Liberty Global Reports Q1 2025 Results
Reconfirming commitment to create and deliver value to shareholders
CEO Mike Fries stated, “In our year-end investor call we outlined the core strategies we are undertaking to create and deliver value to shareholders following the successful spin-off of our Swiss subsidiary Sunrise. We made good progress on these plans in the first quarter of 2025.
- Our Liberty Telecom operations demonstrated resilience in competitive markets, with Virgin Media O2 returning to growth in revenue and Adjusted EBITDA1, and VodafoneZiggo launching the first of a series of initiatives to regain commercial momentum.
-
Financing and monetizing our network infrastructure remains a key priority, with Virgin Media Ireland expected to reach
80% of homes with fiber by year-end, and Telenet advancing discussions on rationalizing the fiber market in Flanders with Proximus. In theUK , we have decided to pause VMO2's potential NetCo stake sale process to align with our JV partner, but remain opportunistic on both network upgrade and development opportunities. -
In our Liberty Growth portfolio, we remain committed to realizing
$500 -$750 million -
The FMV of the portfolio increased to
$3.3 billion 75% of the value. - And our Liberty Services platforms in finance and tech continue to scale and generate positive Adj. EBITDA and Adj. EBITDA less P&E Additions, with Liberty Blume officially launching its B2B marketing campaign.
Across the group, our clear focus on unlocking shareholder value remains, as we resumed buybacks during the quarter towards our 'up to
Our guidance at the Liberty Global corporate level remains unchanged, as does the guidance for all of our Liberty Telecom operations with the exception of VodafoneZiggo where we have revised guidance to align with management's new long-term growth strategy."
Key Summary of Operating and Financial Highlights4,5 |
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Three months ended March 31, |
|
Increase/(decrease) |
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|
2025 |
|
2024 |
|
Reported % |
|
Rebased % |
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|
in millions, except % amounts |
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Revenue |
|
|
|
|
|
|
|
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Telenet |
$ |
759.7 |
|
|
$ |
762.6 |
|
|
(0.4 |
) |
|
2.7 |
|
VM Ireland |
|
115.8 |
|
|
|
123.0 |
|
|
(5.9 |
) |
|
(2.9 |
) |
Consolidated Liberty Telecom |
|
875.5 |
|
|
|
885.6 |
|
|
(1.1 |
) |
|
|
|
Liberty Growth |
|
96.6 |
|
|
|
14.3 |
|
|
575.5 |
|
|
(32.8 |
) |
Liberty Services & Corporate |
|
234.5 |
|
|
|
255.5 |
|
|
(8.2 |
) |
|
(11.3 |
) |
Consolidated intercompany eliminations |
|
(35.4 |
) |
|
|
(64.1 |
) |
|
N.M. |
|
N.M. |
||
Total consolidated |
$ |
1,171.2 |
|
|
$ |
1,091.3 |
|
|
7.3 |
|
|
(5.3 |
) |
|
|
|
|
|
|
|
|
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Nonconsolidated |
|
|
|
|
|
|
|
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VMO2 JV |
$ |
3,126.3 |
|
|
$ |
3,282.8 |
|
|
(4.8 |
) |
|
(4.2 |
) |
VodafoneZiggo JV |
$ |
1,052.0 |
|
|
$ |
1,114.0 |
|
|
(5.6 |
) |
|
(2.6 |
) |
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|
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|
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|
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Earnings (loss) from continuing operations |
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|
|
|
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|
|
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Liberty Global Consolidated |
$ |
(1,323.3 |
) |
|
$ |
634.5 |
|
|
(308.6 |
) |
|
|
|
Liberty Growth |
$ |
(13.3 |
) |
|
$ |
(4.7 |
) |
|
(183.0 |
) |
|
|
|
Liberty Services & Corporate |
$ |
(1,406.2 |
) |
|
$ |
717.0 |
|
|
(296.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
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Adjusted EBITDA |
|
|
|
|
|
|
|
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Telenet |
$ |
301.6 |
|
|
$ |
308.4 |
|
|
(2.2 |
) |
|
0.8 |
|
VM Ireland |
|
37.2 |
|
|
|
40.0 |
|
|
(7.0 |
) |
|
(4.1 |
) |
Consolidated Liberty Telecom |
|
338.8 |
|
|
|
348.4 |
|
|
(2.8 |
) |
|
|
|
Liberty Growth |
|
8.4 |
|
|
|
(0.4 |
) |
|
2,200.0 |
|
|
(36.3 |
) |
Liberty Services & Corporate |
|
(12.6 |
) |
|
|
(30.3 |
) |
|
58.4 |
|
|
44.9 |
|
Consolidated intercompany eliminations |
|
(10.0 |
) |
|
|
(34.7 |
) |
|
N.M. |
|
N.M. |
||
Total consolidated |
$ |
324.6 |
|
|
$ |
283.0 |
|
|
14.7 |
|
|
2.0 |
|
|
|
|
|
|
|
|
|
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Nonconsolidated |
|
|
|
|
|
|
|
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VMO2 JV |
$ |
1,073.4 |
|
|
$ |
1,073.6 |
|
|
— |
|
|
0.6 |
|
VodafoneZiggo JV |
$ |
463.1 |
|
|
$ |
519.0 |
|
|
(10.8 |
) |
|
(8.0 |
) |
|
Subscriber Variance Table — March 31, 2025 vs. December 31, 2024 |
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Fixed-Line Customer Relationships |
|
Broadband Subscribers |
|
Total RGUs |
|
Postpaid Mobile Subscribers |
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Consolidated Reportable Segments: |
|
|
|
|
|
|
|
||||
Telenet |
(11,800 |
) |
|
(2,100 |
) |
|
(43,900 |
) |
|
(3,700 |
) |
VM Ireland |
(2,000 |
) |
|
(1,000 |
) |
|
(11,500 |
) |
|
900 |
|
Total Consolidated Reportable Segments |
(13,800 |
) |
|
(3,100 |
) |
|
(55,400 |
) |
|
(2,800 |
) |
|
|
|
|
|
|
|
|
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Nonconsolidated Reportable Segments: |
|
|
|
|
|
|
|
||||
VMO2 JV |
(46,000 |
) |
|
(44,000 |
) |
|
(286,500 |
) |
|
(122,800 |
) |
VodafoneZiggo JV |
(40,500 |
) |
|
(31,000 |
) |
|
(135,900 |
) |
|
29,100 |
|
VMO2
VMO2 delivers growth in guided revenue and Adjusted EBITDA metrics and reaffirms all 2025 guidance
VMO2’s first quarter results saw a return to growth in both revenue and Adj. EBITDA on a guidance basis, representing a sequential improvement versus Q4. Despite a highly competitive environment, VMO2 continues to drive more value across the fixed base, maintaining ARPU growth. In mobile, the planned acquisition of spectrum from the VOD/3 merger will further strengthen VMO2’s network position, alongside customer and digital initiatives to improve commercial momentum.
Highlights for Q1
- Fixed strategy update: Announcing pause of NetCo stake sale process to align with JV partner's strategic review; also adjusting nexfibre’s build ambition to 2.5 million cumulative premises (currently at 2.2 million) by year-end 2025, retaining capital discipline in an increasingly irrational altnet environment and remaining opportunistic around M&A
- Fibre UP: Progressing with the upgrade of existing network to fiber, with a combined fiber footprint now at 6.8 million6 premises and launched trials of giffgaff broadband to increase reach and leverage VMO2's wholesale capabilities
- On track to acquire spectrum: Plan to acquire spectrum licenses from VOD/3 merger remains on track and will strengthen VMO2's network position considerably
Q1 Financial Highlights (in
-
Revenue of
$3,126.3 million 4.8% YoY on a reported basis and -4.2% on a rebased8 basis- Primarily driven by the net effect of (i) lower construction revenue from nexfibre and (ii) lower handset sales, partially offset by (a) higher fixed ARPU and (b) an increase in mobile service revenue, with each revenue category as defined and reported by the VMO2 JV
-
Adjusted EBITDA9 of
$1,073.4 million 0.6% on a rebased basis- Primarily driven by cost efficiencies, partially offset by a decrease in the nexfibre construction impact to Adjusted EBITDA
-
Property and equipment additions of
$594.2 million 13.4% YoY on a reported basis and -12.8% on a rebased basis -
Adjusted EBITDA less P&E additions9 of
$479.2 million 23.6% YoY on a reported basis and +24.3% on a rebased basis -
Cash flows from operating activities of -
$81.0 million $692.0 million $773.0 million
Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)10
-
Revenue of
£2,480.1 million , -4.2% YoY on a reported and rebased basis -
Revenue excluding handsets and the impact of nexfibre construction of
£2,111.5 million , +0.4% YoY on a reported and rebased basis -
Adjusted EBITDA of
£914.1 million , -1.3% YoY on a reported and rebased basis-
Q1 2025 included the benefit of
£62.6 million ofU.S. GAAP/IFRS differences, primarily related to (i) the VMO2 JV's investment in CTIL and (ii) leases
-
Q1 2025 included the benefit of
-
Adjusted EBITDA excluding the impact of nexfibre construction of
£921.7 million , +0.8% YoY on a reported and rebased basis -
The drivers of these IFRS changes are largely consistent with those under
U.S. GAAP as detailed above
Q1 Operating Highlights
- Broadband net losses of 44,000, primarily driven by elevated churn following a high level of market discounting during Q1
- Postpaid net losses of 122,800, primarily driven by lower value B2B customer disconnections, while consumer performance improved compared to Q1 2024
-
Fixed ARPU maintained positive growth supported by value focus and improved retention, with a
1.6% YoY increase in Q1 ahead of price rise implementation in Q2
2025 VMO2 guidance (in IFRS)(i)
-
We are confirming11:
- Growth in revenue excluding handsets and the impact of nexfibre construction
- Growth in Adjusted EBITDA excluding the impact of nexfibre construction
-
P&E additions of
£2.0 t o£2.2 billion -
Adjusted FCF and cash distributions to shareholders both in the range of
£350 t o£400 million
(i) |
Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) and cash flow from operating activities for Adjusted EBITDA, Adjusted EBITDAaL and Adjusted FCF guidance for Liberty Global and each of its OpCos cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including: the components of non-operating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/loss from continuing operations, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly from period to period. |
VodafoneZiggo
VodafoneZiggo launches new strategic plan and revises 2025 guidance
VodafoneZiggo’s first quarter results were heavily impacted by the intensely competitive environment, particularly in the fixed market. During the quarter, we launched new front book propositions which are the first part of a wider strategic plan to regain commercial momentum. While the new strategic plan and market environment will impact VodafoneZiggo’s 2025 guidance, notably driving a steeper than expected Adj. EBITDA decline, it will position the company for growth and future-proof the network through an accelerated DOCSIS 4.0 upgrade plan.
