Company: LBTYK
Filing Date: 2025-03-25
Form Type: 10-K/A
Source: 0001570585-25-000097
Chunk: 72

Company: Liberty Global Ltd.
Filing Date: 2025-03-25
Form: 10-K/A
Chunk 72
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-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees. Share-based compensation for purposes of calculating Adjusted EBITDA also includes awards granted to VMED O2 employees that are settled with Liberty Global or Telefónica shares. Opex CTC generally include incremental, third-party operating costs that are directly associated with integration activities, restructuring activities and certain other costs associated with aligning our business processes to derive synergies.

Adjusted EBITDA is a non-GAAP measure, which investors should view as a supplement to, and not a substitute for, GAAP measures of performance included in our consolidated statements of operations. The following table provides a reconciliation of operating income (loss) to Adjusted EBITDA:

|                                                                |     | Year ended 31 December |    2024 |     |   |     2023 |     |   |     2022 |
|:---------------------------------------------------------------|:----|:-----------------------|--------:|:----|:--|---------:|:----|:--|---------:|
|                                                                |     | in millions            |         |     |   |          |     |   |          |
| Operating income (loss)                                        |     | £                      |   812.1 |     | £ | -1,828.6 |     | £ | -2,797.9 |
| Depreciation and amortisation (note 7)                         |     |                        | 2,591.3 |     |   |  2,969.3 |     |   |  3,320.7 |
| Share-based compensation expense (note 13)                     |     |                        |    40.8 |     |   |     24.9 |     |   |     43.6 |
| Impairment, restructuring and other operating expense (note 7) |     |                        |    79.6 |     |   |  2,477.2 |     |   |  3,120.9 |
| Opex CTC                                                       |     |                        |    51.3 |     |   |     84.0 |     |   |     72.7 |
| Adjusted EBITDA                                                |     | £                      | 3,575.1 |     | £ |  3,726.8 |     | £ |  3,760.0 |

#### Segment expenses
For details of