--- title: "Liberty Global -C | 8-K: FY2025 Q4 Revenue: USD 1.231 B" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/276236030.md" datetime: "2026-02-18T13:49:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276236030.md) - [en](https://longbridge.com/en/news/276236030.md) - [zh-HK](https://longbridge.com/zh-HK/news/276236030.md) --- > 支持的语言: [English](https://longbridge.com/en/news/276236030.md) | [繁體中文](https://longbridge.com/zh-HK/news/276236030.md) # 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 Metrics - **Earnings (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 Flow - **Net 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 Metrics - **Non-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 Revenue - **Total 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 2026 - **VMO2 (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 . ### 相关股票 - [Liberty Global -C (LBTYK.US)](https://longbridge.com/zh-CN/quote/LBTYK.US.md) ## 相关资讯与研究 - [Ericsson extends partnership with Virgin Media O2](https://longbridge.com/zh-CN/news/281146790.md) - [Key facts: Bunge Increases Securitization to $2.0B; 8-K on Obligation](https://longbridge.com/zh-CN/news/281659964.md) - [12 tons of KitKats vanished in a European highway heist](https://longbridge.com/zh-CN/news/280951958.md) - [Magontec Sets 12 May Date for 2026 AGM and Opens Proxy Voting](https://longbridge.com/zh-CN/news/281463268.md) - [Inspire Veterinary Partners Delays Annual SEC Filing](https://longbridge.com/zh-CN/news/281288118.md)