Liberty Global reported third-quarter net earnings of $547.7 million after a tax benefit and an acquisition gain, while advancing a planned Benelux separation and reporting lower adjusted EBITDA.
Net earnings compared with a loss of $83.4 million in the year-earlier quarter. The latest result included a $652.3 million income tax benefit and a $121.6 million gain related to the VodafoneZiggo acquisition.
Consolidated revenue rose 59.1% to $1.92 billion on a reported basis. A rebased comparison, which adjusts for acquisitions, disposals, foreign exchange and other factors, showed 1% growth. Adjusted EBITDA across reportable segments fell 5.7% on a reported basis to $2.05 billion.
The Securities and Exchange Commission’s index shows Liberty Global filed a Form 8-K on Nov. 3. It lists results of operations and financial condition, Regulation FD disclosure, and financial statements and exhibits; the company’s earnings release is included as an exhibit.
Liberty Global completed its purchase of Vodafone’s 50% stake in VodafoneZiggo during the quarter. Following the transaction, Ziggo Group now comprises VodafoneZiggo and Telenet; Liberty Global is aiming to spin off the Benelux operation in the second quarter of 2027. The company plans to make initial confidential submissions to the SEC and Dutch Authority for the Financial Markets (AFM) in December.
Proceeds from VodafoneZiggo’s €669 million tower sale are earmarked for debt reduction. Liberty Global said the transaction would count toward Ziggo Group’s €1.2 billion to €1.4 billion noncore asset-sale objective.
Liberty Global said its UK joint venture, Virgin Media O2, aims to cut annualized costs by £800 million by 2029, including a 30% reduction in people-related costs. Virgin Media O2 said it would pause its own fiber upgrades while continuing its support for nexfibre. Liberty Global reported roughly $2 billion in corporate cash at quarter-end; it repurchased $100 million in shares during Q3 and expects a further $100 million of repurchases in Q4.
The next identified step is the planned initial confidential submissions in December, ahead of the targeted spin-off in the second quarter of 2027.
