Liberty Global Ltd.

Previous wording

•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three and six months ended June 30, 2025 and 2024.

Current wording

•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three and nine months ended September 30, 2025 and 2024.

Previous wording

•our ability to manage rapid technological changes, including our ability to adequately manage our legacy technologies and the rate at which our current technology becomes obsolete;

Current wording

•our ability to manage and adapt to rapid technological changes, including our ability to adequately manage our legacy technologies and the rate at which our current technology becomes obsolete;

Previous wording

•the availability, cost and regulation of spectrum used in our business;

Current wording

•the availability, cost and regulation of spectrum used in our business and our ability to deploy such spectrum in a timely and efficient manner;

Previous wording

•our ability to anticipate, protect against, mitigate and contain the loss of our and our customers’ data as a result of cyber attacks on us or any of our affiliates;

Current wording

•our ability to anticipate, protect against, mitigate and contain the loss of our and our customers’ data as a result of cyber attacks or security breaches involving us or any of our affiliates;

Previous wording

•changes in, or failure or inability to comply with, government regulations and legislation in the countries in which we or our affiliates operate and any adverse outcomes from regulatory proceedings;

Current wording

•changes in, or failure or inability to comply with, government regulations and legislation in the countries in which we or our affiliates operate and any adverse outcomes from regulatory or legal proceedings;

Previous wording

•our ability to obtain regulatory approval and shareholder approval and satisfy other conditions necessary to close acquisitions, dispositions, combinations or joint ventures and the impact of conditions imposed by competition and other regulatory authorities in connection with any of our acquisitions, combinations or joint ventures;

Current wording

•our ability to obtain regulatory approval and shareholder approval and satisfy other conditions necessary to close acquisitions, dispositions, combinations or joint ventures and the impact of conditions imposed by competition and other regulatory authorities in connection with any of our acquisitions, dispositions, combinations or joint ventures;

Previous wording

•problems we may discover post-closing with the operations, including the internal controls and financial reporting processes, of businesses we acquire or with whom we create joint ventures;

Current wording

•problems we may discover post-closing with the operations, including the internal controls and financial reporting processes, of businesses we acquire or with whom we combine or create joint ventures;

Previous wording

•operating costs, customer loss and business disruption, including maintaining relationships with employees, customers, suppliers or vendors, may be greater than expected in connection with our acquisitions, dispositions or joint ventures;

Current wording

•operating costs, customer loss and business disruption, including maintaining relationships with employees, customers, suppliers or vendors, may be greater than expected in connection with our acquisitions, dispositions, combinations or joint ventures;

Previous wording

•the loss of key employees and the lack of qualified personnel;

Current wording

•the loss of key employees and the inability to attract or hire qualified personnel due to labor market dynamics or due to legal or immigration rules and regulations;

Previous wording

At June 30, 2025, our reportable segments, including our nonconsolidated JVs, as defined in note 16 to our condensed consolidated financial statements, owned and operated networks that passed 29,062,700 homes and served 11,412,000 fixed-line customers and 44,577,800 mobile subscribers.

Current wording

At September 30, 2025, our reportable segments, including our nonconsolidated JVs, as defined in note 16 to our condensed consolidated financial statements, owned and operated networks that passed 29,073,400 homes and served 11,443,800 fixed-line customers and 44,970,800 mobile subscribers.

Previous wording

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 condensed 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 condensed consolidated statements of operations.

Current wording

The amounts presented and discussed below represent 100% of each of our consolidated and nonconsolidated reportable segment’s results of operations, 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 condensed 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 condensed consolidated statements of operations.

Previous wording

The tables presented below in this section provide the details of the revenue and Adjusted EBITDA of our reportable segments for the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024. These tables present (i) the amounts reported for the current and comparative periods, (ii) the reported U.S. dollar change and percentage change from period to period and (iii) with respect to our consolidated reportable segments, the organic U.S. dollar change and percentage change from period to period. For our organic comparisons, which exclude the impact of FX, we assume that exchange rates remained constant at the prior-period rate during all periods presented. We also provide a table showing the Adjusted EBITDA margins of our reportable segments for the three and six months ended June 30, 2025 and 2024 at the end of this section.

