Liberty Global Ltd.
For the period ended Mar 31, 2026. Filed May 1, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 1, 2026
LBTYB$11.45+1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001570585-25-000223
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-01.
0001570585-26-000069
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 238 previous paragraphs and 219 current paragraphs.
129 unchanged; 76 reworded; 13 added; 32 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 30 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
•the effects of new, emerging or competing technologies, including those that could make our products less desirable or obsolete;
Current report
•our ability to continue to use intellectual property used to conduct our operations;
Current report
We also have controlling interests in Wyre, an independent infrastructure company in Belgium, and Formula E, a global electric motor racing series.
Current report
Wyre. Wyre’s revenue increased $18.1 million during the three months ended March 31, 2026, as compared to the corresponding period in 2025. Excluding the effects of FX, Wyre’s revenue decreased $1.9 million.
Current report
Total revenue. Our consolidated revenue increased $103.4 million or 8.8% during the three months ended March 31, 2026 as compared to the corresponding period in 2025. This increase includes a decrease of $57.7 million attributable to the impact of dispositions. On an organic basis, our consolidated revenue increased $29.1 million or 2.9%.
Current report
Total consolidated
Current report
Total consolidated
Current report
•An increase in other direct costs of $29.5 million related to costs incurred in connection with Formula E race events;
Current report
•An increase in costs of $15.4 million related to the sales of CPE to the VMO2 JV;
Current report
•A decrease in personnel costs of $6.1 million or 10.4%, primarily due to lower staffing levels, including a decrease at Telenet.
Current report
The amount for the 2026 period primarily includes (i) restructuring costs of $21.3 million, primarily at Telenet, and (ii) an impairment charge on certain long-lived assets of $11.1 million.
Current report
We recognized other income, net, of $25.0 million and $11.4 million during the three months ended March 31, 2026 and 2025, respectively, which includes interest and dividend income of $12.4 million and $18.4 million, respectively.
Current report
Net earnings (loss)
Removed paragraphs (32)
Previous report
•our ability to navigate the potential impacts on our business resulting from any international trade wars or tariffs imposed on the products or services that we purchase from vendors or sell to our customers;
Previous report
Prior to the completion of the Spin-off on November 8, 2024, we also provided residential and B2B communications services in Switzerland through Sunrise. Sunrise, together with certain other Liberty Global subsidiaries connected to our Swiss business, are collectively referred to as the Sunrise Entities and are reflected as discontinued operations for all applicable periods. In the following discussion and analysis, the operating statistics, results of operations, cash flows and financial condition that we present and discuss are those of our continuing operations, unless otherwise indicated. For additional information regarding the Spin-off, see note 4 to our condensed consolidated financial statements.
Previous report
On October 2, 2024, we completed the Formula E Acquisition, pursuant to which we acquired a controlling interest in Formula E and began consolidating 100% of Formula E’s results from that date. For additional information, see note 4 to our condensed consolidated financial statements.
Previous report
We have completed a number of transactions that impact the comparability of our 2025 and 2024 results of operations, the most notable of which is the Formula E Acquisition on October 2, 2024. For further information, see note 4 to our condensed consolidated financial statements.
Previous report
(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 report
(c)The changes in other revenue include a decrease associated with the one-off impact of the recognition of previously deferred revenue of approximately $18 million during the third quarter of 2024.
Previous report
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 report
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 report
•Decreases in costs of $0.4 million and $26.3 million, respectively, related to the sale of CPE to the VMO2 JV;
Previous report
•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 report
•For the three-month comparison, a decrease in business service costs of $3.5 million or 17.8%, primarily due to (i) lower energy costs, primarily due to a decrease at Telenet, and (ii) lower consulting costs.
Previous report
•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 report
•For the three-month comparison, an increase in business service costs of $3.0 million or 9.6%, primarily due to higher consulting costs at Telenet.
Previous report
The amounts for the 2025 periods primarily include restructuring costs of $20.6 million and $24.0 million, respectively. During the third quarter of 2025, we commenced a restructuring program that includes employee terminations within certain of our centralized functions and recorded $17.3 million of restructuring costs in the third quarter of 2025 related to this program. We expect to incur further restructuring charges during the remainder of 2025 and 2026 as certain elements of the restructuring plan did not meet the criteria for recognition in the third quarter.
