Company: LBTYK
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001570585-25-000223
Chunk: 30

Company: Liberty Global Ltd.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 2
Chunk 30
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ii) interest income of $15.1 million, $14.2 million, $42.8 million and $41.7 million in the respective periods shown, representing 100% of the interest earned on the VodafoneZiggo JV Receivables. The summarized results of operations of the VodafoneZiggo JV are set forth below:

Three months endedSeptember 30,Nine months endedSeptember 30,2025202420252024in millionsRevenue$1,156.8 $1,131.1 $3,332.1 $3,336.7 Adjusted EBITDA$522.2 $527.8 $1,482.0 $1,565.5 Operating income$63.9 $93.8 $111.3 $292.4 Non-operating expense (1)$(145.4)$(259.8)$(439.4)$(493.9)Net loss$(37.0)$(132.6)$(227.4)$(161.6)

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(1)Includes interest expense of $194.5 million, $208.3 million, $574.7 million and $619.5 million in the respective periods shown. 

The changes in the VodafoneZiggo JV’s revenue during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are primarily due to the net effect of (i) decreases in residential fixed revenue, partially offset by the repricing impact, (ii) decreases in mobile revenue and (iii) higher B2B fixed revenue. The changes in the VodafoneZiggo JV’s Adjusted EBITDA during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are primarily due to the net effect of (a) the aforementioned changes in revenue, (b) increases in consulting costs, (c) higher programming costs and (d) cost control measures in customer service, IT and procurement. In addition, the reported revenue and Adjusted EBITDA amounts are impacted by FX.

The VodafoneZiggo JV is experiencing significant competition in both its fixed-line and mobile operations. If the adverse impacts of economic, competitive, regulatory or other factors were to cause significant deterioration of the results of operations or cash flows of the VodafoneZiggo JV, we could conclude in future periods that