Liberty Global (LBTYA) Q1 2026 earnings summary

Executive summary

• Achieved strong commercial momentum in Q1 2026, with sequential broadband net add improvements and stable ARPUs across core markets, confirming all 2026 guidance targets.

• Significant progress on value unlock initiatives, including the acquisition of Vodafone's 50% stake in VodafoneZiggo (on track for July 2026 close) and preparations for the Ziggo Group spin-off in H2 2027.

• Net corporate costs reduced by 75% since 2024, with a forecasted year-end 2026 cash balance of around $1.5 billion.

• Completed sale of Slovakian operations and continued capital rotation in the Liberty Growth portfolio, targeting high-growth sectors and divesting non-strategic assets.

Financial highlights

• Q1 2026 consolidated revenue was $1,274.6 million, up 8.8% year-over-year, with net earnings of $358.2 million reversing a prior-year loss.

• Adjusted EBITDA reached $366.5 million, up 12.9% year-over-year, with margin improvement across segments.

• Consolidated cash balance at quarter-end was $1.9 billion, and Liberty Growth portfolio FMV was $3.4 billion.

• Telenet, Wyre, Virgin Media Ireland, VMO2 JV, and VodafoneZiggo JV all reported year-over-year revenue and EBITDA growth.

Outlook and guidance

• 2026 guidance reaffirmed for all major segments, including stable to low-single digit revenue decline and mid- to high-single digit Adjusted EBITDA decline for VodafoneZiggo.

• VMO2 expects total service revenue and Adjusted EBITDA to decline 3–5% year-over-year, with P&E additions of £2.0–£2.2B and Adjusted FCF around £200 million.

• Ziggo Group projected to reach €500 million free cash flow and 4.5x leverage by 2028, with asset sales and organic growth supporting deleveraging.

• No share repurchase program authorized for 2026; commitment to pay dividends from free cash flow, following the Sunrise model.