Liberty Global Swings to $358M Profit, Advances VodafoneZiggo Deal and Spin-Off Plans
Liberty Global delivered Q1 revenue of $1.275 billion, up 8.8% reported, and swung to a net profit of $358 million versus a $1.3 billion loss year-ago while reiterating 2026 guidance. It generated ~$180 million in disposals and ended Q1 with $1.9 billion cash, advancing a July close on the VodafoneZiggo stake and a H2 2027 spin-off.
1. Financial Results
Liberty Global reported consolidated Q1 revenue of $1.2746 billion, an 8.8% increase reported (2.9% rebased), and swung to net earnings of $358.2 million versus a $1.323 billion loss in the prior year. Adjusted EBITDA rose 12.9% to $366.5 million and the company reiterated full-year 2026 guidance targets.
2. Telecom Operations
The Telecom segment saw sequential improvement in broadband net adds across all markets, with Virgin Media O2 launching direct-to-device O2 Satellite and Telenet achieving its best broadband performance in over 10 years. VodafoneZiggo posted fourth-straight quarter of broadband growth, while Virgin Media Ireland delivered wholesale revenue gains and positive postpaid mobile net adds for a fifth consecutive quarter.
3. Growth Portfolio
Liberty Growth rotated capital by exiting half of its 5% ITV stake and part of its EdgeConneX holding, yielding ~$180 million in Q1 disposals and $300 million through April. The portfolio, valued at $3.4 billion as of March 31, is concentrated in its top five investments (≈65% of FMV), and Liberty Blume was reclassified into a new Services pillar to reflect its third-party revenue focus.
4. Corporate Initiatives and Cash Position
A substantial corporate operating model reshaping is expected to improve adjusted EBITDA outlook by ~75% versus 2024. The company closed Q1 with $1.9 billion in consolidated cash, fuelled by disciplined capital allocation and non-core asset sales, and remains focused on strategic transactions and high-growth investments.