What changed in this filing

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Item 9A. Controls and Procedures

2026-02-18 compared with 2025-02-18 · 643 added, 793 removed, 2330 unchanged (38% of the section changed)

23 unchanged sentences

The effectiveness of our internal control over financial reporting has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report included herein.

In October 2024, we acquired a controlling interest in Formula E Holdings Ltd.

( Formula E ).

Our evaluation of internal control over financial reporting did not include the internal control of Formula E.

The amount of total assets and revenue included in our consolidated financial statements as of and for the year ended December 31, 2024 that is attributable to Formula E was $987.0 million and $17.9 million, respectively.

Report of Independent Registered Public Accounting Firm

6 unchanged sentences

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive loss, equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule II (collectively, the consolidated financial statements), and our report dated February 18, 2026 expressed an unqualified opinion on those consolidated financial statements.

The Company acquired Formula E Holdings Ltd.

during 2024, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024, Formula E Holdings Ltd.’s internal control over financial reporting associated with total assets of $987.0 million and total revenues of $17.9 million included in the consolidated financial statements of the Company as of and for the year ended December 31, 2024.

Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Formula E Holdings Ltd.

Basis for Opinion

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Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they relate.

Assessment of fair value of certain other investments with unobservable inputs

As described in Note 9 to the consolidated financial statements, the Company measured $1,263.8 million of its other investments using level 3 fair value measurements within the fair value hierarchy as of December 31, 2024.

For certain other investments where quoted market prices are not available, the Company values the investments using an income approach, a market approach, or a combination of both approaches, as applicable.

In determining fair value, the Company makes subjective assumptions using unobservable inputs.

We identified the assessment of fair value of certain other investments where quoted market prices are not available and are valued using unobservable inputs as a critical audit matter.

Evaluating the fair value of these investments involved a high degree of subjective auditor judgment.

Changes in certain unobservable inputs, specifically the weighted average cost of capital and cash flow forecasts used in the income approach and the market multiples used in the market approach, could have resulted in significant differences in the estimated fair value measurements.

Additionally, specialized skills and knowledge were required to evaluate these fair value assumptions.

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Equity method accounting for the Company’s investments in the VMO2 JV and the VodafoneZiggo JV

As described in Notes 3 and 7 to the consolidated financial statements, the Company holds noncontrolling interests in joint ventures for which it is able to significantly influence the operating policies of the affiliate that is accounted for using the equity method of accounting.

Under the equity method, investments, originally recorded at cost, are adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividend distributions are received, with the recognition of losses generally limited to the extent of its investment in, and advances and commitments to, the investee.

Dividend distributions from equity method investees are reflected as reductions in the carrying values of the applicable investments.

Dividend distributions are included as operating or investing cash flows in the consolidated statement of cash

flows when deemed to be returns on or returns of the investments, respectively.

As of December 31, 2025, the Company’s equity method investment balance in the VMO2 JV and the VodafoneZiggo JV was $3,756.7 million and $1,738.6 million, respectively.

For the year ended December 31, 2025, the Company’s share of results of the VMO2 JV and the VodafoneZiggo JV was a loss of $2,921.4 million and a loss of $99.0 million, respectively.

We identified the evaluation of the equity method of accounting for the Company’s investments in the VMO2 JV and the VodafoneZiggo JV as a critical audit matter.

Evaluating the Company’s application of the equity method of accounting for these investments required a higher degree of complex auditor judgment to determine the nature and extent of audit effort required to address the matter.

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s process to measure the fair value of other investments, including controls related to the assessment of certain unobservable inputs, including the weighted average cost of capital, cash flow forecasts, and market multiples, as applicable.

To assess the weighted average cost of capital and cash flow forecasts used in the income approach, we compared them to historical results, relevant industry and market indices and to assess the market multiples used in the market approach, we compared them to public company market capitalization values.

We involved valuation professionals with specialized skills and knowledge who, for a selection of the investments, assisted in evaluating certain unobservable inputs used by the Company for its estimates of fair values recorded by:

• Developing a range of weighted average cost of capital using publicly available market data for comparable entities and comparing to the estimates used by the Company for values determined using the income method,

• Developing a range of market multiples using market data for comparable entities and transactions, and comparing to the estimates used by the Company for certain values determined using the income and market approaches.

We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s equity method accounting process, including a control related to the share of results of affiliates calculation and treatment of distributions received from the affiliates.

We compared distributions received from the VMO2 JV and the VodafoneZiggo JV to underlying documentation and evaluated the Company’s determination of the nature of cash flows from such distributions.

We compared the financial information for these two equity method investments as reflected in the Company’s records to the investees’ accounting records.

We evaluated the application of the equity method for these investments by obtaining and assessing information relating to procedures performed over the VMO2 JV and the VodafoneZiggo JV to understand (1) significant judgments and estimates, (2) significant findings or issues identified, and actions taken to address them, and (3) conclusions reached.

We have served as the Company’s auditor since 2004.

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Short-term investments (measured at fair value on a recurring basis) (note 7)

335.6 1,990.5

Derivative instruments (note 8)

Current assets of discontinued operations (note 6)

Other current assets (notes 4, 6 and 7)

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1,349.4 1,290.4

Long-term assets of discontinued operations (note 6)

Other assets, net (notes 4, 8, 12 and 13)

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Deferred revenue (note 4)

Derivative instruments (note 8)

Current portion of debt and finance lease obligations (notes 11 and 12)

1 unchanged sentence

Accrued income taxes 218.2 272.5

Current liabilities of discontinued operations (note 6)

Other accrued and current liabilities (note 12)

Other accrued and current liabilities (notes 6, 8 and 12)

1,248.3 1,079.9

Total current liabilities 3,159.1 3,133.9

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Long-term operating lease liabilities (note 12)

Long-term liabilities of discontinued operations (note 6)

Other long-term liabilities (notes 4, 8 and 13)

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1,038.9 1,002.0 1,216.4

Impairment, restructuring and other operating items, net (note 12)

Impairment, restructuring and other operating items, net (notes 10 and 12)

90.0 49.6 43.0

4,901.8 4,402.0 4,429.6

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

Operating loss ( 23.3 ) ( 60.1 ) ( 313.8 )

Non-operating income (expense):

Interest expense ( 497.5 ) ( 574.7 ) ( 505.0 )

Realized and unrealized gains on derivative instruments, net (note 8)

Realized and unrealized gains (losses) on derivative instruments, net (note 8)

( 567.4 ) 315.2 78.3

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

Realized and unrealized losses due to changes in fair values of certain investments, net (notes 7 and 9)

Realized and unrealized gains (losses) due to changes in fair values of certain investments, net (notes 7 and 9)

147.8 ( 28.4 ) ( 556.6 )

Losses on debt extinguishment, net (note 11)

( 20.1 ) — ( 1.4 )

Share of results of affiliates, net (note 7)

( 3,186.9 ) ( 205.6 ) ( 2,018.4 )

Gain on sale of All3Media (note 7)

Gain on sale of All3Media

Gain associated with the Formula E Acquisition (note 5)

Gain associated with the Telenet Wyre Transaction (note 5)

Gain on Telenet Tower Sale (note 6)

Other income, net 96.0 201.8 212.8

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Earnings (loss) from continuing operations ( 7,096.7 ) 1,869.1 ( 3,659.1 )

Discontinued operations (note 6):

Earnings (loss) from discontinued operations, net of taxes ( 223.2 ) ( 214.7 ) 368.2

Gain on disposal of discontinued operations, net of taxes — — 846.4

Loss from discontinued operations, net of taxes (note 6)

— ( 223.2 ) ( 214.7 )

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Other comprehensive earnings (loss) from continuing operations 4,572.6 ( 2,615.3 ) 1,161.8

Other comprehensive earnings (loss) from discontinued operations (note 6)

65.7 494.3 ( 148.5 )

Other comprehensive earnings from discontinued operations — 65.7 494.3

Other comprehensive earnings (loss) 4,572.6 ( 2,549.6 ) 1,656.1

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$ 1.8 $ 0.1 $ 2.7 $ 2,300.8 $ 19,617.7 $ 513.4 $ ( 0.1 ) $ 22,436.4 $ 137.0 $ 22,573.4

Net earnings — — — — 1,473.2 — — 1,473.2 513.1 1,986.3

Other comprehensive loss, net of taxes (note 17)

Net loss — — — — ( 4,051.7 ) — — ( 4,051.7 ) 177.9 ( 3,873.8 )

Other comprehensive earnings, net of taxes (note 17)

— — — — — 1,656.9 — 1,656.9 ( 0.8 ) 1,656.1

1 unchanged sentence

— — ( 0.7 ) ( 1,505.2 ) — — — ( 1,505.9 ) — ( 1,505.9 )

Impact of the Telenet Wyre Transaction (note 5)

— — — 708.2 — — — 708.2 329.3 1,037.5

Impact of the Telenet Takeover Bid (note 14)

— — — ( 341.5 ) — — — ( 341.5 ) ( 652.2 ) ( 993.7 )

Share-based compensation (note 15)

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— — — — — — — — ( 47.3 ) ( 47.3 )

Repurchases by Telenet of its outstanding shares

— — — ( 28.0 ) — — — ( 28.0 ) 3.1 ( 24.9 )

Adjustments due to changes in subsidiaries’ equity and other, net ( 0.1 ) — — ( 23.2 ) — — — ( 23.3 ) 0.9 ( 22.4 )

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comprehensive

earnings (loss),

net of taxes Treasury shares,

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— — — — — ( 2,549.6 ) — ( 2,549.6 ) — ( 2,549.6 )

Repurchases and cancellations of Liberty Global common shares (note 14)

Impact of the Spin-off (notes 6 and 17)

— — — — ( 4,911.4 ) ( 277.7 ) — ( 5,189.1 ) ( 23.6 ) ( 5,212.7 )

Impact of the Telenet Wyre Transaction (note 5)

Repurchases and cancellations of Liberty Global common shares (note 14)

— — ( 0.4 ) ( 678.1 ) — — — ( 678.5 ) — ( 678.5 )

Impact of the Telenet Takeover Bid (note 14)

Impact of the Formula E Acquisition (note 5)

— — — — — — — — 197.9 197.9

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— — — 150.9 — — — 150.9 — 150.9

Dividend distributions by subsidiaries to noncontrolling interest owners (note 14)

— — — — — — — — ( 47.3 ) ( 47.3 )

Adjustments due to changes in subsidiaries’ equity and other, net — — — ( 18.4 ) — — — ( 18.4 ) 1.4 ( 17.0 )

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$ 1.7 $ 0.1 $ 1.6 $ 777.0 $ 12,242.6 $ ( 657.0 ) $ ( 0.1 ) $ 12,365.9 $ 178.4 $ 12,544.3

Net earnings — — — — 1,588.0 — — 1,588.0 57.9 1,645.9

Other comprehensive loss, net of taxes (note 17)

— — — — — ( 2,549.6 ) — ( 2,549.6 ) — ( 2,549.6 )

Impact of the Spin-off (notes 6 and 17)

Net loss — — — — ( 7,138.1 ) — — ( 7,138.1 ) 41.4 ( 7,096.7 )

Other comprehensive earnings, net of taxes (note 17)

— — — — — 4,572.6 — 4,572.6 — 4,572.6

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— — ( 0.1 ) ( 192.0 ) — — — ( 192.1 ) — ( 192.1 )

Impact of the Formula E Acquisition (note 5)

— — — — — — — — 197.9 197.9

Share-based compensation (note 15)

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Net earnings (loss) $ ( 7,096.7 ) $ 1,645.9 $ ( 3,873.8 )

Earnings (loss) from discontinued operations ( 223.2 ) ( 214.7 ) 1,214.6

Loss from discontinued operations — ( 223.2 ) ( 214.7 )

Earnings (loss) from continuing operations ( 7,096.7 ) 1,869.1 ( 3,659.1 )

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Amortization of deferred financing costs and non-cash interest 49.9 64.8 60.0

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 )

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

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

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

Losses on debt extinguishment, net 20.1 — 1.4

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

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— — ( 377.8 )

Gain on Telenet Tower Sale

— — ( 700.5 )

Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions:

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Cash flows from investing activities:

Capital expenditures, net $ ( 1,343.1 ) $ ( 908.5 ) $ ( 921.9 )

Cash received from the sale of investments 1,014.3 4,527.5 6,988.6

Cash paid for investments ( 599.1 ) ( 2,876.6 ) ( 8,130.9 )

Capital expenditures, net ( 908.5 ) ( 921.9 ) ( 891.3 )

Cash received in connection with the sale of All3Media

Dividend distributions received from the VMO2 JV

9.0 206.4 815.2

Cash received in connection with the sale of All3Media

Cash paid in connection with the Formula E Acquisition, net of cash acquired

— ( 199.1 ) —

Cash received in connection with the sale of UPC Poland

Cash received in connection with the Telenet Tower Sale

Other investing activities, net 44.0 ( 15.9 ) ( 31.2 )

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( 192.1 ) ( 689.8 ) ( 1,494.7 )

Net cash received related to derivative instruments 83.0 5.7 2.6

Cash and cash equivalents and restricted cash contributed to Sunrise in connection with the Spin-off

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Liberty Global Ltd.

( Liberty Global ) is an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe.

( Liberty Global ) is a Bermuda exempted company limited by shares.

In this Annual Report on Form 10-K, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global (or its predecessors) or collectively to Liberty Global (or its predecessors) and its subsidiaries and any of its nonconsolidated joint ventures.

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.

As a result of a series of mergers that were completed on June 7, 2013, Liberty Global plc became the publicly-held parent company of the successors by merger of Liberty Global, Inc.

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The Redomiciliation resulted in the Liberty Global group parent company changing its jurisdiction of incorporation from England and Wales to Bermuda.

In this Annual Report on Form 10-K, the terms “we”, “our”, “our company” and “us” may refer, as the context requires, to Liberty Global (or its predecessors) or collectively to Liberty Global (or its predecessors) and its subsidiaries and any of its joint ventures.

Our continuing operations comprise businesses that provide residential and business-to-business ( B2B ) communications services in (i) Belgium and Luxembourg through certain wholly-owned subsidiaries that we collectively refer to as “ Telenet ”, (ii) Ireland through another wholly-owned subsidiary ( VM Ireland ) and (iii) Slovakia through another wholly-owned subsidiary ( UPC Slovakia ).

Our continuing operations comprise businesses that provide residential and business-to-business ( B2B ) communications services in (i) Belgium and Luxembourg through certain wholly-owned subsidiaries that we collectively refer to as “ Telenet ” and (ii) Ireland through another wholly-owned subsidiary ( VM Ireland ).

In addition, we own 50 % noncontrolling interests in (a) a 50 :

50 joint venture (the VMO2 JV ) with Telefónica SA ( Telefónica ), which provides residential and B2B communication services in the United Kingdom ( U.K.

50 joint venture (the VMO2 JV ) with Telefónica SA ( Telefónica ), which provides residential and B2B communications services in the United Kingdom ( U.K.

), and (b) a 50 :

50 joint venture (the VodafoneZiggo JV ) with Vodafone Group plc ( Vodafone ), which provides residential and B2B communication services in the Netherlands.

We completed the spin-off of our operations in Switzerland, referred to as “ Sunrise ”, together with certain other Liberty Global subsidiaries connected to our Swiss business (together, the Sunrise Entities ) on November 8, 2024 (the Spin-off ).

50 joint venture (the VodafoneZiggo JV ) with Vodafone Group plc ( Vodafone ), which provides residential and B2B communications services in the Netherlands.

Effective December 18, 2025, in connection with the pending sale of UPC Slovakia (as defined in note 6), we began accounting for UPC Slovakia as held for sale.

Accordingly, the held-for-sale assets and liabilities of UPC Slovakia are included in other current assets and other accrued and current liabilities, respectively, on our December 31, 2025 consolidated balance sheet.

Consistent with the applicable guidance, we have not reflected similar reclassifications in our consolidated statements of operations or cash flows.

For additional information, see note 6.

Prior to the completion of the Spin-off on November 8, 2024 (as defined and described in note 6), we also provided residential and B2B communications services in Switzerland through operations referred to as “ 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.

On October 2, 2024, we completed the Formula E Acquisition (as defined and described in note 5), pursuant to which we acquired a controlling interest in Formula E Holdings Ltd.

( Formula E ).

( Formula E ) and began consolidating 100 % of Formula E’s results from that date.

In October 2023, we completed the Telenet Takeover Bid (as defined and described in note 14), pursuant to which we increased our ownership interest in Telenet to 100 %.

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 ( UPC Poland ).

Accordingly, in these consolidated financial statements, the Sunrise Entities and UPC Poland are reflected as discontinued operations for all applicable periods.

For additional information, see note 6.

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ( GAAP ).

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Accounting Changes

In November 2023, the Financial Accounting Standards Board (the FASB ) issued Accounting Standards Update ( ASU ) ASU No.

In December 2023, the Financial Accounting Standards Board (the FASB ) issued Accounting Standards Update ( ASU ) No.

2023-09, Improvements to Income Tax Disclosures ( ASU 2023-09 ), which is intended to enhance the transparency of income tax matters within financial statements, providing stakeholders with a clearer understanding of tax positions and their associated risks and uncertainties.

ASU 2023-09 requires public business entities to disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specific quantitative threshold.

We adopted ASU 2023-09 on January 1, 2025 on a retrospective basis and the information presented in note 13 reflects the enhanced disclosures.

In November 2023, the FASB issued ASU No.

2023-07, Improvements to Reportable Segment Disclosures ( ASU 2023-07 ), which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures regarding significant segment expenses.

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ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and is required to be applied on a retrospective basis.

We adopted ASU 2023-07 on January 1, 2024 and the information presented in note 19 reflect the enhanced disclosures.

In September 2022, the FASB issued ASU No.

2022-04, Liabilities—Supplier Finance Programs ( ASU 2022-04 ), which requires additional disclosures for buyers participating in supplier financing programs, which we refer to as vendor financing, including (i) the key terms of the arrangement, (ii) the confirmed amount outstanding at the end of the period, (iii) the balance sheet presentation of related amounts and (iv) a reconciliation of the balances from period to period.

We adopted ASU 2022-04 on January 1, 2023, and such adoption did not have a significant impact on our consolidated financial statements.

For additional information regarding our vendor financing obligations, see note 11.

In October 2021, the FASB issued ASU No.

2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ( ASU 2021-08 ), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts.

We adopted ASU 2023-07 on January 1, 2024, and the information presented in note 19 reflects the enhanced disclosures.

In August 2023, the FASB issued ASU No.

2023-05 , Business Combinations — Joint Venture Formations:

Recognition and Initial Measurement ( ASU 2023-05 ), which outlines updates to the formation of entities that meet the definition of a joint venture as defined by the FASB.

ASU 2023-05 requires a joint venture to measure its assets and liabilities at fair value upon formation.

We adopted ASU 2023-05 on January 1, 2025.

The main impact of the adoption of ASU 2021-08 is the recognition of contract assets and contract liabilities in business combinations at amounts generally consistent with the carrying value of such assets and liabilities of the acquiree immediately before the acquisition date.

In March 2020, the FASB issued ASU No.

2020-04, Reference Rate Reform :

Facilitation of the Effects of Reference Rate Reform on Financial Reporting ( ASU 2020-04 ), which provides, for a limited time, optional expedients and exceptions for certain contract modifications that reference the London Interbank Offered Rate ( LIBOR ) or another reference rate expected to be discontinued.

In December 2022, the FASB deferred the expiration date of ASU 2020-04 from December 31, 2022 to December 31, 2024.

In accordance with the optional expedients in ASU 2020-04, we have modified all applicable debt agreements to replace LIBOR with another reference rate and applied the practical expedient to account for the modification as a continuation of the existing contract.

The use of optional expedients in ASU 2020-04 has not had a significant impact on our consolidated financial statements to date.

For additional information regarding our debt, see note 11.

Recent Accounting Pronouncements

In September 2025, the FASB issued ASU No.

2025-06, Intangibles—Goodwill and Other—Internal-Use Software ( ASU 2025-06 ), which revises the guidance for capitalizing costs related to internal-use software.

The amendments replace the prior stage-based model with a principles-based approach, removing all references to project stages and instead focusing on the two remaining criteria for capitalization, being (i) management has authorized and committed to the funding for the software project and (ii) it is probable a project will be completed and used as intended.

Until both of these criteria are met, all software development costs should be expensed as incurred.

ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted.

Entities may apply the amendments prospectively, retrospectively or using a modified retrospective approach.

We are currently evaluating the impact of ASU 2025-06 on our consolidated financial statements, but we do not expect the impact to be significant.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

In July 2025, the FASB issued ASU No.

