Liberty Global -C | 8-K: FY2025 Q4 Revenue: USD 1.231 B

Revenue: As of FY2025 Q4, the actual value is USD 1.231 B.Consolidated Financial Performance (U.S. GAAP)Operational MetricsEarnings (loss) from continuing operations:Q4 2025: - $2,916.2 million, a -224.9% change YoY .Year Ended 2025: - $7,096.7 million, a -479.7% change YoY .Total Consolidated Adjusted EBITDA:Q4 2025: $278.6 million, a 12.4% increase YoY on a reported basis and a -0.9% decrease on a rebased basis .Year Ended 2025: $1,275.0 million, a 9.9% increase YoY on a reported basis and a 0.2% increase on a rebased basis .Total Consolidated Adjusted EBITDA less P&E Additions:Q4 2025: - $145.8 million, a -62.4% change YoY on a reported basis and a -66.2% change on a rebased basis .Year Ended 2025: - $87.8 million, a -189.7% change YoY on a reported basis .Property and Equipment Additions:Q4 2025: $424.4 million .Year Ended 2025: $1,362.8 million .As a % of revenue: Q4 2025: 34.5%; Year Ended 2025: 27.9% .Cash FlowNet cash provided by operating activities:Q4 2025: $630.9 million, a -5.4% change YoY .Year Ended 2025: $1,211.1 million, a -9.0% change YoY .Net cash used by investing activities:Q4 2025: - $267.1 million, a -162.8% change YoY .Year Ended 2025: - $874.9 million, a -176.4% change YoY .Net cash provided (used) by financing activities:Q4 2025: $47.3 million, a 129.1% change YoY .Year Ended 2025: - $226.1 million, a 72.0% change YoY .Adjusted Free Cash Flow (FCF):Q4 2025: $152.9 million, a -52.8% change YoY .Year Ended 2025: - $274.0 million, a -187.9% change YoY .Distributable Cash Flow:Q4 2025: $161.9 million, a -69.5% change YoY .Year Ended 2025: - $265.0 million, a -151.1% change YoY .Unique MetricsNon-core asset disposals: Approximately $400 million, including UPC Slovakia .Growth portfolio fair market value (FMV): $3.4 billion, with over 70% concentrated in five key assets .Corporate cash position: $2.2 billion as of December 31, 2025 .Refinancing activities: Almost $15 billion in 2025, extending 2028 maturities and starting activity on 2029 instruments .Liberty Corporate’s Adjusted EBITDA trajectory: Expected to be down 75% in 2026 compared to 2024 .Total principal amount of debt and finance leases: $8.6 billion as of December 31, 2025 .Average debt tenor: 3.1 years, with approximately 38% not due until 2029 or thereafter .Blended, fully-swapped cost of debt: 3.8% .Total Liquidity: $2,902.9 million, comprising $2,081.4 million in Cash and Cash Equivalents, $76.2 million in SMAs, and $745.3 million in Unused Borrowing Capacity .Synergies from VodafoneZiggo acquisition: Expected to deliver financial and operational synergies and incremental services with a combined Net Present Value (NPV) of €1 billion (net of integration) .Deleveraging target: 自由全球-C is targeting a deleveraging to approximately 4.5x by 2028E .Investment Portfolio: Liberty Growth holds a portfolio of roughly 70 companies and funds valued at $3.4 billion as of December 31, 2025 .Adjusted Free Cash Flow (Adj FCF) target for combined VodafoneZiggo: Approximately €500 million by 2028E .nexfibre acquisition of Substantial Group: Enterprise Value of £2 billion .International investment unlocked by nexfibre transaction: £3.5 billion in projected nexfibre capital expenditure between 2026-2040 .New net funding for nexfibre: £1 billion, with £850 million from InfraVia and £150 million jointly from 自由全球-C and Telefónica .Cash and stake for Virgin Media O2 from nexfibre transaction: Approximately £1.1 billion in cash and an indirect 15% stake