Company: LBTYK
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001570585-25-000183
Chunk: 12

Company: Liberty Global Ltd.
Filing Date: 2025-08-01
Form: 10-Q
Item: Item 2
Chunk 12
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ic increase (decrease) 20252024$%$%in millions, except percentagesTelenet$639.5 $620.3 $19.2 3.1 $11.4 1.8 VM Ireland78.6 85.7 (7.1)(8.3)$(8.1)(9.5)Total consolidated reportable segments718.1 706.0 12.1 1.7 Plus: all other category(38.2)(55.6)17.4 31.3 Less: elimination of intercompany consolidated Adjusted EBITDA(20.0)(69.8)49.8 N.M.Total consolidated$659.9 $580.6 $79.3 13.7 $13.5 2.3 VMO2 JV$2,245.7 $2,206.0 $39.7 1.8 VodafoneZiggo JV$959.8 $1,037.7 $(77.9)(7.5)

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N.M. — Not Meaningful.

Adjusted EBITDA Margin

The following table sets forth the Adjusted EBITDA margins (Adjusted EBITDA divided by revenue) of each of our reportable segments:

 Three months endedJune 30,Six months endedJune 30, 2025202420252024Telenet42.2 %41.3 %41.0 %40.9 %VM Ireland33.7 %38.1 %32.9 %35.3 %VMO2 JV34.8 %33.5 %34.6 %33.1 %VodafoneZiggo JV44.2 %47.5 %44.1 %47.0 %

In addition to organic changes in the revenue, operating and SG&A expenses of our reportable segments, the Adjusted EBITDA margins presented above include the impact of acquisitions, as applicable. For discussion of the factors contributing to the changes in the Adjusted EBITDA margins of our consolidated reportable segments, see the analysis of our revenue included in Discussion and Analysis of our Reportable Segments above and the analysis of our expenses included in Discussion and Analysis of our Consolidated Operating Results below. For discussion of the factors contributing to the changes in the Adjusted EBITDA margins of the