In Q1 2026, consolidated revenue rose 8.8% to $1,274.6 million while consolidated net earnings turned positive at $358.2 million compared to a $1.323 billion loss a year earlier. Adjusted EBITDA increased 12.9% to $366.5 million, reflecting strength across telecom and corporate segments.

Telecom operations delivered sequential broadband net adds growth across all markets, with Telenet achieving its best broadband performance in over ten years and VodafoneZiggo recording its fourth consecutive quarter of broadband net additions. Virgin Media O2 launched O2 Satellite direct-to-device connectivity in the UK, and Virgin Media Ireland posted positive wholesale growth and postpaid mobile net adds for the fifth straight quarter.

The Growth portfolio realized approximately $180 million in proceeds by exiting half of its ITV stake and a portion of EdgeConneX, bringing total disposals to $300 million through April. Top five investments represent about 65% of the $3.4 billion fair market value, and Liberty Blume was moved into a new Services pillar to highlight third-party revenue expansion.

Corporate operating model changes have driven a 75% improvement in adjusted EBITDA outlook versus 2024 and non-core asset sales supported a consolidated cash balance of $1.9 billion at quarter-end. Management emphasized ongoing efficiency initiatives, capital rotation into higher-growth areas and the planned spin-off of the VodafoneZiggo stake in H2 2027.