Liberty Global Ltd.LBTYA
Liberty Global Ltd. Segments Disclosure
Segment Reporting
Our chief executive officer, whom we have determined to be our Chief Operating Decision Maker (CODM), views our business as three strategic platforms, “Liberty Telecom” (our converged broadband, video and mobile communications businesses), “Liberty Growth” (our global investment arm comprised of various technology, media, sports, infrastructure and other growth assets) and “Liberty Services” (our innovative technology, operational and financial services platforms offered by our centralized functions), each as further discussed below. Performance of our business is assessed and resources are allocated by our CODM on a segment basis. We generally identify our reportable segments as (i) those consolidated subsidiaries that represent 10% or more of our total reportable segment revenue or proportionate Adjusted EBITDA (as defined below) or (ii) those equity method affiliates where revenue or our share of Adjusted EBITDA represents 10% or more of our total reportable segment revenue or proportionate Adjusted EBITDA, respectively. In certain cases, we may elect to include an operating segment in our segment disclosure that does not meet the above-described criteria for a reportable segment. Adjusted EBITDA is the primary measure used by our CODM to evaluate segment operating performance and make decisions about allocating resources to our operating segments. The CODM uses Adjusted EBITDA to evaluate income generated from our segment assets in deciding whether to reinvest profits into other areas of our business, such as for acquisitions or investments. Adjusted EBITDA is also used to monitor budget versus actual results, which is used in assessing the performance of segments in comparison with one another and in establishing management’s compensation. The significant accounting policies of our segments are the same as those described in note 3. In addition, our CODM reviews non-financial measures such as customer growth, as appropriate, but does not review any measure of total assets.
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 (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) 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 (a) readily view operating trends, (b) perform analytical comparisons and benchmarking between segments and (c) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of total reportable segment Adjusted EBITDA to earnings (loss) from continuing operations before income taxes is presented below.
As of December 31, 2025, our reportable segments are as follows:
Consolidated:
•Telenet
•VM Ireland
Nonconsolidated:
•VMO2 JV
•VodafoneZiggo JV
Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV are included in our “Liberty Telecom” strategic platform and derive their revenue primarily from residential and B2B communications services, including broadband internet, video, fixed-line telephony and mobile services.
During the fourth quarter of 2024, our previously defined “Central and Other” reportable segment was reorganized into various other operating segments, which are not separately or in the aggregate identified as reportable segments. Prior periods have been revised in accordance with this reorganization.
The “Liberty Growth” strategic platform, included in the “all other category,” comprises certain investments in technology, media, sports and infrastructure companies that we view as scalable businesses, which derive their revenue from providing various goods, services and content to customers (Liberty Growth).
The “Liberty Services” strategic platform, included in the “all other category,” primarily includes our technology and services operating segments that generate revenue through (i) sales of CPE to our reportable segments and certain third parties and (ii) providing certain centralized back office functions, including network operations and technology solutions (Liberty Services).
We also have certain corporate activities that are included in the “all other category,” which include (i) revenue associated with certain finance and administrative services provided to various third parties and affiliates pursuant to service agreements and (ii) costs associated with certain centralized functions including billing systems, marketing, facilities, finance and other administrative functions.
Liberty Growth, Liberty Services and our corporate activities are all included in the “all other category” as they do not meet the reportable segment quantitative thresholds.
We present only the reportable segments of our continuing operations in the tables below.
Our centrally-managed technology and innovation function (our T&I Function) provides, and allocates charges for, certain products and services to our reportable segments (the Tech Framework). These products and services include CPE hardware and related essential software, maintenance, hosting and other services. Our reportable segments capitalize the combined cost of the CPE hardware and a portion of the essential software as property and equipment additions and the corresponding amounts charged by our T&I Function are reflected as revenue when earned.