Highlights for Q1
- Customer experience: Launched a new fixed front book portfolio with a focus on reliable connectivity through Wifi Guarantee, a first in the Dutch market
- Strategy evolution under new CEO: VodafoneZiggo continues to implement the new strategy with a focus on regaining commercial momentum and creating a leaner and more agile organization
- Guidance update: To support the key investments needed to drive long-term commercial momentum, VodafoneZiggo is revising 2025 guidance as outlined below
Q1 Financial Highlights (in
-
Revenue of
$1,052.0 million 5.6% YoY on a reported basis and -2.6% on a rebased basis- Primarily driven by (i) a decline in the consumer fixed base, (ii) lower handset sales and (iii) lower B2B mobile revenue, partially offset by (a) price indexation, (b) strong growth in Ziggo Sport Totaal revenue and (c) continued growth in B2B fixed revenue
-
Adjusted EBITDA of
$463.1 million 10.8% YoY on a reported basis and -8.0% on a rebased basis- Primarily driven by (i) the aforementioned decrease in revenue, (ii) higher programming costs related to the UEFA broadcast and (iii) higher labor costs related to the collective labor agreement, partially offset by (a) cost control measures in areas such as customer service, IT and procurement and (b) lower energy costs
-
Cash flows from operating activities of
$192.3 million $142.4 million $667.2 million
Q1 Financial Highlights (in
-
Revenue of
€999.1 million , -2.6% YoY on both a reported and rebased basis -
Adjusted EBITDA of
€439.7 million , -8.0% on both a reported and rebased basis
Q1 Operating Highlights
- Broadband net losses of 31,000, primarily driven by continued promotional intensity, despite early signs of improvement in churn following the migration of existing customers to the new front book
- Postpaid net adds of 29,100, primarily driven by growth in B2B
-
Fixed ARPU increased
1.5% YoY, supported by the prior year's price adjustment - Implemented an increase in download speeds across the existing broadband portfolio in March
2025 VodafoneZiggo guidance (in
-
We are confirming:
-
P&E Additions to sales: 20
-22%
-
P&E Additions to sales: 20
-
We are updating:
- Low-single digit decline in revenue growth (updated from broadly stable)
- Mid to high-single digit decline in Adjusted EBITDA growth (updated from low-single digit decline)
-
Adjusted FCF of
€200 -€250 million (updated from around€300 million )12 -
Cash distributions to shareholders of
€200 -€250 million (updated from around€300 million )
Telenet
Telenet delivered strong fixed ARPU and revenue growth, on track to deliver full-year guidance
Telenet’s first quarter results demonstrated resilience in the face of a competitive environment, with growth in revenue and Adj. EBITDAaL. Telenet continues to leverage the BASE brand to drive growth in the South of
Highlights for Q1
-
Competitive environment: An intensely competitive environment in
Belgium remains, resulting in pressure on the Telenet brand with BASE partly compensating -
Price adjustment: Announced a price adjustment of ~
3% on the Telenet brand which took effect from April - FTTH: Wyre is on track to build an additional 375,000 FTTH homes passed by year-end 2025 and continued to make progress with Proximus and regulators regarding FTTH-sharing agreement
Q1 Financial Highlights (in
-
Revenue of
$759.7 million 0.4% YoY on a reported basis and +2.7% on a rebased basis- Primarily driven by (i) higher programming revenue and (ii) the benefit of the June 2024 price indexation, partially offset by (a) lower handset revenue and (b) lower interconnect revenue
-
Adjusted EBITDA of
$301.6 million 2.2% YoY on a reported basis and +0.8% on a rebased basis -
Adjusted EBITDAaL of
$301.3 million 2.2% YoY on a reported basis and +0.8% on a rebased basis-
Primarily driven by (i) the increase in revenue, (ii) lower network operating costs and (iii) cost control measures, partially offset by (a) an increase in programming costs, (b) higher staff-related expenses following the mandatory
3.6% wage indexation as of January and (c) increased sales and marketing costs
-
Primarily driven by (i) the increase in revenue, (ii) lower network operating costs and (iii) cost control measures, partially offset by (a) an increase in programming costs, (b) higher staff-related expenses following the mandatory
-
Property and equipment additions of
$246.7 million 34.3% YoY on a reported basis and +32.4% on a rebased basis -
Adjusted EBITDA less P&E Additions of
$54.9 million 56.0% YoY on a reported basis and -54.1% on a rebased basis -
Cash flows from operating activities of
$185.0 million $198.9 million $21.8 million
Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)10
-
Revenue of
€721.2 million , +2.7% YoY on both a reported and rebased basis -
Adjusted EBITDA of
€323.8 million , +2.8% YoY on both a reported and rebased basis-
Q1 2025 included the benefit of
€37.4 million ofU.S. GAAP/IFRS differences, primarily related to (i) sports and film broadcasting rights and (ii) leases
-
Q1 2025 included the benefit of
-
Adjusted EBITDAaL of
€304.0 million , +2.6% YoY on both a reported and rebased basis -
The drivers of these IFRS changes are largely consistent with those under
U.S. GAAP as detailed above
Q1 Operating Highlights
- Broadband net losses of 2,100, primarily due to continued elevated churn on the Telenet brand, which was only partially offset by growth in BASE
- Postpaid net losses of 3,700, primarily due to the intensely competitive market environment following the Digi launch, despite better performance from BASE following portfolio adjustments during Q1
-
Fixed ARPU in Q1 saw continued growth of
2.8% supported by the June 2024 price rise, ahead of a ~3% adjustment which took effect from April
2025 Telenet guidance (in IFRS)13
-
We are confirming:
-
Broadly stable revenue (FY 2024:
€2,851.4 million ) -
Low to mid-single digit decline in Adjusted EBITDAaL (FY 2024:
€1,279.9 million ) -
P&E Additions as a percentage of revenue of around
38% -
Adjusted FCF between -
€180.0 and -€150.0 million
-
Broadly stable revenue (FY 2024:
Virgin Media Ireland
Virgin Media Ireland continues to drive transformation into full fiber operator
Virgin Media Ireland’s first quarter results were impacted by the competitive environment in
Highlights for Q1
- Network upgrade: Continued to deliver on full fiber upgrade project, with over half of premises upgraded to full fiber at the end of Q1
- Fiber momentum: Almost 60k fiber customers on Virgin Media Ireland's network at the end of Q1, including Wholesale customers
Q1 Financial Highlights (in
-
Revenue of
$115.8 million 5.9% YoY on a reported basis and -2.9% on a rebased basis- Primarily driven by (i) lower fixed and mobile revenue resulting from the intense competitive environment and (ii) lower advertising revenues at VMTV, partially offset by continued strong growth in B2B wholesale revenue
-
Adjusted EBITDA of
$37.2 million 7.0% YoY on a reported basis and -4.1% on a rebased basis- Primarily due to (i) the aforementioned revenue decline, (ii) the parallel running of IT systems and (iii) higher labor costs following annual salary increase
-
Cash flows from operating activities of
$12.2 million $41.2 million $29.1 million
Q1 Financial Highlights (in
-
Revenue of
€110.0 million , -2.9% YoY on both a reported and rebased basis -
Adjusted EBITDA of
€35.3 million , -4.1% YoY on both a reported and rebased basis
Q1 Operating Highlights
- Broadband net losses of 1,000, primarily due to continued competitive intensity in the market
- Postpaid net adds of 900, a sequential and YoY improvement, primarily due to reduced churn
- Over 1.4 million addressable homes, including offnet footprint
Consolidated Leverage & Liquidity
-
Total principal amount of debt and finance leases:
$9.4 billion -
Average debt tenor14: 3.5 years, with ~
32% not due until 2029 or thereafter -
Borrowing costs: Blended, fully-swapped cost of debt was
3.7%
The following table(i) details the
|
Cash |
|
|
|
Unused |
|
|
||||
|
and Cash |
|
|
|
Borrowing |
|
Total |
||||
|
Equivalents |
|
SMAs(ii) |
|
Capacity(iii) |
|
Liquidity |
||||
|
in millions |
||||||||||
|
|
|
|
|
|
|
|
||||
Liberty Global and unrestricted subsidiaries |
$ |
849.8 |
|
$ |
77.9 |
|
$ |
— |
|
$ |
927.7 |
Telenet |
|
1,119.9 |
|
|
— |
|
|
664.9 |
|
|
1,784.8 |
VM Ireland |
|
12.9 |
|
|
— |
|
|
108.1 |
|
|
121.0 |
Total |
$ |
1,982.6 |
|
$ |
77.9 |
|
$ |
773.0 |
|
$ |
2,833.5 |
_______________ |
||
(i) |
Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries. |
|
(ii) |
Represents our SMA in a leveraged structured note issued by a third-party investment bank. |
|
(iii) |
Our aggregate unused borrowing capacity of |
|
The following table(i) details the March 31, 2025 U.S. dollar equivalents of the (i) outstanding principal amounts of our debt and finance lease obligations, (ii) expected principal-related derivative cash payments or receipts and (iii) swapped principal amounts of our debt and finance lease obligations:
|
|
|
Finance |
|
Total Debt |
|
Principal Related |
|
Swapped Debt |
||||||
|
|
|
Lease |
|
& Finance Lease |
|
Derivative |
|
& Finance Lease |
||||||
|
Debt |
|
Obligations |
|
Obligations |
|
Cash Payments |
|
Obligations |
||||||
|
in millions |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||
Telenet |
$ |
7,070.7 |
|
$ |
2.5 |
|
$ |
7,073.2 |
|
$ |
(133.3 |
) |
|
$ |
6,939.9 |
VM Ireland |
|
973.0 |
|
|
— |
|
|
973.0 |
|
|
— |
|
|
|
973.0 |
Other(ii) |
|
1,360.7 |
|
|
31.6 |
|
|
1,392.3 |
|
|
— |
|
|
|
1,392.3 |
Total |
$ |
9,404.4 |
|
$ |
34.1 |
|
$ |
9,438.5 |
|
$ |
(133.3 |
) |
|
$ |
9,305.2 |
_______________ |
||
(i) |
Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries. |
|
(ii) |
Debt amount includes a loan of |
|
Liberty Global Consolidated Q1 Cash Flows |
||||||||
|
Three months ended March 31, |
|
Increase/(decrease) |
|||||
|
2025 |
|
2024 |
|
Reported % |
|||
|
$ in millions, except % amounts |
|||||||
|
|
|
|
|
|
|||
Liberty Global Consolidated Cash Flows: |
|
|
|
|
|
|||
Cash provided by operating activities of continuing operations |
129.2 |
|
|
91.3 |
|
|
41.5 |
% |
Cash provided (used) by investing activities of continuing operations |
52.5 |
|
|
(63.9 |
) |
|
182.2 |
% |
Cash used by financing activities of continuing operations |
(66.2 |
) |
|
(240.7 |
) |
|
72.5 |
% |
|
|
|
|
|
|
|||
Adjusted FCF from continuing operations |
(141.2 |
) |
|
(151.8 |
) |
|
7.0 |
% |
Distributable Cash Flow from continuing operations |
(141.2 |
) |
|
(151.8 |
) |
|
7.0 |
% |
Financial Highlights (in
The following tables present (i) selected financial information for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis. Adjusted EBITDA and Adjusted EBITDA less P&E Additions for Consolidated Continuing Operations, Liberty Growth and Liberty Services & Corporate are non-GAAP measures. For reconciliations, additional information on how these measures are defined and why we believe they are meaningful, see the Glossary and Reconciliations sections of the Appendix.
|
Three months ended |
|
Increase/(decrease) |
||||||||||
|
March 31, |
|
|||||||||||
Revenue |
2025 |
|
2024 |
|
Reported % |
|
Rebased % |
||||||
|
in millions, except % amounts |
||||||||||||
|
|
|
|
|
|
|
|
||||||
Telenet |
$ |
759.7 |
|
|
$ |
762.6 |
|
|
(0.4 |
) |
|
2.7 |
|
VM Ireland |
|
115.8 |
|
|
|
123.0 |
|
|
(5.9 |
) |
|
(2.9 |
) |
Consolidated Liberty Telecom |
|
875.5 |
|
|
|
885.6 |
|
|
(1.1 |
) |
|
|
|
Liberty Growth |
|
96.6 |
|
|
|
14.3 |
|
|
575.5 |
|
|
(32.8 |
) |
Liberty Services & Corporate |
|
234.5 |
|
|
|
255.5 |
|
|
(8.2 |
) |
|
(11.3 |
) |
Consolidated intercompany eliminations |
|
(35.4 |
) |
|
|
(64.1 |
) |
|
N.M. |
|
|
N.M. |
|
Total consolidated |
$ |
1,171.2 |
|
|
$ |
1,091.3 |
|
|
7.3 |
|
|
(5.3 |
) |
|
|
|
|
|
|
|
|
||||||
Nonconsolidated |
|
|
|
|
|
|
|
||||||
VMO2 JV |
$ |
3,126.3 |
|
|
$ |
3,282.8 |
|
|
(4.8 |
) |
|
(4.2 |
) |
VodafoneZiggo JV |
$ |
1,052.0 |
|
|
$ |
1,114.0 |
|
|
(5.6 |
) |
|
(2.6 |
) |
| _______________ |
N.M. - Not Meaningful |
Three months ended |
|
Increase/(decrease) |
|||||||||||
|
March 31, |
|
|||||||||||
Adjusted EBITDA |
2025 |
|
2024 |
|
Reported % |
|
Rebased % |
||||||
|
in millions, except % amounts |
||||||||||||
|
|
|
|
|
|
|
|
||||||
Telenet |
$ |
301.6 |
|
|
$ |
308.4 |
|
|
(2.2 |
) |
|
0.8 |
|
VM Ireland |
|
37.2 |
|
|
|
40.0 |
|
|
(7.0 |
) |
|
(4.1 |
) |
Consolidated Liberty Telecom |
|
338.8 |
|
|
|
348.4 |
|
|
(2.8 |
) |
|
|
|
Liberty Growth |
|
8.4 |
|
|
|
(0.4 |
) |
|
2,200.0 |
|
|
(36.3 |
) |
Liberty Services & Corporate |
|
(12.6 |
) |
|
|
(30.3 |
) |
|
58.4 |
|
|
44.9 |
|
Consolidated intercompany eliminations |
|
(10.0 |
) |
|
|
(34.7 |
) |
|
N.M. |
|
N.M. |
||
Total consolidated |
$ |
324.6 |
|
|
$ |
283.0 |
|
|
14.7 |
|
|
2.0 |
|
|
|
|
|
|
|
|
|
||||||
Nonconsolidated |
|
|
|
|
|
|
|
||||||
VMO2 JV |
$ |
1,073.4 |
|
|
$ |
1,073.6 |
|
|
— |
|
|
0.6 |
|
VodafoneZiggo JV |
