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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended	March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to

Commission file number 001-35961

Liberty Global Ltd.

(Exact name of Registrant as specified in its charter)


Bermuda						98-1750381
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda

(Address of Principal Executive Office)

Registrant’s telephone number, including area code: +1.303.220.6600

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Class A common shares	LBTYA	Nasdaq Global Select Market
Class B common shares	LBTYB	Nasdaq Global Select Market
Class C common shares	LBTYK	Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer þ Accelerated Filer ¨ Non-Accelerated Filer ¨

Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨

Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No þ

The number of outstanding common shares of Liberty Global Ltd. as of April 24, 2026 was: 175,460,330 class A common shares, 12,968,658 class B common shares and 149,668,449 class C common shares.

LIBERTY GLOBAL LTD.

TABLE OF CONTENTS


		Page Number
	PART I — FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS
	Condensed Consolidated Balance Sheets as of March 31 , 202 6 and December 31, 202 5 (unaudited)	1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31 , 202 6 and 202 5 (unaudited)	3
	Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three Months Ended March 3 1 , 202 6 and 202 5 (unaudited)	4
	Condensed Consolidated Statements of Equity for the Three Months Ended March 31 , 202 6 and 202 5 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31 , 202 6 and 202 5 (unaudited)	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	9
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	45
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	69
ITEM 4.	CONTROLS AND PROCEDURES	71
	PART II — OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	73
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	73
ITEM 5.	OTHER INFORMATION	73
ITEM 6.	EXHIBITS	74

LIBERTY GLOBAL LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)


	March 31, 2026		December 31, 2025
	in millions
ASSETS
Current assets:
Cash and cash equivalents	$	1,828.3	$	2,081.4
Trade receivables, net (note 3)	523.2		558.2





Other current assets (notes 3, 4, 5 and 6)	762.1		756.8
Total current assets	3,113.6		3,396.4
Investments and related notes receivable (including $1,500.2 million and $1,631.5 million, respectively, measured at fair value on a recurring basis) (note 5)	7,459.4		7,686.1
Property and equipment, net (notes 8 and 10)	5,320.5		5,270.3
Goodwill (note 8)	3,444.5		3,502.8
Intangible assets subject to amortization, net (note 8)	1,303.8		1,349.4




Other assets, net (notes 3, 6 and 10)	1,235.9		1,390.9
Total assets	$	21,877.7	$	22,595.9

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY GLOBAL LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued)

(unaudited)


	March 31, 2026		December 31, 2025
	in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	441.7	$	478.7
Deferred revenue (note 3)	255.9		291.9

Current portion of debt and finance lease obligations (notes 9 and 10)	703.8		764.0
Accrued capital expenditures	197.1		158.0
Accrued income taxes	108.3		218.2


Other accrued and current liabilities (notes 4, 6 and 10)	1,103.0		1,248.3
Total current liabilities	2,809.8		3,159.1
Long-term debt and finance lease obligations (notes 9 and 10)	7,726.8		7,830.9


Long-term operating lease liabilities (note 10)	727.8		739.7
Other long-term liabilities (notes 3 and 6)	878.6		920.4
Total liabilities	12,143.0		12,650.1

Commitments and contingencies (notes 6, 9, 10, 11 and 14)

Equity:
Liberty Global shareholders:
Class A common shares, $0.01 nominal value. Issued and outstanding 175,450,201 and 174,502,063 shares, respectively	1.7		1.7
Class B common shares, $0.01 nominal value. Issued and outstanding 12,968,658 and 12,968,658 shares, respectively	0.1		0.1
Class C common shares, $0.01 nominal value. Issued and outstanding 149,653,085 and 147,333,037 shares, respectively	1.5		1.5
Additional paid-in capital	776.7		712.4
Accumulated earnings	5,442.3		5,104.5
Accumulated other comprehensive earnings, net of taxes	3,282.0		3,915.6
Treasury shares, at cost	(0.1)		(0.1)
Total Liberty Global shareholders	9,504.2		9,735.7
Noncontrolling interests	230.5		210.1
Total equity	9,734.7		9,945.8
Total liabilities and equity	$	21,877.7	$	22,595.9

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY GLOBAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	Three months ended March 31,
		2026		2025
		in millions, except per share amounts

