Company: LBTYK
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001570585-25-000223
Chunk: 12

Company: Liberty Global Ltd.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 2
Chunk 12
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79.4 6.8 VodafoneZiggo JV$522.2 $527.8 $(5.6)(1.1)

60

 Nine months endedSeptember 30,Increase (decrease)Organic decrease 20252024$%$%in millions, except percentagesTelenet$998.4 $981.2 $17.2 1.8 $(11.7)(1.2)VM Ireland120.4 127.1 (6.7)(5.3)$(10.3)(8.1)Total consolidated reportable segments1,118.8 1,108.3 10.5 0.9 Plus: all other category(92.4)(94.4)2.0 2.1 Less: elimination of intercompany consolidated Adjusted EBITDA(30.0)(101.9)71.9 N.M.Total consolidated$996.4 $912.0 $84.4 9.3 $(6.2)(0.7)VMO2 JV$3,496.0 $3,376.9 $119.1 3.5 VodafoneZiggo JV$1,482.0 $1,565.5 $(83.5)(5.3)

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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 endedSeptember 30,Nine months endedSeptember 30, 2025202420252024Telenet44.6 %46.0 %42.2 %42.6 %VM Ireland34.2 %34.6 %33.4 %35.1 %VMO2 JV36.4 %33.3 %35.2 %33.2 %VodafoneZiggo JV45.1 %46.7 %44.5 %46.9 %

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