Liberty Global Ltd. announces its Q3 2026 financial results
Liberty Global Ltd. (LBTYA) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Progressing commercial initiatives and advancing value unlock strategy in the Benelux Denver, Colorado: November 3, 2026 - Liberty Global Ltd. announces its Q3 2026 financial results . CEO Mike Fries stated , “In the third quarter, we made significant progress agains
How this was made
The 30-second read
Why it matters
The earnings release provides fresh data on cash generation and capital allocation, which can influence short‑term price action.
Market read
Primary impact on Liberty Global's stock; secondary effect on European telecom peers.
What to watch
Potential integration risks from Ziggo Group spin‑off and tower sale proceeds.
Progressing commercial initiatives and advancing value unlock strategy in the Benelux
Consolidated revenue and net earnings increased sharply on a reported basis following the VodafoneZiggo Acquisition, but rebased consolidated revenue declined and rebased Adjusted EBITDA declined. Commercial momentum improved at VodafoneZiggo and Telenet, while VMO2, Wyre and VM Ireland reported revenue and/or Adjusted EBITDA pressure.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Total consolidated revenueGAAP | $1.92B | – | 59.1% reported; 1.0% rebased |
| Nine months 2026 Total consolidated revenueGAAP | $4.37B | – | 19.7% reported; (0.8)% rebased |
| Q3 2026 Liberty Global Consolidated net earnings (loss)GAAP | $547.7M | – | 756.7% |
| Nine months 2026 Liberty Global Consolidated net earnings (loss)GAAP | $548.1M | – | 113.1% |
| Q3 2026 Total consolidated Adjusted EBITDAnon-GAAP | $602.6M | – | 79.1% reported; (13.7)% rebased |
| Nine months 2026 Total consolidated Adjusted EBITDAnon-GAAP | $1.29B | – | 29.9% reported; (7.5)% rebased |
| Q3 2026 Total consolidated Adjusted EBITDA less P&E Additionsnon-GAAP | $78.2M | – | 778.7% reported; (58.2)% rebased |
| Nine months 2026 Total consolidated Adjusted EBITDA less P&E Additionsnon-GAAP | −$23M | – | (139.7)% reported; (45.7)% rebased |
| Q3 2026 Total consolidated property and equipment additionsother | $524.4M | – | – |
| Q3 2026 Property and equipment additions as % of revenueother | 27.3% | – | – |
| Nine months 2026 Total consolidated property and equipment additionsother | $1.32B | – | – |
| Nine months 2026 Property and equipment additions as % of revenueother | 30.2% | – | – |
| Q3 2026 Net cash provided by operating activitiesGAAP | $605.7M | – | 100.7% |
| Q3 2026 Net cash provided (used) by investing activitiesGAAP | −$1.60B | – | (342.7)% |
| Q3 2026 Net cash used by financing activitiesGAAP | $603.5M | – | 832.4% |
| Q3 2026 Adjusted FCFnon-GAAP | $81.7M | – | 196.7% |
| Q3 2026 Distributable Cash Flownon-GAAP | $81.7M | – | 196.7% |
| Nine months 2026 Net cash provided by operating activitiesGAAP | $944.2M | – | 62.7% |
| Nine months 2026 Adjusted FCFnon-GAAP | −$388M | – | 9.1% |
| Q3 2026 Liberty Growth revenueGAAP | $108.3M | – | 15.8% reported; 34.5% rebased |
| Q3 2026 Liberty Growth Adjusted EBITDAnon-GAAP | −$58.9M | – | (156.1)% reported; (37.1)% rebased |
| Q3 2026 Liberty Corporate revenueGAAP | $248.1M | – | 5.6% reported; 10.9% rebased |
| Q3 2026 Liberty Corporate Adjusted EBITDAnon-GAAP | $8.2M | – | 126.3% reported; N.M. rebased |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Ziggo GroupRevenue reflected positive revenue growth at VodafoneZiggo, supported by price indexation and increased handset sales, as well as Telenet revenue relating to the Wyre TSS, higher handset sales and Jupiler Pro League programming revenue. Adjusted EBITDA was $674.8 million, compared with $720.4 million, down (6.3)% reported and (6.8)% rebased. | $1.91B | – | (1.9)% reported; 1.4% rebased |
| WyreRevenue reflected the new wholesale pricing model introduced in Q4 2025, partly offset by higher usage-related revenue and other wholesale momentum. Adjusted EBITDA was $138.9 million, compared with $160.7 million, down (13.6)% reported and (12.2)% rebased. | $193.8M | – | (3.6)% reported; (2.1)% rebased |
| VM IrelandRevenue was primarily affected by lower consumer fixed revenue relating to VMTV. Adjusted EBITDA was $28.5 million, compared with $41.8 million, down (31.8)% reported and (30.8)% rebased. | $118.6M | – | (2.9)% reported; (1.5)% rebased |
| VMO2 JV (nonconsolidated)Revenue decline was primarily driven by reduced nexfibre construction revenue, lower consumer fixed and moderately lower consumer mobile revenue, and lower business revenue. Adjusted EBITDA was $1,207.8 million, compared with $1,250.3 million, down (3.4)% reported and (3.9)% rebased. | $3.26B | – | (5.0)% reported; (5.7)% rebased |
| VodafoneZiggoIn local currency, revenue was €1,003.2 million, up 1.4% reported and rebased, driven by increased handset sales and fixed price indexation, partly offset by tier-mix effects. Broadband net adds were 11,800 and postpaid net adds were 30,700. | $1.15B | – | (0.2)% reported; 1.4% rebased |
| TelenetRevenue reflected the arms-length Wyre MSA reset, increased handset sales and higher mobile revenue, partly offset by lower fixed subscription revenue. Broadband and postpaid net adds were each 4,100. | $747.4M | – | (4.9)% reported; 1.5% rebased |
2026 outlook
- NoteVMO2, IFRS: Total service revenue decline of 3 to 5% year-over-year, adjusted for the Daisy Transaction.
