Company: LBTYK
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001570585-25-000223
Chunk: 29

Company: Liberty Global Ltd.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 2
Chunk 29
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 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 revenue, (b) a provision for legal matters in 2025, (c) a handset inventory-related insurance recovery during the third quarter of 2025 of approximately $27 million related to a loss recognized during the fourth quarter of 2024, (d) cost efficiencies and (e) decreases in the nexfibre JV construction impact to Adjusted EBITDA. In addition, the reported revenue and Adjusted EBITDA amounts are impacted by FX.

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(b)Represents (i) our 50% share of the results of operations of the VodafoneZiggo JV and (