Revenue (notes 3, 5 and 15)		$	1,274.6	$	1,171.2
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services (note 10)		426.6		403.4
Other operating (notes 10 and 12)		220.0		191.2
Selling, general and administrative (SG&A) (notes 10 and 12)		298.6		285.4
Depreciation and amortization		264.8		232.2
Impairment, restructuring and other operating items, net (note 10)		40.8		(1.7)
		1,250.8		1,110.5
Operating income		23.8		60.7
Non-operating income (expense):
Interest expense		(113.7)		(127.5)
Realized and unrealized gains (losses) on derivative instruments, net (note 6)		132.2		(164.7)
Foreign currency transaction gains (losses), net		430.2		(1,081.0)
Realized and unrealized gains due to changes in fair values of certain investments, net (notes 5 and 7)		57.8		55.8

Share of results of affiliates, net (note 5)		(21.7)		(148.0)





Other income, net		25.0		11.4
		509.8		(1,454.0)
Earnings (loss) before income taxes		533.6		(1,393.3)
Income tax benefit (expense) (note 11)		(175.4)		70.0





Net earnings (loss)		358.2		(1,323.3)
Net earnings attributable to noncontrolling interests		(20.4)		(14.0)
Net earnings (loss) attributable to Liberty Global shareholders		$	337.8	$	(1,337.3)

Basic earnings (loss) attributable to Liberty Global shareholders per share (note 13)		$	1.01	$	(3.84)



Diluted earnings (loss) attributable to Liberty Global shareholders per share (note 13)		$	0.96	$	(3.84)

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY GLOBAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

(unaudited)


	Three months ended March 31,
		2026		2025
		in millions

Net earnings (loss)		$	358.2	$	(1,323.3)
Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments		(635.4)		1,627.0
Reclassification adjustment included in net earnings (loss)		0.3		—
Pension-related adjustments and other		1.5		(5.1)


Other comprehensive earnings (loss)		(633.6)		1,621.9
Comprehensive earnings (loss)		(275.4)		298.6
Comprehensive loss attributable to noncontrolling interests		(20.4)		(14.0)
Comprehensive earnings (loss) attributable to Liberty Global Shareholders		$	(295.8)	$	284.6

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY GLOBAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)


	Liberty Global shareholders																Non-controlling interests		Total equity
	Common shares						Additional paid-in capital		Accumulated earnings		Accumulated other comprehensive earnings (loss), net of taxes		Treasury shares, at cost		Total Liberty Global shareholders
	Class A		Class B		Class C
	in millions

Balance at January 1, 2025	$	1.7	$	0.1	$	1.6	$	777.0	$	12,242.6	$	(657.0)	$	(0.1)	$	12,365.9	$	178.4	$	12,544.3
Net loss	—		—		—		—		(1,337.3)		—		—		(1,337.3)		14.0		(1,323.3)
Other comprehensive earnings, net of taxes	—		—		—		—		—		1,621.9		—		1,621.9		—		1,621.9
Repurchases and cancellations of Liberty Global common shares	—		—		—		(38.8)		—		—		—		(38.8)		—		(38.8)
Share-based compensation (note 12)	—		—		—		26.6		—		—		—		26.6		—		26.6

Adjustments due to changes in subsidiaries’ equity and other, net	—		—		—		10.5		—		—		—		10.5		0.1		10.6
Balance at March 31, 2025	$	1.7	$	0.1	$	1.6	$	775.3	$	10,905.3	$	964.9	$	(0.1)	$	12,648.8	$	192.5	$	12,841.3

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY GLOBAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY — (Continued)

(unaudited)


	Liberty Global shareholders																Non-controlling interests		Total equity
	Common shares						Additional paid-in capital		Accumulated earnings		Accumulated other comprehensive earnings, net of taxes		Treasury shares, at cost		Total Liberty Global shareholders
	Class A		Class B		Class C
	in millions

Balance at January 1, 2026	$	1.7	$	0.1	$	1.5	$	712.4	$	5,104.5	$	3,915.6	$	(0.1)	$	9,735.7	$	210.1	$	9,945.8
Net earnings	—		—		—		—		337.8		—		—		337.8		20.4		358.2
Other comprehensive loss, net of taxes	—		—		—		—		—		(633.6)		—		(633.6)		—		(633.6)

Share-based compensation (note 12)	—		—		—		32.3		—		—		—		32.3		—		32.3

Adjustments due to changes in subsidiaries’ equity and other, net	—		—		—		32.0		—		—		—		32.0		—		32.0
Balance at March 31, 2026	$	1.7	$	0.1	$	1.5	$	776.7	$	5,442.3	$	3,282.0	$	(0.1)	$	9,504.2	$	230.5	$	9,734.7

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY GLOBAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Three months ended March 31,
	2026		2025
	in millions

Cash flows from operating activities:
Net earnings (loss)	$	358.2	$	(1,323.3)