in nexfibre .Substantial Group current footprint: Approximately 3 million premises and 450,000 customers .nexfibre network coverage: Currently covers more than 2.6 million premises across the UK .Segment RevenueTotal Consolidated Revenue:Q4 2025: $1,231.1 million, a 9.6% increase YoY on a reported basis and a -0.5% decrease on a rebased basis .Year Ended 2025: $4,878.5 million, a 12.4% increase YoY on a reported basis and a -0.8% decrease on a rebased basis .Liberty Telecom - Telenet Revenue:Q4 2025: $842.3 million (Reported: 7.8% YoY, Rebased: -1.3% YoY) .Year Ended 2025: $3,207.9 million (Reported: 4.0% YoY, Rebased: -0.4% YoY) .Liberty Telecom - VM Ireland Revenue:Q4 2025: $134.0 million (Reported: 4.2% YoY, Rebased: -4.5% YoY) .Year Ended 2025: $494.8 million (Reported: 0.7% YoY, Rebased: -3.6% YoY) .Liberty Growth Revenue:Q4 2025: $36.6 million (Reported: 4.3% YoY, Rebased: -5.4% YoY) .Year Ended 2025: $330.2 million (Reported: 318.5% YoY, Rebased: 2.7% YoY) .Liberty Services & Corporate Revenue:Q4 2025: $266.6 million (Reported: 19.3% YoY, Rebased: 9.4% YoY) .Year Ended 2025: $1,011.1 million (Reported: 8.2% YoY, Rebased: 0.4% YoY) .Nonconsolidated 50% Owned Liberty Telecom JVs - VMO2 JV Revenue:Q4 2025: $3,399.4 million (Reported: -2.3% YoY, Rebased: -5.9% YoY) .Year Ended 2025: $13,335.2 million (Reported: -2.3% YoY, Rebased: -5.3% YoY) .Nonconsolidated 50% Owned Liberty Telecom JVs - VodafoneZiggo JV Revenue:Q4 2025: $1,186.4 million (Reported: 6.5% YoY, Rebased: -2.3% YoY) .Year Ended 2025: $4,518.5 million (Reported: 1.5% YoY, Rebased: -2.8% YoY) .Liberty Telecom aggregate revenue: $21.6 billion, including approximately $18 billion from non-consolidated joint ventures and $3.7 billion from consolidated operations .Liberty Services annual revenue: Approximately $700 million for the full year 2025 .Outlook / Guidance for 2026VMO2 (in IFRS): VMO2 expects a total service revenue decline of 3% to 5% YoY and Adjusted EBITDA decline of 3% to 5% YoY, both adjusted for the Daisy Transaction. Property & Equipment additions are guided at £2.0-£2.2 billion, with Adjusted FCF around £200 million and cash distributions to shareholders around £200 million .VodafoneZiggo (in U.S. GAAP): VodafoneZiggo anticipates stable to low-single digit revenue decline and mid- to high-single digit Adjusted EBITDA decline. Property & Equipment additions to revenue are projected to be 23-25%, with Adjusted FCF around €100 million and no cash distributions to shareholders .Telenet (in IFRS): Telenet expects stable revenue growth and low-single digit Adjusted EBITDAaL growth. Property & Equipment additions to revenue are guided at around 20%, with a return to positive Adjusted FCF of around €20 million .Ziggo Group Listing: 自由全球-C plans to list Ziggo Group in Amsterdam during 2027 and spin off 90% of shares to 自由全球-C shareholders, subject to shareholder approval . The acquisition of Vodafone’s 50% stake in VodafoneZiggo is expected to close in the second half of 2026, subject to regulatory approvals .nexfibre Footprint: Substantial Group is expected to have more than 3.4 million fibre premises and over 500,000 customers by the completion of the transaction, which is anticipated by Q3 2026 . The combined full fibre footprint of nexfibre, Substantial Group’s network, and upgraded Virgin Media O2 premises is projected to reach approximately 8 million premises by the end of 2027 . The majority of the 2.1 million Virgin Media O2 HFC homes are expected to be ready for fibre by the end of 2027 .