$ |
463.1 |
|
|
$ |
519.0 |
|
|
(10.8 |
) |
|
(8.0 |
) |
| _______________ |
N.M. - Not Meaningful |
|
Three months ended |
|
Increase/(decrease) |
||||||||||
Adjusted EBITDA less P&E Additions |
March 31, |
|
|||||||||||
2025 |
|
2024 |
|
Reported % |
|
Rebased % |
|||||||
|
in millions, except % amounts |
||||||||||||
|
|
|
|
|
|
|
|
||||||
Telenet |
$ |
54.9 |
|
|
$ |
124.7 |
|
|
(56.0 |
) |
|
(54.1 |
) |
VM Ireland |
|
(5.7 |
) |
|
|
0.6 |
|
|
(1,050.0 |
) |
|
(1,160.0 |
) |
Consolidated Liberty Telecom |
|
49.2 |
|
|
|
125.3 |
|
|
(60.7 |
) |
|
|
|
Liberty Growth |
|
6.6 |
|
|
|
(1.9 |
) |
|
447.4 |
|
|
81.1 |
|
Liberty Services & Corporate |
|
(16.8 |
) |
|
|
(36.2 |
) |
|
53.6 |
|
|
41.5 |
|
Consolidated intercompany eliminations |
|
— |
|
|
|
(25.2 |
) |
|
N.M. |
|
N.M. |
||
Total consolidated |
$ |
39.0 |
|
|
$ |
62.0 |
|
|
(37.1 |
) |
|
(59.6 |
) |
|
|
|
|
|
|
|
|
||||||
Nonconsolidated |
|
|
|
|
|
|
|
||||||
VMO2 JV |
$ |
479.2 |
|
|
$ |
387.8 |
|
|
23.6 |
|
|
24.3 |
|
VodafoneZiggo JV |
$ |
256.2 |
|
|
$ |
274.3 |
|
|
(6.6 |
) |
|
(3.8 |
) |
| _______________ |
N.M. - Not Meaningful |
|
Operating Data — March 31, 2025 |
|||||||||||
|
Homes Passed |
|
Fixed-Line Customer Relationships |
|
Broadband Subscribers |
|
Total RGUs |
|
|
Postpaid Mobile Subscribers |
|
Total Mobile Subscribers(i) |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Reportable Segments: |
|
|
|
|
|
|
|
|
|
|
|
|
Telenet |
4,216,600 |
|
1,955,400 |
|
1,716,700 |
|
4,111,900 |
|
|
2,671,300 |
|
2,853,700 |
VM Ireland |
1,005,200 |
|
391,300 |
|
362,200 |
|
718,700 |
|
|
137,600 |
|
137,600 |
Total Consolidated Reportable Segments
|
5,221,800 |
|
2,346,700 |
|
2,078,900 |
|
4,830,600 |
|
|
2,808,900 |
|
2,991,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonconsolidated Reportable Segments: |
|
|
|
|
|
|
|
|
|
|
|
|
VMO2 JV |
16,244,500 |
|
5,790,100 |
|
5,694,900 |
|
11,942,300 |
|
|
15,713,200 |
|
35,618,400 |
VodafoneZiggo JV(ii) |
7,590,400 |
|
3,375,400 |
|
3,076,400 |
|
7,620,300 |
|
|
5,328,300 |
|
5,602,900 |
|
Subscriber Variance Table — March 31, 2025 vs. December 31, 2024 |
|||||||||||
|
Homes Passed |
|
Fixed-Line Customer Relationships |
|
Broadband Subscribers |
|
Total RGUs |
|
|
Postpaid Mobile Subscribers |
|
Total Mobile Subscribers(i) |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Change Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Reportable Segments: |
|
|
|
|
|
|
|
|
|
|
|
|
Telenet |
42,900 |
|
(11,800) |
|
(2,100) |
|
(43,900) |
|
|
(3,700) |
|
(16,400) |
VM Ireland |
2,500 |
|
(2,000) |
|
(1,000) |
|
(11,500) |
|
|
900 |
|
900 |
Total Consolidated Reportable Segments
|
45,400 |
|
(13,800) |
|
(3,100) |
|
(55,400) |
|
|
(2,800) |
|
(15,500) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2025 Consolidated Reportable Segments Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Telenet |
13,200 |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonconsolidated Reportable Segments: |
|
|
|
|
|
|
|
|
|
|
|
|
VMO2 JV |
400 |
|
(46,000) |
|
(44,000) |
|
(286,500) |
|
|
(122,800) |
|
(34,100) |
VodafoneZiggo JV(ii) |
10,200 |
|
(40,500) |
|
(31,000) |
|
(135,900) |
|
|
29,100 |
|
19,200
|
|
Subscriber Variance Table — March 31, 2025 vs. March 31, 2024 |
|||||||||||
|
Homes Passed |
|
Fixed-Line Customer Relationships |
|
Broadband Subscribers |
|
Total RGUs |
|
|
Postpaid Mobile Subscribers |
|
Total Mobile Subscribers(i) |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Change Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Reportable Segments: |
|
|
|
|
|
|
|
|
|
|
|
|
Telenet |
91,700 |
|
(37,200) |
|
(7,700) |
|
(162,500) |
|
|
(5,200) |
|
(45,400) |
VM Ireland |
18,100 |
|
(10,200) |
|
(6,000) |
|
(63,300) |
|
|
3,400 |
|
3,400 |
Total Consolidated Reportable Segments |
109,800 |
|
(47,400) |
|
(13,700) |
|
(225,800) |
|
|
(1,800) |
|
(42,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Reportable Segments Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Telenet |
(75,700) |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonconsolidated Reportable Segments: |
|
|
|
|
|
|
|
|
|
|
|
|
VMO2 JV |
18,900 |
|
(34,700) |
|
(28,000) |
|
(686,700) |
|
|
(226,800) |
|
293,500 |
VodafoneZiggo JV(ii) |
57,200 |
|
(142,400) |
|
(104,200) |
|
(486,700) |
|
|
13,800 |
|
(39,100) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonconsolidated Reportable Segments Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
VMO2 JV |
— |
|
— |
|
— |
|
— |
|
|
(34,500) |
|
(34,500) |
VodafoneZiggo JV |
— |
|
— |
|
(3,000) |
|
(3,000) |
|
|
(9,600) |
|
(9,600) |
Footnotes for Operating Data and Subscriber Variance Tables:
(i) |
In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. The mobile subscriber count for the VMO2 JV includes IoT connections, which are Machine-to-Machine contract mobile connections, including Smart Metering contract connections. The mobile subscriber count presented above for the VMO2 JV excludes wholesale mobile connections of approximately 10,066,600 that are included in the total mobile subscriber count as defined and presented by the VMO2 JV. |
|
(ii) |
Fixed-line counts for the VodafoneZiggo JV include certain B2B customers and subscribers. |
Additional General Notes to Tables:
Most of our broadband communications subsidiaries provide broadband, telephony, data, video or other B2B services. Certain of our B2B revenue is derived from SOHO subscribers that pay a premium price to receive enhanced service levels along with broadband, video or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHOs, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our broadband communications operations, with only those services provided at premium prices considered to be “SOHO RGUs” or “SOHO customers”. To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs or SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO subscribers and mobile subscribers at medium and large enterprises, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.
While we take appropriate steps to ensure that subscriber statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber counting process. We periodically review our subscriber counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber statistics based on those reviews.
Bond Update by Credit Silo
VMO2 Credit Update
Operating Statistics Summary |
|||||||
|
As of and for the three months ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
|
|
|
|
||||
Footprint |
|
|
|
||||
Homes Serviceable |
|
18,420,900 |
|
|
|
17,193,700 |
|
Homes Serviceable net additions (QoQ) |
|
165,300 |
|
|
|
194,000 |
|
|
|
|
|
||||
Fixed |
|
|
|
||||
Fixed-Line Customer Relationships |
|
5,790,100 |
|
|
|
5,824,800 |
|
Organic Fixed-Line Customer Relationship net losses (QoQ) |
|
(46,000 |
) |
|
|
(2,000 |
) |
Organic Fixed-Line Customer Relationship net additions (losses) (YoY) |
|
(34,700 |
) |
|
|
8,400 |
|
|
|
|
|
||||
Broadband Subscribers |
|
5,694,900 |
|
|
|
5,722,900 |
|
Organic Broadband net additions (losses) (QoQ) |
|
(44,000 |
) |
|
|
5,300 |
|
Organic Broadband net additions (losses) (YoY) |
|
(28,000 |
) |
|
|
40,300 |
|
|
|
|
|
||||
Q1 Monthly ARPU per Fixed-Line Customer Relationship |
£ |
47.00 |
|
|
£ |
46.25 |
|
|
|
|
|
||||
Mobile |
|
|
|
||||
Postpaid Mobile Subscribers(i) |
|
15,713,200 |
|
|
|
15,974,500 |
|
Organic Postpaid Mobile net losses (QoQ)(i) |
|
(122,800 |
) |
|
|
(77,800 |
) |
Organic Postpaid Mobile net losses (YoY)(i) |
|
(226,800 |
) |
|
|
(21,100 |
) |
|
|
|
|
||||
Q1 Monthly Consumer Postpaid ARPU |
£ |
17 |
|
|
£ |
17 |
|
|
|
|
|
||||
Convergence |
|
|
|
||||
Converged Households as % of Broadband RGUs |
|
42.1 |
% |
|
|
43.7 |
% |
_______________ |
||
(i) |
Previously reported postpaid mobile subscribers figures have been restated. For more information regarding the VMO2 JV and the restatement, please visit its investor relations page. |
|
Financial Results (in IFRS)10 |
||||||||||
|
Three months ended |
|
|
|||||||
|
March 31, |
|
Increase/(decrease) |
|||||||
|
2025 |
|
2024 |
|
||||||
|
in millions, except % amounts |
|||||||||
|
|
|
|
|
|
|||||
Revenue |
|
|
|
|
|
|||||
Mobile |
£ |
1,347.8 |
|
|
£ |
1,362.7 |
|
|
(1.1 |
%) |
Handset |
|
272.7 |
|
|
|
291.9 |
|
|
(6.6 |
%) |
Fixed |
|
938.5 |
|
|
|
931.6 |
|
|
0.7 |
% |
Consumer Fixed |
|
838.4 |
|
|
|
822.9 |
|
|
1.9 |
% |
Subscription |
|
819.8 |
|
|
|
807.7 |
|
|
1.5 |
% |
Other |
|
18.6 |
|
|
|
15.2 |
|
|
22.4 |
% |
B2B Fixed |
|
100.1 |
|
|
|
108.7 |
|
|
(7.9 |
%) |
Other |
|
193.8 |
|
|
|
294.5 |
|
|
(34.2 |
%) |
Total revenue |
£ |
2,480.1 |
|
|
£ |
2,588.8 |
|
|
(4.2 |
%) |
|
|
|
|
|
|
|||||
Adjusted EBITDA |
£ |
914.1 |
|
|
£ |
925.7 |
|
|
(1.3 |
%) |
|
|
|
|
|
|
|||||
P&E Additions |
£ |
498.3 |
|
|
£ |
571.4 |
|
|
|
|
ROU asset additions |
|
30.5 |
|
|
|
76.1 |
|
|
|
|
Total P&E Additions including ROU asset additions
|
£ |
528.8 |
|
|
£ |
647.5 |
|
|
(18.3 |
%) |
P&E Additions as a % of revenue |
|
20.1 |
% |
|
|
22.1 |
% |
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA less P&E Additions |
£ |
385.3 |
|
|
£ |
278.2 |
|
|
38.5 |
% |
|
|
|
|
|
|
|||||
Adjusted FCF |
£ |
(885.4 |
) |
|
£ |
(738.7 |
) |
|
|
|
Third-Party Debt, Lease Obligations and Cash and Cash Equivalents
The borrowing currency and pound sterling equivalent of the nominal amounts of VMED O2’s consolidated third-party debt, lease obligations and cash and cash equivalents is set forth below:
|
|
March 31, |
|
December 31, |
|||||||
|
|
2025 |
|
2024 |
|||||||
|
|
Borrowing currency |
|
£ equivalent |
|||||||
|
|
in millions |
|||||||||
Senior and Senior Secured Credit Facilities: |
|
|
|
|
|||||||
Term Loan N (Term SOFR + |
|
$ |
2,804.5 |
|
£ |
2,172.9 |
|
|
£ |
2,635.9 |
|
Term Loan O (EURIBOR + |
|
€ |
750.0 |
|
|
628.2 |
|
|
|
620.0 |
|
Term Loan Q (Term SOFR + |
|
$ |
1,300.0 |
|
|
1,007.2 |
|
|
|
1,038.4 |
|
Term Loan R (EURIBOR + |
|
€ |
750.0 |
|
|
628.2 |
|
|
|
620.0 |
|
Term Loan X1 (SONIA + |
|
£ |
750.0 |
|
|
750.0 |
|
|
|
750.0 |
|
Term Loan Y (Term SOFR + |
|
$ |
1,250.0 |
|
|
968.4 |
|
|
|
998.5 |
|
Term Loan |
. |
$ |
500.0 |
|
|
387.4 |
|
|
|
— |
|
Term Loan Z (EURIBOR + |
|
€ |
720.0 |
|
|
603.1 |
|
|
|
595.2 |
|
|
|
£ — |
|
|
— |
|
|
|
— |
|
|
|
|
£ — |
|
|
— |
|
|
|
— |
|
|
VM Financing Facilities (GBP equivalent) |
|
£ |
420.3 |
|
|
420.3 |
|
|
|
413.6 |
|
Total Senior and Senior Secured Credit Facilities |
|
|
7,565.7 |
|
|
|
7,671.6 |
|
|||
Senior Secured Notes: |
|
|
|
|
|
|
|||||
|
|
£ |
90.4 |
|
|
90.4 |
|
|
|
121.8 |
|
|
|
$ |
1,425.0 |
|
|
1,104.0 |
|
|
|
1,138.3 |
|
|
|
£ |
340.0 |
|
|
340.0 |
|
|
|
340.0 |
|
|
|
£ |
600.0 |
|
|
600.0 |
|
|
|
600.0 |
|
|
|
£ |
635.0 |
|
|
635.0 |
|
|
|
635.0 |
|
|
|
$ |
915.0 |
|
|
708.9 |
|
|
|
730.9 |
|
|
|
£ |
480.0 |
|
|
480.0 |
|
|
|
480.0 |
|
|
|
€ |
950.0 |
|
|
795.7 |
|
|
|
785.3 |
|
|
|
$ |
1,350.0 |
|
|
1,045.9 |
|
|
|
1,078.4 |
|
|
|
$ |
1,400.0 |
|
|
1,084.6 |
|
|
|
1,118.3 |
|
|
|
£ |
675.0 |
|
|
675.0 |
|
|
|
675.0 |
|
|
|
$ |
750.0 |
|
|
581.1 |
|
|
|
599.1 |
|
|
|
€ |
600.0 |
|
|
502.6 |
|
|
|
496.0 |
|
Total Senior Secured Notes |
|
|
8,643.2 |
|
|
|
8,798.1 |
|
|||
Senior Notes: |
|
|
|
|
|
|
|||||
|
|
$ |
925.0 |
|
|
716.6 |
|
|
|
738.9 |
|
|
|
€ |
500.0 |
|
|
418.8 |
|
|
|
413.3 |
|
Total Senior Notes |
|
|
1,135.4 |
|
|
|
1,152.2 |
|
|||
Vendor financing(i) |
|
|
2,999.8 |
|
|
|
2,984.2 |
|
|||
Share of CTIL debt(i) |
|
|
202.5 |
|
|
|
194.5 |
|
|||
Other debt |
|
|
318.3 |
|
|
|
320.3 |
|
|||
Lease obligations(i) |
|
|
920.6 |
|
|
|
950.8 |
|
|||
Total third-party debt and lease obligations |
|
|
21,785.5 |
|
|
|
22,071.7 |
|
|||
Unamortized premiums, discounts, deferred financing costs and fair value adjustments, net |
|
|
(11.2 |
) |
|
|
(8.5 |
) |
|||
Total carrying amount of third-party debt and lease obligations |
|
|
21,774.3 |
|
|
|
22,063.2 |
|
|||
Less: cash and cash equivalents |
|
|
294.3 |
|
|
|
1,128.3 |
|
|||
Net carrying amount of third-party debt and lease obligations |
|
£ |
21,480.0 |
|
|
£ |
20,934.9 |
|
|||
Exchange rate (€ to £) |
|
|
1.1939 |
|
|
|
1.2097 |
|
|||
Exchange rate ($ to £) |
|
|
1.2908 |
|
|
|
1.2519 |
|
|||
_______________ |
||
(i) |
Amounts presented on an IFRS basis, consistent with bondholder covenants. |
|
Capital Structure
-
At March 31, 2025, the blended fully-swapped debt borrowing cost was
5.2% and the average tenor of third-party debt (excluding vendor financing and certain other obligations) was 5.0 years. -
In January, VMO2 entered into a
$500 million Y1 , previously termedY3 ). Term LoanY1 matures on March 31, 2031 and bears interest at a rate of the Term SOFR plus credit adjustment spread plus3.25% per annum (subject to adjustment based on the achievement or otherwise of certain ESG metrics).$495 million -
In April, VMO2 redeemed all of its outstanding
5.00% GBP Senior Secured Notes due 2027 in the total amount of£90.4 million . -
At March 31, 2025, VMO2 had maximum undrawn commitments of
£1,378.0 million equivalent.