During the second quarter of 2023, we determined to market and sell certain of our internally-developed software to third parties. As a result of these strategic and operational changes, from May 2023, proceeds from the licensing and related sale of products from this internally-developed software (including proceeds generated from our arrangements with the VMO2 JV and the VodafoneZiggo JV) were applied against the net book value of our existing internally-developed capitalized software. As of December 31, 2023, the net book value of our existing internally-developed software was reduced to zero, after which time we began recognizing revenue for such licensing and related sale of products. Further, from May 2023, we expense the costs of development of such software due to the fact that it is able to be externally marketed to third parties. During the year ended December 31, 2023, revenue was reduced by $127.7 million, including $69.3 million from the VMO2 JV and $41.0 million from the VodafoneZiggo JV, as a result of this change and the associated accounting treatment.
Performance Measures of our Reportable Segments
The amounts presented in the tables below represent 100% of each of our consolidated and nonconsolidated reportable segment’s revenue, expenses and Adjusted EBITDA, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV. We account for our 50% interests in both the VMO2 JV and the VodafoneZiggo JV under the equity method; accordingly, our share of their operating results is included in share of results of affiliates, net in our consolidated statements of operations. The noncontrolling interests at Telenet and Formula E are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations.
| Revenue | |||||||||||||||||
| Third-party and affiliate | Intersegment | Total | |||||||||||||||
| in millions | |||||||||||||||||
| Year ended December 31, 2025: | |||||||||||||||||
| Telenet | $ | 3,207.7 | $ | 0.2 | $ | 3,207.9 | |||||||||||
| VM Ireland | 494.8 | — | 494.8 | ||||||||||||||
VMO2 JV (nonconsolidated) | 13,335.2 | — | 13,335.2 | ||||||||||||||
VodafoneZiggo JV (nonconsolidated) | 4,518.5 | — | 4,518.5 | ||||||||||||||
| Total reportable segment revenue | $ | 21,556.2 | $ | 0.2 | 21,556.4 | ||||||||||||
| Plus: all other category (a) | 1,341.3 | ||||||||||||||||
| Less: nonconsolidated JV revenue | (17,853.7) | ||||||||||||||||
| Less: elimination of intercompany consolidated revenue (b) | (165.5) | ||||||||||||||||
| Total consolidated revenue | $ | 4,878.5 | |||||||||||||||
| Year ended December 31, 2024: | |||||||||||||||||
| Telenet | $ | 3,084.2 | $ | 0.2 | $ | 3,084.4 | |||||||||||
| VM Ireland | 487.9 | 3.5 | 491.4 | ||||||||||||||
VMO2 JV (nonconsolidated) | 13,649.7 | — | 13,649.7 | ||||||||||||||
VodafoneZiggo JV (nonconsolidated) | 4,450.5 | — | 4,450.5 | ||||||||||||||
| Total reportable segment revenue | $ | 21,672.3 | $ | 3.7 | 21,676.0 | ||||||||||||
| Plus: all other category (a) | 1,013.6 | ||||||||||||||||
| Less: nonconsolidated JV revenue | (18,100.2) | ||||||||||||||||
| Less: elimination of intercompany consolidated revenue (b) | (247.5) | ||||||||||||||||
| Total consolidated revenue | $ | 4,341.9 | |||||||||||||||
| Year ended December 31, 2023: | |||||||||||||||||
| Telenet | $ | 3,089.2 | $ | — | $ | 3,089.2 | |||||||||||
| VM Ireland | 502.3 | 3.8 | 506.1 | ||||||||||||||
VMO2 JV (nonconsolidated) | 13,574.1 | — | 13,574.1 | ||||||||||||||
VodafoneZiggo JV (nonconsolidated) | 4,450.5 | — | 4,450.5 | ||||||||||||||
| Total reportable segment revenue | $ | 21,616.1 | $ | 3.8 | 21,619.9 | ||||||||||||
| Plus: all other category (a) | 776.2 | ||||||||||||||||
| Less: nonconsolidated JV revenue | (18,024.6) | ||||||||||||||||
| Less: elimination of intercompany consolidated revenue (b) | (255.7) | ||||||||||||||||
| Total consolidated revenue | $ | 4,115.8 | |||||||||||||||
_____________
(a)Amounts include revenue from:
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
Services agreements with our nonconsolidated JV reportable segments (as further described in note 7) | $ | 591.1 | $ | 594.9 | $ | 382.0 | |||||||||||
| Third parties and affiliates | 584.9 | 174.9 | 142.3 | ||||||||||||||
| Consolidated reportable segments | 165.3 | 243.8 | 251.9 | ||||||||||||||
| Total | $ | 1,341.3 | $ | 1,013.6 | $ | 776.2 | |||||||||||
(b)Primarily reflects the elimination of (i) the revenue recognized related to the Tech Framework and (ii) for 2024 and 2023, transactions between our continuing and discontinued operations.
