Liberty Global Ltd.
For the period ended Jun 30, 2026. Filed Jul 24, 2026.
View on SEC.govAbout this filing
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.
Jun 30, 2026 · Filed Jul 24, 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 2026-03-31; filed 2026-05-01.
0001570585-26-000069
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-24.
0001570585-26-000109
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 219 previous paragraphs and 227 current paragraphs.
156 unchanged; 49 reworded; 20 added; 13 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 23 previous and 30 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 (20)
Current report
•our ability to manage risks associated with the development, deployment and use of artificial intelligence and generative artificial intelligence technologies, including risks related to data privacy, intellectual property, regulatory compliance, operational performance and potential reputational harm;
Current report
(a)The changes in residential fixed subscription revenue include a decrease associated with the impact of the write-off of previously recognized revenue of $12.8 million during the second quarter of 2026.
Current report
(b)The increases in other revenue include (i) an increase related to the renegotiation of the Transition Services and Support (TSS) agreement with Wyre and (ii) $8.6 million associated with the impact of revenue recognized by Telenet under the TSS agreement during the second quarter of 2026. This revenue relates to services provided to Wyre following its formation and is recognized within Telenet's segment results. As these amounts represent transactions between consolidated reportable segments, the related revenue is eliminated upon consolidation and therefore does not impact Liberty Global's consolidated revenue.
Current report
Other revenue. On an organic basis, our consolidated other revenue decreased $53.6 million or 13.6% and $17.1 million or 2.3% during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in 2025, primarily due to lower broadcasting revenue at Telenet and VM Ireland.
Current report
Our programming and other direct costs of services decreased $89.9 million or 19.3% and $66.7 million or 7.7% during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in 2025. These decreases include decreases of $36.6 million and $84.5 million, respectively, attributable to the impact of dispositions. On an organic basis, our programming and other direct costs of services decreased $61.8 million or 14.4% and $32.0 million or 4.1%, respectively. These decreases include the following factors:
Current report
•Increases in costs of $8.2 million and $23.6 million, respectively, related to the sales of CPE to the VMO2 JV;
Current report
•Decreases in interconnect and access costs of $3.0 million or 13.0% and $5.5 million or 13.0%, respectively, primarily at Telenet due to (i) lower interconnect and roaming costs and (ii) lower lease and B2B data costs; and
Current report
•For the three-month comparison, a decrease in costs of $5.4 million related to lower costs for certain minimum purchase commitments at Telenet.
Current report
•Decreases in personnel costs of $6.8 million or 9.1% and $15.8 million or 11.9%, respectively, primarily due to (i) lower staffing levels, including decreases at Telenet, (ii) increases in incentive compensation costs and (iii) lower average costs per employee at Telenet;
Current report
•Increases in other operating expenses at Wyre associated with (i) the renegotiation of the TSS agreement with Telenet and (ii) $4.3 million related to the impact of costs recognized by Wyre under the TSS agreement during the second quarter of 2026. As these amounts represent transactions between consolidated reportable segments, the related costs are eliminated upon consolidation and therefore does not impact Liberty Global's consolidated other operating expenses;
Current report
•Increases in business service costs of $5.0 million or 19.1% and $2.9 million or 6.0%, respectively, primarily due to higher (i) travel and entertainment costs and (ii) energy costs at Telenet.
Current report
•Decreases in external sales and marketing costs of $2.2 million or 2.6% and $7.5 million or 4.4%, respectively, primarily due to lower costs associated with advertising campaigns;
Current report
•Increases in core network and information technology-related costs of $6.6 million or 37.9% and $5.0 million or 13.7%, respectively, primarily due to higher information technology-related costs; and
Current report
•Increases in business service costs of $5.0 million or 15.2% and $6.6 million or 10.0%, respectively, primarily due to higher consulting costs, including increases at Telenet.
Current report
(a)We completed the sale of our investment in EdgeConneX during the second quarter of 2026.
Current report
(b)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.
Current report
We recognized other income, net, of $16.8 million and $32.2 million during the three months ended June 30, 2026 and 2025, respectively, and $41.8 million and $43.6 million during the six months ended June 30, 2026 and 2025, respectively. These amounts include interest and dividend income of $17.9 million and $39.2 million during the three-month periods, respectively, and $30.3 million and $111.8 million during the six-month periods, respectively.