Adjustments to reconcile earnings (loss) to net cash provided by operating activities:
Share-based compensation expense	37.1		33.4
Depreciation and amortization	264.8		232.2
Impairment, restructuring and other operating items, net	40.8		(1.7)
Amortization of deferred financing costs and non-cash interest	6.0		15.7
Realized and unrealized losses (gains) on derivative instruments, net	(132.2)		164.7
Foreign currency transaction losses (gains), net	(430.2)		1,081.0
Realized and unrealized gains due to changes in fair values of certain investments, net	(57.8)		(55.8)

Share of results of affiliates, net	21.7		148.0
Deferred income tax expense (benefit)	8.4		(97.8)





Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions	(9.2)		(67.2)






Net cash provided by operating activities	107.6		129.2

Cash flows from investing activities:
Capital expenditures, net	(397.6)		(243.3)
Cash received from the sale of investments	233.3		700.4
Cash paid for investments	(60.9)		(407.0)





Other investing activities, net	2.2		2.4


Net cash provided (used) by investing activities	$	(223.0)	$	52.5

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY GLOBAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)

(unaudited)


	Three months ended March 31,
	2026		2025
	in millions

Cash flows from financing activities:
Borrowings of debt	$	50.2	$	555.2
Operating-related vendor financing additions	68.4		71.2
Repayments and repurchases of debt and finance lease obligations:
Debt (excluding vendor financing)	(126.1)		(550.2)
Principal payments on operating-related vendor financing	(88.0)		(86.4)
Principal payments on capital-related vendor financing	(7.9)		(10.0)
Principal payments on finance leases	(1.8)		(1.9)

Repurchases of Liberty Global common shares	—		(37.9)




Other financing activities, net	(8.8)		(6.2)


Net cash used by financing activities	(114.0)		(66.2)

Effect of exchange rate changes on cash and cash equivalents and restricted cash	(23.8)		50.8




Net increase (decrease) in cash and cash equivalents and restricted cash	(253.2)		166.3




Cash and cash equivalents and restricted cash:
Beginning of period	2,087.1		1,822.3
Net increase (decrease)	(253.2)		166.3
End of period	$	1,833.9	$	1,988.6

Cash paid for interest	$	135.3	$	137.2



Net cash paid for taxes	$	104.5	$	73.4




Details of end of period cash and cash equivalents and restricted cash:
Cash and cash equivalents	$	1,828.3	$	1,982.6
Restricted cash included in other current assets and other assets, net	5.6		6.0



Total cash and cash equivalents and restricted cash	$	1,833.9	$	1,988.6

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements

March 31, 2026

(unaudited)

(1) Basis of Presentation

Liberty Global Ltd. (Liberty Global) is a Bermuda exempted company limited by shares. In these notes, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global or collectively to Liberty Global and its subsidiaries. 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 infrastructure, content and technology industries. We also provide innovative technology solutions and finance services.

We 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 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 communications services in the Netherlands.

We also have controlling interests in Wyre Holding BV (Wyre), an independent infrastructure company in Belgium, and Formula E Holdings Ltd. (Formula E), a global electric motor racing series.

Through April 30, 2026, we provided residential and business telecommunications services in Slovakia through UPC Slovakia (as defined in note 4). Effective with the signing of the share purchase agreement on December 18, 2025, 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 condensed consolidated balance sheets. Consistent with the applicable guidance, we have not reflected similar reclassifications in our condensed consolidated statements of operations or cash flows. For additional information, see note 4.

Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or Securities and Exchange Commission rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our 2025 consolidated financial statements and notes thereto included in our 2025 Annual Report on Form 10-K, as amended (our 2025 10-K).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, certain components of revenue, programming and copyright costs, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, lease terms, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates.

Unless otherwise indicated, ownership percentages and convenience translations into United States (U.S.) dollars are calculated as of March 31, 2026.

Certain prior-period amounts have been reclassified to conform to the current period presentation, including the separate segment presentation of Telenet and Wyre, as described in note 15.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

(2) Accounting Changes and Recent Accounting Pronouncements

Accounting Changes

ASU 2025-05

In July 2025, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (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. We adopted ASU 2025-05 on January 1, 2026 and are applying the practical expedient, noting no significant impact to our credit loss provisions.

ASU 2023-09

In December 2023, the FASB issued 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. For additional information concerning our income taxes, see note 11.

ASU 2023-05

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.

Recent Accounting Pronouncements

ASU 2025-06

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.

ASU 2025-03

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

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

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.

ASU 2024-03

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (DISE) (ASU 2024-03), which requires disclosure of certain categories of expenses such as the purchase of inventory, employee compensation, depreciation and intangible asset amortization that are components of existing expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 should be applied prospectively, however, retrospective application is permitted. We are currently evaluating the impact of ASU 2024-03 on our disclosures.