The expense categories and amounts presented below align with the segment-level information that is regularly provided to the CODM. These amounts include intersegment expenses and are exclusive of share-based compensation expense.
| Year ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| Programming and other direct costs of services | Operating expenses | Programming and other direct costs of services | Operating expenses | Programming and other direct costs of services | Operating expenses | ||||||||||||||||||||||||||||||
| in millions | |||||||||||||||||||||||||||||||||||
| Consolidated reportable segments: | |||||||||||||||||||||||||||||||||||
Telenet | $ | 772.9 | $ | 1,131.2 | $ | 764.5 | $ | 1,027.7 | $ | 789.1 | $ | 984.9 | |||||||||||||||||||||||
VM Ireland | $ | 127.2 | $ | 187.3 | $ | 127.7 | $ | 185.4 | $ | 139.0 | $ | 185.7 | |||||||||||||||||||||||
| Nonconsolidated reportable segments: | |||||||||||||||||||||||||||||||||||
VMO2 JV | $ | 4,155.1 | $ | 4,517.3 | $ | 4,710.7 | $ | 4,435.6 | $ | 4,645.4 | $ | 4,397.4 | |||||||||||||||||||||||
VodafoneZiggo JV | $ | 983.8 | $ | 1,557.0 | $ | 912.2 | $ | 1,504.4 | $ | 903.9 | $ | 1,574.1 | |||||||||||||||||||||||
| Adjusted EBITDA | |||||||||||||||||
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
Telenet | $ | 1,303.8 | $ | 1,292.2 | $ | 1,315.2 | |||||||||||
| VM Ireland | 180.3 | 178.3 | 181.4 | ||||||||||||||
VMO2 JV (nonconsolidated) | 4,662.8 | 4,503.4 | 4,531.3 | ||||||||||||||
VodafoneZiggo JV (nonconsolidated) | 1,977.7 | 2,033.9 | 1,972.5 | ||||||||||||||
Total reportable segment Adjusted EBITDA | $ | 8,124.6 | $ | 8,007.8 | $ | 8,000.4 | |||||||||||
The following table provides a reconciliation of total reportable segment Adjusted EBITDA to earnings (loss) from continuing operations before income taxes:
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
Total reportable segment Adjusted EBITDA | $ | 8,124.6 | $ | 8,007.8 | $ | 8,000.4 | |||||||||||
| Plus: all other category (a) | (167.9) | (188.7) | (215.1) | ||||||||||||||
Less: nonconsolidated JV Adjusted EBITDA | (6,640.5) | (6,537.3) | (6,503.8) | ||||||||||||||
| Less: intercompany consolidated eliminations (b) | (41.2) | (122.0) | (131.1) | ||||||||||||||
| Share-based compensation expense | (169.4) | (168.3) | (204.8) | ||||||||||||||
| Depreciation and amortization | (1,038.9) | (1,002.0) | (1,216.4) | ||||||||||||||
| Impairment, restructuring and other operating items, net | (90.0) | (49.6) | (43.0) | ||||||||||||||
| Operating loss | (23.3) | (60.1) | (313.8) | ||||||||||||||
| Interest expense | (497.5) | (574.7) | (505.0) | ||||||||||||||
| Realized and unrealized gains (losses) on derivative instruments, net | (567.4) | 315.2 | 78.3 | ||||||||||||||
| Foreign currency transaction gains (losses), net | (3,121.1) | 1,756.5 | (719.7) | ||||||||||||||
| Realized and unrealized gains (losses) due to changes in fair values of certain investments, net | 147.8 | (28.4) | (556.6) | ||||||||||||||
| Losses on debt extinguishment, net | (20.1) | — | (1.4) | ||||||||||||||
| Share of results of affiliates, net | (3,186.9) | (205.6) | (2,018.4) | ||||||||||||||
Gain on sale of All3Media | — | 242.9 | — | ||||||||||||||
Gain associated with the Formula E Acquisition | — | 190.7 | — | ||||||||||||||
Gain associated with the Telenet Wyre Transaction | — | — | 377.8 | ||||||||||||||
| Other income, net | 96.0 | 201.8 | 212.8 | ||||||||||||||
| Earnings (loss) from continuing operations before income taxes | $ | (7,172.5) | $ | 1,838.3 | $ | (3,446.0) | |||||||||||
_____________
(a)Amounts include development costs related to our internally-developed software subsequent to our decision in May 2023 to externally market such software.