Previous report
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 report
(a)Amounts represent the change in fair value of our investment in Lionsgate, both before and after the Lionsgate Separation. Following the Lionsgate Separation, changes in fair value related to our investment in Starz are included in ‘Other, net’ in the above table.
Previous report
(b)We completed the sale of our investment in Pax8 during the fourth quarter of 2024.
Previous report
(c)We completed the sale of our investment in Lacework during the third quarter of 2024.
Previous report
Losses on debt extinguishment, net
Previous report
We recognized net losses on debt extinguishment of $11.2 million and $20.1 million during the three and nine months ended September 30, 2025, respectively, related to the write-off of unamortized deferred financing costs and discounts. For additional information concerning our losses on debt extinguishment, net, see note 9 to our condensed consolidated financial statements.
Previous report
(c)Includes our share of results of Formula E prior to the Formula E Acquisition Date.
Previous report
(d)We completed the sale of our investment in All3Media during the second quarter of 2024.
Previous report
Gain on sale of All3Media
Previous report
In connection with the sale of All3Media, we recognized a gain of $242.9 million during the nine months ended September 30, 2024.
Previous report
We recognized other income, net, of $27.5 million and $53.1 million during the three months ended September 30, 2025 and 2024, respectively, and $80.0 million and $166.0 million during the nine months ended September 30, 2025 and 2024, respectively. These amounts include interest and dividend income of $20.5 million and $53.4 million during the three-month periods, respectively, and $78.1 million and $165.2 million during the nine-month periods, respectively.
Previous report
The income tax benefit during the three months ended September 30, 2024 differs from the expected income tax benefit of $358.7 million (based on the U.K. statutory income tax rate of 25.0%), primarily due to the net negative impact of (i) non-deductible or non-taxable foreign currency exchange results and (ii) certain permanent differences between the financial and tax accounting treatment of items associated with investments in subsidiaries and affiliates.
Previous report
The income tax expense during the nine months ended September 30, 2024 differs from the expected income tax benefit of $101.3 million (based on the U.K. statutory income tax rate of 25.0%), primarily due to the net negative impact of (i) certain permanent differences between the financial and tax accounting treatment of interest and other items, (ii) non-deductible or non-taxable foreign currency exchange results and (iii) certain permanent differences between the financial and tax accounting treatment of items associated with investments in subsidiaries and affiliates. The net negative impact of these items was partially offset by the positive impact of a net decrease in valuation allowances.
Previous report
Loss from continuing operations
Previous report
During the nine months ended September 30, 2025 and 2024, we reported loss from continuing operations of $4,180.5 million and $465.1 million, respectively, consisting of (i) operating income (loss) of $82.3 million and ($11.9 million), respectively, (ii) net non-operating expense of $4,378.8 million and $393.4 million, respectively, and (iii) income tax benefit (expense) of $116.0 million and ($59.8 million), respectively.
Previous report
Earnings (loss) from discontinued operations, net of taxes
Previous report
We reported earnings (loss) from discontinued operations, net of taxes, of $12.8 million and ($143.6 million) during the three and nine months ended September 30, 2024, respectively, related to the operations of the Sunrise Entities. For additional information, see note 4 to our condensed consolidated financial statements.
Previous report
During the nine months ended September 30, 2025, the aggregate amount of our share repurchases, including direct acquisition costs, was $158.8 million. Under our current share repurchase program, we are authorized during 2025 to repurchase up to 10% of our total outstanding shares as of December 31, 2024. For additional information regarding our share repurchase programs, see note 12 to our condensed consolidated financial statements.
Reworded paragraphs (76)
Previous 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.
Current wording
•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three months ended March 31, 2026 and 2025.
Previous wording
•Material Changes in Financial Condition. This section provides an analysis of our corporate and subsidiary liquidity and our condensed consolidated statements of cash flows.
