Liberty Global Ltd.

07/24/2026 | Press release | Distributed by Public on 07/24/2026 06:15

Strong operational results and continued progress toward Ziggo Group spin-off in 2027 (Form 8-K)

Strong operational results and continued progress toward Ziggo Group spin-off in 2027
Denver, Colorado: July 24, 2026 - Liberty Global Ltd. announces its Q2 2026 financial results.

CEO Mike Fries stated, "In the second quarter, we continued to execute against our strategic priorities including taking key steps towards unlocking value for shareholders through the planned Ziggo Group spin-off as early as mid-2027:

•Liberty Telecom: Our Telecom operations continued to focus on driving commercial momentum and investing in the future-proofing of our infrastructure. In the Benelux, VodafoneZiggo delivered positive broadband net adds with the best quarterly performance in six years driven by continued execution of the How We Win plan, while Telenet delivered the fifth consecutive quarter of positive broadband net adds, supported by strong cross-sell campaigns and sales execution. In the UK, broadband and postpaid trading performance improved year-over-year at Virgin Media O2, while the full fiber network expansion hit a milestone 9 million1 premises. Virgin Media Ireland delivered positive postpaid mobile net adds for the sixth consecutive quarter and positive total broadband net adds2, supported by strong wholesale performance.

•Ziggo Group spin-off: During Q2 we made significant progress against the key steps ahead of the Ziggo Group spin-off in 2027, including the announcement of Ziggo Group management in June. In Belgium, we received approval from the Belgian Competition Authority for the fiber sharing agreement with Proximus, enabling a full separation of the capital structures at Telenet and Wyre. In the Netherlands, we remain on-track to close the acquisition of Vodafone's 50% stake in Vodafone Ziggo by the end of July, with all approvals met to close.

•Liberty Growth: In the second quarter, we completed the full exit of our remaining stake in EdgeConneX for total proceeds of $604m representing >30% IRR on our investment and bringing our year-to-date disposals to ~$900m. The portfolio remains concentrated, with the top five investments comprising over 50% of the $2.9 billion3 FMV. We are continuing to focus on areas where we see conviction in our right-to-play, with strong structural tailwinds and a clear path to value monetization over time.

•Liberty Global: Year-to-date we have achieved ~$1.2 billion in asset monetizations, including Growth portfolio disposals of ~$900m and a ~$340m asset-backed loan secured by a portion of our Wyre stake. As a result, we are upgrading our year-end corporate cash target from ~$1.5 billion to ~$2.0 billion4. We remain focused on disciplined capital allocation and rotation, while continuing to execute our strategy and return value directly to shareholders."

1
Key Summary of Operating and Financial Highlights5,6
Three months ended
June 30, 		Increase/(decrease) Six months ended
June 30, 		Increase/(decrease)
2026 2025 Reported %
Rebased %7
2026 2025 Reported %
Rebased %7
in millions, except % amounts
Revenue
Telenet $ 753.1 $ 785.1 (4.1) (1.0) $ 1,512.5 $ 1,528.3 (1.0) (0.7)
Wyre 197.8 195.0 1.4 (1.0) 396.7 375.8 5.6 (1.0)
VM Ireland 122.4 122.8 (0.3) (2.7) 249.4 238.6 4.5 (2.0)
Consolidated Liberty Telecom 1,073.3 1,102.9 (2.7) 2,158.6 2,142.7 0.7
Liberty Growth 110.8 163.8 (32.4) (27.9) 288.4 291.1 (0.9) (0.6)
Liberty Corporate 232.7 223.7 4.0 (3.7) 471.9 431.1 9.5 (3.5)
Consolidated intercompany eliminations (244.8) (221.3) N.M. N.M. (472.3) (424.6) N.M. N.M.
Total consolidated $ 1,172.0 $ 1,269.1 (7.7) (6.0) $ 2,446.6 $ 2,440.3 0.3 (1.5)
Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV
$ 3,220.3 $ 3,373.5 (4.5) (7.9) $ 6,442.7 $ 6,499.8 (0.9) (7.2)
VodafoneZiggo JV
$ 1,133.7 $ 1,123.3 0.9 (1.5) $ 2,282.2 $ 2,175.3 4.9 (1.7)
Net earnings (loss)
Liberty Global Consolidated $ (357.8) $ (2,773.8) 87.1 $ 0.4 $ (4,097.1) 100.0
Liberty Growth $ (59.5) $ (36.7) (62.1) $ (99.3) $ (50.5) (96.6)
Liberty Corporate $ (274.1) $ (2,700.5) 89.9 $ 88.7 $ (4,106.6) 102.2
Adjusted EBITDA
Telenet $ 197.0 $ 185.1 6.4 4.8 $ 380.9 $ 340.9 11.7 6.7
Wyre 141.6 152.9 (7.4) (9.4) 295.9 298.7 (0.9) (7.0)
VM Ireland 40.4 41.4 (2.4) (4.7) 78.8 78.6 0.3 (5.8)
Consolidated Liberty Telecom 379.0 379.4 (0.1) 755.6 718.2 5.2
Liberty Growth (25.7) (13.3) (93.2) 9.1 (23.7) (3.0) (690.0) 31.3
Liberty Corporate (18.0) (20.8) 13.5 N.M. (20.3) (35.3) 42.5 N.M.
Consolidated intercompany eliminations (10.4) (10.0) N.M. N.M. (20.2) (20.0) N.M. N.M.
Total consolidated $ 324.9 $ 335.3 (3.1) (4.2) $ 691.4 $ 659.9 4.8 (1.3)
Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV
$ 1,180.3 $ 1,172.3 0.7 (2.2) $ 2,272.1 $ 2,245.7 1.2 (4.6)
VodafoneZiggo JV
$ 470.1 $ 496.7 (5.4) (7.6) $ 952.1 $ 959.8 (0.8) (7.0)
2
Subscriber Variance Table - June 30, 2026 vs. March 31, 2026
Fixed-Line Customer
Relationships 		Broadband
Subscribers 		Total
RGUs 		Postpaid Mobile
Subscribers
Organic Change Summary
Consolidated Reportable Segments:
Telenet
(14,000) 6,100 (53,200) 2,200
VM Ireland (5,900) (5,000) (13,500) 3,000
Total Consolidated Reportable Segments (19,900) 1,100 (66,700) 5,200
Q2 2026 Consolidated Reportable Segments Adjustments:
Telenet
- - - 2,400
Nonconsolidated Reportable Segments:
VMO2 JV (29,900) (28,200) (208,200) (63,000)
VodafoneZiggo JV(i)
1,700 7,200 (26,700) 31,700
_______________
(i)Organic movements for the periods presented exclude certain B2B customers and subscribers for fixed line counts and include voice-only connections for mobile counts.

