Liberty Global reports Q2 2025 results
Liberty Global today announced its Q2 2025 financial results.
CEO Mike Fries stated, “In the second quarter, we continued to execute across our strategic pillars – Liberty Growth, Liberty Telecom and Liberty Services & Corporate, with an unwavering focus on creating and delivering value to shareholders. We are encouraged to see our strategy to unlock value succeeding, with Sunrise continuing to trade higher post-spin, particularly when factoring in its inaugural dividend payment which was paid in May.
- Our Liberty Telecom operations remain focused on improving commercial momentum against the continued backdrop of intense competition. At VodafoneZiggo, we saw early signs of improving fixed-line performance under its new strategic plan. Telenet delivered another solid quarter, with positive broadband growth and a return to mobile postpaid additions. VMO2 is nearing the completion of its acquisition of the B2B business Daisy, bolstering our growth ambitions in this segment, whilst continuing to deliver Adj. EBITDA growth in Q2.
- Strategically we continue to invest in our network positions with VMO2 set to benefit significantly over time through the acquisition of spectrum from Vodafone/3, which will take our total spectrum share to ~30% in the UK. Ireland remains on track with its accelerated FTTH upgrade program, including the addition of a new wholesale customer during the quarter. Wyre and Proximus have strongly progressed to reach an agreement in principle regarding the fixed network sharing initiative and anticipate the start of a market test in September.
- Our Liberty Growth portfolio FMV increased to $3.4 billion during the quarter, with the top six investments now comprising over 80% of the overall portfolio’s value. Formula E hosted its flagship race quarter, including stops in Monaco, Miami and Tokyo, with cumulative viewership for season 11 now expected to surpass 500 million. Lastly, we exited our Vodafone collar position and continue to target $500-750m of non-core asset disposals this year.
- Our Liberty Services platforms in Finance and Tech continue making progress, with new client wins at Liberty Blume, our financial services business, during the second quarter.
- Finally, following the successful spin-off of Sunrise in November 2024, we are currently working on opportunities to separate our remaining core operating units and/or assets to unlock the conglomerate discount in our stock. The unique structure of our balance sheet and holdings provides us with the flexibility to pursue additional spin-offs, tracking stocks, IPOs and other transactions, in multiple combinations. The specific timing of these transactions is to be determined, but we are targeting completion of one or more in the next 12 to 24 months. It’s also important to note that none of these potential transactions are dependent on M&A in any of our existing markets. We are reconfirming all guidance metrics for our Liberty Telecom operations while raising Telenet’s Adj. EBITDAaL outlook. In addition, we now expect an improved outlook for Liberty Services & Corporate Adj. EBITDA of negative ~$175m for 2025, driven by cost optimization initiatives.”