(3) Revenue Recognition and Related Costs

Contract Balances

The timing of our recognition of revenue may differ from the timing of invoicing our customers. We record a trade receivable when we have transferred goods or services to a customer but have not yet received payment. Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $31.2 million and $31.3 million at March 31, 2026 and December 31, 2025, respectively.

If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period and accrued revenue for handset sales. Our contract assets were $11.8 million and $11.4 million as of March 31, 2026 and December 31, 2025, respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets.

We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $269.4 million and $305.9 million as of March 31, 2026 and December 31, 2025, respectively. The decrease in deferred revenue for the three months ended March 31, 2026 is primarily due to the net effect of (a) the recognition of $216.1 million of revenue that was included in our deferred revenue balance at December 31, 2025 and (b) the impact of additions during the period. The long-term portions of our deferred revenue balances are included within other long-term liabilities on our condensed consolidated balance sheets.

Unsatisfied Performance Obligations

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 March 31, 2026 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 $2.0 billion and is expected to be recognized over the respective remaining contractual terms.

(4) Acquisitions and Dispositions

Pending Acquisition

On February 18, 2026, Liberty Global 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.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

At closing, the existing shareholders’ agreement governing the VodafoneZiggo JV will be terminated and replaced with a new shareholders’ agreement, and certain existing agreements, including service agreements, between VodafoneZiggo, Vodafone and Liberty Global will continue as amended in connection with the closing of the transaction. The transaction is expected to close in the second half of 2026, subject to regulatory approvals.

Disposition

On April 30, 2026, we completed the sale of our operations in Slovakia (UPC Slovakia) to O2 Slovakia s.r.o., an affiliate of e& PPF Telecom Group B.V. After considering debt and working capital adjustments, we received net cash proceeds of €94.8 million ($111.2 million at the transaction date). In our segment presentation, UPC Slovakia is included in our “all other category.”

In connection with the sale of UPC Slovakia, 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, however, we do not expect these charges to be material. 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 share purchase agreement on December 18, 2025, we began accounting for UPC Slovakia as held for sale. Accordingly, we ceased to depreciate or amortize the long-lived assets of UPC Slovakia. However, we have not presented UPC Slovakia as a discontinued operation as this transaction did not represent a strategic shift that will have a major effect on our financial results or operations. The carrying amounts of UPC Slovakia’s held-for-sale assets and liabilities, which are included in other current assets and other accrued and current liabilities, respectively, on our condensed consolidated balance sheets, are summarized below:


	March 31, 2026		December 31, 2025
	in millions

Total assets	$	122.7	$	122.5
Total liabilities	$	15.6	$	18.2

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

(5) Investments

The details of our investments are set forth below:


Accounting Method	March 31, 2026		December 31, 2025		Ownership (a)
	in millions				%
Equity (b):
Long-term:
VMO2 JV	$	3,677.2	$	3,756.7	50.0
VodafoneZiggo JV (c)	1,701.8		1,738.6		50.0
AE Group Sàrl (AtlasEdge JV) (d)	376.1		388.4		48.8
Nexfibre Networks Limited (nexfibre JV) (e)	92.5		88.3		25.0
Other	111.6		82.6
Total — equity	5,959.2		6,054.6
Fair value:
Short-term:
Separately-managed accounts (SMAs) (f)	46.3		76.2
Long-term:
EdgeConneX, Inc. (EdgeConneX) (g)	513.3		528.3		3.3
Televisa Univision, Inc. (Televisa Univision)	299.5		299.5		6.5
ITV plc (ITV) (h)	93.4		208.4		2.5
CANAL+ Polska S.A (CANAL+ Polska).	79.0		81.8		17.0

Lionsgate Studios Corp. (Lionsgate)	67.4		64.2		2.4
Plume Design, Inc. (Plume) (i)	62.9		64.1		10.3
Aviatrix Systems, Inc. (Aviatrix)	23.4		25.2		4.3

Other	361.3		360.0
Total — fair value	1,546.5		1,707.7
Total investments (j)	$	7,505.7	$	7,762.3
Short-term investments	$	46.3	$	76.2
Long-term investments	$	7,459.4	$	7,686.1

_______________

(a)Represents our economic ownership based on total shares owned as a percentage of total shares outstanding as of the most recent balance sheet date or the most recent publicly-available information.