Current wording
•Material Changes in Financial Condition. This section provides an analysis of our corporate and subsidiary liquidity as of March 31, 2026 and our condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025.
Previous wording
Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that statements in this Quarterly Report are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Part I, Item 3. Quantitative and Qualitative Disclosures About Market Riskand Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds may contain forward-looking statements, including statements regarding our business, product, foreign currency, hedging and finance strategies, our property and equipment additions, subscriber growth and retention rates, competitive, regulatory and economic factors, the timing and impacts of proposed transactions, the maturity of our markets, the potential impact of large-scale health crises on our company, the anticipated impacts of new legislation (or changes to existing rules and regulations), anticipated changes in our revenue, costs or growth rates, our liquidity, credit risks, foreign currency risks, interest rate risks, target leverage levels, debt covenants, our future projected contractual commitments and cash flows, our share repurchase programs and other information and statements that are not historical fact. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In evaluating these statements, you should consider the risks and uncertainties discussed in Part I, Item 1A. Risk Factors of our 2024 10-K, as well as the following list of some, but not all, of the factors that could cause actual results or events (including with respect to our affiliates) to differ materially from anticipated results or events:
Current wording
Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that statements in this Quarterly Report are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Part I, Item 3. Quantitative and Qualitative Disclosures About Market Riskand Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds may contain forward-looking statements, including statements regarding our business, product, foreign currency, hedging and finance strategies, our property and equipment additions, subscriber growth and retention rates, competitive, regulatory and economic factors, the timing and impacts of proposed transactions, the maturity of our markets, the potential impact of large-scale health crises on our company, the anticipated impacts of new legislation (or changes to existing rules and regulations), anticipated changes in our revenue, costs or growth rates, our liquidity, credit risks, foreign currency risks, interest rate risks, target leverage levels, debt covenants, our future projected contractual commitments and cash flows and other information and statements that are not historical fact. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In evaluating these statements, you should consider the risks and uncertainties discussed in Part I, Item 1A. Risk Factors of our 2025 10-K, as well as the following list of some, but not all, of the factors that could cause actual results or events (including with respect to our affiliates) to differ materially from anticipated results or events:
Previous wording
•economic and business conditions and industry trends in the countries in which we or our affiliates operate;
Current wording
•economic and business conditions and industry trends in the countries in which we or our affiliates operate, including the impact of the increasingly uncertain and volatile economic conditions, an inflationary environment and changes in government policies, including those related to trade and tariffs;
Previous 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;
Current wording
•our ability to manage rapid technological changes, including our ability to adequately manage our legacy technologies;
Previous wording
•changes in consumer video, mobile and broadband usage, preferences and habits;
Current wording
•changes in consumer video, mobile and broadband usage, preferences and habits, including increased demand for high-speed data transmission services and artificial intelligence-enabled services;
Previous 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;
Current wording
•the availability, cost and regulation of spectrum used in our business;
Previous wording
•the leakage of sensitive customer or company data or the failure to comply with applicable data protection laws, regulations and rules;
Current wording
•the leakage of sensitive customer or company data or the failure by us, our affiliates or our third-party providers to comply with applicable data protection laws, regulations and rules;
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 or security breaches involving us or any of our affiliates;
Current wording
•our ability and the ability of our third-party service providers 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 or our third-party service providers;
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 or legal 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 proceedings;
Previous wording
•changes in laws or treaties relating to taxation, or the interpretation thereof, in Bermuda, the U.K., the U.S. or in other countries in which we or our affiliates operate;
Current wording
•changes in laws or treaties relating to taxation, or the interpretation thereof, in Bermuda, the U.K., the E.U., the U.S. or in other countries in which we or our affiliates operate;
Previous wording
•our ability to navigate the impacts on our business resulting from potential disparate regulatory rules between the U.K. and the E.U. following the U.K.’s departure from the E.U.;
Current wording
•our ability to navigate the potential impacts on our business resulting from the U.K.’s departure from the E.U.;
Previous wording
•our ability to successfully acquire new businesses or form joint ventures and, if acquired or joined, to integrate, realize anticipated efficiencies from, and implement our business plans with respect to, the businesses we have acquired or joined or that we expect to acquire or join;
Current wording