2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets ( ASU 2025-05 ), which provides a practical expedient for all entities to assume current conditions as of the balance sheet date will remain through the reasonable and supportable forecast period for eligible assets.

Entities will continue to be required to adjust the historical data used in the estimation of credit losses to reflect current conditions.

If elected, the practical expedient should be applied consistently to all eligible accounts receivable and contract assets.

Additionally, entities that have elected the practical expedient must disclose their decision to do so.

ASU 2025-05 is effective for annual and interim periods beginning after December 15, 2025 and should be applied prospectively.

We are currently evaluating the impact of ASU 2025-05 on our consolidated financial statements.

In May 2025, the FASB issued ASU No.

2025-03, Business Combinations and Consolidation:

Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ( ASU 2025-03 ), which clarifies the requirements for identifying the accounting acquirer when a variable interest entity ( VIE ) that qualifies as a business is acquired primarily through an exchange of equity interests.

This amendment does not change the existing guidance for acquisitions of VIEs that are not considered businesses.

ASU 2025-03 is effective for annual and interim periods beginning after December 15, 2026, with early adoption permitted.

ASU 2025-03 should be applied prospectively to all business combinations with acquisition dates occurring on or after the date of initial application.

We are currently evaluating the impact of ASU 2025-03 on our consolidated financial statements, but we do not expect the impact to be significant.

In November 2024, the FASB issued ASU No.

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We are currently evaluating the impact of ASU 2024-03 on our disclosures.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

In December 2023, the FASB issued ASU No.

There is a further requirement that public business entities will need to disclose a tabular reconciliation, using both percentages and reporting currency amounts.

ASU 2023-09 is effective for fiscal years beginning after December 15, 2024.

The adoption of ASU 2023-09 will result in modifications to our tax disclosures beginning in 2025.

In August 2023, the FASB issued ASU No.

2023-05, Business Combinations – Joint Venture Formations:

Recognition and Initial Measurement ( ASU 2023-05 ), which outlines updates to the formation of entities that meet the definition of a joint venture as defined by the FASB.

ASU 2023-05 requires a joint venture to measure its assets and liabilities at fair value upon formation.

ASU 2023-05 is effective prospectively for joint venture formations with a formation date on or after January 1, 2025.

We do not expect ASU 2023-05 to have a significant impact on our consolidated financial statements.

(3) Summary of Significant Accounting Policies

2 unchanged sentences

Actual results could differ from those estimates.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation, including the reclassification of certain programming and copyright costs, as disclosed in note 18.

Principles of Consolidation

1 unchanged sentence

All significant intercompany accounts and transactions have been eliminated in consolidation.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

Cash and Cash Equivalents and Restricted Cash

5 unchanged sentences

Our significant non-cash investing and financing activities are disclosed in our consolidated statements of equity and in notes 6, 10 and 12.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

Cash Flow Statement

22 unchanged sentences

In addition, any interest received on our debt securities is reported as interest income in our consolidated statements of operations.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

Under the equity method, investments, originally recorded at cost, are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividend distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee.

5 unchanged sentences

Dividend distributions from our equity method investees are reflected as reductions in the carrying values of the applicable investments.

Dividend distributions that are deemed to be (i) returns on our investments are included in cash flows from operating activities in our consolidated statements of cash

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

flows and (ii) returns of our investments are included in cash flows from investing activities in our consolidated statements of cash flows.

Dividend distributions that are deemed to be (i) returns on our investments are included in cash flows from operating activities in our consolidated statements of cash flows and (ii) returns of our investments are included in cash flows from investing activities in our consolidated statements of cash flows.

We continually review all of our equity method investments to determine whether a decline in fair value below the cost basis is deemed other-than-temporary.

The primary factors we consider in our determination are the extent and length of time that the fair value of the investment is below our company’s carrying value and the financial condition, operating performance and near-term prospects of the investee, changes in the stock price or valuation subsequent to the balance sheet date, and the impacts of exchange rates, if applicable.

If the decline in fair value of an equity method investment is deemed to be other-than-temporary, the cost basis of the security is written down to fair value and the corresponding charge is reported in share of results of affiliates, net, in our consolidated statements of operations.

17 unchanged sentences

Interest capitalized with respect to construction activities was not material during any of the periods presented.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

Capitalized internal-use software is included as a component of property and equipment.

6 unchanged sentences

Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted.

The useful lives of fixed and mobile distribution systems that are undergoing a rebuild are adjusted such that property and

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

equipment to be retired will be fully depreciated by the time the rebuild is completed.

The useful lives of fixed and mobile distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed.

For additional information regarding the useful lives of our property and equipment, see note 10.

21 unchanged sentences

Assets to be disposed of are recorded at the lower of their carrying amount or fair value less costs to sell.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

We evaluate goodwill for impairment at least annually on October 1 and whenever facts and circumstances indicate that a reporting unit’s carrying amount may not be recoverable.

5 unchanged sentences

Lease and non-lease components in a contract are generally accounted for separately.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

We initially measure lease liabilities at the present value of the remaining lease payments over the lease term.

17 unchanged sentences

We have elected to treat the tax effect of GILTI as a current-period expense when incurred.

As it pertains to the corporate alternative minimum tax ( CAMT ) in the U.S., we have elected to disregard our CAMT status when evaluating our deferred tax assets under the regular U.S.

Interest and penalties related to income tax liabilities are included in income tax benefit or expense in our consolidated statements of operations.

3 unchanged sentences

The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary and equity method investee.

Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date.

Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

in effect at the applicable reporting date.

With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period.

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Changes in exchange rates with respect to amounts recorded on our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

Revenue Recognition

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Other Revenue — Services.

We provide services to certain third parties and affiliates, including the VMO2 JV and the VodafoneZiggo JV, which consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by or will otherwise benefit these third parties or affiliates.

We provide services to certain third parties and affiliates, including the VMO2 JV and the VodafoneZiggo JV, which consist primarily of (i) technology and other services and (ii) capital-related projects performed for the benefit of these third parties or affiliates.

We recognize revenue from services to affiliates in the period in which the related services are provided.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

Other Revenue — Broadcasting Revenue.

We generate broadcasting revenue through the distribution of television channels to third-party platform operators under contractual distribution or carriage arrangements.

Revenue is recognized as the broadcasting services are provided, generally on a straight-line basis over the contractual period.

Consideration under these contracts may be structured as fixed fees, minimum guarantees, or usage-based arrangements (including cost-per-subscriber or similar metrics).

Contracts in which consideration is variable and dependent on future usage or subscriber volumes are recognized as the underlying services are provided.

Other Revenue — Formula E Global Revenue.

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If, however, the amortization period is less than one year, we expense such costs in the period incurred.

Contract fulfillment costs, such as costs for installation activities for B2B customers, are recognized as assets and amortized to other

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

operating costs over the applicable period benefited, which is generally the substantive contract term for the related service contract.

Contract fulfillment costs, such as costs for installation activities for B2B customers, are recognized as assets and amortized to other operating costs over the applicable period benefited, which is generally the substantive contract term for the related service contract.

Promotional Discounts.

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The current and long-term portions of our exhibition rights acquired under licenses are recorded as other current assets and other assets, net, respectively, on our consolidated balance sheet when the license period begins and the program is available for its first showing.

Capitalized exhibition rights are amortized based on the projected future showings of the content using a straight-line or accelerated method of amortization, as appropriate.

Capitalized exhibition rights are amortized based on the projected future showings of the content using a straight-line

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

or accelerated method of amortization, as appropriate.

Exhibition rights are regularly reviewed for impairment and held at the lower of unamortized cost or estimated net realizable value.

6 unchanged sentences

Share-based Compensation

We recognize all share-based payments to employees, including grants of employee share-based incentive awards, based on their grant-date fair values and our estimates of forfeitures.

Generally, we recognize share-based payments to employees, including grants of employee share-based incentive awards, based on their grant-date fair values and our estimates of forfeitures.

We recognize share-based compensation expense as a charge to operations over the vesting period based on the grant-date fair value of outstanding awards, which may differ from the fair value of such awards on any given date.

Our share of payroll taxes incurred in connection with the vesting or exercise of our share-based incentive awards is recorded as a component of share-based compensation expense in our consolidated statements of operations.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

We use the straight-line method to recognize share-based compensation expense for our outstanding share awards that do not contain a performance condition and the accelerated expense attribution method for our outstanding share awards that contain a performance condition and vest on a graded basis.

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Earnings or Loss per Share

Basic earnings or loss per share ( EPS ) is computed by dividing net earnings or loss by the weighted average number of shares outstanding for the period.

Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares from share-based incentive awards as if they had been exercised, vested or converted at the beginning of the periods presented.

Basic earnings or loss per share ( EPS ) is computed by dividing net earnings or loss attributable to Liberty Global shareholders by the weighted average number of shares outstanding for the period.

Diluted EPS, as calculated under the treasury stock method, presents the dilutive effect, if any, on a per share basis of potential shares from share-based incentive awards as if they had been exercised, vested or converted at the beginning of the periods presented.

For additional information regarding our share-based incentive awards, see note 15.

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_______________

(a) We use the treasury stock method to calculate our incremental shares attributable to the assumed exercise or release of the outstanding share-based incentive awards upon vesting.

(a) We use the treasury stock method to calculate the incremental shares attributable to the assumed exercise or release of the outstanding share-based incentive awards upon vesting.

Certain of our share incentive plans include performance and/or other features that result in the associated shares being contingently issuable.

For purposes of applying the treasury stock method, the dilutive effect of these awards is calculated based on the number of the shares that would be issuable as if the end of the reporting period was the end of the contingency period.

(b) Amounts represent potentially dilutive shares that have been excluded from the computation of diluted earnings (loss) from continuing operations attributable to Liberty Global shareholders because their effect would have been anti-dilutive or, in the case of PSUs, because such awards had not yet met the applicable performance criteria.

Additional shares may be issuable in future periods based on the actual performance of certain PSUs, because such awards had not yet met the applicable performance criteria during the reporting period.

(4) Revenue Recognition and Related Costs

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Our deferred revenue balances were $ 305.9 million and $ 289.5 million as of December 31, 2025 and 2024, respectively.

The increase in deferred revenue during 2024 is primarily due to the net effect of (a) the impact of additions during the period, (b) the recognition of $ 155.6 million of revenue that was included in our deferred revenue balance at December 31, 2023 and (c) an increase of $ 117.0 million related to the Formula E Acquisition.

The long-term portions of our deferred revenue balances are included within other long-term liabilities on our consolidated balance sheets.

The increase in deferred revenue during 2025 is primarily due to the net effect of (a) the recognition of $ 290.8 million of revenue that was included in our deferred revenue balance at December 31, 2024 and ( b) the impact of additions

LIBERTY GLOBAL LTD.

1 unchanged sentence

December 31, 2025, 2024 and 2023

Contract Costs

Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $ 1.2 million and $ 1.4 million at December 31, 2024 and 2023, respectively.

The current and long-term portions of our assets related to contract costs are included within other current assets and other assets, net, respectively, on our consolidated balance sheets.

during the period.

The long-term portions of our deferred revenue balances are included within other long-term liabilities on our consolidated balance sheets.

Unsatisfied Performance Obligations

A portion of our revenue is derived from customers who are not subject to contracts.

A significant portion of our revenue is derived from subscription service contracts with an initial duration of less than 12 months.

As such, the amount of revenue related to unsatisfied performance obligations is not necessarily indicative of future revenue to be recognized from our existing customers.

Revenue from customers who are subject to contracts is generally recognized over the term of such contracts, which is typically 12 months for our residential service contracts, one to three years for our mobile service contracts and one to five years for our B2B service contracts.

The average remaining contractual term for B2B non-subscription services is approximately three years .

At December 31, 2025, the aggregate transaction price allocated to remaining performance obligations related to our B2B and other fixed-fee service agreements with terms greater than one year was approximately $ 2.1 billion and is expected to be recognized over the respective remaining contractual terms.

(5) Acquisitions

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Discovery ) and certain other minority shareholders, which increased our ownership interest in Formula E from 38.2 % to 65.6 % (the Formula E Acquisition ).

The total purchase price for these additional shares totaled € 150.0 million ($ 165.7 million at the transaction date).

The purchase price for these additional shares totaled € 150.0 million ($ 165.7 million at the transaction date).

We also acquired Warner Bros.

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Discovery, as described above.

(b) Represents the fair value of our pre-existing investment in Formula E immediately prior to the Formula E Acquisition, including our € 80.5 million ($ 88.9 million at the transaction date) shareholder loan to Formula E.

(b) Represents the fair value of our pre-existing investment in Formula E immediately prior to the Formula E Acquisition, including our € 80.5 million ($ 88.9 million at the Formula E Acquisition Date) shareholder loan to Formula E.

2 unchanged sentences

December 31, 2025, 2024 and 2023

A summary of the preliminary amounts of identifiable assets acquired and liabilities assumed at the Formula E Acquisition Date is presented in the following table (in millions).

These figures are subject to adjustment based on our final assessment of the fair values of the acquired identifiable assets and liabilities.

Although most items in the valuation process remain open, the items with the highest likelihood of changing upon finalization of the valuation process relate to goodwill, certain intangible assets and their respective estimated useful lives and income taxes.

A summary of the identifiable assets acquired and liabilities assumed at the Formula E Acquisition Date is presented in the following table and reflects our final purchase price allocation (in millions):

Current assets (a) $ 98.8

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(b) Amount primarily includes an intangible asset related to a licensing agreement with the Federation Internationale l’Automobile ( FIA ) that provides Formula E with the exclusive rights to operate an electric motor racing championship.

As of the Formula E Acquisition Date, the weighted average useful life of Formula E’s intangible assets was approximately 33 years.

The weighted average remaining useful life of Formula E’s intangible assets is approximately 22 years.

(c) The goodwill recognized in connection with the Formula E Acquisition primarily represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce, value associated with future sponsors, continued innovation and non-contractual relationships.

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With the closing of the Telenet Wyre Transaction, Telenet early terminated and effectively settled certain pre-existing contractual relationships with Fluvius, principally related to Telenet’s leased network, and began consolidating certain infrastructure cable assets contributed by Fluvius to Wyre, as described above.

Primarily due to Telenet’s aforementioned pre-existing network leasing relationship with Fluvius, the Telenet Wyre Transaction did not have a significant impact on our operating income during 2023 or 2022.

Primarily due to Telenet’s aforementioned pre-existing network leasing relationship with Fluvius, the Telenet Wyre Transaction did not have a significant impact on our operating income during 2023.

In connection with the Telenet Wyre Transaction, we recognized a net gain of $ 377.8 million during 2023, which represents the difference between the fair value and carrying amount of a pre-existing network leasing relationship between Telenet and Fluvius.

No income taxes were required to be provided on this gain.

LIBERTY GLOBAL LTD.

1 unchanged sentence

December 31, 2025, 2024 and 2023

No income taxes were required to be provided on this gain.

Pro Forma Information

The following unaudited pro forma consolidated operating results give effect to the Formula E Acquisition as if it had been completed as of January 1, 2023.

The following unaudited pro forma consolidated operating results for 2024 and 2023 give effect to the Formula E Acquisition as if it had been completed as of January 1, 2023.

No effect has been given to the Telenet Wyre Transaction since it would not have had a significant impact on our results of operations during 2023.

These pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Formula E Acquisition had occurred on such date.

The pro forma adjustments are based on certain assumptions that we believe are reasonable.

These pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Formula E Acquisition had occurred on such date, and are based on certain assumptions that we believe are reasonable.

Year ended December 31,

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Diluted earnings (loss) from continuing operations attributable to Liberty Global shareholders per share $ 4.80 $ ( 9.07 )

Our consolidated statement of operations for the year ended December 31, 2024 includes revenue of $ 17.9 million and net loss of $ 20.0 million attributable to Formula E, excluding the share of results of affiliates, net, related to our previously held minority equity interest in Formula E.

Our consolidated statement of operations for 2024 includes revenue of $ 17.9 million and net loss of $ 20.0 million attributable to Formula E, excluding the share of results of affiliates, net, related to our previously held minority equity interest in Formula E.

(6) Dispositions

On November 8, 2024, we completed the Spin-off, following a series of transactions that resulted in the transfer of the Sunrise Entities to an independent, separate publicly-traded Swiss company, Sunrise Communications AG.

No gain or loss has been recognized in connection with the Spin-off.

Pending Sale of UPC Slovakia

On December 18, 2025, we entered into an agreement to sell our operations in Slovakia ( UPC Slovakia ) to O2 Slovakia s.r.o., an affiliate of e& PPF Telecom Group B.V., for a total transaction value of approximately € 95 million ($ 110 million at the applicable rate), subject to customary debt and working capital adjustments at completion.

Closing of the transaction is subject to regulatory approval, which is expected in the first half of 2026.

In our segment presentation, UPC Slovakia is included in our “all other category.”

In addition, we have agreed to provide certain transitional services for a period of up to 42 months from the closing of the transaction.

These services principally comprise network and information technology-related functions.

The annual charges will depend on the actual level of services required by the purchaser.

Liberty Global will also allow the use of the UPC brand for a transitional period of up to three years as part of the transaction.

Effective with the signing of the agreement, we began accounting for UPC Slovakia as held for sale.

Accordingly, we no longer depreciate or amortize the long-lived assets of UPC Slovakia.

We have not presented UPC Slovakia as a discontinued operation as this transaction does not represent a strategic shift that will have a major effect on our financial results or operations.

As of December 31, 2025, the held-for-sale assets and liabilities of UPC Slovakia totaled $ 122.5 million and $ 18.2 million, respectively, and are included in other current assets and other accrued and current liabilities, respectively, on our consolidated balance sheet.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

No gain or loss was recognized in connection with the Spin-off.

The Spin-off was accomplished through the distribution of Sunrise common shares, in the form of Sunrise American depository shares ( ADSs ), to Liberty Global shareholders (the Sunrise Distribution ).

Liberty Global shareholders received one Sunrise Class A ADS for every five Liberty Global Class A or Class C common shares and two Sunrise Class B ADSs for each Liberty Global Class B common share.

In connection with the Spin-off, we entered into several agreements with Sunrise (the Spin-off Agreements ).

The following summarizes the material agreements:

In connection with the Spin-off, we agreed to provide certain services to Sunrise on a transitional or ongoing basis (collectively, the Sunrise Services ) through agreements that will expire between 2027 and 2029.

The following summarizes these agreements:

• A master separation agreement (the Master Separation Agreement ), which provides for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Spin-off, certain conditions to the Spin-off and provisions governing the relationship between Liberty Global and Sunrise with respect to, and resulting from, the Spin-off;

• A tax separation agreement (the Tax Separation Agreement ), which governs the parties’ respective rights, responsibilities and obligations with respect to taxes and tax benefits, the filing of tax returns, the handling of audits or other tax proceedings and assistance and cooperation and other tax matters, in each case, for taxable periods ending on or before or that otherwise include the date of the Spin-off;

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

• A technology master services agreement (the Technology Master Services Agreement ), pursuant to which, for up to five years following the Spin-off, with the option to renew for a two-year period, Liberty Global will continue to provide Sunrise various technology-related platforms, products and services, including entertainment platforms and support services, connectivity platforms and support services, Global Tier-1 international internet and enterprise backbone network, IP transit and peering services, information technology applications and related services, mobile virtual network operator services, B2B-related services, technical architecture advisory services and security services;

• A technology master services agreement (the Technology Master Services Agreement ), pursuant to which, for up to five years following the Spin-off, with the option to renew for a two-year period, Liberty Global will continue to provide Sunrise various technology-related platforms, products and services, including entertainment platforms and support services, connectivity platforms and support services, Global Tier-1 international internet and enterprise backbone network, IP transit and peering services, information technology applications and related services, mobile virtual network operator ( MVNO ) services, B2B-related services, technical architecture advisory services and security services;

• Transitional services agreements (the Transitional Services Agreements ), pursuant to which Liberty Global will provide Sunrise various administrative services to ensure an orderly transition following the Spin-off.

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These service agreements remain in place for a period of up to five years following the Spin-off and include structured finance, shared services, procurement, interconnect, roaming brokering, hyper scale consultancy and call center support.

During 2024, we recorded revenue of $ 24.4 million associated with these services, as specified in the services agreements outlined above.

On April 1, 2022, we completed the sale of UPC Poland to a subsidiary of iliad S.A.

After considering debt and working capital adjustments (including cash disposed), we received net cash proceeds of Polish zloty 6,520.4 million ($ 1,553.3 million at the transaction date).

