------
2025 2024
------------- --------------
in millions
U.S. GAAP:
Net cash provided by operating
activities EUR 173.8 EUR 176.1
Operating-related vendor financing additions 67.3 88.7
Cash capital expenditures, net (185.0) (134.8)
Principal payments on operating-related vendor
financing (82.0) (90.2)
Principal payments on capital-related vendor
financing (8.8) (26.7)
Principal payments on finance leases (0.3) (0.3)
------ --- ------
U.S. GAAP Adjusted FCF (35.0) 12.8
IFRS:
U.S. GAAP/IFRS adjustments -- --
---- ------ --- ------
IFRS Adjusted FCF EUR (35.0) EUR 12.8
==== ====== === ======
VM Ireland
Adjusted FCF
The following table provides a reconciliation of VM Ireland's net cash provided by operating activities to Adjusted FCF for the indicated periods.
Three months ended
March 31,
---------------------------
2025 2024
------------ -------------
in millions
Net cash provided by operating activities EUR 11.4 EUR 18.4
Operating-related vendor financing additions -- --
Cash capital expenditures, net (39.2) (39.1)
Principal payments on operating-related
vendor financing. -- --
Principal payments on capital-related vendor
financing. -- --
Principal payments on finance leases -- --
---- ----- --- -----
Adjusted FCF EUR (27.8) EUR (20.7)
==== ===== === =====
Liberty Global
Adjusted FCF
The following table provides a reconciliation of Liberty Global's continuing operations consolidated net cash provided by operating activities to consolidated Adjusted FCF and Distributable Cash Flow for the indicated periods.
Three months ended
March 31,
------------------------
2025 2024
------------ ----------
in millions
Net cash provided by operating activities of
continuing operations $ 129.2 $ 91.3
Operating-related vendor financing additions 71.2 97.4
Cash capital expenditures, net (243.3) (206.1)
Principal payments on operating-related vendor
financing (86.4) (101.0)
Principal payments on capital-related vendor
financing (10.0) (32.5)
Principal payments on finance leases (1.9) (0.9)
------- ------
Adjusted FCF (141.2) (151.8)
Other affiliate dividends -- --
------- ------
Distributable Cash Flow $ (141.2) $(151.8)
======= ======
Adjusted EBITDA, P&E Additions, Adjusted EBITDA less P&E Additions
A reconciliation of consolidated earnings (loss) from continuing operations to consolidated Adjusted EBITDA less P&E Additions is presented in the following table:
Three months ended
March 31,
----------------------
2025 2024
---------- ----------
in millions
Earnings (loss) from continuing operations $(1,323.3) $ 634.5
Income tax expense (benefit) (70.0) 42.8
Other income, net (19.4) (36.4)
Share of results of affiliates, net 148.0 7.0
Losses on debt extinguishment, net 8.0 --
Realized and unrealized gains due to changes
in fair values of certain investments, net (55.8) (113.1)
Foreign currency transaction losses (gains),
net 1,081.0 (559.3)
Realized and unrealized losses (gains) on
derivative instruments, net 164.7 (133.3)
Interest expense 127.5 145.5
-------- ------
Operating income (loss) 60.7 (12.3)
Impairment, restructuring and other operating
items, net (1.7) 33.6
Depreciation and amortization 232.2 222.7
Share-based compensation expense 33.4 39.0
-------- ------
Consolidated Adjusted EBITDA 324.6 283.0
P&E Additions (285.6) (221.0)
-------- ------
Consolidated Adjusted EBITDA less P&E
Additions $ 39.0 $ 62.0
======== ======
A reconciliation of Liberty Growth loss from continuing operations 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
March 31,
--------------------------
2025 2024
--------------- ---------
in millions
Loss from continuing operations $ (13.3) $ (4.7)
Income tax benefit 0.4 --
Other income, net 0.2 0.1
Foreign currency transaction losses, net 1.1 --
Realized and unrealized losses on derivative
instruments, net 0.6 --
Interest expense 7.5 1.0
------- -----
Operating loss (3.5) (3.6)
Impairment, restructuring and other operating
items, net 1.7 0.2
Depreciation and amortization 10.0 3.0
Share-based compensation expense 0.2 --
------- -----
Liberty Growth Adjusted EBITDA 8.4 (0.4)
P&E Additions (1.8) (1.5)
------- -----
Liberty Growth Adjusted EBITDA less P&E
Additions $ 6.6 $ (1.9)
======= =====
A reconciliation of Liberty Services, together with our corporate functions, earnings (loss) from continuing operations to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Services and our corporate functions do not meet the reportable segment quantitative thresholds and are each included in the "all other category" in the 10-Q.
Three months ended
March 31,
----------------------
2025 2024
---------- ----------
in millions
Earnings (loss) from continuing operations $(1,406.2) $ 717.0
Income tax expense 0.8 2.8
Other income, net (19.7) (122.7)
Share of results of affiliates, net 147.5 6.5
Realized and unrealized gains due to changes
in fair values of certain investments, net (55.8) (113.2)
Foreign currency transaction losses (gains),
net 1,226.1 (639.2)
Realized and unrealized losses on derivative
instruments, net 52.2 57.3
Interest expense 10.4 10.3
-------- ------
Operating loss (44.7) (81.2)
Impairment, restructuring and other operating
items, net (12.1) 13.1
Depreciation and amortization 16.5 8.5
Share-based compensation expense 27.7 29.3
-------- ------
Liberty Services & Corporate Adjusted
EBITDA (12.6) (30.3)
P&E Additions (4.2) (5.9)
-------- ------
Liberty Services & Corporate Adjusted
EBITDA less P&E Additions $ (16.8) $ (36.2)
======== ======
View source version on businesswire.com: https://www.businesswire.com/news/home/20250501718438/en/
CONTACT: Investor Relations
Michael Bishop +44 20 8483 6246
Lewis Chong +44 7927 583187
Corporate Communications
Bill Myers +1 303 220 6686
Matt Beake +44 20 8483 6428
(END) Dow Jones Newswires
May 02, 2025 07:00 ET (11:00 GMT)
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