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Item 7. Management’s Discussion and Analysis

2026-02-18 compared with 2025-02-18 · 149 added, 169 removed, 599 unchanged (35% of the section changed)

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• Quantitative and Qualitative Disclosures about Market Risk.

This section provides discussion and analysis of the foreign currency, interest rate and other market risk that our company faces.

This section provides discussion and analysis of the foreign currency, interest rate and other market risks that our company faces.

Included below is an analysis of our results of operations and cash flows for 2025, as compared to 2024.

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dollars are calculated, and operational data is presented, as of December 31, 2025.

We are an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe.

Our continuing operations comprise businesses that provide residential and B2B communications services in (i) Belgium and Luxembourg through Telenet, (ii) Ireland through VM Ireland and (iii) Slovakia through UPC Slovakia.

We are an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe and are an active investor across the technology, media, sports and infrastructure sectors.

We also provide innovative technology, operational and financial services to our affiliates and third parties.

Our continuing operations comprise businesses that provide residential and B2B communications services in (i) Belgium and Luxembourg through Telenet and (ii) Ireland through VM Ireland.

In addition, we own 50% noncontrolling interests in (a) the VMO2 JV, which provides residential and B2B communications services in the U.K., and (b) the VodafoneZiggo JV, which provides residential and B2B communications services in the Netherlands.

We completed the Spin-off of the Sunrise Entities on November 8, 2024.

For additional information, see note 6 to our consolidated financial statements.

On October 2, 2024, we completed the Formula E Acquisition pursuant to which we acquired a controlling interest in Formula E.

For additional information, see note 5 to our consolidated financial statements.

In October 2023, we completed the Telenet Takeover Bid, pursuant to which we increased our ownership interest in Telenet to 100%.

For additional information, see note 14 to our consolidated financial statements.

Through November 7, 2024, we provided residential and B2B communications services in Switzerland through Sunrise.

In addition, through March 31, 2022, we provided residential and B2B communications services in Poland through UPC Poland.

Accordingly, the Sunrise Entities and UPC Poland are reflected as discontinued operations for all applicable periods.

Prior to the completion of the Spin-off on November 8, 2024, we also provided residential and B2B communications services in Switzerland through Sunrise.

Sunrise, together with certain other Liberty Global subsidiaries connected to our Swiss business, are collectively referred to as the Sunrise Entities and are reflected as discontinued operations for all applicable periods.

In the following discussion and analysis, the operating statistics, results of operations, cash flows and financial condition that we present and discuss are those of our continuing operations, unless otherwise indicated.

For additional information regarding the Spin-off, see note 6 to our consolidated financial statements.

On October 2, 2024, we completed the Formula E Acquisition, pursuant to which we acquired a controlling interest in Formula E and began consolidating 100% of Formula E’s results from that date.

For additional information, see note 5 to our consolidated financial statements.

Our company delivers market-leading products through next-generation networks that connect our customers to broadband internet, video, fixed-line telephony and mobile services.

At December 31, 2024, our continuing operations owned and operated networks that passed 5,808,100 homes and served 2,530,900 fixed-line customers and 3,006,800 mobile subscribers.

At December 31, 2025, our reportable segments, including our

nonconsolidated JVs, as defined in note 19 to our consolidated financial statements, owned and operated networks that passed 29,117,600 homes and served 11,399,700 fixed-line customers and 44,886,600 mobile subscribers.

Broadband internet services.

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We provide premium electric car racing content through our controlling interest in Formula E.

We also have significant investments in ITV, Televisa Univision, Plume, the AtlasEdge JV, EdgeConneX, Lionsgate and several regional sports networks.

We also have significant investments in Televisa Univision, ITV, EdgeConneX, the AtlasEdge JV and several regional sports networks.

The investments identified by company name above are intended to be merely illustrative, do not represent a complete list and are not necessarily the largest of our long-term investments.

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Strategy and Management Focus

We view our business in three strategic platforms, “Liberty Telecom” (our converged broadband, video and mobile communications businesses), “Liberty Growth” (our global investment arm comprised of various technology, media/content, sports, digital infrastructure and other growth assets) and “Liberty Services” (our innovative technology and finance service platforms offered by our centralized functions).

We view our business in three strategic complementary platforms, “Liberty Telecom” (our converged broadband, video and mobile communications businesses), “Liberty Growth” (our venture capital arm comprised of various technology, media, sports, digital infrastructure and other growth assets) and “Liberty Services” (our innovative technology, operational and finance service platforms offered by our centralized functions to our affiliates and third parties).

As discussed further under Liquidity and Capital Resources — Capitalization below, we also seek to maintain our debt at levels that provide for attractive equity returns without assuming undue risk.

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The amounts presented and discussed below represent 100% of each of our consolidated and nonconsolidated reportable segment’s results of operations, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV.

We account for our 50% interest in both the VMO2 JV and the VodafoneZiggo JV as an equity method investment and as such, our share of the operating results of the VMO2 JV and the VodafoneZiggo JV is included in share of results of affiliates, net, in our consolidated statements of operations.

The noncontrolling owners’ interests at Telenet and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations.

We account for our 50% interests in both the VMO2 JV and the VodafoneZiggo JV under the equity method;

accordingly, our share of their operating results is included in share of results of affiliates, net in our consolidated statements of operations.

The noncontrolling interests at Telenet and Formula E are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations.

Discussion and Analysis of our Reportable Segments

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Any increases in these taxes could have an adverse impact on our ability to maintain or increase our revenue to the extent that we are unable to pass such tax increases on to our customers.

In the case of revenue-based taxes for which we are the ultimate taxpayer, we will

also experience increases in our operating costs and expenses and corresponding declines in our Adjusted EBITDA and Adjusted EBITDA margins to the extent of any such tax increases.

In the case of revenue-based taxes for which we are the ultimate taxpayer, we will also experience increases in our operating costs and expenses and corresponding declines in our Adjusted EBITDA and Adjusted EBITDA margins to the extent of any such tax increases.

We pay interconnection fees to other telephony providers when calls or text messages from our subscribers terminate on another network, and we receive similar fees from such providers when calls or text messages from their customers terminate on our networks or networks that we access through MVNO or other arrangements.

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Gain associated with the Telenet Wyre Transaction

Gain on Telenet Tower Sale

Share of results of affiliates, net 3,186.9 205.6 2,018.4

Realized and unrealized losses due to changes in fair values of certain investments, net 28.4 556.6 317.0

Losses on debt extinguishment, net 20.1 — 1.4

Realized and unrealized losses (gains) due to changes in fair values of certain investments, net (147.8) 28.4 556.6

Foreign currency transaction losses (gains), net 3,121.1 (1,756.5) 719.7

Realized and unrealized gains on derivative instruments, net (315.2) (78.3) (854.4)

Realized and unrealized losses (gains) on derivative instruments, net 567.4 (315.2) (78.3)

Interest expense 497.5 574.7 505.0

Operating income (loss) (60.1) (313.8) 109.9

Operating loss (23.3) (60.1) (313.8)

Impairment, restructuring and other operating items, net 90.0 49.6 43.0

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Changes in ARPU can be attributable to (a) changes in prices, (b) changes in bundling or promotional discounts, (c) changes in the tier of services selected, (d) variances in subscriber usage patterns and (e) the overall mix of fixed and mobile products within a segment during the period.

Year ended December 31, Increase (decrease) Organic

increase (decrease)

Year ended December 31, Increase (decrease) Organic decrease

2025 2024 $ % $ %

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— Not Meaningful.

The details of the decrease in Telenet’s revenue during 2024, as compared to 2023, are set forth below:

The details of the increase in Telenet’s revenue during 2025, as compared to 2024, are set forth below:

revenue Non-subscription

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Total increase (decrease) in residential fixed revenue (9.2) 4.3 (4.9)

Increase (decrease) in residential mobile revenue (a) 0.6 (17.1) (16.5)

Decrease in residential mobile revenue (a) (6.3) (6.6) (12.9)

Increase (decrease) in B2B revenue (b)

(3.4) 12.7 9.3

Increase in other revenue (c) — 31.3 31.3

Decrease in other revenue (c) — (4.3) (4.3)

Total organic increase (decrease) (18.9) 6.1 (12.8)

Impact of acquisitions — 7.1 7.1

97.0 39.3 136.3

Total $ 78.1 $ 45.4 $ 123.5

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(a) The decrease in residential mobile non-subscription revenue is primarily attributable to lower interconnect revenue.

(b) The increase in B2B subscription revenue is primarily due to an increase in the average number of customers.

The decrease in B2B non-subscription revenue is primarily attributable to (i) lower interconnect revenue and (ii) a decrease in revenue from wholesale services.

In addition, the increase in other revenue includes the one-off impact of the recognition of previously deferred revenue of approximately $18 million during the third quarter of 2024.

The details of the decrease in VM Ireland’s revenue during 2024, as compared to 2023, are set forth below:

(a) The decrease in residential mobile subscription revenue is primarily attributable to a decrease in the average number of mobile subscribers.

The decrease in residential mobile non-subscription revenue is primarily attributable to lower interconnect revenue.

(b) The increase in B2B non-subscription revenue is primarily due to the net effect of (i) an increase in revenue from wholesale services and (ii) lower interconnect revenue.

(c) The decrease in other revenue is primarily due to the net effect of (i) a decrease associated with the one-off impact of the recognition of previously deferred revenue of approximately $18 million during the third quarter of 2024 and (ii) higher broadcasting revenue .

The details of the increase in VM Ireland’s revenue during 2025, as compared to 2024, are set forth below:

revenue Non-subscription

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(4.3) — (4.3)

Decrease in residential fixed non-subscription revenue — (0.2) (0.2)

Total decrease in residential fixed revenue (12.9) — (12.9)

Decrease in residential mobile revenue (1.9) (1.5) (3.4)

Increase in B2B revenue

Increase (decrease) in B2B revenue

(0.1) 5.2 5.1

Decrease in other revenue — (6.4) (6.4)

Total organic decrease (14.9) (2.7) (17.6)

14.8 6.2 21.0

Total $ (0.1) $ 3.5 $ 3.4

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Total consolidated reportable segments 1,484.1 1,470.5 13.6 0.9

all other category (188.7) (215.1) 26.4 N.M.

all other category (167.9) (188.7) 20.8 (11.0)

elimination of intercompany consolidated Adjusted EBITDA

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B2B non-subscription revenue includes (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network.

(e) Other revenue includes, among other items, (i) broadcasting revenue at Telenet and VM Ireland, (ii) revenue earned from the U.K.

JV Services and NL JV Services and (iii) revenue earned from the sale of CPE to the VMO2 JV and the VodafoneZiggo JV.

(e) Other revenue includes, among other items, (i) revenue earned from the U.K.

JV Services, the Sunrise Services and the NL JV Services, (ii) broadcasting revenue at Telenet and VM Ireland, (iii) revenue at Formula E and (iv) revenue earned from the sales of CPE to the VMO2 JV and the VodafoneZiggo JV.

Total revenue.

Our consolidated revenue increased $536.6 million or 12.4% during 2025, as compared to 2024.

This increase includes an increase of $18.5 million attributable to the impact of the Formula E Acquisition.

On an organic basis, our consolidated revenue increased $189.6 million or 4.6%.

This increase includes an increase of $240.8 million attributable to the impact of the Formula E Acquisition and an increase of $171.1 million attributable to the impact of the Sunrise Services provided in connection with the Spin-off.

On an organic basis, our consolidated revenue decreased $54.6 million or 1.2%.

Residential revenue.

The details of the decrease in our consolidated residential revenue during 2024, as compared to 2023, are as follows (in millions):

The details of the increase in our consolidated residential revenue during 2025, as compared to 2024, are as follows (in millions):

Increase (decrease) in residential fixed subscription revenue due to change in:

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Total decrease in residential fixed revenue (17.7)

Decrease in residential mobile subscription revenue (8.2)

Decrease in residential mobile non-subscription revenue (8.1)

Total decrease in residential revenue (34.0)

Total decrease in residential revenue $ (38.6)

Total increase in residential revenue $ 70.1

On an organic basis, our consolidated residential fixed subscription revenue decreased $22.2 million or 1.3% during 2025, as compared to 2024, primarily attributable to a decrease at VM Ireland .

On an organic basis, our consolidated residential mobile subscription revenue decreased $8.2 million or 1.7% during 2025, as compared to 2024, primarily due to a decrease at Telenet.

On an organic basis, our consolidated residential mobile non-subscription revenue decreased $8.1 million or 4.8% during 2025, as compared to 2024, primarily due to a decrease at Telenet.

On an organic basis, our consolidated B2B subscription revenue increased $13.5 million or 3.2% during 2024, as compared to 2023, primarily due to an increase at Telenet.

On an organic basis, our consolidated B2B non-subscription revenue decreased $36.6 million or 8.2% during 2024, as compared to 2023, primarily due to a decrease at Telenet.

On an organic basis, our consolidated B2B non-subscription revenue increased $21.3 million or 5.2% during 2025, as compared to 2024, primarily due to an increase at Telenet.

Other revenue.

On an organic basis, our consolidated other revenue increased $250.3 million or 28.4% during 2024, as compared to 2023, primarily attributable to (i) an increase in revenue earned from the sale of CPE to the VMO2 JV beginning in 2024 and (ii) an increase in revenue earned from the U.K.

JV Services and NL JV Services.

For additional information regarding the increase in revenue earned from the U.K.

JV Services and NL JV Services, see note 19 to our consolidated financial statements.

On an organic basis, our consolidated other revenue decreased $38.3 million or 2.8% during 2025, as compared to 2024, primarily due to the net effect of (i) lower revenue earned from the sales of CPE to the VMO2 JV, (ii) an increase in revenue earned from the U.K.

JV Services and (iii) a decrease associated with the one-off impact of the recognition of previously deferred revenue at Telenet during the third quarter of 2024.

Programming and other direct costs of services

Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, costs of mobile handsets and other devices and other direct costs related to our operations, including costs associated with our transitional service agreements and certain costs related to the development of externally marketed software.

Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, costs of mobile handsets and other devices and other direct costs related to our operations, including costs associated with our transitional and other service agreements and certain costs related to the development of externally marketed software.

Programming and copyright costs represent a significant portion of our operating costs and are subject to rise in future periods due to various factors, including (i) higher costs associated with the expansion of our digital video content, including rights associated with ancillary product offerings and rights that provide for the broadcast of live sporting events, and (ii) rate increases.

The details of our programming and other direct costs of services are as follows:

Year ended December 31, Increase (decrease) Organic

increase (decrease)

Year ended December 31, Increase (decrease) Organic decrease

2025 2024 $ % $ %

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This increase includes an increase of $193.7 million attributable to the impact of the Formula E Acquisition.

On an organic basis, our programming and other direct costs of services increased $143.9 million or 11.0%.

This increase includes the following factors:

• An increase in costs of $138.2 million related to the sale of CPE to the VMO2 JV beginning in 2024;

• An increase in costs of $50.5 million due to lower capitalization as a result of our decision in May 2023 to market and sell certain of our internally-developed software to third parties, as further described in note 19 to our consolidated financial statements;

On an organic basis, our programming and other direct costs of services decreased $71.2 million or 4.3%.

This decrease includes the following factors:

• A decrease in costs of $41.2 million related to the sales of CPE to the VMO2 JV;

• A decrease in programming and copyright costs of $15.4 million or 2.8%, primarily attributable to lower costs for certain content at Telenet and VM Ireland;

• A net decrease of $10.8 million related to the recognition of losses during the fourth quarters of 2025 and 2024 associated with certain minimum purchase commitments;

• A decrease in interconnect and access costs of $10.3 million or 9.9%, primarily due to lower interconnect and mobile roaming costs at Telenet;

• A decrease in costs of $24.1 million related to lower sales of CPE to the VodafoneZiggo JV;

• An increase of $17.2 million related to the recognition of a loss during the fourth quarter of 2024 associated with certain minimum purchase commitments;

• A decrease in programming and copyright costs of $10.4 million or 1.8%, primarily attributable to lower costs for certain content at VM Ireland and Telenet;

• An increase in costs of $7.6 million related to third-party CPE development costs recognized in the fourth quarter of 2024.

• A decrease in costs of $7.6 million related to third-party CPE development costs recognized in the fourth quarter of 2024.

Other operating expenses

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The details of our other operating expenses are as follows:

Year ended December 31, Increase (decrease) Organic

increase (decrease)

Year ended December 31, Increase (decrease) Organic increase

2025 2024 $ % $ %

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— Not Meaningful.

Our other operating expenses (exclusive of share-based compensation expense) decreased $10.9 million or 1.4% during 2024, as compared to 2023.

On an organic basis, our other operating expenses decreased $12.9 million or 1.7%.

This decrease includes the following factors:

• A decrease in core network and information technology-related costs of $15.6 million or 8.3%, primarily due to the net effect of (i) lower network maintenance and outsourced data center costs, (ii) higher information technology-related costs and (iii) lower leased bandwidth costs at Telenet;

• A decrease in business service costs of $13.6 million or 13.6%, primarily due to lower energy costs at Telenet;

• An increase in outsourced labor costs of $11.5 million or 12.0%, primarily associated with customer-facing activities at Telenet;

• A $11.2 million increase in costs at Telenet associated with the one-time benefit during the second quarter of 2023 from expected settlements of certain operational contingencies;

• A decrease in personnel costs of $9.8 million or 4.4%, primarily due to (i) lower average costs per employee, as an overall decrease was only partially offset by an increase at Telenet, and (ii) lower staffing levels;

• A decrease in customer service costs of $8.7 million or 12.2%, primarily related to lower call center costs at Telenet.

Our other operating expenses (exclusive of share-based compensation expense) increased $122.9 million or 16.5% during 2025, as compared to 2024.

This increase includes an increase of $11.1 million attributable to the impact of the Formula E Acquisition.

On an organic basis, our other operating expenses increased $59.3 million or 7.9%.

This increase includes the following factors:

• An increase in core network and information technology-related costs of $51.5 million or 29.3%, primarily due to higher information technology-related costs, including increases at Telenet and VM Ireland;

• An increase in personnel costs of $15.7 million or 7.2%, primarily due to the net effect of (i) higher average costs per employee, including an increase at Telenet, (ii) lower staffing levels, including a decrease at Telenet, and (iii) an increase in incentive compensation costs.

SG&A expenses

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Supplemental SG&A expense information

Year ended December 31, Increase Organic increase

Year ended December 31, Increase Organic increase (decrease)

2025 2024 $ % $ %

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This increase includes an increase of $58.1 million attributable to the impact of the Formula E Acquisition.

On an organic basis, our SG&A expenses increased $43.2 million or 4.6%.

This increase includes the following factors:

• An increase in personnel costs of $29.7 million or 6.2%, primarily at Telenet, due to (i) an increase in temporary personnel costs and (ii) higher average costs per employee;

• An increase in external sales and marketing costs of $13.3 million or 4.6%, primarily due to higher costs associated with advertising campaigns at Telenet.

On an organic basis, our SG&A expenses decreased $20.7 million or 2.0%.

This decrease is primarily due to a decrease in personnel costs of $16.2 million or 3.1%, primarily due to the net effect of (i) higher average costs per employee, including an increase at Telenet, (ii) lower staffing levels and (iii) lower incentive compensation costs.

Share-based compensation expense

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Liberty Global (a):

Non-performance based incentive awards (b) $ 113.9 $ 137.7

Performance based incentive awards (c) 18.6 6.9

Other (d) 29.7 26.9

Non-performance based incentive awards $ 83.5 $ 113.9

Performance based incentive awards 46.9 18.6

Other (b) 35.0 29.7

Total Liberty Global

Telenet share-based incentive awards (e) — 27.7

Other 4.0 6.1

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_______________

(a) In accordance with the terms of the Telenet Takeover Bid, we issued Telenet Replacement Awards to employees and former directors of Telenet in exchange for corresponding Telenet awards.

In connection with the Telenet Takeover Bid, the Telenet Replacement Awards were remeasured as of October 13, 2023 in a 1:2 ratio between Liberty Global Class A and Liberty Global Class C common shares.

No incremental share-based compensation expense was recognized from the remeasurement and modification of the Telenet awards.

The Telenet Replacement Awards were re-granted on November 7, 2023, resulting in total share-based compensation expense of $50.0 million, of which $8.5 million was recognized on this date due to the immediate vesting of select Telenet Replacement Awards.

The remaining expense of $41.5 million will be amortized over the remaining service periods of the unvested Telenet Replacement Awards, subject to forfeitures and the satisfaction of performance conditions.

For further information regarding the Telenet Takeover Bid, see note 14 to our consolidated financial statements.

(b) In April 2023, the compensation committee of our board of directors approved the extension of the expiration dates of outstanding SARs and director options granted in 2016 through 2018 from a seven-year term to a ten-year term (prior to 2019, awards granted under the 2014 Incentive Plans expired seven years after the grant date).

Accordingly, the Black-Scholes fair values of the outstanding awards increased, resulting in the recognition of an aggregate incremental share-based compensation expense of $25.9 million during 2023.

The 2023 amount includes share-based compensation expense related to certain Telenet Replacement Awards.

(d) 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 the annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program.

(a) In November 2024, in connection with the Sunrise Distribution and the Spin-off, the compensation committee of our board of directors approved the Award Modifications in accordance with the underlying share-based incentive plans.

As we determined that there was no incremental value associated with the Award Modifications, we did not recognize any incremental share-based compensation expense associated with these modifications.

(b) Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled in 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 allows these employees to elect to receive up to 100% of their annual incentive compensation in common shares of Liberty Global in lieu of cash.

In addition, amounts include compensation expense related to the Ventures Incentive Plans.

(e) Represents the share-based compensation expense associated with Telenet’s share-based incentive awards prior to the Telenet Takeover Bid.

In addition, €7.6 million ($8.2 million at the applicable rate) was expensed during the fourth quarter of 2023 related to the reimbursement of certain employee income taxes associated with the ESOP 2019 and the ESOP 2020.

In addition, amounts include compensation expense related to the Liberty Growth Incentive Plans.

For additional information concerning our share-based compensation, see note 15 to our consolidated financial statements.

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Excluding the effects of FX, depreciation and amortization expense decreased $9.5 million or 0.9% during 2025, as compared to 2024.

This decrease is primarily due to the net effect of (i) a decrease associated with certain assets becoming fully depreciated, including (a) with respect to the impact of our decision in May 2023 to market and sell certain of our internally-developed software to third parties and (b) amounts at Telenet, (ii) an increase associated with property and equipment additions related to the installation of CPE, the expansion and upgrade of our networks and other capital initiatives, primarily at Telenet and VM Ireland, and (iii) an increase associated with acquisitions, primarily related to the Telenet Wyre Transaction.

For additional information regarding our recent acquisitions, see note 5 to our consolidated financial statements.

This decrease is primarily due to the net effect of (i) a decrease associated with certain assets becoming fully depreciated, primarily at Telenet, and (ii) an increase associated with property and equipment additions related to the installation of CPE, the expansion and upgrade of our networks and other capital initiatives, primarily at Telenet.

Impairment, restructuring and other operating items, net

We recognized impairment, restructuring and other operating items, net, of $90.0 million and $49.6 million during 2025 and 2024, respectively.

The 2025 amount primarily includes (i) restructuring costs of $55.9 million and (ii) an impairment charge on certain long-lived assets at Telenet of $42.3 million during the fourth quarter of 2025.

During 2025, we commenced a restructuring program that includes employee terminations within certain of our centralized functions and recorded $43.8 million of restructuring costs during 2025 related to this program.

We expect to incur further restructuring charges during 2026 as certain elements of the restructuring plan did not meet the criteria for recognition in 2025.

The 2024 amount primarily includes (i) restructuring costs of $25.3 million, including amounts at Telenet, and (ii) a provision for legal contingencies of $20.7 million.

The 2023 amount primarily includes (i) direct acquisition and disposition costs of $29.3 million, primarily at Telenet, and (ii) restructuring costs of $20.0 million, primarily at Telenet and VM Ireland.

If, among other factors, the adverse impacts of economic, competitive, regulatory or other factors were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of our goodwill and, to a lesser extent, other long-lived assets.

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We recognized interest expense of $497.5 million and $574.7 million during 2025 and 2024, respectively.

Excluding the effects of FX, interest expense increased $69.5 million or 13.8% during 2024, as compared to 2023.

This increase is primarily attributable to a higher average outstanding debt balance and a higher weighted average interest rate.

Excluding the effects of FX, interest expense decreased $97.8 million or 17.0% during 2025, as compared to 2024.

This decrease is primarily attributable to a lower weighted average interest rate and a lower average outstanding debt balance.

For additional information regarding our outstanding indebtedness, see note 11 to our consolidated financial statements.

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Qualitative and Quantitative Disclosures about Market Risk below, we use derivative instruments to manage our interest rate risks.

Realized and unrealized gains on derivative instruments, net

Realized and unrealized gains (losses) on derivative instruments, net

Our realized and unrealized gains or losses on derivative instruments include (i) unrealized changes in the fair values of our derivative instruments that are non-cash in nature until such time as the derivative contracts are fully or partially settled and (ii) realized gains or losses upon the full or partial settlement of the derivative contracts.

The details of our realized and unrealized gains on derivative instruments, net, are as follows:

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:

Year ended December 31,

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Foreign currency forward and option contracts (11.1) 30.0

Other 0.1 (0.1)

Total $ (567.4) $ 315.2

_______________

(a) The gain during 2024 is primarily attributable to the net effect of (i) a net gain associated with changes in the relative value of certain currencies and (ii) a net loss associated with changes in certain market interest rates.

In addition, the gain during 2024 includes a net loss of $7.7 million resulting from changes in our credit risk valuation adjustments.

The loss during 2023 is attributable to net losses associated with changes in (a) certain market interest rates and (b) the relative value of certain currencies.

(a) The loss during 2025 is primarily attributable to the net effect of (i) a net loss associated with changes in the relative value of certain currencies and (ii) a net gain associated with changes in certain market interest rates.

In addition, the loss during 2025 includes a net gain of $3.0 million resulting from changes in our credit risk valuation adjustments.

(b) For information concerning the factors that impact the valuations of our equity-related derivative instruments, see note 9 to our consolidated financial statements.

The gain during 2024 is primarily attributable to the net effect of (a) a net gain associated with changes in the relative value of certain currencies and (b) a net loss associated with changes in certain market interest rates.

In addition, the gain during 2024 includes a net loss of $7.7 million resulting from changes in our credit risk valuation adjustments.

(b) The recurring fair value measurements of our equity-related derivative instruments are based on Black-Scholes pricing models.

For additional information, see note 9 to our consolidated financial statements.

For additional information regarding the Vodafone Collar, which was fully settled in 2025, see note 7 to our consolidated financial statements.

For additional information concerning our derivative instruments, see note 8 to our consolidated financial statements and Item 7A.

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Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below.

Realized and unrealized losses due to changes in fair values of certain investments, net

Realized and unrealized gains (losses) due to changes in fair values of certain investments, net

Our realized and unrealized gains or losses due to changes in fair values of certain investments include unrealized gains or losses associated with changes in fair values that are non-cash in nature until such time as these gains or losses are realized through cash transactions.

For additional information regarding our investments and fair value measurements, see notes 7 and 9, respectively, to our consolidated financial statements.

The details of our realized and unrealized losses due to changes in fair values of certain investments, net, are as follows:

The details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net, are as follows:

Year ended December 31,

$ 207.7 $ 57.4

(95.4) (77.8)

(75.8) (148.6)

Televisa Univision

(55.3) (52.1)

Lionsgate (a)

Other, net (45.4) (22.1)

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_______________

(a) We completed the sale of our investment in Lacework during the third quarter of 2024.

(b) We completed the sale of our investment in Pax8 during the fourth quarter of 2024.

(a) Amounts represent the change in fair value of our investment in Lionsgate, both before and after the Lionsgate Separation.

Following the Lionsgate Separation, changes in fair value related to our investment in Starz are included in ‘Other, net’ in the above table.

See note 7 to our consolidated financial statements for more information on the Lionsgate Separation.

(b) We completed the sale of our investment in Lacework during the third quarter of 2024.

Losses on debt extinguishment, net

We recognized a net loss on debt extinguishment of $20.1 million during 2025 related to the write-off of unamortized deferred financing costs and discounts.

For additional information concerning our losses on debt extinguishment, net, see note 11 to our consolidated financial statements.

Share of results of affiliates, net

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Year ended December 31,

VodafoneZiggo JV (a)

$ (2,921.4) $ (29.0)

(40.9) (31.1)

Formula E (b)

VodafoneZiggo JV (b)

(99.0) (69.3)

(73.0) (40.9)

Formula E (c)

All3Media (d)

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(a) Represents (i) our 50% share of the results of operations of the VodafoneZiggo JV and (ii) interest income of $55.4 million and $55.3 million, respectively, representing 100% of the interest earned on the VodafoneZiggo JV Receivables.

The summarized results of operations of the VodafoneZiggo JV are set forth below:

(a) Represents (i) our share of the results of operations of the VMO2 JV and (ii) for 2024, 100% of the share-based compensation expense associated with Liberty Global awards granted to VMO2 JV employees who were formerly employees of Liberty Global prior to the VMO2 JV formation, as these awards remain our responsibility.

The summarized results of operations of the VMO2 JV are set forth below:

Year ended December 31,

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$ 4,662.8 $ 4,503.4

Operating income (1) $ 321.0 $ 250.5

Non-operating expense (2)

Operating income (loss) (1) (2)

$ (4,280.8) $ 1,037.8

Net loss $ (257.1) $ (510.0)

Non-operating expense (3) $ (1,797.9) $ (1,004.7)

Net earnings (loss) (2) $ (5,766.5) $ 1.7

_______________

(1) Includes depreciation and amortization expense of $3,709.4 million and $3,311.7 million, respectively.

(2) The 2025 amount includes a charge of £3.8 billion ($5.0 billion at the applicable rate) related to the VMO2 JV’s goodwill impairment, as described in note 7 to our consolidated financial statements.

(3) Includes interest expense of $1,606.6 million and $1,634.7 million, respectively.

The change in the VodafoneZiggo JV’s revenue during 2024, as compared to 2023, is primarily due to the net effect of (i) a decrease in residential fixed revenue, (ii) an increase in residential mobile revenue and (iii) an increase in B2B fixed revenue.

The change in the VodafoneZiggo JV’s Adjusted EBITDA during 2024, as compared to 2023, is primarily due to the net effect of (a) lower energy costs, (b) an increase in wage costs and (c) an increase in programming costs.

The change in the VMO2 JV’s revenue during 2025, as compared to 2024, is primarily due to the net effect of (i) a decrease in other revenue related to low-margin construction activity from the nexfibre JV, (ii) a decrease in mobile revenue due to lower handset revenue and (iii) an increase in B2B fixed revenue due to 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 change in the VMO2 JV’s Adjusted EBITDA during 2025, as compared to 2024, is primarily due to the net effect of (a) a provision for legal matters in 2025 of approximately $32 million, (b) a handset inventory-related insurance recovery during 2025 of approximately $27 million related to a loss recognized in 2024, (c) cost efficiencies, (d) a decrease in the nexfibre JV construction impact to Adjusted EBITDA and (e) the aforementioned changes in revenue.

In addition, the reported revenue and Adjusted EBITDA amounts are impacted by FX.

(b) Includes our share of results of Formula E prior to the Formula E Acquisition Date.

(c) Represents (i) our 50% share of the results of operations of the VMO2 JV and (ii) 100% of the share-based compensation expense associated with Liberty Global awards granted to VMO2 JV employees who were formerly employees of Liberty Global prior to the VMO2 JV formation, as these awards remain our responsibility.

The summarized results of operations of the VMO2 JV are set forth below:

(b) Represents (i) our share of the results of operations of the VodafoneZiggo JV and (ii) interest income of $57.7 million and $55.4 million, respectively, representing 100% of the interest earned on the VodafoneZiggo JV Receivables.

The summarized results of operations of the VodafoneZiggo JV are set forth below:

Year ended December 31,

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$ 1,977.7 $ 2,033.9

Operating income (loss) (1)

$ 1,037.8 $ (2,274.5)

Operating income (1) $ 130.8 $ 321.0

Non-operating expense (2) $ (582.6) $ (707.3)

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(2) Includes interest expense of $762.4 million and $822.9 million, respectively.

In addition, the 2023 amount includes a charge of £2.3 billion ($2.9 billion at the applicable rate) related to the VMO2 JV’s goodwill impairment, as described in note 7 to our consolidated financial statements.

The change in the VMO2 JV’s revenue during 2024, as compared to 2023, is primarily due to the net effect of (i) a decrease in mobile revenue due to lower handset sales, (ii) an increase in other revenue related to low-margin construction revenue from the nexfibre JV, (iii) an increase in residential fixed revenue and (iv) a one-time increase in 2023 of $48 million in other revenue due to a change in the contract terms with a related-party supplier, with each revenue category as defined and reported by the VMO2 JV.

The change in the VMO2 JV’s Adjusted EBITDA during 2024, as compared to 2023, is primarily due to the net effect of (a) higher costs related to information technology and digital efficiency programs, (b) the benefit of approximately $62 million during 2024 related to higher capitalized costs by the VMO2 JV due to a change in the terms of a related-party contract under which Liberty Global now sells CPE hardware and embedded essential software to the VMO2 JV, (c) the aforementioned one-time revenue increase in 2023, (d) a handset inventory-related adjustment increasing cost of sales by approximately $27 million in 2024 and (e) a reduction in costs of $19 million in 2023 due to a change in the contract terms of services provided by a related-party.

The change in the VodafoneZiggo JV’s revenue during 2025, as compared to 2024, is primarily due to the net effect of (i) a decrease in residential fixed revenue, driven by the ongoing impact of repricing, (ii) a decrease in mobile revenue, (iii) an increase in other revenue related to premium sports content and (iv) an increase in B2B fixed revenue.

The change in the VodafoneZiggo JV’s Adjusted EBITDA during 2025, as compared to 2024, is primarily due to the net effect of (a) the aforementioned change in revenue, (b) an increase in consulting costs, (c) higher programming costs and (d) cost control measures in customer service, labor and energy costs.

In addition, the reported revenue and Adjusted EBITDA amounts are impacted by FX.

(d) We completed the sale of our investment in All3Media during the second quarter of 2024.

The VodafoneZiggo JV is experiencing significant competition in both its fixed-line and mobile operations.

If the adverse impacts of economic, competitive, regulatory or other factors were to cause significant deterioration of the results of operations or cash flows of the VodafoneZiggo JV, we could conclude in future periods that our investment in the VodafoneZiggo JV is impaired or management of the VodafoneZiggo JV could conclude that an impairment of the VodafoneZiggo JV goodwill and, to a lesser extent, long-lived assets, is required.

Any such impairment of the VodafoneZiggo JV’s goodwill or our investment in the VodafoneZiggo JV would be reflected as a component of share of results of affiliates, net, in our condensed consolidated statement of operations.

Our share of any such impairment charges could be significant.

For additional information regarding our equity method investments, see note 7 to our consolidated financial statements.

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In connection with the sale of All3Media, we recognized a gain of $242.9 million during 2024.

For additional information, see note 7 to our consolidated financial statements.

Gain associated with the Formula E Acquisition

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For additional information, see note 5 to our consolidated financial statements.

Gain associated with the Telenet Wyre Transaction

In connection with the Telenet Wyre Transaction, we recognized a net gain of $377.8 million during 2023.

For additional information, see note 5 to our consolidated financial statements.

Other income, net

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Income tax benefit (expense)

We recognized income tax benefit (expense) of $30.8 million and ($213.1 million) during 2024 and 2023, respectively.

We recognized income tax benefit of $75.8 million and $30.8 million during 2025 and 2024, respectively.

The income tax benefit during 2025 differs from the expected income tax benefit of $1,075.9 million (based on the Bermuda statutory income tax rate of 15.0%), primarily due to the net negative impact of (i) non-deductible or non-taxable foreign currency exchange results and (ii) certain permanent differences between the financial and tax accounting treatment of items associated with investments in subsidiaries and affiliates.

The net negative impact of these items was partially offset by the net positive impact of statutory rates in certain jurisdictions in which we operate that are different than the Bermuda statutory income tax rate.

The income tax benefit during 2024 differs from the expected income tax expense of $459.6 million (based on the U.K.

income tax rate of 25.0%), primarily due to the net positive impact of (i) non-deductible or non-taxable foreign currency exchange results, (ii) certain permanent differences between the financial and tax accounting treatment of interest and other expenses and (iii) the recognition of previously unrecognized tax benefits.

The income tax expense during 2023 differs from the expected income tax benefit of $809.8 million (based on the U.K.

blended income tax rate of 23.5%), primarily due to the net negative impact of (i) certain permanent differences between the financial and tax accounting treatment of items associated with investments in subsidiaries and affiliates, (ii) a net increase in valuation allowances, (iii) non-deductible or non-taxable foreign currency exchange results and (iv) certain permanent differences between the financial and tax accounting treatment of interest and other expenses.

income tax rate of 25.0%), primarily due to the net positive impact of (i) non-deductible or non-taxable foreign currency exchange results and (ii) the recognition of previously unrecognized tax benefits.

The net positive impact of these items was partially offset by the net negative impact of certain permanent differences between the financial and tax accounting treatment of interest and other expenses.

For additional information concerning our income taxes, see note 13 to our consolidated financial statements.

Earnings (loss) from continuing operations

During 2024 and 2023, we reported earnings (loss) from continuing operations of $1,869.1 million and ($3,659.1 million), respectively, consisting of (i) operating loss of $60.1 million and $313.8 million, respectively, (ii) net non-operating income (expense) of $1,898.4 million and ($3,132.2 million), respectively, and (iii) income tax benefit (expense) of $30.8 million and ($213.1 million), respectively.

During 2025 and 2024, we reported earnings (loss) from continuing operations of ($7,096.7 million) and $1,869.1 million, respectively, consisting of (i) operating losses of $23.3 million and $60.1 million, respectively, (ii) net non-operating income (expense) of ($7,149.2 million) and $1,898.4 million, respectively, and (iii) income tax benefit of $75.8 million and $30.8 million, respectively.

Gains or losses associated with (i) changes in the fair values of derivative instruments, (ii) movements in foreign currency exchange rates and (iii) the disposition of assets and changes in ownership are subject to a high degree of volatility and, as such, any gains from these sources do not represent a reliable source of income.

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Due largely to the fact that we seek to maintain our debt at levels that provide for attractive equity returns, as discussed under Liquidity and Capital Resources — Capitalization below, we expect we will continue to report significant levels of interest expense for the foreseeable future.

For information concerning our expectations with respect to trends that may affect

certain aspects of our operating results in future periods, see the discussion under Overview above.

For information concerning our expectations with respect to trends that may affect certain aspects of our operating results in future periods, see the discussion under Overview above.

For information concerning the reasons for changes in specific line items in our consolidated statements of operations, see Discussion and Analysis of our Reportable Segments and Discussion and Analysis of our Consolidated Operating Results above.

Earnings (loss) from discontinued operations, net of taxes

We reported loss from discontinued operations, net of taxes, of $223.2 million and $214.7 million during 2024 and 2023, respectively, related to the operations of the Sunrise Entities.

Loss from discontinued operations, net of taxes

We reported a loss from discontinued operations, net of taxes, of $223.2 million during 2024 related to the operations of the Sunrise Entities.

For additional information, see note 6 to our consolidated financial statements.

Net earnings attributable to noncontrolling interests

Net earnings attributable to noncontrolling interests was $57.9 million and $177.9 million during 2024 and 2023, respectively.

The 2024 amount is primarily attributable to noncontrolling interests at Telenet associated with the results of operations of Wyre.

The 2023 amount is primarily attributable to the results of operations of Telenet prior to the Telenet Takeover Bid.

Net earnings attributable to noncontrolling interests were $41.4 million and $57.9 million during 2025 and 2024, respectively, attributable to certain noncontrolling interests at Telenet and Formula E.

Liquidity and Capital Resources

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We are a holding company that is dependent on the capital resources of our subsidiaries to satisfy our liquidity requirements at the corporate level.

Each of our significant operating subsidiaries is separately financed within one of our two subsidiary “borrowing groups”.

These borrowing groups include the respective restricted parent and subsidiary entities within Telenet and VM Ireland.

Each of our significant operating subsidiaries is separately financed within one of our two subsidiary “borrowing groups.” These borrowing groups include the respective restricted parent and subsidiary entities within Telenet and VM Ireland.

Although our borrowing groups typically generate cash from operating activities, the terms of the instruments governing the indebtedness of these borrowing groups may restrict our ability to access the liquidity of these subsidiaries.

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(d) The total cash and cash equivalents balance includes $1,207.2 million or 66.5% and $565.3 million or 31.1% denominated in euros and U.S.

dollars, respectively.

(d) The total cash and cash equivalents balance includes $1,336.6 million or 64.2%, $384.1 million or 18.5% and $357.8 million or 17.2% denominated in euros, U.S.

dollars and British pound sterling, respectively.

(e) The balance of our investments held under SMAs is held by unrestricted subsidiaries of Liberty Global and includes $75.0 million or 98.4% denominated in U.S.

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Liquidity of Liberty Global and its unrestricted subsidiaries

The $3.6 million of cash held by Liberty Global and, subject to certain tax and legal considerations, the $690.7 million of aggregate cash and cash equivalents held by unrestricted subsidiaries, together with the $433.1 million of investments held under SMAs, represented available liquidity at the corporate level at December 31, 2024.

The $914.3 million of aggregate cash and cash equivalents held by unrestricted subsidiaries, subject to certain tax and legal considerations, together with the $76.2 million of investments held under SMAs, represented available liquidity at the corporate level at December 31, 2025.

Our remaining cash and cash equivalents of $1,167.1 million at December 31, 2025 were held by our borrowing groups, as set forth in the table above.

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For information regarding certain limitations imposed by our subsidiaries’ debt instruments at December 31, 2025, see note 11 to our consolidated financial statements.

Our short-term sources of corporate liquidity include (i) cash and cash equivalents held by Liberty Global and, subject to certain tax and legal considerations, Liberty Global’s unrestricted subsidiaries, (ii) investments held under SMAs, (iii) interest and dividend income received on our and, subject to certain tax and legal considerations, our unrestricted subsidiaries’ cash and cash equivalents and investments, including dividend distributions received from the VMO2 JV or the VodafoneZiggo JV, (iv) cash received with respect to transitional and other services provided to various third parties and affiliates and (v) interest payments received with respect to the VodafoneZiggo JV Receivables.

From time to time, Liberty Global and its unrestricted subsidiaries may also receive (i) proceeds in the form of dividend distributions or loan repayments from Liberty Global’s borrowing groups or affiliates (including amounts from the VMO2 JV or the VodafoneZiggo JV) upon (a) the completion of recapitalizations, refinancings, asset sales or similar transactions by these entities or (b) the accumulation of excess cash from operations or other means, (ii) proceeds upon the disposition of investments and other assets of Liberty Global and its unrestricted subsidiaries, such as the sales of UPC Poland and All3Media, and (iii) proceeds in connection with the incurrence of debt by Liberty Global or its unrestricted subsidiaries or the issuance of equity securities by Liberty Global, including equity securities issued to satisfy subsidiary obligations.

Our short-term sources of corporate liquidity include (i) readily available assets, such as (a) cash and cash equivalents held by Liberty Global and, subject to certain tax and legal considerations, Liberty Global’s unrestricted subsidiaries, and (b) investments held under SMAs, and (ii) funds derived from other items, such as (a) interest and dividend income received on our and, subject to certain tax and legal considerations, our unrestricted subsidiaries’ cash and cash equivalents and investments, including dividend distributions received from the VMO2 JV or the VodafoneZiggo JV, (b) cash received with respect to transitional and other services provided to various third parties and affiliates and (c) interest received with respect to the VodafoneZiggo JV Receivables.

From time to time, Liberty Global and its unrestricted subsidiaries may also receive (i) proceeds in the form of dividend distributions or loan repayments from Liberty Global’s borrowing groups or affiliates (including amounts from the VMO2 JV or the VodafoneZiggo JV) upon (a) the completion of recapitalizations, refinancings, asset sales or similar transactions by these entities or (b) the accumulation of excess cash from operations or other means, (ii) proceeds upon the disposition of investments and other assets of Liberty Global and its unrestricted subsidiaries, such as the sale of All3Media, and (iii) proceeds in connection with the incurrence of debt by Liberty Global or its unrestricted subsidiaries or the issuance of equity securities by Liberty Global, including equity securities issued to satisfy subsidiary obligations.

No assurance can be given that any external funding would be available to Liberty Global or its unrestricted subsidiaries on favorable terms, or at all.

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Based on our assessment of our ability to access the liquidity of our subsidiaries on a tax efficient basis and our expectations with respect to our corporate liquidity requirements, we do not anticipate that tax considerations will adversely impact our corporate liquidity over the next 12 months.

Our ability to access the liquidity of our subsidiaries on a tax efficient basis is a consideration in assessing the extent of our share repurchase program.

Our ability to access the liquidity of our subsidiaries on a tax efficient basis is a consideration in assessing any potential share repurchase activity.

In addition, the amount of cash we receive from our subsidiaries and affiliates to satisfy U.S.

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dollar-denominated liquidity requirements.

Our short- and long-term liquidity requirements include (i) corporate general and administrative expenses, (ii) interest payments on the Vodafone Collar Loan and (iii) principal payments on the Vodafone Collar Loan to the extent not settled through the delivery of the underlying shares.

In addition, Liberty Global and its unrestricted subsidiaries may require cash in connection with (a) the repayment of third-party and intercompany debt, (b) the satisfaction of contingent liabilities, (c) acquisitions, (d) the repurchase of equity and debt securities, (e) other investment opportunities, (f) any funding requirements of our subsidiaries and affiliates or (g) income tax payments.

Our short- and long-term liquidity requirements include corporate general and administrative expenses and, from time to time, cash requirements in connection with (i) the repayment of third-party and intercompany debt, (ii) the satisfaction of contingent liabilities, (iii) acquisitions, (iv) the repurchase of equity and debt securities, (v) other investment opportunities, (vi) any funding requirements of our subsidiaries and affiliates or (vii) income tax payments.

During 2025, the aggregate amount of our share repurchases, including direct acquisition costs, was $192.1 million.

As of the date of this Annual Report on Form 10-K, no new share repurchase program has been approved for 2026, and therefore, at this time, we are not authorized to repurchase any shares during 2026.

For additional information regarding our share repurchase programs, see note 14 to our consolidated financial statements.

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We seek to maintain our debt at levels that provide for attractive equity returns without assuming undue risk.

In this regard, we generally seek to cause our operating subsidiaries to maintain their debt at levels that result in a consolidated debt balance (excluding the Vodafone Collar Loan and measured using subsidiary debt figures at swapped foreign currency exchange rates, consistent with the covenant calculation requirements of our subsidiary debt agreements) that is between four and five times our consolidated Adjusted EBITDA, although the timing of our acquisitions and financing transactions and the interplay of average and spot foreign currency rates may impact this ratio.

In this regard, we generally seek to cause our operating subsidiaries to maintain their debt at levels that result in a consolidated debt balance (measured using subsidiary debt figures at swapped foreign currency exchange rates, consistent with the covenant calculation requirements of our subsidiary debt agreements) that is between four and six times our consolidated Adjusted EBITDA, although the timing of our acquisitions and financing transactions and the interplay of average and spot foreign currency rates may impact this ratio.

Consolidated Adjusted EBITDA is a non-GAAP measure, which investors should view as a supplement to, and not a substitute for, GAAP measures of performance included in our consolidated statements of operations.

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All of our consolidated debt and finance lease obligations have been borrowed or incurred by our subsidiaries at December 31, 2025.

We believe we have sufficient resources to repay or refinance the current portion of our debt and finance lease obligations and to fund our foreseeable liquidity requirements during the next 12 months.

We believe we have sufficient resources to repay or refinance the current portion of our debt and finance lease obligations and to fund our foreseeable liquidity requirements and our operations during the next 12 months.

However, as our maturing debt grows in later years, we anticipate we will seek to refinance or otherwise extend our debt maturities.

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Effect of exchange rate changes on cash and cash equivalents and restricted cash 154.7 (64.0) 218.7

Net increase (decrease) in cash and cash equivalents and restricted cash $ 1,606.5 $ (618.2) $ 2,224.7

Net increase in cash and cash equivalents and restricted cash $ 264.8 $ 1,606.5 $ (1,341.7)

Operating Activities.

The increase in net cash provided by our operating activities is primarily attributable to the net effect of (i) an increase in cash provided by our Adjusted EBITDA and related working capital items, (ii) a decrease due to FX, (iii) a decrease in cash provided due to higher payments of interest, (iv) an increase in cash provided due to lower payments for taxes, including $315.0 million related to a payment of disputed tax associated with a tax litigation matter during 2023 (see note 13 to our consolidated financial statements), (v) an increase in cash provided due to higher net cash receipts related to derivative instruments and (vi) a decrease in cash provided of $143.5 million due to lower dividend distributions received from the VMO2 JV and the VodafoneZiggo JV.

The decrease in net cash provided by operating activities is primarily attributable to the net effect of (i) a decrease in cash provided due to lower receipts of interest, (ii) a decrease in cash provided due to lower dividend distributions, (iii) a decrease in cash provided due to lower net cash receipts related to derivative instruments, (iv) an increase in cash provided by our Adjusted EBITDA and related working capital items, (v) an increase due to FX and (vi) an increase in cash provided due to lower payments of interest, net of €5.4 million ($6.2 million at the applicable rate) cash paid related to the partial settlement of the Vodafone Collar Loan during the second quarter of 2025.

As further described in note 7, the Vodafone Collar and Vodafone Collar Loan were settled in full through a non-cash transaction during the third quarter of 2025.

For additional information regarding the Vodafone Collar and Vodafone Collar Loan, see notes 7 and 11, respectively, to our consolidated financial statements.

Investing Activities.

The change in net cash provided (used) by our investing activities is primarily attributable to the net effect of (i) an increase in cash of $2,793.2 million associated with (a) lower net cash paid for investments, primarily related to our investment in Vodafone in 2023 and (b) higher net cash received from the sale of our investments held under SMAs, (ii) a decrease in cash of $608.8 million due to lower dividend distributions received from the VMO2 JV, (iii) an increase in cash of $411.7 million in connection with the sale of our investment in All3Media during 2024 and (iv) a decrease in cash of $199.1 million in connection with the Formula E Acquisition during 2024.

The change in net cash provided (used) by investing activities is primarily attributable to the net effect of (i) a decrease in cash of $1,235.7 million associated with lower net cash received from the sale of our investments, primarily related to the net effect of (a) lower net cash received from the sale of our investments held under SMAs and (b) €82.8 million ($95.5 million at the applicable rate) of net proceeds from the partial sale of our investment in Vodafone during the second quarter of 2025, (ii) a decrease in cash of $434.6 million due to higher capital expenditures, (iii) a decrease in cash of $411.7 million in connection with the sale of our investment in All3Media during 2024, (iv) an increase in cash of $199.1 million in connection with the Formula E Acquisition during 2024 and (v) a decrease in cash of $197.4 million due to lower dividend distributions received from the VMO2 JV.

Capital expenditures increased from $908.5 million during the year ended December 31, 2024 to $1,343.1 million during the year ended December 31, 2025, primarily due to (a) an increase in our net local currency capital expenditures and related working capital movements, including the impact of higher capital-related vendor financing, and (b) an increase due to FX.

The capital expenditures we report in our consolidated statements of cash flows do not include amounts that are financed under capital-related vendor financing or finance lease arrangements.

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Capital expenditures, net $ 1,343.1 $ 908.5

The increase in our property and equipment additions during 2024, as compared to 2023, is primarily due to an increase in local currency expenditures of our subsidiaries due to the net effect of (i) an increase in expenditures for new build and upgrade projects, (ii) a decrease in expenditures to support new customer products and operational efficiency initiatives, (iii) a decrease in expenditures for the purchase and installation of CPE and (iv) an increase in baseline expenditures, including network improvements and expenditures for property and facilities and information technology systems.

The increase in our property and equipment additions during 2025, as compared to 2024, is primarily due to (i) an increase in local currency expenditures of our subsidiaries due to the net effect of (a) an increase in expenditures for new build and upgrade projects, (b) an increase in expenditures for the purchase and installation of CPE and (c) a decrease in expenditures to support new customer products and operational efficiency initiatives, and (ii) an increase due to FX.

During 2025 and 2024, our property and equipment additions represented 27.9% and 24.5% of revenue, respectively.

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Financing Activities.

The increase in net cash used by our financing activities is primarily attributable to the net effect of (i) an increase in cash used of $1,983.4 million due to lower net borrowings of debt, including borrowings in 2023 related to (a) the Vodafone Collar Loan and (b) the Telenet Takeover Bid, (ii) a decrease in cash used of $985.7 million due to the acquisition of shares in connection with the Telenet Takeover Bid in 2023 and (iii) a decrease in cash used of $804.9 million due to lower repurchases of Liberty Global common shares.

The decrease in net cash used by financing activities is primarily attributable to the net effect of (i) a decrease in cash used of $497.7 million due to lower repurchases of Liberty Global common shares, (ii) a decrease in cash used of $128.4 million due to a decrease in cash and cash equivalents and restricted cash contributed to Sunrise in connection with the Spin-off in 2024, (iii) an increase in cash used of $104.5 million due to higher net repayments of debt, including €78.2 million ($90.2 million at the applicable rate) associated with the partial settlement of the Vodafone Collar Loan during the second quarter of 2025, and (iv) a decrease in cash used of $77.3 million due to higher net cash receipts related to derivatives, including €71.7 million ($82.7 million at the applicable rate) associated with the partial unwind and restructure of the Vodafone Collar during the second quarter of 2025.

Adjusted Free Cash Flow

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Based on the results of our 2025 qualitative assessment of our reporting unit carrying values, we determined that it was more-likely-than-not that fair value exceeded carrying value for all of our reporting units.

During the three years ended December 31, 2024, we did not record any significant impairment charges with respect to our goodwill.

During the three years ended December 31, 2025, 2024 and 2023, we did not record any significant impairment charges with respect to our goodwill.

For additional information regarding our goodwill, see note 10 to our consolidated financial statements.

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Installation activities that are capitalized include (i) the initial connection (or drop) from our fixed-line system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for new, or upgrades to existing, fixed-line services.

The costs of other customer-facing activities, such as reconnecting customer locations where a drop already exists, disconnecting customer locations and repairing or maintaining drops, are expensed as incurred.

We capitalize internal and external costs

directly associated with the development of internal-use software.

The costs of other customer-facing activities, such as reconnecting customer locations where a drop already exists, disconnecting

customer locations and repairing or maintaining drops, are expensed as incurred.

We capitalize internal and external costs directly associated with the development of internal-use software.

Costs related to the development of entertainment- and connectivity-related software that we externally market, or plan to externally market, to third parties are expensed as incurred, as the time period between technological feasibility and product launch is generally limited in duration and the associated costs during said time period are not significant.

44 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7. Management’s Discussion and Analysis