Covenant Debt Information
The following table details the pound sterling equivalents of the reconciliation from VMO2’s consolidated third-party debt and lease obligations to the total covenant amount of third-party gross and net debt and includes information regarding the projected principal-related cash flows of cross-currency derivative instruments. The pound sterling equivalents presented below are based on exchange rates that were in effect as of March 31, 2025 and December 31, 2024. These amounts are based on IFRS covenants and presented for illustrative purposes only, and will likely differ from the actual cash payments or receipts in future periods.
|
March 31, |
|
December 31, |
||||
|
2025 |
|
2024 |
||||
|
in millions |
||||||
|
|
|
|
||||
Total third-party debt and lease obligations (£ equivalent) |
£ |
21,785.5 |
|
|
£ |
22,071.7 |
|
Vendor financing |
|
(2,917.5 |
) |
|
|
(2,893.2 |
) |
Other debt |
|
(318.3 |
) |
|
|
(320.3 |
) |
CTIL debt |
|
(202.5 |
) |
|
|
(194.5 |
) |
Credit Facility Excluded Amount |
|
(997.6 |
) |
|
|
(1,043.2 |
) |
Lease obligations |
|
(920.6 |
) |
|
|
(950.8 |
) |
Projected principal-related cash payments associated with our cross-currency derivative instruments |
|
373.8 |
|
|
|
98.6 |
|
Total covenant amount of third-party gross debt
|
|
16,802.8 |
|
|
|
16,768.3 |
|
Less: cash and cash equivalents(i) |
|
(257.7 |
) |
|
|
(591.8 |
) |
Total covenant amount of third-party net debt
|
£ |
16,545.1 |
|
|
£ |
16,176.5 |
|
_______________ |
||
(i) |
Excludes cash and cash equivalents that are held outside the covenant group. |
|
Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last two quarters annualized basis as of March 31, 2025.
Net Senior Debt to Annualized Adjusted EBITDA |
3.84x |
Net Total Debt to Annualized Adjusted EBITDA |
4.15x |
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing, CTIL net debt and lease obligations) to Annualized Adjusted EBITDA |
5.52x |
VodafoneZiggo Credit Update
Operating Statistics Summary |
|||||||
|
As of and for the three months ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
|
|
|
|
||||
Footprint |
|
|
|
||||
Homes Passed |
|
7,590,400 |
|
|
|
7,533,200 |
|
Organic Homes Passed net additions (QoQ) |
|
10,200 |
|
|
|
16,600 |
|
Organic Homes Passed net additions (YoY) |
|
57,200 |
|
|
|
90,100 |
|
|
|
|
|
||||
Fixed |
|
|
|
||||
Fixed-Line Customer Relationships |
|
3,375,400 |
|
|
|
3,517,800 |
|
Organic Fixed-Line Customer Relationship net losses (QoQ) |
|
(40,500 |
) |
|
|
(35,200 |
) |
Organic Fixed-Line Customer Relationship net losses (YoY) |
|
(142,400 |
) |
|
|
(154,900 |
) |
|
|
|
|
||||
Broadband Subscribers |
|
3,076,400 |
|
|
|
3,183,600 |
|
Organic Broadband net losses (QoQ) |
|
(31,000 |
) |
|
|
(23,500 |
) |
Organic Broadband net losses (YoY) |
|
(104,200 |
) |
|
|
(114,900 |
) |
|
|
|
|
||||
Q1 Monthly ARPU per Fixed-Line Customer Relationship |
€ |
56 |
|
|
€ |
55 |
|
|
|
|
|
||||
Mobile |
|
|
|
||||
Postpaid Mobile Subscribers |
|
5,328,300 |
|
|
|
5,324,100 |
|
Organic Postpaid Mobile net additions (QoQ) |
|
29,100 |
|
|
|
22,300 |
|
Organic Postpaid Mobile net additions (YoY) |
|
13,800 |
|
|
|
128,700 |
|
|
|
|
|
||||
Q1 Monthly Consumer Postpaid ARPU |
€ |
18 |
|
|
€ |
19 |
|
|
|
|
|
||||
Convergence |
|
|
|
||||
Converged Households as % of Broadband RGUs |
|
49.6 |
% |
|
|
48.3 |
% |
Financial Results (in |
||||||||||
|
Three months ended |
|
|
|||||||
|
March 31, |
|
Increase/(decrease) |
|||||||
|
2025 |
|
2024(i) |
|
||||||
|
in millions, except % amounts |
|||||||||
|
|
|
|
|
|
|||||
Revenue |
|
|
|
|
|
|||||
Residential fixed revenue: |
|
|
|
|
|
|||||
Subscription |
€ |
477.9 |
|
|
€ |
496.1 |
|
|
(3.7 |
%) |
Non-subscription |
|
1.7 |
|
|
|
3.1 |
|
|
(45.2 |
%) |
Total residential fixed revenue |
|
479.6 |
|
|
|
499.2 |
|
|
(3.9 |
%) |
Residential mobile revenue: |
|
|
|
|
|
|||||
Subscription |
|
178.0 |
|
|
|
180.4 |
|
|
(1.3 |
%) |
Non-subscription |
|
62.5 |
|
|
|
64.0 |
|
|
(2.3 |
%) |
Total residential mobile revenue |
|
240.5 |
|
|
|
244.4 |
|
|
(1.6 |
%) |
Total residential revenue |
|
720.1 |
|
|
|
743.6 |
|
|
(3.2 |
%) |
B2B fixed revenue: |
|
|
|
|
|
|||||
Subscription |
|
141.7 |
|
|
|
139.9 |
|
|
1.3 |
% |
Non-subscription |
|
1.7 |
|
|
|
2.0 |
|
|
(15.0 |
%) |
Total B2B fixed revenue |
|
143.4 |
|
|
|
141.9 |
|
|
1.1 |
% |
B2B mobile revenue: |
|
|
|
|
|
|||||
Subscription |
|
95.4 |
|
|
|
103.5 |
|
|
(7.8 |
%) |
Non-subscription |
|
29.1 |
|
|
|
29.9 |
|
|
(2.7 |
%) |
Total B2B mobile revenue |
|
124.5 |
|
|
|
133.4 |
|
|
(6.7 |
%) |
Total B2B revenue |
|
267.9 |
|
|
|
275.3 |
|
|
(2.7 |
%) |
Other revenue |
|
11.1 |
|
|
|
7.2 |
|
|
54.2 |
% |
Total revenue |
€ |
999.1 |
|
|
€ |
1,026.1 |
|
|
(2.6 |
%) |
|
|
|
|
|
|
|||||
Adjusted EBITDA |
€ |
439.7 |
|
|
€ |
478.1 |
|
|
(8.0 |
%) |
|
|
|
|
|
|
|||||
P&E Additions |
€ |
196.5 |
|
|
€ |
225.4 |
|
|
(12.8 |
%) |
P&E Additions as a % of revenue |
|
19.7 |
% |
|
|
22.0 |
% |
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA less P&E Additions |
€ |
243.2 |
|
|
€ |
252.7 |
|
|
(3.8 |
%) |
|
|
|
|
|
|
|||||
Adjusted FCF |
€ |
(19.6 |
) |
|
€ |
(64.6 |
) |
|
|
|
_______________ |
||
(i) |
Certain revenue amounts have been reclassified to conform to 2025 presentation. |
|
Third-Party Debt, Finance Lease Obligations and Cash and Cash Equivalents
The borrowing currency and euro equivalent of the nominal amounts of VodafoneZiggo's consolidated third-party debt, finance lease obligations and cash and cash equivalents is set forth below:
|
|
March 31, |
|
December 31, |
|||||||
|
|
2025 |
|
2024 |
|||||||
|
|
Borrowing currency |
|
€ equivalent |
|||||||
|
|
in millions |
|||||||||
|
|
|
|
|
|
|
|||||
Credit Facilities: |
|
|
|
|
|||||||
Term Loan I (Term SOFR + |
|
$ |
2,525.0 |
|
€ |
2,335.5 |
|
|
€ |
2,439.9 |
|
Term Loan H (EURIBOR + |
|
€ |
2,250.0 |
|
|
2,250.0 |
|
|
|
2,250.0 |
|
Financing Facility |
|
|
3.3 |
|
|
|
2.4 |
|
|||
|
|
|
— |
|
|
|
— |
|
|||
|
|
|
— |
|
|
|
— |
|
|||
Total Credit Facilities |
|
|
4,588.8 |
|
|
|
4,692.3 |
|
|||
Senior Secured Notes: |
|
|
|
|
|
|
|||||
|
|
$ |
991.0 |
|
|
916.6 |
|
|
|
957.6 |
|
|
|
€ |
502.5 |
|
|
502.5 |
|
|
|
502.5 |
|
|
|
$ |
1,525.0 |
|
|
1,410.5 |
|
|
|
1,473.6 |
|
|
|
€ |
750.0 |
|
|
750.0 |
|
|
|
750.0 |
|
Total Senior Secured Notes |
|
|
3,579.6 |
|
|
|
3,683.7 |
|
|||
Senior Notes: |
|
|
|
|
|
|
|||||
|
|
$ |
— |
|
|
— |
|
|
|
603.9 |
|
|
|
€ |
900.0 |
|
|
900.0 |
|
|
|
900.0 |
|
|
|
$ |
500.0 |
|
|
462.5 |
|
|
|
483.1 |
|
|
|
€ |
575.0 |
|
|
575.0 |
|
|
|
575.0 |
|
Total Senior Notes |
|
|
1,937.5 |
|
|
|
2,562.0 |
|
|||
Vendor financing |
|
|
999.6 |
|
|
|
999.6 |
|
|||
Finance lease obligations |
|
|
27.2 |
|
|
|
24.3 |
|
|||
Total third-party debt and finance lease obligations |
|
|
11,132.7 |
|
|
|
11,961.9 |
|
|||
Unamortized premiums, discounts and deferred financing costs, net |
|
|
(23.2 |
) |
|
|
(29.1 |
) |
|||
Total carrying amount of third-party debt and finance lease obligations |
|
|
11,109.5 |
|
|
|
11,932.8 |
|
|||
Less: cash and cash equivalents |
|
|
144.1 |
|
|
|
745.1 |
|
|||
Net carrying amount of third-party debt and finance lease obligations |
|
€ |
10,965.4 |
|
|
€ |
11,187.7 |
|
|||
|
|
|
|
|
|||||||
Exchange rate ($ to €) |
|
|
1.0812 |
|
|
|
1.0349 |
|
|||
Capital Structure
-
At March 31, 2025, the blended fully-swapped debt borrowing cost was
3.9% and the average tenor of third-party debt (excluding vendor financing obligations) was approximately 4.8 years -
At March 31, 2025, VodafoneZiggo had maximum undrawn commitments of
€800 million under its Revolving Facilities
Covenant Debt Information
The following table details the euro equivalent of the reconciliation from VodafoneZiggo's consolidated third-party debt to the total covenant amount of third-party gross and net debt and includes information regarding the projected principal-related cash flows of cross-currency derivative instruments. The euro equivalents presented below are based on exchange rates that were in effect as of March 31, 2025 and December 31, 2024. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.
|
March 31, |
|
December 31, |
||||
|
2025 |
|
2024 |
||||
|
in millions |
||||||
|
|
|
|
||||
Total third-party debt and finance lease obligations (€ equivalent) |
€ |
11,132.7 |
|
|
€ |
11,961.9 |
|
Vendor financing |
|
(999.6 |
) |
|
|
(999.6 |
) |
Finance lease obligations |
|
(27.2 |
) |
|
|
(24.3 |
) |
Credit Facility Excluded Amount |
|
(460.2 |
) |
|
|
(482.0 |
) |
Projected principal-related cash receipts associated with our cross-currency derivative instruments |
|
(458.2 |
) |
|
|
(733.6 |
) |
Total covenant amount of third-party gross debt |
|
9,187.5 |
|
|
|
9,722.4 |
|
Less: cash and cash equivalents(i) |
|
(28.0 |
) |
|
|
(599.3 |
) |
Net carrying amount of third-party debt |
€ |
9,159.5 |
|
|
€ |
9,123.1 |
|
_______________ |
||
(i) |
Excludes the cash that is related to the unutilized portion of the Vendor Finance Note facility of |
|
Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last two quarters annualized basis as of March 31, 2025.
