Company: LBTYK
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001570585-25-000114
Chunk: 103

Company: Liberty Global Ltd.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 103
---
52024$%$%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)

_______________

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 above and the analysis of our expenses included in Discussion and Analysis of our Consolidated Operating Results below. For discussion of the factors contributing to the changes in the Adjusted EBITDA margins of the VMO2 JV and the VodafoneZiggo JV, see Discussion and Analysis of our Consolidated Operating Results — Share of results of affiliates, net below.

56

Discussion and Analysis of our Consolidated Operating Results 

 General

For more detailed explanations of the changes in our revenue, see Discussion and Analysis of our