Current wording

The tables presented below in this section provide the details of the revenue and Adjusted EBITDA of our reportable segments for the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024. These tables present (i) the amounts reported for the current and comparative periods, (ii) the reported U.S. dollar change and percentage change from period to period and (iii) with respect to our consolidated reportable segments, the organic U.S. dollar change and percentage change from period to period. For our organic comparisons, which exclude the impact of FX, we assume that exchange rates remained constant at the prior-period rate during all periods presented. We also provide a table showing the Adjusted EBITDA margins of our reportable segments for the three and nine months ended September 30, 2025 and 2024 at the end of this section.

Previous wording

The following table provides a reconciliation of earnings (loss) from continuing operations to total consolidated Adjusted EBITDA:

Current wording

The following table provides a reconciliation of loss from continuing operations to total consolidated Adjusted EBITDA:

Previous wording

Telenet. The details of the increases in Telenet’s revenue during the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024, are set forth below:

Current wording

Telenet. The details of the increases in Telenet’s revenue during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are set forth below:

Previous wording

(b)The increases in B2B non-subscription revenue are primarily due to (i) higher revenue from equipment sales and (ii) increases in revenue from wholesale services.

Current wording

(b)The increases in B2B non-subscription revenue are primarily due to (i) increases in revenue from wholesale services and (ii) higher revenue from equipment sales.

Previous wording

VM Ireland. The details of the changes in VM Ireland’s revenue during the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024, are set forth below:

Current wording

VM Ireland. The details of the changes in VM Ireland’s revenue during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are set forth below:

Previous wording

(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. Residential mobile interconnect revenue was $8.5 million and $11.3 million during the three months ended June 30, 2025 and 2024, respectively, and $16.8 million and $23.2 million during the six months ended June 30, 2025 and 2024, respectively.

Current wording

(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. Residential mobile interconnect revenue was $8.0 million and $11.0 million during the three months ended September 30, 2025 and 2024, respectively, and $24.8 million and $34.2 million during the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

Total revenue. Our consolidated revenue increased $211.2 million or 20.0% and $291.1 million or 13.5% during the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024. These increases include increases of $114.4 million and $198.9 million, respectively, attributable to the impact of the Formula E Acquisition and increases of $51.7 million and $101.3 million, respectively, attributable to the Sunrise Services provided in connection with the Spin-off. On an organic basis, our consolidated revenue decreased $14.5 million or 1.2% and $28.8 million or 1.2%, respectively.

Current wording

Total revenue. Our consolidated revenue increased $137.6 million or 12.9% and $428.7 million or 13.3% during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in 2024, including increases of $41.1 million and $240.8 million, respectively, attributable to the impact of the Formula E Acquisition and $52.8 million and $154.1 million, respectively, attributable to the Sunrise Services provided in connection with the Spin-off. On an organic basis, our consolidated revenue decreased $17.8 million or 1.6% and $47.0 million or 1.4%, respectively.

Previous wording

Residential revenue. The details of the changes in our consolidated residential revenue during the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024, are as follows (in millions):

Current wording

Residential revenue. The details of the increases in our consolidated residential revenue during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are as follows:

Previous wording

On an organic basis, our consolidated residential mobile non-subscription revenue decreased $7.0 million or 16.4% and $15.9 million or 17.9% during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in 2024, primarily due to decreases at Telenet.

Current wording

On an organic basis, our consolidated residential mobile non-subscription revenue decreased $1.5 million or 4.2% and $17.5 million or 14.0% during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in 2024, primarily due to decreases at Telenet.

Previous wording

B2B revenue. On an organic basis, our consolidated B2B non-subscription revenue increased $3.1 million or 3.0% and $9.5 million or 4.6% during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in 2024, primarily due to increases at Telenet.