3
Virgin Media O2 reaches 9 million1 full-fiber premises with continued focus on network investment and quality
In Q2 2026, VMO2 delivered improved postpaid net adds for the second consecutive quarter, driven by successful commercial initiatives and wholesale growth. VMO2 also announced the agreement of a new MVNO partnership with Monzo, expanding its market leading reach in wholesale mobile. Despite the ongoing competitive intensity in the broadband market, VMO2 delivered a year-over-year improvement in broadband and postpaid mobile net adds performance, and continued to focus on upgrading the network, with full-fiber now reaching 9 million premises. VMO2 remains on track for all full-year guidance8.
Highlights for Q2
•Fixed network investment: Full-fiber footprint reached a milestone 9 million premises including the nexfibre network, and gigabit speeds available across all 18.8 million serviceable homes
•New MVNO partnership: Agreed a new partnership with Monzo, underpinning VMO2's market leading position as an MVNO provider and expanding its reach in wholesale mobile
•Commercial initiatives: VMO2 expanded the O2 Satellite offering to iPhone users, bringing direct-to-device satellite connectivity to millions in the UK
Q2 Financial Highlights (in U.S. GAAP, as reported by Liberty Global)9
•Revenue of $3,220.3 million, -4.5% YoY on a reported basis and -7.9% YoY on a rebased7 basis
◦Primarily driven by (i) the expected reduction in nexfibre construction revenue, (ii) lower consumer fixed and moderately lower consumer mobile revenue and (iii) lower business revenue as O2 Business streamlines the product portfolio, partially offset by growth in wholesale service revenue supported by MVNO momentum
•Adjusted EBITDA10 of $1,180.3 million, +0.7% YoY on a reported basis and -2.2% on a rebased basis
◦Primarily driven by lower total service revenue, partially offset by (i) cost efficiency programs, (ii) a decrease in bad debt and (iii) reduced sales commissions due to a change in the amortization period
•Property and equipment additions of $573.8 million, -14.7% YoY on a reported basis and -15.7% on a rebased basis
•Adjusted EBITDA less P&E additions10 of $606.5 million, +21.4% YoY on a reported basis and +15.2% on a rebased basis
•Cash flows from operating activities of $843.6 million, cash flows from investing activities of -$311.2 million and cash flows from financing activities of -$337.7 million
Q2 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)11
•Revenue of £2,398.9 million, -5.1% YoY on a reported basis and -7.9% on a rebased basis, adjusted for the Daisy Transaction
•Total service revenue was £2,042.8 million, -1.5% YoY on a reported basis and -3.9% on a rebased basis, adjusted for the Daisy Transaction
4
•Adjusted EBITDA of £975.2 million, -0.9% YoY on a reported basis and -2.9% on a rebased basis, adjusted for the Daisy Transaction
◦Q2 2026 included the benefit of £96.1 million of U.S. GAAP/IFRS differences, primarily related to (i) the VMO2 JV's investment in CTIL and (ii) leases
•The drivers of these IFRS changes are largely consistent with those under U.S. GAAP, as detailed above
Q2 Operating Highlights
•Consumer broadband net losses of 28,200, improving year-over-year despite sustained competitive intensity
•Postpaid net losses of 63,000, reflecting competitive pressure in the consumer and business segments
•Fixed ARPU declined by 4.6% YoY, reflecting promotional activity in the market and an accounting headwind related to the move to pounds-and-pence indexation
2026 VMO2 guidance (in IFRS)(i)
We are confirming8:
•Revenue: Total service revenue decline of 3 to 5% year-over-year, adjusted for the Daisy Transaction
•Adj. EBITDA: Adjusted EBITDA decline of 3 to 5% year-over-year, adjusted for the Daisy Transaction
•P&E additions: £2.0-£2.2B
•Adj. FCF: Around £200m12
•Cash distributions to shareholders: Around £200m

(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, 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.
5
VodafoneZiggo delivers positive broadband net adds in the quarter with best broadband performance in over 6 years
Q2 2026 results marked an important milestone for VodafoneZiggo, with a return to positive broadband net adds while maintaining ARPU, its best performance in over six years. Postpaid mobile recorded its strongest net add performance since 2023, reflecting the success of commercial initiatives and the 'How We Win Plan' implemented in March 2025. Revenue trends improved sequentially, while Adj. EBITDA continued to be impacted by investments in network resilience and service reliability. VodafoneZiggo remains on track for all full-year guidance.
Highlights for Q2
•Operational turnaround on track: Broadband net adds returned to positive, marking the fifth consecutive quarter of improvement since the implementation of the 'How We Win Plan'
•Further commercial initiatives: Commercial momentum continues to be supported by a range of new propositions, including the launch of the FMC One offering, Ziggo's "The Everything Network" campaigns, the inclusion of ESPN within standard TV packages, new SME ICT, and the rollout of fixed on the hollandsnieuwe brand
•Network development: HFC upgrade on track with plan including upcoming 4 and 8 Gbps
Q2 Financial Highlights (in U.S. GAAP)
•Revenue of $1,133.7 million, +0.9% YoY on a reported basis and -1.5% on a rebased basis
◦Primarily driven by lower fixed base and B2B mobile, though sequentially improving
•Adjusted EBITDA of $470.1 million, -5.4% YoY on a reported basis and -7.6% on a rebased basis
◦Primarily driven by (i) the aforementioned revenue decline, (ii) investment in network resilience and service reliability, (iii) higher programming costs, and (iv) increased marketing spend, partially offset by lower labor costs and counter inflationary pressure initiatives
•Cash flows from operating activities of $243.9 million, cash flows from investing activities of -$168.2 million and cash flows from financing activities of -$144.1 million
Q2 Financial Highlights (in U.S. GAAP) in local currency
•Revenue of €975.0 million, -1.5% YoY on both a reported and rebased basis
•Adjusted EBITDA of €404.5 million, -7.6% YoY on both a reported and rebased basis
Q2 Operating Highlights
•Broadband net adds of 7,200 due to the success of commercial initiatives driving strong B2C performance and delivering the best result in over 6 years
•Postpaid net adds of 31,700 driven by strength in B2C, softened partially by the loss of some B2B contracts
•Fixed ARPU remains stable at +0.6% YoY despite new frontbook pricing and ongoing recontracting
6
2026 VodafoneZiggo guidance (in U.S. GAAP)
We are confirming:
•Revenue: Stable to low-single digit decline
•Adj. EBITDA: Mid- to high-single digit decline
•P&E additions to revenue: 23-25%
•Adj. FCF: Around €100 million12
•Cash distributions to shareholders: No Distributions13
7
Telenet delivered continued strong commercial performance in broadband, driven by successful new converged offers
Telenet's Q2 2026 results saw continued strong commercial momentum with net adds across broadband and postpaid supported by the successful revamp of its 'Go Yellow' portfolio. Telenet concluded a new agreement with DAZN for the domestic Jupiler pro league to return to Play Sports as of the 2026-2027 season. During the quarter, Telenet benefitted from the annual price indexation and Adj. EBITDA growth remained strong in part driven by the Wyre MSA reset. Telenet remains on track for all full-year guidance (under IFRS).
Highlights for Q2
•Commercial momentum: Launched new modular mix-and-match (Go Yellow) bundles across all segments with targeted promotions at launch; positioning convergence as the key driver of growth
•Dual-brand strategy execution: Continued growth in the value segment through BASE, complemented by Telenet's premium FMC offering, enabling capture across the addressable market
•Mobile network: Remaining on-track to complete 5G upgrade mid-2026
Q2 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)
•Revenue of $753.1 million, -4.1% YoY on a reported basis and -1.0% on a rebased basis
◦Primarily due (i) to a one-off revenue adjustment ($13m) linked to a VAT copyright dispute, (ii) lower fixed telephony and (iii) lower subscriber revenue relating to the strategic non-renewal of the Belgian football rights, partially offset by higher revenue from the arms-length Wyre MSA reset, introduced in May and backdated to January 2026, reflecting additional services provided and revised accounting treatment
•Adjusted EBITDA of $197.0 million, +6.4% YoY on a reported basis and +4.8% on a rebased basis
•Adjusted EBITDAaL of $197.4 million, +6.6% YoY on a reported basis and +4.8% on a rebased basis
◦Primarily driven by (i) the Wyre MSA flowthrough impact, (ii) lower wholesale fees due to the new Wyre pricing model and (iii) lower programming costs in relation to the exit from the the JPL broadcasting contract with DAZN, partially offset by one-off adjustment linked to VAT copyright dispute ($13m)
•Property and equipment additions of $118.4 million, -14.0% YoY on a reported basis and -15.9% on a rebased basis, reflecting lower capital intensity in line with Telenet's full year outlook
•Adjusted EBITDA less P&E Additions of $78.6 million, +65.5% YoY on a reported basis and +66.8% on a rebased basis
•Cash flows from operating activities of $126.0 million, cash flows from investing activities of -$131.7 million and cash flows from financing activities of -$80.0 million
•Adjusted FCF of $17.7 million
Q2 Financial Highlights (in IFRS)11
•Revenue of €659.0 million, -4.8% YoY on a reported basis and +0.7% YoY on a rebased basis
•Adjusted EBITDA of €225.7 million, +9.2% YoY on a reported basis and +10.4% YoY on a rebased basis
8
◦Q2 2025 included a €56.3 million difference between U.S. GAAP and IFRS, including the differing treatment of the VAT copyright dispute which did not have an impact under IFRS
•Adjusted EBITDAaL of €207.1 million, +10.1% YoY on a reported basis and +11.4% on a rebased basis
•Property and equipment additions (including ROU assets) of €112.4 million, -21.7% YoY on a reported basis and -21.8% on a rebased basis
•Adjusted EBITDA less P&E Additions (including ROU assets) of €113.3 million, +79.8% on a reported basis and + 86.7% on a rebased basis
•Adjusted FCF of €16.1 million
•The drivers of these IFRS changes are largely consistent with those under U.S. GAAP, as detailed above
Q2 Operating Highlights
•Broadband net adds of 6,100 driven by the impact of new commercial initiatives as outlined above and continued cross-selling on the BASE brand
•Postpaid net adds of 2,200 supported by the new pricing and promotional strategies, more than offsetting impacts from the heightened competitive pressure
•Fixed ARPU broadly stable at -0.5% YoY14 impacted primarily by the removal of the football broadcasting from bundles and negative mix impact due to the higher BASE share, partially offset by price increases at Telenet and cross-selling impacts
2026 Telenet guidance (in IFRS and excluding Wyre)15
We are confirming:
•Revenue growth: Stable
•Adj. EBITDAaL: Low-single digit growth
•P&E additions to revenue: Around 20%
•Adj. FCF: Return to positive Adj. FCF of around €20m