(b)Amounts relate to (i) the Adjusted EBITDA impact related to the Tech Framework and (ii) for 2024 and 2023, transactions between our continuing and discontinued operations.
Property and Equipment Additions of our Reportable Segments
The property and equipment additions of our reportable segments (including capital additions financed under capital-related vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 10 and 12, respectively.
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
Telenet | $ | 1,105.8 | $ | 876.6 | $ | 746.6 | |||||||||||
| VM Ireland | 216.3 | 173.4 | 176.7 | ||||||||||||||
VMO2 JV (nonconsolidated) | 2,622.0 | 2,661.3 | 2,478.9 | ||||||||||||||
VodafoneZiggo JV (nonconsolidated) | 987.5 | 928.9 | 989.8 | ||||||||||||||
| Total reportable segment property and equipment additions | 4,931.6 | 4,640.2 | 4,392.0 | ||||||||||||||
| Plus: all other category (a) | 81.9 | 49.7 | 129.1 | ||||||||||||||
| Less: nonconsolidated JV property and equipment additions | (3,609.5) | (3,590.2) | (3,468.7) | ||||||||||||||
| Less: elimination of intercompany consolidated property and equipment additions (b) | (41.2) | (37.8) | (38.0) | ||||||||||||||
| Total consolidated property and equipment additions | 1,362.8 | 1,061.9 | 1,014.4 | ||||||||||||||
| Assets acquired under capital-related vendor financing arrangements | (85.5) | (76.8) | (96.3) | ||||||||||||||
| Assets acquired under finance leases | (1.1) | (7.4) | (20.9) | ||||||||||||||
| Changes in current liabilities related to capital expenditures | 66.9 | (69.2) | 24.7 | ||||||||||||||
| Total capital expenditures, net | $ | 1,343.1 | $ | 908.5 | $ | 921.9 | |||||||||||
_______________
(a)Includes (i) property and equipment additions representing centrally-owned assets that benefit other operating segments, including development costs related to our internally-developed software prior to our decision to externally market such software during the second quarter of 2023, and (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to other operating segments.
(b)Represents eliminations primarily related to the charges under the Tech Framework to each respective consolidated reportable segment related to the portion of the charges attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup.