•our ability to successfully acquire new businesses or form joint ventures and, if acquired or joined, to integrate, realize anticipated synergies from, and implement our business plans with respect to, the businesses we have acquired or joined or that we expect to acquire or join on the timelines, or within the budgets, estimated for such integrations;
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, dispositions, combinations or joint ventures;
Current wording
•our ability to obtain regulatory 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 combine or 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 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, combinations 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 or joint ventures;
Previous wording
•our ability to profit from or undertake transactions that we believe will be accretive with investments, such as our joint ventures, that we do not solely control;
Current wording
•our ability to profit from investments, such as our joint ventures, that we do not solely control;
Previous 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;
Current wording
•the loss of key employees and the lack of qualified personnel;
Previous wording
We are an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe and are an active investor across the infrastructure, content and technology industries. We also provide innovative technology solutions and finance services. Our continuing operations comprise businesses that provide residential and B2B communications services in (i) Belgium and Luxembourg through Telenet and (ii) Ireland through VM Ireland. In addition, we own 50% noncontrolling interests in (a) the VMO2 JV, which provides residential and B2B communications services in the U.K., and (b) the VodafoneZiggo JV, which provides residential and B2B communications services in the Netherlands.
Current wording
We are an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe and are an active investor across the technology, media, sports and infrastructure sectors. We also provide innovative technology, operational and financial services to our affiliates and third parties. We provide residential and B2B communications services in (i) Belgium and Luxembourg through Telenet and (ii) Ireland through VM Ireland. In addition, we own 50% noncontrolling interests in (a) the VMO2 JV, which provides residential and B2B communications services in the U.K., and (b) the VodafoneZiggo JV, which provides residential and B2B communications services in the Netherlands.
Previous 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.
Current wording
At March 31, 2026, our reportable segments, including our nonconsolidated JVs, as defined in note 15 to our condensed consolidated financial statements, owned and operated networks that passed 29,147,600 homes and served 10,914,200 fixed-line customers and 48,528,300 mobile subscribers.
Previous 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.
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. Noncontrolling interests, primarily associated with Wyre and Formula E, are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.
Previous wording
Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV derive their revenue primarily from residential and B2B communications services. For detailed information regarding the composition of our reportable segments, our “all other category” and how we define and categorize our revenue components, see note 16 to our condensed consolidated financial statements. For information regarding the results of operations of the VMO2 JV and the VodafoneZiggo JV, refer to Discussion and Analysis of our Consolidated Operating Results — Share of results of affiliates, netbelow.
Current wording
Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV derive their revenue primarily from residential and B2B communications services. Wyre derives revenue primarily by providing access to its network on a wholesale basis. For detailed information regarding the composition of our reportable segments, our “all other category” and how we define and categorize our revenue components, see note 15 to our condensed consolidated financial statements. For information regarding the results of operations of the VMO2 JV and the VodafoneZiggo JV, refer to Discussion and Analysis of our Consolidated Operating Results — Share of results of affiliates, netbelow.
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 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.
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 months ended March 31, 2026, as compared to the corresponding period in 2025. 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 months ended March 31, 2026 and 2025 at the end of this section.
Previous wording
The following table provides a reconciliation of loss from continuing operations to total consolidated Adjusted EBITDA:
Current wording
The following table provides a reconciliation of net earnings (loss) to total consolidated Adjusted EBITDA:
Previous 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:
Current wording
Telenet. The details of the increase in Telenet’s revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below:
Previous wording
(a)The decreases in residential mobile non-subscription revenue are primarily attributable to (i) decreases in interconnect revenue and (ii) lower revenue from handset sales.
Current wording
(a)The increase in residential mobile non-subscription revenue is primarily attributable to an increase in revenue from handset sales.
Previous 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:
Current wording
VM Ireland. The details of the increase in VM Ireland’s revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, 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 $8.0 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.
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 $7.2 million and $8.3 million during the three months ended March 31, 2026 and 2025, respectively.
Previous wording
(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 sale of CPE to the VMO2 JV and the VodafoneZiggo JV.