9
Wyre and Proximus fiber sharing agreement obtains regulatory approval, advancing the next phase of Wyre's network strategy
The Belgian Competition Authority (BCA) has approved the gigabit-network collaboration in Flanders between Wyre, Telenet, Proximus and Fiberklaar. This approval marks a key milestone in establishing one network amongst the cooperating parties, with reciprocal wholesale access, across a significant part of the region. Operationally, Wyre remains on track to meet its medium-term rollout targets and focused on efficiently deploying high-speed gigabit networks.
Highlights for Q2
•Formal separation of Wyre and Telenet capital structures: Following approval of the fiber sharing agreement by the BCA, the capital structures of Wyre and Telenet will be formally separated, including the repayment of all outstanding shareholder loans between Wyre and its shareholders, Telenet and Fluvius
•Fiber network rollout: Wyre continued to ramp up fiber deployment during the quarter driving higher capex, in line with its medium-term rollout targets
•New MSA agreement with Telenet: In place from May covering core services required by Wyre including future migration path
Q2 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)
•Revenue of $197.8 million, +1.4% YoY on a reported basis and -1.0% on a rebased basis
◦Primarily driven by the new wholesale pricing model introduced in Q4 2025, partially offset by higher usage related revenue
•Adjusted EBITDA of $141.6 million, -7.4% YoY on a reported basis and -9.4% on a rebased basis
•Adjusted EBITDAaL of $138.7 million, -9.0% on a reported basis and -11.0% on a rebased basis
◦Primarily driven by (i) higher costs under the arms-length reset of the Telenet MSA, introduced in May and backdated to January 2026, reflecting additional services provided by Telenet and revised accounting treatment, and (ii) higher labor costs to support organizational growth
•Property and equipment additions of $216.9 million, +64.7% YoY on a reported basis and +60.8% on a rebased basis
•Cash flows from operating activities of $142.4 million, cash flows from investing activities of -$201.3 million and cash flows from financing activities of $59.8 million
•Adjusted FCF of -$59.8 million
Q2 Financial Highlights (in IFRS)11
•Revenue of €170.1 million, -1.0% YoY on both a reported and rebased basis
•Adjusted EBITDA of €122.7 million, -9.0% YoY on both a reported and rebased basis
•Adjusted EBITDAaL of €119.3 million, -11.0% YoY on both a reported and rebased basis
•Property and equipment additions (including ROU assets) of €191.8 million, +64.1% YoY on a reported basis and rebased basis
•The drivers of these IFRS changes are largely consistent with those under U.S. GAAP, as detailed above
10
Virgin Media Ireland delivers growth in its customer base and continues to execute on fiber rollout program
Virgin Media Ireland delivered positive total net adds2 across fixed, wholesale and postpaid during the second quarter, improving year-over-year. Strength in wholesale helped to offset the sustained competitive intensity in the retail market, while postpaid benefitted further from the success of promotional offers. Virgin Media Ireland continued to execute on its network strategy, rolling out fiber in line with the plan and gaining recognition for broadband speed leadership.
Highlights for Q2
•Leading broadband quality: Virgin Media Ireland's network leadership was recognised during the quarter, ranking as the number one provider in Ireland's Internet Speed Test at 300Mbps
•Wholesale strategy succeeding: Consistent execution underpinning resilience amid intense retail competition
•Fiber rollout on-track to substantially complete in 2026 with ~40k additional connections built in the quarter
Q2 Financial Highlights (in U.S. GAAP)
•Revenue of $122.4 million, -0.3% YoY on a reported basis and -2.7% on a rebased basis
◦Primarily driven by lower consumer fixed revenue, reflecting continued pressure on the customer base despite recent ARPU improvements, as well as lower mobile and VMTV revenue
•Adjusted EBITDA of $40.4 million, -2.4% YoY on a reported basis and -4.7% on a rebased basis
◦Primarily driven by (i) lower revenue, (ii) timing impact of energy costs, and (iii) bonus payments, and (iv) a limited addition to bad debt provisions, partially offset by cost discipline initiatives
•Cash flows from operating activities of $44.6 million, cash flows from investing activities of -$45.8 million and cash flows from financing activities of nil
Q2 Financial Highlights (in U.S. GAAP) in local currency
•Revenue of €105.3 million, -2.7% YoY on both a reported and rebased basis
•Adjusted EBITDA of €34.8 million, -4.7% YoY on both a reported and rebased basis
Q2 Operating Highlights
•Broadband net losses of 5,000 impacted by continuing market competition
•Postpaid net adds of 3,000 marked the sixth consecutive quarter of customer base growth, driven by earlier commercial initiatives and effective retention strategies
•Wholesale broadband net adds of 7,200 driven by strong execution of wholesale strategy
11
Consolidated Leverage & Liquidity
•Total principal amount of debt and finance leases: $8.4 billion
•Average debt tenor16: 2.6 years, with ~39% not due until 2029 or thereafter
•Borrowing costs: Blended, fully-swapped cost of debt was 3.8%

The following table(i) details the U.S. dollar equivalents of our liquidity17 position at June 30, 2026, which includes our (i) cash and cash equivalents, (ii) investments held under SMAs and (iii) unused borrowing capacity:
Cash Unused
and Cash Borrowing Total
Equivalents
Capacity(ii)
Liquidity
in millions
Liberty Global and unrestricted subsidiaries
$ 1,610.1 $ - $ 1,610.1
Telenet 789.8 713.4 1,503.2
VM Ireland 18.7 114.1 132.8
Total
$ 2,418.6 $ 827.5 $ 3,246.1
_______________

(i)Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.
(ii)Our aggregate unused borrowing capacity of $0.8 billion18 represents maximum undrawn commitments under the applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing.

The following table(i) details the June 30, 2026 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 $ 7,158.0 $ 1.2 $ 7,159.2 $ 42.9 $ 7,202.1
VM Ireland 1,027.3 - 1,027.3 - 1,027.3
Other 157.8 27.4 185.2 - 185.2
Total
$ 8,343.1 $ 28.6 $ 8,371.7 $ 42.9 $ 8,414.6
_______________

(i)Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.