Current wording

B2B revenue. On an organic basis, our consolidated B2B non-subscription revenue increased $7.9 million or 7.7% and $16.5 million or 5.4% during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in 2024, primarily due to increases at Telenet.

Previous wording

Other revenue. On an organic basis, our consolidated other revenue decreased $9.6 million or 2.3% and $20.4 million or 2.7% during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in 2024, primarily due to lower revenue earned from the U.K. JV Services.

Current wording

Other revenue. On an organic basis, our consolidated other revenue decreased $14.4 million or 4.8% and $34.5 million or 3.3% during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in 2024, primarily due to the net effect of (i) lower revenue earned from the sale of CPE to the VMO2 JV and, for the nine-month comparison, the VodafoneZiggo JV, (ii) increases in revenue earned from the U.K. JV Services and (iii) a decrease associated with the one-off impact of the recognition of previously deferred revenue at Telenet during the third quarter of 2024.

Previous wording

Our programming and other direct costs of services increased $128.9 million or 38.3% and $137.8 million or 18.9% during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in 2024. These increases include increases of $103.8 million and $147.8 million, respectively, attributable to the impact of the Formula E Acquisition. On an organic basis, our programming and other direct costs of services decreased $11.3 million or 2.5% and $46.8 million or 5.3%, respectively. These decreases include the following factors:

Current wording

Our programming and other direct costs of services increased $72.5 million or 22.6% and $210.3 million or 20.0% during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in 2024, including increases of $46.0 million and $193.7 million, respectively, attributable to the impact of the Formula E Acquisition. On an organic basis, our programming and other direct costs of services decreased $11.4 million or 3.1% and $58.2 million or 4.7%, respectively. These decreases include the following factors:

Previous wording

•Decreases in costs of $3.0 million and $25.9 million, respectively, related to lower sales of CPE to the VMO2 JV;

Current wording

•Decreases in costs of $0.4 million and $26.3 million, respectively, related to the sale of CPE to the VMO2 JV;

Previous wording

•Decreases in costs of $13.7 million and $31.8 million, respectively, related to lower sales of CPE to the VodafoneZiggo JV;

Current wording

•An increase (decrease) in costs of $12.5 million and ($19.3 million), respectively, related to the sale of CPE to the VodafoneZiggo JV;

Previous wording

•Decreases in interconnect and access costs of $5.4 million or 19.5% and $9.7 million or 18.4%, respectively, primarily due to lower interconnect and mobile roaming costs at Telenet; and

Current wording

•Decreases in interconnect and access costs of $2.3 million or 7.3% and $12.0 million or 14.3%, respectively, primarily due to lower interconnect and mobile roaming costs at Telenet;

Previous wording

•Decreases in mobile handset and other device costs of $2.9 million or 9.9% and $6.9 million or 11.0%, respectively, primarily due to lower sales volumes at Telenet.

Current wording

•For the nine-month comparison, a decrease in mobile handset and other device costs of $5.6 million or 6.5%, primarily due to lower sales volumes at Telenet; and

Previous wording

•Increases in programming and copyright costs of $3.8 million or 2.9% and $17.0 million or 6.0%, respectively, primarily attributable to higher costs for certain content at Telenet;

Current wording

•For the three-month comparison, a decrease in programming and copyright costs of $17.6 million or 14.0%, primarily attributable to lower costs for certain content at Telenet.

Previous wording

Our other operating expenses (exclusive of share-based compensation expense) increased $32.1 million or 18.1% and $39.7 million or 11.0% during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in 2024. These increases include increases of $6.0 million and $11.0 million, respectively, attributable to the impact of the Formula E Acquisition. On an organic basis, our other operating expenses increased $10.6 million or 5.7% and $15.8 million or 4.4%, respectively. These increases include the following factors:

Current wording

Our other operating expenses (exclusive of share-based compensation expense) increased $23.6 million or 12.5% and $63.3 million or 11.5% during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in 2024. The increase for the nine months ended September 30, 2025 includes an increase of $11.1 million attributable to the impact of the Formula E Acquisition. On an organic basis, our other operating expenses increased $8.0 million or 4.3% and $23.9 million or 4.3%, respectively. These increases include the following factors:

Previous wording

•Increases in core network and information technology-related costs of $6.6 million or 15.4% and $8.4 million or 13.6%, respectively, primarily due to the net effect of (i) higher information technology-related costs, including increases at Telenet and VM Ireland, and (ii) for the six-month comparison, lower leased bandwidth costs at Telenet; and

Current wording

•Increases in core network and information technology-related costs of $10.7 million or 19.4% and $19.1 million or 15.9%, respectively, primarily due to (i) higher information technology-related costs, including increases at Telenet and VM Ireland, and (ii) for the three-month comparison, higher leased bandwidth costs at Telenet;

Previous wording

•Increases in personnel costs of $2.8 million or 5.2% and $7.5 million or 6.7%, respectively, primarily due to the net effect of (i) higher average costs per employee at Telenet, (ii) lower staffing levels at Telenet and (iii) increases in incentive compensation costs.

Current wording

•Increases in personnel costs of $3.1 million or 5.9% and $10.7 million or 6.5%, respectively, primarily due to the net effect of (i) higher average costs per employee, including increases at Telenet, (ii) lower staffing levels, including decreases at Telenet, and (iii) increases in incentive compensation costs; and

Previous wording

•Decreases in external sales and marketing costs of $4.6 million or 5.4% and $5.1 million or 2.9%, respectively, primarily due to the net effect of (i) lower costs associated with advertising campaigns, including decreases at Telenet and VM Ireland, and (ii) higher third-party sales commissions, as increases at Telenet were only partially offset by decreases at VM Ireland;

Current wording

•Decreases in external sales and marketing costs of $5.0 million or 6.8% and $10.2 million or 4.1%, respectively, primarily due to the net effect of (i) lower costs associated with advertising campaigns, primarily due to decreases at Telenet and VM Ireland, and (ii) higher third-party sales commissions, as increases at Telenet were only partially offset by decreases at VM Ireland;

Previous wording

•Decreases in personnel costs of $5.4 million or 4.0% and $3.0 million or 1.2%, respectively, primarily due to the net effect of (i) lower incentive compensation costs and (ii) higher average costs per employee, primarily due to an increase at Telenet for the six-month comparison; and

Current wording

•Increases in personnel costs of $5.2 million or 4.3% and $1.9 million or 0.5%, respectively, primarily due to the net effect of (i) higher average costs per employee, (ii) lower staffing levels, including decreases at Telenet, and (iii) for the nine-month comparison, lower incentive compensation costs; and

Previous wording

Our depreciation and amortization expense was $250.8 million and $483.0 million for the three and six months ended June 30, 2025, respectively, and $282.7 million and $505.4 million for the three and six months ended June 30, 2024, respectively. Excluding the effects of FX, depreciation and amortization expense decreased $44.3 million or 15.7% and $28.3 million or 5.6% during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in 2024. These decreases are primarily due to the net effect of (i) decreases associated with certain assets becoming fully depreciated, primarily at Telenet and (ii) increases associated with property and equipment additions related to the installation of CPE, the expansion and upgrade of our networks and other capital initiatives, primarily at Telenet.

Current wording

Our depreciation and amortization expense was $275.9 million and $758.9 million for the three and nine months ended September 30, 2025, respectively, and $245.0 million and $750.4 million for the three and nine months ended September 30, 2024, respectively. Excluding the effects of FX, depreciation and amortization expense increased (decreased) $14.2 million or 5.8% and ($14.2 million) or (1.9%) during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in 2024. These changes are primarily due to the net effect of (i) decreases associated with certain assets becoming fully depreciated, primarily at Telenet, and (ii) increases associated with property and equipment additions related to the installation of CPE, the expansion and upgrade of our networks and other capital initiatives, primarily at Telenet.