Revenue by Major Category
Our revenue by major category is set forth below:
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
| Residential revenue: | |||||||||||||||||
| Residential fixed revenue (a): | |||||||||||||||||
| Subscription revenue (b): | |||||||||||||||||
| Broadband internet | $ | 949.6 | $ | 890.6 | $ | 872.0 | |||||||||||
| Video | 600.4 | 598.2 | 616.2 | ||||||||||||||
| Fixed-line telephony | 185.9 | 196.0 | 217.0 | ||||||||||||||
| Total subscription revenue | 1,735.9 | 1,684.8 | 1,705.2 | ||||||||||||||
| Non-subscription revenue | 27.6 | 21.6 | 21.3 | ||||||||||||||
| Total residential fixed revenue | 1,763.5 | 1,706.4 | 1,726.5 | ||||||||||||||
| Residential mobile revenue (c): | |||||||||||||||||
| Subscription revenue (b) | 500.3 | 487.1 | 487.1 | ||||||||||||||
| Non-subscription revenue | 169.1 | 169.3 | 187.8 | ||||||||||||||
| Total residential mobile revenue | 669.4 | 656.4 | 674.9 | ||||||||||||||
| Total residential revenue | 2,432.9 | 2,362.8 | 2,401.4 | ||||||||||||||
B2B revenue (d): | |||||||||||||||||
| Subscription revenue | 447.0 | 431.5 | 417.8 | ||||||||||||||
| Non-subscription revenue | 452.1 | 411.3 | 440.8 | ||||||||||||||
Total B2B revenue | 899.1 | 842.8 | 858.6 | ||||||||||||||
| Other revenue (e) | 1,546.5 | 1,136.3 | 855.8 | ||||||||||||||
| Total | $ | 4,878.5 | $ | 4,341.9 | $ | 4,115.8 | |||||||||||
_______________
(a) Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential fixed non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment.
(b) Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our fixed and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period.
(c) Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices.
(d) B2B subscription revenue represents revenue from (i) services provided to small or home office (SOHO) subscribers and (ii) mobile services provided to medium and large enterprises. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. B2B non-subscription revenue includes (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network.
(e) Other revenue includes, among other items, (i) revenue earned from the U.K. JV Services, the Sunrise Services and the NL JV Services, (ii) broadcasting revenue at Telenet and VM Ireland, (iii) revenue at Formula E and (iv) revenue earned from the sales of CPE to the VMO2 JV and the VodafoneZiggo JV.
Geographic Segments
The revenue of our geographic segments is set forth below:
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
| Belgium | $ | 3,018.2 | $ | 2,921.1 | $ | 2,948.2 | |||||||||||
| Ireland | 494.8 | 491.4 | 506.1 | ||||||||||||||
| Slovakia | 53.5 | 51.1 | 51.8 | ||||||||||||||
| Other, including elimination of intercompany consolidated revenue (a) | 1,312.0 | 878.3 | 609.7 | ||||||||||||||
| Total | $ | 4,878.5 | $ | 4,341.9 | $ | 4,115.8 | |||||||||||
VMO2 JV (U.K.) | $ | 13,335.2 | $ | 13,649.7 | $ | 13,574.1 | |||||||||||
VodafoneZiggo JV (Netherlands) | $ | 4,518.5 | $ | 4,450.5 | $ | 4,450.5 | |||||||||||
_______________
(a) Revenue from our other geographic segments primarily relates to (i) the activities within our Liberty Services strategic platform and our corporate activities, as described above, most of which are located in the Netherlands and the U.K., and (ii) certain other operations at Telenet, primarily in the U.S. and Luxembourg.
The long-lived assets, which we define as property and equipment, net, and ROU assets, of our geographic segments are set forth below:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| in millions | |||||||||||
| Belgium | $ | 4,907.2 | $ | 4,022.3 | |||||||
| Ireland | 887.7 | 696.2 | |||||||||
| Slovakia (a) | — | 51.2 | |||||||||
| Other (b) | 327.1 | 322.6 | |||||||||
| Consolidated intercompany eliminations | (78.1) | (55.8) | |||||||||
| Total | $ | 6,043.9 | $ | 5,036.5 | |||||||
VMO2 JV (U.K.) | $ | 13,107.7 | $ | 12,061.1 | |||||||
VodafoneZiggo JV (Netherlands) | $ | 5,803.5 | $ | 5,156.0 | |||||||
_______________
(a) As of December 31, 2025, the long-lived assets associated with UPC Slovakia are classified as held for sale and included in other current assets, net, on our consolidated balance sheet. For additional information regarding the pending sale of UPC Slovakia, see note 6.
(b) Primarily relates to (i) certain long-lived assets associated with our corporate activities located in the Netherlands, the U.K. and the U.S. and (ii) certain other operations at Telenet, primarily in Luxembourg.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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.