Company: LBTYK
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001570585-25-000223
Chunk: 23

Company: Liberty Global Ltd.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 2
Chunk 23
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 (i) lower costs associated with advertising campaigns, primarily due to decreases at Telenet and VM Ireland, and (ii) higher third-party sales commissions, as increases at Telenet were only partially offset by decreases at VM Ireland;

•Increases in personnel costs of $5.2 million or 4.3% and $1.9 million or 0.5%, respectively, primarily due to the net effect of (i) higher average costs per employee, (ii) lower staffing levels, including decreases at Telenet, and (iii) for the nine-month comparison, lower incentive compensation costs; and

•For the three-month comparison, an increase in business service costs of $3.0 million or 9.6%, primarily due to higher consulting costs at Telenet. 

68

Share-based compensation expense

Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below: 

 Three months endedSeptember 30,Nine months endedSeptember 30, 2025202420252024 in millionsLiberty Global (a):Non-performance based incentive awards$25.0 $37.0 $68.1 $93.1 Performance based incentive awards13.9 5.6 34.8 12.6 Other (b)7.7 4.4 22.6 19.2 Total Liberty Global46.6 47.0 125.5 124.9 Other— — 3.9 4.5 Total$46.6 $47.0 $129.4 $129.4 Included in:Other operating expense$3.5 $5.2 $9.9 $14.6 SG&A expense43.1 41.8 119.5 114.8 Total$46.6 $47.0 $129.4 $129.4 

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(a)Amounts include share-based compensation expense related to certain Telenet Replacement Awards.

(b)Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global common shares. In the case of annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program