Company: LBTYK
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001570585-25-000223
Chunk: 141

Company: Liberty Global Ltd.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 8
Chunk 141
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12.6)Total$(43.3)$(132.8)$(455.9)$(164.4)_______________

(a)Represents (i) our 50% share of the results of operations of the VMO2 JV and (ii) for the nine months ended September 30, 2024, 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 endedSeptember 30,Nine months endedSeptember 30,2025202420252024in millionsRevenue$3,436.0 $3,512.7 $9,935.8 $10,170.9 Adjusted EBITDA$1,250.3 $1,170.9 $3,496.0 $3,376.9 Operating income$305.0 $276.1 $609.7 $791.0 Non-operating expense (1)$(308.8)$(344.8)$(1,229.6)$(789.6)Net loss$(20.0)$(55.3)$(494.7)$(20.0)

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(1)Includes interest expense of $413.2 million, $406.4 million, $1,201.8 million and $1,239.5 million in the respective periods shown. 

The changes in the VMO2 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 other revenue related to low-margin construction revenue from the nexfibre JV, (ii) decreases in mobile revenue due to lower handset revenue and (iii) increases in B2B fixed revenue due the VMO2 JV’s consolidation of the Daisy Group following the merger of the B2B operations of O2 and Daisy, 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 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