--- title: "Liberty Global - B | 8-K: FY2026 Q1 Revenue: USD 1.275 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/284954821.md" datetime: "2026-05-02T03:58:51.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284954821.md) - [en](https://longbridge.com/en/news/284954821.md) - [zh-HK](https://longbridge.com/zh-HK/news/284954821.md) --- # Liberty Global - B | 8-K: FY2026 Q1 Revenue: USD 1.275 B Revenue: As of FY2026 Q1, the actual value is USD 1.275 B. ### Consolidated Financial Performance #### Revenue Total consolidated revenue for the three months ended March 31, 2026, was $1,274.6 million, an 8.8% increase year-over-year (YoY) on a reported basis and a 2.9% increase on a rebased basis, compared to $1,171.2 million in the prior year period. #### Net Earnings (Loss) Liberty Global Ltd. Consolidated reported net earnings of $358.2 million for the three months ended March 31, 2026, a 127.1% increase YoY, compared to a net loss of - $1,323.3 million in the prior year period. #### Adjusted EBITDA Total consolidated Adjusted EBITDA was $366.5 million for the three months ended March 31, 2026, a 12.9% increase YoY on a reported basis and a 1.4% increase on a rebased basis, compared to $324.6 million in the prior year period. #### Adjusted EBITDA less Property and Equipment Additions Total consolidated Adjusted EBITDA less Property and Equipment (P&E) Additions was - $24.2 million for the three months ended March 31, 2026, compared to $39.0 million in the prior year period, representing a -162.1% change YoY on a reported basis. #### Cash Flow Net cash provided by operating activities for Liberty Global Ltd. Consolidated was $107.6 million for the three months ended March 31, 2026, a -16.7% decrease YoY from $129.2 million in the prior year period.Net cash used by investing activities was - $223.0 million, a -524.8% decrease YoY from $52.5 million in the prior year period.Net cash used by financing activities was - $114.0 million, a -72.2% decrease YoY from - $66.2 million in the prior year period.Adjusted Free Cash Flow (FCF) was - $319.3 million, a -126.1% decrease YoY from - $141.2 million in the prior year period.Distributable Cash Flow was - $319.3 million, a -126.1% decrease YoY from - $141.2 million in the prior year period. #### Consolidated Cash Balance The company ended the first quarter with a consolidated cash balance of $1.9 billion. #### Disposal Proceeds Liberty Growth generated combined disposal proceeds of ~ $180 million in Q1 and $300 million through April from exiting half of its 5% stake in ITV and a portion of its EdgeConneX investment. #### Debt and Liquidity Total principal amount of debt and finance leases was $8.5 billion.The average debt tenor was 2.8 years, with approximately 38% not due until 2029 or thereafter.The blended, fully-swapped cost of debt was 3.8%.Total liquidity at March 31, 2026, was $2,711.3 million, comprising $1,828.3 million in cash and cash equivalents, $46.3 million in SMAs, and $836.7 million in unused borrowing capacity. ### Segment-Specific Financial and Operational Metrics #### Liberty Telecom (Consolidated) Revenue was $1,085.3 million in 2026, up 4.4% YoY reported from $1,039.8 million in 2025.Adjusted EBITDA was $376.6 million in 2026, up 11.2% YoY reported from $338.8 million in 2025.Adjusted EBITDA less P&E Additions was $30.3 million in 2026, down -38.4% YoY reported from $49.2 million in 2025. #### Liberty Growth Revenue was $177.6 million in 2026, up 39.5% YoY reported and 25.4% YoY rebased from $127.3 million in 2025.Net loss was - $39.8 million in 2026, a -188.4% YoY change from - $13.8 million in 2025.Adjusted EBITDA was $2.0 million in 2026, down -80.6% YoY reported from $10.3 million in 2025.Adjusted EBITDA less P&E Additions was - $49.9 million in 2026, a -731.6% YoY reported change from $7.9 million in 2025.The portfolio’s top five investments comprise ~65% of its $3.4 billion Fair Market Value (FMV) at March 31, 2026. #### Liberty Corporate Revenue was $239.2 million in 2026, up 15.3% YoY reported and down -2.4% YoY rebased from $207.4 million in 2025.Net earnings (loss) was $362.8 million in 2026, up 125.8% YoY from - $1,406.1 million in 2025.Adjusted EBITDA was - $2.3 million in 2026, up 84.1% YoY reported from - $14.5 million in 2025.Adjusted EBITDA less P&E Additions was - $4.6 million in 2026, up 74.6% YoY reported from - $18.1 million in 2025. #### Telenet Revenue was $759.4 million in 2026, up 2.2% YoY reported and down -0.4% YoY rebased from $743.2 million in 2025.Adjusted EBITDA was $183.9 million in 2026, up 18.0% YoY reported and 8.8% YoY rebased from $155.8 million in 2025.Adjusted EBITDAaL (IFRS) was €171.1 million in 2026, up 3.1% YoY reported and 5.6% YoY rebased from €166.0 million in 2025.P&E Additions were $108.1 million in 2026, down -17.4% YoY reported and -25.6% YoY rebased from $131.0 million in 2025.Adjusted EBITDA less P&E Additions was $75.8 million in 2026, up 204.4% YoY reported from $24.9 million in 2025.Cash flows from operating activities were $183.5 million.Cash flows from investing activities were - $296.2 million.Cash flows from financing activities were - $131.5 million.Adjusted FCF was $10.5 million.Broadband net adds were 17,100.Postpaid net losses