Liberty Global Q3 profit reaches $547.7 million after Ziggo consolidation

Liberty Global Ltd. (LBTYA) reported third-quarter consolidated revenue of $1.92 billion, up from $1.21 billion a year earlier, and net earnings of $547.7 million, compared with a loss of $83.4 million, the company said in its results release on Nov. 3.

The increase reflects the consolidation of VodafoneZiggo, which Liberty Global began consolidating in July 2026 after it acquired Vodafone's 50% interest. The company now reports Telenet, VodafoneZiggo and related corporate entities together as Ziggo Group.

The company manages two platforms, Liberty Telecom and Liberty Growth, and says it delivers long-term shareholder value through their strategic management.

Here's how the company did:

• Revenue: $1,920.6 million vs. $1,207.1 million a year earlier
• Adjusted EBITDA: $602.6 million vs. $336.5 million a year earlier, where adjusted EBITDA is earnings before interest, taxes, depreciation and amortization, as adjusted by the company
• Net earnings: $547.7 million vs. a loss of $83.4 million a year earlier

Virgin Media O2 cost plan

Virgin Media O2 outlined a new strategic plan that calls for £800 million of run-rate cost reductions by 2029, supported in part by a 30% reduction in people cost.

The unit will halt its own fiber upgrade plan while continuing to support nexfibre. The company said it is reviewing options for VMO2's planned 2026 cash distributions to shareholders, around £200 million, and will provide an update in Q1 2027.

CEO Mike Fries said: “We remain intensely focused on disciplined capital allocation and executing our unlock strategy to deliver value directly to shareholders.”

Guidance and capital returns

The company confirmed its 2026 guidance for VMO2, including a total service revenue decline of 3 to 5% and an adjusted EBITDA decline of 3 to 5%, both adjusted for the Daisy transaction. It also confirmed P&E additions of £2.0 billion to £2.2 billion and adjusted free cash flow of around £200 million.

VodafoneZiggo and Telenet remain on track to meet their full-year guidance, the company said.

Liberty Global ended the quarter with about $2.0 billion of corporate cash and completed $100 million of share buybacks in the third quarter. It expects to end 2026 with about $1.8 billion of corporate cash, with a further $100 million of buybacks expected in the fourth quarter.

The company plans to spin off Ziggo Group in Q2 2027 and intends to make initial confidential submissions to the SEC and the AFM in December.

Net income has swung between profit and loss in recent quarters, from a loss of $2.92 billion in the fourth quarter of 2025 to a profit of $337.8 million in the first quarter of 2026, according to its SEC filings.