12
Liberty Global Consolidated Q2 Cash Flows

Three months ended
June 30, 		Increase/(decrease) Six months ended
June 30, 		Increase/(decrease)
2026 2025 Reported % 2026 2025 Reported %
$ in millions, except % amounts
Liberty Global Consolidated Cash Flows:
Net cash provided by operating activities 230.9 149.2 54.8 % 338.5 278.4 21.6 %
Net cash provided (used) by investing activities 391.8 (299.4) 230.9 % 168.8 (246.9) 168.4 %
Net cash used by financing activities (22.1) (124.8) 82.3 % (136.1) (191.0) 28.7 %
Adjusted FCF (150.4) (201.2) 25.2 % (469.7) (342.4) (37.2 %)
Distributable Cash Flow (150.4) (201.2) 25.2 % (469.7) (342.4) (37.2 %)

Financial Highlights (in U.S. GAAP)5,6
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 Operations, Liberty Growth and Liberty 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) Six months ended Increase/(decrease)
June 30, June 30,
Revenue 2026 2025 Reported % Rebased % 2026 2025 Reported % Rebased %
in millions, except % amounts
Telenet $ 753.1 $ 785.1 (4.1) (1.0) $ 1,512.5 $ 1,528.3 (1.0) (0.7)
Wyre 197.8 195.0 1.4 (1.0) 396.7 375.8 5.6 (1.0)
VM Ireland 122.4 122.8 (0.3) (2.7) 249.4 238.6 4.5 (2.0)
Consolidated Liberty Telecom 1,073.3 1,102.9 (2.7) 2,158.6 2,142.7 0.7
Liberty Growth 110.8 163.8 (32.4) (27.9) 288.4 291.1 (0.9) (0.6)
Liberty Corporate 232.7 223.7 4.0 (3.7) 471.9 431.1 9.5 (3.5)
Consolidated intercompany eliminations (244.8) (221.3) N.M. N.M. (472.3) (424.6) N.M. N.M.
Total consolidated $ 1,172.0 $ 1,269.1 (7.7) (6.0) $ 2,446.6 $ 2,440.3 0.3 (1.5)
Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV
$ 3,220.3 $ 3,373.5 (4.5) (7.9) $ 6,442.7 $ 6,499.8 (0.9) (7.2)
VodafoneZiggo JV
$ 1,133.7 $ 1,123.3 0.9 (1.5) $ 2,282.2 $ 2,175.3 4.9 (1.7)
_______________

N.M. - Not Meaningful

13
Three months ended Increase/(decrease) Six months ended Increase/(decrease)
June 30, June 30,
Adjusted EBITDA 2026 2025 Reported % Rebased % 2026 2025 Reported % Rebased %
in millions, except % amounts
Telenet $ 197.0 $ 185.1 6.4 4.8 $ 380.9 $ 340.9 11.7 6.7
Wyre 141.6 152.9 (7.4) (9.4) 295.9 298.7 (0.9) (7.0)
VM Ireland 40.4 41.4 (2.4) (4.7) 78.8 78.6 0.3 (5.8)
Consolidated Liberty Telecom 379.0 379.4 (0.1) 755.6 718.2 5.2
Liberty Growth (25.7) (13.3) (93.2) 9.1 (23.7) (3.0) (690.0) 31.3
Liberty Corporate (18.0) (20.8) 13.5 N.M. (20.3) (35.3) 42.5 N.M.
Consolidated intercompany eliminations (10.4) (10.0) N.M. N.M. (20.2) (20.0) N.M. N.M.
Total consolidated $ 324.9 $ 335.3 (3.1) (4.2) $ 691.4 $ 659.9 4.8 (1.3)
Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV
$ 1,180.3 $ 1,172.3 0.7 (2.2) $ 2,272.1 $ 2,245.7 1.2 (4.6)
VodafoneZiggo JV
$ 470.1 $ 496.7 (5.4) (7.6) $ 952.1 $ 959.8 (0.8) (7.0)
_______________

N.M. - Not Meaningful

Three months ended Increase/(decrease) Six months ended Increase/(decrease)
Adjusted EBITDA less P&E Additions
June 30, June 30,
2026 2025 Reported % Rebased % 2026 2025 Reported % Rebased %
in millions, except % amounts
Telenet $ 78.6 $ 47.5 65.5 66.8 $ 154.4 $ 72.4 113.3 N.M.
Wyre (75.3) 21.2 (455.2) N.M. (113.6) 51.2 (321.9) N.M.
VM Ireland 1.6 (14.0) 111.4 113.0 (5.6) (19.7) 71.6 73.9
Consolidated Liberty Telecom 4.9 54.7 (91.0) 35.2 103.9 (66.1)
Liberty Growth (58.1) (20.8) (179.3) (62.5) (108.0) (12.9) (737.2) N.M.
Liberty Corporate (23.8) (23.8) - N.M. (28.4) (41.9) 32.2 N.M.
Consolidated intercompany eliminations - - N.M. N.M. - - N.M. N.M.
Total consolidated $ (77.0) $ 10.1 (862.4) N.M. $ (101.2) $ 49.1 (306.1) N.M.
Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV
$ 606.5 $ 499.4 21.4 15.2 $ 1,088.8 $ 978.6 11.3 2.6
VodafoneZiggo JV
$ 213.9 $ 268.5 (20.3) (22.2) $ 445.9 $ 524.7 (15.0) (20.4)
_______________

N.M. - Not Meaningful

14
Operating Data - June 30, 2026
Homes
Passed 		Fixed-Line Customer
Relationships 		Broadband
Subscribers 		Total
RGUs 		Postpaid Mobile
Subscribers
Total Mobile
Subscribers(i)
Consolidated Reportable Segments:
Telenet
187,400 1,906,600 1,757,600 3,832,200 2,658,400 2,800,400
Wyre 4,080,000 - - - - -
VM Ireland 1,020,600 371,200 346,600 657,500 150,700 150,700
Total Consolidated Reportable Segments 5,288,000 2,277,800 2,104,200 4,489,700 2,809,100 2,951,100
Nonconsolidated Reportable Segments:
VMO2 JV(ii)
16,226,200 5,504,600 5,417,900 10,694,100 15,402,800 37,392,800
VodafoneZiggo JV(iii)
7,659,800 3,083,700 2,935,100 6,971,900 4,970,100 8,063,400

Subscriber Variance Table - June 30, 2026 vs. March 31, 2026
Homes
Passed 		Fixed-Line Customer
Relationships 		Broadband
Subscribers 		Total
RGUs 		Postpaid Mobile
Subscribers
Total Mobile
Subscribers(i)
Organic Change Summary
Consolidated Reportable Segments:
Telenet
800 (14,000) 6,100 (53,200) 2,200 2,000
Wyre 8,000 - - - - -
VM Ireland 3,500 (5,900) (5,000) (13,500) 3,000 3,000
Total Consolidated Reportable Segments 12,300 (19,900) 1,100 (66,700) 5,200 5,000
Q2 2026 Consolidated Reportable Segments Adjustments:
Telenet
- - - - 2,400 2,400
Nonconsolidated Reportable Segments:
VMO2 JV(ii)
(200) (29,900) (28,200) (208,200) (63,000) (51,600)
VodafoneZiggo JV(iii)
14,300 1,700 7,200 (26,700) 31,700 (76,800)