- NoteVMO2, IFRS: Adjusted EBITDA decline of 3 to 5% year-over-year, adjusted for the Daisy Transaction.
- NoteVMO2, IFRS: P&E additions of £2.0-£2.2B.
- NoteVMO2, IFRS: Adjusted FCF of around £200m.
- NoteVMO2: planned cash distributions to shareholders of around £200m are under review, with an update expected in Q1 2027.
- NoteVodafoneZiggo, U.S. GAAP: Revenue stable to low-single digit decline.
- NoteVodafoneZiggo, U.S. GAAP: Adjusted EBITDA mid- to high-single digit decline.
- NoteVodafoneZiggo, U.S. GAAP: P&E additions to revenue of 23-25%.
- NoteVodafoneZiggo, U.S. GAAP: Adjusted FCF of around €100 million.
- NoteVodafoneZiggo: No Distributions.
- NoteTelenet, IFRS and excluding Wyre: Revenue growth stable.
- NoteTelenet, IFRS and excluding Wyre: Adjusted EBITDAaL low-single digit growth.
- NoteTelenet, IFRS and excluding Wyre: P&E additions to revenue around 20%.
- NoteTelenet, IFRS and excluding Wyre: return to positive Adjusted FCF of around €20m.
- NoteLiberty Global expects to end 2026 with ~$1.8B of corporate cash and expects a further $100m of share buybacks in Q4.
Capital returns
- Completed $100m of share buybacks during the quarter.
- A further $100m of share buybacks is expected in Q4.
- VodafoneZiggo guidance: No Distributions.
- VMO2 is reviewing options with respect to planned cash distributions of around £200m to shareholders in 2026 and will provide an update in Q1 2027.
What drove it
- Liberty Global completed the purchase of Vodafone's 50% stake in VodafoneZiggo during Q3 and formally created Ziggo Group.
- VodafoneZiggo returned to positive revenue growth for the first time since Q2 2024 and reported its best quarterly broadband performance since Q2 2019.
- Telenet recorded its sixth consecutive quarter of broadband customer growth, supported by BASE FMC and new modular offers.
- VMO2 plans £800 million of run-rate cost reductions by 2029, supported in part by a 30% reduction in people cost.
- VMO2 will halt its own fiber upgrade plan while continuing to support nexfibre.
- Wyre accelerated FTTH investment, including pre-investment to support future deployment.
- VM Ireland reported positive postpaid net adds for the seventh consecutive quarter and wholesale broadband net adds of 6,900.
Concerns
- Total consolidated revenue declined (0.8)% on a rebased basis for the nine months ended September 30, 2026, while total consolidated Adjusted EBITDA declined (7.5)% on a rebased basis.
- Ziggo Group Adjusted EBITDA declined (6.8)% on a rebased basis, with higher VodafoneZiggo marketing, sales, handset, programming and network-resilience costs and Telenet subscription and programming pressure.
- VMO2 revenue declined (5.7)% on a rebased basis and Adjusted EBITDA declined (3.9)% on a rebased basis amid challenging macro-economic conditions and intense UK telecom competition.
- VM Ireland Adjusted EBITDA declined (30.8)% on a rebased basis, including a one-time ~$10 million change in estimates for amortization of VMTV content rights.
- Wyre generated Adjusted FCF of -$135.1 million and reported property and equipment additions up 83.8% year-over-year on a reported basis.
- Total principal amount of debt and finance leases was $21.8 billion.
What to watch
- Initial confidential submissions to the SEC and the AFM are currently intended in December in connection with the proposed Ziggo Group spin-off, which remains planned for Q2 2027.
- Finalization of Ziggo Group operating and financial synergies, currently expected to exceed the previous NPV estimate of €1 billion.
- Completion and deleveraging impact of the €669m VodafoneZiggo towers sale and progress toward the €1.2-€1.4B Ziggo Group non-core asset disposals target.
- Execution of VMO2's strategic plan, including £800 million of run-rate cost reductions by 2029 and revised capital-spending priorities.
- VMO2's Q1 2027 update on cash distributions after the outcome of the Netomnia transaction.
- Whether VodafoneZiggo, Telenet and VMO2 meet their respective full-year guidance.
