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

Company: Liberty Global Ltd.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 2
Chunk 10
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 EBITDA is the primary measure used by our CODM to evaluate segment operating performance. As presented below, consolidated 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 condensed consolidated statements of operations. The following table sets forth the Adjusted EBITDA of our reportable segments:

 Three months endedMarch 31,Increase (decrease)Organic increase (decrease) 20252024$%$%in millions, except percentagesTelenet$301.6 $308.4 $(6.8)(2.2)$2.5 0.8 VM Ireland37.2 40.0 (2.8)(7.0)(1.6)(4.1)Total consolidated reportable segments338.8 348.4 (9.6)(2.8)Plus: all other category(4.2)(30.7)26.5 86.3 Less: elimination of intercompany consolidated Adjusted EBITDA(10.0)(34.7)24.7 N.M.Total consolidated$324.6 $283.0 $41.6 14.7 $14.9 5.1 VMO2 JV$1,073.4 $1,073.6 $(0.2)— VodafoneZiggo JV$463.1 $519.0 $(55.9)(10.8)

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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 endedMarch 31, 20252024Telenet39.7 %40.4 %VM Ireland32.1 %32.5 %VMO2 JV34.3 %32.7 %VodafoneZiggo JV44.0 %46.6 %

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