15
Subscriber Variance Table - June 30, 2026 vs. June 30, 2025
Homes
Passed 		Fixed-Line Customer
Relationships 		Broadband
Subscribers 		Total
RGUs 		Postpaid Mobile
Subscribers
Total Mobile
Subscribers(i)
Organic Change Summary
Consolidated Reportable Segments:
Telenet
5,800 (40,600) 40,000 (249,400) (6,000) (35,600)
Wyre
43,800 - - - - -
VM Ireland 17,000 (15,100) (11,700) (46,000) 10,900 10,900
Total Consolidated Reportable Segments 66,600 (55,700) 28,300 (295,400) 4,900 (24,700)
Consolidated Reportable Segments Net Adjustments:
Telenet
- - - - (8,200) (8,200)
Wyre (11,800) - - - - -
Nonconsolidated Reportable Segments:
VMO2 JV(ii)(iv)
300 (86,400) (79,600) (782,800) (332,800) (257,200)
VodafoneZiggo JV(iii)
56,200 (54,000) (30,600) (254,300) 87,900 (31,000)
Nonconsolidated Reportable Segments Net Adjustments:
VMO2 JV - - - - (72,300) 92,400
_______________

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 total mobile subscriber count for the VMO2 and the VodafoneZiggo JVs 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 9,035,900 that are included in the total mobile subscriber count as defined and presented by the VMO2 JV. The total mobile subscriber count presented above for the VodafoneZiggo JV includes mobile broadband (data-only) connections. These counts were previously included in postpaid mobile.
(ii)Operating data and organic movements for the periods presented represent consumer customers and subscribers.
(iii)The operating data and organic movements for the periods presented exclude certain B2B customers and subscribers for fixed line counts and include voice-only connections for postpaid mobile counts.
(iv)The June 30, 2025 data has been restated to include the impact of the Daisy transaction.

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.

16
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.
17

Bond Update by Credit Silo
18
VMO2 Credit Update
Operating Statistics Summary
As of and for the
three months ended
June 30,
2026 2025
Footprint
Homes Serviceable 18,811,600 18,535,800
Homes Serviceable net additions (QoQ) 15,000 114,900
Homes Passed 16,226,200 16,225,900
Homes Passed net additions (losses) (QoQ) (200) 1,800
Fixed
Consumer Fixed-Line Customer Relationships 5,504,600 5,591,000
Organic Consumer Fixed-Line Customer Relationship net losses (QoQ)
(29,900) (53,500)
Organic Consumer Fixed-Line Customer Relationship net losses (YoY)
(86,400) (81,000)
Consumer Broadband Subscribers 5,417,900 5,497,500
Organic Consumer Broadband net losses (QoQ)
(28,200) (53,300)
Organic Consumer Broadband net losses (YoY)
(79,600) (75,800)
Q2 Monthly ARPU per Consumer Fixed-Line Customer Relationship
£ 46.56 £ 48.79
Mobile(i)
Postpaid Mobile Subscribers 15,402,800 15,807,900
Organic Postpaid Mobile net losses (QoQ)
(63,000) (74,800)
Organic Postpaid Mobile net losses (YoY)
(332,800) (166,700)
Q2 Monthly Consumer Postpaid ARPU
£ 17.81 £ 17.77
Convergence
Converged Households as % of Broadband RGUs 40.4% 41.8%
_______________
(i)The 2025 amounts have been restated to include the impact of the Daisy transaction.

19

Financial Results (in IFRS)11
Three months ended Rebased Increase/(decrease) Six months ended Rebased Increase/(decrease)
June 30, Increase/(decrease) June 30, Increase/(decrease)
2026 2025 2026 2025
in millions, except % amounts
Revenue
Consumer £ 1,831.0 £ 1,926.8 (5.0 %) 5.0 % £ 3,644.7 £ 3,813.1 (4.4 %) (4.4 %)
Mobile Service 799.9 815.6 (1.9 %) (1.9 %) 1,575.1 1,620.3 (2.8 %) (2.8 %)
Fixed Service 771.2 822.2 (6.2 %) (6.2 %) 1,543.2 1,625.8 (5.1 %) (5.1 %)
Business 301.6 252.9 19.3 % (8.7 %) 610.3 502.3 21.5 % (6.9 %)
Business Service 238.3 213.7 11.5 % (10.9 %) 471.5 419.1 12.5 % (10.4 %)
Wholesale 262.9 264.2 (0.5 %) (0.5 %) 519.8 508.7 2.2 % 2.2 %
Wholesale Service 233.4 221.5 5.4 % 5.4 % 460.9 423.4 8.9 % 8.9 %
Network Construction and Other 3.4 82.9 (95.9 %) (95.9 %) 14.2 182.8 (92.2 %) (92.2 %)
Total revenue £ 2,398.9 £ 2,526.8 (5.1 %) (7.9 %) £ 4,789.0 £ 5,006.9 (4.4 %) (7.2 %)
Memo: Total Service Revenue 2,042.8 2,073.0 (1.5 %) (3.9 %) 4,050.7 4,088.6 (0.9 %) (3.5 %)
Memo: Hardware and Other Revenue 356.1 453.8 (21.5 %) (25.4 %) 738.3 918.3 (19.6 %) (23.5 %)
Adjusted EBITDA £ 975.2 £ 984.2 (0.9 %) (2.9 %) £ 1,876.9 £ 1,898.3 (1.1 %) (3.2 %)
P&E Additions £ 453.9 £ 532.7 (14.8 %) (15.2 %) £ 950.7 £ 1,031.0 (7.8 %) (8.3 %)
ROU asset additions 27.4 38.4 (28.6 %) 28.6 % 64.4 68.9 (6.5 %) (6.5 %)
Total P&E Additions including ROU asset additions £ 481.3 £ 571.1 £ 1,015.1 £ 1,099.9
P&E Additions as a % of revenue 18.9% 21.1% 19.9% 20.6%
Adjusted EBITDA less Total P&E Additions £ 493.9 £ 413.1 19.6 % 14.5 % £ 861.8 £ 798.4 7.9 % 3.4 %
Adjusted FCF £ 231.8 £ 158.3 £ (236.5) £ (727.1)

20
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:
June 30, March 31,
2026 2026
Borrowing currency
£ equivalent
in millions
Senior and Senior Secured Credit Facilities:
Term Loan Q (Term SOFR + 3.25%) due 2029 $ 1,300.0 981.1 983.8
Term Loan AC (SONIA + 3.25%(i)) due 2030
£ 1,675.0 1,675.0 1,675.0
Term Loan Y (Term SOFR + 3.25%(i)) due 2031
$ 2,080.2 1,569.9 1,574.0
Term Loan AF (EURIBOR + 3.00%(i)) due 2031
€ 920.0 792.5 803.4
Term Loan AE (EURIBOR + 3.25%(i)) due 2033
€ 1,430.0 1,231.8 1,248.7
£1,378 million (equivalent) RCF (SONIA + 2.75%(i)) due 2029(ii)
£ 275.0 275.0 300.0
VM Financing Facilities (GBP equivalent) £ 176.2 176.2 90.8
Total Senior and Senior Secured Credit Facilities 6,701.5 6,675.7
Senior Secured Notes:
5.50% USD Senior Secured Notes due 2029 $ 1,425.0 1,075.4 1,078.2
5.25% GBP Senior Secured Notes due 2029 £ 340.0 340.0 340.0
4.00% GBP Senior Secured Notes due 2029 £ 600.0 600.0 600.0
4.25% GBP Senior Secured Notes due 2030 £ 635.0 635.0 635.0
4.50% USD Senior Secured Notes due 2030 $ 915.0 690.5 692.3
4.125% GBP Senior Secured Notes due 2030 £ 480.0 480.0 480.0
3.25% EUR Senior Secured Notes due 2031 € 950.0 818.3 829.6
4.25% USD Senior Secured Notes due 2031 $ 1,350.0 1,018.8 1,021.5
4.75% USD Senior Secured Notes due 2031 $ 1,400.0 1,056.5 1,059.3
4.50% GBP Senior Secured Notes due 2031 £ 675.0 675.0 675.0
7.75% USD Senior Secured Notes due 2032 $ 950.0 716.9 718.8
5.625% EUR Senior Secured Notes due 2032 € 1,810.0 1,559.1 1,580.5
6.75% USD Senior Secured Notes due 2033 $ 850.0 641.5 643.2
Total Senior Secured Notes 10,307.0 10,353.4
Senior Notes:
5.00% USD Senior Notes due 2030 $ 925.0 698.1 699.9
3.75% EUR Senior Notes due 2030 € 500.0 430.7 436.6
Total Senior Notes 1,128.8 1,136.5
Vendor financing 3,029.0 3,036.0
Share of CTIL debt 322.5 267.5
Other debt 181.4 196.2
Lease obligations 832.4 851.9
Total third-party debt and lease obligations 22,502.6 22,517.2
Unamortized premiums, discounts, deferred financing costs and fair value adjustments, net (36.9) (37.9)
Total carrying amount of third-party debt and lease obligations 22,465.7 22,479.3
Cash and cash equivalents (537.5) (387.3)
Net carrying amount of third-party debt and lease obligations £ 21,928.2 £ 22,092.0
Exchange rate (£ to €) 1.1609 1.1452
Exchange rate (£ to $) 1.3251 1.3216
_______________