(b)Our equity method investments are originally recorded at cost and 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 loans and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal their respective fair values. At March 31, 2026 and December 31, 2025, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,012.4 million and $1,029.2 million, respectively, related to amounts associated with the VodafoneZiggo JV Receivables, as defined below.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

(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 ($807.8 million and $821.5 million equivalent at March 31, 2026 and December 31, 2025, respectively) (the VodafoneZiggo JV Receivable I) and (ii) a €207.9 million note receivable ($239.9 million and $244.0 million equivalent at March 31, 2026 and December 31, 2025, 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. During the three months ended March 31, 2026, interest accrued on the VodafoneZiggo JV Receivables was €12.7 million ($14.7 million), all of which has been cash settled.

(d)Liberty Global owns a 50% noncontrolling voting interest in the AtlasEdge JV.

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

(f)Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf. With the exception of our SMA invested in a leveraged structured note, all investments held under SMAs were sold as of the first quarter of 2025. During the first quarter of 2026, we redeemed $36.6 million of the leveraged structured note. Subsequent to March 31, 2026, we redeemed the remaining leveraged structured note balance and received cash proceeds of $46.3 million. The SMA balances are included in other current assets on our condensed consolidated balance sheets.

(g)Our investment in EdgeConneX is held through two distinct limited partnerships (LPs), Herndon Topco and McNair Topco. The ownership percentages in EdgeConneX are 3.5% and 2.6% for Herndon TopCo and McNair TopCo, respectively. The combined investment in EdgeConneX through these LPs results in a weighted ownership percentage of 3.3%. This calculation considers the individual ownership percentages and the respective investment amounts in each LP. During the first quarter of 2026, we disposed of approximately 16% of our interest in EdgeConneX through Herndon TopCo LP. We received aggregate cash proceeds of $73.6 million from the sale.

(h)On March 17, 2026, we disposed of approximately one-half of our interest in ITV. We received aggregate cash proceeds of approximately £76.1 million ($101.8 million) from the sale.

(i)Our investment in Plume includes warrants with a fair value of $20.6 million and $21.1 million at March 31, 2026 and December 31, 2025, respectively.

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

Equity Method Investments

The following table sets forth the details of our share of results of affiliates, net:


	Three months ended March 31,
		2026		2025
		in millions

VMO2 JV (a)		$	(16.6)	$	(86.6)
VodafoneZiggo JV (b)		6.8		(22.6)
AtlasEdge JV		(5.6)		(16.0)
nexfibre JV		(5.1)		(12.6)


Other, net		(1.2)		(10.2)
Total		$	(21.7)	$	(148.0)

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

_______________

(a)Represents our share of the results of operations of the VMO2 JV.

(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.

VMO2 JV

Pursuant to an agreement (the U.K. JV Framework Agreement), Liberty Global provides certain services to the VMO2 JV on a transitional or ongoing basis (collectively, the U.K. JV Services). The agreements underlying the U.K. JV Services expire in 2030. The U.K. JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by, or will otherwise benefit, the VMO2 JV. Liberty Global charges both fixed and variable fees to the VMO2 JV for the U.K. JV Services provided pursuant to the U.K. JV Framework Agreement. At March 31, 2026 and December 31, 2025, $83.8 million and $79.3 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 condensed consolidated balance sheets.

The following table sets forth a summary of revenue recorded from the VMO2 JV:


	Three months ended March 31,
		2026		2025
		in millions

Fixed fee		$	59.3	$	54.1
Variable charges (a)		33.9		34.4
Total revenue		$	93.2	$	88.5

_______________

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

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


	Three months ended March 31,
		2026		2025
		in millions

Revenue		$	3,222.4	$	3,126.3
Loss before income taxes		$	(39.0)	$	(212.2)
Net loss		$	(27.6)	$	(165.8)

VodafoneZiggo JV

Pursuant to an agreement (the NL JV Framework Agreement), Liberty Global provides certain services to the VodafoneZiggo JV (collectively, the NL JV Services). The NL JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by, or will otherwise benefit, the VodafoneZiggo JV. Liberty Global charges both fixed and usage-based fees to the VodafoneZiggo JV for the NL JV Services provided pursuant to the NL JV Framework Agreement. We recorded revenue from the VodafoneZiggo JV of $54.0 million and $46.1 million during the three months ended March 31, 2026 and 2025, respectively, primarily related to (a) the NL JV Services and (b) the sale of CPE to the VodafoneZiggo JV at a mark-up. At March 31, 2026 and December 31, 2025, $39.8 million and $42.7 million, respectively, was due from the VodafoneZiggo JV related to the aforementioned transactions. The amounts due

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

from the VodafoneZiggo JV, which are periodically cash settled, are included in other current assets on our condensed 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:


	Three months ended March 31,
		2026		2025
		in millions

Revenue		$	1,148.5	$	1,052.0
Earnings (loss) before income taxes		$	3.2	$	(89.0)
Net loss		$	(16.7)	$	(70.5)

Fair Value Investments

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


	Three months ended March 31,
		2026		2025
		in millions

EdgeConneX		$	58.9	$	(11.3)
ITV		(13.4)		36.7
SMAs		7.1		(3.3)
Televisa Univision		5.0		(14.0)



Vodafone (a)		—		63.7


Other, net		0.2		(16.0)
Total		$	57.8	$	55.8

_______________

(a)We completed the sale of our investment in Vodafone during the third quarter of 2025.

