# Liberty Global Ltd. (LBTYA) Informational only - not investment advice. CIK: 0001570585 SIC: 4841 Cable & Other Pay Television Services SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Communications](/major-group/48/) > [SIC 4841 Cable & Other Pay Television Services](/industry/4841/) Latest 10-K filed: 2026-02-18 SEC page: https://www.sec.gov/edgar/browse/?CIK=1570585 Filing source: https://www.sec.gov/Archives/edgar/data/1570585/000157058526000014/lbtya-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 4878500000 | USD | 2025 | 2026-02-18 | | Net income | -7138100000 | USD | 2025 | 2026-02-18 | | Assets | 22595900000 | USD | 2025 | 2026-02-18 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001570585.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | 11,957,900,000 | | 11,545,400,000 | | 4,017,500,000 | 4,115,800,000 | 4,341,900,000 | 4,878,500,000 | | Net income | 1,705,300,000 | -2,778,100,000 | 725,300,000 | 11,521,400,000 | -1,628,000,000 | 13,426,800,000 | 1,473,200,000 | -4,051,700,000 | 1,588,000,000 | -7,138,100,000 | | Operating income | 1,570,100,000 | 792,400,000 | 839,100,000 | 659,900,000 | 2,030,900,000 | 1,320,300,000 | 109,900,000 | -313,800,000 | -60,100,000 | -23,300,000 | | Diluted EPS | | | | 16.32 | -2.70 | 23.59 | 2.96 | -9.52 | 4.23 | -20.86 | | Operating cash flow | 5,940,900,000 | 5,708,000,000 | 5,963,100,000 | 4,585,400,000 | 4,185,800,000 | 3,549,000,000 | 2,837,800,000 | 2,165,900,000 | 2,032,900,000 | 1,211,100,000 | | Capital expenditures | 1,539,900,000 | 1,250,000,000 | 1,453,000,000 | 1,168,200,000 | 1,292,800,000 | 1,408,000,000 | 891,300,000 | 921,900,000 | 908,500,000 | 1,343,100,000 | | Share buybacks | 1,968,300,000 | 2,976,200,000 | 2,009,900,000 | 3,219,400,000 | 1,072,300,000 | 1,580,400,000 | 1,703,400,000 | 1,494,700,000 | 689,800,000 | 192,100,000 | | Assets | 68,684,100,000 | 57,596,800,000 | 53,153,600,000 | 49,046,300,000 | 59,092,700,000 | 46,917,000,000 | 42,895,000,000 | 42,087,900,000 | 25,439,700,000 | 22,595,900,000 | | Liabilities | 53,952,100,000 | 51,203,800,000 | 49,005,300,000 | 35,847,700,000 | 45,794,300,000 | 21,319,000,000 | 20,321,600,000 | 23,080,500,000 | 12,895,400,000 | 12,650,100,000 | | Stockholders' equity | 13,761,300,000 | 6,805,000,000 | 4,681,400,000 | 13,606,200,000 | 13,662,600,000 | 25,934,900,000 | 22,436,400,000 | 19,062,600,000 | 12,365,900,000 | 9,735,700,000 | | Cash and cash equivalents | 1,076,600,000 | 1,672,400,000 | 1,480,500,000 | 8,142,400,000 | 1,327,200,000 | 910,600,000 | 1,723,700,000 | 1,410,100,000 | 1,816,300,000 | 2,081,400,000 | | Free cash flow | 4,401,000,000 | 4,458,000,000 | 4,510,100,000 | 3,417,200,000 | 2,893,000,000 | 2,141,000,000 | 1,946,500,000 | 1,244,000,000 | 1,124,400,000 | -132,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | 6.07% | | -14.10% | | 36.67% | -98.44% | 36.57% | -146.32% | | Operating margin | | | 7.02% | | 17.59% | | 2.74% | -7.62% | -1.38% | -0.48% | | Return on equity | 12.39% | -40.82% | 15.49% | 84.68% | -11.92% | 51.77% | 6.57% | -21.25% | 12.84% | -73.32% | | Return on assets | 2.48% | -4.82% | 1.36% | 23.49% | -2.75% | 28.62% | 3.43% | -9.63% | 6.24% | -31.59% | | Liabilities / equity | 3.92 | 7.52 | 10.47 | 2.63 | 3.35 | 0.82 | 0.91 | 1.21 | 1.04 | 1.30 | | Current ratio | 0.73 | 0.43 | 0.40 | 1.22 | 1.29 | 1.45 | 1.61 | 1.30 | 1.05 | 1.08 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-01. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001570585.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 5.47 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 4.87 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | 1,868,400,000 | | -1.59 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 1,848,000,000 | -499,600,000 | -1.13 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 1,854,500,000 | 659,200,000 | 1.57 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 1,920,500,000 | -3,489,900,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 1,945,100,000 | 510,000,000 | 1.32 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 1,873,700,000 | 268,100,000 | 0.71 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 1,935,200,000 | -1,434,100,000 | -3.95 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | | 2,244,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 1,171,200,000 | -1,337,300,000 | -3.84 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 1,269,100,000 | -2,792,900,000 | -8.09 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 1,207,100,000 | -90,700,000 | -0.27 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 1,231,100,000 | -2,917,200,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 1,274,600,000 | 337,800,000 | 0.96 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1570585/000157058526000069/lbtya-20260331.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-05-01 Report date: 2026-03-31 Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis, which should be read in conjunction with our consolidated financial statements and the discussion and analysis included in our 2025 10-K, is intended to assist in providing an understanding of changes in our results of operations and financial condition and is organized as follows: •Forward-Looking Statements. This section provides a description of certain factors that could cause actual results or events to differ materially from anticipated results or events. •Overview. This section provides a general description of our business and recent events. •Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three months ended March 31, 2026 and 2025. •Material Changes in Financial Condition. This section provides an analysis of our corporate and subsidiary liquidity as of March 31, 2026 and our condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025. The capitalized terms used below have been defined in the notes to our condensed consolidated financial statements. In the following text, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global or collectively to Liberty Global and its subsidiaries. Unless otherwise indicated, convenience translations into U.S. dollars are calculated, and operational data is presented, as of March 31, 2026. Forward-Looking Statements Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that statements in this Quarterly Report are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Part I, Item 3. Quantitative and Qualitative Disclosures About Market Risk and Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds may contain forward-looking statements, including statements regarding our business, product, foreign currency, hedging and finance strategies, our property and equipment additions, subscriber growth and retention rates, competitive, regulatory and economic factors, the timing and impacts of proposed transactions, the maturity of our markets, the potential impact of large-scale health crises on our company, the anticipated impacts of new legislation (or changes to existing rules and regulations), anticipated changes in our revenue, costs or growth rates, our liquidity, credit risks, foreign currency risks, interest rate risks, target leverage levels, debt covenants, our future projected contractual commitments and cash flows and other information and statements that are not historical fact. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In evaluating these statements, you should consider the risks and uncertainties discussed in Part I, Item 1A. Risk Factors of our 2025 10-K, as well as the following list of some, but not all, of the factors that could cause actual results or events (including with respect to our affiliates) to differ materially from anticipated results or events: •economic and business conditions and industry trends in the countries in which we or our affiliates operate, including the impact of the increasingly uncertain and volatile economic conditions, an inflationary environment and changes in government policies, including those related to trade and tariffs; •the competitive environment in the industries and in the countries in which we or our affiliates operate, including competitor responses to our products and services; •our ability to manage rapid technological changes, including our ability to adequately manage our legacy technologies; •the effects of new, emerging or competing technologies, including those that could make our products less desirable or obsolete; •the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital; 45 •our ability to adequately forecast and plan future network requirements; •changes in laws, monetary policies and government regulations that may impact the availability or cost of capital and the derivative instruments that hedge certain of our financial risks; •changes in consumer video, mobile and broadband usage, preferences and habits, including increased demand for high-speed data transmission services and artificial intelligence-enabled services; •consumer acceptance of our existing service offerings, including our broadband internet, video, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future; •the availability of attractive programming for our video services and the costs associated with such programming, including, but not limited to, production costs, retransmission and copyright fees; •our ability to continue to use intellectual property used to conduct our operations; •the activities of device manufacturers and our operating companies’ ability to secure adequate and timely supply of handsets that experience high demand; •uncertainties inherent in the development, and integration, of new business lines and business strategies; •our ability to increase revenue from business services offered to our affiliates and other third parties; •the availability, cost and regulation of spectrum used in our business; •the ability of suppliers and vendors (including our third-party wireless network provider, Three (Hutchison), under our mobile virtual network operator arrangement at VM Ireland) to timely deliver quality products, equipment, software, services and access; •the leakage of sensitive customer or company data or the failure by us, our affiliates or our third-party providers to comply with applicable data protection laws, regulations and rules; •our ability and the ability of our third-party service providers to anticipate, protect against, mitigate and contain the loss of our and our customers’ data as a result of cyber attacks on us or any of our affiliates or our third-party service providers; •a failure in our network and information systems, whether caused by a natural failure or a security breach, and unauthorized access to our networks; •fluctuations in currency exchange rates and interest rates; •instability in global financial markets, including sovereign debt issues, currency instability and related fiscal or monetary reforms; •changes in, or failure or inability to comply with, government regulations and legislation in the countries in which we or our affiliates operate and any adverse outcomes from regulatory proceedings; •changes in laws or treaties relating to taxation, or the interpretation thereof, in Bermuda, the U.K., the E.U., the U.S. or in other countries in which we or our affiliates operate; •the effect of perceived health risks associated with electromagnetic radiation from base stations and associated equipment; •our ability to navigate the potential impacts on our business resulting from the U.K.’s departure from the E.U.; •our ability to successfully acquire new businesses or form joint ventures and, if acquired or joined, to integrate, realize anticipated synergies from, and implement our business plans with respect to, the businesses we have acquired or joined or that we expect to acquire or join on the timelines, or within the budgets, estimated for such integrations; •successfully integrating businesses or operations that we acquire or partner with on the timelines, or within the budgets, estimated for such integrations; •our ability to realize the expected synergies from our acquisitions and joint ventures in the amounts anticipated or on the anticipated timelines; •our ability to obtain regulatory and shareholder approval and satisfy other conditions necessary to close acquisitions, dispositions, combinations or joint ventures and the impact of conditions imposed by competition and other regulatory authorities in connection with any of our acquisitions, dispositions, combinations or joint ventures; 46 •problems we may discover post-closing with the operations, including the internal controls and financial reporting processes, of businesses we acquire or with whom we create joint ventures; •operating costs, customer loss and business disruption, including maintaining relationships with employees, customers, suppliers or vendors, may be greater than expected in connection with our acquisitions, dispositions or joint ventures; •changes in the nature of key strategic relationships with partners and joint venturers; •our ability to profit from investments, such as our joint ventures, that we do not solely control; •our potential exposure to additional tax liabilities; •the effect on our businesses of strikes or collective action by certain of our employees that are represented by trade unions or work councils; •our capital structure and factors related to our debt arrangements; •our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers, including with respect to our significant property and equipment additions, as a result of, among other things, inflationary and cost of living pressures; •the availability and cost of capital for the acquisition, maintenance and/or development of telecommunications networks, products and services; •consumer disposable income and spending levels, including the availability and amount of individual consumer debt, as a result of, among other things, inflationary or cost of living pressures; •our ability to freely access the cash of our operating companies; •the risk of default by counterparties to our cash investments, derivative and other financial instruments and undrawn debt facilities; •the loss of key employees and the lack of qualified personnel; •our ability to provide satisfactory customer service, including support for new and evolving products and services; •government intervention that requires opening our broadband distribution networks to competitors, such as certain regulatory obligations imposed in Belgium; •our ability to maintain and further develop our direct and indirect distribution channels; •the outcome of any pending or threatened litigation; and •events that are outside of our control, such as political unrest in international markets, terrorist attacks, armed conflicts, malicious human acts, natural disasters, epidemics, pandemics and other similar events, including the ongoing invasion of Ukraine by Russia and the continuing conflicts in the Middle East. The broadband distribution and mobile service industries are changing rapidly and, therefore, the forward-looking statements of expectations, plans and intents in this Quarterly Report are subject to a significant degree of risk. These forward-looking statements and the above-described risks, uncertainties and other factors speak only as of the date of this Quarterly Report, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstan [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Item 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis, which should be read in conjunction with our consolidated financial statements, is intended to assist in providing an understanding of our results of operations and financial condition and is organized as follows: •Overview. This section provides a general description of our business and recent events. •Results of Operations. This section provides an analysis of our results of operations for the years ended December 31, 2025 and 2024. •Liquidity and Capital Resources. This section provides an analysis of our corporate and subsidiary liquidity and consolidated statements of cash flows. •Critical Accounting Policies, Judgments and Estimates. This section discusses those material accounting policies that involve uncertainties and require significant judgment in their application. •Quantitative and Qualitative Disclosures about Market Risk. This section provides discussion and analysis of the foreign currency, interest rate and other market risks that our company faces. Included below is an analysis of our results of operations and cash flows for 2025, as compared to 2024. An analysis of our results of operations and cash flows for 2024, as compared to 2023, can be found under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Part II of our Annual Report on Form 10-K, as amended, for the year ended December 31, 2024, which is available through the Securities and Exchange Commission’s website at www.sec.gov. The capitalized terms used below have been defined in the notes to our consolidated financial statements. In the following text, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global or collectively to Liberty Global and its subsidiaries. Unless otherwise indicated, convenience translations into U.S. dollars are calculated, and operational data is presented, as of December 31, 2025. Overview General We are an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe and are an active investor across the technology, media, sports and infrastructure sectors. We also provide innovative technology, operational and financial services to our affiliates and third parties. Our continuing operations comprise businesses that provide residential and B2B communications services in (i) Belgium and Luxembourg through Telenet and (ii) Ireland through VM Ireland. In addition, we own 50% noncontrolling interests in (a) the VMO2 JV, which provides residential and B2B communications services in the U.K., and (b) the VodafoneZiggo JV, which provides residential and B2B communications services in the Netherlands. Prior to the completion of the Spin-off on November 8, 2024, we also provided residential and B2B communications services in Switzerland through Sunrise. Sunrise, together with certain other Liberty Global subsidiaries connected to our Swiss business, are collectively referred to as the Sunrise Entities and are reflected as discontinued operations for all applicable periods. In the following discussion and analysis, the operating statistics, results of operations, cash flows and financial condition that we present and discuss are those of our continuing operations, unless otherwise indicated. For additional information regarding the Spin-off, see note 6 to our consolidated financial statements. On October 2, 2024, we completed the Formula E Acquisition, pursuant to which we acquired a controlling interest in Formula E and began consolidating 100% of Formula E’s results from that date. For additional information, see note 5 to our consolidated financial statements. Operations Our company delivers market-leading products through next-generation networks that connect our customers to broadband internet, video, fixed-line telephony and mobile services. At December 31, 2025, our reportable segments, including our II-4 nonconsolidated JVs, as defined in note 19 to our consolidated financial statements, owned and operated networks that passed 29,117,600 homes and served 11,399,700 fixed-line customers and 44,886,600 mobile subscribers. Broadband internet services. We offer multiple tiers of broadband internet service up to Gigabit speeds depending on location. We continue to invest in new technologies that allow us to increase the internet speeds we offer to our customers. Video services. We provide video services, including various enhanced products that enable our customers to control when they watch their programming. These products range from digital video recorders to multimedia home gateway systems capable of distributing video, voice and data content throughout the home and to multiple devices. Fixed-line telephony services. We offer fixed-line telephony services via either voice-over-internet-protocol technology or circuit-switched telephony, depending on location. Mobile services. We offer voice and data mobile services, either over our own networks or as an MVNO over third-party networks, depending on location. In addition, we generate revenue from the sale of mobile handsets. B2B services. Our B2B services include voice, broadband internet, data, video, wireless and cloud services. Other. We provide premium electric car racing content through our controlling interest in Formula E. We also have significant investments in Televisa Univision, ITV, EdgeConneX, the AtlasEdge JV and several regional sports networks. The investments identified by company name above are intended to be merely illustrative, do not represent a complete list and are not necessarily the largest of our long-term investments. From time to time, we may make investments in other companies that we choose not to identify by company name for commercial, legal, strategic or other reasons. We also provide technology and finance services to the VMO2 JV, the VodafoneZiggo JV and various third-parties and affiliates pursuant to service agreements. For additional information regarding the details of our products and services, see Item 1. Business included in Part I of this Annual Report on Form 10-K. Strategy and Management Focus We view our business in three strategic complementary platforms, “Liberty Telecom” (our converged broadband, video and mobile communications businesses), “Liberty Growth” (our venture capital arm comprised of various technology, media, sports, digital infrastructure and other growth assets) and “Liberty Services” (our innovative technology, operational and finance service platforms offered by our centralized functions to our affiliates and third parties). As discussed further under Liquidity and Capital Resources — Capitalization below, we also seek to maintain our debt at levels that provide for attractive equity returns without assuming undue risk. We strive to achieve organic revenue and customer growth in our operations by developing and marketing bundled entertainment and information and communications services, and extending and upgrading the quality of our networks where appropriate. As we use the term, organic growth excludes foreign currency translation effects (FX) and the estimated impact of acquisitions and dispositions. While we seek to increase our customer base, we also seek to maximize the average revenue we receive from each household by increasing the penetration of our broadband internet, video, fixed-line telephony and mobile services with existing customers through product bundling and upselling. Competition and Other External Factors We are experiencing competition in all of the markets in which we or our affiliates operate. This competition, together with macroeconomic and regulatory factors, has adversely impacted our revenue, number of customers and/or average monthly subscription revenue per fixed-line customer or mobile subscriber, as applicable (ARPU). For additional information regarding the competition we face, see Item 1. Business — Competition and — Regulatory Matters included in Part I of this Annual Report on Form 10-K. For additional information regarding the revenue impact of changes in the fixed-line customers and ARPU of our consolidated reportable segments, see Discussion and Analysis of our Reportable Segments below. For information regarding certain other regulatory developments that could adversely impact our results of operations in future periods, see Legal and Regulatory Proceedings and Other Contingencies in note 18 to our consolidated financial statements. II-5 Results of Operations We have completed a number of transactions that impact the comparability of our 2025 and 2024 results of operations, the most notable of which is the Formula E Acquisition on October 2, 2024. For further information, see note 5 to our consolidated financial statements. In the following discussion, we quantify the estimated impact of material acquisitions (the Acquisition Impact) and dispositions on our operating results. The Acquisition Impact represents our estimate of the difference between the operating results of the periods under comparison that is attributable to an acquisition. In general, we base our estimate of the Acquisition Impact on an acquired entity’s operating results during the first 3 to 12 months following the acquisition date, as adjusted to remove integration costs and any other material unusual or non-operational items, such that changes from those operating results in subsequent periods are considered to be organic changes. Accordingly, in the following discussion, (i) organic variances attributed to an acquired entity during the first 12 months following the acquisition date represent differences between the Acquisition Impact and the actual results and (ii) the calculation of our organic change percentages includes the organic activity of an acquired entity relative to the Acquisition Impact of such entity. With respect to material dispositions, the organic changes that are discussed below reflect adjustments to exclude the historical prior-year results of any disposed entities to the extent that such entities are not included in the corresponding results for the current-year period. Changes in foreign currency exchange rates have a significant impact on our reported operating results, as all of our operating segments have functional currencies other than the U.S. dollar. Our primary exposure to FX risk during the three months ended December 31, 2025 for our continuing operations was to the euro, as substantially all of our reported revenue during the period was derived from subsidiaries whose functional currencies are the euro. In addition, our reported operating results are impacted by changes in the exchange rates for certain other local currencies in Europe. The portions of the changes in the various components of our results of operations that are attributable to changes in FX are highlighted under Discussion and Analysis of our Reportable Segments and Discussion and Analysis of our Consolidated Operating Results below. For information regarding our foreign currency risks and the applicable foreign currency exchange rates in effect for the periods covered by this Annual Report on Form 10-K, see Item 7A. Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below. The amounts presented and discussed below represent 100% of each of our consolidated and nonconsolidated reportable segment’s results of operations, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV. We account for our 50% interests in both the VMO2 JV and the VodafoneZiggo JV under the equity method; accordingly, our share of their operating results is included in share of results of affiliates, net in our consolidated statements of operations. The noncontrolling interests at Telenet and Formula E are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations. Discussion and Analysis of our Reportable Segments General Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV derive their revenue primarily from residential and B2B communications services. For detailed information regarding the composition of our reportable segments, our “all other category” and how we define and categorize our revenue components, see note 19 to our consolidated financial statements. For information regarding the results of operations of the VMO2 JV and the VodafoneZiggo JV, refer to Discussion and Analysis of our Consolidated Operating Results — Share of results of affiliates, net below. The tables presented below in this section provide the details of the revenue and Adjusted EBITDA of our reportable segments for 2025, as compared to 2024. These tables present (i) the amounts reported for the current and comparative periods, (ii) the reported U.S. dollar change and percentage change from period to period and (iii) with respect to our consolidated reportable segments, the organic U.S. dollar change and percentage change from period to period. For our organic comparisons, which exclude the impact of FX, we assume that exchange rates remained constant at the prior-period rate during all periods presented. We also provide a table showing the Adjusted EBITDA margins of our reportable segments for 2025 and 2024 at the end of this section. Most of our revenue is derived from jurisdictions that administer VAT or similar revenue-based taxes. Any increases in these taxes could have an adverse impact on our ability to maintain or increase our revenue to the extent that we are unable to pass such tax increases on to our customers. In the case of revenue-based taxes for which we are the ultimate taxpayer, we will also experience increases in our operating costs and expenses and corresponding declines in our Adjusted EBITDA and Adjusted EBITDA margins to the extent of any such tax increases. II-6 We pay interconnection fees to other telephony providers when calls or text messages from our subscribers terminate on another network, and we receive similar fees from such providers when calls or text messages from their customers terminate on our networks or networks that we access through MVNO or other arrangements. The amounts we charge and incur with respect to fixed-line telephony and mobile interconnection fees are subject to regulatory oversight. To the extent that regulatory authorities introduce fixed-line or mobile termination rate changes, we would experience prospective changes and, in very limited cases, we could experience retroactive changes in our interconnect revenue and/or costs. The ultimate impact of any such changes in termination rates on our Adjusted EBITDA would be dependent on the call or text messaging patterns that are subject to the changed termination rates. We are subject to inflationary pressures with respect to certain costs and foreign currency exchange risk with respect to costs and expenses that are denominated in currencies other than the respective functional currencies of our reportable segments. Any cost increases that we are not able to pass on to our subscribers through rate increases would result in increased pressure on our operating margins. For additional information regarding our foreign currency exchange risks see Item 7A. Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below. Consolidated Adjusted EBITDA is a non-GAAP measure, which we believe 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 readily view operating trends from a consolidated view. Investors should view consolidated Adjusted EBITDA as a supplement to, and not a substitute for, GAAP measures of performance included in our consolidated statements of operations. The following table provides a reconciliation of earnings (loss) from continuing operations to total consolidated Adjusted EBITDA: Year ended December 31, 2025 2024 2023 in millions Earnings (loss) from continuing operations $ (7,096.7) $ 1,869.1  $ (3,659.1) Income tax expense (benefit) (75.8) (30.8) 213.1  Other income, net (96.0) (201.8) (212.8) Gain on sale of All3Media —  (242.9) —  Gain associated with the Formula E Acquisition —  (190.7) —  Gain associated with the Telenet Wyre Transaction —  —  (377.8) Share of results of affiliates, net 3,186.9  205.6  2,018.4  Losses on debt extinguishment, net 20.1  —  1.4  Realized and unrealized losses (gains) due to changes in fair values of certain investments, net (147.8) 28.4  556.6  Foreign currency transaction losses (gains), net 3,121.1  (1,756.5) 719.7  Realized and unrealized losses (gains) on derivative instruments, net 567.4  (315.2) (78.3) Interest expense 497.5  574.7  505.0  Operating loss (23.3) (60.1) (313.8) Impairment, restructuring and other operating items, net 90.0  49.6  43.0  Depreciation and amortization, net 1,038.9  1,002.0  1,216.4  Share-based compensation expense 169.4  168.3  204.8  Total consolidated Adjusted EBITDA $ 1,275.0  $ 1,159.8  $ 1,150.4  II-7 Revenue of our Reportable Segments General. While not specifically discussed in the below explanations of the changes in the revenue of our reportable segments, we are experiencing competition in all of our markets. This competition has an adverse impact on our ability to increase or maintain our total number of customers and/or our ARPU. Variances in the subscription revenue that we receive from our customers are a function of (i) changes in the number of our fixed-line customers or mobile subscribers outstanding during the period and (ii) changes in ARPU. Changes in ARPU can be attributable to (a) changes in prices, (b) changes in bundling or promotional discounts, (c) changes in the tier of services selected, (d) variances in subscriber usage patterns and (e) the overall mix of fixed and mobile products within a segment during the period. Year ended December 31, Increase (decrease) Organic decrease 2025 2024 $ % $ % in millions, except percentages Telenet $ 3,207.9  $ 3,084.4  $ 123.5  4.0  $ (12.8) (0.4) VM Ireland 494.8  491.4  3.4  0.7  (17.6) (3.6) Total consolidated reportable segments 3,702.7  3,575.8  126.9  3.5  Plus: all other category 1,341.3  1,013.6  327.7  32.3  Less: elimination of intercompany consolidated revenue (165.5) (247.5) 82.0  N.M. Total consolidated $ 4,878.5  $ 4,341.9  $ 536.6  12.4  $ (54.6) (1.2) VMO2 JV $ 13,335.2  $ 13,649.7  $ (314.5) (2.3) VodafoneZiggo JV $ 4,518.5  $ 4,450.5  $ 68.0  1.5  ______________ N.M. — Not Meaningful. Telenet. The details of the increase in Telenet’s revenue during 2025, as compared to 2024, are set forth below: Subscription revenue Non-subscription revenue Total in millions Increase (decrease) in residential fixed subscription revenue due to change in: Average number of customers $ (25.0) $ —  $ (25.0) ARPU 15.8  —  15.8  Increase in residential fixed non-subscription revenue —  4.3  4.3  Total increase (decrease) in residential fixed revenue (9.2) 4.3  (4.9) Decrease in residential mobile revenue (a) (6.3) (6.6) (12.9) Increase (decrease) in B2B revenue (b) (3.4) 12.7  9.3  Decrease in other revenue (c) —  (4.3) (4.3) Total organic increase (decrease) (18.9) 6.1  (12.8) Impact of FX 97.0  39.3  136.3  Total $ 78.1  $ 45.4  $ 123.5  _______________ (a)The decrease in residential mobile subscription revenue is primarily attributable to a decrease in the average number of mobile subscribers. The decrease in residential mobile non-subscription revenue is primarily attributable to lower interconnect revenue. II-8 (b)The increase in B2B non-subscription revenue is primarily due to the net effect of (i) an increase in revenue from wholesale services and (ii) lower interconnect revenue. (c)The decrease in other revenue is primarily due to the net effect of (i) a decrease associated with the one-off impact of the recognition of previously deferred revenue of approximately $18 million during the third quarter of 2024 and (ii) higher broadcasting revenue. VM Ireland. The details of the increase in VM Ireland’s revenue during 2025, as compared to 2024, are set forth below: Subscription revenue Non-subscription revenue Total in millions Decrease in residential fixed subscription revenue due to change in: Average number of customers $ (8.6) $ —  $ (8.6) ARPU (4.3) —  (4.3) Total decrease in residential fixed revenue (12.9) —  (12.9) Decrease in residential mobile revenue (1.9) (1.5) (3.4) Increase (decrease) in B2B revenue (0.1) 5.2  5.1  Decrease in other revenue —  (6.4) (6.4) Total organic decrease (14.9) (2.7) (17.6) Impact of FX 14.8  6.2  21.0  Total $ (0.1) $ 3.5  $ 3.4  Programming and Other Direct Costs of Services, Other Operating Expenses and SG&A Expenses of our Reportable Segments For information regarding the changes in our (i) programming and other direct costs of services, (ii) other operating expenses and (iii) SG&A expenses, see Discussion and Analysis of our Consolidated Operating Results below. II-9 Adjusted EBITDA of our Reportable Segments Adjusted EBITDA is the primary measure used by our CODM to evaluate segment operating performance. As presented below, consolidated Adjusted EBITDA is a non-GAAP measure, which investors should view as a supplement to, and not a substitute for, GAAP measures of performance included in our consolidated statements of operations. The following table sets forth the Adjusted EBITDA of our reportable segments. Year ended December 31, Increase (decrease) Organic increase (decrease) 2025 2024 $ % $ % in millions, except percentages Telenet $ 1,303.8  $ 1,292.2  $ 11.6  0.9  $ (42.9) (3.3) VM Ireland 180.3  178.3  2.0  1.1  (6.5) (3.6) Total consolidated reportable segments 1,484.1  1,470.5  13.6  0.9  Plus: all other category (167.9) (188.7) 20.8  (11.0) Less: elimination of intercompany consolidated Adjusted EBITDA (41.2) (122.0) 80.8  N.M. Total consolidated $ 1,275.0  $ 1,159.8  $ 115.2  9.9  $ (23.8) (2.1) VMO2 JV $ 4,662.8  $ 4,503.4  $ 159.4  3.5  VodafoneZiggo JV $ 1,977.7  $ 2,033.9  $ (56.2) (2.8) _______________ N.M. — Not Meaningful. Adjusted EBITDA Margin The following table sets forth the Adjusted EBITDA margins (Adjusted EBITDA divided by revenue) of each of our reportable segments: Year ended December 31, 2025 2024 Telenet 40.6 % 41.9 % VM Ireland 36.4 % 36.3 % VMO2 JV 35.0 % 33.0 % VodafoneZiggo JV 43.8 % 45.7 % In addition to organic changes in the revenue, operating and SG&A expenses of our reportable segments, the Adjusted EBITDA margins presented above include the impact of acquisitions, as applicable. For discussion of the factors contributing to the changes in the Adjusted EBITDA margins of our consolidated reportable segments, see the analysis of our revenue included in Discussion and Analysis of our Reportable Segments above and the analysis of our expenses included in Discussion and Analysis of our Consolidated Operating Results below. For discussion of the factors contributing to the changes in the Adjusted EBITDA margins of the VMO2 JV and the VodafoneZiggo JV, see Discussion and Analysis of our Consolidated Operating Results — Share of results of affiliates, net below. II-10 Discussion and Analysis of our Consolidated Operating Results General For more detailed explanations of the changes in our revenue, see Discussion and Analysis of our Reportable Segments above. Revenue Our revenue by major category is set forth below: Year ended December 31, Increase (decrease) Organic increase (decrease) 2025 2024 $ % $ % in millions, except percentages Residential revenue: Residential fixed revenue (a): Subscription revenue (b): Broadband internet $ 949.6  $ 890.6  $ 59.0  6.6  $ 18.5  2.1  Video 600.4  598.2  2.2  0.4  (22.8) (3.8) Fixed-line telephony 185.9  196.0  (10.1) (5.2) (17.9) (9.1) Total subscription revenue 1,735.9  1,684.8  51.1  3.0  (22.2) (1.3) Non-subscription revenue 27.6  21.6  6.0  27.8  4.5  20.8  Total residential fixed revenue 1,763.5  1,706.4  57.1  3.3  (17.7) (1.0) Residential mobile revenue (c): Subscription revenue (b) 500.3  487.1  13.2  2.7  (8.2) (1.7) Non-subscription revenue 169.1  169.3  (0.2) (0.1) (8.1) (4.8) Total residential mobile revenue 669.4  656.4  13.0  2.0  (16.3) (2.5) Total residential revenue 2,432.9  2,362.8  70.1  3.0  (34.0) (1.4) B2B revenue (d): Subscription revenue 447.0  431.5  15.5  3.6  (3.6) (0.8) Non-subscription revenue 452.1  411.3  40.8  9.9  21.3  5.2  Total B2B revenue 899.1  842.8  56.3  6.7  17.7  2.1  Other revenue (e) 1,546.5  1,136.3  410.2  36.1  (38.3) (2.8) Total $ 4,878.5  $ 4,341.9  $ 536.6  12.4  $ (54.6) (1.2) _______________ (a)Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential fixed non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment. (b)Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our fixed and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. (c)Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. Residential mobile interconnect revenue was $32.5 million and $43.9 million during 2025 and 2024, respectively. (d)B2B subscription revenue represents revenue from (i) services provided to SOHO subscribers and (ii) mobile services provided to medium and large enterprises. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass II-11 marketed products offered to our residential subscribers. A portion of the change in our B2B subscription revenue is attributable to the conversion of certain residential subscribers to SOHO subscribers. B2B non-subscription revenue includes (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network. (e)Other revenue includes, among other items, (i) revenue earned from the U.K. JV Services, the Sunrise Services and the NL JV Services, (ii) broadcasting revenue at Telenet and VM Ireland, (iii) revenue at Formula E and (iv) revenue earned from the sales of CPE to the VMO2 JV and the VodafoneZiggo JV. Total revenue. Our consolidated revenue increased $536.6 million or 12.4% during 2025, as compared to 2024. This increase includes an increase of $240.8 million attributable to the impact of the Formula E Acquisition and an increase of $171.1 million attributable to the impact of the Sunrise Services provided in connection with the Spin-off. On an organic basis, our consolidated revenue decreased $54.6 million or 1.2%. Residential revenue. The details of the increase in our consolidated residential revenue during 2025, as compared to 2024, are as follows (in millions): Increase (decrease) in residential fixed subscription revenue due to change in: Average number of customers $ (37.3) ARPU 15.1  Increase in residential fixed non-subscription revenue 4.5  Total decrease in residential fixed revenue (17.7) Decrease in residential mobile subscription revenue (8.2) Decrease in residential mobile non-subscription revenue (8.1) Total decrease in residential revenue (34.0) Impact of FX 104.1  Total increase in residential revenue $ 70.1  On an organic basis, our consolidated residential fixed subscription revenue decreased $22.2 million or 1.3% during 2025, as compared to 2024, primarily attributable to a decrease at VM Ireland. On an organic basis, our consolidated residential mobile subscription revenue decreased $8.2 million or 1.7% during 2025, as compared to 2024, primarily due to a decrease at Telenet. On an organic basis, our consolidated residential mobile non-subscription revenue decreased $8.1 million or 4.8% during 2025, as compared to 2024, primarily due to a decrease at Telenet. On an organic basis, our consolidated B2B non-subscription revenue increased $21.3 million or 5.2% during 2025, as compared to 2024, primarily due to an increase at Telenet. Other revenue. On an organic basis, our consolidated other revenue decreased $38.3 million or 2.8% during 2025, as compared to 2024, primarily due to the net effect of (i) lower revenue earned from the sales of CPE to the VMO2 JV, (ii) an increase in revenue earned from the U.K. JV Services and (iii) a decrease associated with the one-off impact of the recognition of previously deferred revenue at Telenet during the third quarter of 2024. Programming and other direct costs of services Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, costs of mobile handsets and other devices and other direct costs related to our operations, including costs associated with our transitional and other service agreements and certain costs related to the development of externally marketed software. Programming and copyright costs represent a significant portion of our operating costs and are subject to rise in future periods due to various factors, including (i) higher costs associated with the expansion of our digital video content, including rights associated with ancillary product offerings and rights that provide for the broadcast of live sporting events, and (ii) rate increases. II-12 The details of our programming and other direct costs of services are as follows: Year ended December 31, Increase (decrease) Organic decrease 2025 2024 $ % $ % in millions, except percentages Telenet $ 772.9  $ 764.5  $ 8.4  1.1  $ (23.7) (3.1) VM Ireland 127.2  127.7  (0.5) (0.4) (5.4) (4.2) Total consolidated reportable segments 900.1  892.2  7.9  0.9  Plus: all other category 843.8  644.4  199.4  30.9  Less: elimination of intercompany consolidated programming and other direct costs of services (73.4) (85.9) 12.5  N.M. Total consolidated $ 1,670.5  $ 1,450.7  $ 219.8  15.2  $ (71.2) (4.3) _______________ N.M. — Not Meaningful. Our programming and other direct costs of services increased $219.8 million or 15.2% during 2025, as compared to 2024. This increase includes an increase of $193.7 million attributable to the impact of the Formula E Acquisition. On an organic basis, our programming and other direct costs of services decreased $71.2 million or 4.3%. This decrease includes the following factors: •A decrease in costs of $41.2 million related to the sales of CPE to the VMO2 JV; •A decrease in programming and copyright costs of $15.4 million or 2.8%, primarily attributable to lower costs for certain content at Telenet and VM Ireland; •A net decrease of $10.8 million related to the recognition of losses during the fourth quarters of 2025 and 2024 associated with certain minimum purchase commitments; •A decrease in interconnect and access costs of $10.3 million or 9.9%, primarily due to lower interconnect and mobile roaming costs at Telenet; and •A decrease in costs of $7.6 million related to third-party CPE development costs recognized in the fourth quarter of 2024. II-13 Other operating expenses Other operating expenses include network operations, customer operations, customer care, share-based compensation and other costs related to our operations. We do not include share-based compensation in the following discussion and analysis of the other operating expenses of our consolidated reportable segments as share-based compensation expense is not included in the performance measures of our consolidated reportable segments. Share-based compensation expense is separately discussed further below. The details of our other operating expenses are as follows: Year ended December 31, Increase (decrease) Organic increase 2025 2024 $ % $ % in millions, except percentages Telenet $ 576.2  $ 515.5  $ 60.7  11.8  $ 35.7  6.9  VM Ireland 131.8  123.5  8.3  6.7  3.1  2.5  Total consolidated reportable segments 708.0  639.0  69.0  10.8  Plus: all other category 199.9  139.3  60.6  43.5  Less: elimination of intercompany consolidated other operating expenses (41.7) (35.0) (6.7) N.M. Total consolidated (excluding share-based compensation expense) 866.2  743.3  122.9  16.5  $ 59.3  7.9  Share-based compensation expense 12.6  17.8  (5.2) (29.2) Total consolidated $ 878.8  $ 761.1  $ 117.7  15.5  _______________ N.M. — Not Meaningful. Our other operating expenses (exclusive of share-based compensation expense) increased $122.9 million or 16.5% during 2025, as compared to 2024. This increase includes an increase of $11.1 million attributable to the impact of the Formula E Acquisition. On an organic basis, our other operating expenses increased $59.3 million or 7.9%. This increase includes the following factors: •An increase in core network and information technology-related costs of $51.5 million or 29.3%, primarily due to higher information technology-related costs, including increases at Telenet and VM Ireland; and •An increase in personnel costs of $15.7 million or 7.2%, primarily due to the net effect of (i) higher average costs per employee, including an increase at Telenet, (ii) lower staffing levels, including a decrease at Telenet, and (iii) an increase in incentive compensation costs. II-14 SG&A expenses SG&A expenses include human resources, information technology, general services, management, finance, legal, external sales and marketing costs, share-based compensation and other general expenses. We do not include share-based compensation in the following discussion and analysis of the SG&A expenses of our consolidated reportable segments as share-based compensation expense is not included in the performance measures of our consolidated reportable segments. Share-based compensation expense is separately discussed further below. The details of our SG&A expenses are as follows: Year ended December 31, Increase (decrease) Organic increase (decrease) 2025 2024 $ % $ % in millions, except percentages Telenet $ 555.0  $ 512.2  $ 42.8  8.4  $ 18.0  3.5  VM Ireland 55.5  61.9  (6.4) (10.3) (8.9) (14.4) Total consolidated reportable segments 610.5  574.1  36.4  6.3  Plus: all other category 465.5  418.6  46.9  11.2  Less: elimination of intercompany consolidated SG&A expenses (9.2) (4.6) (4.6) N.M. Total consolidated (excluding share-based compensation expense) 1,066.8  988.1  78.7  8.0  $ (20.7) (2.0) Share-based compensation expense 156.8  150.5  6.3  4.2  Total consolidated $ 1,223.6  $ 1,138.6  $ 85.0  7.5  ______________ N.M. — Not Meaningful. Supplemental SG&A expense information Year ended December 31, Increase Organic increase (decrease) 2025 2024 $ % $ % in millions, except percentages General and administrative (a) $ 724.9  $ 686.6  $ 38.3  5.6  $ (22.2) (3.1) External sales and marketing 341.9  301.5  40.4  13.4  1.5  0.5  Total $ 1,066.8  $ 988.1  $ 78.7  8.0  $ (20.7) (2.0) ______________ (a)General and administrative expenses include all personnel-related costs within our SG&A expenses, including personnel-related costs associated with our sales and marketing function. Our SG&A expenses (exclusive of share-based compensation expense) increased $78.7 million or 8.0% during 2025, as compared to 2024. This increase includes an increase of $58.1 million attributable to the impact of the Formula E Acquisition. On an organic basis, our SG&A expenses decreased $20.7 million or 2.0%. This decrease is primarily due to a decrease in personnel costs of $16.2 million or 3.1%, primarily due to the net effect of (i) higher average costs per employee, including an increase at Telenet, (ii) lower staffing levels and (iii) lower incentive compensation costs. II-15 Share-based compensation expense Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below: Year ended December 31, 2025 2024 in millions Liberty Global (a): Non-performance based incentive awards $ 83.5  $ 113.9  Performance based incentive awards 46.9  18.6  Other (b) 35.0  29.7  Total Liberty Global 165.4  162.2  Other 4.0  6.1  Total $ 169.4  $ 168.3  Included in: Other operating expenses $ 12.6  $ 17.8  Total SG&A expenses 156.8  150.5  Total $ 169.4  $ 168.3  _______________  (a)In November 2024, in connection with the Sunrise Distribution and the Spin-off, the compensation committee of our board of directors approved the Award Modifications in accordance with the underlying share-based incentive plans. As we determined that there was no incremental value associated with the Award Modifications, we did not recognize any incremental share-based compensation expense associated with these modifications. (b)Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled in Liberty Global common shares. In the case of annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in common shares of Liberty Global in lieu of cash. In addition, amounts include compensation expense related to the Liberty Growth Incentive Plans. For additional information concerning our share-based compensation, see note 15 to our consolidated financial statements. Depreciation and amortization expense Our depreciation and amortization expense was $1,038.9 million and $1,002.0 million during 2025 and 2024, respectively. Excluding the effects of FX, depreciation and amortization expense decreased $9.5 million or 0.9% during 2025, as compared to 2024. This decrease is primarily due to the net effect of (i) a decrease associated with certain assets becoming fully depreciated, primarily at Telenet, and (ii) an increase associated with property and equipment additions related to the installation of CPE, the expansion and upgrade of our networks and other capital initiatives, primarily at Telenet. II-16 Impairment, restructuring and other operating items, net We recognized impairment, restructuring and other operating items, net, of $90.0 million and $49.6 million during 2025 and 2024, respectively. The 2025 amount primarily includes (i) restructuring costs of $55.9 million and (ii) an impairment charge on certain long-lived assets at Telenet of $42.3 million during the fourth quarter of 2025. During 2025, we commenced a restructuring program that includes employee terminations within certain of our centralized functions and recorded $43.8 million of restructuring costs during 2025 related to this program. We expect to incur further restructuring charges during 2026 as certain elements of the restructuring plan did not meet the criteria for recognition in 2025. The 2024 amount primarily includes (i) restructuring costs of $25.3 million, including amounts at Telenet, and (ii) a provision for legal contingencies of $20.7 million. If, among other factors, the adverse impacts of economic, competitive, regulatory or other factors were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of our goodwill and, to a lesser extent, other long-lived assets. Any such impairment charges could be significant. For additional information regarding our impairments, see Critical Accounting Policies, Judgments and Estimates — Impairment of Goodwill below. Interest expense We recognized interest expense of $497.5 million and $574.7 million during 2025 and 2024, respectively. Excluding the effects of FX, interest expense decreased $97.8 million or 17.0% during 2025, as compared to 2024. This decrease is primarily attributable to a lower weighted average interest rate and a lower average outstanding debt balance. For additional information regarding our outstanding indebtedness, see note 11 to our consolidated financial statements. It is possible that the interest rates on (i) any new borrowings could be higher than the current interest rates on our existing indebtedness and (ii) our variable-rate indebtedness could increase in future periods. As further discussed in note 8 to our consolidated financial statements and under Item 7A. Qualitative and Quantitative Disclosures about Market Risk below, we use derivative instruments to manage our interest rate risks. Realized and unrealized gains (losses) on derivative instruments, net Our realized and unrealized gains or losses on derivative instruments include (i) unrealized changes in the fair values of our derivative instruments that are non-cash in nature until such time as the derivative contracts are fully or partially settled and (ii) realized gains or losses upon the full or partial settlement of the derivative contracts. The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows: Year ended December 31, 2025 2024 in millions Cross-currency and interest rate derivative contracts (a) $ (348.7) $ 323.7  Equity-related derivative instruments (b) (207.6) (38.6) Foreign currency forward and option contracts (11.1) 30.0  Other —  0.1  Total $ (567.4) $ 315.2  _______________  (a)The loss during 2025 is primarily attributable to the net effect of (i) a net loss associated with changes in the relative value of certain currencies and (ii) a net gain associated with changes in certain market interest rates. In addition, the loss during 2025 includes a net gain of $3.0 million resulting from changes in our credit risk valuation adjustments. The gain during 2024 is primarily attributable to the net effect of (a) a net gain associated with changes in the relative value of certain currencies and (b) a net loss associated with changes in certain market interest rates. In addition, the gain during 2024 includes a net loss of $7.7 million resulting from changes in our credit risk valuation adjustments. II-17 (b)The recurring fair value measurements of our equity-related derivative instruments are based on Black-Scholes pricing models. For additional information, see note 9 to our consolidated financial statements. For additional information regarding the Vodafone Collar, which was fully settled in 2025, see note 7 to our consolidated financial statements. For additional information concerning our derivative instruments, see note 8 to our consolidated financial statements and Item 7A. Quantitative and Qualitative Disclosures about Market Risk below. Foreign currency transaction gains (losses), net Our foreign currency transaction gains or losses primarily result from the remeasurement of monetary assets and liabilities that are denominated in currencies other than the underlying functional currency of the applicable entity. Unrealized foreign currency transaction gains or losses are computed based on period-end exchange rates and are non-cash in nature until such time as the amounts are settled. The details of our foreign currency transaction gains (losses), net, are as follows: Year ended December 31, 2025 2024 in millions Intercompany balances denominated in a currency other than the entity’s functional currency (a) $ (3,535.1) $ 1,964.0  U.S. dollar-denominated debt issued by euro functional currency entities 417.9  (217.7) Cash and restricted cash denominated in a currency other than the entity’s functional currency (3.2) 8.8  Other (0.7) 1.4  Total $ (3,121.1) $ 1,756.5  _______________ (a)Amounts primarily relate to loans between certain of our non-operating subsidiaries in Europe. For information regarding how we manage our exposure to foreign currency risk, see Item 7A. Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below. II-18 Realized and unrealized gains (losses) due to changes in fair values of certain investments, net Our realized and unrealized gains or losses due to changes in fair values of certain investments include unrealized gains or losses associated with changes in fair values that are non-cash in nature until such time as these gains or losses are realized through cash transactions. For additional information regarding our investments and fair value measurements, see notes 7 and 9, respectively, to our consolidated financial statements. The details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net, are as follows: Year ended December 31, 2025 2024 in millions Vodafone $ 207.7  $ 57.4  Televisa Univision (55.3) (52.1) ITV 36.8  46.9  Lionsgate (a) 16.1  (16.2) Plume (8.9) (95.4) Aviatrix (5.8) (24.5) EdgeConneX 4.6  147.6  SMAs (2.0) 33.7  Lacework (b) —  (75.8) Pax8 (c) —  (27.9) Other, net (45.4) (22.1) Total $ 147.8  $ (28.4) _______________ (a)Amounts represent the change in fair value of our investment in Lionsgate, both before and after the Lionsgate Separation. Following the Lionsgate Separation, changes in fair value related to our investment in Starz are included in ‘Other, net’ in the above table. See note 7 to our consolidated financial statements for more information on the Lionsgate Separation. (b)We completed the sale of our investment in Lacework during the third quarter of 2024. (c)We completed the sale of our investment in Pax8 during the fourth quarter of 2024. Losses on debt extinguishment, net We recognized a net loss on debt extinguishment of $20.1 million during 2025 related to the write-off of unamortized deferred financing costs and discounts. For additional information concerning our losses on debt extinguishment, net, see note 11 to our consolidated financial statements. II-19 Share of results of affiliates, net The following table sets forth the details of our share of results of affiliates, net: Year ended December 31, 2025 2024 in millions VMO2 JV (a) $ (2,921.4) $ (29.0) VodafoneZiggo JV (b) (99.0) (69.3) nexfibre JV (76.3) (2.2) AtlasEdge JV (73.0) (40.9) Formula E (c) —  (29.1) All3Media (d) —  (15.5) Other, net (17.2) (19.6) Total $ (3,186.9) $ (205.6) _______________ (a)Represents (i) our share of the results of operations of the VMO2 JV and (ii) for 2024, 100% of the share-based compensation expense associated with Liberty Global awards granted to VMO2 JV employees who were formerly employees of Liberty Global prior to the VMO2 JV formation, as these awards remain our responsibility. The summarized results of operations of the VMO2 JV are set forth below: Year ended December 31, 2025 2024 in millions Revenue $ 13,335.2  $ 13,649.7  Adjusted EBITDA $ 4,662.8  $ 4,503.4  Operating income (loss) (1) (2) $ (4,280.8) $ 1,037.8  Non-operating expense (3) $ (1,797.9) $ (1,004.7) Net earnings (loss) (2) $ (5,766.5) $ 1.7  _______________ (1)Includes depreciation and amortization expense of $3,709.4 million and $3,311.7 million, respectively. (2)The 2025 amount includes a charge of £3.8 billion ($5.0 billion at the applicable rate) related to the VMO2 JV’s goodwill impairment, as described in note 7 to our consolidated financial statements. (3)Includes interest expense of $1,606.6 million and $1,634.7 million, respectively. The change in the VMO2 JV’s revenue during 2025, as compared to 2024, is primarily due to the net effect of (i) a decrease in other revenue related to low-margin construction activity from the nexfibre JV, (ii) a decrease in mobile revenue due to lower handset revenue and (iii) an increase in B2B fixed revenue due to the VMO2 JV’s consolidation of the Daisy Group following the merger of the B2B operations of O2 and Daisy, with each revenue category as defined and reported by the VMO2 JV. The change in the VMO2 JV’s Adjusted EBITDA during 2025, as compared to 2024, is primarily due to the net effect of (a) a provision for legal matters in 2025 of approximately $32 million, (b) a handset inventory-related insurance recovery during 2025 of approximately $27 million related to a loss recognized in 2024, (c) cost efficiencies, (d) a decrease in the nexfibre JV construction impact to Adjusted EBITDA and (e) the aforementioned changes in revenue. In addition, the reported revenue and Adjusted EBITDA amounts are impacted by FX. (b)Represents (i) our share of the results of operations of the VodafoneZiggo JV and (ii) interest income of $57.7 million and $55.4 million, respectively, representing 100% of the interest earned on the VodafoneZiggo JV Receivables. The summarized results of operations of the VodafoneZiggo JV are set forth below: II-20 Year ended December 31, 2025 2024 in millions Revenue $ 4,518.5  $ 4,450.5  Adjusted EBITDA $ 1,977.7  $ 2,033.9  Operating income (1) $ 130.8  $ 321.0  Non-operating expense (2) $ (582.6) $ (707.3) Net loss $ (323.4) $ (257.1) _______________ (1)Includes depreciation and amortization expense of $1,771.6 million and $1,696.3 million, respectively. (2)Includes interest expense of $762.4 million and $822.9 million, respectively. The change in the VodafoneZiggo JV’s revenue during 2025, as compared to 2024, is primarily due to the net effect of (i) a decrease in residential fixed revenue, driven by the ongoing impact of repricing, (ii) a decrease in mobile revenue, (iii) an increase in other revenue related to premium sports content and (iv) an increase in B2B fixed revenue. The change in the VodafoneZiggo JV’s Adjusted EBITDA during 2025, as compared to 2024, is primarily due to the net effect of (a) the aforementioned change in revenue, (b) an increase in consulting costs, (c) higher programming costs and (d) cost control measures in customer service, labor and energy costs. In addition, the reported revenue and Adjusted EBITDA amounts are impacted by FX. (c)Includes our share of results of Formula E prior to the Formula E Acquisition Date. (d)We completed the sale of our investment in All3Media during the second quarter of 2024. The VodafoneZiggo JV is experiencing significant competition in both its fixed-line and mobile operations. If the adverse impacts of economic, competitive, regulatory or other factors were to cause significant deterioration of the results of operations or cash flows of the VodafoneZiggo JV, we could conclude in future periods that our investment in the VodafoneZiggo JV is impaired or management of the VodafoneZiggo JV could conclude that an impairment of the VodafoneZiggo JV goodwill and, to a lesser extent, long-lived assets, is required. Any such impairment of the VodafoneZiggo JV’s goodwill or our investment in the VodafoneZiggo JV would be reflected as a component of share of results of affiliates, net, in our condensed consolidated statement of operations. Our share of any such impairment charges could be significant. For additional information regarding our equity method investments, see note 7 to our consolidated financial statements. Gain on sale of All3Media In connection with the sale of All3Media, we recognized a gain of $242.9 million during 2024. Gain associated with the Formula E Acquisition In connection with the Formula E Acquisition, we recognized a gain of $190.7 million during 2024. For additional information, see note 5 to our consolidated financial statements. Other income, net We recognized other income, net, of $96.0 million and $201.8 million during 2025 and 2024, respectively. These amounts include interest and dividend income of $98.1 million and $199.3 million, respectively. II-21 Income tax benefit (expense) We recognized income tax benefit of $75.8 million and $30.8 million during 2025 and 2024, respectively. The income tax benefit during 2025 differs from the expected income tax benefit of $1,075.9 million (based on the Bermuda statutory income tax rate of 15.0%), primarily due to the net negative impact of (i) non-deductible or non-taxable foreign currency exchange results and (ii) certain permanent differences between the financial and tax accounting treatment of items associated with investments in subsidiaries and affiliates. The net negative impact of these items was partially offset by the net positive impact of statutory rates in certain jurisdictions in which we operate that are different than the Bermuda statutory income tax rate. The income tax benefit during 2024 differs from the expected income tax expense of $459.6 million (based on the U.K. income tax rate of 25.0%), primarily due to the net positive impact of (i) non-deductible or non-taxable foreign currency exchange results and (ii) the recognition of previously unrecognized tax benefits. The net positive impact of these items was partially offset by the net negative impact of certain permanent differences between the financial and tax accounting treatment of interest and other expenses. For additional information concerning our income taxes, see note 13 to our consolidated financial statements. Earnings (loss) from continuing operations During 2025 and 2024, we reported earnings (loss) from continuing operations of ($7,096.7 million) and $1,869.1 million, respectively, consisting of (i) operating losses of $23.3 million and $60.1 million, respectively, (ii) net non-operating income (expense) of ($7,149.2 million) and $1,898.4 million, respectively, and (iii) income tax benefit of $75.8 million and $30.8 million, respectively. Gains or losses associated with (i) changes in the fair values of derivative instruments, (ii) movements in foreign currency exchange rates and (iii) the disposition of assets and changes in ownership are subject to a high degree of volatility and, as such, any gains from these sources do not represent a reliable source of income. In the absence of significant gains in the future from these sources or from other non-operating items, our ability to achieve earnings is largely dependent on our ability to increase our aggregate operating income to a level that more than offsets the aggregate amount of our (a) interest expense, (b) other non-operating expenses and (c) income tax expense. Due largely to the fact that we seek to maintain our debt at levels that provide for attractive equity returns, as discussed under Liquidity and Capital Resources — Capitalization below, we expect we will continue to report significant levels of interest expense for the foreseeable future. For information concerning our expectations with respect to trends that may affect certain aspects of our operating results in future periods, see the discussion under Overview above. For information concerning the reasons for changes in specific line items in our consolidated statements of operations, see Discussion and Analysis of our Reportable Segments and Discussion and Analysis of our Consolidated Operating Results above. Loss from discontinued operations, net of taxes We reported a loss from discontinued operations, net of taxes, of $223.2 million during 2024 related to the operations of the Sunrise Entities. For additional information, see note 6 to our consolidated financial statements. Net earnings attributable to noncontrolling interests Net earnings attributable to noncontrolling interests were $41.4 million and $57.9 million during 2025 and 2024, respectively, attributable to certain noncontrolling interests at Telenet and Formula E. II-22 Liquidity and Capital Resources Sources and Uses of Cash We are a holding company that is dependent on the capital resources of our subsidiaries to satisfy our liquidity requirements at the corporate level. Each of our significant operating subsidiaries is separately financed within one of our two subsidiary “borrowing groups.” These borrowing groups include the respective restricted parent and subsidiary entities within Telenet and VM Ireland. Although our borrowing groups typically generate cash from operating activities, the terms of the instruments governing the indebtedness of these borrowing groups may restrict our ability to access the liquidity of these subsidiaries. In addition, our ability to access the liquidity of these and other subsidiaries may be limited by tax and legal considerations, the presence of noncontrolling interests and other factors. Cash, cash equivalents and SMAs The details of the U.S. dollar equivalent balances of our consolidated cash and cash equivalents and investments held under SMAs at December 31, 2025 are set forth in the following table (in millions): Cash and cash equivalents held by: Liberty Global and unrestricted subsidiaries: Liberty Global (a) $ —  Unrestricted subsidiaries (b) 914.3  Total Liberty Global and unrestricted subsidiaries 914.3  Borrowing groups (c): Telenet 1,134.3  VM Ireland 32.8  Total borrowing groups 1,167.1  Total cash and cash equivalents (d) 2,081.4  Investments held under SMAs (e) 76.2  Total cash and cash equivalents and investments held under SMAs $ 2,157.6  _______________ (a)Represents the amount held by Liberty Global on a standalone basis. (b)Represents the aggregate amount held by subsidiaries that are outside of our borrowing groups. (c)Represents the aggregate amounts held by the parent entity and restricted subsidiaries of our borrowing groups. (d)The total cash and cash equivalents balance includes $1,336.6 million or 64.2%, $384.1 million or 18.5% and $357.8 million or 17.2% denominated in euros, U.S. dollars and British pound sterling, respectively. (e)The balance of our investments held under SMAs is held by unrestricted subsidiaries of Liberty Global and includes $75.0 million or 98.4% denominated in U.S. dollars. For additional information regarding our cash and cash equivalents and investments held under SMAs, see the discussion under Item 7A. Quantitative and Qualitative Disclosures about Market Risk — Cash and Investments below. Liquidity of Liberty Global and its unrestricted subsidiaries The $914.3 million of aggregate cash and cash equivalents held by unrestricted subsidiaries, subject to certain tax and legal considerations, together with the $76.2 million of investments held under SMAs, represented available liquidity at the corporate level at December 31, 2025. Our remaining cash and cash equivalents of $1,167.1 million at December 31, 2025 were held by our borrowing groups, as set forth in the table above. As noted above, various factors may limit our ability to access the cash of our borrowing groups. For information regarding certain limitations imposed by our subsidiaries’ debt instruments at December 31, 2025, see note 11 to our consolidated financial statements. II-23 Our short-term sources of corporate liquidity include (i) readily available assets, such as (a) cash and cash equivalents held by Liberty Global and, subject to certain tax and legal considerations, Liberty Global’s unrestricted subsidiaries, and (b) investments held under SMAs, and (ii) funds derived from other items, such as (a) interest and dividend income received on our and, subject to certain tax and legal considerations, our unrestricted subsidiaries’ cash and cash equivalents and investments, including dividend distributions received from the VMO2 JV or the VodafoneZiggo JV, (b) cash received with respect to transitional and other services provided to various third parties and affiliates and (c) interest received with respect to the VodafoneZiggo JV Receivables. From time to time, Liberty Global and its unrestricted subsidiaries may also receive (i) proceeds in the form of dividend distributions or loan repayments from Liberty Global’s borrowing groups or affiliates (including amounts from the VMO2 JV or the VodafoneZiggo JV) upon (a) the completion of recapitalizations, refinancings, asset sales or similar transactions by these entities or (b) the accumulation of excess cash from operations or other means, (ii) proceeds upon the disposition of investments and other assets of Liberty Global and its unrestricted subsidiaries, such as the sale of All3Media, and (iii) proceeds in connection with the incurrence of debt by Liberty Global or its unrestricted subsidiaries or the issuance of equity securities by Liberty Global, including equity securities issued to satisfy subsidiary obligations. No assurance can be given that any external funding would be available to Liberty Global or its unrestricted subsidiaries on favorable terms, or at all. At December 31, 2025, our consolidated cash and cash equivalents included $2,081.4 million held by entities that are domiciled outside of Bermuda. Based on our assessment of our ability to access the liquidity of our subsidiaries on a tax efficient basis and our expectations with respect to our corporate liquidity requirements, we do not anticipate that tax considerations will adversely impact our corporate liquidity over the next 12 months. Our ability to access the liquidity of our subsidiaries on a tax efficient basis is a consideration in assessing any potential share repurchase activity. In addition, the amount of cash we receive from our subsidiaries and affiliates to satisfy U.S. dollar-denominated liquidity requirements is impacted by fluctuations in exchange rates, particularly with regard to the translation of euros and British pound sterling into U.S. dollars. In this regard, the strengthening (weakening) of the U.S. dollar against these currencies will result in decreases (increases) in the U.S. dollars received from the applicable subsidiaries and affiliates to fund the repurchase of our equity securities and other U.S. dollar-denominated liquidity requirements. Our short- and long-term liquidity requirements include corporate general and administrative expenses and, from time to time, cash requirements in connection with (i) the repayment of third-party and intercompany debt, (ii) the satisfaction of contingent liabilities, (iii) acquisitions, (iv) the repurchase of equity and debt securities, (v) other investment opportunities, (vi) any funding requirements of our subsidiaries and affiliates or (vii) income tax payments. During 2025, the aggregate amount of our share repurchases, including direct acquisition costs, was $192.1 million. As of the date of this Annual Report on Form 10-K, no new share repurchase program has been approved for 2026, and therefore, at this time, we are not authorized to repurchase any shares during 2026. For additional information regarding our share repurchase programs, see note 14 to our consolidated financial statements. Liquidity of borrowing groups The cash and cash equivalents of our borrowing groups are detailed in the table above. In addition to cash and cash equivalents, the primary sources of liquidity of our borrowing groups are cash provided by operations and borrowing availability under their respective debt instruments. For the details of the borrowing availability of our borrowing groups at December 31, 2025, see note 11 to our consolidated financial statements. The aforementioned sources of liquidity may be supplemented in certain cases by contributions and/or loans from Liberty Global and its unrestricted subsidiaries. The liquidity of our borrowing groups generally is used to fund (i) property and equipment additions, (ii) debt service requirements and (iii) income tax payments, as well as to settle certain obligations that are not included on our December 31, 2025 consolidated balance sheet. In this regard, we have significant commitments related to (a) purchase obligations associated with CPE and certain service-related commitments, (b) certain operating costs associated with our networks and (c) programming, studio output and sports rights contracts. These obligations are expected to represent a significant liquidity requirement of our borrowing groups, a significant portion of which is due over the next 12 to 24 months. For additional information regarding our commitments, see note 18 to our consolidated financial statements. From time to time, our borrowing groups may also require liquidity in connection with (i) acquisitions and other investment opportunities, (ii) loans to Liberty Global or its unrestricted subsidiaries, (iii) capital distributions to Liberty Global and other equity owners or (iv) the satisfaction of contingent liabilities. No assurance can be given that any external funding would be available to our borrowing groups on favorable terms, or at all. II-24 For additional information regarding our consolidated cash flows, see the discussion under Consolidated Statements of Cash Flows below. Capitalization We seek to maintain our debt at levels that provide for attractive equity returns without assuming undue risk. In this regard, we generally seek to cause our operating subsidiaries to maintain their debt at levels that result in a consolidated debt balance (measured using subsidiary debt figures at swapped foreign currency exchange rates, consistent with the covenant calculation requirements of our subsidiary debt agreements) that is between four and six times our consolidated Adjusted EBITDA, although the timing of our acquisitions and financing transactions and the interplay of average and spot foreign currency rates may impact this ratio. Consolidated Adjusted EBITDA is a non-GAAP measure, which investors should view as a supplement to, and not a substitute for, GAAP measures of performance included in our consolidated statements of operations. Our ability to service or refinance our debt and to maintain compliance with the leverage covenants in the credit agreements and indentures of our borrowing groups is dependent primarily on our ability to maintain or increase the Adjusted EBITDA of our operating subsidiaries and to achieve adequate returns on our property and equipment additions and acquisitions. In addition, our ability to obtain additional debt financing is limited by the incurrence-based leverage covenants contained in the various debt instruments of our borrowing groups. For example, if the Adjusted EBITDA of one of our borrowing groups were to decline, our ability to obtain additional debt could be limited. Under our credit facilities and senior secured notes there is no cross-default risk between subsidiary borrowing groups in the event that one or more of our borrowing groups were to experience significant declines in their Adjusted EBITDA to the extent they were no longer able to service their debt obligations. Any mandatory prepayment events or events of default that may occur would only impact the relevant borrowing group in which these events occur and do not allow for any recourse to other borrowing groups or Liberty Global Ltd. Our credit facilities and senior secured notes require that certain members of the relevant borrowing group guarantee the payment of all sums payable thereunder and such group members are required to grant first-ranking security over their shares or, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder. At December 31, 2025, each of our borrowing groups was in compliance with its debt covenants. In addition, we do not anticipate any instances of non-compliance with respect to the debt covenants of our borrowing groups that would have a material adverse impact on our liquidity during the next 12 months. At December 31, 2025, the outstanding principal amount of our consolidated debt, together with our finance lease obligations, aggregated $8.6 billion, including $0.8 billion that is classified as current on our consolidated balance sheet and $3.3 billion that is not due until 2029 or thereafter. All of our consolidated debt and finance lease obligations have been borrowed or incurred by our subsidiaries at December 31, 2025. We believe we have sufficient resources to repay or refinance the current portion of our debt and finance lease obligations and to fund our foreseeable liquidity requirements and our operations during the next 12 months. However, as our maturing debt grows in later years, we anticipate we will seek to refinance or otherwise extend our debt maturities. No assurance can be given that we will be able to complete these refinancing transactions or otherwise extend our debt maturities. In this regard, it is not possible to predict how political and economic conditions, sovereign debt concerns or any adverse regulatory developments could impact the credit and equity markets we access and, accordingly, our future liquidity and financial position. Our ability to access debt financing on favorable terms, or at all, could be adversely impacted by (i) the financial failure of any of our counterparties, which could (a) reduce amounts available under committed credit facilities and (b) adversely impact our ability to access cash deposited with any failed financial institution, and (ii) tightening of the credit markets. In addition, any weakness in the equity markets could make it less attractive to use our shares to satisfy contingent or other obligations, and sustained or increased competition, particularly in combination with adverse economic or regulatory developments, could have an unfavorable impact on our cash flows and liquidity. For additional information concerning our debt and finance lease obligations, see notes 11 and 12, respectively, to our consolidated financial statements. II-25