(i)Rates are subject to adjustment based upon the achievement or otherwise of certain ESG metrics.
(ii)In May 2026, an additional £54 million (equivalent) RCF (SONIA +2.750%) was added to the borrowing capacity of the RCF

21
Capital Structure
•At June 30, 2026, the blended fully-swapped debt borrowing cost was 5.3% and the average tenor of third-party debt (excluding vendor financing) was 4.6 years
•At June 30, 2026, VMO2 had undrawn commitments of £1,103.0 million equivalent
•When compliance reporting requirements have been completed and assuming no change from June 30, 2026 borrowing levels, it is anticipated that the full borrowing capacity will continue to be available, based on the maximum the company can incur and upstream

Covenant Debt Information
The following table details the pound sterling equivalents of the reconciliation from VMED O2'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 June 30, 2026 and March 31, 2026. 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.
June 30,
March 31,
2026 2026
in millions
Total third-party debt and lease obligations (£ equivalent) £ 22,502.6 £ 22,517.2
Vendor financing (2,962.0) (2,964.9)
Other debt (181.4) (196.2)
Cornerstone debt (322.5) (267.5)
Credit Facility Excluded Amount (977.2) (984.4)
Lease obligations (832.4) (851.9)
Projected principal-related cash payments associated with our cross-currency derivative instruments 445.9 357.3
Total covenant amount of third-party gross debt 17,673.0 17,609.6
Cash and cash equivalents (520.3) (377.6)
Total covenant amount of third-party net debt £ 17,152.7 £ 17,232.0
_______________

Leverage ratios are set forth below. These ratios are calculated in accordance with the most restrictive covenants, and reflecting the Credit Facility Excluded Amounts as defined in the respective credit agreements as at June 30, 2026, subject to the completion of corresponding reporting requirements.

Net Senior Debt to Annualized Adjusted EBITDA (last two quarters annualized) 4.10x
Net Total Debt to Annualized Adjusted EBITDA (last two quarters annualized) 4.41x
Net Total Debt to Annualized Adjusted EBITDA (vendor financing, lease and certain other obligations are not included in the calculation of leverage covenants, but the associated leverage ratio if these and the Credit Facility Excluded Amounts were included) 5.89x

22
VodafoneZiggo Credit Update
Operating Statistics Summary
As of and for the
three months ended
June 30,
2026 2025
Footprint
Homes Passed 7,659,800 7,603,600
Organic Homes Passed net additions (QoQ) 14,300 13,200
Organic Homes Passed net additions (YoY) 56,200 54,100
Fixed(i)
Fixed-Line Customer Relationships 3,083,700 3,137,700
Organic Fixed-Line Customer Relationship net additions (losses) (QoQ)
1,700 (34,800)
Organic Fixed-Line Customer Relationship net losses (YoY)
(54,000) (141,100)
Broadband Subscribers 2,935,100 2,965,700
Organic Broadband net additions (losses) (QoQ)
7,200 (26,200)
Organic Broadband net losses (YoY)
(30,600) (105,800)
Q2 Monthly ARPU per Fixed-Line Customer Relationship
€ 56 € 56
Mobile(ii)
Postpaid Mobile Subscribers 4,970,100 4,882,200
Organic Postpaid Mobile net additions (losses) (QoQ) 31,700 (4,500)
Organic Postpaid Mobile net additions (YoY) 87,900 30,400
Q2 Monthly Consumer Postpaid ARPU
€ 18 € 18
Convergence
Converged Households as % of Broadband RGUs 52% 50%
_______________
(i)The 2025 amounts have been restated to exclude certain B2B customers and subscribers.
(ii)The 2025 amounts have been restated to show voice-only mobile connections.
23
Financial Results (in U.S. GAAP)
Three months ended Six months ended
June 30, Increase/(decrease) June 30, Increase/(decrease)
2026 2025 2026
2025(i)
in millions, except % amounts
Revenue
Residential fixed revenue:
Subscription € 456.1 € 467.4 (2.4 %) € 915.8 € 945.3 (3.1 %)
Non-subscription 3.7 1.7 117.6 % 6.8 3.4 100.0 %
Total residential fixed revenue 459.8 469.1 (2.0 %) 922.6 948.7 (2.8 %)
Residential mobile revenue:
Subscription 178.2 178.6 (0.2 %) 355.9 356.6 (0.2 %)
Non-subscription 61.5 60.3 2.0 % 124.6 122.8 1.5 %
Total residential mobile revenue 239.7 238.9 0.3 % 480.5 479.4 0.2 %
Total residential revenue 699.5 708.0 (1.2 %) 1,403.1 1,428.1 (1.8 %)
B2B fixed revenue:
Subscription 141.0 143.1 (1.5 %) 283.2 284.8 (0.6 %)
Non-subscription 1.8 1.7 5.9 % 3.6 3.4 5.9 %
Total B2B fixed revenue 142.8 144.8 (1.4 %) 286.8 288.2 (0.5 %)
B2B mobile revenue:
Subscription 91.3 96.3 (5.2 %) 184.0 191.7 (4.0 %)
Non-subscription 29.2 29.0 0.7 % 58.0 58.1 (0.2 %)
Total B2B mobile revenue 120.5 125.3 (3.8 %) 242.0 249.8 (3.1 %)
Total B2B revenue 263.3 270.1 (2.5 %) 528.8 538.0 (1.7 %)
Other revenue 12.2 11.8 3.4 % 24.0 22.9 4.8 %
Total revenue € 975.0 € 989.9 (1.5 %) € 1,955.9 € 1,989.0 (1.7 %)
Adjusted EBITDA € 404.5 € 438.0 (7.6 %) € 816.0 € 877.7 (7.0 %)
P&E Additions € 220.3 € 201.3 9.4 % € 433.8 € 397.8 9.0 %
P&E Additions as a % of revenue 22.6% 20.3% 22.2% 20.0%
Adjusted EBITDA less P&E Additions € 184.2 € 236.7 (22.2 %) € 382.2 € 479.9 (20.4 %)
Adjusted FCF € (21.6) € 32.3 € (74.8) € 12.7
_______________
(i) Certain revenue amounts have been reclassified to conform to 2026 presentation
24
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:
June 30, March 31,
2026 2026
Borrowing currency
€ equivalent
in millions
Credit Facilities:
Term Loan H (EURIBOR + 3.00%) due 2029
€ 1,125.0 € 1,125.0 € 2,250.0
Term Loan N (Term SOFR + 3.25%) USD due 2033 $ 500.0 438.1 433.3
Term Loan P (EURIBOR + 3.75%) due 2033 € 1,125.0 1,125.0 -
Financing Facility 2.3 2.3
€800 million Ziggo Revolving Facility G2 EUR due 2029
- -
Total Credit Facilities
2,690.4 2,685.6
Senior Secured Notes:
4.875% USD Senior Secured Notes due 2030 $ 991.0 868.2 858.7
2.875% EUR Senior Secured Notes due 2030 € 502.5 502.5 502.5
5.00% USD Senior Secured Notes due 2032 $ 1,525.0 1,336.1 1,321.4
3.50% EUR Senior Secured Notes due 2032 € 750.0 750.0 750.0
5.25% EUR Senior Secured Notes due 2033 € 650.0 650.0 650.0
7.50% USD Senior Secured Notes due 2033 $ 1,150.0 1,007.5 996.5
Total Senior Secured Notes 5,114.3 5,079.1
Senior Notes:
3.375% EUR Senior Notes due 2030 € 900.0 900.0 900.0
5.125% USD Senior Notes due 2030 $ 500.0 438.1 433.3
6.125% EUR Senior Notes due 2032 € 575.0 575.0 575.0
Total Senior Notes 1,913.1 1,908.3
Vendor financing 999.7 999.5
Finance lease obligations 36.3 38.7
Total third-party debt and finance lease obligations 10,753.8 10,711.2
Unamortized premiums, discounts and deferred financing costs, net (43.9) (31.5)
Total carrying amount of third-party debt and finance lease obligations 10,709.9 10,679.7
Cash and cash equivalents 39.1 (98.1)
Net carrying amount of third-party debt and finance lease obligations € 10,749.0 € 10,581.6
Exchange rate (€ to $) 1.1414 1.1541

25
Capital Structure
•At June 30, 2026, the blended fully-swapped debt borrowing cost was 4.3% and the average tenor of third-party debt (excluding vendor financing obligations) was approximately 5.1 years
•At June 30, 2026, VodafoneZiggo had maximum undrawn commitments of €800 million under its Revolving Facilities
•In May 2026, VodafoneZiggo issued a €1,125.0 million euro-denominated Term Loan P. The term loan matures in May 2033 and bears interest at EURIBOR + 3.75%. The net proceeds were used to partially redeem Term Loan H. This transaction was net leverage neutral and resulted in an increase in VodafoneZiggo's debt tenor
◦The Term Loan P is linked to three ESG-related KPIs, expanding VodafoneZiggo's aim to build a sustainable capital structure. These KPIs support VodafoneZiggo's ambition to reduce its scope 1 and 2 CO2 emissions (KPI 1), reduce scope 3 CO2 emissions (KPI 2) and increase the number of women in manager roles (KPI 3). Each KPI has annual targets set through 2031 with a total margin adjustment of up to +/- 5 basis points

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 June 30, 2026 and March 31, 2026. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.
June 30, March 31,
2026 2026
in millions
Total third-party debt and finance lease obligations (€ equivalent) € 10,753.8 € 10,711.2
Vendor financing (999.7) (999.5)
Finance lease obligations (36.3) (38.7)
Credit Facility Excluded Amount (437.1) (443.1)
Projected principal-related cash receipts associated with our cross-currency derivative instruments (94.9) (50.1)
Total covenant amount of third-party gross debt 9,185.8 9,179.8
Cash and cash equivalents(i)
(28.0) (30.3)
Net carrying amount of third-party debt € 9,157.8 € 9,149.5
_______________

(i)Excludes the cash that is related to the unutilized portion of the Vendor Finance Note facility of €0.8 million and €55.6 million, respectively, as well as cash that is held outside the covenant group, amounting to €10.3 million and €12.2 million, respectively.

Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last two quarters annualized basis as of June 30, 2026.
Net Senior Debt to Annualized Adjusted EBITDA 4.15x
Net Total Debt to Annualized Adjusted EBITDA 5.24x
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing) to Annualized Adjusted EBITDA 6.06x
26
Telenet Group Credit Update
Operating Statistics Summary
As of and for the
three months ended
June 30,
2026 2025
Footprint
Homes Passed 4,267,400 4,229,600
Organic Homes Passed net additions (QoQ)
8,800 13,000
Organic Homes Passed net additions (YoY)
49,600 102,900
Fixed
Fixed-Line Customer Relationships 1,906,600 1,947,200
Organic Fixed-Line Customer Relationship net losses (QoQ)
(14,000) (8,200)
Organic Fixed-Line Customer Relationship net losses (YoY)
(40,600) (32,900)
Broadband Subscribers 1,757,600 1,717,600
Organic Broadband net additions (QoQ) 6,100 900
Organic Broadband net additions (losses) (YoY)
40,000 (2,000)
Q2 Monthly ARPU per Fixed-Line Customer Relationship
€ 63.74 € 64.05
Mobile
Postpaid Mobile Subscribers 2,658,400 2,672,600
Organic Postpaid Mobile net additions (QoQ) 2,200 1,300
Organic Postpaid Mobile net losses (YoY)
(6,000) (3,400)
Q2 Monthly Consumer Postpaid ARPU
€ 16.25 € 16.01
Convergence
Converged Households as % of Broadband RGUs 55.5% 54.8%

27
Financial Results (in IFRS and aligned with bondholder covenants)11
Three months ended Rebased increase/(decrease) Six months ended Rebased increase/(decrease)
June 30, Increase/(decrease) June 30, Increase/(decrease)
2026 2025 2026 2025
in millions, except % amounts
Revenue
Residential fixed revenue:
Subscription € 299.8 € 309.2 (3.0 %) (3.0 %) € 600.2 € 616.9 (2.7 %) (2.7 %)
Non-subscription 6.3 3.7 70.3 % 80.0 % 12.8 8.1 58.0 % 62.0 %
Total residential fixed revenue 306.1 312.9 (2.2 %) (2.1 %) 613.0 625.0 (1.9 %) (1.9 %)
Residential mobile revenue:
Subscription 105.3 102.7 2.5 % 2.5 % 208.0 205.1 1.4 % 1.4 %
Non-subscription 28.1 31.2 (9.9 %) (9.9 %) 63.4 64.0 (0.9 %) (0.9 %)
Total residential mobile revenue 133.4 133.9 (0.4 %) (0.4 %) 271.4 269.1 0.9 % 0.9 %
B2B revenue:
Subscription 94.4 95.5 (1.2 %) (1.2 %) 188.0 190.2 (1.2 %) (1.2 %)
Non-subscription 91.7 90.8 1.0 % 1.0 % 183.2 180.9 1.3 % 1.3 %
Total B2B revenue 186.1 186.3 (0.1 %) (0.1 %) 371.2 371.1 - % - %
Other revenue 33.6 72.8 (53.8 %) (4.0 %) 67.0 161.9 (58.6 %) (3.3 %)
Total revenue € 659.2 € 705.9 (6.6 %) (1.3 %) € 1,322.6 € 1,427.1 (7.3 %) (0.9 %)
Adjusted EBITDA € 347.8 € 341.5 1.8 % 2.5 % € 670.6 € 665.3 0.8 % 1.8 %
Adjusted EBITDAaL € 327.7 € 322.1 1.7 % 2.4 % € 630.4 € 626.1 0.7 % 1.7 %
P&E Additions(i)
295.7 255.4 559.1 548.2
ROU asset additions 7.9 5.0 19.5 12.2
Total P&E Additions including ROU asset additions(i)
€ 303.6 € 260.4 16.6 % 16.5 % € 578.6 € 560.4 3.2 % 3.3 %
P&E Additions as a % of revenue 44.9% 36.2% 42.3% 38.4%
Adjusted EBITDA less Total P&E Additions(i)
€ 44.2 € 81.1 (45.5 %) (43.9 %) € 92.0 € 104.9 (12.3 %) (7.1 %)
Adjusted FCF € (36.1) € (2.6) € (140.1) € (37.6)
_______________

(i)Includes amounts capitalized as intangible assets related to sports and film broadcasting rights.

28
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:
June 30, March 31,
2026 2026
Borrowing currency
€ equivalent
in millions
2025 Amended Senior Credit Facility
Term Loan AR (Term SOFR + 2.11%) USD due 2028 $ 2,295.0 € 2,010.7 € 1,988.7
Term Loan AT1 (EURIBOR + 2.97%) EUR due 2028 € 390.0 390.0 390.0
Term Loan AQ (EURIBOR + 2.25%) EUR due 2029 € 1,110.0 1,110.0 1,110.0
Term Loan AU (EURIBOR + 2.95%) EUR due 2033 € 500.0 500.0 500.0
€30.0 million Revolving Credit Facility I (EURIBOR + 2.20%) due 2029 € - - -
€550.0 million Revolving Credit Facility I (EURIBOR + 2.20%) due 2032 € - - -
Total Senior Credit Facility 4,010.7 3,988.7
Senior Secured Notes
5.50% USD Senior Secured Notes due 2028 $ 971.6 851.2 866.5
3.50% EUR Senior Secured Notes due 2028 € 540.0 540.0 540.0
Total Senior Secured Notes 1,391.2 1,406.5
Other
Lease obligations(i)
610.9 617.2
Mobile spectrum 351.1 349.1
Vendor financing 297.5 318.9
Other debt 220.8 236.9
€20.0 million Revolving Credit Facility (EURIBOR + 2.25%) due 2026 - -
€25.0 million Overdraft Facility (EURIBOR + 1.60%) due 2026 - -
Total third-party debt and lease obligations 6,882.2 6,917.3
Deferred financing fees, discounts and premiums, net (10.2) (10.9)
Total carrying amount of third-party debt and lease obligations 6,872.0 6,906.4
Cash and cash equivalents (692.0) (765.8)
Net carrying amount of third-party debt and lease obligations € 6,180.0 € 6,140.6
Exchange rate (€ to $) 1.1414 1.1541
_______________

(i)Amounts presented on an IFRS basis, consistent with bondholder covenants.

29
Capital Structure
•At June 30, 2026, 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 2.5 years
•At June 30, 2026, Telenet had access to total liquidity of €1,317.0 million, consisting of €692.0 million cash and cash equivalents and €625.0 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 June 30, 2026 and March 31, 2026. 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.

June 30, March 31,
2026 2026
in millions
Total third-party debt and lease obligations (€ equivalent) € 6,882.2 € 6,917.3
Lease obligations (610.9) (617.2)
Mobile spectrum (351.1) (349.1)
Vendor financing (297.5) (318.9)
Other debt (220.8) (236.9)
Credit Facility Excluded Amount (400.0) (400.0)
Projected principal-related cash payments (receipts) associated with our cross-currency derivative instruments 37.6 68.9
Total covenant amount of third-party gross debt 5,039.5 5,064.1
Cash and cash equivalents(i)
(691.7) (764.6)
Total covenant amount of third-party net debt € 4,347.8 € 4,299.5
_______________

(i)Excludes cash and cash equivalents that are held outside the covenant group.

Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA and Adjusted EBITDAaL, as defined under covenants, on a last two quarters annualized basis as of June 30, 2026.

Net Total Debt to Annualized Adjusted EBITDA 3.28x
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing) to Annualized Adjusted EBITDA 3.80x
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing, mobile spectrum and other third-party debt) to Annualized Adjusted EBITDAaL 4.36x

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.
30
VM Ireland Credit Update
Operating Statistics Summary
As of and for the
three months ended
June 30,
2026 2025
Footprint
Homes Passed 1,020,600 1,003,600
Organic Homes Passed net additions (QoQ) 3,500 3,200
Organic Homes Passed net additions (YoY) 17,000 14,500
Fixed
Fixed-Line Customer Relationships 371,200 386,300
Organic Fixed-Line Customer Relationship net losses (QoQ)
(5,900) (5,000)
Organic Fixed-Line Customer Relationship net losses (YoY)
(15,100) (11,100)
Broadband Subscribers 346,600 358,300
Organic Broadband net losses (QoQ)
(5,000) (3,900)
Organic Broadband net losses (YoY)
(11,700) (7,100)
Q2 Monthly ARPU per Fixed-Line Customer Relationship
€ 60.96 € 61.03
Mobile
Postpaid Mobile Subscribers 150,700 139,800
Organic Postpaid Mobile net additions (QoQ) 3,000 2,200
Organic Postpaid Mobile net additions (YoY) 10,900 4,200
Q2 Monthly Consumer Postpaid ARPU
€ 17.09 € 19.38
Convergence
Converged Households as % of Broadband RGUs 10.5% 8.6%
31
Financial Results (in U.S. GAAP)
Three months ended Six months ended
June 30, Increase/(decrease) June 30, Increase/(decrease)
2026 2025 2026 2025
in millions, except % amounts
Revenue
Residential fixed revenue:
Subscription € 65.6 € 68.2 (3.8 %) € 131.6 € 137.1 (4.0 %)
Non-subscription 0.5 0.4 25.0 % 0.9 0.8 12.5 %
Total residential fixed revenue 66.1 68.6 (3.6 %) 132.5 137.9 (3.9 %)
Residential mobile revenue:
Subscription 7.1 7.4 (4.1 %) 14.1 14.9 (5.4 %)
Non-subscription 1.7 1.9 (10.5 %) 3.2 3.6 (11.1 %)
Total residential mobile revenue 8.8 9.3 (5.4 %) 17.3 18.5 (6.5 %)
B2B revenue:
Subscription 2.9 3.1 (6.5 %) 5.9 6.2 (4.8 %)
Non-subscription 10.3 8.3 24.1 % 20.2 15.8 27.8 %
Total B2B revenue 13.2 11.4 15.8 % 26.1 22.0 18.6 %
Other revenue 17.2 18.9 (9.0 %) 37.9 39.8 (4.8 %)
Total revenue € 105.3 € 108.2 (2.7 %) € 213.8 € 218.2 (2.0 %)
Adjusted EBITDA € 34.8 € 36.5 (4.7 %) € 67.6 € 71.8 (5.8 %)
P&E Additions € 33.2 € 48.8 (32.0 %) € 72.2 € 89.4 (19.2 %)
P&E Additions as a % of revenue 31.5% 45.1% 33.8% 41.0%
Adjusted EBITDA less P&E Additions € 1.6 € (12.3) 113.0 % € (4.6) € (17.6) 73.9 %
Adjusted FCF € (0.9) € (13.4) € (42.1) € (41.2)
32
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:

June 30, March 31,
2026 2026
Borrowing currency
€ equivalent
in millions
Credit Facilities:
Term Loan B1 (EURIBOR + 3.50%) due 2029
€ 900.0 € 900.0 € 900.0
€100.0 million Revolving Facility (EURIBOR + 2.75%) due 2027 - -
Total Senior Credit Facilities
900.0 900.0
Deferred financing costs and discounts, net (2.6) (2.9)
Total carrying amount of third-party debt 897.4 897.1
Cash and cash equivalents (16.4) (17.3)
Net carrying amount of third-party debt € 881.0 € 879.8

33
Capital Structure
•At June 30, 2026, the blended fully-swapped debt borrowing cost was 3.9% and the average tenor of third-party debt was approximately 3.0 years
•At June 30, 2026, 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 June 30, 2026 and March 31, 2026. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.
June 30, March 31,
2026 2025
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 (16.4) (17.3)
Total covenant amount of third-party net debt € 833.6 € 832.7

Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last twelve months basis as of June 30, 2026.

Net Total Debt to Annualized Adjusted EBITDA 5.45x
Net Total Debt (excluding Credit Facility Excluded Amount) to Annualized Adjusted EBITDA 5.78x

34
Appendix
Liberty Global Ltd. published this content on July 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 24, 2026 at 12:16 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]