Company: LBTYK
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001570585-25-000114
Chunk: 21

Company: Liberty Global Ltd.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 2
Chunk 21
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Share of results of affiliates, net

The following table sets forth the details of our share of results of affiliates, net:

 Three months endedMarch 31, 20252024 in millionsVMO2 JV (a)$(86.6)$0.7 VodafoneZiggo JV (b)(22.6)6.6 AtlasEdge JV(16.0)(9.1)nexfibre JV(12.6)12.4 Formula E (c)— (4.5)All3Media (d)— (10.1)Other, net(10.2)(3.0)Total$(148.0)$(7.0)_______________

(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 endedMarch 31,20252024in millionsRevenue$3,126.3 $3,282.8 Adjusted EBITDA$1,073.4 $1,073.6 Operating income$140.1 $228.8 Non-operating expense (1)$(352.3)$(185.7)Net earnings (loss)$(165.8)$22.7 

    _______________

(1)Includes interest expense of $389.6 million and $417.9 million, in the respective periods shown. 

The change in the VMO2 JV’s revenue during the three months ended March 31, 2025, as compared to the corresponding period in 2024, is primarily due to the net effect of (i) a decrease in other revenue related to lower construction revenue from the nexfibre JV, (ii) an increase in residential fixed revenue due to higher ARPU and (iii) a decrease in mobile revenue due to lower handset sales, with each revenue category as defined and reported by the VMO2 JV. The change in the VMO2 JV’s Adjusted EBITDA during the three months ended March 31, 2025, as compared to the corresponding period in 2024, is primarily due to the net effect of (