Current report
During the three months ended June 30, 2026 and 2025, we reported net losses of $357.8 million and $2,773.8 million, respectively, consisting of (i) operating income of $3.0 million and $29.6 million, respectively, (ii) net non-operating expense of $338.0 million and $2,802.5 million, respectively, and (iii) income tax expense of $22.8 million and $0.9 million, respectively.
Current report
Cash and cash equivalents
Current report
Operating Activities. The increase in net cash provided by operating activities is primarily attributable to the net effect of (i) an increase in cash provided due to lower payments for taxes, (ii) an increase in cash provided due to lower payments of interest, net of €5.4 million ($6.2 million at the applicable rate) cash paid related to the partial settlement of the Vodafone Collar Loan in 2025, and (iii) a decrease in cash provided due to lower net cash receipts related to derivative instruments.
Removed paragraphs (13)
Previous report
(a)The increase in residential mobile non-subscription revenue is primarily attributable to an increase in revenue from handset sales.
Previous report
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 report
Total consolidated
Previous report
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 report
•An increase in costs of $15.4 million related to the sales of CPE to the VMO2 JV;
Previous report
•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 report
•A decrease in personnel costs of $6.1 million or 10.4%, primarily due to lower staffing levels, including a decrease at Telenet.
Previous report
The VodafoneZiggo JV is experiencing significant competition in both its fixed-line and mobile operations. If the adverse impacts of economic, competitive, regulatory or other factors were to cause significant deterioration of the results of operations or cash flows of the VodafoneZiggo JV, we could conclude in future periods that our investment in the VodafoneZiggo JV is impaired or management of the VodafoneZiggo JV could conclude that an impairment of the VodafoneZiggo JV goodwill and, to a lesser extent, long-lived assets, is required. Any such impairment of the VodafoneZiggo JV’s goodwill or our investment in the VodafoneZiggo JV would be reflected as a component of share of results of affiliates, net, in our condensed consolidated statement of operations. Our share of any such impairment charges could be significant.
Previous 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.
Previous report
Cash, cash equivalents and SMAs
Previous report
(e)The balance of our investments held under SMAs is held by unrestricted subsidiaries of Liberty Global and includes $46.3 million or 100.0% denominated in U.S. dollars.
Previous report
For additional information regarding our cash and cash equivalents and investments held under SMAs, see the discussion under Part I, Item 3. Quantitative and Qualitative Disclosures about Market Risk — Cash and Investments below.
Previous report
Operating Activities. The decrease in net cash provided by operating activities is primarily attributable to the net effect of (i) an increase in cash provided by our Adjusted EBITDA and related working capital items, (ii) a decrease in cash provided due to higher restructuring costs, (iii) a decrease in cash provided due to higher net payments related to derivative instruments and (iv) a decrease in cash provided due to higher payments for taxes. Consolidated Adjusted EBITDA is a non-GAAP measure, which investors should view as a supplement to, and not a substitute for, GAAP measures of performance included in our consolidated statements of operations.
Reworded paragraphs (49)
Previous 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.
Current 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, 2026 and 2025.
Previous 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.
Current wording
•Material Changes in Financial Condition. This section provides an analysis of our corporate and subsidiary liquidity as of June 30, 2026 and our condensed consolidated statements of cash flows for the three and six months ended June 30, 2026 and 2025.
Previous 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;
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, inflationary pressures and evolving geopolitical dynamics, including those related to trade and tariffs;
Previous 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.
Current wording
At June 30, 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 29,174,000 homes and served 10,866,100 fixed-line customers and 48,407,300 mobile subscribers.
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 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.
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 six months ended June 30, 2026, as compared to the corresponding periods 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 and six months ended June 30, 2026 and 2025 at the end of this section.
Previous 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:
Current wording
Telenet. The details of the changes in Telenet’s revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are set forth below:
Previous wording
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 wording
Wyre. Wyre’s revenue increased $2.8 million and $20.9 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in 2025. Excluding the effects of FX, Wyre’s revenue decreased $2.0 million and $3.9 million, respectively.
Previous 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:
Current wording
VM Ireland. The details of the changes in VM Ireland’s revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods 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 $7.2 million and $8.3 million during the three months ended March 31, 2026 and 2025, 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 $6.7 million and $8.5 million during the three months ended June 30, 2026 and 2025, respectively, and $13.9 million and $16.8 million during the six months ended June 30, 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) 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.
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, the VodafoneZiggo JV and Sunrise and (iv) broadcasting revenue at Telenet and VM Ireland.
Previous wording
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 wording
Total revenue. Our consolidated revenue increased (decreased) ($97.1 million) or (7.7%) and $6.3 million or 0.3% during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in 2025. These changes include decreases of $51.3 million and $109.2 million attributable to the impact of dispositions, respectively. On an organic basis, our consolidated revenue decreased $73.7 million or 6.0% and $40.8 million or 1.5%, respectively.
Previous 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:
Current wording
Residential revenue. The details of the increase (decrease) in our consolidated residential revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are as follows:
Previous 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.
Current wording
On an organic basis, our consolidated residential mobile non-subscription revenue decreased $3.7 million or 9.8% and $1.0 million or 1.4% during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in 2025, primarily due to an decreases at Telenet.
Previous 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;
Current wording
•Decreases in programming and copyright costs of $16.7 million or 11.9% and $33.4 million or 11.1%, respectively, primarily attributable to lower costs for certain content at Telenet;
Previous wording
•An increase in other direct costs of $29.5 million related to costs incurred in connection with Formula E race events;
Current wording
•Decreases in other direct costs of $59.4 million and $26.6 million, respectively, related to costs incurred in connection with Formula E race events;
Previous wording
•An increase in costs of $6.0 million related to the sales of CPE to the VodafoneZiggo JV; and
Current wording
•Increases in costs of $5.2 million and $11.2 million, respectively, related to the sales of CPE to the VodafoneZiggo JV;
Previous 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:
Current wording
Our other operating expenses (exclusive of share-based compensation expense) increased (decreased) ($9.4 million) or (4.5%) and $14.3 million or 3.6% during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in 2025. These changes include decreases of $3.2 million and $3.7 million, respectively, attributable to the impact of dispositions. On an organic basis, our other operating expenses decreased $12.6 million or 6.1% and $10.3 million or 2.6%, respectively. These changes include the following factors:
Previous wording
•A decrease in external sales and marketing costs of $5.8 million or 6.8%, primarily due to lower costs associated with advertising campaigns; and
Current wording
•For the six-month comparison, a decrease in external sales and marketing costs of $4.4 million or 16.8%, primarily due to lower costs associated with advertising campaigns;
Previous 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
Current wording
•An increase (decrease) in core network and information technology-related costs of ($4.6 million) or (8.2%) and $4.1 million or 5.1%, respectively, primarily due to (i) higher leased bandwidth costs at Telenet for the six-month comparison and (ii) lower information technology-related costs, which was only partially offset by an increase at Telenet for the six-month comparison; and
Previous 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:
Current wording
Our SG&A expenses (exclusive of share-based compensation expense) increased $12.6 million or 4.9% and $27.2 million or 5.3% during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in 2025. These increases include decreases of $6.6 million and $10.6 million, respectively, attributable to the impact of dispositions. On an organic basis, our SG&A expenses increased $13.7 million or 5.3% and $8.7 million or 1.7%, respectively. These increases include the following factors:
Previous wording
•A decrease in personnel costs of $2.3 million or 1.8%, primarily due to the net effect of (i) lower staffing levels, including a decrease at Telenet, and (ii) higher average costs per employee.
Current wording
•Increases in personnel costs of $2.2 million or 1.8% and $6.8 million or 2.7%, respectively, primarily due to the net effect of (i) lower staffing levels, (ii) higher average costs per employee, including an increase at Telenet during the three-month comparison, (iii) higher incentive compensation costs and (iv) higher costs due to lower capitalizable activities;
Previous wording
Our depreciation and amortization expense was $264.8 million and $232.2 million for the three months ended March 31, 2026 and 2025, respectively. Excluding the effects of FX, depreciation and amortization expense increased $5.6 million or 2.4% during the three months ended March 31, 2026, as compared to the corresponding period in 2025. This increase is primarily due to the net effect of (i) an increase 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, and (ii) a decrease associated with certain assets becoming fully depreciated, primarily at Telenet.
Current wording
Our depreciation and amortization expense was $262.5 million and $527.3 million for the three and six months ended June 30, 2026, respectively, and $250.8 million and $483.0 million for the three and six months ended June 30, 2025, respectively. Excluding the effects of FX, depreciation and amortization expense increased $4.0 million or 1.6% and $10.5 million or 2.2% during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in 2025. These changes are primarily due to the net effect of (i) an increase 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, and (ii) a decrease associated with certain assets becoming fully depreciated, primarily at Telenet.
Previous wording
We recognized impairment, restructuring and other operating items, net, of $40.8 million and ($1.7 million) during the three months ended March 31, 2026 and 2025, respectively.
Current wording
We recognized impairment, restructuring and other operating items, net, of $15.5 million and $56.3 million during the three and six months ended June 30, 2026, respectively, and $5.5 million and $3.8 million during the three and six months ended June 30, 2025, respectively.
Previous wording
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 wording
The amounts for the 2026 periods primarily include (i) restructuring costs of $8.0 million and $29.3 million, respectively, primarily at Telenet, (ii) direct acquisition and disposition costs of $4.6 million and $12.8 million, respectively, and (iii) an impairment charge on certain long-lived assets of $11.1 million during the first quarter of 2026.
Previous wording
We recognized interest expense of $113.7 million and $127.5 million during the three months ended March 31, 2026 and 2025, respectively. Excluding the effects of FX, interest expense decreased $25.1 million or 19.7% during the three months ended March 31, 2026, as compared to the corresponding period in 2025. This decrease is primarily attributable to a lower weighted average interest rate. For additional information regarding our outstanding indebtedness, see note 9 to our condensed consolidated financial statements.
Current wording
We recognized interest expense of $115.9 million and $229.6 million during the three and six months ended June 30, 2026, respectively, and $129.5 million and $257.0 million during the three and six months ended June 30, 2025, respectively. Excluding the effects of FX, interest expense decreased $18.5 million or 14.3% and $41.9 million or 16.3% during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in 2025. These decreases are primarily attributable to lower average outstanding debt balances. For additional information regarding our outstanding indebtedness, see note 9 to our condensed consolidated financial statements.
Previous wording
(a)The gain for the 2026 period is attributable to net gains associated with changes in (i) the relative value of certain currencies and (ii) certain market interest rates. In addition, the gain for the 2026 period includes a net gain of $0.4 million, resulting from changes in our credit risk valuation adjustments. The loss for the 2025 period is primarily attributable to the net effect of (a) a net loss associated with changes in the relative value of certain currencies and (b) a net gain associated with changes in certain market interest rates. In addition, the loss for the 2025 period includes a net gain of $4.2 million, resulting from changes in our credit risk valuation adjustments.
Current wording
(a)The gains for the 2026 periods are primarily attributable to the net effect of (i) net gains 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 gain for the 2026 period include net gains of $2.6 million and $3.0 million, respectively, resulting from changes in our credit risk valuation adjustments. The losses for the 2025 periods are primarily attributable to the net effect of (a) net losses associated with changes in the relative value of certain currencies and (b) 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.
Previous wording
(a)Amounts primarily relate to loans between certain of our non-operating subsidiaries in Europe.
Current wording
(a)Amounts primarily relate to loans between certain of our non-operating subsidiaries in Europe. A substantial portion of these loans were settled during the three months ended June 30, 2026.
Previous wording
(a)We completed the sale of our investment in Vodafone during the third quarter of 2025.
Current wording
(c)We completed the sale of our investment in Vodafone during the third quarter of 2025.
Previous wording
(1)Includes interest expense of $414.6 million and $389.6 million in the respective periods shown.
Current wording
(1)Includes interest expense of $422.9 million, $399.0 million, $837.5 million and $788.6 million in the respective periods shown.
Previous wording
The change in the VMO2 JV’s revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, is primarily due to the net effect of (i) a decrease in other revenue related to low-margin construction revenue from the nexfibre JV, (ii) a decrease in B2B fixed revenue as O2 Daisy rationalizes the product portfolio, (iii) a decrease in consumer fixed revenue and (iv) an increase in wholesale revenue primarily driven by an increase in mobile virtual network operator revenue. The changes in the VMO2 JV’s Adjusted EBITDA during the three months ended March 31, 2026, as compared to the corresponding period in 2025, is primarily due to the net effect of (a) the aforementioned changes in revenue, (b) a provision for legal matters during the quarter and (c) cost reduction initiatives. In addition, the reported revenue and Adjusted EBITDA amounts are impacted by FX.
Current wording
The changes in the VMO2 JV’s revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are primarily due to the net effect of (i) decreases in other revenue related to low-margin construction revenue from the nexfibre JV, (ii) decreases in B2B fixed revenue as O2 Daisy rationalizes the product portfolio, (iii) decreases in fixed revenue and (iv) an increase year-over-year in wholesale revenue primarily driven by an increase in mobile virtual network operator revenue. The changes in the VMO2 JV’s Adjusted EBITDA during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are primarily due to the net effect of (a) the aforementioned changes in revenue, (b) lower total service revenue, (c) a provision for legal matters during the first quarter and (d) cost reduction initiatives. In addition, the reported revenue and Adjusted EBITDA amounts are impacted by FX.
Previous wording
(b)Represents (i) our share of the results of operations of the VodafoneZiggo JV and (ii) interest income of $14.7 million and $13.3 million in the respective periods shown, representing 100% of the interest earned on the VodafoneZiggo JV Receivables. The summarized results of operations of the VodafoneZiggo JV are set forth below:
Current wording
(b)Represents (i) our share of the results of operations of the VodafoneZiggo JV and (ii) interest income of $14.9 million, $14.4 million, $29.6 million and $27.7 million in the respective periods shown, representing 100% of the interest earned on the VodafoneZiggo JV Receivables. The summarized results of operations of the VodafoneZiggo JV are set forth below:
Previous wording
(1)Includes interest expense of $187.8 million and $187.7 million in the respective periods shown.
Current wording
(1)Includes interest expense of $188.5 million, $192.5 million, $376.3 million and $380.2 million in the respective periods shown.
Previous wording
The change in the VodafoneZiggo JV’s revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, is primarily due to (i) a decrease in B2B fixed revenue, partially offset by the repricing impact, and (ii) a decrease in B2B mobile revenue. The change in the VodafoneZiggo JV’s Adjusted EBITDA during the three months ended March 31, 2026, as compared to the corresponding period in 2025, is primarily due to the net effect of (a) the aforementioned changes in revenue, (b) an increase in network resilience program expenditure, (c) higher marketing costs and (d) cost control measures in labor, product and service delivery, and energy costs. In addition, the reported revenue and Adjusted EBITDA amounts are impacted by FX.
Current wording
The changes in the VodafoneZiggo JV’s revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are primarily due to (i) decreases in B2B fixed revenue, partially offset by the repricing impact, and (ii) decreases in B2B mobile revenue. The changes in the VodafoneZiggo JV’s Adjusted EBITDA during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are primarily due to the net effect of (a) the aforementioned changes in revenue, (b) increases in network resilience program expenditure, (c) higher programming costs, (d) higher marketing costs and (e) cost control measures in labor, product and service delivery, and energy costs. In addition, the reported revenue and Adjusted EBITDA amounts are impacted by FX.
Previous wording
We recognized income tax benefit (expense) of ($175.4 million) and $70.0 million during the three months ended March 31, 2026 and 2025, respectively.
Current wording
We recognized income tax benefit (expense) of ($22.8 million) and ($198.2 million) during the three and six months ended June 30, 2026, respectively, and ($0.9 million) and $69.1 million during the three and six months ended June 30, 2025, respectively.
Previous wording
The income tax expense during the three months ended March 31, 2026 differs from the expected income tax expense of $80.0 million (based on the Bermuda statutory income tax rate of 15.0%). This difference is primarily due to the net negative impact of (i) the derecognition of a tax litigation-related receivable and (ii) statutory rates in certain jurisdictions in which we operate that are different than the Bermuda statutory income tax rate. The net negative impact of these items was partially offset by the positive impact of non-deductible or non-taxable foreign currency exchange results
Current wording
The income tax expense during the three months ended June 30, 2025 differs from the expected income tax benefit of $415.9 million (based on the Bermuda statutory income tax rate of 15.0%), primarily due to the net negative impact of (i) non-deductible or non-taxable foreign currency exchange results and (ii) permanent differences between the financial and tax accounting treatment of items associated with certain investments. The net negative impact of these items was partially offset by the net positive impact of statutory rates in certain jurisdictions in which we operate that are different than the Bermuda statutory income tax rate.
Previous wording
The income tax benefit during the three months ended March 31, 2025 differs from the expected income tax benefit of $209.0 million (based on the Bermuda statutory income tax rate of 15.0%), 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 certain investments. The net negative impact of these items was partially offset by the net positive impact of (a) statutory rates in certain jurisdictions in which we operate that are different than the Bermuda statutory income tax rate and (b) a net decrease in valuation allowances.
Current wording
The income tax benefit during the six months ended June 30, 2025 differs from the expected income tax benefit of $624.9 million (based on the Bermuda statutory income tax rate of 15.0%), primarily due to the net negative impact of (i) non-deductible or non-taxable foreign currency exchange results and (ii) permanent differences between the financial and tax accounting treatment of items associated with certain investments. The net negative impact of these items was partially offset by the net positive impact of (a) statutory rates in certain jurisdictions in which we operate that are different than the Bermuda statutory income tax rate and (b) a net decrease in valuation allowances.
Previous wording
During the three months ended March 31, 2026 and 2025, we reported net earnings (loss) of $358.2 million and ($1,323.3 million), respectively, consisting of (i) operating income of $23.8 million and $60.7 million, respectively, (ii) net non-operating income (expense) of $509.8 million and ($1,454.0 million), respectively, and (iii) income tax benefit (expense) of ($175.4 million) and $70.0 million, respectively.
Current wording
During the six months ended June 30, 2026 and 2025, we reported net earnings (loss) of $0.4 million and ($4,097.1 million), respectively, consisting of (i) operating income of $26.8 million and $90.3 million, respectively, (ii) net non-operating income (expense) of $171.8 million and ($4,256.5 million), respectively, and (iii) income tax benefit (expense) of ($198.2 million) and $69.1 million, respectively.
Previous wording
Net earnings attributable to noncontrolling interests was $20.4 million and $14.0 million during the three months ended March 31, 2026 and 2025, respectively, attributable to noncontrolling interests primarily associated with Wyre and Formula E.
Current wording
Net earnings attributable to noncontrolling interests was $7.3 million and $19.1 million during the three months ended June 30, 2026 and 2025, respectively, and $27.7 million and $33.1 million during the six months ended June 30, 2026 and 2025, respectively, attributable to noncontrolling interests primarily associated with Wyre and Formula E.
Previous wording
The details of the U.S. dollar equivalent balances of our consolidated cash and cash equivalents and investments held under SMAs at March 31, 2026 are set forth in the following table (in millions):
Current wording
The details of the U.S. dollar equivalent balances of our consolidated cash and cash equivalents at June 30, 2026 are set forth in the following table (in millions):
Previous wording
(d)The total cash and cash equivalents balance includes $1,062.7 million or 58.1%, $513.0 million or 28.1% and $250.5 million or 13.7% denominated in euros, U.S. dollars and British pound sterling, respectively.
Current wording
(d)The total cash and cash equivalents balance includes $1,182.6 million or 48.9%, $1,008.0 million or 41.7% and $226.1 million or 9.3% denominated in U.S. dollars, euros and British pound sterling, respectively.
Showing the first 40 of 49 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The income tax expense during the three months ended June 30, 2026 differs from the expected income tax benefit of $50.2 million (based on the Bermuda statutory income tax rate of 15.0%). This difference is primarily due to the net negative impact of permanent differences between the financial and tax accounting treatment of items associated with certain investments.
Current report — wording carried from elsewhere
The income tax expense during the six months ended June 30, 2026 differs from the expected income tax expense of $29.8 million (based on the Bermuda statutory income tax rate of 15.0%). This difference is primarily due to the net negative impact of (i) the derecognition of a tax litigation-related receivable, (ii) permanent differences between the financial and tax accounting treatment of items associated with certain investments and (iii) certain permanent differences between the financial and tax accounting treatment of interest and other expenses. The net negative impact of these items was partially offset by the positive impact of non-deductible or non-taxable foreign currency exchange results.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•successfully integrating businesses or operations that we acquire or partner with on the timelines, or within the budgets, estimated for such integrations;