in millions, except % amounts<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n Revenue<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nTelenet\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n759.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n762.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(0.4\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nVM Ireland\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n115.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n123.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(5.9\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(2.9\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nConsolidated Liberty Telecom\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n875.5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n885.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(1.1\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nLiberty Growth\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n96.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n14.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n575.5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(32.8\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nLiberty Services & Corporate\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n234.5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n255.5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(8.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(11.3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nConsolidated intercompany eliminations\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(35.4\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(64.1\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nN.M.\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nN.M.\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nTotal consolidated\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,171.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,091.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n7.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(5.3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n Nonconsolidated 50% owned Liberty Telecom:<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nVMO2 JV\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n3,126.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n3,282.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(4.8\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(4.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nVodafoneZiggo JV\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,052.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,114.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(5.6\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(2.6\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n Earnings (loss) from continuing operations<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nLiberty Global Consolidated\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(1,323.3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n634.5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(308.6\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nLiberty Growth\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(13.3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(4.7\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(183.0\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nLiberty Services & Corporate\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(1,406.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n717.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(296.1\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nTelenet\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n301.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n308.4\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(2.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n0.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nVM Ireland\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n37.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n40.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(7.0\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(4.1\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nConsolidated Liberty Telecom\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n338.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n348.4\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(2.8\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nLiberty Growth\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8.4\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(0.4\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,200.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(36.3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nLiberty Services & Corporate\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(12.6\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(30.3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n58.4\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n44.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nConsolidated intercompany eliminations\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(10.0\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(34.7\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nN.M.\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nN.M.\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nTotal consolidated\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n324.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n283.