Liberty Global Ltd.LBTYA
Liberty Global Ltd. Leases Disclosure
Leases
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General
We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases.
Lease Balances
A summary of our ROU assets and lease liabilities is set forth below:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| in millions | |||||||||||
ROU assets: | |||||||||||
| $ | 773.6 | $ | 710.5 | ||||||||
| 37.1 | 38.2 | ||||||||||
Total ROU assets | $ | 810.7 | $ | 748.7 | |||||||
| Lease liabilities: | |||||||||||
| $ | 828.5 | $ | 753.1 | ||||||||
| 33.1 | 34.1 | ||||||||||
| Total lease liabilities | $ | 861.6 | $ | 787.2 | |||||||
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(a)Our operating lease ROU assets are included in other assets, net, on our consolidated balance sheets. At December 31, 2025, the weighted average remaining lease term for operating leases was 10.6 years and the weighted average discount rate was 5.4%. During 2025, 2024 and 2023, we recorded non-cash additions to our operating lease ROU assets of $57.7 million, $101.3 million and $50.4 million, respectively.
(b)Our finance lease ROU assets are included in property and equipment, net, on our consolidated balance sheets. At December 31, 2025, the weighted average remaining lease term for finance leases was 8.2 years and the weighted average discount rate was 8.7%. During 2025, 2024 and 2023, we recorded non-cash additions to our finance lease ROU assets of $1.1 million, $7.4 million and $20.9 million, respectively.
(c)The current portions of our operating lease liabilities are included in other accrued and current liabilities on our consolidated balance sheets.
(d)The current and long-term portions of our finance lease liabilities are included in current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our consolidated balance sheets.
A summary of our aggregate lease expense is set forth below:
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
| Finance lease expense: | |||||||||||||||||
| Depreciation and amortization | $ | 7.2 | $ | 4.2 | $ | 30.2 | |||||||||||
| Interest expense (a) | 3.2 | 1.4 | 0.5 | ||||||||||||||
Total finance lease expense | 10.4 | 5.6 | 30.7 | ||||||||||||||
| Operating lease expense (b) | 119.8 | 108.6 | 87.2 | ||||||||||||||
| Short-term lease expense (b) | 0.4 | 0.4 | 0.6 | ||||||||||||||
| Variable lease expense (c) | 1.5 | 1.4 | 1.4 | ||||||||||||||
Total lease expense | $ | 132.1 | $ | 116.0 | $ | 119.9 | |||||||||||
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(a)The amount for the 2023 period includes the reversal of previously recognized interest expense as a result of certain settlements of lease liabilities.
(b)Our operating lease expense and short-term lease expense are included in programming and other direct costs of services, other operating expenses, SG&A expenses and impairment, restructuring and other operating items, net, in our consolidated statements of operations.
(c)Variable lease expense represents payments made to a lessor during the lease term that vary due to changes in circumstances that occur after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our consolidated statements of operations.
A summary of our cash outflows from operating and finance leases is set forth below:
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
| Operating cash outflows from operating leases | $ | 97.8 | $ | 87.4 | $ | 92.9 | |||||||||||
| Operating cash outflows from finance leases (interest component) | 3.2 | 1.4 | 0.5 | ||||||||||||||
| Financing cash outflows from finance leases (principal component) | 5.4 | 5.6 | 21.0 | ||||||||||||||
| Total cash outflows from operating and finance leases | $ | 106.4 | $ | 94.4 | $ | 114.4 | |||||||||||
Maturities of our operating and finance lease liabilities as of December 31, 2025 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2025 exchange rates.
| Operating leases (a) | Finance leases | ||||||||||
| in millions | |||||||||||
Year ending December 31: | |||||||||||
| 2026 | $ | 120.8 | $ | 10.3 | |||||||
| 2027 | 107.8 | 8.8 | |||||||||
| 2028 | 100.8 | 4.5 | |||||||||
| 2029 | 95.1 | 3.1 | |||||||||
| 2030 | 92.0 | 1.8 | |||||||||
| Thereafter | 592.1 | 13.9 | |||||||||
Total payments | 1,108.6 | 42.4 | |||||||||
Less: present value discount | (280.1) | (9.3) | |||||||||
| Present value of lease payments | $ | 828.5 | $ | 33.1 | |||||||
| Current portion | $ | 88.8 | $ | 7.6 | |||||||
| Long-term portion | $ | 739.7 | $ | 25.5 | |||||||
(a)Operating lease payments exclude $124.3 million of estimated future payments for lease commitments not yet commenced at Telenet, the majority of which are not anticipated to be due until after 2028. These payments relate to the lease back of build-to-suit sites on certain passive infrastructure and tower assets sold to DigitalBridge Investments LLC in 2022. Telenet will act as an agent over the construction of future towers on the build-to-suit sites.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 14, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Feb 16, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.