Net Senior Debt to Annualized Adjusted EBITDA |
3.94x |
Net Total Debt to Annualized Adjusted EBITDA |
4.98x |
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing) to Annualized Adjusted EBITDA |
5.77x |
Telenet Credit Update
Operating Statistics Summary |
|||||||
|
As of and for the three months ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
|
|
|
|
||||
Footprint |
|
|
|
||||
Homes Passed(i) |
|
4,216,600 |
|
|
|
4,200,600 |
|
Organic Homes Passed net additions (QoQ) |
|
42,900 |
|
|
|
7,200 |
|
Organic Homes Passed net additions (YoY) |
|
91,700 |
|
|
|
30,400 |
|
|
|
|
|
||||
Fixed |
|
|
|
||||
Fixed-Line Customer Relationships |
|
1,955,400 |
|
|
|
1,992,600 |
|
Organic Fixed-Line Customer Relationship net losses (QoQ) |
|
(11,800 |
) |
|
|
(14,900 |
) |
Organic Fixed-Line Customer Relationship net losses (YoY) |
|
(37,200 |
) |
|
|
(61,700 |
) |
|
|
|
|
||||
Broadband Subscribers |
|
1,716,700 |
|
|
|
1,724,400 |
|
Organic Broadband net losses (QoQ) |
|
(2,100 |
) |
|
|
(6,000 |
) |
Organic Broadband net losses (YoY) |
|
(7,700 |
) |
|
|
(29,700 |
) |
|
|
|
|
||||
Q1 Monthly ARPU per Fixed-Line Customer Relationship |
€ |
63.31 |
|
|
€ |
61.60 |
|
|
|
|
|
||||
Mobile |
|
|
|
||||
Postpaid Mobile Subscribers |
|
2,671,300 |
|
|
|
2,676,500 |
|
Organic Postpaid Mobile net losses (QoQ) |
|
(3,700 |
) |
|
|
(800 |
) |
Organic Postpaid Mobile net losses (YoY) |
|
(5,200 |
) |
|
|
(8,300 |
) |
|
|
|
|
||||
Q1 Monthly Consumer Postpaid ARPU |
€ |
15.99 |
|
|
€ |
16.64 |
|
|
|
|
|
||||
Convergence |
|
|
|
||||
Converged Households as % of Broadband RGUs |
|
54.5 |
% |
|
|
52.8 |
% |
_______________ |
||
(i) |
Amount for March 31, 2025 includes an aggregate adjustment of 13,200 Homes Passed to correct the understatement of the December 31, 2024 reported Homes Passed. |
|
Financial Results (in IFRS)10 |
||||||||||
|
Three months ended |
|
|
|||||||
|
March 31, |
|
Increase/(decrease) |
|||||||
|
2025 |
|
2024 |
|
||||||
|
in millions, except % amounts |
|||||||||
|
|
|
|
|
|
|||||
Revenue |
|
|
|
|
|
|||||
Residential fixed revenue: |
|
|
|
|
|
|||||
Subscription |
€ |
307.7 |
|
|
€ |
305.1 |
|
|
0.9 |
% |
Non-subscription |
|
4.4 |
|
|
|
2.4 |
|
|
83.3 |
% |
Total residential fixed revenue |
|
312.1 |
|
|
|
307.5 |
|
|
1.5 |
% |
Residential mobile revenue: |
|
|
|
|
|
|||||
Subscription |
|
102.4 |
|
|
|
104.1 |
|
|
(1.6 |
%) |
Non-subscription |
|
32.8 |
|
|
|
40.8 |
|
|
(19.6 |
%) |
Total residential mobile revenue |
|
135.2 |
|
|
|
144.9 |
|
|
(6.7 |
%) |
B2B revenue: |
|
|
|
|
|
|||||
Subscription |
|
94.2 |
|
|
|
94.3 |
|
|
(0.1 |
%) |
Non-subscription |
|
90.6 |
|
|
|
86.4 |
|
|
4.9 |
% |
Total B2B revenue |
|
184.8 |
|
|
|
180.7 |
|
|
2.3 |
% |
Other revenue |
|
89.1 |
|
|
|
69.3 |
|
|
28.6 |
% |
Total revenue |
€ |
721.2 |
|
|
€ |
702.4 |
|
|
2.7 |
% |
|
|
|
|
|
|
|||||
Adjusted EBITDA |
€ |
323.8 |
|
|
€ |
314.9 |
|
|
2.8 |
% |
|
|
|
|
|
|
|||||
Adjusted EBITDAaL |
€ |
304.0 |
|
|
€ |
296.4 |
|
|
2.6 |
% |
|
|
|
|
|
|
|||||
P&E Additions(i) |
|
292.8 |
|
|
|
187.3 |
|
|
|
|
ROU asset additions |
|
7.2 |
|
|
|
10.9 |
|
|
|
|
Total P&E Additions including ROU asset additions(i) |
€ |
300.0 |
|
|
€ |
198.2 |
|
|
51.4 |
% |
P&E Additions as a % of revenue |
|
40.6 |
% |
|
|
26.7 |
% |
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA less P&E Additions(i) |
€ |
23.8 |
|
|
€ |
116.7 |
|
|
(79.6 |
%) |
|
|
|
|
|
|
|||||
Adjusted FCF |
€ |
(35.0 |
) |
|
€ |
12.8 |
|
|
|
|
_______________ |
||
| (i) | Includes amounts capitalized as intangible assets related to sports and film broadcasting rights. |
|
Third-Party Debt, Lease Obligations and Cash and Cash Equivalents
The borrowing currency and euro equivalent of the nominal amounts of Telenet's consolidated third-party debt, lease obligations and cash and cash equivalents is set forth below:
|
|
March 31, |
|
December 31, |
|||||||
|
|
2025 |
|
2024 |
|||||||
|
|
Borrowing currency |
|
€ equivalent |
|||||||
|
|
in millions |
|||||||||
|
|
|
|
|
|
|
|||||
2024 Amended Senior Credit Facility |
|
|
|
|
|
|
|||||
Term Loan AR (Term SOFR 1-month + |
|
$ |
2,295.0 |
|
€ |
2,122.7 |
|
|
€ |
2,217.6 |
|
Term Loan AT1 (EURIBOR + |
|
€ |
390.0 |
|
|
390.0 |
|
|
|
890.0 |
|
Term Loan AQ (EURIBOR + |
|
€ |
1,110.0 |
|
|
1,110.0 |
|
|
|
1,110.0 |
|
Term Loan AU (EURIBOR + |
|
€ |
500.0 |
|
|
500.0 |
|
|
|
— |
|
|
|
€ — |
|
|
— |
|
|
|
— |
|
|
Total Senior Credit Facility |
|
|
4,122.7 |
|
|
|
4,217.6 |
|
|||
Senior Secured Notes |
|
|
|
|
|
|
|||||
|
|
$ |
1,000.0 |
|
|
925.0 |
|
|
|
966.3 |
|
|
|
€ |
540.0 |
|
|
540.0 |
|
|
|
540.0 |
|
Total Senior Secured Notes |
|
|
1,465.0 |
|
|
|
1,506.3 |
|
|||
Other |
|
|
|
|
|
|
|||||
Lease obligations(i) |
|
|
625.1 |
|
|
|
630.5 |
|
|||
Mobile spectrum |
|
|
367.2 |
|
|
|
377.3 |
|
|||
Vendor financing |
|
|
342.1 |
|
|
|
342.8 |
|
|||
Other debt |
|
|
242.9 |
|
|
|
233.4 |
|
|||
|
|
|
— |
|
|
|
— |
|
|||
|
|
|
— |
|
|
|
— |
|
|||
Total third-party debt and lease obligations |
|
|
7,165.0 |
|
|
|
7,307.9 |
|
|||
Deferred financing fees, discounts and premiums, net |
|
|
(15.8 |
) |
|
|
(22.0 |
) |
|||
Total carrying amount of third-party debt and lease obligations |
|
|
7,149.2 |
|
|
|
7,285.9 |
|
|||
Less: cash and cash equivalents |
|
|
1,035.9 |
|
|
|
1,072.3 |
|
|||
Net carrying amount of third-party debt and lease obligations |
|
€ |
6,113.3 |
|
|
€ |
6,213.6 |
|
|||
|
|
|
|
|
|||||||
Exchange rate ($ to €) |
|
|
1.0812 |
|
|
|
1.0349 |
|
|||
_______________ |
||
(i) |
Amounts presented on an IFRS basis, consistent with bondholder covenants. |
|
Capital Structure
-
At March 31, 2025, the blended fully-swapped debt borrowing cost was
3.8% and the average tenor of third-party debt (excluding vendor financing and certain other obligations) was approximately 3.7 years -
In February, Telenet secured commitments for a 5-year
€500.0 million standalone capex facility for Wyre priced at EURIBOR +2.75% . This funding will support Wyre's roll-out ambitions -
In February, Telenet entered into a
€500.0 million sustainability-linked term loan facility priced at EURIBOR +3.0% . The proceeds were used to repay€500.0 million of the€890.0 million outstanding principal amount under Telenet Facility AT1 -
At March 31, 2025, Telenet had access to total liquidity of
€1,650.9 million , consisting of€1,035.9 million cash and cash equivalents and€615.0 million of undrawn commitments under revolving credit facilities
Covenant Debt Information
The following table details the euro equivalent of the reconciliation from Telenet's consolidated third-party debt to the total covenant amount of third-party gross and net debt and includes information regarding the projected principal-related cash flows of cross-currency derivative instruments. The euro equivalents presented below are based on exchange rates that were in effect as of March 31, 2025 and December 31, 2024. These amounts are based on IFRS covenants and presented for illustrative purposes only, and will likely differ from the actual cash payments or receipts in future periods.
|
March 31, |
|
December 31, |
||||
|
2025 |
|
2024 |
||||
|
in millions |
||||||
|
|
|
|
||||
Total third-party debt and lease obligations (€ equivalent) |
€ |
7,165.0 |
|
|
€ |
7,307.9 |
|
Lease obligations |
|
(625.1 |
) |
|
|
(630.5 |
) |
Mobile spectrum |
|
(367.2 |
) |
|
|
(377.3 |
) |
Vendor financing |
|
(342.1 |
) |
|
|
(342.8 |
) |
Other debt |
|
(242.9 |
) |
|
|
(233.4 |
) |
Credit Facility Excluded Amount |
|
(400.0 |
) |
|
|
(400.0 |
) |
Projected principal-related cash payments (receipts) associated with our cross-currency derivative instruments |
|
(123.4 |
) |
|
|
(259.6 |
) |
Total covenant amount of third-party gross debt |
|
5,064.3 |
|
|
|
5,064.3 |
|
Less: cash and cash equivalents(i) |
|
1,034.9 |
|
|
|
1,068.0 |
|
Total covenant amount of third-party net debt |
€ |
4,029.4 |
|
|
€ |
3,996.3 |
|
_______________ |
||
| (i) | Excludes cash and cash equivalents that are held outside the covenant group. |
|
Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA and Adjusted EBITDAaL, as defined under covenants, on a last two quarters annualized basis as of March 31, 2025.
Net Total Debt to Annualized Adjusted EBITDA |
3.03x |
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing) to Annualized Adjusted EBITDA |
3.58x |
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing, mobile spectrum and other debt) to Annualized Adjusted EBITDAaL |
4.3x |
A Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income and Statement of Cash Flows for Telenet can be found in the investor toolkit on the Telenet investor relations page.