Our investment portfolio is subject to various macroeconomic pressures and has experienced significant volatility, which affects both our non-public and publicly-traded investments. Changes in the fair values of these investments, including changes with respect to interest rates within our local jurisdictions, are likely to continue and could be significant.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

(6) Derivative Instruments

In general, we enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt, (ii) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity, and (iii) decreases in the market prices of certain publicly-traded securities that we own. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure primarily with respect to the U.S. dollar ($), the euro (€) and the British pound sterling (£). Generally, we only apply hedge accounting to our derivative instruments in limited circumstances. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations.

The following table provides details of the fair values of our derivative instrument assets and liabilities:


	March 31, 2026						December 31, 2025
	Current		Long-term		Total		Current		Long-term		Total
	in millions

Assets (a):
Cross-currency and interest rate derivative contracts (b)	$	133.4	$	124.1	$	257.5	$	127.1	$	113.8	$	240.9

Foreign currency forward and option contracts	0.8		—		0.8		0.1		—		0.1
Other	8.2		0.9		9.1		7.8		—		7.8
Total	$	142.4	$	125.0	$	267.4	$	135.0	$	113.8	$	248.8

Liabilities (a):
Cross-currency and interest rate derivative contracts (b)	$	50.9	$	75.7	$	126.6	$	126.2	$	122.0	$	248.2

Foreign currency forward and option contracts	0.2		1.1		1.3		1.9		0.9		2.8
Other	7.0		—		7.0		8.2		0.5		8.7
Total	$	58.1	$	76.8	$	134.9	$	136.3	$	123.4	$	259.7

_______________

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

(b)We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 9). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains of $0.4 million and $4.2 million during the three months ended March 31, 2026 and 2025, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 7.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

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


	Three months ended March 31,
		2026		2025
		in millions

Cross-currency and interest rate derivative contracts		$	130.2	$	(110.7)
Foreign currency forward and option contracts		2.0		(4.7)
Equity-related derivative instruments		—		(49.2)
Other		—		(0.1)
Total		$	132.2	$	(164.7)

The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our condensed consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. The following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments:


	Three months ended March 31,
	2026		2025
	in millions

Operating activities	$	(8.1)	$	13.7
Investing activities	—		(0.1)
Financing activities	(0.1)		—
Total	$	(8.2)	$	13.6

Counterparty Credit Risk

We are exposed to the risk that the counterparties to the derivative instruments of our subsidiary borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions, however notwithstanding, given the size of our derivative portfolio, the default of certain counterparties could have a significant impact on our consolidated statements of operations. Collateral is generally not posted by either party under our derivative instruments. At March 31, 2026, our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $152.2 million.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

Details of our Derivative Instruments

Cross-currency Swap Contracts

We generally match the denomination of our subsidiaries’ borrowings with the functional currency of the supporting operations or, when it is more cost effective, we provide for an economic hedge against foreign currency exchange rate movements by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At March 31, 2026, substantially all of our debt was either directly or synthetically matched to the applicable functional currencies of the underlying operations. The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at March 31, 2026:


	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
	in millions				in years












Telenet	$	3,266.6	€	2,899.5	2.0

Interest Rate Swap Contracts

The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at March 31, 2026:

Pays fixed rate

Receives fixed rate

Notional
amount

Weighted average remaining life

Notional
amount

Weighted average remaining life

in millions

in years

in millions

in years

Telenet

4,166.1

(a)

3.1

—

_______________

(a)Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to March 31, 2026. These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts.

Basis Swaps

Our basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at March 31, 2026:


	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years



Telenet	$	3,576.0	0.3

VM Ireland	$	1,038.6	0.3

Interest Rate Caps, Floors and Collars

From time to time, we enter into interest rate cap, floor and collar agreements. Purchased interest rate caps and collars lock in a maximum interest rate if variable rates rise, but also allow our company to benefit, to a limited extent in the case of collars,

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

from declines in market rates. Purchased interest rate floors protect us from interest rates falling below a certain level, generally to match a floating rate floor on a debt instrument. At March 31, 2026, we had no interest rate collar agreements, and the total U.S. dollar equivalents of the notional amounts of our purchased interest rate caps and floors were $1.0 billion and $1.3 billion, respectively.