In connection with the sale of UPC Poland, we recognized a gain of $ 846.4 million, which includes a cumulative foreign currency translation gain of $ 10.9 million.

No income taxes were required to be provided on this gain.

In connection with the sale of UPC Poland, we agreed to provide certain transitional services to iliad for a period of up to five years , depending on the service.

These services principally comprise network and information technology-related functions.

During 2024, 2023 and 2022, we recorded revenue of $ 37.1 million, $ 24.6 million and $ 26.6 million, respectively, associated with these transitional services.

Presentation of Discontinued Operations

The operations of the Sunrise Entities and UPC Poland are presented as discontinued operations in our consolidated financial statements for all applicable periods.

The following table summarizes the revenue associated with the Sunrise Services:

Year ended December 31,

Fixed fee $ 132.3 $ 18.1

Variable charges (a) 73.7 6.3

Total revenue $ 206.0 $ 24.4

LIBERTY GLOBAL LTD.

1 unchanged sentence

December 31, 2025, 2024 and 2023

The carrying amounts of the major classes of assets and liabilities of the Sunrise Entities as of December 31, 2023 are summarized below (in millions).

These amounts exclude intercompany assets and liabilities that are eliminated within our consolidated balance sheet.

Current assets $ 1,197.6

Property and equipment, net 3,006.3

Goodwill 7,168.7

Intangible assets subject to amortization, net 1,380.0

Other assets 1,588.1

Total assets $ 14,340.7

Current portion of debt and finance leases $ 377.9

Other accrued and current liabilities 1,366.9

Long-term debt and finance lease obligations (a) 6,119.4

Other long-term liabilities 2,241.5

Total liabilities $ 10,105.7

_______________

(a) In October 2024, in connection with the Spin-off, the Sunrise Entities repaid an aggregate $ 1.4 billion of outstanding indebtedness, including associated derivative instruments.

This repayment is included within net cash used by financing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2024.

The operating results of the Sunrise Entities for 2024 and 2023 are summarized in the following table.

(a) Amounts primarily include the sale of customer premises equipment ( CPE ) at a mark-up.

Presentation of Discontinued Operations

The operations of the Sunrise Entities are presented as discontinued operations in our consolidated financial statements for 2024 and 2023.

The operating results of the Sunrise Entities for these periods are summarized in the following table.

These amounts exclude intercompany revenue and expenses that are eliminated within our consolidated statements of operations.

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December 31, 2025, 2024 and 2023

The operating results of the Sunrise Entities and UPC Poland for 2022 are summarized in the following table.

These amounts exclude intercompany revenue and expenses that are eliminated within our consolidated statement of operations.

Sunrise Entities UPC

Poland (a) Total

Revenue $ 3,178.2 $ 109.5 $ 3,287.7

Operating income $ 36.9 $ 45.0 $ 81.9

Earnings before income taxes $ 245.8 $ 43.9 $ 289.7

Income tax benefit (expense) 87.8 ( 9.3 ) 78.5

Net earnings attributable to Liberty Global shareholders $ 333.6 $ 34.6 $ 368.2

_______________

(a) Includes the operating results of UPC Poland from January 1, 2022 to April 1, 2022, the date UPC Poland was sold.

Telenet Tower Sale

On June 1, 2022, Telenet completed the sale of substantially all of their passive infrastructure and tower assets to DigitalBridge Investments LLC ( DigitalBridge ) (the Telenet Tower Sale ).

After considering working capital adjustments, we received net cash proceeds of € 733.0 million ($ 779.9 million at the transaction date).

Effective with the signing of the sale and purchase agreement on March 25, 2022, we began accounting for the associated assets and liabilities as held for sale and, accordingly, we ceased to depreciate or amortize these long-lived assets.

In connection with the completion of the Telenet Tower Sale, we recognized a gain of $ 700.5 million.

No income taxes were required to be provided on this gain.

As part of the Telenet Tower Sale, Telenet entered into a master lease agreement to lease back the passive infrastructure and tower assets from DigitalBridge for an initial period of 15 years (the Telenet Tower Lease Agreement ).

In connection with the Telenet Tower Lease Agreement, we recorded non-cash additions to our operating lease ROU assets of $ 615.1 million and a corresponding increase to our operating lease liabilities of the same amount.

In addition, as part of the Telenet Tower Lease Agreement, Telenet committed to lease back 475 build-to-suit sites over the term of the lease.

As of December 31, 2024, the total U.S.

dollar equivalent of the estimated future payments for the build-to-suit sites over the term of the lease was $ 84.9 million, the majority of which are due after 2028.

Telenet will act as an agent over the construction of future towers on the build-to-suit sites.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

(7) Investments

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88.3 93.4 24.9

Formula E (f) — 99.1 —

All3Media Group ( All3Media ) (g)

Other 82.6 107.6

Total — equity 6,054.6 8,780.3

Separately-managed accounts ( SMAs ) (h)

335.6 1,990.5

Vodafone - subject to re-use rights (i)

1,141.5 1,168.1 5.2

Separately-managed accounts ( SMAs ) (f)

EdgeConneX, Inc.

( EdgeConneX )

414.5 318.3 4.5

ITV plc ( ITV )

( EdgeConneX ) (g)

528.3 414.5 4.1

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299.5 314.8 6.4

Plume Design, Inc.

( Plume ) (j)

ITV plc ( ITV ) (h)

208.4 351.4 5.0

2 unchanged sentences

81.8 72.5 17.0

Lions Gate Entertainment Corp.

( Lionsgate )

Lionsgate (i)

64.2 53.4 2.4

Plume Design, Inc.

( Plume ) (j)

64.1 73.0 10.3

Aviatrix Systems, Inc.

25.2 31.0 4.3

Lacework, Inc.

( Lacework ) (l)

Other 358.1 343.8

Vodafone - subject to re-use rights (k)

Other (i) 360.0 358.1

Total — fair value 1,707.7 3,243.3

Total investments (m) $ 12,023.6 $ 15,326.3

Total investments (l) $ 7,762.3 $ 12,023.6

Short-term investments $ 76.2 $ 335.6

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Accordingly, the carrying values of our equity method investments may not equal the respective fair values.

At December 31, 2024 and 2023, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the

At December 31, 2025 and 2024, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $ 1,029.2 million and $ 901.2 million, respectively, related to amounts associated with the VodafoneZiggo JV Receivables, as defined below.

(c) Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global, comprising (i) a € 700.0 million note receivable ($ 821.5 million and $ 724.4 million equivalent at December 31,

LIBERTY GLOBAL LTD.

1 unchanged sentence

December 31, 2025, 2024 and 2023

respective investee’s net assets by $ 901.2 million and $ 1,202.6 million, respectively, which primarily includes amounts associated with the VodafoneZiggo JV Receivables, as defined below, and for December 31, 2023, amounts we were owed under long-term notes receivable from All3Media.

(c) Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global, comprising (i) a € 700.0 million note receivable ($ 724.4 million and $ 774.5 million equivalent at December 31, 2024 and 2023, respectively) (the VodafoneZiggo JV Receivable I ) and (ii) a € 207.9 million note receivable ($ 215.1 million and $ 230.0 million equivalent at December 31, 2024 and 2023, respectively) (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables ).

2025 and 2024, respectively) (the VodafoneZiggo JV Receivable I ) and (ii) a € 207.9 million note receivable ($ 244.0 million and $ 215.1 million equivalent at December 31, 2025 and 2024, respectively) (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables ).

The VodafoneZiggo JV Receivables bear interest at a rate of 5.55 % and have a final maturity date of December 31, 2030.

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(e) Liberty Global owns a 25 % noncontrolling voting interest in the nexfibre JV.

(f) As a result of the Formula E Acquisition, our ownership increased to 65.6 % and we began consolidating Formula E’s results from the Formula E Acquisition Date.

For additional information regarding the Formula E Acquisition, see note 5.

(g) On May 16, 2024, Liberty Global, together with joint owner Warner Bros.

Discovery, completed the sale of All3Media to RedBird IMI.

We received £ 330.8 million ($ 419.3 million at the transaction date) of total cash in connection with the sale, including the repayment of the principal and accrued interest associated with long-term notes receivable from All3Media.

We recognized a gain on the sale of All3Media of £ 212.3 million ($ 242.9 million at the transaction date).

(h) Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf.

(f) Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf.

We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs.

With the exception of our SMA in a leveraged structured note, all of our investments held under SMAs were classified as available-for-sale debt securities as of December 31, 2024.

Our SMA held in a leveraged structured note is accounted for at fair value and the associated gains or losses are included in realized and unrealized losses due to changes in fair values of certain investments, net, in our consolidated statements of operations.

At December 31, 2024 and 2023, interest accrued on our debt securities, which is included in other current assets on our consolidated balance sheets, was $ 7.2 million and $ 34.6 million, respectively.

(i) In connection with our investment in Vodafone, we entered into a share collar (the Vodafone Collar ) with respect to the Vodafone shares held by our company.

The aggregate purchase price paid to acquire our investment in Vodafone was partially financed through borrowings under a secured borrowing agreement (the Vodafone Collar Loan ) collateralized by the Vodafone shares.

Under the terms of the Vodafone Collar, the counterparty has the right to re-use pledged Vodafone shares.

At December 31, 2024 and 2023, the net fair value of our investment in Vodafone was $ 89.3 million and $ 115.5 million, respectively.

With the exception of our SMA in a leveraged structured note, all of our investments held under SMAs were sold as of the first quarter of 2025.

Our SMA held in a leveraged structured note is accounted for at fair value and the associated gains or losses are included in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations.

At December 31, 2024, interest accrued on our debt securities, which is included in other current assets on our consolidated balance sheet, was $ 7.2 million.

(g) Our investment in EdgeConneX is held through two distinct limited partnerships ( LPs ), Herndon Topco and McNair Topco.

The ownership percentages in EdgeConneX are 4.2 % and 3.4 % for Herndon TopCo and McNair TopCo, respectively.

The combined investment in EdgeConneX through these LPs results in a weighted ownership percentage of 4.1 %.

This calculation considers the individual ownership percentages and the respective investment amounts in each LP.

(h) On October 24, 2025, we disposed of approximately one-half of our interest in ITV, reducing our economic ownership interest in ITV to 5.0 %.

We received aggregate cash proceeds of approximately £ 135.4 million ($ 180.8 million at the applicable rate) from the sale.

(i) On May 7, 2025, Lions Gate Entertainment Corp.

LGF.A and LGF.B) completed the full separation (the Lionsgate Separation ) of its studio and network business into two independent, publicly traded companies, Lionsgate Studios Corp.

( Lionsgate ) and Starz Entertainment Corp.

All previous Lions Gate Entertainment Corp.

shares have been exchanged for shares in the new companies, Lionsgate (NASDAQ:

LION) and Starz (NASDAQ:

For periods following the Lionsgate Separation, our investment in Starz is reflected in ‘Other’ fair value investments in the above table.

(j) Our investment in Plume includes warrants with a fair value of $ 21.1 million and $ 24.5 million at December 31, 2025 and 2024, respectively.

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

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

(m) The purchase and sale of investments are presented on a gross basis in our consolidated statements of cash flows, including amounts associated with SMAs.

(k) In connection with our investment in Vodafone, we entered into a share collar (the Vodafone Collar ) with respect to the Vodafone shares held by our company.

Under the terms of the Vodafone Collar, the counterparty had the right to re-use pledged Vodafone shares prior to the full settlement described below.

During the second quarter of 2025, we executed a series of transactions that resulted in (i) the disposition of 90 million of our Vodafone shares and the associated unwind and settlement of the corresponding amounts of the Vodafone Collar and the Vodafone Collar Loan, respectively, and (ii) the restructure of the remainder of the Vodafone Collar, which effectively reduced the net fair value of our economic interest in our investment in Vodafone to nil ($ 89.3 million at December 31, 2024).

This series of transactions resulted in net cash received of € 70.9 million ($ 81.7 million at the applicable rate).

During the third quarter of 2025, we entered into an amendment agreement, which resulted in a non-cash transaction whereby our remaining Vodafone shares were delivered in full settlement of the Vodafone Collar and Vodafone Collar Loan.

For additional information regarding the Vodafone Collar and the Vodafone Collar Loan, see notes 8 and 11, respectively.

LIBERTY GLOBAL LTD.

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December 31, 2025, 2024 and 2023

(l) The purchase and sale of investments are presented on a gross basis in our consolidated statements of cash flows, including amounts associated with SMAs.

Equity Method Investments

2 unchanged sentences

2025 2024 2023

VodafoneZiggo JV (a)

$ ( 2,921.4 ) $ ( 29.0 ) $ ( 1,723.1 )

( 40.9 ) ( 31.1 ) ( 23.3 )

Formula E (b)

VodafoneZiggo JV (b)

( 99.0 ) ( 69.3 ) ( 196.7 )

( 76.3 ) ( 2.2 ) ( 34.7 )

All3Media (d)

( 73.0 ) ( 40.9 ) ( 31.1 )

( Streamz ) (e)

Formula E (c)

— ( 29.1 ) ( 19.4 )

All3Media Ltd.

( All3Media ) (d)

— ( 15.5 ) 4.0

Eltrona Interdiffusion S.A.

( Eltrona ) (f)

Other ( 17.2 ) ( 19.6 ) ( 17.4 )

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_______________

(a) Represents (i) our 50 % share of the results of operations of the VodafoneZiggo JV and (ii) 100 % of the interest income earned on the VodafoneZiggo JV Receivables.

(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.

(a) Represents (i) our share of the results of operations of the VMO2 JV and (ii) for 2024 and 2023, 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.

In addition, the 2025 and 2023 amounts include charges of $ 2.5 billion and $ 1.5 billion, respectively, representing our share of the VMO2 JV’s goodwill impairments, as described below.

(b) Represents (i) our share of the results of operations of the VodafoneZiggo JV and (ii) 100 % of the interest income earned on the VodafoneZiggo JV Receivables.

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

(e) The 2022 amount includes a charge of $ 31.7 million related to a decline in fair value below the cost basis of the investment that was deemed other-than-temporary during the fourth quarter.

(f) On January 2, 2023, we completed our acquisition of a controlling interest in Eltrona and began consolidating Eltrona’s results from that date.

The 2022 amount includes a charge of $ 32.5 million related to a decline in fair value below the cost basis of the investment that was deemed other-than-temporary during the fourth quarter.

Liberty Global and Telefónica (each a “ U.K.

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JV Shareholders Agreement also provides (i) for a dividend distribution policy that requires the VMO2 JV to distribute all unrestricted cash to the U.K.

JV Shareholders on a pro rata basis (subject to the VMO2 JV maintaining a minimum

JV Shareholders on a pro rata basis (subject to the VMO2 JV maintaining a minimum amount of cash and complying with the terms of its financing arrangements) and (ii) that the VMO2 JV will be managed with a leverage ratio between 4.0 and 5.0 times EBITDA (as calculated pursuant to its existing financing arrangements), with the VMO2 JV undertaking periodic recapitalizations and/or refinancings accordingly.

During 2025, 2024 and 2023, we received dividend distributions from the VMO2 JV aggregating $ 254.8 million, $ 535.7 million and $ 1,242.8 million, respectively, of which $ 9.0 million, $ 206.4 million and $ 815.2 million, respectively, were accounted for as a return of capital and

LIBERTY GLOBAL LTD.

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December 31, 2025, 2024 and 2023

amount of cash and complying with the terms of its financing arrangements) and (ii) that the VMO2 JV will be managed with a leverage ratio between 4.0 and 5.0 times EBITDA (as calculated pursuant to its existing financing arrangements), with the VMO2 JV undertaking periodic recapitalizations and/or refinancings accordingly.

During 2024, 2023 and 2022, we received dividend distributions from the VMO2 JV aggregating $ 535.7 million, $ 1,242.8 million and $ 932.5 million, respectively, of which $ 206.4 million, $ 815.2 million and $ 477.9 million, respectively, were accounted for as a return of capital and $ 329.3 million, $ 427.6 million and $ 454.6 million, respectively, were accounted for as a return on capital for purposes of our consolidated statements of cash flows.

$ 245.8 million, $ 329.3 million and $ 427.6 million, respectively, were accounted for as a return on capital for purposes of our consolidated statements of cash flows.

JV Shareholder has the right to initiate an initial public offering ( IPO ) of the VMO2 JV after the third anniversary of the closing, with the opportunity for the other U.K.

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JV Framework Agreement.

We recorded revenue related to the U.K.

JV Services of $ 402.5 million, $ 190.1 million and $ 251.2 million during 2024, 2023 and 2022, respectively.

At December 31, 2024 and 2023, $ 37.5 million and $ 18.6 million, respectively, was due from the VMO2 JV, primarily related to (a) the U.K.

JV Services and (b) amounts incurred by Liberty Global for certain equipment and licenses purchased on behalf of the VMO2 JV.

At December 31, 2025 and 2024, $ 79.3 million and $ 37.5 million, respectively, was due from the VMO2 JV related to the aforementioned transactions.

The amounts due from the VMO2 JV, which are periodically cash settled, are included in other current assets on our consolidated balance sheets.

The following table summarizes the revenue recorded from the VMO2 JV:

Year ended December 31,

2025 2024 2023

Fixed fee $ 225.6 $ 202.4 $ 117.7

Variable charges (a) 161.0 200.1 72.4

Total revenue $ 386.6 $ 402.5 $ 190.1

_______________

(a) Amounts primarily include the sales of CPE at a mark-up.

Annually, beginning in July 2022, the VMO2 JV has entered into long-term performance incentive plans (the VMO2 LTIPs ) for certain of its employees, dependent on the achievement of specific performance metrics over a three-year period beginning January 1st of the year of the grant.

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During the fourth quarters of 2025 and 2023, the VMO2 JV recorded GAAP goodwill impairments of £ 3.8 billion ($ 5.0 billion at the applicable rate) and £ 2.3 billion ($ 2.9 billion at the applicable rate), respectively.

The impairments recorded primarily related to (i) a decline in projected cash flows resulting from the effects of the broader macroeconomic environment in the U.K., (ii) increases in the weighted average cost of capital (discount rate) under a market participant view and (iii) declines in comparable public company market valuations.

Significant judgment was involved in these assessments, including (a) market participant estimates of the discount rates and (b) current earnings multiples of comparable public companies.

Our 50 % share of the VMO2 JV’s goodwill impairment charges are reported in share of results of affiliates, net, in our consolidated statements of operations.

The impairments recorded primarily related to (i) a decline in projected cash flows resulting from the effects of the broader macroeconomic environment in the U.K., (ii) increases in the weighted average cost of capital (discount rate) under a market participant view from the time goodwill was initially recorded by the VMO2 JV and (iii) fair value estimates using comparable public company market valuations.

Significant judgment was involved in the assessment, including (a) market participant estimates of the discount rate and (b) current earnings multiples of comparable public companies.

Our share of the VMO2 JV’s goodwill impairment charge is reported in share of results of affiliates, net, in our consolidated statements of operations.

LIBERTY GLOBAL LTD.

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Liberty Global charges both fixed and usage-based fees to the VodafoneZiggo JV for the NL JV Services provided during the term of the NL JV Framework Agreement.

During 2024, 2023 and 2022, we recorded revenue from the VodafoneZiggo JV of $ 192.4 million, $ 191.9 million and $ 263.9 million, respectively, primarily related to (a) the NL JV Services and (b) the sale of customer premises equipment ( CPE ) to the VodafoneZiggo JV at a mark-up.

During 2025, 2024 and 2023, we recorded revenue from the VodafoneZiggo JV of $ 204.5 million, $ 192.4 million and $ 191.9 million, respectively, primarily related to (a) the NL JV Services and (b) the sales of CPE to the VodafoneZiggo JV at a mark-up.

At December 31, 2025 and 2024, $ 42.7 million and $ 18.5 million, respectively, was due from the VodafoneZiggo JV related to the aforementioned transactions.

The amounts due from the VodafoneZiggo JV, which are periodically cash settled, are included in other current assets on our consolidated balance sheets.

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.

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

2 unchanged sentences

Revenue $ 4,518.5 $ 4,450.5 $ 4,450.5

Earnings (loss) before income taxes $ ( 386.3 ) $ ( 614.6 ) $ 608.3

Net earnings (loss) $ ( 257.1 ) $ ( 510.0 ) $ 394.7

Loss before income taxes $ ( 451.8 ) $ ( 386.3 ) $ ( 614.6 )

Net loss $ ( 323.4 ) $ ( 257.1 ) $ ( 510.0 )

The summarized financial position of the VodafoneZiggo JV is set forth below:

11 unchanged sentences

Fair Value Investments

The following table sets forth the details of our realized and unrealized losses due to changes in fair values of certain investments, net:

The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net:

Year ended December 31,

1 unchanged sentence

$ 207.7 $ 57.4 $ ( 362.4 )

Televisa Univision

( 55.3 ) ( 52.1 ) ( 9.9 )

36.8 46.9 ( 40.5 )

Lionsgate (a)

16.1 ( 16.2 ) 32.9

Televisa Univision

( 8.9 ) ( 95.4 ) ( 77.8 )

4 unchanged sentences

— ( 27.9 ) 1.3

( Skillz ) (c)

TiBiT Communications, Inc.

( TiBiT ) (d)

Other, net ( 45.4 ) ( 22.1 ) ( 24.8 )

1 unchanged sentence

_______________

(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.

(d) We completed the sale of our investment in TiBiT during the fourth quarter of 2022.

(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.

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

LIBERTY GLOBAL LTD.

2 unchanged sentences

Debt Securities

The following tables set forth a summary of our debt securities recorded within SMAs at December 31, 2024 and 2023:

December 31, 2024

Amortized cost basis Accumulated unrealized gains Fair value

The following table sets forth a summary of our debt securities recorded within SMAs at December 31, 2025 and 2024:

December 31, 2025 December 31, 2024

Amortized cost basis Accumulated unrealized gains (losses) Fair value Amortized cost basis Accumulated unrealized gains Fair value

Commercial paper $ — $ — $ — $ 72.0 $ ( 0.1 ) $ 71.9

2 unchanged sentences

Corporate debt securities — — — 66.4 0.2 66.6

Structured note (a) (a) (a) 88.0

Structured note (a) (a) (a) 76.2 (a) (a) 88.0

Other debt securities — — — 6.3 — 6.3

1 unchanged sentence

_______________

(a) Amount represents an investment in a leveraged structured note issued by a third party investment bank, which is accounted for at fair value and classified within Level 2 of the fair value hierarchy.

For further information regarding our fair value measurements, see note 9.

(a) Amounts represent an investment in a leveraged structured note issued by a third-party investment bank, which is accounted for at fair value and has a scheduled maturity date of October 1, 2026.

The return on the leveraged structured note is based on changes in the fair value of a proportionate amount of debt issued by various Liberty Global consolidated subsidiaries and affiliates (including the VMO2 JV and the VodafoneZiggo JV).

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While the structured note itself contains leverage, our at-risk investment is the estimated fair value as reported.

During 2024, we invested an additional $ 46.6 million and redeemed $ 62.3 million of the leveraged structured note.

At December 31, 2024, the proportionate amount of debt issued by Liberty Global consolidated subsidiaries and affiliates associated with the return on the leveraged structured note is summarized in the following table:

Proportion of debt associated with the return on the leveraged structured note

VodafoneZiggo JV

Other (1) 34.00 %

Total 100.00 %

_______________

(1) Other represents cash proceeds from redemptions that remain invested in the leveraged structured note at December 31, 2024.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

December 31, 2023

Amortized cost basis Accumulated unrealized gains Fair value

Commercial paper $ 1,066.5 $ ( 0.1 ) $ 1,066.4

Government bonds 504.7 0.3 505.0

Certificates of deposit 373.1 0.1 373.2

Corporate debt securities 226.6 ( 0.1 ) 226.5

Structured note (a) (a) (a) 95.8

Other debt securities 9.2 — 9.2

Total debt securities $ 2,180.1 $ 0.2 $ 2,276.1

The proportionate amount of debt issued by Liberty Global consolidated subsidiaries and affiliates associated with the return on the leveraged structured note is summarized in the following table:

December 31, 2025 December 31, 2024

35.40 % 32.10 %

(a) Amount represents an investment in a leveraged structured note issued by a third-party investment bank, which is accounted for at fair value.

At December 31, 2023, the proportionate amount of debt issued by Liberty Global consolidated subsidiaries and affiliates associated with the return on the leveraged structured note is summarized in the following table:

Proportion of debt associated with the return on the leveraged structured note

VodafoneZiggo JV

Total 100.00 %

39.80 % 33.90 %

(1) Following completion of the Spin-off, the Sunrise Entities are no longer considered subsidiaries or affiliates of Liberty Global.

For additional information regarding the Spin-off, see note 6.

During 2024, 2023 and 2022, we received proceeds from the sale of debt securities of $ 4.4 billion, $ 6.9 billion and $ 9.1 billion, respectively, a portion of which were reinvested in new debt securities held under SMAs.

The sale of debt securities during 2024, 2023 and 2022 resulted in realized net losses of $ 7.5 million, $ 56.3 million and $ 6.9 million, respectively.

The fair values of our debt securities as of December 31, 2024 by contractual maturity are shown below (in millions):

Due in one year or less $ 335.6

Due in one to five years 97.5

Total (a) $ 433.1

Other (1) — % 34.00 %

Total 100.00 % 100.00 %

_______________

(a) The weighted average life of our total debt securities was 0.7 years as of December 31, 2024.

(1) Other represents cash proceeds from redemptions that remain invested in the leveraged structured note.

During 2025, 2024 and 2023, we received proceeds from the sale of debt securities of $ 0.7 billion, $ 4.4 billion and $ 6.9 billion, respectively.

The sale of debt securities during 2025, 2024 and 2023 resulted in realized net gain (losses) of $ 0.5 million, ($ 7.5 million) and ($ 56.3 million), respectively.

LIBERTY GLOBAL LTD.

23 unchanged sentences

$ 126.2 $ 122.0 $ 248.2 $ 144.6 $ 38.5 $ 183.1

Equity-related derivative instruments (c)

— — — 47.4 — 47.4

Foreign currency forward and option contracts

1.9 0.9 2.8 3.3 — 3.3

Other 8.2 0.5 8.7 — — —

Total $ 136.3 $ 123.4 $ 259.7 $ 147.9 $ 38.5 $ 186.4

_______________

(a) Our long-term derivative assets and long-term derivative liabilities are included in other assets, net , and other long-term liabilities , respectively, on our consolidated balance sheets.

(a) Our long-term derivative assets and current and long-term derivative liabilities are included in other assets, net , other accrued and current liabilities and other long-term liabilities , respectively, on our consolidated balance sheets.

(b) We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments.

1 unchanged sentence

The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of $ 3.0 million, ($ 7.7 million) and $ 8.4 million during 2025, 2024 and 2023, respectively.

These amounts are included in realized and unrealized gains on derivative instruments, net, in our consolidated statements of operations.

These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations.

For further information regarding our fair value measurements, see note 9.

The fair value of the Vodafone Collar does not include credit risk valuation adjustments as we assume that any losses incurred by our company in the event of

As further described in note 7, the Vodafone Collar was fully settled in 2025.

LIBERTY GLOBAL LTD.

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December 31, 2025, 2024 and 2023

nonperformance by the respective counterparty would be, subject to relevant insolvency laws, fully offset against amounts we owe to such counterparty pursuant to the related secured borrowing arrangements.

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,

23 unchanged sentences

However, in an insolvency of a derivative counterparty, under the laws of certain jurisdictions, the defaulting counterparty or its insolvency representatives may be able to compel the termination of one or more derivative contracts and trigger early termination payment liabilities payable by us, reflecting any mark-to-market value of the contracts for the counterparty.

Alternatively, or in addition, the insolvency laws of certain jurisdictions may require the mandatory set off of amounts due under such derivative contracts against present and future liabilities owed to us under other contracts between us

Accordingly, it is possible that we may be subject to obligations to make payments, or may have present or future liabilities owed to us partially or fully discharged by set off as a result of such obligations, in the event of the insolvency of a derivative counterparty, even though it is the counterparty that is in default and not us.

To the extent that we are

LIBERTY GLOBAL LTD.

1 unchanged sentence

December 31, 2025, 2024 and 2023

and the relevant counterparty.

To the extent that we are required to make such payments, our ability to do so will depend on our liquidity and capital resources at the time.

required to make such payments, our ability to do so will depend on our liquidity and capital resources at the time.

In an insolvency of a defaulting counterparty, we will be an unsecured creditor in respect of any amount owed to us by the defaulting counterparty, except to the extent of the value of any collateral we have obtained from that counterparty.

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in millions in years

$ 3,345.0 € 2,969.5 (a) 2.5

€ 45.2 $ 50.0 (b) 0.1

$ 3,295.0 € 2,924.3 2.3

(a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to December 31, 2024.

These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts.

(b) Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments.

Accordingly, the only cash flows associated with these derivative instruments are coupon-related payments and receipts.

Interest Rate Swap Contracts

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______________

(a) Includes forward-starting derivative instruments.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

(a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to December 31, 2025.

These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts.

Interest Rate Swap Options

2 unchanged sentences

Where the bank has bought the swaption, the strike rate was below the corresponding market rate.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

The following table sets forth certain information regarding our swaptions at December 31, 2025:

12 unchanged sentences

in millions in years

$ 3,443.7 0.4

Interest Rate Caps, Floors and Collars

21 unchanged sentences

Vodafone Collar and Vodafone Collar Loan.

As part of the Vodafone Collar Transaction, on February 11, 2023, we entered into the Vodafone Collar with respect to all 1,335 million of our Vodafone ordinary shares.

The Vodafone Collar is comprised of (i) purchase put options that we can exercise and (ii) written call options exercisable by the counterparty.

The Vodafone Collar effectively hedges the value of our investment in Vodafone shares from potential losses due to market price decreases below the put option price while retaining a portion of the gains from market price increases up to the call option price.

For additional information regarding our investment in Vodafone, see note 7.

On February 11, 2023, as part of the Vodafone Collar Transaction, we entered into the Vodafone Collar with respect to all 1,335 million of our Vodafone ordinary shares.

The Vodafone Collar was comprised of (i) purchase put options that we could exercise and (ii) written call options exercisable by the counterparty.

The Vodafone Collar was designed to hedge the value of our investment in Vodafone shares, protecting against market price decreases below the put option price while retaining a portion of the gains from market price increases up to the call option price.

For additional information regarding our former investment in Vodafone, see note 7.

The Vodafone Collar Transaction also provided us with the ability to effectively finance the purchase of the Vodafone shares.

In this regard, on February 11, 2023, we borrowed € 1,143.6 million ($ 1,219.8 million at the transaction date) under the Vodafone Collar Loan.

At December 31, 2024, borrowings under the Vodafone Collar Loan were collateralized by our Vodafone shares.

The Vodafone Collar Loan has a face value of € 1,258.0 million ($ 1,341.8 million at the transaction date) and was issued at a discount of € 114.4 million ($ 122.0 million at the transaction date) with a zero coupon rate and an average implied yield of 295 basis points ( 2.95 %).

The Vodafone Collar Loan has settlement dates from July 2025 to December 2026, contains no financial covenants and provides for customary representations and warranties, events of default and certain adjustment and termination events.

Under the terms of the Vodafone Collar, the counterparty has the right to re-use the pledged Vodafone shares, but we have the right to recall the shares that are re-used by the counterparty subject to certain costs.

In addition, we will retain a portion of the dividends on the Vodafone shares, dependent on the value of the collar on the ex-dividend date.

The Vodafone Collar Loan had a face value of € 1,258.0 million ($ 1,341.8 million at the transaction date) and was issued at a discount of € 114.4 million ($ 122.0 million at the transaction date), with a zero coupon rate and an average implied yield of 295 basis points ( 2.95 %).

The Vodafone Collar Loan, which had original settlement dates from July 2025 to December 2026, was fully settled during 2025, as further described in note 7.

The Vodafone Collar Loan contained no financial covenants and included customary representations and warranties, events of default and certain adjustment and termination events.

(9) Fair Value Measurements

4 unchanged sentences

Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs

Level 3 inputs are unobservable inputs for the asset or liability.

We record transfers of assets or liabilities into or out of Levels 1, 2 or 3 at the beginning of the quarter during which the transfer occurred.

During the second quarter of 2025, the Vodafone Collar transferred from Level 3 to Level 2 and, as further described in note 7, was fully settled during the third quarter of 2025.

LIBERTY GLOBAL LTD.

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December 31, 2025, 2024 and 2023

for the asset or liability.

We record transfers of assets or liabilities into or out of Levels 1, 2 or 3 at the beginning of the quarter during which the transfer occurred.

During 2024, no material transfers were made.

All of our Level 2 inputs (interest rate futures, swap rates and certain of the inputs for our weighted average cost of capital calculations) and certain of our Level 3 inputs (forecasted volatilities and credit spreads) are obtained from pricing services.

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Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations.

We classify deal-contingent hedges under Level 3 of the fair value hierarchy, as we adjust the valuations to reflect an internal judgement of the probability of the completion of the deal, which is unobservable.

We classify deal-contingent hedges under Level 3 of the fair value hierarchy, as we adjust the valuations to reflect an internal judgment of the probability of the completion of the deal, which is unobservable.

We use a Monte Carlo based approach to incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties.

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Fair value measurements are also used for nonrecurring valuations performed in connection with acquisition accounting and impairment assessments.

These nonrecurring valuations include the valuation of reporting units, customer relationships and other intangible assets, property and equipment and the implied value of goodwill.

These nonrecurring valuations include the valuation of reporting units, customer relationships and other intangible assets (including franchise and licensing rights), property and equipment and the implied value of goodwill.

The valuation of reporting units is based on an income-based approach (discounted cash flows) using assumptions in our long-range business plans or a market-based approach (current multiples of comparable public companies and guideline transactions) and, in some cases, a combination of an income-based approach and a market-based approach.

With the exception of certain inputs for our weighted average cost of

With the exception of certain inputs for our weighted average cost of capital and discount rate calculations that are derived from pricing services, the inputs used in our discounted cash flow analyses, such as forecasts of future cash flows, including inputs with respect to revenue growth and Adjusted EBITDA margin (as defined in note 19), and terminal growth rates, are based on our assumptions.

LIBERTY GLOBAL LTD.

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December 31, 2025, 2024 and 2023

capital and discount rate calculations that are derived from pricing services, the inputs used in our discounted cash flow analyses, such as forecasts of future cash flows, including inputs with respect to revenue growth and Adjusted EBITDA margin (as defined in note 19), and terminal growth rates, are based on our assumptions.

The valuation of customer relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis.

valuation of customer relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis.

The excess earnings methodology requires us to estimate the specific cash flows expected from the customer relationship, considering such factors as estimated customer life, the revenue expected to be generated over the life of the customer relationship, contributory asset charges and other factors.

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Most of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy.

During 2024, we performed a nonrecurring valuation associated with the Formula E Acquisition, using a weighted average cost of capital of 10.0 %.

During 2023, we performed a nonrecurring valuation in association with the Telenet Wyre Transaction.

The tangible asset value of the cable infrastructure contributed by Fluvius was based on the depreciated replacement cost method with a range of estimated useful lives up to 19 years.

During 2025, we did not perform any significant nonrecurring fair value measurements.

During 2024, we performed a nonrecurring valuation associated with the Formula E Acquisition, including franchise-related intangible assets, using a weighted average cost of capital of 10.0 %.

A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows:

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Cross-currency and interest rate derivative contracts $ 240.9 $ — $ 240.9 $ —

Equity-related derivative instruments 213.4 — — 213.4

Foreign currency forward and option contracts 0.1 — 0.1 —

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Foreign currency forward and option contracts 2.8 — 2.8 —

Other 8.7 — 8.7 —

Total liabilities $ 259.7 $ — $ 259.7 $ —

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Cross-currency and interest rate derivative contracts $ 183.1 $ — $ 183.1 $ —

Equity-related derivative instruments 47.4 — — 47.4

Foreign currency forward and option contracts 3.3 — 3.3 —

Total liabilities $ 186.4 $ — $ 186.4 $ —

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows:

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$ 1,263.8 $ 213.4 $ 1,477.2

Losses included in earnings from continuing operations (a):

Losses included in loss from continuing operations (a):

Realized and unrealized losses on derivative instruments, net — ( 49.2 ) ( 49.2 )

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Additions 70.5 — 70.5

Dispositions ( 92.8 ) — ( 92.8 )

Transfers out of Level 3 — ( 173.8 ) ( 173.8 )

Foreign currency translation adjustments and other, net 130.0 9.6 139.6

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_______________

(a) With the exception of a $ 75.8 million loss related to the sale of our investment in Lacework and a $ 27.9 million loss related to the sale of our investment in Pax8, amounts primarily relate to assets and liabilities that we continue to carry on our consolidated balance sheet as of December 31, 2024.

(a) Amounts primarily relate to assets and liabilities that we continue to carry on our consolidated balance sheets as of December 31, 2025.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

(b) As of December 31, 2025, $ 354.4 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes.

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2,941.2 2,518.0

Customer premises equipment 4 to 7 years

1,070.2 843.1

Total property and equipment, gross

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During 2025, 2024 and 2023, we recorded non-cash increases to our property and equipment related to vendor financing arrangements of $ 85.5 million, $ 76.8 million and $ 96.3 million, respectively, which exclude related VAT of $ 14.1 million, $ 10.0 million and $ 13.5 million, respectively, that were also financed under these arrangements.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

Changes in the carrying amount of our goodwill during 2025 are set forth below:

adjustments Foreign currency translation adjustments and other December 31,

Telenet (a) $ 2,976.9 $ ( 135.0 ) $ ( 185.5 ) $ 2,656.4

Acquisitions, dispositions

adjustments (a) Reclassification to assets held for sale (b) Foreign currency translation adjustments and other December 31,

Telenet $ 2,656.4 $ ( 39.1 ) $ — $ 356.2 $ 2,973.5

VM Ireland 250.8 — — 33.6 284.4

Other (b) 63.3 198.7 ( 16.6 ) 245.4

Other 245.4 30.6 ( 66.4 ) 35.3 244.9

Total $ 3,152.6 $ ( 8.5 ) $ ( 66.4 ) $ 425.1 $ 3,502.8

_______________

(a) In connection with the final purchase price allocation for the Telenet Wyre Transaction, we recorded a net reduction to goodwill of € 126.8 million ($ 138.4 million at the applicable rate) in June 2024, with corresponding increases to certain network-related and other intangible assets.

As a result, the final goodwill balance associated with the Telenet Wyre Transaction is € 389.4 million ($ 425.2 million at the applicable rate).

(b) Includes amounts associated with our Liberty Growth strategic platform (as defined in note 19).

In connection with the Formula E Acquisition, we recorded a net increase of $ 198.7 million to goodwill.

(a) Includes the impairment of certain media assets at Telenet.

(b) Represents goodwill of UPC Slovakia.

For additional information regarding the held-for-sale presentation of UPC Slovakia, see note 6.

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.

Any such impairment charges could be significant.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

Changes in the carrying amount of our goodwill during 2024 are set forth below:

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adjustments and other December 31,

Telenet $ 2,480.2 $ 555.1 $ ( 58.4 ) $ 2,976.9

Telenet (a) $ 2,976.9 $ ( 135.0 ) $ ( 185.5 ) $ 2,656.4

VM Ireland 268.1 — ( 17.3 ) 250.8

Other 61.3 — 2.0 63.3

Other (b) 63.3 198.7 ( 16.6 ) 245.4

Total $ 3,308.3 $ 63.7 $ ( 219.4 ) $ 3,152.6

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

_______________

As a result, the final goodwill balance associated with the Telenet Wyre Transaction is € 389.4 million ($ 425.2 million at the applicable rate).

(b) In connection with the Formula E Acquisition, we recorded a net increase of $ 198.7 million to goodwill.

Intangible Assets Subject to Amortization, Net

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(a) Primarily includes amounts related to (i) certain mobile spectrum licenses and (ii) a licensing agreement with the FIA, as described in note 5.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

Amortization expense related to intangible assets with finite useful lives was $ 90.4 million, $ 75.8 million and $ 51.4 million during 2025, 2024 and 2023, respectively.

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5.44 % € 100.0 117.4 1,056.2 931.4

Vodafone Collar Loan (e) 2.95 % — — 1,301.9 1,391.9

Vendor financing (f) 5.36 % — — 355.9 399.1

Vendor financing (e) 4.12 % — — 365.9 355.9

Vodafone Collar Loan (f) — % — — — 1,301.9

Other (g) 4.68 % — — 781.0 632.2

Total debt before deferred financing costs, discounts and premiums (h) 5.01 % $ 745.3 $ 8,584.8 $ 9,145.0

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations:

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(a) Represents the weighted average interest rate in effect at December 31, 2025 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin.

The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.

The interest rates presented represent stated rates and do not

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.

Including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of deferred financing costs and certain other obligations that we assumed in connection with certain acquisitions, the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 3.79 % at December 31, 2025.

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€ 100.0 $ 117.4 € 100.0 $ 117.4

(c) Unused borrowing capacity under the Telenet Credit Facility comprises (i) € 570.0 million ($ 589.9 million) under Telenet Revolving Facility B, (ii) € 25.0 million ($ 25.9 million) under the Telenet Overdraft Facility and (iii) € 20.0 million

(c) At December 31, 2025, unused borrowing capacity under the Telenet Credit Facility amounted to € 535.0 million ($ 627.9 million), comprising (i) € 490.0 million ($ 575.1 million) under Telenet Revolving Facility I (as defined below), (ii) € 25.0 million ($ 29.3 million) under the Telenet Overdraft Facility and (iii) € 20.0 million ($ 23.5 million) under the Telenet Revolving Facility.

With the exception of € 90.0 million ($ 105.6 million) outstanding under Telenet Revolving Facility I, all components of the Telenet Credit Facility were undrawn at December 31, 2025.

In June 2025, the underlying credit agreement was amended to (a) combine Telenet Revolving Facility A and Telenet Revolving Facility B into a single revolving facility ( Telenet Revolving Facility I ) with a final maturity date of May 31, 2029 and (b) increase total commitments under Telenet Revolving Facility I by € 30.0 million ($ 35.2 million).

In August 2025, commitments under Telenet Revolving Facility I were decreased by € 20.0 million in conjunction with the execution of the Wyre Capex Facility (as defined and described under Financing Transactions below).

In December 2025, € 90.0 million was drawn under Telenet Revolving Facility I, reducing available capacity from € 580.0 million ($ 680.7 million) to € 490.0 million.

These borrowings were repaid in January 2026, restoring total available capacity under Telenet Revolving Facility I to € 580.0 million.

(d) Unused borrowing capacity under the VM Ireland Credit Facility relates to € 100.0 million ($ 117.4 million) under the VM Ireland Revolving Facility, which was undrawn at December 31, 2025.

In March 2025, commitments under the VM Ireland Revolving Facility were increased by € 11.1 million ($ 13.0 million).

The VM Ireland Revolving Facility now provides for maximum borrowing capacity of € 100.0 million.

(e) Represents amounts owed to various creditors pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and operating expenses.

These arrangements extend our repayment terms beyond a vendor’s original due dates (e.g., extension beyond a vendor’s customary payment terms, which are generally 90 days or less) and as such are classified outside of accounts payable as debt on our consolidated

LIBERTY GLOBAL LTD.

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December 31, 2025, 2024 and 2023

($ 20.7 million) under the Telenet Revolving Facility, each of which were undrawn at December 31, 2024.

In February 2024, the € 30.0 million ($ 31.0 million) of commitments under Telenet Revolving Facility A were cancelled in full.

(d) Unused borrowing capacity under the VM Ireland Credit Facility relates to € 88.9 million ($ 92.0 million) under the VM Ireland Revolving Facility, which was undrawn at December 31, 2024.

In November 2024, € 11.1 million ($ 11.5 million) of commitments under the VM Ireland Revolving Facility were cancelled.

The VM Ireland Revolving Facility now provides for maximum borrowing capacity of € 88.9 million.

(e) For information regarding the Vodafone Collar Loan, see notes 7 and 8.

(f) Represents amounts owed to various creditors pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and operating expenses.

balance sheets.

These obligations are generally due within one year and include VAT that was also financed under these arrangements.

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Repayments of vendor financing obligations at the time we pay the financing intermediary are included in repayments and repurchases of debt and finance lease obligations in our consolidated statements of cash flows.

(g) Amounts include (i) $ 195.8 million at December 31, 2024 of debt collateralized by certain trade receivables of Telenet, as further described under Financing Transactions below, and (ii) $ 390.5 million and $ 430.8 million at December 31, 2024 and 2023, respectively, of liabilities related to Telenet’s acquisition of mobile spectrum licenses.

(f) As further described in note 7, the Vodafone Collar Loan was fully settled in 2025, resulting in a loss on debt extinguishment of $ 12.1 million related to the write-off of unamortized deferred financing costs and discounts.

(g) At December 31, 2025 and 2024, amounts include (i) $ 228.4 million and $ 195.8 million, respectively, of debt collateralized by certain trade receivables of Telenet and (ii) $ 423.4 million and $ 390.5 million, respectively, of liabilities related to Telenet’s acquisition of mobile spectrum licenses.

Telenet will make annual payments for the license fees over the terms of the respective licenses.

In addition, the amount at December 31, 2025 includes £ 14.7 million ($ 19.8 million) of debt drawn on a £ 175.9 million ($ 236.6 million) capital expenditure term loan facility at Egg Power AssetCo Limited, a subsidiary of Liberty Global (the Egg Power Capex Facility ).

The Egg Power Capex Facility matures on December 31, 2032 and bears interest at a rate of SONIA + 1.7 %, subject to a SONIA floor of 0.0 %.

Accordingly, unused borrowing capacity at December 31, 2025 excludes the availability under the Egg Power Capex Facility.

(h) As of December 31, 2025 and 2024, our debt had an estimated fair value of $ 8.6 billion and $ 9.0 billion, respectively.

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• Subject to certain customary and agreed exceptions, our credit facilities contain certain restrictions which, among other things, restrict the ability of the members of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to their direct and/or indirect parent companies (and indirectly to Liberty Global) through dividends, loans or other distributions;

• Our credit facilities require that certain members of the relevant borrowing group guarantee the payment of all sums payable under the relevant credit facility and such group members are required to grant first-ranking security over their shares and, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder;

LIBERTY GLOBAL LTD.

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December 31, 2025, 2024 and 2023

• In addition to certain mandatory prepayment events, our credit facilities provide that the instructing group of lenders under the relevant credit facility, under certain circumstances, may cancel the group’s commitments thereunder and declare the loan(s) thereunder due and payable after the applicable notice period following the occurrence of a change of control (as specified in the relevant credit facility);

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• Our notes are non-callable prior to their respective call date (as specified under the applicable indenture).

At any time prior to the applicable call date, we may redeem some or all of the applicable notes by paying a “make-whole”

At any time prior to the applicable call date, we may redeem some or all of the applicable notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable call date using the discount rate as of the redemption date plus a premium (as specified in the applicable indenture).

On or after the applicable call date, we may redeem some or all of these notes at various redemption prices plus accrued interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date.

LIBERTY GLOBAL LTD.

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December 31, 2025, 2024 and 2023

premium, which is the present value of all remaining scheduled interest payments to the applicable call date using the discount rate as of the redemption date plus a premium (as specified in the applicable indenture).

From time to time, we create special purpose financing entities ( SPEs ), some of which are owned by the relevant borrowing group and some of which are owned by third parties ( Third-Party SPEs ).

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Below we provide summary descriptions of certain financing transactions completed during 2025.

In December 2024, Phoenix Receivables S.à r.l., a Third-Party SPE, purchased certain receivables from Telenet, funded by the issuance of certain notes.

These notes are collateralized by certain trade receivables of Telenet, creating a variable interest in which Telenet is the primary beneficiary and, accordingly, Telenet, and ultimately Liberty Global, are required to consolidate the assets and liabilities of Phoenix Receivables S.à r.l related to the securitization transaction.

The offering of these notes resulted in net proceeds of € 189.2 million ($ 195.8 million).

In February 2025, Telenet entered into a € 500.0 million ($ 586.8 million) sustainability-linked term loan facility ( Telenet Facility AU ).

Telenet Facility AU was issued at 99.75 % of par, matures on March 31, 2033 and bears interest at a rate of EURIBOR + 3.0 %, subject to a EURIBOR floor of 0.0 %.

The interest rate on Telenet Facility AU is subject to adjustment based on Telenet’s achievement or otherwise of certain environmental, social and governance metrics.

The net proceeds from Telenet Facility AU were used to refinance € 500.0 million of the € 890.0 million ($ 1,044.5 million) outstanding principal amount under Telenet Facility AT1.

In connection with this transaction, Telenet recognized a loss on debt extinguishment of $ 8.0 million related to the write-off of unamortized deferred financing costs and discounts.

LIBERTY GLOBAL LTD.

1 unchanged sentence

December 31, 2025, 2024 and 2023

In August 2025, Wyre entered into a € 500.0 million standalone capital expenditure term loan facility (the Wyre Capex Facility ).

The Wyre Capex Facility bears interest at a rate of EURIBOR + 2.75 %, subject to a EURIBOR floor of 0.0 %, and matures five years after the initial drawdown, which has yet to occur.

The maturity date may be extended by Wyre two additional times, each extending the maturity date by one year .

When drawn, the proceeds from the Wyre Capex Facility will be used to fund the roll-out of Wyre’s fiber network and for general corporate purposes.

Accordingly, unused borrowing capacity at December 31, 2025 excludes the availability under the Wyre Capex Facility.

Maturities of Debt

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_______________

(a) Includes $ 1,301.9 million related to the Vodafone Collar Loan, which has settlement dates in 2025 and 2026 consistent with the Vodafone Collar.

We may elect to use cash or the collective value of the related shares and Vodafone Collar to settle amounts under the Vodafone Collar Loan.

(b) Amounts include vendor financing obligations of $ 355.9 million, including $ 354.8 million at Telenet and $ 1.1 million at certain of our unrestricted subsidiaries.

(a) Includes $ 58.7 million of debt collateralized by certain trade receivables of Formula E.

(b) Amounts include vendor financing obligations of $ 365.9 million at Telenet.

Vendor Financing Obligations

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During 2025, 2024 and 2023, we recorded non-cash additions to our operating lease ROU assets of $ 57.7 million, $ 101.3 million and $ 50.4 million, respectively.

For additional information regarding the non-cash additions to our operating lease ROU assets during 2022 related to the Telenet Tower Lease Agreement, see note 6.

(b) Our finance lease ROU assets are included in property and equipment, net, on our consolidated balance sheets.

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During 2025, 2024 and 2023, we recorded non-cash additions to our finance lease ROU assets of $ 1.1 million, $ 7.4 million and $ 20.9 million, respectively.

(c) The current portions of our operating lease liabilities are included within other accrued and current liabilities on our consolidated balance sheets.

(d) The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our consolidated balance sheets.

(c) The current portions of our operating lease liabilities are included in other accrued and current liabilities on our consolidated balance sheets.

(d) The current and long-term portions of our finance lease liabilities are included in current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our consolidated balance sheets.

LIBERTY GLOBAL LTD.

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(b) Our operating lease expense and short-term lease expense are included in programming and other direct costs of services, other operating expenses, SG&A expenses and impairment, restructuring and other operating items, net, in our consolidated statements of operations.

(c) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date.

(c) Variable lease expense represents payments made to a lessor during the lease term that vary due to changes in circumstances that occur after the lease commencement date.

Variable lease payments are expensed as incurred and are included in other operating expenses in our consolidated statements of operations.

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dollar equivalents based on December 31, 2025 exchange rates.

Operating leases Finance

Operating leases (a) Finance

Year ending December 31:

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Long-term portion $ 739.7 $ 25.5

______________

(a) Operating lease payments exclude $ 124.3 million of estimated future payments for lease commitments not yet commenced at Telenet, the majority of which are not anticipated to be due until after 2028.

These payments relate to the lease back of build-to-suit sites on certain passive infrastructure and tower assets sold to DigitalBridge Investments LLC in 2022.

Telenet will act as an agent over the construction of future towers on the build-to-suit sites.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

(13) Income Taxes

Liberty Global is a Bermuda exempted company limited by shares and is not considered to be a tax resident in any other jurisdiction or country.

At the present time, there is no Bermuda income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by Liberty Global.

On December 27, 2023, Bermuda enacted the Corporate Income Tax Act 2023 (the CIT Act ) which provides for the taxation of the Bermuda constituent entities of certain large multi-national groups beginning on or after January 1, 2025.

We do not currently anticipate that the CIT Act will have a material impact on our consolidated financial statements, although we will continue to monitor guidance as it is issued.

Our non-Bermuda subsidiaries are subject to tax in their respective jurisdictions.

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2025 2024 2023

$ 1,936.6 $ ( 2,899.5 ) $ ( 516.2 )

Domestic (a) $ ( 14.5 ) $ 1,936.6 $ ( 2,899.5 )

( 6,842.3 ) (a) (a)

Netherlands ( 277.0 ) ( 190.9 ) ( 833.7 )

Bermuda 156.8 ( 0.9 ) —

Belgium 131.3 653.9 1,000.4

Luxembourg ( 62.9 ) ( 54.0 ) ( 195.6 )

( 16.6 ) ( 4.7 ) 5.9

Belgium 57.1 131.3 653.9

Ireland ( 22.9 ) ( 0.4 ) ( 16.6 )

( 1.9 ) ( 16.6 ) ( 4.7 )

Bermuda (a) 156.8 ( 0.9 )

Intercompany activity with discontinued operations — ( 117.6 ) ( 139.6 )

Other ( 8.1 ) ( 6.9 ) ( 9.3 )

Total foreign ( 7,158.0 ) ( 98.3 ) ( 546.5 )

Earnings (loss) from continuing operations before income taxes $ ( 7,172.5 ) $ 1,838.3 $ ( 3,446.0 )

_______________

(a) For 2025, our domestic jurisdiction is Bermuda and for 2024 and 2023, our domestic jurisdiction is the U.K.

LIBERTY GLOBAL LTD.

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Year ended December 31, 2025:

$ 72.3 $ 5.8 $ 78.1

Domestic (a) $ — $ — $ —

Luxembourg 0.1 84.2 84.3

Belgium ( 102.0 ) 31.3 ( 70.7 )

( 0.3 ) 31.0 30.7

40.9 ( 11.2 ) 29.7

Netherlands 16.1 1.6 17.7

Ireland — ( 17.7 ) ( 17.7 )

Luxembourg ( 0.8 ) 2.9 2.1

Other ( 0.7 ) 2.5 1.8

Total foreign ( 45.9 ) 121.7 75.8

Total income tax benefit

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Year ended December 31, 2024:

Belgium $ ( 100.9 ) $ ( 64.9 ) $ ( 165.8 )

$ — $ 8.0 $ 8.0

Luxembourg — 44.3 44.3

Ireland 3.6 2.5 6.1

Netherlands ( 1.9 ) 0.2 ( 1.7 )

72.3 5.8 78.1

Total income tax expense

Belgium ( 92.8 ) 25.5 ( 67.3 )

Netherlands ( 2.0 ) 7.1 5.1

Ireland 1.4 3.6 5.0

Luxembourg ( 0.8 ) 2.9 2.1

Other ( 0.4 ) 0.2 ( 0.2 )

Total foreign ( 22.3 ) 45.1 22.8

Total income tax benefit

$ ( 22.3 ) $ 53.1 $ 30.8

1 unchanged sentence

$ ( 0.1 ) $ 0.5 $ 0.4

Luxembourg ( 0.3 ) ( 152.3 ) ( 152.6 )

Belgium ( 100.9 ) ( 64.9 ) ( 165.8 )

( 68.0 ) ( 28.4 ) ( 96.4 )

Luxembourg — 44.3 44.3

Ireland 3.6 2.5 6.1

Netherlands ( 1.9 ) 0.2 ( 1.7 )

( 0.1 ) 0.8 0.7

Other ( 0.1 ) ( 2.0 ) ( 2.1 )

Total foreign ( 167.2 ) ( 46.3 ) ( 213.5 )

Total income tax expense

1 unchanged sentence

_______________

(a) Includes federal and state income taxes.

(a) For 2025, our domestic jurisdiction is Bermuda and for 2024 and 2023, our domestic jurisdiction is the U.K.

(b) Includes federal and state income taxes.

state income taxes were not material during any of the years presented.

5 unchanged sentences

2025 2024 2023

Amount % Amount % Amount %

in millions, except percentages

Computed “expected” tax benefit (expense) (a)

$ 1,075.9 15.0 $ ( 459.6 ) 25.0 $ 809.8 23.5

Non-deductible or non-taxable foreign exchange results 443.6 ( 199.9 ) 263.2

Non-deductible or non-taxable interest and other expenses ( 124.9 ) ( 170.1 ) ( 125.4 )

Recognition of previously unrecognized tax benefits 112.0 — —

International rate differences (b) 40.3 13.7 ( 104.6 )

Tax benefit associated with technologies innovation (c) 15.2 6.5 22.1

Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (d) 14.3 ( 405.7 ) ( 67.8 )

Domestic federal:

Change in valuation allowances ( 2.2 ) — ( 8.4 ) 0.5 ( 35.6 ) ( 1.0 )

Other, net ( 5.9 ) ( 0.6 ) 2.4

Non-deductible and non-taxable items:

Foreign currency exchange results (a) 445.6 ( 24.2 ) ( 198.8 ) ( 5.8 )

Non-deductible or non-taxable items associated

with investments in subsidiaries and affiliates (b) (a) 75.4 ( 4.1 ) ( 413.3 ) ( 12.0 )

Other non-deductible and non-taxable items (a) ( 19.9 ) 1.1 ( 31.1 ) ( 0.9 )

Other (a) ( 0.5 ) ( 0.1 ) ( 2.4 ) ( 0.1 )

Foreign tax effects:

Non-deductible or non-taxable foreign currency exchange results ( 889.2 ) ( 12.4 ) (a) (a)

Non-deductible or non-taxable items associated with investments in subsidiaries and affiliates (b) ( 748.8 ) ( 10.4 ) (a) (a)

Statutory income tax rate differential 684.2 9.5 (a) (a)

Other ( 41.9 ) ( 0.6 ) (a) (a)

Non-deductible or non-taxable items associated

with investments in subsidiaries and affiliates ( 55.5 ) ( 0.8 ) ( 49.1 ) 2.7 ( 95.2 ) ( 2.8 )

Non-deductible intercompany service expenses ( 5.7 ) ( 0.1 ) ( 56.0 ) 3.0 ( 69.1 ) ( 2.0 )

Change in valuation allowances ( 2.9 ) — 35.6 ( 1.9 ) ( 85.9 ) ( 2.5 )

27.5 0.4 4.6 ( 0.3 ) 20.1 0.6

Change in valuation allowances ( 26.3 ) ( 0.4 ) ( 24.1 ) 1.3 ( 127.3 ) ( 3.7 )

Non-deductible or non-taxable items associated

with investments in subsidiaries and affiliates (c) ( 0.8 ) — ( 0.7 ) 0.1 130.1 3.8

Other non-deductible or non-taxable items ( 37.3 ) ( 0.5 ) ( 25.8 ) 1.4 ( 12.3 ) ( 0.4 )

1.2 — 12.8 ( 0.7 ) ( 2.7 ) ( 0.1 )

Change in valuation allowances 86.0 1.2 ( 0.4 ) — 0.1 —

( 11.2 ) ( 0.2 ) ( 11.2 ) 0.6 ( 1.8 ) —

International rate differences

(a) 39.2 ( 2.1 ) ( 0.2 ) —

( 6.7 ) ( 0.1 ) ( 9.1 ) 0.5 ( 48.2 ) ( 1.4 )

Other foreign jurisdictions

( 20.5 ) ( 0.2 ) ( 1.1 ) 0.1 0.2 —

Worldwide changes in prior year unrecognized tax benefits 50.0 0.7 83.5 ( 4.6 ) ( 49.5 ) ( 1.4 )

Total income tax benefit (expense)

$ 75.8 1.1 $ 30.8 ( 1.7 ) $ ( 213.1 ) ( 6.2 )

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

_______________

(a) The statutory or “expected” tax rates are the U.K.

rates of 25.0% for 2024, 23.5% for 2023 and 19.0% for 2022.

The statutory rate for 2023 represents the blended rate in effect for the year ended December 31, 2023 based on the 19.0% statutory rate that was in effect for the first quarter of 2023 and the 25.0% statutory rate in effect from April 1, 2023.

Although we are domiciled in Bermuda, we use the U.K.

statutory rate to compute our “expected” tax benefit (expense) as management believes it is more meaningful given that Bermuda did not impose an income tax in the periods presented.

(b) Amounts reflect adjustments (either a benefit or expense) to the “expected” tax benefit (expense) for statutory rates in jurisdictions in which we operate outside of the U.K.

(d) Amounts reflect the net impact of differences in the treatment of income and loss items between financial and tax accounting related to investments in subsidiaries and affiliates, including the effects of foreign earnings.

In addition, the 2024 amount includes the non-taxable gains associated with (i) the sale of All3Media and (ii) the Formula E Acquisition and the 2023 amount includes the non-taxable gain associated with the Telenet Wyre Transaction.

(a) For 2025, our domestic jurisdiction is Bermuda and the statutory or “expected” rate is the Bermuda rate of 15.0 %.

For 2024 and 2023, our domestic jurisdiction is the U.K.

and the statutory or “expected” rates are the U.K.

rates of 25.0 % and 23.5 %, respectively.

On December 27, 2023, Bermuda enacted the Corporate Income Tax Act 2023 (the CIT Act ) which provides for the taxation of the Bermuda constituent entities of certain large multinational groups beginning on or after January 1, 2025.

Prior to 2025, we used the U.K.

statutory rate to compute our “expected” income tax benefit or expense, as management considered this rate to be more meaningful given that Bermuda did not impose an income tax in those periods.

statutory rate for 2023 represents the blended rate in effect for the year ended December 31, 2023 based on the 19.0 % statutory rate that was in effect for the first quarter of 2023 and the 25.0 % statutory rate in effect from April 1, 2023.

(b) The 2025 and 2023 amounts include non-deductible losses from the VMO2 JV, which include our share of the VMO2 JV’s goodwill impairments.

For additional information, see note 7.

The components of our net deferred tax liabilities are as follows:

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Net operating loss and other carryforwards $ 1,722.8 $ 1,398.2

Investments 336.0 366.4

Debt and interest 246.5 251.5

Lease liabilities 200.3 175.6

Property and equipment, net 125.2 169.9

Investments 174.6 336.0

Share-based compensation 88.8 74.9

Property and equipment, net 71.3 125.2

Other future deductible amounts 76.5 68.5

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Intangible assets ( 211.4 ) ( 211.2 )

ROU assets ( 163.2 ) ( 177.2 )

( 187.4 ) ( 163.2 )

Debt and interest ( 57.6 ) ( 21.4 )

Derivative instruments ( 3.7 ) ( 161.2 )

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$ ( 233.5 ) $ ( 311.9 )

Our deferred income tax valuation allowance decreased $ 7.7 million in 2024.

This decrease reflects the net effect of (i) foreign currency translation adjustments, (ii) a decrease in deferred tax assets, (iii) business acquisitions, (iv) net tax expense of $ 4.2 million and (v) other individually insignificant items.

Our deferred income tax valuation allowance increased $ 154.4 million in 2025.

This increase reflects the net effect of (i) foreign currency translation adjustments, (ii) business acquisitions, (iii) a decrease in deferred tax assets, (iv) a net tax benefit of $ 5.6 million and (v) other individually insignificant items.

The significant components of our tax loss carryforwards and related tax assets at December 31, 2025 are as follows:

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Netherlands $ 3,034.1 $ 782.8 Indefinite

Belgium 1,111.8 278.0 Indefinite

1,779.2 444.8 Indefinite

Luxembourg 582.6 158.4 Various

Belgium 1,329.4 332.4 Indefinite

Ireland 469.2 58.7 Indefinite

Luxembourg 312.9 81.7 Various

Other 92.8 22.4 Various

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Our tax loss carryforwards within each jurisdiction combine all companies’ tax losses (both capital and ordinary losses) in that jurisdiction, however, certain tax jurisdictions limit the ability to offset taxable income of a separate company or different tax group with the tax losses associated with another separate company or group.

Further, tax jurisdictions restrict the type of

Further, certain tax jurisdictions restrict the

LIBERTY GLOBAL LTD.

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December 31, 2025, 2024 and 2023

taxable income that the above losses are able to offset.

type of taxable income that the above losses are able to offset.

The majority of the tax losses shown in the above table are not expected to be realized, including certain losses that are limited in use due to change in control or same business tests.

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At December 31, 2025, we have not provided deferred tax liabilities on an estimated $ 1.4 billion of cumulative temporary differences on the outside bases of our non-U.S.

subsidiaries.

On August 16, 2022, the Inflation Reduction Act was signed into law in the U.S.

Although this legislation does not increase the U.S.

corporate income tax rate, it includes, among other provisions, a new corporate alternative minimum tax ( CAMT ) on “adjusted financial statement income” that is effective for tax years beginning after December 31, 2022.

CAMT had an immaterial impact on our consolidated financial statements for the year ended December 31, 2024.

We will disregard our CAMT status when evaluating our deferred tax assets under the regular U.S.

subsidiaries and corporate joint ventures.

A summary of cash taxes paid, net of refunds, by major jurisdiction is presented below:

Year ended December 31,

2025 2024 2023

Domestic (a) $ — $ 0.2 $ 0.1

113.4 87.9 394.8

Belgium 83.9 93.1 88.4

Netherlands (b) 11.2 (b)

Other (c) 2.5 4.1 11.0

Total foreign 199.8 196.3 494.2

Total $ 199.8 $ 196.5 $ 494.3

_______________

(a) For the year ended December 31, 2025, “domestic” represents Bermuda.

For the years ended December 31, 2024 and 2023, “domestic” represents the U.K.

(b) The net amount of cash taxes paid during the year does not meet the 5% disaggregation threshold.

(c) The 2024 and 2023 amounts include $ 1.3 million and ($ 4.7 million), respectively, attributable to discontinued operations.

On July 4, 2025, the One Big Beautiful Bill Act (the OBBBA ) was enacted in the U.S., introducing various changes to federal tax law.

We have evaluated the provisions of the OBBBA and determined that they did not have a material impact on our consolidated financial statements through December 31, 2025, nor do we currently anticipate that the OBBBA will have a material impact on our consolidated financial statements in the future.

In December 2021, the Organization for Economic Co-Operation and Development ( OECD )/G20 Inclusive Framework on Base Erosion and Profit Shifting ( BEPS ) released Model Global Anti-Base Erosion ( GLoBE ) rules under Pillar Two.

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The Pillar Two rules did not have an impact on our consolidated financial statements for the year ended December 31, 2025, and we do not currently anticipate that they will have a material impact on our consolidated financial statements in the future.

We and our subsidiaries maintain a presence in many countries and file consolidated and standalone income tax returns in various jurisdictions.

Many of these jurisdictions maintain highly complex tax regimes that differ significantly from the system of income taxation used in the U.K.

We have accounted for the effect of these taxes based on what we believe is reasonably expected to apply to us and our subsidiaries based on tax laws currently in effect and reasonable interpretations of these laws.

We and our subsidiaries file consolidated and standalone income tax returns in various jurisdictions.

In the normal course of business, our income tax filings are subject to review by various taxing authorities.

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Such disputes may result in future tax and interest and penalty assessments by these taxing authorities.

The ultimate resolution of tax contingencies will take place upon the earlier of (i) the settlement date with the applicable taxing authorities in either cash or agreement of income tax positions or (ii) the date when the tax authorities are statutorily prohibited from adjusting the company’s tax computations.

In general, tax returns filed by our company or our subsidiaries for years prior to 2018 are no longer subject to examination by tax authorities.

Certain of our subsidiaries are currently involved in income tax examinations in various jurisdictions in which we operate, including Luxembourg and the U.S.

While we do not expect adjustments from the foregoing examinations to have a material impact on our consolidated financial position, results of operations or cash flows, no assurance can be given that this will be the case given the amounts involved and the complex nature of the related issues.

The ultimate resolution of tax contingencies will take place upon the earlier of (i) the settlement date with the applicable taxing authorities in either cash or agreement of income tax positions or (ii) the date when the taxing authorities are statutorily prohibited from adjusting the company’s tax computations.

LIBERTY GLOBAL LTD.

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December 31, 2025, 2024 and 2023

In general, tax returns filed by our company or our subsidiaries for years prior to 2019 are no longer subject to examination by tax authorities.

Certain of our subsidiaries are currently involved in income tax examinations in various jurisdictions in which we operate, including Belgium, Luxembourg, Slovakia and the U.S.

The changes in our unrecognized tax benefits for the indicated periods are summarized below:

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Balance at January 1 $ 302.0 $ 444.4 $ 435.2

Lapse of statute of limitations ( 173.5 ) — ( 0.1 )

Additions based on tax positions related to the current year 26.1 2.2 1.7

Additions for tax positions of prior years 19.2 8.5 —

Reductions for tax positions of prior years ( 6.4 ) ( 5.9 ) ( 11.2 )

Settlements with tax authorities ( 168.3 ) ( 3.9 ) ( 4.0 )

Foreign currency translation 9.5 ( 3.9 ) 1.5

Reductions for tax positions of prior years ( 2.5 ) ( 6.4 ) ( 5.9 )

Additions for tax positions of prior years 1.0 19.2 8.5

Lapse of statute of limitations — ( 173.5 ) —

Additions based on tax positions related to the current year — 26.1 2.2

Effects of business acquisitions — — 6.9

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As of December 31, 2025, 2024 and 2023, there were $ 88.9 million, $ 266.6 million and $ 347.0 million, respectively, of unrecognized tax benefits that would have a favorable impact on our effective income tax rate if ultimately recognized, after considering amounts that we would expect to be offset by valuation allowances and other factors.

During 2025, it is reasonably possible that the resolution of ongoing tax controversies, as well as the expiration of statutes of limitations and other items, could result in reductions to our unrecognized tax benefits related to tax positions taken as of December 31, 2024.

The amount of such reductions could range up to $ 166 million.

No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during 2025.

During 2024, 2023 and 2022, the income tax expense of our continuing operations included $ 7.9 million, $ 59.6 million and $ 38.4 million, respectively, representing the net accrual of interest and penalties during the period.

During 2025, 2024 and 2023, the income tax benefit (expense) of our continuing operations included $ 45.1 million, ($ 7.9 million) and ($ 59.6 million), respectively, representing the net accrual of interest and penalties during the period.

At December 31, 2025, accrued interest and penalties associated with our uncertain tax benefits totaled $ 113.5 million.

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subsidiary of Liberty Global, in the U.S.

District Court of Colorado for unpaid federal income taxes and penalties for the 2018 tax year of approximately $ 284 million.

District Court of Colorado (the District Court ) for unpaid federal income taxes and penalties for the 2018 tax year of approximately $ 284 million.

This action by the U.S.

Department of Justice is related to the November 2020 complaint filed by LGI in the District Court of Colorado seeking a refund of approximately $ 110 million of taxes, penalties and interest associated with the application of certain temporary treasury regulations issued in June 2019.

In October 2023, the U.S.

District Court of Colorado entered judgement against LGI with respect to the refund claim and we appealed this decision to the U.S.

Court of Appeals for the Tenth Circuit ( Court of Appeals ) in December 2023.

Department of Justice is related to the November 2020 complaint filed by LGI in the District Court seeking a refund of approximately $ 110 million of taxes, penalties and interest associated with the application of certain temporary treasury regulations issued in June 2019.

In October 2023, the District Court entered judgment against LGI with respect to the refund claim and we appealed this decision to the U.S.

Court of Appeals for the Tenth Circuit (the Court of Appeals ) in December 2023.

No amounts have been accrued by LGI with respect to this matter.

We will vigorously defend this matter and continue to actively pursue our claim for refund.

We continue to vigorously defend this matter and actively pursue our claim for refund.

In January 2021, we petitioned the U.S.

Tax Court with respect to unresolved issues related to our 2010 tax year for which we had already recognized an accrued liability for an uncertain tax position.

In November 2023, we received an unfavorable decision, which we will appeal to the Court of Appeals.

In December 2023, we made a payment of the disputed tax in the amount of $ 315 million, which reduced our accrued liability for uncertain tax benefits on our consolidated balance sheet but has not been reflected in the uncertain tax benefit schedule above as the position is not yet settled.

We will continue to vigorously defend our position, however, due to the inherent uncertainty involved in the litigation process, there can be no assurance that the Court of Appeals will rule in our favor.

Tax Court to address unresolved matters related to our 2010 tax year for which we had already recorded a liability for an unrecognized tax benefit.

In November 2023, the U.S.

Tax Court issued an unfavorable decision, which we subsequently appealed to the Court of Appeals.

In December 2023, we made a $ 315 million payment for the disputed tax and estimated associated interest.

While this payment reduced the liability for unrecognized tax benefits on our consolidated balance sheet, the position remained in our inventory of unrecognized tax benefits as the matter was not yet settled.

In August 2025, the Court of Appeals upheld the U.S.

Tax Court’s decision and we will not appeal further.

As a result, we have now removed the position from our inventory of unrecognized tax benefits.

LIBERTY GLOBAL LTD.

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One Liberty Global Class A common share is reserved for issuance for each Liberty Global Class B common share that is issued ( 12,968,658 shares issued as of December 31, 2025).

Additionally, at December 31, 2024, we have reserved the following common shares for the issuance of outstanding share-based incentive awards:

Additionally, as of December 31, 2025, we have reserved the following common shares for the issuance of outstanding share-based incentive awards:

Class A Class C

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9,675,533 16,073,103

Subject to any preferential rights of any outstanding class of our preference shares, the holders of our common shares are entitled to dividends as may be declared from time to time by our board of directors from funds available therefore.

Except with respect to share distributions, whenever a dividend is paid in cash to the holder of one class of our common shares, we shall also pay to the holders of the other classes of our common shares an equal per share dividend.

Except with respect to share distributions, whenever a dividend is paid in cash to the holder of one class of our common shares, we will also pay to the holders of the other classes of our common shares an equal per share dividend.

There are currently no contractual restrictions on our ability to pay dividends in cash or shares.

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Share Repurchase Programs

Our board of directors has approved various share repurchase programs for our Liberty Global common shares.

Under our repurchase programs, we may acquire from time to time our Class A common shares, Class C common shares or any combination of Class A and Class C common shares.

Our board of directors may, from time to time, approve various share repurchase programs for our Liberty Global common shares, pursuant to which we may acquire our Class A common shares, Class C common shares or any combination of Class A and Class C common shares.

Our repurchase programs may be effected through open market transactions and/or privately negotiated transactions, which may include derivative transactions.

The timing of the repurchase of shares pursuant to these programs will depend on a variety of factors, including market conditions and applicable law, and these programs may be implemented in conjunction with brokers for the company and other financial institutions with whom the company has relationships within certain preset parameters and purchases may continue during closed periods in accordance with applicable restrictions.

The timing of the repurchase of shares pursuant to these programs depends on a variety of factors, including market conditions and applicable law, and these programs may be implemented in conjunction with brokers for the company and other financial institutions with whom the company has relationships within certain preset parameters, and purchases may continue during closed periods in accordance with applicable restrictions.

Our share repurchase programs may be suspended or discontinued at any time.

Our board of directors has approved a new share repurchase program pursuant to which we are authorized to repurchase up to 10% of our outstanding shares as of December 31, 2024.

As such, we are authorized to repurchase approximately 34.9 million of our Class A and/or Class C common shares during 2025.

Based on the respective closing share prices on December 31, 2024, this would equate to total share repurchases during 2025 of approximately $ 450.0 million.

However, the actual U.S.

dollar amount of our share repurchases during 2025 will be determined by the actual transaction date share prices and could differ significantly from this amount.

Our board of directors previously approved a share repurchase program authorizing the repurchase of up to 10 % of our outstanding shares as of December 31, 2024, which authorized repurchases during 2025.

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.

LIBERTY GLOBAL LTD.

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Our share of these distributions is eliminated in consolidation and the noncontrolling interest owners’ share of these distributions is reflected as a charge against noncontrolling interests in our consolidated statements of equity.

In this regard, Telenet, prior to the Telenet Takeover Bid, paid aggregate dividends to its shareholders during 2023 and 2022 of € 108.6 million and € 149.0 million, respectively.

Our share of these dividends was € 66.3 million ($ 73.2 million at the applicable rate) and € 91.2 million ($ 96.2 million at the applicable rate), respectively.

In this regard, Telenet, prior to the Telenet Takeover Bid, paid aggregate dividends of € 108.6 million to its shareholders during 2023, of which our share was € 66.3 million ($ 73.2 million at the applicable rate).

Restricted Net Assets

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2025 2024 2023

Liberty Global (a):

Non-performance based incentive awards (b) $ 113.9 $ 137.7 $ 116.3

Performance based incentive awards (c) 18.6 6.9 6.6

Liberty Global (a)(b):

Non-performance based incentive awards (c) $ 83.5 $ 113.9 $ 137.7

Performance based incentive awards 46.9 18.6 6.9

Other (d) 35.0 29.7 26.9

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_______________

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

(a) In November 2024, in connection with the Sunrise Distribution and the Spin-off, the compensation committee of our board of directors approved modifications to our outstanding share-based incentive awards (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) In accordance with the terms of the Telenet Takeover Bid, we issued Liberty Global share-based incentive awards ( 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.

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For further information regarding the Telenet Takeover Bid, see note 14.

(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, as defined and described below, expired seven years after the grant date).

(c) 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, as defined and described below, expired seven years after the grant date).

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

(c) Includes share-based compensation expense related to (i) for 2024, the 2024 PSUs, as defined and described below, (ii) for 2024 and 2023, certain Telenet Replacement Awards, as defined and described below and (iii) for 2022, our 2019 Challenge Performance 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.

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 as defined and described below.

LIBERTY GLOBAL LTD.

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December 31, 2025, 2024 and 2023

(d) 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 Liberty Growth Incentive Plans as defined and described below.

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

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Options $ 4.29 $ 6.57 $ 7.18

$ 5.06 $ 5.85 $ 7.50

(a) $ 5.06 $ 5.85

RSUs - prior to the Sunrise Distribution

$ 17.39 $ 18.59 $ 25.51

(b) $ 17.39 $ 18.59

RSUs - subsequent to the Sunrise Distribution

$ 12.95 (a) (a)

$ 11.75 $ 12.95 (b)

$ 12.34 $ 25.16 $ 16.60

Total intrinsic value of awards exercised (in millions):

Options (c) (c) $ 0.5

Options (c) (c) (c)

$ 3.0 $ 23.0 $ 4.6

Cash received from exercise of options (in millions) $ — $ — $ 1.2

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_______________

(a) Not applicable.

(b) There were no grants of PSUs made during the indicated period.

(a) There were no grants of SARs made during the indicated period.

(b) Not applicable.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

Share Incentive Plans — Liberty Global Common Shares

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Generally, we may grant options, SARs, RSUs, performance awards or cash awards or any combination of the foregoing under this incentive plan (collectively, “ awards ”).

The maximum number of Liberty Global shares with respect to which awards may be issued under the Liberty Global 2023 Incentive Plan is 43,284,342 which represents the number of common shares available for grant under the previous “ Liberty Global 2014 Incentive Plan ” and the “ Liberty Global 2014 Nonemployee Director Incentive Plan ” (collectively, the 2014 Incentive

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

Plans ) immediately prior to the 2023 Annual General Meeting of Shareholders of Liberty Global plc, plus any common shares subject to outstanding awards under the 2014 Incentive Plans that become available for issuance under the Liberty Global 2023 Incentive Plan pursuant to its terms.

The maximum number of Liberty Global shares with respect to which awards may be issued under the Liberty Global 2023 Incentive Plan is 72,448,191 (as adjusted for the Spin-off), which represents the number of common shares available for grant under the previous “ Liberty Global 2014 Incentive Plan ” and the “ Liberty Global 2014 Nonemployee Director Incentive Plan ” (collectively, the 2014 Incentive Plans ) immediately prior to the 2023 Annual General Meeting of Shareholders of Liberty Global plc, plus any common shares subject to outstanding awards under the 2014 Incentive Plans that become available for issuance under the Liberty Global 2023 Incentive Plan pursuant to its terms.

The maximum number of common shares reserved for issuance under the Liberty Global 2023 Incentive Plan is also subject to anti-dilution and other adjustment provisions of the Liberty Global 2023 Incentive Plan.

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No further awards will be granted under the 2014 Incentive Plans.

As of December 31, 2024, the Liberty Global 2023 Incentive Plan had 38,692,888 common shares available for grant, but, consistent with the terms and intent of the Liberty Global 2023 Incentive Plan, we expect the compensation committee of our board of directors to upwardly adjust the number of shares available for grant as a result of the Spin-off.

As of December 31, 2025, the Liberty Global 2023 Incentive Plan had 62,996,261 common shares available for grant.

Awards (other than performance based awards) under the Liberty Global 2023 Incentive Plan and the Liberty Global 2014 Incentive Plan generally (i) vest annually over a three-year period and (ii) expire 10 years after the grant date.

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Generally, (i) awards issued under the CEO PSP 2021, CEO PSP 2022 and CEO PSP 2023 are subject to certain performance metrics and vest at the end of a three-year period, (ii) awards issued under the Dividend Plan 2023 vest immediately, (iii) awards issued under the RSP 2022 and RSP 2023 vest 40 % after year one and 60 % after year two and are subject to a two-year holding restriction, (iv) awards issued under the PSP 2020 are subject to certain performance metrics, vest immediately and are subject to a two-year holding restriction, (v) awards issued under the PSP 2021 and PSP 2023 are subject to certain performance metrics and vest at the end of a three-year period and (vi) awards issued under the PSP 2022 were issued as RSUs, vest 40 % after year one and 60 % after year two and are subject to a two-year holding restriction.

Ventures Incentive Plans

Annually, beginning in April 2021, the compensation committee of our board of directors has approved grants under the “ Ventures Incentive Plans ”.

The Ventures Incentive Plans are provided to executive officers and other key employees based on the performance of the Liberty Global Ventures Portfolio (the “ Portfolio ”), or a specific portion of the Portfolio in the instance of the “ Tech Ventures Incentive Plan .” A fair value assessment is performed for the Portfolio as of December 31st by an independent third-party valuation specialist and the Portfolio performance is measured by assessing the fair value of the Portfolio over a three-year period beginning on December 31st of the year preceding each annual grant.

Payout will be denominated in cash and will be assessed at the end of each three-year period using eligible participants’ initial contributions, which are between 10 % and 50 % of their annual target equity value ( 10 % and 100 % for the 2021 Ventures Incentive Plan) and the contributed amount is in lieu of their normal annual equity grant.

The compensation committee has the discretion to settle the final payout amount in (i) cash or (ii) Liberty Global Class A and Class C common shares based on the change in the Portfolio’s value.

Subject to forfeitures, 100 % of each participant’s payout will vest on or around March of the year subsequent to the conclusion of the three-year performance period.

In order to receive the payout, participants are required to remain employed through the final vesting date.

Awards under the Ventures Incentive Plans are liability classified due to the fact that the final payout under these plans will be denominated in cash and may be settled in a variable number of shares.

The estimated fair value of the final payouts under our Ventures Incentive Plans as of December 31, 2024 are shown below:

Liberty Growth Incentive Plans

Annually, beginning in April 2021, the compensation committee of our board of directors has approved grants under the “ Liberty Growth Incentive Plans ” (formerly “Ventures Incentive Plans”).

The Liberty Growth Incentive Plans are provided to executive officers and other key employees based on the performance of the Liberty Growth Portfolio (the “ Portfolio ”), or a specific portion of the Portfolio in the instance of the “ Tech Liberty Growth Incentive Plan ” (formerly “Tech Ventures Incentive Plan”).

A fair value assessment is performed for the Portfolio as of December 31st by an independent third-party valuation specialist and the Portfolio performance is measured by assessing the fair value of the Portfolio over a three-year period beginning on December 31st of the year preceding each annual grant.

Payout will be denominated in cash and will be assessed at the end of each three-year period using eligible participants’ initial contributions, which are between 10 % and 50 %

LIBERTY GLOBAL LTD.

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December 31, 2025, 2024 and 2023

of their annual target equity value ( 10 % and 100 % for the 2021 Liberty Growth Incentive Plan) and the contributed amount is in lieu of their normal annual equity grant.

The compensation committee has the discretion to settle the final payout amount in (i) cash or (ii) Liberty Global Class A and Class C common shares based on the change in the Portfolio’s value.

Subject to forfeitures, 100 % of each participant’s payout will vest on or around March of the year subsequent to the conclusion of the three-year performance period.

In order to receive the payout, participants are required to remain employed through the final vesting date.

Awards under the Liberty Growth Incentive Plans are liability classified due to the fact that the final payout under these plans will be denominated in cash and may be settled in a variable number of shares.

The estimated fair value of the final payouts under our Liberty Growth Incentive Plans as of December 31, 2025 are shown below:

Performance period Vesting date Estimated fair value of final payout

2022 Ventures Incentive Plan

12/31/2021 - 12/31/2024 March 15, 2025 $ 8.8

2023 Ventures Incentive Plan 12/31/2022 - 12/31/2025 March 15, 2026 10.9

2023 Tech Ventures Incentive Plan 12/31/2022 - 12/31/2025 March 15, 2026 0.6

2024 Ventures Incentive Plan 12/31/2023 - 12/31/2026 March 15, 2027 13.5

2024 Tech Ventures Incentive Plan 12/31/2023 - 12/31/2026 March 15, 2027 0.7

The 2021 Ventures Incentive Plan vested on March 15, 2024.

2023 Liberty Growth Incentive Plan 12/31/2022 - 12/31/2025 March 15, 2026 10.8

2023 Tech Liberty Growth Incentive Plan 12/31/2022 - 12/31/2025 March 15, 2026 0.5

2024 Liberty Growth Incentive Plan 12/31/2023 - 12/31/2026 March 15, 2027 13.2

2024 Tech Liberty Growth Incentive Plan 12/31/2023 - 12/31/2026 March 15, 2027 0.6

2025 Liberty Growth Incentive Plan 12/31/2024 - 12/31/2027 March 15, 2028 12.3

2025 Tech Liberty Growth Incentive Plan 12/31/2024 - 12/31/2027 March 15, 2028 1.0

The 2022 Liberty Growth Incentive Plan vested on March 15, 2025.

Participants earned 87.6 % of their targeted payout which was settled in 371,261 shares of Liberty Global Class A and 371,261 Class C common shares.

The 2021 Liberty Growth Incentive Plan vested on March 15, 2024.

Participants earned 108.5 % of their targeted payout which was settled in 442,221 shares of Liberty Global Class A and 442,221 Class C common shares.

Performance Awards

The following is a summary of the material terms and conditions with respect to our performance based awards for certain executive officers and key employees.

In March 2025, the compensation committee of our board of directors approved the grant of PSUs to executive officers and certain employees (the 2025 PSUs ).

The performance metric for the 2025 PSUs is the appreciation of Liberty Global’s average share price during the performance period commencing March 21, 2025 and ending December 31, 2027.

The payout is determined based on the achievement of certain share price levels, as adjusted by the committee for (i) corporate transactions, including acquisitions, dispositions, spin-offs and mergers, and (ii) force majeure type events such as natural disasters, acts of war or terrorism or other unanticipated events impacting the business that are outside of our control.

Share price appreciation of 0 % to 80 % will generally result in award recipients earning 0 % to 200 % of their target 2025 PSUs.

In addition, 50 % of the 2025 PSUs award payout may be “banked” if Liberty Global’s average share price exceeds specific target levels ranging from 30 % to 50 % during the performance period, subject to a cap of 75 % of the target 2025 PSUs.

The earned 2025 PSUs will fully vest on February 15, 2028.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

In May 2024, the compensation committee of our board of directors approved the grant of PSUs to executive officers and other key employees (the 2024 PSUs ).

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The 2024 PSUs have a maximum payout of 100 % should the TSR be negative.

In addition, 50 % of the 2024 PSUs will be earned if Liberty Global’s rTSR is equal to or greater than the median TSR for the comparator group of companies as of December 31, 2025.

In February 2026, the compensation committee of our board of directors determined that 50 % of the 2024 PSUs were earned as Liberty Global’s rTSR was equal to or greater than the median TSR for the comparator group of companies as of December 31, 2025.

This resulted in 731,307 Liberty Global Class A and 1,044,574 Liberty Global Class C PSUs being “banked” out of 1,462,613 Liberty Global Class A and 2,089,147 Liberty Global Class C outstanding PSUs.

The value of these banked 2024 PSUs is $ 8.0 million and $ 11.2 million for Liberty Global Class A and Liberty Global Class C PSUs, respectively, at a weighted average grant price of $ 10.89 and $ 10.75 , respectively.

The earned 2024 PSUs will fully vest on or around February 15, 2027.

2019 Challenge Performance Awards

In March 2019, the compensation committee of our board of directors approved a challenge performance award for executive officers and certain employees (the 2019 Challenge Performance Awards ), which consists of a combination of PSARs and PSUs, in each case divided on a 1:2 ratio based on Liberty Global Class A common shares and Liberty Global Class C common shares.

Each PSU represents the right to receive one Liberty Global Class A common share or one Liberty Global Class C common share, as applicable.

The performance criteria for the 2019 Challenge Performance Awards is based on the participant’s performance and achievement of individual goals during the three-year period ended December 31, 2021.

Subject to forfeitures, the satisfaction of performance conditions and certain other terms, 100 % of each participant’s 2019 Challenge Performance Awards were earned and vested on March 7, 2022.

The PSARs have a term of ten years and base prices equal to the respective market closing prices of the applicable class on the grant date.

Sunrise Distribution

In connection with the Spin-off, the compensation committee of our board of directors approved modifications to our outstanding shared-based incentive awards (the Award Modifications ), in accordance with the underlying share-based incentive plans.

As a result of the modifications, no incremental compensation expense was recognized as existing anti-dilution provisions of the plans required the compensation committee to adjust the terms of the outstanding awards to preserve the value

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

of outstanding equity awards before and after the Sunrise Distribution.

Due to declines in the prices of our Liberty Global Class A and Class C common shares following the Sunrise Distribution, an adjustment factor was applied to our outstanding options, SARs, PSARs, PSUs and certain of our RSUs to increase the number of awards outstanding and, in regards to our outstanding options, SARs and PSARs, decrease the strike or base price.

This adjustment factor utilized the volume-weighted average price of the respective shares for one day prior to and one day following the Sunrise Distribution.

The impacts of the Award Modifications and the Spin-off are separately presented in the below tables.

Share-based Award Activity — Liberty Global Common Shares

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Forfeited ( 164,255 ) 21.73

Outstanding at November 12, 2024 669,729 26.37

Impact of the Award Modifications

490,267 ( 11.14 )

Outstanding at December 31, 2025

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Forfeited ( 325,404 ) 20.90

Outstanding at November 12, 2024 3,033,011 23.36

Impact of the Award Modifications

2,170,974 ( 9.74 )

Outstanding at December 31, 2025

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34,684,640 $ 14.15

Granted 4,132,571 16.77

Forfeited ( 2,158,325 ) 21.15

Exercised ( 749,640 ) 9.77

Outstanding at November 12, 2024 21,725,076 24.39

Impact of the Award Modifications

15,902,599 ( 10.31 )

Impact of the Spin-off

( 1,960,848 ) 14.27

Outstanding at November 13, 2024 35,666,827 14.07

Forfeited ( 298,434 ) 15.46

Exercised ( 683,753 ) 9.65

Outstanding at December 31, 2025

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75,630,289 $ 14.40

Granted 5,463,215 17.52

Forfeited ( 4,036,375 ) 21.43

Exercised ( 868,049 ) 9.93

Outstanding at November 12, 2024 47,911,429 24.50

Impact of the Award Modifications

34,292,631 ( 10.22 )

Impact of the Spin-off

( 3,851,973 ) 14.45

Outstanding at November 13, 2024 78,352,087 14.27

Forfeited ( 491,590 ) 15.83

Exercised ( 2,230,208 ) 9.69

Outstanding at December 31, 2025

2 unchanged sentences

62,474,003 $ 14.51 4.2 $ 16.5

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

PSARs — Class A common shares

7 unchanged sentences

Forfeited ( 117,260 ) 15.00

Outstanding at November 12, 2024 3,044,431 25.97

Impact of the Award Modifications

2,228,565 ( 10.97 )

Impact of the Spin-off

( 202,425 ) 15.00

Outstanding at November 13, 2024 5,070,571 15.00

Forfeited ( 101,526 ) 15.00

Outstanding at December 31, 2025

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Forfeited ( 231,033 ) 14.70

Outstanding at November 12, 2024 5,985,806 25.22

Impact of the Award Modifications

4,284,380 ( 10.52 )

Impact of the Spin-off

( 394,363 ) 14.70

Outstanding at November 13, 2024 9,875,823 14.70

Forfeited ( 201,150 ) 14.70

Outstanding at December 31, 2025

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Forfeited ( 336,273 ) 10.64

Released from restrictions ( 2,265,981 ) 19.24

Outstanding at November 12, 2024 2,659,709 17.78

Impact of the Award Modifications

45,983 ( 8.36 )

Impact of the Spin-off

( 137,882 ) 10.54

Outstanding at November 13, 2024 2,567,810 9.36

Granted 1,888 12.76

Forfeited ( 11,314 ) 9.14

Released from restrictions ( 5,349 ) 10.71

Exercised ( 2,330,104 ) 10.54

Outstanding at December 31, 2025

6 unchanged sentences

Forfeited ( 361,871 ) 11.06

Released from restrictions ( 3,605,574 ) 20.55

Outstanding at November 12, 2024

4,471,717 18.91

Impact of the Award Modifications

44,960 ( 8.83 )

Impact of the Spin-off

( 268,157 ) 11.06

Outstanding at November 13, 2024 4,248,520 10.02

Granted 1,888 13.14

Forfeited ( 14,430 ) 9.79

Released from restrictions ( 6,706 ) 11.16

Exercised ( 3,233,272 ) 10.90

Outstanding at December 31, 2025

4,114,284 $ 10.97 1.0

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

PSUs — Class A common shares

6 unchanged sentences

Released from restrictions ( 110,973 ) 9.11

Outstanding at November 12, 2024 1,137,481 16.52

Impact of the Award Modifications

832,530 ( 7.77 )

Outstanding at November 13, 2024 1,970,011 8.76

Forfeited ( 6,187 ) 8.71

Outstanding at December 31, 2025

4,823,748 $ 12.72 1.7

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2025, 2024 and 2023

PSUs — Class C common shares

6 unchanged sentences

Released from restrictions ( 202,815 ) 9.94

Outstanding at November 12, 2024 1,732,716 17.37

Impact of the Award Modifications

1,240,067 ( 8.11 )

Outstanding at November 13, 2024 2,972,783 9.26

Forfeited ( 7,725 ) 9.22

Outstanding at December 31, 2025

6,629,463 $ 12.93 1.7

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

Share-based Award Activity — Liberty Global Common Shares held by former Liberty Global employees

The following tables summarize the share-based awards held by former employees of Liberty Global subsequent to certain split-off or disposal transactions.

The following tables summarize the share-based awards held by former employees of Liberty Global subsequent to certain spin-off or disposal transactions, or as otherwise permitted under applicable Liberty Global equity plan documents.

Any future exercises of SARs or PSARs, or vesting of RSUs and PSUs, will increase the number of our outstanding common shares.

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Balance at January 1, 2023

Other comprehensive loss ( 3,259.2 ) ( 119.6 ) ( 3,378.8 ) 2.2 ( 3,376.6 )

Balance at December 31, 2022 620.8 ( 107.4 ) 513.4 1.2 514.6

$ 620.8 $ ( 107.4 ) $ 513.4 $ 1.2 $ 514.6

Other comprehensive earnings 1,778.4 ( 121.5 ) 1,656.9 ( 0.8 ) 1,656.1

Balance at December 31, 2023

2,399.2 ( 228.9 ) 2,170.3 0.4 2,170.7

Other comprehensive loss ( 2,507.9 ) ( 41.7 ) ( 2,549.6 ) — ( 2,549.6 )

2 unchanged sentences

Balance at December 31, 2024

( 445.7 ) ( 211.3 ) ( 657.0 ) 0.4 ( 656.6 )

Other comprehensive earnings 4,571.8 0.8 4,572.6 — 4,572.6

Balance at December 31, 2025

$ 4,126.1 $ ( 210.5 ) $ 3,915.6 $ 0.4 $ 3,916.0

LIBERTY GLOBAL LTD.

8 unchanged sentences

Pension-related adjustments and other 2.4 ( 1.6 ) 0.8

Other comprehensive earnings attributable to Liberty Global shareholders

$ 4,582.4 $ ( 9.8 ) $ 4,572.6

Year ended December 31, 2024:

Foreign currency translation adjustments $ ( 2,567.3 ) $ 4.1 $ ( 2,563.2 )

Pension-related adjustments and other ( 51.1 ) ( 1.0 ) ( 52.1 )

Other comprehensive loss from continuing operations ( 2,618.4 ) 3.1 ( 2,615.3 )

11 unchanged sentences

$ 1,643.0 $ 13.9 $ 1,656.9

Year ended December 31, 2022:

Foreign currency translation adjustments $ ( 3,101.9 ) $ 1.3 $ ( 3,100.6 )

Pension-related adjustments and other ( 125.2 ) ( 2.3 ) ( 127.5 )

Other comprehensive loss from continuing operations ( 3,227.1 ) ( 1.0 ) ( 3,228.1 )

Other comprehensive loss from discontinued operations (b) ( 146.7 ) ( 1.8 ) ( 148.5 )

Other comprehensive loss ( 3,373.8 ) ( 2.8 ) ( 3,376.6 )

Other comprehensive earnings attributable to noncontrolling interests (a) ( 2.9 ) 0.7 ( 2.2 )

Other comprehensive loss attributable to Liberty Global shareholders

_______________

(a) Amounts represent the noncontrolling interest owners’ share of our pension-related adjustments.

(b) For additional information regarding the reclassification of foreign currency translation adjustments included in net earnings, see note 6.

LIBERTY GLOBAL LTD.

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(18) Commitments and Contingencies

In the normal course of business, we enter into agreements that commit our company to make cash payments in future periods with respect to purchases of CPE and other equipment and services, network and connectivity commitments, programming contracts and other items.

In the normal course of business, we enter into agreements that commit our company to make cash payments in future periods with respect to purchases of equipment and services, network and connectivity commitments, programming contracts and other items.

The following table sets forth the U.S.

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$ 1,031.5 $ 731.2 $ 670.8 $ 201.1 $ 112.4 $ 21.4 $ 2,768.4

Purchase commitments include unconditional and legally binding obligations related to (i) certain service-related commitments, including software development, information technology, maintenance and call center services and (ii) the purchase of CPE.

Network and connectivity commitments include certain equipment and service-related commitments at Telenet.

Purchase commitments include unconditional and legally binding obligations related to certain service-related commitments, including software development, information technology, and maintenance and call center services.

Network and connectivity commitments include certain equipment and service-related commitments.

Programming commitments consist of obligations associated with certain of our programming, studio output and sports rights contracts that are enforceable and legally binding on us as we have agreed to pay minimum fees without regard to (i) the actual number of subscribers to the programming services, (ii) whether we terminate service to a portion of our subscribers or dispose of a portion of our distribution systems or (iii) whether we discontinue our premium sports services.

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In this regard, our total programming and copyright costs aggregated $ 562.1 million, $ 555.8 million and $ 566.2 million during 2025, 2024 and 2023, respectively.

Other commitments include (i) our share of the funding commitment associated with the nexfibre JV and (ii) race management commitments associated with Formula E.

Other commitments include (i) race management commitments associated with Formula E and (ii) our share of the funding commitment associated with the nexfibre JV.

In addition to the commitments set forth in the table above, we have significant commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods.

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The case was referred to the Court of Appeal of Brussels and is currently pending with this Court which will need to make a new decision on the matter within the boundaries of the annulment by the Belgian Supreme Court.

It is likely that it will take the Court of Appeal of Brussels several years to decide on the matter.

No assurance can be given as to the outcome of these or other proceedings.

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Broadband internet, video distribution, fixed-line telephony, mobile and content businesses are regulated in each of the countries in which we or our affiliates operate.

The scope of regulation varies from country to country, although in some significant respects regulation in European markets is harmonized under the regulatory structure of the E.U.

The scope of regulation varies from country to country, although in some significant respects regulation in European markets is harmonized under the regulatory structure of the E.U., and largely similar rules apply in the U.K.

Adverse regulatory developments could subject our businesses to a number of risks.

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(19) Segment Reporting

Our CEO, whom we have determined to be our Chief Operating Decision Maker ( CODM ), views our business as 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), each as further discussed below.

Our chief executive officer, whom we have determined to be our Chief Operating Decision Maker ( CODM ), views our business as three strategic platforms, “Liberty Telecom” (our converged broadband, video and mobile communications businesses), “Liberty Growth” (our global investment arm comprised of various technology, media, sports, infrastructure and other growth assets) and “Liberty Services” (our innovative technology, operational and financial services platforms offered by our centralized functions), each as further discussed below.

Performance of our business is assessed and resources are allocated by our CODM on a segment basis.

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Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV are included in our “Liberty Telecom” strategic platform and derive their revenue primarily from residential and B2B communications services, including broadband internet, video, fixed-line telephony and mobile services.

Our previously defined “ Central and Other ” reportable segment has been reorganized into various other operating segments, which are not separately or in the aggregate identified as reportable segments.

During the fourth quarter of 2024, our previously defined “ Central and Other ” reportable segment was reorganized into various other operating segments, which are not separately or in the aggregate identified as reportable segments.

Prior periods have been revised in accordance with this reorganization.