VM Ireland Credit Update
Operating Statistics Summary |
|||||||
|
As of and for the three months ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
|
|
|
|
||||
Footprint |
|
|
|
||||
Homes Passed |
|
1,005,200 |
|
|
|
987,100 |
|
Organic Homes Passed net additions (QoQ) |
|
2,500 |
|
|
|
4,200 |
|
Organic Homes Passed net additions (YoY) |
|
18,100 |
|
|
|
11,300 |
|
|
|
|
|
||||
Fixed |
|
|
|
||||
Fixed-Line Customer Relationships |
|
391,300 |
|
|
|
401,500 |
|
Organic Fixed-Line Customer Relationship net losses (QoQ) |
|
(2,000 |
) |
|
|
(1,300 |
) |
Organic Fixed-Line Customer Relationship net losses (YoY) |
|
(10,200 |
) |
|
|
(17,100 |
) |
|
|
|
|
||||
Broadband Subscribers |
|
362,200 |
|
|
|
368,200 |
|
Organic Broadband net losses (QoQ) |
|
(1,000 |
) |
|
|
(300 |
) |
Organic Broadband net losses (YoY) |
|
(6,000 |
) |
|
|
(12,900 |
) |
|
|
|
|
||||
Q1 Monthly ARPU per Fixed-Line Customer Relationship |
€ |
60.98 |
|
|
€ |
61.99 |
|
|
|
|
|
||||
Mobile |
|
|
|
||||
Postpaid Mobile Subscribers |
|
137,600 |
|
|
|
134,200 |
|
Organic Postpaid Mobile net additions (losses) (QoQ) |
|
900 |
|
|
|
(200 |
) |
Organic Postpaid Mobile net additions (losses) (YoY) |
|
3,400 |
|
|
|
(8,800 |
) |
|
|
|
|
||||
Q1 Monthly Consumer Postpaid ARPU |
€ |
19.64 |
|
|
€ |
21.41 |
|
|
|
|
|
||||
Convergence |
|
|
|
||||
Converged Households as % of Broadband RGUs |
|
8.6 |
% |
|
|
9.1 |
% |
Financial Results (in |
||||||||||
|
Three months ended |
|
|
|||||||
|
March 31, |
|
Increase/(decrease) |
|||||||
|
2025 |
|
2024 |
|
||||||
|
in millions, except % amounts |
|||||||||
|
|
|
|
|
|
|||||
Revenue |
|
|
|
|
|
|||||
Residential fixed revenue: |
|
|
|
|
|
|||||
Subscription |
€ |
68.9 |
|
|
€ |
72.0 |
|
|
(4.3 |
%) |
Non-subscription |
|
0.4 |
|
|
|
0.5 |
|
|
(20.0 |
%) |
Total residential fixed revenue |
|
69.3 |
|
|
|
72.5 |
|
|
(4.4 |
%) |
Residential mobile revenue: |
|
|
|
|
|
|||||
Subscription |
|
7.5 |
|
|
|
8.0 |
|
|
(6.3 |
%) |
Non-subscription |
|
1.7 |
|
|
|
1.9 |
|
|
(10.5 |
%) |
Total residential mobile revenue |
|
9.2 |
|
|
|
9.9 |
|
|
(7.1 |
%) |
B2B revenue: |
|
|
|
|
|
|||||
Subscription |
|
3.1 |
|
|
|
3.1 |
|
|
— |
% |
Non-subscription |
|
7.5 |
|
|
|
6.5 |
|
|
15.4 |
% |
Total B2B revenue |
|
10.6 |
|
|
|
9.6 |
|
|
10.4 |
% |
Other revenue |
|
20.9 |
|
|
|
21.3 |
|
|
(1.9 |
%) |
Total revenue |
€ |
110.0 |
|
|
€ |
113.3 |
|
|
(2.9 |
%) |
|
|
|
|
|
|
|||||
Adjusted EBITDA |
€ |
35.3 |
|
|
€ |
36.8 |
|
|
(4.1 |
%) |
|
|
|
|
|
|
|||||
P&E Additions |
€ |
40.6 |
|
|
€ |
36.3 |
|
|
11.8 |
% |
P&E Additions as a % of revenue |
|
36.9 |
% |
|
|
32.0 |
% |
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA less P&E Additions |
€ |
(5.3 |
) |
|
€ |
0.5 |
|
|
(1,160.0 |
%) |
|
|
|
|
|
|
|||||
Adjusted FCF |
€ |
(27.8 |
) |
|
€ |
(20.7 |
) |
|
|
|
Third-Party Debt and Cash and Cash Equivalents
The following table details the borrowing currency and euro equivalent of the nominal amounts of VM Ireland’s consolidated third-party debt and cash and cash equivalents:
|
|
March 31, |
|
December 31, |
|||||||
|
|
2025 |
|
2024 |
|||||||
|
|
Borrowing currency |
|
€ equivalent |
|||||||
|
|
in millions |
|||||||||
|
|
|
|
|
|
|
|||||
Credit Facilities: |
|
|
|
|
|||||||
Term Loan B1 (EURIBOR + |
|
€ |
900.0 |
|
€ |
900.0 |
|
|
€ |
900.0 |
|
|
|
|
— |
|
|
|
— |
|
|||
Total third-party debt |
|
|
900.0 |
|
|
|
900.0 |
|
|||
Deferred financing costs and discounts, net |
|
|
(3.7 |
) |
|
|
(4.0 |
) |
|||
Total carrying amount of third-party debt |
|
|
896.3 |
|
|
|
896.0 |
|
|||
Less: cash and cash equivalents |
|
|
11.9 |
|
|
|
11.9 |
|
|||
Net carrying amount of third-party debt |
|
€ |
884.4 |
|
|
€ |
884.1 |
|
|||
Capital Structure
-
At March 31, 2025, the blended fully-swapped debt borrowing cost was
4.0% and the average tenor of third-party debt was approximately 4.3 years -
At March 31, 2025, VM Ireland had
€100.0 million of undrawn commitments available
Covenant Debt Information
The following table details the euro equivalents of the reconciliation from VM Ireland’s consolidated third-party debt to the total covenant amount of third-party gross and net debt. The euro equivalents presented below are based on exchange rates that were in effect as of March 31, 2025 and December 31, 2024. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.
|
March 31, |
|
December 31, |
||||
|
2025 |
|
2024 |
||||
|
in millions |
||||||
|
|
|
|
||||
Total third-party debt |
€ |
900.0 |
|
|
€ |
900.0 |
|
Credit Facility Excluded Amount |
|
(50.0 |
) |
|
|
(50.0 |
) |
Total covenant amount of third-party gross debt |
|
850.0 |
|
|
|
850.0 |
|
Cash and cash equivalents |
|
(11.9 |
) |
|
|
(11.9 |
) |
Total covenant amount of third-party net debt |
€ |
838.1 |
|
|
€ |
838.1 |
|
Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last twelve months basis as of March 31, 2025.
Net Total Debt to Annualized Adjusted EBITDA |
5.17x |
Net Total Debt (excluding Credit Facility Excluded Amount) to Annualized Adjusted EBITDA |
5.48x |
Appendix
Forward-Looking Statements and Disclaimer
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our, our subsidiaries', and our joint ventures' strategies, future growth prospects and opportunities; expectations regarding our and our businesses' financial performance, including Revenue and Rebased Revenue, Adjusted EBITDA, Adjusted EBITDA less P&E Additions, operating and capital expenses, property and equipment additions, Adjusted Free Cash Flow, Distributable Cash Flow and ARPU metrics; our operating companies' 2025 U.S. GAAP and IFRS financial guidance, including updates to such guidance; our future strategies for maximizing and creating value for our shareholders, including any potential capital market or private transactions that we may undertake with respect to any of our businesses; the expected drivers of future operational and financial performance at our operating companies and our joint ventures; our, our affiliates' and our joint ventures' plans with respect to networks, products and services and the investments in such networks, products and services, including any anticipated price increases, Formula E's social media initiatives, VodafoneZiggo's new Wifi Guarantee, the planned fiber upgrade programs in the
Share Repurchase Program
Our share buyback plan for 2025 authorized the repurchase of up to
About Liberty Global
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is a dynamic team of operators and investors generating and delivering shareholder value through the strategic management of three platforms — Liberty Telecom, Liberty Growth and Liberty Services.
Liberty Telecom is a world leader in converged broadband, video and mobile communications services, delivering next-generation products through advanced fiber and 5G networks. Liberty Telecom currently provides approximately 80 million* connections through some of Europe’s best-known consumer brands, including Virgin Media O2 (VMO2) in the
Liberty Telecom's consolidated businesses generate annual revenue of approximately
Liberty Growth invests, grows and rotates capital into scalable businesses across the technology, media/content, sports and infrastructure industries with a portfolio of approximately 70 companies and various funds, including stakes in companies like ITV, Televisa Univision, Plume, EdgeConneX and AtlasEdge, as well as our controlling interest in the Formula E racing series. Liberty Services delivers innovative technology and finance services, generating approximately
Telenet, the VMO2 JV and the VodafoneZiggo JV deliver mobile services as mobile network operators. Virgin Media Ireland delivers mobile services as a mobile virtual network operator through third-party networks.
Liberty Global Ltd. is listed on the Nasdaq Global Select Market under the symbols "LBTYA", "LBTYB" and "LBTYK".
* |
Represents aggregate consolidated and |
|
** |
Revenue figures above are provided based on full year 2024 Liberty Global consolidated results and the combined as reported full year 2024 results for the VodafoneZiggo JV and full year 2024 U.S. GAAP results for the VMO2 JV. |
|
*** |
Represents full year 2024 revenue of Liberty Services, substantially all of which is derived from our consolidated businesses and nonconsolidated JVs. |
For more information, please visit www.libertyglobal.com.
Balance Sheets, Statements of Operations and Statements of Cash Flows
The condensed consolidated balance sheets, statements of operations and statements of cash flows of Liberty Global are in our 10-Q.
Rebase Information
Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For purposes of calculating rebase growth rates on a comparable basis for all businesses that we owned during 2025, we have adjusted our historical revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for the three months ended March 31, 2024 to (i) include the pre-acquisition revenue, Adjusted EBITDA and P&E Additions to the same extent these entities are included in our results for the three months ended March 31, 2025, (ii) exclude from our rebased amounts the revenue, Adjusted EBITDA and P&E Additions of entities disposed of to the same extent these entities are excluded in our results for the three months ended March 31, 2025, (iii) include in our rebased amounts the impact to revenue and Adjusted EBITDA of activity between our continuing and discontinued operations related to the Tech Framework that previously eliminated within our consolidated results, (iv) include in our rebased amounts the revenue and costs for the temporary elements of transitional and other services provided to iliad, Vodafone, Deutsche Telekom and Sunrise, to reflect amounts related to these services equal to those included in our results for the three months ended March 31, 2025 and (v) reflect the translation of our rebased amounts at the applicable average foreign currency exchange rates that were used to translate our results for the three months ended March 31, 2025. For entities we have acquired during 2024, we have reflected the revenue, Adjusted EBITDA and P&E Additions of these acquired entities in our 2024 rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimated effects of (a) any significant differences between
The following table provides adjustments made to 2024 amounts (i) for our consolidated continuing operations and (ii) for the nonconsolidated VMO2 JV and VodafoneZiggo JV to derive our rebased growth rates:
|
Three months ended March 31, 2024 |
||||||||||
|
Revenue |
|
Adjusted EBITDA |
|
Adjusted EBITDA less P&E Additions |
||||||
|
in millions |
||||||||||
|
|
|
|
|
|
||||||
Consolidated Continuing Operations: |
|
|
|
|
|
||||||
Telenet: |
|
|
|
|
|
||||||
Foreign currency |
$ |
(22.2 |
) |
|
$ |
(9.3 |
) |
|
$ |
(3.6 |
) |
VM Ireland: |
|
|
|
|
|
||||||
Foreign currency |
|
(3.7 |
) |
|
|
(1.2 |
) |
|
|
— |
|
Other: |
|
|
|
|
|
||||||
Acquisitions and dispositions(i) |
|
176.7 |
|
|
|
45.6 |
|
|
|
37.8 |
|
Foreign currency |
|
(5.3 |
) |
|
|
0.2 |
|
|
|
0.4 |
|
Total consolidated continuing operations |
$ |
145.5 |
|
|
$ |
35.3 |
|
|
$ |
34.6 |
|
|
|
|
|
|
|
||||||
Nonconsolidated JVs: |
|
|
|
|
|
||||||
VMO2 JV(ii): |
|
|
|
|
|
||||||
Foreign currency |
$ |
(19.4 |
) |
|
$ |
(6.4 |
) |
|
$ |
(2.3 |
) |
|
|
|
|
|
|
||||||
VodafoneZiggo JV(ii): |
|
|
|
|
|
||||||
Foreign currency |
$ |
(33.6 |
) |
|
$ |
(15.4 |
) |
|
$ |
(8.0 |
) |
_______________ |
||
(i) |
In addition to our acquisitions and dispositions, these rebase adjustments include amounts related to agreements to provide transitional and other services to iliad, Vodafone, Deutsche Telekom and Sunrise. These adjustments result in an equal amount of fees in both the 2025 and 2024 periods for those services that are deemed to be temporary in nature. |
|
(ii) |
Amounts reflect |
|
Property and Equipment Additions and Capital Expenditures
The table below reconciles the property and equipment additions of our continuing operations for the indicated periods to the capital expenditures that are presented in the condensed consolidated statements of cash flows in our 10-Q.