Impact of Derivative Instruments on Borrowing Costs

The impact of the derivative instruments that mitigate our foreign currency and interest rate risk, as described above, on our borrowing costs is as follows:


	Decrease to borrowing costs at March 31, 2026 (a)


VM Ireland	(1.58)	%
Telenet	(1.49)	%
Total decrease to borrowing costs	(1.50)	%

_______________

(a)Represents the effect of derivative instruments in effect at March 31, 2026 and does not include forward-starting derivative instruments.

Foreign Currency Forwards and Options

Certain of our subsidiaries enter into foreign currency forward and option contracts with respect to non-functional currency exposure. As of March 31, 2026, the total U.S. dollar equivalent of the notional amounts of our foreign currency forward and option contracts was $189.2 million.

(7) Fair Value Measurements

We use the fair value method to account for (i) certain of our investments and (ii) our derivative instruments. The reported fair values of these investments and derivative instruments as of March 31, 2026 are unlikely to represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities.

GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. 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 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.

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. Our credit risk valuation adjustments with respect to our cross-currency and interest rate swap contracts are quantified and further explained in note 6.

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 (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 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

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

growth and Adjusted EBITDA margin (as defined in note 15), 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. 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. Tangible assets are typically valued using a replacement or reproduction cost approach, considering factors such as current prices of the same or similar equipment, the age of the equipment and economic obsolescence. The implied value of goodwill is determined by allocating the fair value of a reporting unit to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination, with the residual amount allocated to goodwill. Most of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. During the three months ended March 31, 2026 and 2025, we did not perform any significant nonrecurring fair value measurements.

For additional information concerning our fair value measurements, see note 9 to the consolidated financial statements included in our 2025 10-K.

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


			Fair value measurements at March 31, 2026 using:
Description	March 31, 2026		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	in millions

Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	257.5	$	—	$	257.5	$	—

Foreign currency forward and option contracts	0.8		—		0.8		—
Other	9.1		—		9.1		—
Total derivative instruments	267.4		—		267.4		—
Investments:
SMAs	46.3		—		46.3		—
Other investments	1,500.2		166.2		0.1		1,333.9
Total investments	1,546.5		166.2		46.4		1,333.9
Total assets	$	1,813.9	$	166.2	$	313.8	$	1,333.9

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	126.6	$	—	$	126.6	$	—

Foreign currency forward and option contracts	1.3		—		1.3		—
Other	7.0		—		7.0		—


Total liabilities	$	134.9	$	—	$	134.9	$	—

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)


			Fair value measurements at December 31, 2025 using:
Description	December 31, 2025		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	in millions

Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	240.9	$	—	$	240.9	$	—

Foreign currency forward and option contracts	0.1		—		0.1		—
Other	7.8		—		7.8		—
Total derivative instruments	248.8		—		248.8		—
Investments:
SMAs	76.2		—		76.2		—
Other investments	1,631.5		278.1		0.1		1,353.3
Total investments	1,707.7		278.1		76.3		1,353.3
Total assets	$	1,956.5	$	278.1	$	325.1	$	1,353.3

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	248.2	$	—	$	248.2	$	—

Foreign currency forward and option contracts	2.8		—		2.8		—
Other	8.7		—		8.7		—


Total liabilities	$	259.7	$	—	$	259.7	$	—

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





Balance of Level 3 investments at January 1, 2026	$	1,353.3
Gains included in net earnings (a):

Realized and unrealized gains due to changes in fair values of certain investments, net	61.0


Additions	10.6
Dispositions	(73.6)

Foreign currency translation adjustments and other, net	(17.4)
Balance of Level 3 investments at March 31, 2026 (b)	$	1,333.9

_______________

(a)Amounts primarily relate to Level 3 investments that we continue to carry on our condensed consolidated balance sheet as of March 31, 2026.

(b)As of March 31, 2026, $379.2 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

(8) Long-lived Assets

Property and Equipment, Net

The details of our property and equipment and the related accumulated depreciation are set forth below:


	March 31, 2026		December 31, 2025
	in millions

Distribution systems	$	7,305.0	$	7,189.1
Support equipment, buildings and land	2,980.9		2,941.2
CPE	1,091.3		1,070.2
Total property and equipment, gross	11,377.2		11,200.5
Accumulated depreciation	(6,056.7)		(5,930.2)
Total property and equipment, net	$	5,320.5	$	5,270.3

During the three months ended March 31, 2026 and 2025, we recorded non-cash increases to our property and equipment related to vendor financing arrangements of $30.1 million and $20.6 million, respectively, which exclude related value-added taxes (VAT) of $5.7 million and $3.2 million, respectively, that were also financed under these arrangements.