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n14.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n Nonconsolidated 50% owned Liberty Telecom:<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nVMO2 JV\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,073.4\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,073.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n0.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nVodafoneZiggo JV\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n463.1\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n519.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(10.8\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(8.0\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n Subscriber Variance Table \u2014 March 31, 2025 vs. December 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n Fixed-Line Customer<\/b><\/p>\n Relationships<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Broadband<\/b><\/p>\n Subscribers<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Total<\/b><\/p>\n RGUs<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Postpaid Mobile<\/b><\/p>\n Subscribers<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Consolidated Reportable Segments:<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTelenet\n<\/p>\n<\/td>\n | \n \n(11,800\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(2,100\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(43,900\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(3,700\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nVM Ireland\n<\/p>\n<\/td>\n | \n \n(2,000\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(1,000\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(11,500\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n900\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Consolidated Reportable Segments<\/b><\/p>\n<\/td>\n | \n \n(13,800\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(3,100\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(55,400\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(2,800\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Nonconsolidated Reportable Segments:<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nVMO2 JV\n<\/p>\n<\/td>\n | \n \n(46,000\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(44,000\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(286,500\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(122,800\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nVodafoneZiggo JV\n<\/p>\n<\/td>\n | \n \n(40,500\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(31,000\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(135,900\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n29,100\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n VMO2<\/b><\/p>\n VMO2 delivers growth in guided revenue and Adjusted EBITDA metrics and reaffirms all 2025 guidance<\/b><\/p>\n VMO2\u2019s first quarter results saw a return to growth in both revenue and Adj. EBITDA on a guidance basis, representing a sequential improvement versus Q4. Despite a highly competitive environment, VMO2 continues to drive more value across the fixed base, maintaining ARPU growth. In mobile, the planned acquisition of spectrum from the VOD\/3 merger will further strengthen VMO2\u2019s network position, alongside customer and digital initiatives to improve commercial momentum.<\/b><\/p>\n Highlights for Q1<\/span><\/b><\/p>\n\n- Fixed strategy update:<\/b> Announcing pause of NetCo stake sale process to align with JV partner’s strategic review; also adjusting nexfibre\u2019s build ambition to 2.5 million cumulative premises (currently at 2.2 million) by year-end 2025, retaining capital discipline in an increasingly irrational altnet environment and remaining opportunistic around M&A\n<\/li>\n
- Fibre UP:<\/b> Progressing with the upgrade of existing network to fiber, with a combined fiber footprint now at 6.8 million6<\/sup> premises and launched trials of giffgaff broadband to increase reach and leverage VMO2’s wholesale capabilities\n<\/li>\n
- On track to acquire spectrum: <\/b>Plan to acquire spectrum licenses from VOD\/3 merger remains on track and will strengthen VMO2’s network position considerably\n<\/li>\n<\/ul>\n
Q1 Financial Highlights (in U.S. GAAP, as reported by Liberty Global)<\/span><\/b>7<\/sup><\/p>\n\n- \nRevenue of $3,126.3 million, -4.8% YoY on a reported basis and -4.2% on a rebased8<\/sup> basis<\/p>\n
\n- \nPrimarily driven by the net effect of (i) lower construction revenue from nexfibre and (ii) lower handset sales, partially offset by (a) higher fixed ARPU and (b) an increase in mobile service revenue, with each revenue category as defined and reported by the VMO2 JV\n<\/li>\n<\/ul>\n<\/li>\n
- \nAdjusted EBITDA9<\/sup> of $1,073.4 million, flat YoY on a reported basis and +0.6% on a rebased basis<\/p>\n
\n- \nPrimarily driven by cost efficiencies, partially offset by a decrease in the nexfibre construction impact to Adjusted EBITDA\n<\/li>\n<\/ul>\n<\/li>\n
- \nProperty and equipment additions of $594.2 million, -13.4% YoY on a reported basis and -12.8% on a rebased basis\n<\/li>\n
- \nAdjusted EBITDA less P&E additions9<\/sup> of $479.2 million, +23.6% YoY on a reported basis and +24.3% on a rebased basis\n<\/li>\n
- \nCash flows from operating activities of -$81.0 million, cash flows from investing activities of -$692.0 million, and cash flows from financing activities of -$773.0 million\n<\/li>\n<\/ul>\n
Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)<\/span><\/b>10<\/sup><\/p>\n\n- \nRevenue of \u00a32,480.1 million, -4.2% YoY on a reported and rebased basis\n<\/li>\n
- \nRevenue excluding handsets and the impact of nexfibre construction of \u00a32,111.5 million, +0.4% YoY on a reported and rebased basis\n<\/li>\n
- \nAdjusted EBITDA of \u00a3914.1 million, -1.3% YoY on a reported and rebased basis<\/p>\n
\n- \nQ1 2025 included the benefit of \u00a362.6 million of U.S. GAAP\/IFRS differences, primarily related to (i) the VMO2 JV’s investment in CTIL and (ii) leases\n<\/li>\n<\/ul>\n<\/li>\n
- \nAdjusted EBITDA excluding the impact of nexfibre construction of \u00a3921.7 million, +0.8% YoY on a reported and rebased basis\n<\/li>\n
- \nThe drivers of these IFRS changes are largely consistent with those under U.S. GAAP as detailed above\n<\/li>\n<\/ul>\n
Q1 Operating Highlights<\/span><\/b><\/p>\n\n- \nBroadband net losses of 44,000, primarily driven by elevated churn following a high level of market discounting during Q1\n<\/li>\n
- \nPostpaid net losses of 122,800, primarily driven by lower value B2B customer disconnections, while consumer performance improved compared to Q1 2024\n<\/li>\n
- \nFixed ARPU maintained positive growth supported by value focus and improved retention, with a 1.6% YoY increase in Q1 ahead of price rise implementation in Q2\n<\/li>\n<\/ul>\n
2025 VMO2 guidance (in IFRS)<\/span><\/b>(i)<\/sup><\/p>\n\n- \nWe are confirming11<\/sup>:<\/p>\n
\n- \nGrowth in revenue excluding handsets and the impact of nexfibre construction\n<\/li>\n
- \nGrowth in Adjusted EBITDA excluding the impact of nexfibre construction\n<\/li>\n
- \nP&E additions of \u00a32.0 to \u00a32.2 billion\n<\/li>\n
- \nAdjusted FCF and cash distributions to shareholders both in the range of \u00a3350 to \u00a3400 million\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
\n\n| \n \n(i)\n<\/p>\n<\/td>\n | | \n\n \nQuantitative reconciliations to net earnings\/loss (including net earnings\/loss growth rates) and cash flow from operating activities for Adjusted EBITDA, Adjusted EBITDAaL and Adjusted FCF guidance for Liberty Global and each of its OpCos cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including: the components of non-operating income\/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings\/loss from continuing operations, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly from period to period.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n VodafoneZiggo<\/b><\/p>\n VodafoneZiggo launches new strategic plan and revises 2025 guidance<\/b><\/p>\n VodafoneZiggo\u2019s first quarter results were heavily impacted by the intensely competitive environment, particularly in the fixed market. During the quarter, we launched new front book propositions which are the first part of a wider strategic plan to regain commercial momentum. While the new strategic plan and market environment will impact VodafoneZiggo\u2019s 2025 guidance, notably driving a steeper than expected Adj. EBITDA decline, it will position the company for growth and future-proof the network through an accelerated DOCSIS 4.0 upgrade plan.<\/b><\/p>\n Highlights for Q1<\/span><\/b><\/p>\n\n- Customer experience:<\/b> Launched a new fixed front book portfolio with a focus on reliable connectivity through Wifi Guarantee, a first in the Dutch market\n<\/li>\n
- Strategy evolution under new CEO:<\/b> VodafoneZiggo continues to implement the new strategy with a focus on regaining commercial momentum and creating a leaner and more agile organization\n<\/li>\n
- Guidance update:<\/b> To support the key investments needed to drive long-term commercial momentum, VodafoneZiggo is revising 2025 guidance as outlined below\n<\/li>\n<\/ul>\n
Q1 Financial Highlights (in U.S. GAAP)<\/span><\/b><\/p>\n\n- \nRevenue of $1,052.0 million, -5.6% YoY on a reported basis and -2.6% on a rebased basis<\/p>\n
\n- \nPrimarily driven by (i) a decline in the consumer fixed base, (ii) lower handset sales and (iii) lower B2B mobile revenue, partially offset by (a) price indexation, (b) strong growth in Ziggo Sport Totaal revenue and (c) continued growth in B2B fixed revenue\n<\/li>\n<\/ul>\n<\/li>\n
- \nAdjusted EBITDA of $463.1 million, -10.8% YoY on a reported basis and -8.0% on a rebased basis<\/p>\n
\n- \nPrimarily driven by (i) the aforementioned decrease in revenue, (ii) higher programming costs related to the UEFA broadcast and (iii) higher labor costs related to the collective labor agreement, partially offset by (a) cost control measures in areas such as customer service, IT and procurement and (b) lower energy costs\n<\/li>\n<\/ul>\n<\/li>\n
- \nCash flows from operating activities of $192.3 million, cash flows from investing activities of -$142.4 million and cash flows from financing activities of -$667.2 million\n<\/li>\n<\/ul>\n
Q1 Financial Highlights (in U.S. GAAP) in local currency<\/span><\/b><\/p>\n\n- \nRevenue of \u20ac999.1 million,-2.6% YoY on both a reported and rebased basis\n<\/li>\n
- \nAdjusted EBITDA of \u20ac439.7 million,-8.0% on both a reported and rebased basis\n<\/li>\n<\/ul>\n
Q1 Operating Highlights<\/span><\/b><\/p>\n\n- \nBroadband net losses of 31,000, primarily driven by continued promotional intensity, despite early signs of improvement in churn following the migration of existing customers to the new front book\n<\/li>\n
- \nPostpaid net adds of 29,100, primarily driven by growth in B2B\n<\/li>\n
- \nFixed ARPU increased 1.5% YoY, supported by the prior year’s price adjustment\n<\/li>\n
- \nImplemented an increase in download speeds across the existing broadband portfolio in March\n<\/li>\n<\/ul>\n
2025 VodafoneZiggo guidance (in U.S. GAAP)<\/span><\/b><\/p>\n\n- \nWe are confirming:<\/p>\n
\n- \nP&E Additions to sales: 20-22%\n<\/li>\n<\/ul>\n<\/li>\n
- \nWe are updating:<\/p>\n
\n- \nLow-single digit decline in revenue growth (updated from broadly stable)\n<\/li>\n
- \nMid to high-single digit decline in Adjusted EBITDA growth (updated from low-single digit decline)\n<\/li>\n
- \nAdjusted FCFof \u20ac200-\u20ac250 million (updated from around \u20ac300 million)12<\/sup><\/li>\n
- \nCash distributions to shareholders of \u20ac200-\u20ac250 million (updated from around \u20ac300 million)\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
Telenet<\/b><\/p>\n Telenet delivered strong fixed ARPU and revenue growth, on track to deliver full-year guidance<\/b><\/p>\n Telenet\u2019s first quarter results demonstrated resilience in the face of a competitive environment, with growth in revenue and Adj. EBITDAaL. Telenet continues to leverage the BASE brand to drive growth in the South of Belgium and BASE’s status as a challenger brand means it is well positioned to defend in the mobile-only segment. Elsewhere, Wyre continues to advance the FTTH build while also making progress with Proximus and Belgian regulators on the FTTH-sharing agreement announced last year.<\/b><\/p>\n Highlights for Q1<\/span><\/b><\/p>\n\n- Competitive environment: <\/b>An intensely competitive environment in Belgium remains, resulting in pressure on the Telenet brand with BASE partly compensating\n<\/li>\n
- Price adjustment: <\/b>Announced a price adjustment of ~3% on the Telenet brand which took effect from April\n<\/li>\n
- FTTH: <\/b>Wyre is on track to build an additional 375,000 FTTH homes passed by year-end 2025 and continued to make progress with Proximus and regulators regarding FTTH-sharing agreement\n<\/li>\n<\/ul>\n
Q1 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)<\/span><\/b><\/p>\n\n- \nRevenue of $759.7 million, -0.4% YoY on a reported basis and +2.7% on a rebased basis<\/p>\n
\n- \nPrimarily driven by (i) higher programming revenue and (ii) the benefit of the June 2024 price indexation, partially offset by (a) lower handset revenue and (b) lower interconnect revenue\n<\/li>\n<\/ul>\n<\/li>\n
- \nAdjusted EBITDA of $301.6 million, -2.2% YoY on a reported basis and +0.8% on a rebased basis\n<\/li>\n
- \nAdjusted EBITDAaL of $301.3 million, -2.2% YoY on a reported basis and +0.8% on a rebased basis<\/p>\n
\n- \nPrimarily driven by (i) the increase in revenue, (ii) lower network operating costs and (iii) cost control measures, partially offset by (a) an increase in programming costs, (b) higher staff-related expenses following the mandatory 3.6% wage indexation as of January and (c) increased sales and marketing costs\n<\/li>\n<\/ul>\n<\/li>\n
- \nProperty and equipment additions of $246.7 million, +34.3% YoY on a reported basis and +32.4% on a rebased basis\n<\/li>\n
- \nAdjusted EBITDA less P&E Additions of $54.9 million, -56.0% YoY on a reported basis and -54.1% on a rebased basis\n<\/li>\n
- \nCash flows from operating activities of $185.0 million, cash flows from investing activities of -$198.9 million and cash flows from financing activities of -$21.8 million\n<\/li>\n<\/ul>\n
Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)<\/span><\/b>10<\/sup><\/p>\n\n- \nRevenue of \u20ac721.2 million, +2.7% YoY on both a reported and rebased basis\n<\/li>\n
- \nAdjusted EBITDA of \u20ac323.8 million, +2.8% YoY on both a reported and rebased basis<\/p>\n
\n- \nQ1 2025 included the benefit of \u20ac37.4 million of U.S. GAAP\/IFRS differences, primarily related to (i) sports and film broadcasting rights and (ii) leases\n<\/li>\n<\/ul>\n<\/li>\n
- \nAdjusted EBITDAaL of \u20ac304.0 million, +2.6% YoY on both a reported and rebased basis\n<\/li>\n
- \nThe drivers of these IFRS changes are largely consistent with those under U.S. GAAP as detailed above\n<\/li>\n<\/ul>\n
Q1 Operating Highlights<\/span><\/b><\/p>\n\n- \nBroadband net losses of 2,100, primarily due to continued elevated churn on the Telenet brand, which was only partially offset by growth in BASE\n<\/li>\n
- \nPostpaid net losses of 3,700, primarily due to the intensely competitive market environment following the Digi launch, despite better performance from BASE following portfolio adjustments during Q1\n<\/li>\n
- \nFixed ARPU in Q1 saw continued growth of 2.8% supported by the June 2024 price rise, ahead of a ~3% adjustment which took effect from April\n<\/li>\n<\/ul>\n
2025 Telenet guidance (in IFRS)<\/span><\/b>13<\/sup><\/p>\n\n- \nWe are confirming:<\/p>\n
\n- \nBroadly stable revenue (FY 2024: \u20ac2,851.4 million)\n<\/li>\n
- \nLow to mid-single digit decline in Adjusted EBITDAaL (FY 2024: \u20ac1,279.9 million)\n<\/li>\n
- \nP&E Additions as a percentage of revenue of around 38%\n<\/li>\n
- \nAdjusted FCF between -\u20ac180.0 and -\u20ac150.0 million\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
Virgin Media Ireland<\/b><\/p>\n Virgin Media Ireland continues to drive transformation into full fiber operator<\/b><\/p>\n Virgin Media Ireland\u2019s first quarter results were impacted by the competitive environment in Ireland which remains intense, driving modest revenue and Adj. EBITDA declines. Despite the market dynamics, Virgin Media Ireland continues to make strong progress against its key strategic priorities including FTTH rollout, wholesale penetration and offnet footprint expansion.<\/b><\/p>\n Highlights for Q1<\/span><\/b><\/p>\n\n- Network upgrade: <\/b>Continued to deliver on full fiber upgrade project, with over half of premises upgraded to full fiber at the end of Q1\n<\/li>\n