Balance sheet and cash flow
- Total principal amount of debt and finance leases: $21.8 billion.
- Cash and cash equivalents: $2,046.7 million at September 30, 2026.
- Unused borrowing capacity: $1,706.6 million at September 30, 2026.
- Total liquidity: $3,753.3 million at September 30, 2026.
- Liberty Global and unrestricted subsidiaries cash and cash equivalents: $1,665.3 million.
- Average debt tenor: 4.7 years, with ~65% not due until 2030 or thereafter.
- Blended, fully-swapped cost of debt: 4.3%.
- VodafoneZiggo agreed to sell its mobile towers for €669m, with proceeds to be used for deleveraging at VodafoneZiggo.
- The Ziggo Group non-core asset disposals target is €1.2-€1.4B.
- Q3 2026 net cash provided by operating activities was $605.7 million, net cash provided (used) by investing activities was $(1,597.7) million, and net cash used by financing activities was $603.5 million.
Analysis
Liberty Global reported a materially larger consolidated business following the VodafoneZiggo Acquisition, with Q3 total consolidated revenue of $1,920.6 million, up 59.1% reported, and consolidated net earnings of $547.7 million versus a net loss of $(83.4) million. The acquisition-driven reported growth did not translate into underlying expansion: revenue was up 1.0% on a rebased basis in Q3 and down (0.8)% for the nine months. Consolidated Adjusted EBITDA increased 79.1% reported to $602.6 million in Q3 but declined (13.7)% on a rebased basis.
Ziggo Group was the principal commercial bright spot. VodafoneZiggo produced 11,800 broadband net adds and 30,700 postpaid net adds, while Telenet delivered 4,100 broadband net adds and 4,100 postpaid net adds. Ziggo Group revenue declined (1.9)% reported but rose 1.4% rebased. Its Adjusted EBITDA declined 6.3% reported and 6.8% rebased as VodafoneZiggo absorbed higher marketing, sales, handset, programming and network-resilience costs and Telenet faced lower subscription revenue and higher DAZN-related programming fees.
Other operating businesses remained under pressure. VMO2 revenue declined 5.0% reported and 5.7% rebased, while Adjusted EBITDA declined 3.4% reported and 3.9% rebased. Wyre's revenue declined 3.6% and its Adjusted EBITDA declined 13.6%, as increased fiber deployment drove property and equipment additions of $179.9 million, up 83.8%. VM Ireland revenue declined 2.9% and Adjusted EBITDA declined 31.8%, including a one-time ~$10 million content-rights amortization estimate change, although wholesale broadband momentum and postpaid additions remained positive.
Cash flow improved in Q3, with $605.7 million of net cash provided by operating activities and $81.7 million of Adjusted FCF. Investing cash flow was $(1,597.7) million, and total consolidated property and equipment additions were $524.4 million. Liberty Global ended the quarter with $2,046.7 million of cash and cash equivalents, $1,706.6 million of unused borrowing capacity and $21.8 billion of total principal debt and finance leases. It repurchased $100m of shares in Q3 and expects another $100m in Q4.
The strategic agenda centers on the planned Q2 2027 Ziggo Group spin-off, confidential SEC and AFM submissions currently intended in December, and Benelux deleveraging. The agreed €669m VodafoneZiggo towers sale is intended to support deleveraging, alongside a €1.2-€1.4B Ziggo Group non-core asset-disposals target. Management confirmed operating-company guidance, while VMO2's planned £800 million of run-rate cost reductions by 2029, its decision to halt its own fiber upgrade plan and its review of 2026 shareholder distributions make UK execution and capital allocation central watch items.
Management, verbatim
In the third quarter, we made significant progress against our key priorities:
Mike Fries, CEO
We remain intensely focused on disciplined capital allocation and executing our unlock strategy to deliver value directly to shareholders.
Mike Fries, CEO
Not in the filing
stated, not guessed- Consolidated GAAP gross profit and gross margin
- Consolidated GAAP operating income
- Consolidated GAAP net income attributable to Liberty Global shareholders
- GAAP and non-GAAP diluted EPS
- Consolidated tax rate
- Consolidated dividend amount
- Company-wide consolidated forward revenue, gross margin, operating expenses and tax-rate guidance
- Prior-quarter consolidated revenue, net earnings, Adjusted EBITDA and cash-flow comparisons
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Liberty Global disclosed its Q3 2026 financials via an SEC Form 8‑K, highlighting cash, buybacks, and progress on the Ziggo spin‑off.
Ticker impact
Liberty Global reported Q3 2026 results, showing $2.0B cash and $100M share buybacks in the quarter.
likely upward pressure as the market prices in the cash surplus and buyback support.
The disclosed cash balance and buyback tranche are material and fresh, suggesting investors may bid the stock higher.
Market effects
Telecom sector may see modest uplift from Liberty Global's cash generation and buyback signaling.
European telecom markets could experience slight positive sentiment.
Limited, primarily affecting Liberty Global and its peers.
Counterpoint
Buyback size may be insufficient to offset broader market weakness in telecom.
Key entities
- companyLiberty Global
European telecom conglomerate reporting Q3 results.