Current wording
(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) revenue at Formula E, (iii) revenue earned from the sales of CPE to the VMO2 JV and the VodafoneZiggo JV and (iv) broadcasting revenue at Telenet and VM Ireland.
Previous 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:
Current wording
Residential revenue. The details of the increase in our consolidated residential revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are as follows:
Previous 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.
Current wording
On an organic basis, our consolidated residential mobile non-subscription revenue increased $2.4 million or 6.6% during the three months ended March 31, 2026 as compared to the corresponding period in 2025, primarily due to an increase at Telenet.
Previous 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.
Current wording
Other revenue. On an organic basis, our consolidated other revenue increased $32.7 million or 8.2% during the three months ended March 31, 2026 as compared to the corresponding period in 2025, primarily due to (i) higher revenue at Formula E, (ii) higher revenue earned from the sale of CPE to the VMO2 JV and (iii) an increase in revenue earned from the U.K. JV Services.
Previous wording
Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, costs of mobile handsets and other devices and other direct costs related to our operations, including costs associated with our transitional service agreements and certain costs related to the development of externally marketed software. Programming and copyright costs represent a significant portion of our operating costs and are subject to rise in future periods due to various factors, including (i) higher costs associated with the expansion of our digital video content, including rights associated with ancillary product offerings and rights that provide for the broadcast of live sporting events, and (ii) rate increases.
Current wording
Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, costs of mobile handsets and other devices and other direct costs related to our operations, including costs associated with our transitional and other service agreements and certain costs related to the development of externally marketed software. Programming and copyright costs represent a significant portion of our operating costs and are subject to rise in future periods due to various factors, including (i) higher costs associated with the expansion of our digital video content, including rights associated with ancillary product offerings and rights that provide for the broadcast of live sporting events, and (ii) rate increases.
Previous 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:
Current wording
Our programming and other direct costs of services increased $23.2 million or 5.8% during the three months ended March 31, 2026, as compared to the corresponding period in 2025. This increase includes a decrease of $47.3 million attributable to the impact of dispositions. On an organic basis, our programming and other direct costs of services increased $26.0 million or 7.3%. This increase includes the following factors:
Previous 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.
Current wording
•A decrease in programming and copyright costs of $16.6 million or 10.5%, primarily attributable to lower costs for certain content at Telenet;
Previous 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;
Current wording
•An increase in costs of $6.0 million related to the sales of CPE to the VodafoneZiggo JV; and
Previous 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
Current wording
•An increase in mobile handset and other device costs of $4.6 million or 16.4%, primarily due to higher sales volumes at Telenet.
Previous 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:
Current wording
Our other operating expenses (exclusive of share-based compensation expense) increased $28.5 million or 15.1% during the three months ended March 31, 2026, as compared to the corresponding period in 2025. This increase includes a decrease of $1.8 million attributable to the impact of dispositions. On an organic basis, our other operating expenses increased $7.2 million or 3.9%. This increase includes the following factors:
Previous 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;
Current wording
•An increase in core network and information technology-related costs of $8.0 million or 39.7%, primarily due to (i) higher information technology-related costs, including an increase at Telenet, and (ii) higher leased bandwidth costs at Telenet; and
Previous wording
Our SG&A expenses (exclusive of share-based compensation expense) increased $36.4 million or 15.9% and $70.7 million or 10.0% during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in 2024, including increases of $18.5 million and $58.1 million, respectively, attributable to the impact of the Formula E Acquisition. On an organic basis, our SG&A expenses increased (decreased) $3.9 million or 1.6% and ($7.7 million) or (1.0%), respectively. These changes include the following factors:
Current wording
Our SG&A expenses (exclusive of share-based compensation expense) increased $9.8 million or 3.8% during the three months ended March 31, 2026, as compared to the corresponding period in 2025. This increase includes a decrease of $4.5 million attributable to the impact of dispositions. On an organic basis, our SG&A expenses decreased $8.4 million or 3.4%. This decrease includes the following factors:
Showing the first 40 of 76 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
(a)We completed the sale of our investment in Vodafone during the third quarter of 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS