Liberty Global Ltd.
For the period ended Sep 30, 2026. Filed Nov 3, 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.
Sep 30, 2026 · Filed Nov 3, 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 2026-06-30; filed 2026-07-24.
0001570585-26-000109
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0001570585-26-000151
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 227 previous paragraphs and 225 current paragraphs.
138 unchanged; 66 reworded; 20 added; 23 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 30 previous and 29 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
We have completed a number of transactions that impact the comparability of our results of operations, the most notable of which is the VodafoneZiggo Acquisition on July 31, 2026. For further information, see note 4 to our condensed consolidated financial statements.
Current report
Ziggo Group. The details of the increases in Ziggo Group’s revenue during the three and nine months ended September 30, 2026, as compared to the corresponding periods in 2025, are set forth below:
Current report
Total revenue. Our consolidated revenue increased $713.5 million or 59.1% and $719.8 million or 19.7% during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in 2025. These increases include an increase of $785.2 million attributable to the VodafoneZiggo Acquisition and decreases of $51.9 million and $162.3 million, respectively, attributable to the impact of dispositions. On an organic basis, our consolidated revenue increased (decreased) $6.7 million or 0.6% and ($34.2 million) or (1.0%), respectively.
Current report
On an organic basis, our consolidated residential mobile subscription revenue increased $3.3 million or 1.2% and $5.5 million or 1.1% during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in 2025, primarily due to increases at Ziggo Group.
Current report
Our programming and other direct costs of services increased $214.5 million or 54.6% and $147.8 million or 11.7% during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in 2025. These increases include an increase of $187.8 million attributable to the VodafoneZiggo Acquisition and decreases of $34.2 million and $119.1 million, respectively, attributable to the impact of dispositions. On an organic basis, our programming and other direct costs of services increased $70.2 million or 19.6% and $32.8 million or 2.9%, respectively. These increases include the following factors:
Current report
•Increases in costs of $28.3 million and $51.9 million, respectively, related to the sales of CPE to the VMO2 JV;
Current report
•An increase (decrease) in programming and copyright costs of $17.1 million or 14.8% and ($17.7 million) or (4.3%), respectively, primarily attributable to costs for certain content, due to (i) an increase for the three-month comparison and a decrease for the nine-month comparison at Ziggo Group and (ii) increases at VM Ireland. The increases at VM
Current report
Ireland include $10.2 million of costs related to a change in estimate of certain content inventory at VM Ireland during the third quarter of 2026;
Current report
•Increases in costs of $2.7 million and $13.9 million, respectively, related to the sales of CPE to VodafoneZiggo; and
Current report
•Increases in outsourced labor costs of $4.8 million or 16.8% and $6.1 million or 7.2%, respectively, primarily associated with customer facing activities at Wyre;
Current report
•Decreases in customer service costs of $3.1 million or 17.6% and $4.7 million or 9.0%, respectively, primarily related to lower call center costs at Ziggo Group;
Current report
•Decreases in core network and information technology-related costs of $6.9 million or 10.0% and $2.2 million or 1.4%, respectively, primarily due to lower information technology-related costs.
Current report
•Decreases in personnel costs of $15.3 million or 10.6% and $8.5 million or 2.1%, respectively, including decreases at Ziggo Group, primarily due to (i) lower staffing levels and (ii) lower contingent labor costs; and
Current 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 included 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.
Current report
Gain associated with the VodafoneZiggo Acquisition
Current report
In connection with the VodafoneZiggo Acquisition, we recognized a gain of $121.6 million during the nine months ended September 30, 2026. For additional information, see note 4 to our condensed consolidated financial statements.
Current report
Income tax benefit
Current report
We recognized income tax benefits of $652.3 million and $454.1 million during the three and nine months ended September 30, 2026, respectively, and $46.9 million and $116.0 million during the three and nine months ended September 30, 2025, respectively.
Current report
During the nine months ended September 30, 2026, the aggregate amount of our share repurchases, including direct acquisition costs, was $100.0 million. Under our current share repurchase program, we are authorized to repurchase up to $100.0 million of our outstanding Class A and/or Class C common shares through December 29, 2026. As of September 30, 2026, the authorization under this share repurchase program had been fully utilized. In October 2026, our board of directors authorized the repurchase of up to an additional $100.0 million of our outstanding Class A and/or Class C common shares. For additional information, see note 12 to our condensed consolidated financial statements.
Current report
Certain of our consolidated businesses and equity method investments face high leverage, significant competition, weak macro-economic conditions, regulatory uncertainties, and high risk-free rate and credit spread risks. The ability of the borrowing groups of our consolidated businesses and equity method investments to access debt financing on favorable terms, or at all, could be adversely impacted by these conditions and therefore could adversely affect their financial performance, leverage and credit profile.
Removed paragraphs (23)
Previous report
•our ability to manage rapid technological changes, including our ability to adequately manage our legacy technologies;
Previous report
•our ability to adequately forecast and plan future network requirements;
Previous report
•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 report
•a failure in our network and information systems, whether caused by a natural failure or a security breach, and unauthorized access to our networks;
Previous report
•our ability to realize the expected synergies from our acquisitions and joint ventures in the amounts anticipated or on the anticipated timelines;
Previous report
•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 report
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 report
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 report
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 report
Total consolidated
Previous 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:
Previous report
•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 report
•Increases in costs of $8.2 million and $23.6 million, respectively, related to the sales of CPE to the VMO2 JV;
Previous report
•Increases in costs of $5.2 million and $11.2 million, respectively, related to the sales of CPE to the VodafoneZiggo JV;
Previous 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
Previous 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.
Previous 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;
Previous report
•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 report
•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 report
(1)Includes interest expense of $188.5 million, $192.5 million, $376.3 million and $380.2 million in the respective periods shown.
Previous report
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 report
Income tax benefit (expense)
Previous report
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.
Reworded paragraphs (66)
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, 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 nine months ended September 30, 2026 and 2025.
Previous 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.
Current wording
•Material Changes in Financial Condition. This section provides an analysis of our corporate and subsidiary liquidity as of September 30, 2026 and our condensed consolidated statements of cash flows for the three and nine months ended September 30, 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 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:
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, 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 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
•the effects of new, emerging or competing technologies, including those that could make our products less desirable or obsolete;
Current wording
•our ability to anticipate, adapt to and invest in technological developments, evolving network requirements and new, emerging or competing technologies, including artificial intelligence-enabled services, satellite-based connectivity solutions and other technologies that could make our products or services less desirable, less competitive or obsolete;
Previous 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;
Current wording
•cybersecurity, data protection and privacy risks, including cyber attacks, unauthorized access, data loss, operational disruptions and failures by us, our affiliates or our third-party providers to comply with applicable data protection laws, regulations and rules;
Previous wording
•instability in global financial markets, including sovereign debt issues, currency instability and related fiscal or monetary reforms;
Current wording
•instability in global financial markets, including sovereign debt issues, currency instability and related fiscal or monetary policies, which may adversely affect the cost (including interest rates), timing or availability of financing and refinancing transactions;
Previous 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;
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 such businesses, and to successfully identify and manage post-closing operational, financial reporting, internal control and other integration issues;
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 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.
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 through (i) Ziggo Group, which holds certain wholly-owned subsidiaries in (a) the Netherlands through VodafoneZiggo and (b) Belgium and Luxembourg through Telenet, and (ii) VM Ireland in Ireland. In addition, we own a 50% noncontrolling interest in the VMO2 JV, which provides residential and B2B communications services in the U.K.
Previous 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.
Current wording
At September 30, 2026, our reportable segments, including the nonconsolidated VMO2 JV, owned and operated networks that passed 29,879,500 homes and served 10,835,700 fixed-line customers and 48,121,400 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. 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.
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 the VMO2 JV. We account for our 50% interest in the VMO2 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 Ziggo Group, 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. 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.
Current wording
Ziggo Group, VM Ireland and the VMO2 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 16 to our condensed consolidated financial statements. For information regarding the results of operations of the VMO2 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 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.
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, 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 nine months ended September 30, 2026 and 2025 at the end of this section.
Previous wording
(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 wording
(a)The decrease in residential fixed subscription revenue for the nine-month period includes a decrease associated with the impact of the write-off of previously recognized revenue of $12.8 million during the second quarter of 2026.
Previous wording
(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 wording
(b)The increases in other revenue include increases related to the renegotiation of the Transition Services and Support (TSS) agreement with Wyre. This revenue relates to services provided to Wyre following its formation and is recognized within Ziggo Group’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.
Previous 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.
Current wording
Wyre. Wyre’s revenue increased (decreased) ($7.2 million) and $13.7 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in 2025. Excluding the effects of FX, Wyre’s revenue decreased $4.2 million and $8.1 million, respectively.