- Fiber momentum: <\/b>Almost 60k fiber customers on Virgin Media Ireland’s network at the end of Q1, including Wholesale customers\n<\/li>\n<\/ul>\n
Q1 Financial Highlights (in U.S. GAAP)<\/span><\/b><\/p>\n\n- \nRevenue of $115.8 million, -5.9% YoY on a reported basis and -2.9% on a rebased basis<\/p>\n
\n- \nPrimarily driven by (i) lower fixed and mobile revenue resulting from the intense competitive environment and (ii) lower advertising revenues at VMTV, partially offset by continued strong growth in B2B wholesale revenue\n<\/li>\n<\/ul>\n<\/li>\n
- \nAdjusted EBITDA of $37.2 million, -7.0% YoY on a reported basis and -4.1% on a rebased basis<\/p>\n
\n- \nPrimarily due to (i) the aforementioned revenue decline, (ii) the parallel running of IT systems and (iii) higher labor costs following annual salary increase\n<\/li>\n<\/ul>\n<\/li>\n
- \nCash flows from operating activities of $12.2 million, cash flows from investing activities of -$41.2 million, and cash flows from financing activities of $29.1 million\n<\/li>\n<\/ul>\n
Q1 Financial Highlights (in U.S. GAAP) in local currency<\/span><\/b><\/p>\n\n- \nRevenue of \u20ac110.0 million, -2.9% YoY on both a reported and rebased basis\n<\/li>\n
- \nAdjusted EBITDA of \u20ac35.3 million,-4.1% YoY on both a reported and rebased basis\n<\/li>\n<\/ul>\n
Q1 Operating Highlights<\/span><\/b><\/p>\n\n- \nBroadband net losses of 1,000, primarily due to continued competitive intensity in the market\n<\/li>\n
- \nPostpaid net adds of 900, a sequential and YoY improvement, primarily due to reduced churn\n<\/li>\n
- \nOver 1.4 million addressable homes, including offnet footprint\n<\/li>\n<\/ul>\n
Consolidated Leverage & Liquidity<\/b><\/p>\n\n- \nTotal principal amount of debt and finance leases: $9.4 billion\n<\/li>\n
- \nAverage debt tenor14<\/sup>: 3.5 years, with ~32% not due until 2029 or thereafter\n<\/li>\n
- \nBorrowing costs: Blended, fully-swapped cost of debt was 3.7%\n<\/li>\n<\/ul>\n
\nThe following table(i)<\/sup> details the U.S. dollar equivalents of our liquidity15<\/sup> position at March 31, 2025, which includes our (i) cash and cash equivalents, (ii) investments held under SMAs and (iii) unused borrowing capacity:\n<\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n Cash<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Unused<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n and Cash<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Borrowing<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Total<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n Equivalents<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n SMAs(ii)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n Capacity(iii)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n Liquidity<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n in millions<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLiberty Global and unrestricted subsidiaries\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n849.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n77.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n927.7\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTelenet\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,119.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n664.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,784.8\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nVM Ireland\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n12.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n108.1\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n121.0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,982.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n77.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n773.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,833.5\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n_______________\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(i)\n<\/p>\n<\/td>\n | | \n\n \nExcept as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(ii)\n<\/p>\n<\/td>\n | | \n\n \nRepresents our SMA in a leveraged structured note issued by a third-party investment bank.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(iii)\n<\/p>\n<\/td>\n | | \n\n \nOur aggregate unused borrowing capacity of $0.8 billion16<\/sup> represents maximum undrawn commitments under the applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\nThe following table(i)<\/sup> details the March 31, 2025 U.S. dollar equivalents of the (i) outstanding principal amounts of our debt and finance lease obligations, (ii) expected principal-related derivative cash payments or receipts and (iii) swapped principal amounts of our debt and finance lease obligations:\n<\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Finance<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Total Debt<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Principal Related<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Swapped Debt<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Lease<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n & Finance Lease<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Derivative<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n & Finance Lease<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n Debt<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Obligations<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Obligations<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Cash Payments<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Obligations<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n | | | | | | | | | | | | | | | |