Liberty Global Ltd. (LBTYA) Business

Item 1. BUSINESS

Who We Are

We are Liberty Global Ltd. (Liberty Global), a dynamic team of operators and investors generating and delivering long-term shareholder value through the strategic management of three complementary platforms: Liberty Telecom, Liberty Growth and Liberty Services.

Liberty Telecom is a world leader in converged broadband, video and mobile communications that has built fixed-mobile convergence (FMC) national champions through some of Europe’s best-known consumer brands. These brands deliver market-leading connectivity and entertainment products through next-generation networks, providing approximately 80 million fixed and mobile connections at December 31, 2025. We are pursuing strategies in each market to drive commercial momentum, finance and monetize network infrastructure and pursue accretive transactions that deliver value to our shareholders.

Liberty Growth invests in scalable businesses across the technology, media, sports and infrastructure sectors that we believe create unique opportunities to generate shareholder value. As of December 31, 2025, Liberty Growth held investments in approximately 70 companies and funds valued at approximately $3.4 billion.

Liberty Services delivers innovative technology, operational and financial services to both Liberty Global affiliates and third parties. Liberty Services currently generates most of its revenue from certain of our affiliates and related parties, but is focused on growing its unique, scaled-based services to third parties.

Primary Business Operations:

(1)As of December 31, 2025.

(2)Sale of this business is pending; see note 6 to our consolidated financial statements included in Part II of this Annual Report on Form 10-K for further information.

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General Development of Business

As a result of a series of mergers that were completed on June 7, 2013, Liberty Global plc became the publicly-held parent company of the successors by merger of Liberty Global, Inc. (the predecessor to Liberty Global plc) and Virgin Media Inc. (Virgin Media). On November 23, 2023, Liberty Global plc completed a statutory scheme of arrangement, pursuant to which a new Bermudan company, Liberty Global Ltd., became the sole shareholder of Liberty Global plc and the parent entity of the entire group of Liberty Global companies (the Redomiciliation). The Redomiciliation resulted in the Liberty Global group parent company changing its jurisdiction of incorporation from England and Wales to Bermuda. In this Annual Report on Form 10-K, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global (or its predecessors) or collectively to Liberty Global (or its predecessors) and its subsidiaries and any of its nonconsolidated joint ventures. Unless otherwise indicated, convenience translations into United States (U.S.) dollars are calculated as of December 31, 2025, and operational data, including subscriber statistics and ownership percentages, are as of December 31, 2025.

Acquisitions and Dispositions

We have entered into agreements related to, and completed, a number of strategic acquisitions, dispositions and joint ventures over the last several years. We entered into these acquisitions, dispositions and joint ventures in order to execute on our strategy to concentrate on markets where we can focus on creating national champion FMC businesses in core markets and unlock significant synergies.

Acquisitions. Our significant acquisitions include:

•On August 1, 2025, our 50:50 joint venture with Telefonica, S.A. in the United Kingdom (the U.K.) (the VMO2 JV) combined its business-to-business (B2B) operations with Daisy Group (the U.K. B2B Group), a leading B2B provider of information technology, communications and cloud services in the U.K. Following this transaction, the VMO2 JV owns 70% of the U.K. B2B Group’s equity capital, with Daisy Group owning the remaining 30%. As with the VMO2 JV, the U.K. B2B Group is not consolidated in our financial statements.

•On October 2, 2024 (the Formula E Acquisition Date), we gained control of Formula E through the acquisition of the Formula E shares held by Warner Bros. Discovery, Inc. (Warner Bros. Discovery) and certain other minority shareholders, which increased our ownership interest in Formula E from 38.2% to 65.6% (the Formula E Acquisition). We also acquired a shareholder loan from Warner Bros. Discovery to Formula E upon closing of the transaction. Upon closing of the Formula E Acquisition, we began consolidating 100% of Formula E’s results.

•On October 13, 2023, we completed the acquisition of all of the shares of Telenet Group Holding N.V. (Telenet) that we did not already hold through an all cash public tender offer (the Telenet Takeover Bid). All shares not acquired through the tender offer process were acquired through a statutory simplified “squeeze-out” procedure under applicable Belgian law. Telenet is now a wholly-owned, indirect subsidiary of Liberty Global.

•On July 1, 2023, pursuant to an agreement dated July 19, 2022, Telenet and Fluvius System Operator CV (Fluvius) created an independent infrastructure company (Wyre) within their combined geographic footprint in the Flanders region of Belgium and in parts of Brussels (the Telenet Wyre Transaction). The companies each contributed certain cable infrastructure assets with Telenet and Fluvius owning 66.8% and 33.2% of Wyre, respectively. Telenet and Liberty Global began consolidating Wyre’s results upon the closing of the transaction.

Dispositions. Our significant dispositions include:

•On December 18, 2025, we entered into an agreement to sell our operations in Slovakia to O2 Slovakia s.r.o., an affiliate of e& PPF Telecom Group B.V., for a total transaction value of approximately €95 million ($110 million), subject to customary debt and working capital adjustments at completion. Closing of the transaction is subject to regulatory approval, which is expected in the first half of 2026. In addition, we have agreed to provide certain transitional services for a period of up to 42 months from the closing of the transaction. These services principally comprise network and information technology-related functions. Liberty Global will also allow the use of the UPC brand for a transitional period of up to three years as part of the transaction.

•On November 8, 2024, we completed the spin-off of our former wholly-owned subsidiary, Sunrise Communications AG (Sunrise), following a series of transactions that resulted in the transfer to Sunrise of our Swiss telecommunications operations (the Spin-off). In connection with the Spin-off, we agreed to provide certain

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transitional services to Sunrise for a period of up to five years. These services principally comprise information technology, back-office, compliance and specialty services functions.

Other Transactions

•On February 3, 2026, we announced a new strategic partnership with Google Cloud Services to embed new artificial intelligence (AI) services throughout our operating companies and European operations (the Google Partnership). Under the Google Partnership, we will integrate certain of Google’s AI-enabled services into our customer products and services, as well as into our networks to improve scalability, security and data sovereignty and drive cost efficiencies. The initial term of the Google Partnership is five years.

•On November 23, 2023, we completed the Redomiciliation, as described above in this section. Our shares continue to trade on the Nasdaq Global Select Market under the same ticker symbols as they did prior to the Redomiciliation (LBTYA, LBTYB and LBTYK).

•On August 15, 2023, we announced a new strategic collaboration with Infosys to help scale Liberty Global’s digital entertainment and connectivity platforms. The agreement has an initial five-year term, with an option to extend to eight years (the Infosys Partnership).

Equity Transactions

Share repurchases are an important part of our strategy in creating value for our shareholders. Under our 2025 share repurchase program, we were authorized to repurchase up to 10% of our outstanding shares (measured as of December 31, 2024) during 2025. The following table provides a summary of our share repurchases during 2025.

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(1)Amounts include direct acquisition costs.

For a further description of our share repurchases, see note 14 to our consolidated financial statements included in Part II of this Annual Report on Form 10-K.

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.

Forward Looking Statements

Certain statements in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that statements in this Annual 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 Item 1. Business, Item 1A. Risk Factors, Item 2. Properties, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 7A. Quantitative and Qualitative Disclosures About Market Risk 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, our share repurchase programs 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

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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 under Item 1A. Risk Factors and Item 7A. Quantitative and Qualitative Disclosures About Market Risk, 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 and the rate at which our current technology becomes obsolete;

•the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital;

•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) (Three), under our mobile virtual network operator (MVNO) arrangement at VM Ireland (as defined below)) 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 U.S. or in other countries in which we or our affiliates operate;

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•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 European Union (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, combinations or joint ventures;

•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 Annual 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 Annual

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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 circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on any forward-looking statement.

Description of Business

We are one of the world’s leading telecommunications companies, delivering long-term shareholder value through the strategic management of our three complementary platforms: Liberty Telecom, Liberty Growth and Liberty Services. Liberty Telecom is a world leader in converged broadband, video, and mobile communications that has built FMC national champions through some of Europe’s best-known consumer brands. Liberty Telecom provides these services to our residential and business customers over our fiber-rich fixed and, increasingly, 5G SA mobile networks that empower customers and strengthen national economies. We design these services to enable our customers to access the digital world on their own terms, with top quality connectivity and ease of use at the core of our strategy. Our extensive broadband networks enable us to deliver ultra-high-speed internet service across our markets, be it through fiber, Hybrid Fiber Coaxial (HFC) or mobile technologies, and we strive to extend our reach and reinforce our speed leadership. Across our footprint we offer converged fixed and mobile experiences in and out of the home, and it is our ambition to further enhance this proposition through strategic acquisitions and partnerships and through product developments to offer our customers a world-class suite of products and services. As part of this strategy, Telenet, the VMO2 JV and our 50:50 joint venture with Vodafone Group plc (Vodafone) (the VodafoneZiggo JV) deliver mobile services as mobile network operators (MNOs) and Virgin Media Ireland (VM Ireland) delivers mobile services as an MVNO through Three’s network.

Liberty Telecom provides residential and business telecommunication services in Belgium through Telenet, in Ireland through VM Ireland and in Slovakia through UPC Slovakia, and we are a leading fixed network provider in each of these countries. We also own 50% of both the VMO2 JV and the VodafoneZiggo JV, each of which is a fixed network leader in their respective countries.

Liberty Growth is our venture capital arm that invests in scalable businesses in each of the technology, media, sports and infrastructure sectors. Liberty Growth has amassed investments in approximately 70 companies and funds, with concentrated investments in industry leaders such as Formula E, Televisa Univision, Edgeconnex, AtlasEdge and ITV.

Liberty Services is our corporate services business unit, delivering innovative technology, operational and financial services to Liberty Global’s operating companies and other third-parties.

A breakdown of our revenue by major category for our consolidated reportable segments appears in note 19 to our consolidated financial statements included in Part II of this Annual Report on Form 10-K.

Our People Planet Progress sustainability strategy is our pathway to growing for good. It allows us to empower our people and our communities, reduce our environmental impact and ensure integrity and transparency in everything we do.

Our People priority focuses on us growing inclusively – for our employees, our customers and our communities. We are committed to building a culture where everyone feels they belong. We want every colleague to feel valued, respected and empowered to be themselves at work – so they can perform at their best. We are playing our part in building tomorrow’s workforce by supporting STEM and digital skills education, which fosters future technology talent development and supports our broader societal needs. Additionally, through our Inclusive Connectivity initiatives, we offer affordable digital services and devices for those in need to enhance equitable access to the digital world. Lastly, our community impact work is rooted in our focus on volunteering and our partnerships to create a positive impact in communities where we live and work.

Our Planet priority focuses on building a sustainable, low-carbon future and accelerating our decarbonization journey. We are ensuring the procurement of energy from renewable sources and enhancing the efficiency of our networks. We are also working with our suppliers, the largest contributor to our carbon footprint, to bring down their emissions. Many of our products are designed for circularity, allowing for more sustainable materials and ensuring easier pathways to refurbishment and disposal at the end of their useful life. Our Planet priority also brings together innovation opportunities with smart energy initiatives—making our networks, products and operations more efficient and sustainable through the use of AI and other transformative technologies. We are also working to reduce our carbon emissions. Across our company, our entities and joint ventures have individual commitments and climate transition plans. The majority of our operations—including Telenet, the VodafoneZiggo JV and the VMO2 JV—have science-based approved Net Zero targets for 2040.

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Our Progress priority underscores our commitment to transparency throughout our own operations and those across our value chain. This is supported by our robust governance structures and ethical practices. We are managing our climate-based risks to strengthen our future resilience. We engage with leading global benchmarks to measure our performance across critical topics involving environmental, social and governance matters. We highly value our partnerships and affiliations, such as the United Nations Global Compact which enables us to drive progress in our operations and the wider industry.

Operating Data

The following table presents certain operating data as of December 31, 2025 with respect to the networks of our subsidiaries and significant joint ventures. The following tables reflect 100% of the reported data applicable to each of our subsidiaries and significant joint ventures regardless of our ownership percentage.

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(1)Homes Passed are homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our Homes Passed counts are based on census data that can change based on either revisions to the data or from new census results.

(2)Fixed-Line Customer Relationships are the number of customers who receive at least one of our broadband, video or telephony services that we count as Revenue Generating Units (RGUs), without regard to which or to how many services they subscribe. Fixed-Line Customer Relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two Fixed-Line Customer Relationships. We exclude mobile-only customers from Fixed-Line Customer Relationships.

(3)Broadband Subscribers are homes, residential multiple dwelling units or commercial units that receive internet services over our networks, or that we service through a partner network.

(4)An RGU is, separately, a Broadband Subscriber, Video Subscriber or Telephony Subscriber. A home, residential multiple dwelling unit or commercial unit may contain one or more RGUs. For example, if a residential customer subscribes to our broadband service, video service and fixed-line telephony service, the customer would constitute three RGUs. Total RGUs is the sum of Broadband, Video and Telephony Subscribers. RGUs generally are counted on a unique premises basis such that a given premise does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled broadband, video or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.

(5)Our Mobile Subscriber count for residential and business subscribers represents the number of active subscriber identity module (SIM) cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one Mobile Subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop would be counted as two Mobile Subscribers. Customers who do not pay a recurring monthly fee are excluded from our Mobile Subscriber count after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our Mobile Subscribers receive mobile services pursuant to prepaid contracts. As of December 31, 2025, our Mobile Subscriber count included approximately 147,000, 6,831,800 and 268,200 prepaid Mobile Subscribers at Telenet, the VMO2 JV and the VodafoneZiggo JV, respectively. Prepaid mobile customers are excluded from the VMO2 JV’s and the VodafoneZiggo JV’s Mobile Subscriber counts after a period of inactivity of three months and nine months, respectively. The Mobile Subscriber count for the VMO2 JV includes internet of things (IoT) connections, which are Machine-to-Machine contract mobile connections, including Smart Metering contract connections. The mobile subscriber count for the VMO2 JV presented in the table above excludes mobile wholesale connections based on their definition.

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(6)Amounts related to the VodafoneZiggo JV’s fixed-line and mobile products include business and multiple dwelling unit subscribers.

Additional General Notes to Table:

Our operating companies provide broadband internet, video, telephony, mobile, data or other business services. Certain of our business service revenue is derived from small or home office (SOHO) subscribers that pay a premium to receive enhanced service levels along with broadband, video or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHOs, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our broadband communications operations, with only those services provided at premium prices considered to be “SOHO RGUs” or “SOHO customers.” To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs or SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our SOHO subscribers, we generally do not count customers of business services as customers or RGUs for external reporting purposes.

While we take appropriate steps to ensure that subscriber statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (1) the nature and pricing of products and services, (2) the distribution platform, (3) billing systems, (4) our bad debt collection efforts and (5) other factors add complexity to the subscriber counting process. We periodically review our subscriber counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber statistics based on those reviews.

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Products and Services

The main products and services that our operating companies (including our joint ventures) offer our customers are intelligent WiFi and broadband internet services, video, mobile and telephony services.

Intelligent WiFi and Broadband Internet Services

To meet our customers’ expectations of seamless connectivity, we developed a fully digital, cloud-based connectivity ecosystem that we call “ONE Connect,” built on top of our fiber-rich fixed broadband network. ONE Connect is fully cloud-based, enabling fast and flexible introductions of new hardware and services, as well as cloud-to-cloud open API integration. Our residential customers benefit from the gigabit speeds enabled by our “Connect Box” (as defined below), as well as “Intelligent WiFi,” which optimizes the customer’s WiFi mesh configuration to adapt and maximizes wireless connectivity speeds. Our “Smart Security” services offer a layer of security for all customer connected devices and provide network security, safe browsing and fraud prevention measures. In addition, we offer “Smart Home” bundles in select markets, providing those customers with enhanced entertainment and home automation and security services. Finally, our “Connect App” allows customers to access and manage all of our services. We are also looking to launch our “Markets One App,” where FMC products and services will be consolidated into a single application.

Our “Connect Box” is our Intelligent WiFi and telephony gateway that enables us to maximize the impact of our ultrafast broadband networks by providing reliable wireless connectivity anywhere in the home. Our latest versions of the gigabit Connect Box are based on DOCSIS 3.1 technology and WiFi 6, providing even better in-home WiFi service and coverage. During 2025, approximately 11 million of our customers had a Connect Box. Our current DOCSIS 3.1 Connect Box runs our “One Firmware” stack, a middleware software system based on the Reference Design Kit for Broadband (RDK-B). RDK-B is an open source initiative that standardizes core functions used in broadband devices, set-top boxes and IoT solutions. One Firmware supports our ONE Connect ecosystem. One Firmware runs on system-on-a-chip (SOC) technology from multiple vendors and can run on any SOC that is RDK-B compliant, enabling greater speed and agility for on-boarding of new customer premises equipment (CPE) platforms and ecosystem features, thus allowing us to build once and port to many. During 2025, we continued the roll out of One Firmware to our legacy Euro DOCSIS 3.0 WiFi 5 GW products, as well as our next generation DOCSIS 3.1 WiFi 6 GW products and XGSPON WiFi 6 gateways. To support the adoption of fiber-to-the-home, cabinet, building or node networks (fiber-to-the-home/-cabinet/-building/-node is referred to herein as FTTx) access in both on-net and off-net scenarios, we continue to roll out XGSPON (an updated standard for passive optical networks that supports 10 Gbps symmetrical data transfers) and ethernet-based Connect Boxes with WiFi 6, providing speeds up to 10 Gbps that run our One Firmware and support our ONE Connect ecosystem. We also offer a WiFi 6 Mesh extender device, the “ONE Connect Mesh,” which provides our WiFi Mesh system that is fully orchestrated and optimized via the ONE Connect Platform. Our offerings also include CPE to support a two-box architecture by adding an XGSPON Optical Network Unit, to terminate XGSPON and present ethernet, via a new Connect Box to a WiFi 6 ethernet gateway running our One Firmware, and which is expected to support our various on-net, off-net and wholesale models.

In 2023, we provided the world’s first test of DOCSIS 4 technology on live network infrastructure, capable of 10 Gbps, emphasizing the re-usability of our existing coaxial cable. In 2024, we finalized plans to introduce a DOCSIS 4 Network Termination Unit, which will terminate DOCSIS 4 (up to 10 Gbps), and connect ethernet, via the Connect Box, in similar fashion to the XGSPON two-box architecture that is described above. In 2026, we expect to begin rolling-out DOCSIS 4 across certain parts of our footprint.

During 2026, we expect to add new Connect Boxes and Mesh Extenders, supporting the WiFi 7 standard, to our DOCSIS 3.1 and XGSPON devices, which XGSPON and Mesh extenders will also support 2.4 GHz, 5GHz and 6 GHz frequencies.

Our extensive broadband network enables us to deliver ultra-high-speed internet services across our markets. We offer multiple tiers of broadband internet service, including gigabit or greater speeds across our entire footprint. The speed of service depends on the customer location and their selected service.

We deliver gigabit or greater speeds by deploying DOCSIS 3.1 technology. DOCSIS 3.1 technology is an international standard that defines the requirements for data transmission over a cable system that allows for efficient network growth. Alongside DOCSIS 3.1, XGSPON technology provides our gigabit services an additional boost, as exemplified by the launch of a 2 Gbps tier of service at VM Ireland during 2023, supported by our XGSPON Wifi 6 gateways.

Subscribers to our internet service pay a monthly fee based on the tier of service selected. We determine pricing for each different tier of internet service through an analysis of speed, market conditions and other factors. At the end of 2023, we rolled out a new Smart Security service in the U.K. and is anticipated to be rolled out to the rest of our footprint during 2026.

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Mobile Services

Mobile services are key in providing our customers with seamless connectivity. Telenet, the VMO2 JV and the VodafoneZiggo JV offer mobile services as MNOs and VM Ireland offers mobile services as an MVNO over a third-party network through Three.

Under the agreement between Three and VM Ireland, VM Ireland leases a third-party’s radio access network and owns the core network, including switching, backbone and interconnections. This agreement allows VM Ireland to offer its customers mobile services without needing to build and operate a mobile radio tower network.

Most of our residential and commercial subscribers take a postpaid service plan, which often have an agreed monthly fee for a set duration (typically 1 to 2 years). The fee varies depending on the country and service selected. Service packages have different levels of data allowances, voice minutes, network speeds and roaming charges. Postpaid services can be bundled with fixed services through a “converged” offering. Through a converged offering, customers typically receive benefits, such as lower total cost or additional features. In addition, we offer prepaid mobile services, where customers pay in advance for a pre-determined amount of airtime or data and which generally have no minimum contract term. In countries where we operate as an MNO, we also offer a number of MVNOs where other mobile providers use our mobile network for their mobile offering.

Video Services

We offer multiple tiers of digital video programming and audio services, beginning with our basic video service. Basic video service subscribers pay a fixed monthly fee to receive digital video channels in standard definition, high definition (HD) and a growing number of ultra-high definition 4K resolution (4K) channels, together with an electronic programming guide. We tailor our video services in each country based on local programming preferences, cultural considerations, demographic factors and applicable regulatory requirements.

We also offer a range of premium channel packages designed to address the interests of our subscribers. For an additional monthly charge, subscribers may upgrade to one of our extended digital tier services and receive additional video channels, including the channels in the basic tier service, as well as additional HD and 4K channels. Our channel line-up includes general entertainment, sports, movies, series, documentaries, lifestyle programming, news, adult, children’s and foreign channels.

Customers may receive discounts by bundling two (double play), three (triple play) or four (quad play) of our services (bundled services), such as internet, video, fixed-line telephony and mobile services.

Our latest next-generation product suite, “Horizon 5,” is a cloud-based, multi-screen entertainment platform that integrates linear television (including recording and replay features), video-on-demand (VoD) offerings, integrated premium global and local video applications and mobile viewing into a single entertainment experience. Through the Horizon 5 personal user interface, customers can customize content recommendations and favorite channel settings. Video playback controls, navigation shortcuts and content searches can be performed using a voice-control button on the remote control. Horizon 5 is available in all our markets and can deliver 4K video content, including high dynamic range (HDR). Horizon 5 is marketed as “Telenet TV-Box” at Telenet, “Virgin TV 360” at the VMO2 JV and VM Ireland and “MediaBox Next (Mini)” at the VodafoneZiggo JV.

In the U.K., the predecessor product to Horizon 5 is based on the TiVo platform and was developed under a strategic partnership agreement with TiVo Inc. The TiVo platform is deployed on a basic set-top box and on the Virgin Media V6 box. Like Horizon 5, the Virgin Media V6 box combines 4K video (including HDR) with enhanced streaming functionality and increased processing power. The Virgin Media V6 box enables customers to record six channels simultaneously while watching a seventh channel. Customers can also begin watching a program on one television and continue on other set-top boxes in another room or through an app on their smartphones and tablets. The V6 hardware is the same hardware used in other markets with Horizon software and, over time, these V6 boxes are expected to be flashed with the latest Horizon 5 software. The TiVo platform in in the process of being phased out, and new VMO2 JV’s video customers are using the Horizon 5 platform.

We also offer an IP-only streaming device that runs the full Horizon 5 product suite, using a small puck-like device that can be placed behind a television screen. This all-IP mini set-top box is 4K capable, has low power consumption and uses a casing made from recycled plastic. We have launched this all-IP 4K-capable set-top box at Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV.

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One of our key video services is “Replay TV,” which makes the last seven days of content (subject to blackout-related rights) available via the electronic programming guide (EPG) for on-demand viewing. Through the EPG, customers can scroll back and replay linear programming instantly, including while the live broadcast is in progress. Additionally, customers can record television programs in the cloud (or to the hard disk drive housed within the Virgin TV 360 set-top box).

In most of our markets, we offer transactional VoD that provides subscribers with access to a broad library of movies and television series. In several of our markets, subscription VoD service is included in certain video offerings. This is tailored by market based on available content, consumer preferences and competitive positioning. Additionally, in all of our markets we offer global premium over-the-top (OTT) services such as Netflix, Disney+, YouTube and Amazon Prime Video, and we also offer local OTT services via many of our set-top boxes. These paid subscription services can be bundled into customers’ packages or, in many cases, added directly to customers’ bills, providing additional convenience, including the ability to order via the set-top box.

Most of our content is also available via our online mobile app, “Horizon Go” (known as “Telenet TV” in Belgium, “Virgin TV Go” in the UK, “Virgin TV Anywhere” in Ireland, “Ziggo Go” in the Netherlands and “UPC TV” in Slovakia), which is available on mobile devices (iOS and Android) and, in certain markets, through Amazon Fire TV and Apple TV devices. Additionally, Horizon Go is available in some of our markets on Samsung Tizen, LG WebOS and Android TV devices. Customers can pause a program, series or movie and continue watching on another television, tablet, smartphone or laptop, and can also remotely schedule recordings on their Horizon 5 box at home.

Through the Infosys Partnership, we are scaling our entertainment and connectivity platforms. Infosys has responsibility for the build and operation of our Horizon platform, while we have retained the IP and strategy for the platform. Leaning on the scaled resources, technologies and capabilities of Infosys, this partnership is intended to sustain operational performance, increase development capacity for new features and capabilities and deliver cost savings.

Telephony Services

We offer voice-over-internet-protocol (VoIP) technology in most of our markets. The VMO2 JV also provides traditional circuit-switched telephony services. We pay interconnect fees to other telephony and internet providers when our subscribers’ calls terminate on another network and receive similar fees from providers when their users’ calls terminate on our network.

Our telephony services are offered on a standalone basis or in combination with one or more of our other services. Customers can select a basic fixed-line telephony product for line rental and various calling plans, including unlimited network, national or international calling, unlimited off-peak calling and minute packages to fixed and mobile phones. We also offer value-added services, such as a personal call manager, unified messaging and multiple lines for additional fees.

Partner Networks

Following the closing of the Telenet Wyre Transaction on July 1, 2023, Telenet became a wholesale access client of Wyre, in addition to Orange Belgium NV/SA (Orange Belgium), with whom it signed a 15-year commercial wholesale agreement in January 2023, resulting in a wholesale market share of around 65%. In the coming years, Wyre expects to further roll-out and operate an HFC and fiber-to-the-home (FTTH) network within Belgium, aiming to cover 70% of its footprint with FTTH by 2030 and 78% of its footprint by 2038.

Telenet has signed a Memorandum of Understanding with Proximus NV/SA (Proximus) and Fiberklaar for a potential future collaboration on the further deployment of fiber networks in Flanders. The intended collaboration, which is dependent on the parties reaching a final agreement, obtaining regulatory and antitrust approvals and there being no adverse regulatory findings or impacts, would cover approximately 2.7 million homes across zones with medium to low population density, while continuing to leverage our existing HFC network to benefit consumers, businesses and society as a whole. In October 2025, the Belgian Competition Authority (BCA), supported by the Belgian Institute for Postal Services and Telecommunications (BIPT), announced the start of a market test to assess the proposed network sharing agreement, an important step toward a broader and faster roll-out of fiber to more Flemish households, with limited civil works. The market test concluded at the end of November and we anticipate a final decision from the BCA in the course of Q1 2026.

VM Ireland offers broadband internet and video products and services to additional households on the SIRO network, opening up new areas where VM Ireland’s own network is not available. VM Ireland has also entered into an agreement with National Broadband Ireland (NBI) to offer broadband internet and video products and services on NBI’s footprint.

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Business Services

Telecommunications Services. For business and public sector organizations, we provide a range of voice, advanced data, video, wireless and cloud-based services, as well as mobile and FMC services. Our business customers include SOHOs (generally up to five employees), small businesses and medium and large enterprises. We also provide business services on a wholesale basis to other operators.

Our business services are designed to meet the specific demands of our business customers, including increased data transmission speeds and virtual private networks (VPNs). These services fall into five broad categories:

•data services for fixed internet access with a 4G connectivity backup, IP VPNs based on SDWAN solutions and high-capacity point-to-point services, including dedicated cloud connections;

•cloud collaboration and telephony solutions, unified communications and conferencing options;

•wireless services for mobile voice and data, as well as managed WiFi networks;

•video programming packages and select channel lineups for targeted industries; and

•value-added services, including managed security systems and cloud-enabled business applications.

Our intermediate to long-term strategy is to enhance our capabilities and offerings in the business services sector so we become a preferred provider in this market. To execute this strategy, partnerships and customer experience play a key role. Our business services are provided to customers based on the size of the business and the type, volume and duration of the services. SOHO and small business customers pay business market prices on a monthly subscription basis to receive enhanced service levels and business features that support their needs. For more advanced business services, customers generally enter into a service agreement. For medium to large business customers, we use customized agreements, generally lasting at least one year.

Our One Connect Platform supports a SOHO solution whereby Static IP and Multi Static IP solutions are offered to business customers. In addition, we introduced a 4G Mobile Back-Up solution to work in conjunction with this SOHO feature, providing business continuity in the unlikely event of access network outage.

Specialized Business Services. Liberty Blume Ltd. (Liberty Blume), now included within our Liberty Growth platform, is seeking to redefine business services with its high-impact, tech-enabled business solutions. Liberty Blume provides back-office, procurement, financial and environmentally conscious solutions to the company’s subsidiaries and joint ventures, as well as a growing number of third-party customers. Through its teams in the U.K. and the Netherlands, Liberty Blume offers, among others, procurement, payments, specialty finance and various people services to its customers.

Customer Premises Equipment

We purchase CPE from a number of different suppliers. CPE includes set-top boxes, modems, WiFi routers and boosters and similar devices. For each type of equipment, we retain specialists to provide customer support. For our broadband services, we use a variety of suppliers for our network equipment and the various services we offer. Similarly, we use a variety of suppliers for mobile handsets to offer our customers mobile services.

Software Licenses

We license software products from several suppliers for our broadband internet services. The agreements for these products typically require us to pay a fee for software licenses and/or a share of advertising revenue for content licenses.

Significant FMC Joint Ventures and Investments

VMO2 JV

Liberty Global owns 50% of the VMO2 JV, an integrated communications provider of broadband internet, mobile, video, fixed-line telephony and converged services to residential and business customers in the U.K. Liberty Global has entered into a shareholders agreement with Telefónica, which previously owned O2 in the U.K. (the U.K. JV Shareholders Agreement), detailing the corporate governance of the VMO2 JV, as well as, among other things, its dividend policy and non-competition provisions. The U.K. JV Shareholders Agreement mandates that the VMO2 JV distribute to Liberty Global and Telefónica pro rata dividends of all unrestricted cash (unless agreed otherwise), subject to certain minimum thresholds and financing arrangements. Generally, Liberty Global may not transfer its ownership interest in the VMO2 JV without Telefónica’s consent.

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We account for the VMO2 JV as an equity method investment. For additional information on the U.K. JV Shareholders Agreement, see note 7 to our consolidated financial statements included in Part II of this Annual Report on Form 10-K.

The VMO2 JV offers gigabit internet across its fixed network, reaching 16.2 million homes, and operates a mobile network that offers over 99% outdoor population coverage on 4G, as well as 87% 5G outdoor population coverage. The VMO2 JV had over 11 million fixed RGUs as of December 31, 2025, including approximately 5.7 million broadband subscribers. The VMO2 JV does not report video or telephony subscribers on an individualized basis, although such subscribers are included in its total RGU figure. In addition, the VMO2 JV had approximately 36.3 million mobile retail connections and is the U.K.’s leading mobile operator in terms of connections, with 46.7 million connections across its mobile, IoT and wholesale services.

The VMO2 JV’s video customers have access to the Horizon 5 minibox, with all current video offerings, now including Netflix as a standard feature. Customers also have the option of subscribing to dedicated packages on entertainment, sports and cinema, while also having the flexibility to add other subscription packages, like Disney+, under one system.

The VMO2 JV provides a wide range of mobile and associated value-added products and services (e.g., priority tickets), such as voice, messaging and data services, handsets and hardware, stand-alone mobile devices and other accessories.

The VMO2 JV’s convergence proposition is called “Volt,” offering new and existing customers with Virgin Media broadband and eligible O2 Pay Monthly plans an upgrade to the next fixed broadband speed tier, increased mobile data and roaming in 75 destinations, including a WiFi guarantee, where customers are guaranteed certain minimum download speeds in every room or they receive a billing credit.

The VMO2 JV also provides business products and services to large enterprises, public sector entities and small and medium business customers, as well as operating its fixed and mobile networks to wholesale and MVNO partners.

nexfibre JV

We beneficially own approximately 25% of a joint venture in the U.K. (the nexfibre JV), which we own alongside Telefonica and certain investment funds managed by InfraVia Capital Partners (InfraVia). The nexfibre JV has constructed a wholesale FTTH broadband network of over 2.5 million premises. Telefónica owns 25% of the nexfibre JV and InfraVia owns the remaining 50%. We account for the nexfibre JV as an equity method investment. The VMO2 JV acts as the anchor client for the nexfibre JV’s fiber network and has entered into a construction agreement and a master services agreement with the nexfibre JV to provide various network construction and operational services to the nexfibre JV.

In connection with the formation of the nexfibre JV, we entered into shareholders agreements with Telefónica and InfraVia that provide for the governance of the nexfibre JV, including, among other things, its dividend policy and non-competition provisions. They also provide for restrictions on transfer of interests in the nexfibre JV and describe possible exit arrangements. Under the dividend policy, the nexfibre JV must distribute all unrestricted cash to Telefónica, InfraVia and us, subject to minimum cash requirements and financing arrangements.

VodafoneZiggo JV

Liberty Global owns 50% of the VodafoneZiggo JV, a leading Dutch telecommunications company that provides fixed, mobile, video, telephony and broadband services to consumers and businesses in the Netherlands. In connection with the formation of the VodafoneZiggo JV, we entered into a shareholders agreement with Vodafone that details the governance of the VodafoneZiggo JV, including, among other things, its dividend policy and non-competition provisions. It also provides for restrictions on the transfer of interests in the VodafoneZiggo JV and exit arrangements. Under the dividend policy, the VodafoneZiggo JV must distribute its unrestricted cash to Vodafone and us, subject to minimum cash requirements and financing arrangements. We are also party to a framework agreement with the VodafoneZiggo JV to provide access to each partner’s industry expertise. We account for the VodafoneZiggo JV as an equity method investment. For additional information on the above agreements, see note 7 to our consolidated financial statements included in Part II of this Annual Report on Form 10-K.

The VodafoneZiggo JV’s fixed network passes approximately 7.6 million homes. It offers internet speeds of 2 Gbps for residential customers and 2.2 Gbps for business customers across its entire footprint and has nationwide 4G and 5G mobile coverage. At December 31, 2025, the VodafoneZiggo JV had 7.3 million fixed RGUs, of which 3.0 million were broadband internet, 3.3 million were video and 1.1 million were fixed-line telephony. The VodafoneZiggo JV also had 5.6 million mobile subscribers. Besides its residential services, the VodafoneZiggo JV offers extensive business services throughout the

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Netherlands. The operations of the VodafoneZiggo JV are subject to various regulations, which are described below under Regulatory Matters—Joint Venture Entities—The Netherlands.

The VodafoneZiggo JV’s customers have access to the Horizon 5 media boxes and their functionalities (marketed as “Ziggo TV”). The VodafoneZiggo JV also has its own sports channel, Ziggo Sport, that offers exclusive programming, including exclusive broadcast rights to UEFA football matches since 2024. The VodafoneZiggo JV’s customers also have access to its nationwide 4G and 5G wireless services under both prepaid or postpaid plans. The VodafoneZiggo JV provides its mobile services under various licenses. These licenses in aggregate have a weighted average useful life of approximately 18 years as of December 31, 2025. With its mobile services, the VodafoneZiggo JV is able to offer quad-play bundles and FMC services to its residential and business customers.

Liberty Growth

Liberty Growth has amassed a portfolio of investments in approximately 70 companies and funds across the world, investing in the technology, media, sports and infrastructure industries. With its long-term mindset, Liberty Growth makes meaningful investments in technologies that are expected to change how people live and work tomorrow. Some of the companies in Liberty Growth’s portfolio include ITV, Televisa Univision, Plume, EdgeConneX, Lionsgate and the Formula E racing series. When advantageous, we seek to forge commercial relationships between our operating companies and the companies we invest in, creating an even stronger partnership to help drive growth and efficiencies. The investments identified above do not represent a complete list and are not necessarily our largest investments. We may choose not to identify certain investments by name for commercial, legal, strategic or other reasons.

Additional Business Information

Technology

Our broadband internet, video and fixed-line telephony services are primarily transmitted over an HFC network. This network is composed primarily of national and regional fiber networks, which are connected to the home over the last few hundred meters by coaxial cable. Alongside our HFC network, we are increasingly rolling out services based on FTTH and leveraging fixed wireless access (FWA) technologies to service customers not covered by our fixed networks.

We closely monitor our network capacity and customer usage. Where necessary, we increase our capacity incrementally, for instance by splitting nodes in our cable network. We also continue to explore improvements to our network and services as well as new technologies that will enhance our customer’s connected entertainment experience. These include:

•recapturing bandwidth and optimizing our networks by:

◦increasing the number of nodes in our markets;

◦increasing the bandwidth of our HFC cable network to 1.2 GHz (and to 1.8 GHz in 2026);

◦converting analog video channels to digital (DVB-C);

◦moving video channels to IP delivery;

◦deploying additional DOCSIS 3.1 channels (and DOCSIS 4 channels in 2026);

◦replacing copper lines with modern optic fibers; and

◦using digital compression technologies.

•freeing spectrum by encouraging customers to move from analog to digital services;

•increasing the efficiency of our networks by moving head-end functions to cloud storage systems;

•enhancing our network to accommodate business services;

•using wireless technologies to extend our services outside of the home;

•offering remote access to our video services through laptops, smart phones and tablets; and

•expanding the availability of the Horizon 5 minibox and Horizon Go, as well as Horizon 5, and related products and developing and introducing online media sharing and streaming or cloud-based video.

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We are expanding our HFC and FTTH footprint and seeking mobile service opportunities where we have established fixed networks. This will allow us to make FMC offerings available to more of our customers.

We also deliver high-speed data and fixed-line telephony over our broadband network. Our European cable networks are connected to our “AORTA” backbone, which is recognized as a Tier 1 Carrier and permits us to serve our customers through settlement-free collaboration with other carriers without the cost of using a third-party network.

All of our broadband networks are already capable of supporting the next generation of 1Gbps+ internet service. To provide these speeds to our subscribers, we are upgrading technology throughout major markets. The use of DOCSIS 3.1 technology provides us significantly higher efficiencies and allows us to offer faster speeds, in-home WiFi and better services. While DOCSIS 3.1 technology will provide up to 2.5 Gbps, in 2023, we introduced XGSPON technology across much of our FTTH footprint, enabling symmetrical speeds of up to 10 Gbps, with plans for further rollouts in 2026. In 2024, we finalized plans to introduce a DOCSIS 4 Network Termination Unit, which will connect our DOCSIS 4 HFC network to the customer’s Connect Box via an ethernet cable, in similar fashion to the XGSPON two-box architecture described above.

Supply Sources

Content. Entertainment platforms remain a key part of our telecommunication services bundles, so we invest heavily in content that our customers want. Our content strategy is based on the following key tenets:

•proposition (exceeding our customers’ entertainment desires and expectations);

•product (delivering the best content available);

•procurement (investment in the best brands, movies, shows and sports); and

•partnering (strategic alignment, acquisitions and growth opportunities).

We license almost all of our programming and on-demand offerings from third-party rights holders, including broadcasters and cable programming networks. Under our channel distribution agreements, we generally pay a monthly fee on a per channel or per subscriber basis, with occasional minimum pay guarantees. With respect to on-demand programming, we generally pay a revenue share for transactional VoD (occasionally with minimum guarantees) and either a flat fee or a monthly fee per subscriber for subscription VoD. In the case of the VMO2 JV and the VodafoneZiggo JV, transactional VoD is primarily sourced via a third party. For a majority of our agreements, we seek to include the rights to offer the licensed programming to our customers through multiple delivery platforms and through our apps on devices including smart phones and tablets.

We partner with leading international and regional pay television providers, such as Disney, Sony, Paramount, AMC, NBCUniversal, RTL, BBC and Warner Bros. Discovery (including HBO). We also seek to carry key public and private broadcasters and acquire local premium programming through select relationships with companies such as Sky plc (Sky), TNT Sports (a joint venture between BT Sport and Warner Bros. Discovery), Streamz and Canal+. For our VoD services we license a variety of programming, including box sets of television series, movies, music, kids’ programming and documentaries.

OTT apps remain important in the content space and, as part of our content strategy, we have put in place deals with a number of global and regional app providers. We currently have arrangements with Disney, Netflix, Amazon, SkyShowtime, Apple, Paramount, HBO, Viaplay and DAZN. Pursuant to these arrangements, content is made available via certain of our set-top boxes to our video customers across many of our markets, each as premium OTT services offered on an a la carte or bundled basis. The Disney+ app is available to customers at Telenet, the VMO2 JV, the VodafoneZiggo JV and VM Ireland. The Netflix and Amazon Prime Video apps are both available to customers at Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV. The SkyShowtime service is available to customers at the VodafoneZiggo JV. The AppleTV+ and YouTube (via agreements with Google) apps are available in all of our markets. Paramount+ is available to customers at the VMO2 JV and VM Ireland. The HBO Max app is available to customers at Telenet and the VodafoneZiggo JV. Viaplay’s service is available to customers at the VodafoneZiggo JV. The DAZN service is available to customers at Telenet and the VMO2 JV. In order to tailor our entertainment offerings to each market, we have added various locally relevant apps such as: VRT Max, VTM Go and GoPlay at Telenet, BBC iPlayer and ITVX at the VMO2 JV and Canal +, NPO Start and Videoland at the VodafoneZiggo JV.

Exclusive content is another element of our content strategy. To support this approach, we invest in content assets. We have invested in various content companies, including ITV, All3Media (which we sold in May 2024), Lionsgate, Virgin Media TV, Play Media (previously SBS Belgium) and Woestijnvis. We also invest in sports content, both as a broadcaster and as a rights owner. We have our own sports channels under the Play Sports brand in Belgium, which is exclusively available to

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Telenet customers. Virgin Media Ireland customers have access to VM More, which includes sports programming as well as first look products and premium content. In addition, the VodafoneZiggo JV owns Ziggo Sport and commissions the production of certain shows such as Rondo and Race Cafe. Ziggo Sport acquired the exclusive media rights to the UEFA Champions League, the UEFA Europa League and the UEFA Europa Conference League through the 2027/2028 season. The basic Ziggo Sport service is available exclusively to the VodafoneZiggo JV’s customers, however, the premium service, Ziggo Sport Totaal, is widely available through license arrangements with all major Dutch distributors and any UEFA football matches played by participating Dutch clubs are made available for free for all Dutch non-VodafoneZiggo customers via the Ziggo Go Free app and the Ziggo Sport YouTube channel.

We also intend to continue commissioning, producing and/or co-producing content for our free-to-air (FTA) assets and VoD platforms at VM Ireland.

For mobile services in Ireland, we are dependent on third-party wireless network providers, namely Three, to carry our customers’ mobile traffic. We seek to enter into medium to long-term arrangements for these services.

Competition

We operate in markets where fixed and mobile broadband competition continues to intensify, driven by accelerated FTTx rollout, 5G availability and the entrance of low‑priced challengers. Our customers want access to high-quality telecommunication products and services that provide a seamless connectivity experience. Accordingly, our ability to offer FMC services and other complementary products and services is a key component of our strategy. Many of our largest competitors have extensive resources, allowing them to offer competitively priced FMC products and services. Our ability to offer high-quality and attractive FMC bundles combined with appealing entertainment options in these markets is one of our key strategies to attract and retain customers. We seek to distinguish ourselves through our multimedia gateway services, interactive video products (such as Replay TV and VoD), proprietary sports offerings, extensive content offers (for both in and out of the home) and our high-speed connectivity services backed by intelligent in-home WiFi solutions. This section provides an overview of the competitive landscape for FMC services, followed by details on our key competitors.

Internet

Our key competitors offer both fixed-line broadband internet via cable, digital subscriber lines (DSL), FTTx and FWA technology. These competitors offer a range of products with varying speeds and pricing, as well as interactive, data and content services. In all of our markets, our competitors provide high-speed mobile data via 5G.

Another notable competitive factor is overbuilding of our networks with FTTx technology by our competitors. Competition has intensified in recent years with the accelerated network rollout by certain FTTx providers.

•Telenet. In January 2023 Telenet signed 15-year agreements with Orange Belgium for mutual access to fixed networks (HFC and FTTH), which enabled Telenet to offer FMC services in Wallonia. Telenet launched fixed services under its BASE brand in June 2024 and became a national FMC player while expanding into Wallonia. In July 2024, Telenet’s network company joint venture, Wyre, entered into the Wyre-Fiberklaar Memorandum of Understanding to deploy fibre infrastructure in medium-dense areas in Flanders, to allow reciprocal wholesale access to each other’s infrastructure in those areas and to grant Telenet’s competitor, Proximus, wholesale access to Wyre’s HFC network in rural areas (the Cooperation). Under the Cooperation, fiber connectivity will be provided to approximately two million homes and businesses in areas with medium population density, supplemented by HFC technology for approximately 700,000 homes in the most sparsely populated areas, providing gigabit speeds throughout Flanders. In October 2025, the Belgian Competition Authority (BCA), supported by the Belgian Institute for Postal Services and Telecommunications (BIPT), announced the start of a market test to assess the Cooperation. The market test concluded in November 2025. Full implementation of the Cooperation is subject to completion of the antitrust and regulatory processes by the BCA and the BIPT (the Wyre-Proximus Agreement).

Telenet faces competition from Proximus, which provides FMC bundles, DSL (up to 100 Mbps) and fiber (up to 2 bps) with ongoing network expansion. Telenet also competes with providers that use Telenet’s wholesale cable network, Wyre, including Orange Belgium. Additionally, in December 2024, Digi entered the market as the 4th player and offers prices on fixed and mobile services that are substantially lower than currently available on the market. Despite its currently limited fixed footprint, we expect Digi to remain an important competitor going forward.

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•VM Ireland. VM Ireland primarily competes with players like Eir, SIRO and Sky Ireland. While Eir and SIRO aggressively expand FTTH in urban and rural areas, VM Ireland has been rapidly upgrading its fixed network to fiber and continues to increase penetration through wholesaling and expanding via its SIRO partnership.

•Significant FMC Joint Ventures.

In the U.K., the VMO2 JV faces numerous competitors for broadband internet services, the largest of which is BT Group plc (BT). BT is actively building out its FTTx network through its subsidiary, Openreach, to support its goal of covering 25 million homes by the end of 2026. In support of this mission, BT offers a range of consumer packages with speeds of up to 1.6 Gbps. Our other large competitors include Sky, TalkTalk, Vodafone and various Altnets. The VMO2 JV has reached 1 Gbps connectivity in all 16.2 million premises. Moreover, the VMO2 JV has announced its intention to upgrade its fixed network to full fiber-to-the-premise and extend its serviceable footprint as the anchor tenant of the nexfibre JV.

The VodafoneZiggo JV’s main competitor, Koninklijke KPN N.V. (KPN), offers broadband via FTTx, DSL and VDSL, with speeds up to 200 Mbps on VDSL and 4 Gbps on FTTx. Much of the VodafoneZiggo JV’s network has been overbuilt by KPN and other FTTx providers. In 2021, KPN and APG launched Glaspoort to connect 1.2 million households and businesses in underserved areas by 2026, aiming for 80% FTTx coverage. Competition intensified further in Q3 2024 when Odido introduced low-cost 5G Fixed Wireless broadband. We expect competitive pressure from the fiber overbuild to remain high in the coming periods. The VodafoneZiggo JV entered a strategic partnership with DELTA Fiber, allowing the VodafoneZiggo JV’s internet and TV services to be offered over their networks, expanding its reach by more than 600,000 additional addresses and making its internet and television services available across virtually all of the Netherlands by the end of 2026.

Video Distribution

Our video services compete with FTA broadcasters, OTT providers and other telecommunications operators offering IPTV, VoD and multiscreen services. OTT platforms continue to be a significant competitive factor, as customers increasingly access content through third‑party apps available on multiple devices. Many of these competitors have a national footprint and offer features, pricing and video services individually and in bundles comparable to what we offer.

OTT video content providers utilizing our or our competitors’ high-speed internet connections are also a significant competitive factor, as are other video service providers that overlap our service areas. The OTT video providers (such as HBO Now, Prime Video, Netflix, Disney+ and AppleTV+) offer VoD services for television series, movies and programming from broadcasters. Typically, these services are available on multiple devices in and out of the home. Moreover, broadcasters offer direct to customer content, including VoD, live and catch-up television via their own platforms (such as BBC iPlayer, Discovery and RTL). To retain our competitive position, we provide our subscribers with television everywhere products and OTT video services through apps on our video platform through our arrangements with Netflix, Amazon, YouTube and others.

Some of our competitors have long-term exclusive contracts for certain programming, limiting opportunities for other providers to offer such programs. Our operations have limited access to certain of such programming through select contracts with these companies, including Sky and BT in the U.K. In the Netherlands, we have an exclusive deal with UEFA to broadcast Champions League and Europa League matches through the 2026-2027 season. Telecommunication providers also increasingly offer access to OTT platforms through their systems. If exclusive content offerings increase through other providers, programming options could be a deciding factor for subscribers on selecting a video service.

•Telenet. In Belgium, Proximus has competitively priced and bundled video propositions that include interactive digital television, replay television, VoD, OTT and HD service, as well as mobile-only video propositions tailored to the needs of younger market segments. Also, as a result of regulatory obligations, Telenet and other Belgian cable operators must grant alternative providers access to their cable networks. Orange Belgium gained such access in 2016 and currently offers its mobile subscribers a triple-play bundle, including broadband internet, enhanced video and mobile services. In January 2023, Telenet entered into two 15-year commercial wholesale agreements with Orange Belgium. The agreements provide Telenet and Orange Belgium access to each other’s fixed networks, including both HFC and FTTH, on a commercial basis for a 15-year period and hence supersedes the regulatory framework. In July 2023, Telenet closed the Wyre Transaction, owning a 66.8% direct ownership stake in Flanders’ leading network infrastructure company. Wyre currently provides wholesale access to its HFC and future fiber network with its customers and is seeking approval for the Wyre-Proximus Agreement. Telenet may face increased competition from other providers of video services who take advantage of the wholesale access and may be able to offer triple- and quad-play services. For more information on wholesale access, see Regulatory Matters—Belgium below.

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•VM Ireland. VM Ireland owns Virgin Media Television channels that offer exclusive sports, news and entertainment, providing unique content unavailable from competitors. Sky Sports owns channels such as Sky Sports and Sky News, which directly compete with VM Ireland’s video proposition.

•Significant FMC Joint Ventures.

The VMO2 JV’s principal competitors for digital television services are Sky and FTA television providers. Other significant competitors are BT and TalkTalk Telecom Group plc (TalkTalk), each of which offer triple-play services, internet protocol television video services and multimedia home gateways. Sky owns the U.K. rights to various entertainment, sports and movie programming. Sky is both a principal competitor and an important supplier of content to the VMO2 JV. Various Sky channels, including Sky Sports, are available over Sky’s satellite system and our cable networks, as well as via Sky’s apps and online players and other television platforms. Some of the channels are available on BT and TalkTalk platforms. The VMO2 JV distributes several basic and premium video channels supplied by Sky. BT is also both a principal competitor and an important supplier of content to the VMO2 JV. The VMO2 JV actively promotes its Horizon 5 television boxes (marketed as “Virgin TV 360”) as well as its online streaming service, Virgin TV Go. Customers also have access to an all-in-one entertainment service, ‘Stream’, which combines television channels and aggregates third-party subscription services such as Sky Sports, Netflix and Disney+ to provide personalized viewing recommendations and customize the customer’s subscription mix, billed through a single account.

Both KPN and the VodafoneZiggo JV offer services like IPTV, VoD, DVR, replay and HD channels. Ziggo Sport, the VodafoneZiggo JV’s sports channel, acquired the exclusive media rights to the UEFA Champions League, the UEFA Europa League and the UEFA Europa Conference League through the 2026-2027 season.

Mobile and Telephony Services

We compete with numerous other wireless service providers across our markets, including (among others) BT, Three, TalkTalk, BT (through EE) and VodafoneThree in the U.K., KPN, Odido and T-Mobile in the Netherlands, Proximus and Orange in Belgium and Eir, Three and Vodafone in Ireland. We are also competing with a number of new MVNO competitors who provide competitive mobile propositions, some of which do not use our network to provide such services. In 2025, the VMO2 JV announced that it was set to acquire 78.8 Mhz of spectrum from Vodafone to increase its mobile capacity, with £142.2 million of the total planned £343 million expenditure invested in 2025. The VMO2 JV also entered into an agreement with Starlink to be able to provide mobile coverage in areas of the U.K. not currently serviced by the VMO2 JV’s network. In 2024, the VodafoneZiggo JV participated in a national spectrum auction in the Netherlands and successfully acquired additional spectrum in the 3.5 gigahertz range. In order to address lower segments of the market, we operate with ancillary mobile brands, such as BASE (Belgium), giffgaff (U.K.) and Hollandsnieuwe (Netherlands).

The market for fixed-line telephony services is competitive in all of our markets. Changes in market share are driven by the combination of price and quality of services provided and the inclusion of telephony services in bundled offerings. We generally compete against the incumbent telecommunications operators and with other VoIP operators. In addition, our businesses face competition from other FTTx-based providers or other indirect access providers.

Fixed‑line telephony competition remains strong, and demand continues to shift toward mobile and OTT‑based communications. For example, Proximus provides telephony services and is also the largest mobile operator based on number of SIM cards, allowing it to provide competitively priced bundles of the two services. Moreover, there is a fundamental shift in customer preference towards mobile and OTT. As a result, we expect our fixed telephony user base to continue its decline in favor of mobile connectivity and OTT services.

Human Capital Resources

As of December 31, 2025, our consolidated subsidiaries had an aggregate of 6,636 full-time equivalent employees, including 3,577 in Belgium, 1,543 in the U.K., 916 in the Republic of Ireland, 276 in the Netherlands, 223 in Slovakia, one in Spain, 19 in Monaco and 81 in the U.S. With respect to our significant nonconsolidated joint ventures, the VMO2 JV employed 16,841 people and the VodafoneZiggo JV employed 5,664 people as of December 31, 2025. None of the above figures include contractors or temporary employees. In 2025, we undertook a significant reshaping of our company’s workforce to better align with our evolving company strategy and objectives. This reshaping resulted in an aggregate reduction in our workforce of approximately 41% from our 2025 budgeted headcount.

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Many of our European employees are represented by workers councils. We strive to maintain a positive relationship with all of our employees and any workers councils representing them. There have been no significant interruptions of our operations in recent years due to labor disputes.

We make significant ongoing investments to develop our employees and leaders — from graduates and apprentices, to people managers, emerging leaders and senior leaders. Such programs include our graduate schemes, which thrust new graduates into our fast-paced and dynamic business model, giving them immediate real-world experience along with structured support from the company. Liberty Global also prepares its future senior leadership through its yearlong Fast Forward program, in which high performing individuals are trained and challenged to become Liberty Global’s leaders of tomorrow. We invest in our employees, because we recognize that when each employee is supported and given the opportunity to succeed, our company flourishes.

Our compensation program is key to our company’s success and incentivizes our management team to execute our financial and operational goals. We concentrate on attracting, retaining and motivating talented executives who can be responsive to new and different opportunities for our company and thereby create value for our customers and shareholders. Our executive compensation program motivates our executives to maximize their contributions to the company’s success, attract and retain the best leaders for our business and to align their interests with those of our shareholders.

We foster a culture where every individual is valued and respected, while striving to create a sense of belonging for all. Our overarching goal is to attract, retain and engage the best talent, ensuring that we have access to the widest possible pool, select the best talent and create a culture where people can perform at their best. The importance of belonging extends beyond our employees’ experience and performance; it influences talent acquisition and retention and strengthens our ties to the communities where we live and operate. We have a council, co-chaired by our CEO and our Managing Director of Global Talent and Chief DEI Officer, comprised of 19 members of senior leadership from around our multi-national company. We have implemented a global vision and strategy, executed with local nuances that underpin our ambitions. The council advises on our belonging strategy, monitors progress and facilitates the exchange of best practices across our organization. The People, Planet, Progress committee of our board of directors provides guidance to this council.

Collaboration with our Employee Resource Groups (ERGs) has been integral to our belonging agenda, including at our operating companies. With approximately 20 ERGs, we co-create initiatives for strategic cultural change. We carried out leadership reverse mentoring, in which the members of the ERG led the program and acted as mentors to the participants.

Through inclusive hiring and progression, we seek to eliminate potential bias in our practices by utilizing inclusive hiring training for hiring managers, interview panels and inclusive language in job descriptions, enabled by AI. We broadened our talent pool through conscious advertising and internal transparency, and we hold ourselves accountable by measuring progress in representation and employees’ sense of belonging on a regular basis, the results of which are reviewed and actioned by our leadership.

Additional information on our workforce and our commitment to our employees is made available in Liberty Global’s Annual Corporate Responsibility Report, which we expect to be published on our website during the second half of 2026. The contents of this report are not incorporated by reference herein.

Regulatory Matters

Overview

Broadband internet, video distribution, fixed-line telephony and mobile businesses are regulated in each of the countries in which we operate. The scope of regulation varies from country to country, although in some significant respects, regulation in E.U. markets is harmonized under the regulatory structure of the E.U.

Of the six countries in our footprint where we provide electronic communications networks and/or services, five are part of the E.U.: the Republic of Ireland, the Netherlands (nonconsolidated joint venture), Belgium, Luxembourg and Slovakia. Our other operations are in the U.K. (including a nonconsolidated joint venture), which generally enacts rules similar to that of the E.U.

The U.K. formally left the E.U. on January 31, 2020, commonly referred to as “Brexit.” On December 24, 2020, the U.K. and the E.U. reached the “Trade and Cooperation Agreement,” referred to as the “E.U.-U.K. Agreement.” In the telecommunications sector, the U.K. and the E.U. agreed to maintain the then-current levels of liberalization in their markets, including standard provisions on authorizations, access to and use of telecoms networks, interconnection, fair and transparent

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regulation and the allocation of scarce resources. The E.U.-U.K. Agreement encourages cooperation and promotes fair and transparent rates for international mobile roaming. However, the U.K. is aiming to provide safeguards for consumers, including by limiting customer charges for mobile data abroad before needing the customer to opt in if they wish to use more data and requiring alerts as customers reach various data milestones. Additionally, the Northern Irish Protocol regulates the relationship between Northern Ireland and the Republic of Ireland and impacts the movement of CPE and installation personnel between Northern Ireland and the Republic of Ireland.

Sector Regulations

The 2018 European Electronic Communications Code (the Code) primarily governs our E.U. operations. The Code has been implemented across the E.U., and to a large extent, in the U.K.

The Code seeks to develop open markets for electronic communication networks or services within Europe by harmonizing rules within the E.U. and establishing and operating electronic communication networks and offering electronic communication services, such as telephony, OTT services, internet and, to some degree, television services.

Certain key provisions of the Code that are most applicable to our operations include:

•Significant Market Power. Specific obligations imposed by National Regulatory Authorities (NRAs) in E.U. Member States apply to service providers deemed to have Significant Market Power (SMP) in a relevant market. Providers with SMP enjoy a position of significant economic strength, allowing it to generally behave independently of competitors and customers.

NRAs must impose certain conditions on service providers with SMP. We have been found to have SMP in certain of our markets, and further findings of SMP are possible, which may negatively impact our business. However, across our footprint, we have noticed a tendency of NRAs towards deregulation, with only a few markets currently being subject to this type of regulation. The U.K. NRA assesses markets on a forward-looking basis to determine SMP.

•Must-Carry Obligations. Some E.U. countries impose must-carry obligations that must be based on clearly defined general interest objectives, be proportionate and transparent and be subject to periodic review. The U.K. has a regulatory system that reflects these principles. We are subject to must-carry regulations in all our markets, and we do not expect such obligations to be curtailed in the foreseeable future.

NRAs may, in some cases, impose access obligations on service providers, regardless of whether they have SMP. Under the Code and the E.U. Gigabit Infrastructure Act (which replaces the E.U. Broadband Cost Reduction Directive), service providers may be required to give access to parts of their passive network infrastructure upon reasonable request if there are significant economic or physical replicability barriers. Requirements to provide access to active infrastructure also exist, but only if a number of additional requirements are met. The U.K. has transposed the E.U. Broadband Cost Reduction Directive.

Net Neutrality, Roaming and Call Termination

The E.U. has a union-wide net neutrality regime (the E.U. Net Neutrality Regime), which subjects our operating companies to reasonable traffic management requirements. The U.K. transposed net neutrality into its national law following Brexit, but the U.K. Office of Communications (Ofcom) has confirmed a more lenient interpretation of some aspects of net neutrality and indicated that there may be a case for the U.K. Parliament to make substantive revision to the law.

The E.U. Net Neutrality Regime also prohibits retail roaming tariffs and sets wholesale roaming price caps. The E.U. has instituted a framework to cap wholesale rates for intra-E.U. calls to bring these in line with applicable wholesale roaming caps. Following Brexit, E.U. operators may now raise wholesale charges for U.K. operators (and vice-versa).

Call termination tariffs for SMP providers are set by NRAs, but for the E.U., the Code includes a system of maximum, E.U.-wide voice termination rates for fixed and mobile. During 2026, all E.U. service providers will be subject to maximum fixed and mobile voice termination rates of €0.07 and €0.20 per minute, respectively. U.K. providers with SMP must offer termination on fair and reasonable terms, conditions and charges, which must be no higher than BT’s regulated charges unless certain conditions are met. In each country in which we operate, we have been found to have SMP for call termination.

The Gigabit Infrastructure Act will abolish surcharges for intra-E.U. communications, such as SMS, fixed and mobile calls generated from the domestic country to another E.U. country. As of January 1, 2029, operators must apply domestic rates to intra-E.U. communications, which may have an impact on our operations.

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Broadcasting and Content Law

The Audiovisual Media Services Directive (AVMSD) governs E.U. broadcasters. Generally, broadcasts originating in, and intended for reception within, an E.U. Member State must respect the laws of the receiving Member State. E.U. Member States must allow broadcast signals of broadcasters established in another E.U. Member State to be freely transmitted within their territory, so long as the broadcaster complies with the law of their home state. When offering third-party VoD services on our network, it is the third-party provider, and not us, that is regulated. The U.K. has a similar regulatory system.

The AVMSD established quotas on both linear and non-linear services for the transmitting of European-produced programming. Such obligations are applicable to our businesses in the E.U. The U.K. has similar principles. E.U. Member States may also require service providers to financially contribute to the production of European works, including for VoD services established in other territories that target local audiences. Such obligations apply to certain parts of our businesses.

The European Media Freedom Act (the EMFA) attempts to engender a plurality of voices, opinions and analyses across the E.U. and requires Member States to adopt rules allowing competent authorities to assess media market concentrations that could have a significant impact on such media pluralism and editorial independence. Under the EMFA, we may need to incur hardware replacement costs to allow users to change the device or interface configurations to allow users to customize their media offering in accordance with their interests and permit them to visualize the identity of the media service providers.

We are also subject to the European Commission regulations that mandate commercial providers of online content services (including OTT service providers) to enable subscribers visiting another Member State to access and use online content services in substantially the same manner as in their home country.

The VMO2 JV must hold individual licenses under the Broadcasting Acts of 1990 and 1996 for any television channels (including barker channels) that it owns or operates and to be able to provide certain other services on its video platform. These television licensable content service (TLCS) licenses are granted and administered by Ofcom. Each covered service must comply with a number of Ofcom codes, including the Broadcasting Code, and with all of Ofcom’s directions. Breach of any of the terms of a TLCS license could result in fines or revocation of our licenses.

As a provider of an on-demand program service (ODPS), the VMO2 JV must comply with numerous statutory obligations related to “editorial content” and notify Ofcom of its intention to provide an ODPS. Failure to notify Ofcom or comply with the relevant statutory obligations may result in the imposition of fines or, ultimately, a prohibition on providing an ODPS.

Technological Regulation

The E.U. legislature imposes mandatory requirements on the energy consumption of our telecommunications equipment. We have been working to lower power consumption of our set-top boxes. Legislation in this area may be adopted that could adversely affect the cost and/or the functionality of our CPE.

Pursuant to E.U. and U.K. regulation on standby power (the Standby Regulation), many devices must have either a low power standby mode or off mode, unless such mode is inappropriate for the intended use of the product. In particular, the Standby Regulation sets, among other things, the maximum power consumption of networked consumer equipment while in the so-called “Networked Standby” or “High Network Availability” modes. All of our CPE devices comply with the requirements of the Standby Regulation.

The E.U.Accessibility Act also regulates consumers goods and services, including products used to provide electronic communications services, such as our CPE. It requires that new products and services “placed on the market” meet certain accessibility requirements to maximize use by people with disabilities.

The E.U.’s Cyber Resilience Act imposes cybersecurity requirements on hardware products with digital elements. From September 2026, manufacturers must report actively exploited vulnerabilities in products with digital elements to the European Cyber Security Agency.

The E.U.’s Radio Equipment Directive (which also applies in the U.K.) regulates radio equipment with respect to safety and health, electromagnetic compatibility and the efficient use of the radio spectrum. The list of essential requirements under the Radio Equipment Directive includes certain categories of internet-connected radio equipment such as WiFi-enabled

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modems and set-top boxes. These devices are expected to protect the network from harm, protect the personal data and privacy of the user and of the subscriber and offer users and subscribers fraud protection services.

In the U.K., the Product Security and Telecommunications Infrastructure (Product Security) Act imposes three key requirements on consumer connectable products: strong password protection, information on how to report security issues to the manufacturer and information on the minimum-security update period.

Privacy Regulation

In May 2018, the General Data Protection Regulation (GDPR) became effective in the E.U. The GDPR sets strict standards regarding the handling, use and retention of personal data. Organizations that fail to comply face stiff penalties. Following Brexit, the U.K. enacted its own version of the E.U. GDPR (the U.K. GDPR). The U.K. GDPR, together with the Data Protection Act of 2018, governs data protection in the U.K. These laws have been updated by the Data (Use and Access) Act 2025 to include some U.K.-specific adjustments that reduce certain burdens on organizations, but the U.K. GDPR’s core requirements and strong data protection standards remain largely intact.

The GDPR applies to the European Economic Area (EEA). When personal data is transferred outside the EEA, special safeguards, such as the adoption of adequacy decisions and the use of standard contractual clauses (SCCs), are enforced to ensure that data transfers are protected. Adequacy decisions indicate which third countries have sufficiently similar data protection laws to those of the GDPR, meaning that transfers to such countries is compared to data transfers within the E.U. The U.K. received a new adequacy decision in 2025 that will expire on December 27, 2031. Before then, the European Commission must evaluate whether the U.K. continues to ensure an adequate level of data protection, and if so, renew its decision.

The European Commission has adopted an adequacy decision on the E.U.-U.S. Data Privacy Framework. U.S. companies can join the E.U.-U.S. Data Privacy Framework by committing to comply with a detailed set of privacy obligations. E.U. citizens also have access to a number of redress mechanisms in case their personal data is mishandled, including an independent dispute resolution mechanism and a newly created ‘Data Protection Review Court’. This framework is subject to periodic review by the European Commission, European data protection authorities and applicable U.S. authorities.

When a data transfer involves a third country that has not been granted an adequacy decision, our operations must use SCCs. Using SCCs does not automatically make an international data transfer GDPR compliant, but rather, the parties must perform “transfer impact assessments” in order to address any possible risks in the data transfer and take supplementary measures. The impact assessment takes into account the circumstances of the transfer, the nature of the parties, the personal data involved and the laws and practices of the country of destination.

Other Regulations

In addition to the industry-specific regimes discussed above, our operating companies must comply with a range of both specific and general legislation concerning cybersecurity and consumer protection, among other matters.

The E.U. has adopted a directive on security of network and information systems and provides measures for a high common level of cybersecurity across the E.U. (NIS 2 Directive), which covers 18 critical sectors, including digital infrastructure, energy and transport. Certain countries in the E.U. have not yet incorporated the NIS 2 Directive into their national laws. In parallel, the European Commission is working on detailed rules on risk mitigation, reporting and cooperation.

The E.U. and U.K. have announced restrictions related to so-called “high risk vendors” (HRVs) in the telecommunications sector. The E.U. published a non-binding “toolbox” of suggested measures for regulating 5G networks, acknowledging the need for a risk assessment of 5G equipment suppliers and the need to adopt mitigating measures by E.U. governments. Some Member States identify individual HRVs in advance and exclude or limit use of the HRV’s equipment in all network operations in the country. The U.K.’s Telecoms Security Act imposes a security framework on telecommunication providers and gives the U.K. government power to, among other things, direct telecommunication providers to remove HRVs from their networks. Similar legislation has also been adopted in the Netherlands and Belgium. The E.U. toolbox could be made binding in the upcoming proposed Cybersecurity Act revision, where its scope could be extended.

The Digital Markets Act and the Digital Services Act are now in force in the E.U. While the Digital Markets Act has an immaterial impact on our business, under the Digital Services Act we have additional obligations, including with respect to periodic reporting, content moderation and establishing points of contact with national authorities and customers.

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The E.U. has also passed the AI Act, which includes broad rules that govern the development and use of AI systems and which will be applicable to certain of our operating companies. Compliance with the AI Act’s obligations begins in August 2026. The AI Act applies a risk-based framework depending on the type of AI system being produced.

Under the E.U. Data Act, companies must share personal and non-personal data generated by IoT products with users and third parties, upon request. It also requires companies to share personal and non-personal data with public sector bodies in certain situations, and imposes switching and interoperability requirements on cloud services.

The Corporate Sustainability Reporting Directive (CSRD) augments existing rules on non-financial reporting. Companies subject to CSRD must report on how sustainability issues affect their business, as well as the impact of their activities on people and the environment. The CSRD aims to simplify the reporting process for companies, providing a single framework for providing information to investors and stakeholders. Following the E.U. Sustainability Omnibus revisions, the first of the reporting requirements relevant to Liberty Global will apply in 2028 (for the 2027 fiscal year reporting).

Our operating companies are also subject to both national and European level regulations on competition and consumer protection, which are largely regulated under the Code. For example, while our operating companies may offer bundled packages, they are sometimes prohibited from making a subscription to one service conditioned on subscribing to another service. They may also face restrictions on how much they can discount certain products included in the bundled packages.

We often undergo close regulatory scrutiny from competition authorities, in particular with respect to proposed business combinations that require clearance from the European Commission or national competition authorities who can block, impose conditions on or delay an acquisition, disposition or combination, thus possibly hampering our opportunities for growth. Additional scrutiny on transactions arises from the national foreign direct investment screening regimes in the U.K. and some E.U. Member States. Such regimes allow national governments to review and impose conditions on certain transactions involving critical infrastructures, including telecommunications. In the event conditions are imposed and we fail to meet them in a timely manner, the relevant authority or government may impose fines and, if in connection with a transaction, may require restorative measures, such as a disposition of assets or divestiture of operations.

The E.U. Foreign Subsidies Regulation (FSR) is an example of such close regulatory scrutiny, which aims to prevent third country subsidies from distorting the E.U. internal market. We may be obligated to file notifications for pre-review when participating in large transactions or in public tenders. This could bring further regulatory complexity to our transactions, and failure to comply with these obligations could lead to fines or sanctions.

The U.K.’s Digital Markets, Competition and Consumers Act (the DMCCA) will impact merger control, consumer protection, anti-trust rules and digital markets. The DMCCA will enhance the Competition and Market Authority’s (CMA) anti-trust and consumer protection investigative, enforcement and penalizing powers. The CMA will also be able to designate SMP to large, digital platforms that possess substantial and entrenched market power. The DMCCA introduces new rules on subscription contracts, but exempts contracts that are regulated by Ofcom, such as those offered by the VMO2 JV.

Through the E.U.’s Radio Spectrum Policy Program, certain spectrum has been approved for mobile broadband use. The terms under which this spectrum becomes available varies among the European countries, and certain uses of this spectrum may interfere with services carried on our cable networks.

The E.U. published a proposal for a Digital Omnibus to simplify and harmonize the E.U.’s growing digital regulatory framework. The proposal introduces targeted amendments across the E.U. GDPR, E.U. AI Act, E.U. Data Act and major cybersecurity regulations, that are intended to streamline compliance while safeguarding fundamental rights.

Belgium

Telenet has been found to have SMP in the wholesale broadband and the wholesale television distribution markets, obliging it to (i) provide third-party operators with access to its digital television platform (including basic digital video and analog video) and (ii) make available to third-party operators a bitstream offer of broadband internet access, including fixed voice (the Telenet Access Requirements). The Belgian NRA has also imposed monthly wholesale cable resale access prices (Belgian Access Prices). These rates are expected to evolve over time due to, among other reasons, broadband capacity usage.

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Significant FMC Joint Venture Entities

United Kingdom

One Touch Switching. U.K. rules relating to customer switching of fixed-line services enable customers to change providers by simply contacting their new chosen provider, who then directly manages the service transition with the old provider (One Touch Switching). One Touch Switching has impacted the VMO2 JV by making it simple for customers to switch to and from its services.

Telecoms Access Review. Ofcom started its review of the wholesale broadband markets in 2025. This will set the regulatory rules in these markets for the five-year period from April 2026, through which Ofcom will seek to design and impose regulatory remedies designed to incentivize wholesale competition in the U.K. BT has previously been designated as having SMP, and any deregulation of BT’s SMP status may have an impact on the VMO2 JV’s operations as the challenger to BT. The consultation also covers the regulation of physical infrastructure access, which is an important input to the nexfibre JV.

Spectrum Annual License Fees (ALFs). Ofcom continued to consult on the ALFs for 900, 1800 and 2100 MHz spectrum. As a result of the consultation process, the VMO2 JV secured a £15m reduction in these charges, compared to 2024 prices.

Ofcom held an auction for spectrum in the 26GHz and 40GHz band. VMO2 successfully acquired 800MHz at 26GHz and 1000MHz at 40GHz at the reserve price of £13m, for a duration of 15 years.

Netherlands

The Netherlands’ NRA, the Autoriteit Consument & Markt (ACM), has published a final decision, concluding that there are five regional Dutch markets that are, or tend to be, competitive and has decided to refrain from further regulation of the wholesale local access fixed broadband internet market following review by the European Commission. The ACM found that there is sufficient competition in the telecom market and confirmed its previous position that further regulation of the market is not currently necessary. This decision to deregulate is mainly based on two factors: (i) the approval of KPN’s commercial offer in a formal commitment decision by the ACM, which makes KPN’s fiber network open to various providers of telecom service and allows them to compete effectively at the retail level, and (ii) the announcements of fiber roll-out plans by network operators that will likely cover all geographic areas of the Netherlands within five years.

The ACM also adopted a final decision rejecting YouCa’s request for symmetric access to non-replicable network assets of VodafoneZiggo’s cable network in Amsterdam, as it was deemed not proportionate. Both ACM decisions have been appealed.

Available Information

All our filings with the U.S. Securities and Exchange Commission (the SEC), including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as well as amendments to such filings, are available on our internet website free of charge generally within 24 hours after we file such material with the SEC. Our website address is www.libertyglobal.com. The information on our website is not part of this Annual Report and is not incorporated by reference herein. The SEC also maintains a website address at www.sec.gov that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.

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