Previous 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:
Current wording
VM Ireland. The details of the changes in VM Ireland’s revenue during the three and nine months ended September 30, 2026, as compared to the corresponding periods in 2025, are set forth below:
Previous wording
In addition to organic changes in the revenue, operating and SG&A expenses of our reportable segments, the Adjusted EBITDA margins presented above include the impact of acquisitions, as applicable. For discussion of the factors contributing to the changes in the Adjusted EBITDA margins of our consolidated reportable segments, see the analysis of our revenue included in Discussion and Analysis of our Reportable Segments above and the analysis of our expenses included in Discussion and Analysis of our Consolidated Operating Results below. For discussion of the factors contributing to the changes in the Adjusted EBITDA margins of the VMO2 JV and the VodafoneZiggo JV, see Discussion and Analysis of our Consolidated Operating Results — Share of results of affiliates, net below.
Current wording
In addition to organic changes in the revenue, operating and SG&A expenses of our reportable segments, the Adjusted EBITDA margins presented above include the impact of acquisitions, as applicable. For discussion of the factors contributing to the changes in the Adjusted EBITDA margins of our consolidated reportable segments, see the analysis of our revenue included in Discussion and Analysis of our Reportable Segments above and the analysis of our expenses included in Discussion and Analysis of our Consolidated Operating Results below. For discussion of the factors contributing to the change in the Adjusted EBITDA margin of the VMO2 JV, see Discussion and Analysis of our Consolidated Operating Results — Share of results of affiliates, net 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 $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.
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 $7.8 million and $8.0 million during the three months ended September 30, 2026 and 2025, respectively, and $21.7 million and $24.8 million during the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
(d)B2B subscription revenue represents revenue from (i) services provided to SOHO subscribers and (ii) mobile services provided to medium and large enterprises. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. B2B non-subscription revenue includes (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network.
Current wording
(d)B2B subscription revenue represents revenue from (i) services provided to SOHO subscribers and (ii) mobile services provided to medium and large enterprises. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. B2B non-subscription revenue includes (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large enterprises, and fixed-line and mobile services offered on a wholesale basis to other operators, and (b) revenue from long-term leases of portions of our network.
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, the VodafoneZiggo JV and Sunrise 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, VodafoneZiggo and Sunrise and (iv) broadcasting revenue at Ziggo Group and VM Ireland.
Previous 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:
Current wording
Residential revenue. The details of the increases in our consolidated residential revenue during the three and nine months ended September 30, 2026, as compared to the corresponding periods in 2025, are as follows:
Previous wording
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 wording
Other revenue. On an organic basis, our consolidated other revenue increased (decreased) $16.3 million or 5.0% and ($2.2 million) or (0.2%) during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in 2025, primarily due to the net effect of (i) higher sales of CPE to the VMO2 JV and (ii) decreases in revenue earned from the NL JV Services and, for the nine-month period, the Sunrise Services.
Previous 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;
Current wording
•For the three-month comparison, an increase in other direct costs of $24.1 million related to costs incurred in connection with Formula E race events.
Previous 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:
Current wording
Our other operating expenses (exclusive of share-based compensation expense) increased $69.3 million or 32.6% and $83.6 million or 13.6% during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in 2025. These increases include an increase of $88.8 million attributable to the VodafoneZiggo Acquisition and decreases of $4.8 million and $10.1 million, respectively, attributable to the impact of dispositions. On an organic basis, our other operating expenses decreased $8.4 million or 4.0% and $19.9 million or 3.3%, respectively. These decreases include the following factors:
Previous wording
•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 wording
•Decreases in personnel costs of $13.6 million or 25.1% and $30.3 million or 16.9%, respectively, including decreases at Ziggo Group, primarily due to (i) lower staffing levels, (ii) lower average costs per employee and (iii) lower contingent labor costs;
Previous wording
•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 wording
•Increases in external sales and marketing costs of $2.8 million or 47.1% and $5.9 million or 91.4%, respectively, primarily related to higher costs associated with advertising campaigns;
Previous wording
•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 wording
•Increases in business service costs of $7.2 million or 47.9% and $2.6 million or 4.2%, respectively, primarily attributable to (i) higher consulting costs and (ii) higher people services costs at Ziggo Group; and
Previous 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:
Current wording
Our SG&A expenses (exclusive of share-based compensation expense) increased $163.6 million or 61.8% and $190.8 million or 24.6% during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in 2025. These increases include an increase of $175.8 million attributable to the VodafoneZiggo Acquisition and decreases of $5.9 million and $16.5 million, respectively, attributable to the impact of dispositions. On an organic basis, our SG&A expenses increased (decreased) ($1.9 million) or (0.7%) and $8.0 million or 1.1%, respectively. These changes include the following factors:
Previous wording
•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 wording
•Increases in business service costs of $10.1 million or 24.5% and $16.6 million or 15.4%, respectively, primarily attributable to (i) higher consulting costs and (ii) higher people services costs at Ziggo Group;
Previous wording
•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 wording
•Increases in core network and information technology-related costs of $10.0 million or 45.7% and $15.1 million or 25.8%, respectively, primarily due to higher information technology-related costs, including increases at Ziggo Group;
Previous 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;
Current wording
•For the three-month comparison, an increase in external sales and marketing costs of $6.8 million or 9.3%, primarily attributable to (i) higher third-party sales commissions and (ii) higher costs associated with advertising campaigns at Ziggo Group.
Previous 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.
Current wording
Our depreciation and amortization expense was $528.8 million and $1,056.1 million for the three and nine months ended September 30, 2026, respectively, and $275.9 million and $758.9 million for the three and nine months ended September 30, 2025, respectively. Excluding the effects of FX, depreciation and amortization expense increased $259.0 million or 93.9% and $259.3 million or 34.2% during the three and nine months ended September 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 the VodafoneZiggo Acquisition, (ii) 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 Ziggo Group, and (iii) a decrease associated with certain assets becoming fully depreciated, primarily at Ziggo Group.
Previous 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.
Current wording
We recognized impairment, restructuring and other operating items, net, of $34.2 million and $90.5 million during the three and nine months ended September 30, 2026, respectively, and $22.0 million and $25.8 million during the three and nine months ended September 30, 2025, respectively.
Previous 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.
Current wording
The amounts for the 2026 periods primarily include (i) restructuring costs of $15.5 million and $44.8 million, respectively, primarily at Ziggo Group, (ii) direct acquisition and disposition costs of $18.4 million and $31.2 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 $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.
Current wording
We recognized interest expense of $274.2 million and $503.8 million during the three and nine months ended September 30, 2026, respectively, and $123.3 million and $380.3 million during the three and nine months ended September 30, 2025, respectively. Excluding the effects of FX, interest expense increased $119.7 million or 97.2% and $78.0 million or 20.5% during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in 2025. These increases are primarily attributable to higher average outstanding debt balances, due largely to debt acquired in connection with the VodafoneZiggo Acquisition. In addition, interest expense for the third quarter of 2026 includes an increase of $39.1 million related to the VodafoneZiggo Acquisition for the amortization of the debt fair value adjustments over the remaining term of the underlying debt. For additional information regarding our outstanding indebtedness, see note 9 to our condensed consolidated financial statements. For additional information regarding the VodafoneZiggo Acquisition, see note 4 to our condensed consolidated financial statements.
Previous 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.
Current wording
(a)The gains for the 2026 periods are primarily attributable to net gains associated with changes in (i) the relative value of certain currencies and (ii) certain market interest rates. In addition, the gains for the 2026 periods include net losses of $9.7 million and $6.7 million, respectively, resulting from changes in our credit risk valuation adjustments. The results for the 2025 periods are primarily attributable to the net effect of (a) 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 (b) 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.
Previous wording
Realized and unrealized gains due to changes in fair values of certain investments, net
Current wording
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net
Previous wording
Our realized and unrealized gains or losses due to changes in fair values of certain investments include unrealized gains or losses associated with changes in fair values that are non-cash in nature until such time as these gains or losses are realized through cash transactions. For additional information regarding our investments and fair value measurements, see notes 5 and 7, respectively, to our condensed consolidated financial statements. The details of our realized and unrealized gains due to changes in fair values of certain investments, net, are as follows:
Current wording
Our realized and unrealized gains or losses due to changes in fair values of certain investments include unrealized gains or losses associated with changes in fair values that are non-cash in nature until such time as these gains or losses are realized through cash transactions. For additional information regarding our investments and fair value measurements, see notes 5 and 7, respectively, to our condensed consolidated financial statements. The details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net, are as follows:
Previous wording
(a)Represents our share of the results of operations of the VMO2 JV. The summarized results of operations of the VMO2 JV are set forth below:
Current wording
(a)Represents our share of the results of operations of the VMO2 JV. The 2026 amounts include our share of a pension settlement charge recognized by the VMO2 JV in connection with the buy-out of a subsidiary pension plan, which was previously recorded as a component of accumulated other comprehensive loss. The summarized results of operations of the VMO2 JV are set forth below:
Previous wording
(1)Includes interest expense of $422.9 million, $399.0 million, $837.5 million and $788.6 million in the respective periods shown.
Current wording
(1)Includes interest expense of $423.6 million, $413.2 million, $1,261.1 million and $1,201.8 million in the respective periods shown.
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS