Company: LBTYK
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001570585-25-000183
Chunk: 28

Company: Liberty Global Ltd.
Filing Date: 2025-08-01
Form: 10-Q
Item: Item 2
Chunk 28
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8)Total$(264.6)$(24.6)$(412.6)$(31.6)_______________

(a)Represents (i) our 50% share of the results of operations of the VMO2 JV and (ii) for the 2024 period, 100% of the share-based compensation expense associated with Liberty Global awards granted to VMO2 JV employees who were formerly employees of Liberty Global prior to the VMO2 JV formation, as these awards remain our responsibility. The summarized results of operations of the VMO2 JV are set forth below:

Three months endedJune 30,Six months endedJune 30,2025202420252024in millionsRevenue$3,373.5 $3,375.4 $6,499.8 $6,658.2 Adjusted EBITDA$1,172.3 $1,132.4 $2,245.7 $2,206.0 Operating income$164.6 $286.1 $304.7 $514.9 Non-operating expense (1)$(568.5)$(259.1)$(920.8)$(444.8)Net earnings (loss)$(308.9)$12.6 $(474.7)$35.3 

    _______________

(1)Includes interest expense of $399.0 million, $415.2 million, $788.6 million and $833.1 million in the respective periods shown. 

The changes in the VMO2 JV’s revenue during the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024, are primarily due to (i) decreases in other revenue related to low-margin construction revenue from the nexfibre JV, (ii) decreases in mobile revenue due to lower handset revenue and (ii) lower B2B fixed revenue, with each revenue category as defined and reported by the VMO2 JV. The changes in the VMO2 JV’s Adjusted EBITDA during the three and six months ended June 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) cost efficiencies and (c) decreases in the nexfibre JV construction impact to Adjusted EBITDA. In addition, the reported revenue and Adjusted EBITDA amounts are impacted by