| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 1.2K | 8.1% | 7.7% |
| Total Income | 1.2K | 8.1% | 7.7% |
| Expenditure | 1.2K | 6.5% | 5.7% |
| PBT | -335.00 | 162.8% | 87.9% |
| Net Profit | -365.10 | 208.1% | 86.9% |
| OPM | 0.26% | 1.61pp | 2.08pp |
| NPM | -31.15% | 57.65pp | |
| EPS | -1.07 | 205.9% | 86.8% |
Liberty Global Reports Q2 2026 Results, Progress on Ziggo Group Spin-off
24 Jul 2026 · 24 Jul, 5:51 pm
Summary
Liberty Global announced its Q2 2026 financial results, highlighting strong operational performance and continued progress on strategic priorities, including the planned Ziggo Group spin-off as early as mid-2027. The company reported approximately $1.2 billion in year-to-date asset monetizations, leading to an upgraded year-end corporate cash target of $2.0 billion. Key operational highlights include VodafoneZiggo's best quarterly broadband performance in six years and Virgin Media O2 reaching 9 million full-fiber premises. Management expressed confidence in executing strategic priorities and returning value to shareholders.
Key Highlights
- 1
Liberty Global's Telecom operations continued to focus on driving commercial momentum and infrastructure investment, with VodafoneZiggo delivering positive broadband net adds and Telenet showing continued strong performance.
- 2
Significant progress was made towards the Ziggo Group spin-off in 2027, including the announcement of Ziggo Group management and regulatory approval for a fiber sharing agreement in Belgium.
- 3
Liberty Growth completed the full exit of its remaining stake in EdgeConneX for total proceeds of $604 million, contributing to year-to-date disposals of approximately $900 million.
- 4
Year-to-date asset monetizations reached approximately $1.2 billion, leading to an upgrade of the year-end corporate cash target from $1.5 billion to $2.0 billion.
- 5
Virgin Media O2's full fiber network expansion reached a milestone of 9 million premises, and the company remains on track for all full-year guidance.
- 6
VodafoneZiggo achieved its best quarterly broadband performance in six years with a return to positive broadband net adds.
- 7
Telenet delivered strong commercial momentum in broadband with successful new converged offers and remained on track for all full-year guidance.
Management Comments
Mike Fries
In the second quarter, we continued to execute against our strategic priorities including taking key steps towards unlocking value for shareholders through the planned Ziggo Group spin-off as early as mid-2027: •Liberty Telecom: Our Telecom operations continued to focus on driving commercial momentum and investing in the future-proofing of our infrastructure. In the Benelux, VodafoneZiggo delivered positive broadband net adds with the best quarterly performance in six years driven by continued execution of the How We Win plan, while Telenet delivered the fifth consecutive quarter of positive broadband net adds, supported by strong cross-sell campaigns and sales execution. In the UK, broadband and postpaid trading performance improved year-over-year at Virgin Media O2, while the full fiber network expansion hit a milestone 9 million premises. Virgin Media Ireland delivered positive postpaid mobile net adds for the sixth consecutive quarter and positive total broadband net adds, supported by strong wholesale performance. •Ziggo Group spin-off: During Q2 we made significant progress against the key steps ahead of the Ziggo Group spin-off in 2027, including the announcement of Ziggo Group management in June. In Belgium, we received approval from the Belgian Competition Authority for the fiber sharing agreement with Proximus, enabling a full separation of the capital structures at Telenet and Wyre. In the Netherlands, we remain on-track to close the acquisition of Vodafone's 50% stake in Vodafone Ziggo by the end of July, with all approvals met to close. •Liberty Growth: In the second quarter, we completed the full exit of our remaining stake in EdgeConneX for total proceeds of $604m representing >30% IRR on our investment and bringing our year-to-date disposals to ~$900m. The portfolio remains concentrated, with the top five investments comprising over 50% of the $2.9 billion FMV. We are continuing to focus on areas where we see conviction in our right-to-play, with strong structural tailwinds and a clear path to value monetization over time. •Liberty Global: Year-to-date we have achieved ~$1.2 billion in asset monetizations, including Growth portfolio disposals of ~$900m and a ~$340m asset-backed loan secured by a portion of our Wyre stake. As a result, we are upgrading our year-end corporate cash target from ~$1.5 billion to ~$2.0 billion. We remain focused on disciplined capital allocation and rotation, while continuing to execute our strategy and return value directly to shareholders.
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