|
Three months ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
|
in millions, except % amounts |
||||||
|
|
|
|
||||
Total consolidated property and equipment additions |
$ |
285.6 |
|
|
$ |
221.0 |
|
Reconciliation of property and equipment additions to capital expenditures: |
|
|
|
||||
Assets acquired under capital-related vendor financing arrangements(i) |
|
(20.6 |
) |
|
|
(30.6 |
) |
Assets acquired under finance leases |
|
— |
|
|
|
(0.5 |
) |
Changes in current liabilities related to capital expenditures |
|
(21.7 |
) |
|
|
16.2 |
|
Total capital expenditures, net(ii) |
$ |
243.3 |
|
|
$ |
206.1 |
|
|
|
|
|
||||
Property and equipment additions as % of revenue |
|
24.4 |
% |
|
|
20.3 |
% |
_______________ |
||
(i) |
Amounts exclude related VAT of |
|
(ii) |
The capital expenditures that we report in our condensed consolidated statements of cash flows do not include amounts that are financed under vendor financing or finance lease arrangements. Instead, these expenditures are reflected as non-cash additions to our property and equipment when the underlying assets are delivered, and as repayments of debt when the related principal is repaid. |
|
Foreign Currency Information
The following table presents the relationships between the primary currencies of the countries in which we operate and the
|
March 31, 2025 |
|
December 31, 2024 |
|
|
|
|
Spot rates: |
|
|
|
Euro |
0.9249 |
|
0.9663 |
British pound sterling |
0.7747 |
|
0.7988 |
|
Three months ended March 31, |
||
|
2025 |
|
2024 |
|
|
|
|
Average rates: |
|
|
|
Euro |
0.9501 |
|
0.9211 |
British pound sterling |
0.7936 |
|
0.7886 |
Footnotes
1 |
On an as guided basis. Guidance basis revenue excludes handset revenue and nexfibre construction revenue. Guidance basis Adjusted EBITDA excludes nexfibre construction impacts. |
|
2 |
Amounts exclude SMAs and include our consolidated investments in |
|
3 |
Subsequent to the April redemption of VMO2's Senior Secured Notes due 2027 in the total amount of |
|
4 |
Consolidated intercompany eliminations amounts for the three months ended March 31, 2024 within the Financial Highlights tables primarily relate to (i) revenue and Adjusted EBITDA within our T&I Function of ( |
|
5 |
Amounts within the Financial Highlights tables reflect |
|
6 |
Includes homes passed by the nexfibre partner network, which the VMO2 JV has access to and acts as the anchor tenant. |
|
7 |
This release includes the actual |
|
8 |
Rebase growth rates included in this release are rebased for acquisitions, dispositions, FX and other items that impact the comparability of our year-over-year results. See the Rebase Information section for more information on rebased growth. |
|
9 |
Includes opex costs to capture of |
|
10 |
See Reconciliations section of the Appendix below for applicable non-GAAP reconciliations. |
|
11 |
VMO2 guidance presented on an IFRS basis as guided by the VMO2 JV. US GAAP guidance for the VMO2 JV cannot be provided without unreasonable efforts, as the VMO2 JV reports under IFRS and does not have |
|
12 |
VodafoneZiggo Adjusted FCF excludes financing and investing cash flows related to potential acquisitions and mobile spectrum auction fees. |
|
13 |
Telenet guidance presented on an IFRS basis. US GAAP guidance for Telenet is broadly the same as their separate IFRS guidance. |
|
14 |
For purposes of calculating our average tenor, total third-party debt excludes vendor financing, certain debt obligations that we assumed in connection with various acquisitions, debt collateralized by certain trade receivables of Telenet and liabilities related to Telenet's acquisition of mobile spectrum licenses. The percentage of debt not due until 2029 or thereafter includes all of these amounts. |
|
15 |
Liquidity refers to cash and cash equivalents and investments held under separately managed accounts plus the maximum undrawn commitments under subsidiary borrowing facilities, without regard to covenant compliance calculations or other conditions precedent to borrowing. |
|
16 |
Our aggregate unused borrowing capacity of |
Glossary
See Reconciliations section of the Appendix below for applicable non-GAAP reconciliations.
10-Q or 10-K: As used herein, the terms 10-Q and 10-K refer to our most recent quarterly or annual report as filed with the Securities and Exchange Commission on Form 10-Q or Form 10-K, as applicable.
Adjusted EBITDA, Adjusted EBITDA less P&E Additions and Property and Equipment Additions (P&E Additions):
-
Adjusted EBITDA: Adjusted EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, Adjusted EBITDA is defined as earnings (loss) from continuing operations before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on debt extinguishment, net realized and unrealized gains (losses) due to changes in fair values of certain investments, net foreign currency transaction gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate. We believe our consolidated Adjusted EBITDA measure, which is a non-GAAP measure, is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted EBITDA of our Liberty Growth strategic platform and our Liberty Services strategic platform, together with our corporate functions, are each non-GAAP measures. These non-GAAP measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for,
U.S. GAAP measures of income included in our condensed consolidated statements of operations. -
Adjusted EBITDA less P&E Additions: We define Adjusted EBITDA less P&E Additions, which is a non-GAAP measure, as Adjusted EBITDA less P&E Additions on an accrual basis. Adjusted EBITDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted EBITDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted EBITDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted EBITDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not a substitute for,
U.S. GAAP measures of income included in our condensed consolidated statements of operations. - P&E Additions: Includes capital expenditures, including capitalized software, on an accrual basis, amounts financed under vendor financing or finance lease arrangements and other non-cash additions.
Adjusted EBITDA after leases (Adjusted EBITDAaL): We define Adjusted EBITDAaL as Adjusted EBITDA as further adjusted to include finance lease related depreciation and interest expense. Our internal decision makers believe Adjusted EBITDAaL is a meaningful measure because it represents a transparent view of our recurring operating performance that includes recurring lease expenses necessary to operate our business. We believe Adjusted EBITDAaL, which is a non-GAAP measure, is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted EBITDAaL should be viewed as a measure of operating performance that is a supplement to, and not a substitute for,
Adjusted Free Cash Flow (Adjusted FCF) & Distributable Cash Flow:
-
Adjusted FCF: We define Adjusted FCF as net cash provided by operating activities of our continuing operations, plus operating-related vendor financed expenses (which represents an increase in the period to our actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities), less (i) cash payments in the period for capital expenditures, (ii) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to our actual cash available as a result of paying amounts to vendors and intermediaries where we previously had extended vendor payments beyond the normal payment terms), and (iii) principal payments on finance leases (which represents a decrease in the period to our actual cash available), each as reported in our condensed consolidated statements of cash flows with each item excluding any cash provided or used by our discontinued operations. Net cash provided by operating activities of our continuing operations includes cash paid for third-party costs directly associated with successful and unsuccessful acquisition and dispositions of
$0.8 million $5.2 million
For purposes of the statements of cash flows, operating-related vendor financing additions represent operating-related expenses financed by an intermediary that are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor. When the financing intermediary is paid, a financing cash outflow is recorded in the statements of cash flows. For purposes of Adjusted FCF, we (i) add in the constructive financing cash inflow when the intermediary settles the liability with the vendor as our actual net cash available at that time is not affected and (ii) subsequently deduct the related financing cash outflow when we actually pay the financing intermediary, reflecting the actual reduction to our cash available to service debt or fund new investment opportunities. - Distributable Cash Flow: We define Distributable Cash Flow as Adjusted FCF plus any dividends received from our equity affiliates that are funded by activities outside of their normal course of operations, including, for example, those funded by recapitalizations (referred to as “Other Affiliate Dividends”).
-
VodafoneZiggo Adjusted FCF: VodafoneZiggo defines Adjusted FCF as net cash provided by operating activities, plus (i) operating-related vendor financed expenses (which represents an increase in the period to actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities) and (ii) interest payments on shareholder loans, less (a) cash payments in the period for capital expenditures (excluding spectrum payments), (b) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to actual cash available as a result of paying amounts to vendors and intermediaries where we previously had extended vendor payments beyond the normal payment terms), and (c) principal payments on finance leases (which represents a decrease in the period to actual cash available).
We believe our presentation of Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF, each of which is a non-GAAP measure, provides useful information to our investors because these measures can be used to gauge our ability to (i) service debt and (ii) fund new investment opportunities after consideration of all actual cash payments related to our working capital activities and expenses that are capital in nature, whether paid inside normal vendor payment terms or paid later outside normal vendor payment terms (in which case we typically pay in less than 365 days). Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at these amounts. Investors should view Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF as supplements to, and not substitutes for,U.S. GAAP measures of liquidity included in our condensed consolidated statements of cash flows. Further, our Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF may differ from how other companies define and apply their definition of Adjusted FCF or other similar measures.
ARPU: Average Revenue Per Unit is the average monthly subscription revenue per average fixed customer relationship or mobile subscriber, as applicable. ARPU per average fixed-line customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO services by the average number of fixed-line customer relationships for the period. ARPU per average mobile subscriber is calculated by dividing mobile subscription revenue for the indicated period by the average number of mobile subscribers for the period. Unless otherwise indicated, ARPU per fixed customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per RGU refers to average monthly revenue per average RGU, which is calculated by dividing the average monthly subscription revenue from residential and SOHO services for the indicated period, by the average number of the applicable RGUs for the period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average fixed customer relationship or mobile subscriber, as applicable. Fixed-line customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. In addition, for purposes of calculating the percentage change in ARPU on a rebased basis, which is a non-GAAP measure, we adjust the prior-year subscription revenue, fixed-line customer relationships, mobile subscribers and RGUs, as applicable, to reflect acquisitions, dispositions and FX on a comparable basis with the current year, consistent with how we calculate our rebased growth for revenue and Adjusted EBITDA, as further described in the body of this release.
ARPU per Consumer Postpaid Mobile Subscriber: Our ARPU per consumer postpaid mobile subscriber calculation refers to the average monthly postpaid mobile subscription revenue per average consumer postpaid mobile subscriber and is calculated by dividing the average monthly postpaid mobile subscription revenue (excluding handset sales and late fees) for the indicated period, by the monthly average of the opening and closing balances of consumer postpaid mobile subscribers in service for the period.
Blended, fully-swapped debt borrowing cost (or WACD): The weighted average interest rate on our aggregate variable- and fixed-rate indebtedness (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings.
Broadband Subscriber: A home, residential multiple dwelling unit or commercial unit that receives internet services over our networks, or that we service through a partner network.
B2B: Business-to-Business.
Costs to capture: Costs to capture generally include incremental, third-party operating and capital related costs that are directly associated with integration activities, restructuring activities and certain other costs associated with aligning an acquiree to our business processes to derive synergies. These costs are necessary to combine the operations of a business being acquired (or joint venture being formed) with ours or are incidental to the acquisition. As a result, costs to capture may include certain (i) operating costs that are included in Adjusted EBITDA, (ii) capital-related costs that are included in property and equipment additions and Adjusted EBITDA less P&E Additions and (iii) certain integration-related restructuring expenses that are not included within Adjusted EBITDA or Adjusted EBITDA less P&E Additions. Given the achievement of synergies occurs over time, certain of our costs to capture are recurring by nature, and generally incurred within a few years of completing the transaction.
Customer Churn: The rate at which customers relinquish their subscriptions. The annual rolling average basis is calculated by dividing the number of disconnects during the preceding 12 months by the average number of customer relationships. For the purpose of computing churn, a disconnect is deemed to have occurred if the customer no longer receives any level of service from us and is required to return our equipment. A partial product downgrade, typically used to encourage customers to pay an outstanding bill and avoid complete service disconnection, is not considered to be disconnected for purposes of our churn calculations. Customers who move within our footprint and upgrades and downgrades between services are also excluded from the disconnect figures used in the churn calculation.
Fixed-Line Customer Relationships: The number of customers who receive at least one of our broadband, video or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. Fixed-Line Customer Relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two Fixed-Line Customer Relationships. We exclude mobile-only customers from Fixed-Line Customer Relationships.
Fixed-Mobile Convergence (FMC): Fixed-mobile convergence penetration represents the number of customers who subscribe to both a fixed broadband service and postpaid mobile telephony service, divided by the total number of customers who subscribe to our fixed broadband service.
Homes Passed: Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our Homes Passed counts are based on census data that can change based on either revisions to the data or from new census results.
Homes Serviceable: As defined by VMO2, this includes homes, residential multiple dwelling units or commercial units that can be connected to VMO2's networks that are technologically capable of providing two-way services (including broadband, video and telephony services) or partner networks with which VMO2 has a service agreement, where customers can request and receive services, without materially extending the distribution plant. Certain of VMO2's Homes Serviceable counts are based on census data that can change based on either revisions to the data or from new census results.
Liberty Growth: Represents certain investments in technology, media, sports and digital infrastructure companies that we view as scalable businesses. Our Liberty Growth strategic platform is included in the "all other category" in the 10-Q.
Liberty Services & Corporate: Includes our Liberty Services strategic platform and certain corporate activities, each of which is included in the “all other category” in the 10-Q. While certain of these functions provide services to investments included in our Liberty Growth strategic platform, we have not allocated these costs or cash flows in our internal management reporting or external disclosures.
Mobile Subscriber Count: For residential and business subscribers, the number of active SIM cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop would be counted as two mobile subscribers. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. Prepaid mobile customers are excluded from the VMO2 JV's and the VodafoneZiggo JV's mobile subscriber counts after a period of inactivity of three months and nine months, respectively.
MVNO: Mobile Virtual Network Operator.
RGU: A Revenue Generating Unit is separately a Broadband Subscriber, Video Subscriber or Telephony Subscriber. A home, residential multiple dwelling unit or commercial unit may contain one or more RGUs. For example, if a residential customer subscribed to our broadband service, video service and fixed-line telephony service, the customer would constitute three RGUs. Total RGUs is the sum of Broadband, Video and Telephony Subscribers. RGUs generally are counted on a unique premises basis such that a given premise does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled broadband, video or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.
SIM: Subscriber Identification Module.
SOHO: Small or Home Office Subscribers.
Tech Framework: Our centrally-managed technology and innovation function (our T&I Function) provides, and allocates charges for, certain products and services to our consolidated reportable segments (the Tech Framework). These products and services include CPE hardware and related essential software, maintenance, hosting and other services. Our consolidated reportable segments capitalize the combined cost of the CPE hardware and essential software as property and equipment additions and the corresponding amounts charged by our T&I Function are reflected as revenue when earned.
Telephony Subscriber: A home, residential multiple dwelling unit or commercial unit that receives voice services over our networks, or that we service through a partner network. Telephony Subscribers exclude mobile telephony subscribers.