Previous wording

We recognized impairment, restructuring and other operating items, net, of $5.5 million and $3.8 million during the three and six months ended June 30, 2025, respectively, and $4.5 million and $38.1 million during the three and six months ended June 30, 2024, respectively.

Current wording

We recognized impairment, restructuring and other operating items, net, of $22.0 million and $25.8 million during the three and nine months ended September 30, 2025, respectively, and $6.0 million and $44.1 million during the three and nine months ended September 30, 2024, respectively.

Previous wording

The amounts for the 2024 periods include (i) restructuring costs of $4.0 million and $19.2 million, respectively, and (ii) a provision for legal contingencies of $17.5 million during the first quarter of 2024.

Current wording

The amounts for the 2024 periods include (i) restructuring costs of $5.4 million and $24.6 million, including amounts at Telenet, respectively, and (ii) a provision for legal contingencies of $17.5 million during the first quarter of 2024.

Previous wording

We recognized interest expense of $129.5 million and $257.0 million during the three and six months ended June 30, 2025, respectively, and $144.4 million and $289.9 million during the three and six months ended June 30, 2024, respectively. Excluding the effects of FX, interest expense decreased $21.7 million or 15.0% and $35.6 million or 12.3% during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in 2024. These decreases are primarily attributable to lower weighted average interest rates, partially offset by higher average outstanding debt balances. For additional information regarding our outstanding indebtedness, see note 9 to our condensed consolidated financial statements.

Current wording

We recognized interest expense of $123.3 million and $380.3 million during the three and nine months ended September 30, 2025, respectively, and $144.3 million and $434.2 million during the three and nine months ended September 30, 2024, respectively. Excluding the effects of FX, interest expense decreased $28.3 million or 19.6% and $63.9 million or 14.7% during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in 2024. These decreases are primarily attributable to lower weighted average interest rates. For additional information regarding our outstanding indebtedness, see note 9 to our condensed consolidated financial statements.

Previous wording

Realized and unrealized gains (losses) on derivative instruments, net

Current wording

Realized and unrealized losses on derivative instruments, net

Previous wording

Our realized and unrealized gains or losses on derivative instruments include (i) unrealized changes in the fair values of our derivative instruments that are non-cash in nature until such time as the derivative contracts are fully or partially settled and (ii) realized gains or losses upon the full or partial settlement of the derivative contracts. The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:

Current wording

Our realized and unrealized gains or losses on derivative instruments include (i) unrealized changes in the fair values of our derivative instruments that are non-cash in nature until such time as the derivative contracts are fully or partially settled and (ii) realized gains or losses upon the full or partial settlement of the derivative contracts. The details of our realized and unrealized losses on derivative instruments, net, are as follows:

Previous wording

(a)The losses for the 2025 periods are primarily attributable to the net effect of (i) net losses associated with changes in the relative value of certain currencies and (ii) a net loss for the three-month period and a net gain for the six-month period associated with changes in certain market interest rates. In addition, the losses for the 2025 periods include net gains of $5.2 million and $9.4 million, respectively, resulting from changes in our credit risk valuation adjustments. The gains for the 2024 periods are attributable to net gains associated with changes in (a) the relative value of certain currencies and (b) certain market interest rates. In addition, the gains for the 2024 periods include net losses of $2.2 million and $5.5 million, respectively, resulting from changes in our credit risk valuation adjustments.

Current wording

(a)The results for the 2025 periods are primarily attributable to the net effect of (i) a net gain for the three-month period and a net loss for the nine-month period associated with changes in the relative value of certain currencies and (ii) net gains associated with changes in certain market interest rates. In addition, the results for the 2025 periods include a net gain (loss) of ($6.1 million) and $3.3 million, respectively, resulting from changes in our credit risk valuation adjustments. The results for the 2024 periods are attributable to net losses associated with changes in (a) certain market interest rates and (b) the relative value of certain currencies. In addition, the results for the 2024 periods include a net gain (loss) of $3.5 million and ($2.0 million), respectively, resulting from changes in our credit risk valuation adjustments.