2 unchanged sentences

December 31, 2025, 2024 and 2023

The “Liberty Growth” strategic platform, included in the “all other category”, comprises certain investments in technology, media/content, sports and digital infrastructure companies that we view as scalable businesses, which derive their revenue from providing various goods, services and content to customers ( Liberty Growth ).

The “Liberty Services” strategic platform, included in the “all other category”, primarily includes our technology and services operating segments that generate revenue through sales of CPE to our reportable segments and certain third parties, and providing certain centralized back office functions, including network operations and technology solutions ( Liberty Services ).

The “Liberty Growth” strategic platform, included in the “all other category,” comprises certain investments in technology, media, sports and infrastructure companies that we view as scalable businesses, which derive their revenue from providing various goods, services and content to customers ( Liberty Growth ).

The “Liberty Services” strategic platform, included in the “all other category,” primarily includes our technology and services operating segments that generate revenue through (i) sales of CPE to our reportable segments and certain third parties and (ii) providing certain centralized back office functions, including network operations and technology solutions ( Liberty Services ).

We also have certain corporate activities that are included in the “all other category,” which include (i) revenue associated with certain finance and administrative services provided to various third parties and affiliates pursuant to service agreements and (ii) costs associated with certain centralized functions including billing systems, marketing, facilities, finance and other administrative functions.

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The amounts presented in the tables below represent 100 % of each of our consolidated and nonconsolidated reportable segment’s revenue, expenses and Adjusted EBITDA, 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 in the operating results of Telenet prior to the Telenet Takeover Bid, 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.

LIBERTY GLOBAL LTD.

5 unchanged sentences

VM Ireland 494.8 — 494.8

VMO2 JV (nonconsolidated JV)

VMO2 JV (nonconsolidated)

13,335.2 — 13,335.2

VodafoneZiggo JV (nonconsolidated JV)

VodafoneZiggo JV (nonconsolidated)

4,518.5 — 4,518.5

7 unchanged sentences

VM Ireland 487.9 3.5 491.4

VMO2 JV (nonconsolidated JV)

VMO2 JV (nonconsolidated)

13,649.7 — 13,649.7

VodafoneZiggo JV (nonconsolidated JV)

VodafoneZiggo JV (nonconsolidated)

4,450.5 — 4,450.5

7 unchanged sentences

VM Ireland 502.3 3.8 506.1

VMO2 JV (nonconsolidated JV)

VMO2 JV (nonconsolidated)

13,574.1 — 13,574.1

VodafoneZiggo JV (nonconsolidated JV)

VodafoneZiggo JV (nonconsolidated)

4,450.5 — 4,450.5

4 unchanged sentences

Total consolidated revenue $ 4,115.8

_____________

(a) Amounts include revenue from (i) third parties and affiliates of $ 174.9 million, $ 142.3 million and $ 203.7 million, respectively, (ii) services agreements with our nonconsolidated JV reportable segments, as further described in note 7, of $ 594.9 million, $ 382.0 million and $ 515.1 million, respectively, and (iii) our consolidated reportable segments of $ 243.8 million, $ 251.9 million and $ 242.1 million.

(b) Primarily reflects the elimination of (i) the revenue recognized related to the Tech Framework and (ii) transactions between our continuing and discontinued operations.

LIBERTY GLOBAL LTD.

1 unchanged sentence

December 31, 2025, 2024 and 2023

_____________

(a) Amounts include revenue from:

Year ended December 31,

2025 2024 2023

Services agreements with our nonconsolidated JV reportable segments (as further described in note 7)

$ 591.1 $ 594.9 $ 382.0

Third parties and affiliates 584.9 174.9 142.3

Consolidated reportable segments 165.3 243.8 251.9

Total $ 1,341.3 $ 1,013.6 $ 776.2

(b) Primarily reflects the elimination of (i) the revenue recognized related to the Tech Framework and (ii) for 2024 and 2023, transactions between our continuing and discontinued operations.

The expense categories and amounts presented below align with the segment-level information that is regularly provided to the CODM.

15 unchanged sentences

VM Ireland 180.3 178.3 181.4

VMO2 JV (nonconsolidated JV)

VMO2 JV (nonconsolidated)

4,662.8 4,503.4 4,531.3

VodafoneZiggo JV (nonconsolidated JV)

VodafoneZiggo JV (nonconsolidated)

1,977.7 2,033.9 1,972.5

16 unchanged sentences

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

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

Operating loss ( 23.3 ) ( 60.1 ) ( 313.8 )

Interest expense ( 497.5 ) ( 574.7 ) ( 505.0 )

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

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

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

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

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

Losses on debt extinguishment, net ( 20.1 ) — ( 1.4 )

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

2 unchanged sentences

Gain associated with the Telenet Wyre Transaction

Gain on Telenet Tower Sale

Other income, net 96.0 201.8 212.8

2 unchanged sentences

(a) Amounts include development costs related to our internally-developed software subsequent to our decision in May 2023 to externally market such software.

(b) Amounts relate to (i) the Adjusted EBITDA impact related to the Tech Framework and (ii) transactions between our continuing and discontinued operations.

(b) Amounts relate to (i) the Adjusted EBITDA impact related to the Tech Framework and (ii) for 2024 and 2023, transactions between our continuing and discontinued operations.

LIBERTY GLOBAL LTD.

8 unchanged sentences

VM Ireland 216.3 173.4 176.7

VMO2 JV (nonconsolidated)

2,622.0 2,661.3 2,478.9

VodafoneZiggo JV

VodafoneZiggo JV (nonconsolidated)

987.5 928.9 989.8

52 unchanged sentences

December 31, 2025, 2024 and 2023

(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.

Geographic Segments

17 unchanged sentences

Ireland 887.7 696.2

Slovakia 51.2 57.3

Other (a) 322.6 296.8

Slovakia (a) — 51.2

Other (b) 327.1 322.6

Consolidated intercompany eliminations ( 78.1 ) ( 55.8 )

5 unchanged sentences

_______________

(a) Primarily relates to (i) certain long-lived assets associated with our corporate activities located in the Netherlands, the U.K.

and (ii) certain other operations at Telenet, primarily in the U.S.

and Luxembourg.

LIBERTY GLOBAL LTD.

Notes to Consolidated Financial Statements — (Continued)

December 31, 2024, 2023 and 2022

(20) Quarterly Financial Information (Unaudited)

in millions, except per share amounts

As previously reported $ 1,945.1 $ 1,873.7 $ 1,935.2 $ 1,123.2

Effect of discontinued operations (note 6)

( 853.8 ) ( 815.8 ) ( 865.7 ) —

As adjusted $ 1,091.3 $ 1,057.9 $ 1,069.5 $ 1,123.2

Operating income (loss):

As previously reported $ 22.6 $ 19.1 $ 101.3 $ ( 48.2 )

Effect of discontinued operations (note 6)

( 34.9 ) ( 52.1 ) ( 67.9 ) —

As adjusted $ ( 12.3 ) $ ( 33.0 ) $ 33.4 $ ( 48.2 )

Earnings (loss) from continuing operations:

As previously reported $ 527.0 $ 275.2 $ ( 1,410.9 ) $ 2,334.2

Effect of discontinued operations (note 6)

107.5 48.9 ( 12.8 ) —

As adjusted $ 634.5 $ 324.1 $ ( 1,423.7 ) $ 2,334.2

Earnings (loss) from continuing operations attributable to Liberty Global shareholders:

As previously reported $ 510.0 $ 268.1 $ ( 1,434.1 ) $ 2,323.6

Effect of discontinued operations (note 6)

107.5 48.9 ( 12.8 ) —

As adjusted $ 617.5 $ 317.0 $ ( 1,446.9 ) $ 2,323.6

Net earnings (loss) $ 527.0 $ 275.2 $ ( 1,410.9 ) $ 2,254.6

Net earnings (loss) attributable to Liberty Global shareholders

$ 510.0 $ 268.1 $ ( 1,434.1 ) $ 2,244.0

Basic earnings (loss) attributable to Liberty Global shareholders per share (note 3):

Continuing operations $ 1.63 $ 0.85 $ ( 3.99 ) $ 6.54

Discontinued operations ( 0.28 ) ( 0.13 ) 0.04 ( 0.22 )

$ 1.35 $ 0.72 $ ( 3.95 ) $ 6.32

Diluted earnings (loss) attributable to Liberty Global shareholders per share (note 3):

Continuing operations $ 1.60 $ 0.84 $ ( 3.99 ) $ 6.33

Discontinued operations ( 0.28 ) ( 0.13 ) 0.04 ( 0.22 )

$ 1.32 $ 0.71 $ ( 3.95 ) $ 6.11

(a) As of December 31, 2025, the long-lived assets associated with UPC Slovakia are classified as held for sale and included in other current assets, net, on our consolidated balance sheet.

For additional information regarding the pending sale of UPC Slovakia, see note 6.

(b) Primarily relates to (i) certain long-lived assets associated with our corporate activities located in the Netherlands, the U.K.

and (ii) certain other operations at Telenet, primarily in Luxembourg.

LIBERTY GLOBAL LTD.

1 unchanged sentence

December 31, 2025, 2024 and 2023

in millions, except per share amounts

As previously reported $ 1,868.4 $ 1,848.0 $ 1,854.5 $ 1,920.5

Effect of discontinued operations (note 6)

( 806.2 ) ( 815.7 ) ( 857.1 ) ( 896.6 )

As adjusted $ 1,062.2 $ 1,032.3 $ 997.4 $ 1,023.9

Operating income (loss):

As previously reported $ 37.4 $ ( 49.2 ) $ ( 27.4 ) $ ( 205.3 )

Effect of discontinued operations (note 6)

( 19.1 ) ( 17.6 ) ( 65.4 ) 32.8

As adjusted $ 18.3 $ ( 66.8 ) $ ( 92.8 ) $ ( 172.5 )

Earnings (loss) from continuing operations:

As previously reported $ ( 713.5 ) $ ( 511.3 ) $ 822.7 $ ( 3,471.7 )

Effect of discontinued operations (note 6)

36.2 33.3 37.1 108.1

As adjusted $ ( 677.3 ) $ ( 478.0 ) $ 859.8 $ ( 3,363.6 )

Earnings (loss) from continuing operations attributable to Liberty Global shareholders:

As previously reported $ ( 721.4 ) $ ( 499.6 ) $ 659.2 $ ( 3,489.9 )

Effect of discontinued operations (note 6)

36.2 33.3 37.1 108.1

As adjusted $ ( 685.2 ) $ ( 466.3 ) $ 696.3 $ ( 3,381.8 )

Net earnings (loss) $ ( 713.5 ) $ ( 511.3 ) $ 822.7 $ ( 3,471.7 )

Net earnings (loss) attributable to Liberty Global shareholders

$ ( 721.4 ) $ ( 499.6 ) $ 659.2 $ ( 3,489.9 )

Basic earnings (loss) attributable to Liberty Global shareholders per share (note 3):

Continuing operations $ ( 1.51 ) $ ( 1.05 ) $ 1.67 $ ( 8.64 )

Discontinued operations ( 0.08 ) ( 0.08 ) ( 0.09 ) ( 0.28 )

$ ( 1.59 ) $ ( 1.13 ) $ 1.58 $ ( 8.92 )

Diluted earnings (loss) attributable to Liberty Global shareholders per share (note 3):

Continuing operations $ ( 1.51 ) $ ( 1.05 ) $ 1.66 $ ( 8.64 )

Discontinued operations ( 0.08 ) ( 0.08 ) ( 0.09 ) ( 0.28 )

$ ( 1.59 ) $ ( 1.13 ) $ 1.57 $ ( 8.92 )

(20) Subsequent Event

On February 18, 2026, we entered into a Sale and Purchase Agreement with Vodafone to acquire its 50 % interest in the VodafoneZiggo JV for consideration of (i) € 1.0 billion ($ 1.2 billion) in cash and (ii) a 10 % equity interest in a new Benelux holding company, which will hold Liberty Global’s interests in VodafoneZiggo and Telenet (excluding the assets associated with the Wyre infrastructure business).

This transaction is expected to close in the second half of 2026, subject to regulatory approvals.

The capitalized terms used in Part III of this Annual Report on Form 10-K are defined in the notes to our consolidated financial statements.

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(2) In addition to the option, SAR and PSAR information included in this table, there are outstanding RSU and PSU awards under the various incentive plans with respect to an aggregate of 7,976,721 and 10,840,139, Liberty Global Class A and Liberty Global Class C common shares, respectively.

(3) The Liberty Global 2023 Incentive Plan permits grants of, or with respect to, Liberty Global Class A, Class B, or Class C common shares subject to a single aggregate limit of 43,284,342 shares, subject to anti-dilution adjustments.

As of December 31, 2024, an aggregate of 38,692,888 common shares were available for issuance pursuant to the incentive plan but, consistent with the terms and intent of the Liberty Global 2023 Incentive Plan, we expect the compensation

committee of our board of directors to upwardly adjust the number of shares available for grant as a result of the Spin-off.

(3) The Liberty Global 2023 Incentive Plan permits grants of, or with respect to, Liberty Global Class A, Class B, or Class C common shares subject to a single aggregate limit of 72,448,191 shares (as adjusted for the Spin-off), subject to anti-dilution adjustments.

As of December 31, 2025, an aggregate of 62,996,261 common shares were available for issuance pursuant to the incentive plan.

For further information, see note 15 to our consolidated financial statements.

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2 -- Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession:

2.1 Sale and Purchase Agreement, dated as of September 22, 2021, by and among Liberty Global plc , UPC Poland Holding B.V., P4 sp.z o.o.

and Iliad S.A.

(incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed September 23, 2021 (File No.

001-35961)).***

2.1 Master Separation Agreement, dated as of September 9, 2024, by and between Liberty Global Ltd.

2 unchanged sentences

3.1 Bye-Laws of Liberty Global Ltd., adopted on November 23, 2023 (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed November 24, 2023 (File No.

3.2 Memorandum of Association of Liberty Global Ltd., dated July 27, 2022*

3.3 Certificate of Deposit of Memorandum of Increase of Share Capital of Liberty Global Ltd., dated as of December 12, 2023*

4 -- Instruments Defining the Rights of Securities Holders, including Indentures:

8 unchanged sentences

as the Borrower, Telenet Financing USD LLC as a Guarantor, The Bank of Nova Scotia as Facility Agent and KBC Bank NV as Security Agent (incorporated by reference to Exhibit 4.6 to the December 2017 8-K/A).

4.5 Telenet Supplemental Agreement (Credit Agreement) dated November 16, 2018 between among others, Telenet BVBA as the company, The Bank of Nova Scotia as facility agent and KBC Bank NV as security agent (incorporated by reference to Exhibit 4.1 to the November 2018 8-K ).

4.5 Additional Facility AR Accession Agreement dated January 24, 2020 and entered into between, among others, Telenet Financing USD LLC as the Borrower, Telenet BVBA as a Guarantor and The Bank of Nova Scotia as the Facility Agent (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed January 30, 2020 (File No.

2 unchanged sentences

as the Borrower, Telenet BVBA as a Guarantor and The Bank of Nova Scotia as the Facility Agent (incorporated by reference to Exhibit 4.2 to the January 30, 2020 8-K).

4.8 Supplemental Agreement dated April 6, 2020 between, among others, Telenet BV as company, The Bank of Nova Scotia as facility agent and KBC Bank NV as security agent and attached as a schedule thereto, a copy of the Amended and Restated Credit Agreement dated April 6, 2020, between, among others, Telenet BV as original borrower and The Bank of Nova Scotia as facility agent and KBC Bank NV as security agent (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed April 10, 2020 (File No.

4.9 Supplemental Agreement dated June 30, 2023 between, among others, Telenet BV as company, The Bank of Nova Scotia as facility agent and KBC Bank NV as security agent and attached as a schedule thereto, a copy of the Amended and Restated Credit Agreement dated June 30, 2023, between, among others, Telenet BV as original borrower and The Bank of Nova Scotia as facility agent and KBC Bank NV as security agent.

(Incorporated by reference to Exhibit 4.1 to the Registrant's Current report on Form 8-K filed July 6, 2023 (File No.

4.7 Supplemental Agreement dated June 30, 2025, between, among others, Telenet BV as company and The Bank of Nova Scotia as facility agent and attached as a schedule thereto, a copy of the Amended and Restated Credit Agreement dated June 30, 2025, between, among others, Telenet BV as original borrower and The Bank of Nova Scotia as facility agent and KBC Bank NV as security agent (incorporated by reference to Exhibit 4.1 to the Registrant's Quarterly Report on Form 10-Q filed August 1, 2025 (File No.

The Registrant undertakes to furnish to the Securities and Exchange Commission, upon request, a copy of all instruments with respect to long-term debt not filed herewith.

22 unchanged sentences

10.18+ Form of Restricted Share Units Agreement (4-year vesting) under the Liberty Global 2023 Incentive Plan (incorporated by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed July 24, 2023 (File No.

10.19+ Form of Non-Qualified Share Option Agreement under the Liberty Global 2023 Incentive Plan (incorporated by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q filed July 24, 2023 (File No.

10.20+ Form of Non-Executive Director Restricted Share Units Agreement under the Liberty Global 2023 Incentive Plan (incorporated by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q filed July 24, 2023 (File No.

10.19+ Form of Non-Qualified Share Option Agreement under the Liberty Global 2023 Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed August 1, 2025 (File No.

10.20+ Form of Non-Executive Director Restricted Share Units Agreement under the Liberty Global 2023 Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q filed August 1, 2025 (File No.

10.21+ Form of Performance Share Units Agreement under the Liberty Global 2023 Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed July 25, 2024 (File No.

10.22+ Form of 2025 Restricted Share Units Agreement under the Liberty Global 2023 Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed May 2, 2025 (File No.

10.23+ Form of 2025 Restricted Share Units Agreement (SHIP) under the Liberty Global 2023 Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q filed May 2, 2025 (File No.

10.24+ Form of 2025 Performance Share Units Agreement under the Liberty Global 2023 Incentive Plan (incorporated by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q filed May 2, 2025 (File No.

Employment Agreements

3 unchanged sentences

and Enrique Rodriguez (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed August 8, 2018 (File No.

10.25+ Amended and Restated Employment Agreement dated as of April 30, 2019, by and among the Liberty Global Holdings Limited (f/k/a Liberty Global plc), Liberty Global Inc.

10.25+ Second Amended and Restated Employment Agreement dated as of April 7, 2025, by and among Liberty Global Holdings Ltd., Liberty Global, Inc.

and Michael T.

Fries (incorporated by reference to Exhibit 10.9 to the Registrant’s Quarterly Report on Form 10-Q filed August 8, 2019 (File No.

Fries (incorporated by reference to Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q filed May 2, 2025 (File No.

10.26+ Employment Agreement, dated May 21, 2020, by and between Liberty Global, Inc.

3 unchanged sentences

(incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed January 6, 2017 (File No.

10.28 Shareholders Agreement, dated June 1, 2021, by and among Liberty Global Ltd.

(f/k/a Liberty Global plc), Liberty Global Europe 2 Limited, Liberty Global Holdco Limited, Telefonica, S.A.

and Telefonica O2 Holdings Limited (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed June 4, 2021 (File No.

10.28 Amended and Restated Shareholders' Agreement, dated August 1, 2025, by and among Liberty Global Holdings Limited, Liberty Global Europe 2 Limited, Liberty Global Holdco Limited, Telefonica, S.A.

and Telefonica O2 Holdings Limited (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed October 30, 2025 (File No.

Other Agreements and Policies

24 unchanged sentences

** Furnished herewith

*** Schedules and similar attachments to the agreement have been omitted pursuant to Item 601(a)(5) of Regulation S‑K.

The Registrant hereby undertakes to furnish supplemental copies of any of the omitted schedules and similar attachments upon request by the United States Securities and Exchange Commission

+ This document has been identified as a management contract or compensatory plan or arrangement.

6 unchanged sentences

Signature Title Date

MALONE Chairman of the Board February 18, 2025

/s/ MICHAEL T.

FRIES President, Chief Executive Officer and Director February 18, 2025

FRIES Chief Executive Officer and Chairman of the Board February 18, 2026

/s/ ANDREW J.

22 unchanged sentences

Balance at beginning

of period Additions to costs and expenses Deductions or write-offs Foreign currency translation adjustments Balance

of period Additions to costs and expenses Disposition Deductions or write-offs Foreign currency translation adjustments Balance

at end of period

5 unchanged sentences

Balance at beginning

of period Additions to

expenses Foreign currency translation adjustments Balance

of period Adjustments to costs and expenses Foreign currency translation adjustments Balance

Year ended December 31:

3 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 9A. Controls and Procedures