Video Subscriber: A home, residential multiple dwelling unit or commercial unit that receives our video service over our broadband network or through a partner network.
Non-GAAP Reconciliations
VMO2
Adjusted EBITDA, P&E Additions, Adjusted EBITDA less P&E Additions
The following table provides
|
Three months ended March 31, |
|||||
|
2025 |
|
2024 |
|||
|
in millions |
|||||
|
|
|
|
|||
Adjusted EBITDA: |
|
|
|
|||
|
£ |
851.5 |
|
£ |
846.6 |
|
|
|
62.6 |
|
|
79.1 |
|
IFRS Adjusted EBITDA |
£ |
914.1 |
|
£ |
925.7 |
|
|
|
|
|
|||
P&E Additions: |
|
|
|
|||
|
£ |
471.4 |
|
£ |
540.8 |
|
|
|
57.4 |
|
|
106.7 |
|
IFRS P&E Additions |
£ |
528.8 |
|
£ |
647.5 |
|
|
|
|
|
|||
Adjusted EBITDA less P&E Additions: |
|
|
|
|||
|
£ |
380.1 |
|
£ |
305.8 |
|
|
|
5.2 |
|
|
(27.6 |
) |
IFRS Adjusted EBITDA less P&E Additions |
£ |
385.3 |
|
£ |
278.2 |
|
_______________ |
||
(i) |
|
|
Adjusted FCF
The following table provides a reconciliation of VMO2's
|
Three months ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
|
in millions |
||||||
|
|
|
|
||||
|
|
|
|
||||
Net cash provided (used) by operating activities |
£ |
(77.3 |
) |
|
£ |
114.8 |
|
Operating-related vendor financing additions |
|
529.6 |
|
|
|
918.6 |
|
Cash capital expenditures, net |
|
(216.5 |
) |
|
|
(265.8 |
) |
Principal payments on operating-related vendor financing |
|
(812.1 |
) |
|
|
(1,156.6 |
) |
Principal payments on capital-related vendor financing |
|
(345.8 |
) |
|
|
(374.1 |
) |
Principal payments on finance leases |
|
(1.0 |
) |
|
|
(0.1 |
) |
|
|
(923.1 |
) |
|
|
(763.2 |
) |
|
|
|
|
||||
IFRS: |
|
|
|
||||
|
|
37.7 |
|
|
|
24.5 |
|
IFRS Adjusted FCF |
£ |
(885.4 |
) |
|
£ |
(738.7 |
) |
_______________ |
||
(i) |
|
|
VodafoneZiggo
Adjusted FCF
The following table provides a reconciliation of VodafoneZiggo's net cash provided by operating activities to Adjusted FCF for the indicated periods.
|
Three months ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
|
in millions |
||||||
|
|
|
|
||||
Net cash provided by operating activities |
€ |
177.7 |
|
|
€ |
176.8 |
|
Operating-related vendor financing additions |
|
209.6 |
|
|
|
165.3 |
|
Interest payments on shareholder loans |
|
25.2 |
|
|
|
25.5 |
|
Cash capital expenditures, net |
|
(136.7 |
) |
|
|
(190.0 |
) |
Principal payments on operating-related vendor financing |
|
(176.1 |
) |
|
|
(149.6 |
) |
Principal payments on capital-related vendor financing |
|
(116.8 |
) |
|
|
(90.4 |
) |
Principal payments on finance leases |
|
(2.5 |
) |
|
|
(2.2 |
) |
Adjusted FCF |
€ |
(19.6 |
) |
|
€ |
(64.6 |
) |
Telenet
Adjusted EBITDA, Adjusted EBITDAaL, P&E Additions, Adjusted EBITDA less P&E Additions
The following table provides
|
Three months ended March 31, |
|||||
|
2025 |
|
2024 |
|||
|
in millions |
|||||
|
|
|
|
|||
Adjusted EBITDA: |
|
|
|
|||
|
€ |
286.4 |
|
|
€ |
284.1 |
|
|
37.4 |
|
|
|
30.8 |
IFRS Adjusted EBITDA |
€ |
323.8 |
|
|
€ |
314.9 |
|
|
|
|
|||
Adjusted EBITDAaL: |
|
|
|
|||
|
€ |
286.2 |
|
|
€ |
283.9 |
|
|
17.8 |
|
|
|
12.5 |
IFRS Adjusted EBITDAaL |
€ |
304.0 |
|
|
€ |
296.4 |
|
|
|
|
|||
P&E Additions: |
|
|
|
|||
|
€ |
233.7 |
|
|
€ |
169.7 |
|
|
66.3 |
|
|
|
28.5 |
IFRS P&E Additions |
€ |
300.0 |
|
|
€ |
198.2 |
|
|
|
|
|||
Adjusted EBITDA less P&E Additions: |
|
|
|
|||
|
€ |
52.7 |
|
|
€ |
114.4 |
|
|
(28.9 |
) |
|
|
2.3 |
IFRS Adjusted EBITDA less P&E Additions |
€ |
23.8 |
|
|
€ |
116.7 |
_______________ |
||
(i) |
|
|
Adjusted EBITDAaL
The following table provides a reconciliation of Telenet's
|
Three months ended March 31, |
||||||
|
2025 |
|
2024 |
||||
|
in millions |
||||||
|
|
|
|
||||
|
€ |
286.4 |
|
|
€ |
284.1 |
|
Finance lease adjustments |
|
(0.2 |
) |
|
|
(0.2 |
) |
|
€ |
286.2 |
|
|
€ |
283.9 |
|
Adjusted FCF
The following table provides a reconciliation of Telenet's
|
Three months ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
|
in millions |
||||||
|
|
|
|
||||
|
|
|
|
||||
Net cash provided by operating activities |
€ |
173.8 |
|
|
€ |
176.1 |
|
Operating-related vendor financing additions |
|
67.3 |
|
|
|
88.7 |
|
Cash capital expenditures, net |
|
(185.0 |
) |
|
|
(134.8 |
) |
Principal payments on operating-related vendor financing |
|
(82.0 |
) |
|
|
(90.2 |
) |
Principal payments on capital-related vendor financing |
|
(8.8 |
) |
|
|
(26.7 |
) |
Principal payments on finance leases |
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
(35.0 |
) |
|
|
12.8 |
|
|
|
|
|
||||
IFRS: |
|
|
|
||||
|
|
— |
|
|
|
— |
|
IFRS Adjusted FCF |
€ |
(35.0 |
) |
|
€ |
12.8 |
|
VM Ireland
Adjusted FCF
The following table provides a reconciliation of VM Ireland's net cash provided by operating activities to Adjusted FCF for the indicated periods.
|
Three months ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
|
in millions |
||||||
|
|
|
|
||||
Net cash provided by operating activities |
€ |
11.4 |
|
|
€ |
18.4 |
|
Operating-related vendor financing additions |
|
— |
|
|
|
— |
|
Cash capital expenditures, net |
|
(39.2 |
) |
|
|
(39.1 |
) |
Principal payments on operating-related vendor financing. |
|
— |
|
|
|
— |
|
Principal payments on capital-related vendor financing. |
|
— |
|
|
|
— |
|
Principal payments on finance leases |
|
— |
|
|
|
— |
|
Adjusted FCF |
€ |
(27.8 |
) |
|
€ |
(20.7 |
) |
Liberty Global
Adjusted FCF
The following table provides a reconciliation of Liberty Global's continuing operations consolidated net cash provided by operating activities to consolidated Adjusted FCF and Distributable Cash Flow for the indicated periods.
|
Three months ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
|
in millions |
||||||
|
|
|
|
||||
Net cash provided by operating activities of continuing operations |
$ |
129.2 |
|
|
$ |
91.3 |
|
Operating-related vendor financing additions |
|
71.2 |
|
|
|
97.4 |
|
Cash capital expenditures, net |
|
(243.3 |
) |
|
|
(206.1 |
) |
Principal payments on operating-related vendor financing |
|
(86.4 |
) |
|
|
(101.0 |
) |
Principal payments on capital-related vendor financing |
|
(10.0 |
) |
|
|
(32.5 |
) |
Principal payments on finance leases |
|
(1.9 |
) |
|
|
(0.9 |
) |
Adjusted FCF |
|
(141.2 |
) |
|
|
(151.8 |
) |
Other affiliate dividends |
|
— |
|
|
|
— |
|
Distributable Cash Flow |
$ |
(141.2 |
) |
|
$ |
(151.8 |
) |
Adjusted EBITDA, P&E Additions, Adjusted EBITDA less P&E Additions
A reconciliation of consolidated earnings (loss) from continuing operations to consolidated Adjusted EBITDA less P&E Additions is presented in the following table:
|
Three months ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
|
in millions |
||||||
|
|
|
|
||||
Earnings (loss) from continuing operations |
$ |
(1,323.3 |
) |
|
$ |
634.5 |
|
Income tax expense (benefit) |
|
(70.0 |
) |
|
|
42.8 |
|
Other income, net |
|
(19.4 |
) |
|
|
(36.4 |
) |
Share of results of affiliates, net |
|
148.0 |
|
|
|
7.0 |
|
Losses on debt extinguishment, net |
|
8.0 |
|
|
|
— |
|
Realized and unrealized gains due to changes in fair values of certain investments, net |
|
(55.8 |
) |
|
|
(113.1 |
) |
Foreign currency transaction losses (gains), net |
|
1,081.0 |
|
|
|
(559.3 |
) |
Realized and unrealized losses (gains) on derivative instruments, net |
|
164.7 |
|
|
|
(133.3 |
) |
Interest expense |
|
127.5 |
|
|
|
145.5 |
|
Operating income (loss) |
|
60.7 |
|
|
|
(12.3 |
) |
Impairment, restructuring and other operating items, net |
|
(1.7 |
) |
|
|
33.6 |
|
Depreciation and amortization |
|
232.2 |
|
|
|
222.7 |
|
Share-based compensation expense |
|
33.4 |
|
|
|
39.0 |
|
Consolidated Adjusted EBITDA |
|
324.6 |
|
|
|
283.0 |
|
P&E Additions |
|
(285.6 |
) |
|
|
(221.0 |
) |
Consolidated Adjusted EBITDA less P&E Additions |
$ |
39.0 |
|
|
$ |
62.0 |
|
A reconciliation of Liberty Growth loss from continuing operations to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Growth does not meet the reportable segment quantitative thresholds and is included in the "all other category" in the 10-Q.
|
Three months ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
|
in millions |
||||||
|
|
|
|
||||
Loss from continuing operations |
$ |
(13.3 |
) |
|
$ |
(4.7 |
) |
Income tax benefit |
|
0.4 |
|
|
|
— |
|
Other income, net |
|
0.2 |
|
|
|
0.1 |
|
Foreign currency transaction losses, net |
|
1.1 |
|
|
|
— |
|
Realized and unrealized losses on derivative instruments, net |
|
0.6 |
|
|
|
— |
|
Interest expense |
|
7.5 |
|
|
|
1.0 |
|
Operating loss |
|
(3.5 |
) |
|
|
(3.6 |
) |
Impairment, restructuring and other operating items, net |
|
1.7 |
|
|
|
0.2 |
|
Depreciation and amortization |
|
10.0 |
|
|
|
3.0 |
|
Share-based compensation expense |
|
0.2 |
|
|
|
— |
|
Liberty Growth Adjusted EBITDA |
|
8.4 |
|
|
|
(0.4 |
) |
P&E Additions |
|
(1.8 |
) |
|
|
(1.5 |
) |
Liberty Growth Adjusted EBITDA less P&E Additions |
$ |
6.6 |
|
|
$ |
(1.9 |
) |
A reconciliation of Liberty Services, together with our corporate functions, earnings (loss) from continuing operations to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Services and our corporate functions do not meet the reportable segment quantitative thresholds and are each included in the "all other category" in the 10-Q.
|
Three months ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
|
in millions |
||||||
|
|
|
|
||||
Earnings (loss) from continuing operations |
$ |
(1,406.2 |
) |
|
$ |
717.0 |
|
Income tax expense |
|
0.8 |
|
|
|
2.8 |
|
Other income, net |
|
(19.7 |
) |
|
|
(122.7 |
) |
Share of results of affiliates, net |
|
147.5 |
|
|
|
6.5 |
|
Realized and unrealized gains due to changes in fair values of certain investments, net |
|
(55.8 |
) |
|
|
(113.2 |
) |
Foreign currency transaction losses (gains), net |
|
1,226.1 |
|
|
|
(639.2 |
) |
Realized and unrealized losses on derivative instruments, net |
|
52.2 |
|
|
|
57.3 |
|
Interest expense |
|
10.4 |
|
|
|
10.3 |
|
Operating loss |
|
(44.7 |
) |
|
|
(81.2 |
) |
Impairment, restructuring and other operating items, net |
|
(12.1 |
) |
|
|
13.1 |
|
Depreciation and amortization |
|
16.5 |
|
|
|
8.5 |
|
Share-based compensation expense |
|
27.7 |
|
|
|
29.3 |
|
Liberty Services & Corporate Adjusted EBITDA |
|
(12.6 |
) |
|
|
(30.3 |
) |
P&E Additions |
|
(4.2 |
) |
|
|
(5.9 |
) |
Liberty Services & Corporate Adjusted EBITDA less P&E Additions |
$ |
(16.8 |
) |
|
$ |
(36.2 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250501718438/en/
Investor Relations
Michael Bishop +44 20 8483 6246
Lewis Chong +44 7927 583187
Corporate Communications
Bill Myers +1 303 220 6686
Matt Beake +44 20 8483 6428
Source: Liberty Global