were 9,100.Fixed-Line Customer Relationships net losses (QoQ) were -13,500.Fixed ARPU was stable at -0.2% YoY.Homes Passed were 4,258,600.Q1 Monthly ARPU per Fixed-Line Customer Relationship was €63.19 in 2026 vs. €63.31 in 2025.Q1 Monthly Consumer Postpaid ARPU was €15.88 in 2026 vs. €15.99 in 2025. #### Wyre Revenue was $198.9 million in 2026, up 10.0% YoY reported and down -1.0% YoY rebased from $180.8 million in 2025.Adjusted EBITDA was $154.3 million in 2026, up 5.8% YoY reported and down -4.6% YoY rebased from $145.8 million in 2025.Adjusted EBITDAaL was $154.0 million in 2026, up 5.8% YoY reported and down -4.6% YoY rebased from $145.5 million in 2025.P&E Additions were $192.6 million in 2026, up 66.3% YoY reported and 50.1% YoY rebased from $115.8 million in 2025.Cash flows from operating activities were $32.2 million.Cash flows from investing activities were - $164.5 million.Cash flows from financing activities were $141.1 million.Adjusted FCF was - $132.3 million.Homes Passed were 4,072,000. #### Virgin Media Ireland (VM Ireland) Revenue was $127.0 million in 2026, up 9.7% YoY reported and down -1.4% YoY rebased from $115.8 million in 2025.Adjusted EBITDA was $38.4 million in 2026, up 3.2% YoY reported and down -7.1% YoY rebased from $37.2 million in 2025.Cash flows from operating activities were - $1.5 million.Cash flows from investing activities were - $46.7 million.Cash flows from financing activities were $35.6 million.Adjusted FCF was - $41.2 million.Broadband net losses were 2,500.Postpaid net adds were 1,800, marking the fifth consecutive quarter of customer base growth.Wholesale broadband net adds were 6,300.Fixed-Line Customer Relationships net losses (QoQ) were -3,300.Homes Passed were 1,017,100.Q1 Monthly ARPU per Fixed-Line Customer Relationship was €60.67 in 2026 vs. €60.98 in 2025.Q1 Monthly Consumer Postpaid ARPU was €17.08 in 2026 vs. €19.64 in 2025. #### VMO2 JV (Nonconsolidated) Revenue was $3,222.4 million in 2026, up 3.1% YoY reported and down -6.5% YoY rebased from $3,126.3 million in 2025.Adjusted EBITDA was $1,091.8 million in 2026, up 1.7% YoY reported and down -7.0% YoY rebased from $1,073.4 million in 2025.Property and equipment additions were $609.5 million in 2026, up 2.6% YoY reported and down -4.7% YoY rebased from $594.2 million in 2025.Adjusted EBITDA less P&E Additions was $482.3 million in 2026, up 0.6% YoY reported and down -9.8% YoY rebased from $479.2 million in 2025.Cash flows from operating activities were $476.1 million.Cash flows from investing activities were - $263.5 million.Cash flows from financing activities were - $472.5 million.Revenue (IFRS) was £2,390.1 million in 2026, down -3.6% YoY reported and -6.5% YoY rebased from £2,480.1 million in 2025.Total service revenue (IFRS) was £2,007.9 million in 2026, down -0.4% YoY reported and -3.0% YoY rebased from £2,015.6 million in 2025.Adjusted EBITDA (IFRS) was £901.7 million in 2026, down -1.4% YoY reported and -3.4% YoY rebased from £914.1 million in 2025.Broadband net losses were 5,300.Postpaid net losses were 60,400.Fixed ARPU declined by 1.6% YoY.Homes Passed were 16,226,400.Q1 Monthly ARPU per Consumer Fixed-Line Customer Relationship was £46.50 in 2026 vs. £47.26 in 2025.Q1 Monthly Consumer Postpaid ARPU was £17.21 in 2026 vs. £17.25 in 2025. #### VodafoneZiggo JV (Nonconsolidated) Revenue was $1,148.5 million in 2026, up 9.2% YoY reported and down -1.8% YoY rebased from $1,052.0 million in 2025.Adjusted EBITDA was $482.0 million in 2026, up 4.1% YoY reported and down -6.4% YoY rebased from $463.1 million in 2025.Cash flows from operating activities were $199.2 million.Cash flows from investing activities were - $141.8 million.Cash flows from financing activities were - $153.0 million.Adjusted FCF was - $53.2 million in 2026 vs. - $19.6 million in 2025.Revenue (local currency) was €980.9 million in 2026, down -1.8% YoY reported and rebased from €999.1 million in 2025.Adjusted EBITDA (local currency) was €411.5 million in 2026, down -6.4% YoY reported and rebased from €439.7 million in 2025.Broadband net losses were 8,500, which improved sequentially.Postpaid net adds were 24,700.Fixed ARPU was stable YoY.Homes Passed were 7,645,500.Q1 Monthly ARPU per Fixed-Line Customer Relationship was €57 in 2026 vs. €56 in 2025.Q1 Monthly Consumer Postpaid ARPU was €18 in 2026 vs. €18 in 2025. ### Outlook / Guidance Liberty Global Ltd. is reiterating all 2026 full-year guidance targets.VMO2 is confirming its 2026 guidance, expecting total service revenue and Adjusted EBITDA to decline by 3% to 5% YoY, with P&E additions of £2.0-£2.2 billion, Adjusted FCF of around £200 million, and cash distributions to shareholders of about £200 million.VodafoneZiggo is confirming its 2026 guidance for stable to low-single digit revenue decline, mid- to high-single digit Adjusted EBITDA decline, P&E additions to revenue of 23-25%, Adjusted FCF of around €100 million, and no cash distributions to shareholders; Telenet expects stable revenue growth, low-single digit Adjusted EBITDAaL growth, P&E additions to revenue of around 20%, and a return to positive Adjusted FCF of approximately €20 million. ### Related Stocks - 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