Liberty Global Q1 Revenue Rises 8.8%, Net Earnings Turn Positive $358M
Liberty Global reported Q1 2026 consolidated revenue of $1.275B, up 8.8% year-over-year, and swung to net earnings of $358.2M from a $1.323B loss in Q1 2025. The company reiterated full-year 2026 guidance and confirmed the VodafoneZiggo stake acquisition closing in July ahead of a H2 2027 spin-off.
1. Financial Performance
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.
2. Telecom Commercial Momentum
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.
3. Growth Portfolio Rotations
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.
4. Corporate Reshaping and Outlook
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.
