Liberty Global Ltd. (LBTYA) Form 8-K — Nov 3, 2026
Liberty Global reported Q3 2026 consolidated revenue of $1,920.6 million, up 59.1% on a reported basis due to the July 2026 consolidation of VodafoneZiggo, with net earnings swinging to $547.7 million from a loss of $83.4 million a year ago. Strategically, the company advanced its value-unlock plan: it closed the purchase of Vodafone's 50% stake in VodafoneZiggo, agreed to sell VodafoneZiggo's mobile towers for €669 million (16.2x 2025 EBITDA) to fund deleveraging, and targets a Q2 2027 spin-off of Ziggo Group with synergies now expected to exceed the prior €1 billion NPV estimate.
Key figures
- Guidance
- VMO2 2026 (IFRS): total service revenue and Adjusted EBITDA both down 3-5% YoY (adjusted for Daisy Transaction), P&E additions £2.0-2.2B, Adjusted FCF ~£200m; VodafoneZiggo 2026: stable to low-single digit revenue decline, mid-to-high single digit EBITDA decline, Adj FCF ~€100m; Telenet 2026: stable revenue, low-single digit EBITDAaL growth, ~€20m Adj FCF; Liberty Global expects ~$1.8B corporate cash at year-end 2026 and ~$100m additional Q4 buybacks.
- Net Income
- 547.7
- Total Debt
- 21837
- Q3 adjusted fcf usd m
- 81.7
- Total liquidity usd m
- 3753.3
- Q3 share buybacks usd m
- 100
- Average debt tenor years
- 4.7
- Q3 adjusted ebitda usd m
- 602.6
- Ziggo synergies npv eur b
- 1
- Vmo2 revenue yoy reported pct
- -5
- Vodafoneziggo towers sale eur m
- 669
- Blended swapped cost of debt pct
- 4.3
- Vmo2 cost reduction gbp m by 2029
- 800
- Q3 adjusted ebitda yoy reported pct
- 79.1
- Vodafoneziggo towers ebitda multiple x
- 16.2
AI analysis
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