Liberty Global Ltd., a leader in converged broadband, video, and mobile communications, released its 2025 Annual Report on Form 10-K, showcasing its financial performance and strategic developments. The company operates through three platforms: Liberty Telecom, Liberty Growth, and Liberty Services. Liberty Telecom, a key revenue driver, provides connectivity and entertainment products to approximately 80 million fixed and mobile connections across Europe. Liberty Growth invests in technology, media, sports, and infrastructure sectors, holding investments in approximately 70 companies and funds valued at $3.4 billion as of December 31, 2025. Liberty Services delivers technology, operational, and financial services to affiliates and third parties.
The company reported a consolidated revenue of $4.88 billion for 2025, a 12.4% increase compared to $4.34 billion in 2024. This growth was partially attributed to the Formula E Acquisition and the provision of Sunrise Services following the Spin-off. However, on an organic basis, revenue decreased by 1.2%. The company's net loss from continuing operations was $7.10 billion, compared to a net income of $1.87 billion in the previous year. This significant shift was primarily due to a $5.0 billion goodwill impairment charge at the VMO2 JV, as well as realized and unrealized losses on derivative instruments and foreign currency transactions. Total consolidated Adjusted EBITDA increased by 9.9% to $1.28 billion.
Key operational developments included the combination of VMO2 JV's B2B operations with Daisy Group, with VMO2 JV owning 70% of the U.K. B2B Group. Liberty Global also announced a strategic partnership with Google Cloud Services to integrate AI services across its operations. The company continued its share repurchase program, buying back 17.4 million Class C common shares for $192.1 million during 2025. As of January 31, 2026, Liberty Global had 174.6 million Class A common shares, 13.0 million Class B common shares, and 147.5 million Class C common shares outstanding.
As of December 31, 2025, Liberty Global's consolidated subsidiaries had 6,636 full-time equivalent employees, while the VMO2 JV and VodafoneZiggo JV employed 16,841 and 5,664 people, respectively. The company emphasized its commitment to sustainability through its "People Planet Progress" strategy, focusing on inclusive growth, environmental impact reduction, and transparency. Looking ahead, Liberty Global expects to roll out DOCSIS 4 technology across parts of its footprint in 2026 and add new Connect Boxes and Mesh Extenders supporting the WiFi 7 standard. However, the company also cautioned about various risks, including increasing competition, technological changes, and economic instability, which could impact future performance.
About Liberty Global Ltd.
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