Goodwill

Changes in the carrying amount of our goodwill during the three months ended March 31, 2026 are set forth below:


	January 1, 2026		Foreign currency translation adjustments and other		March 31, 2026
	in millions

Telenet	$	2,516.5	$	(41.9)	$	2,474.6
Wyre	457.0		(7.6)		449.4
VM Ireland	284.4		(4.7)		279.7
Other	244.9		(4.1)		240.8
Total	$	3,502.8	$	(58.3)	$	3,444.5

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 Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

Intangible Assets Subject to Amortization, Net

The details of our intangible assets subject to amortization are set forth below:


	March 31, 2026						December 31, 2025
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
	in millions

Licenses (a)	$	1,556.6	$	(446.9)	$	1,109.7	$	1,582.8	$	(438.0)	$	1,144.8
Customer relationships	264.5		(186.3)		78.2		269.0		(186.0)		83.0
Other	274.3		(158.4)		115.9		278.9		(157.3)		121.6
Total	$	2,095.4	$	(791.6)	$	1,303.8	$	2,130.7	$	(781.3)	$	1,349.4

_______________

(a)Primarily includes amounts related to (i) certain mobile spectrum licenses and (ii) a licensing agreement with the Federation Internationale l’Automobile that provides Formula E with the exclusive rights to operate an electric motor racing series.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

(9) Debt

The U.S. dollar equivalents of the components of our debt are as follows:


	March 31, 2026						Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		U.S. $ equivalent		March 31, 2026		December 31, 2025
			in millions

Telenet Credit Facility (c)	5.12	%	€	625.0	$	721.3	$	4,603.1	$	4,748.0
Telenet Senior Secured Notes	4.73	%	—		—		1,623.2		1,633.7
VM Ireland Credit Facility (d)	5.39	%	€	100.0	115.4		1,038.6		1,056.2
Vendor financing (e)	4.14	%	—		—		368.1		365.9
Other (f)	4.58	%	—		—		789.3		781.0
Total debt before deferred financing costs, discounts and premiums (g)	4.98	%			$	836.7	$	8,422.3	$	8,584.8

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


	March 31, 2026		December 31, 2025
	in millions

Total debt before deferred financing costs, discounts and premiums	$	8,422.3	$	8,584.8
Deferred financing costs, discounts and premiums, net	(21.0)		(23.0)
Total carrying amount of debt	8,401.3		8,561.8
Finance lease obligations (note 10)	29.3		33.1
Total debt and finance lease obligations	8,430.6		8,594.9
Current portion of debt and finance lease obligations	(703.8)		(764.0)
Long-term debt and finance lease obligations	$	7,726.8	$	7,830.9

_______________

(a)Represents the weighted average interest rate in effect at March 31, 2026 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. 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 3.78% at March 31, 2026. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings. For information regarding our derivative instruments, see note 6.

(b)Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2026 without regard to covenant compliance calculations or other conditions precedent to borrowing. The following table provides our borrowing availability and amounts available to loan or distribute in accordance with the terms of the respective subsidiary facilities (i) at March 31, 2026 and (ii) upon completion of the relevant March 31, 2026 compliance reporting requirements. These amounts do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to March 31, 2026, or the full impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)


	Availability
	March 31, 2026				Upon completion of the relevant March 31, 2026 compliance reporting requirements
	Borrowing currency		U.S. $ equivalent		Borrowing currency		U.S. $ equivalent
	in millions

Available to borrow:
Telenet Credit Facility	€	625.0	$	721.3	€	625.0	$	721.3
VM Ireland Credit Facility	€	100.0	$	115.4	€	100.0	$	115.4

Available to loan or distribute:
Telenet Credit Facility	€	625.0	$	721.3	€	625.0	$	721.3
VM Ireland Credit Facility	€	100.0	$	115.4	€	100.0	$	115.4

(c)At March 31, 2026, unused borrowing capacity under the Telenet Credit Facility amounted to €625.0 million ($721.3 million) comprising (i) €580.0 million ($669.3 million) under Telenet Revolving Facility I, (ii) €25.0 million ($28.9 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($23.1 million) under the Telenet Revolving Facility, each of which were undrawn at March 31, 2026. In January 2026, €90.0 million ($103.9 million) of borrowings under Telenet Revolving Facility I were repaid, restoring total available capacity under Telenet Revolving Facility I to €580.0 million. In February 2026, €550.0 million ($634.7 million) of Telenet Revolving Facility I was amended to extend the maturity date from May 2029 to May 2032.

(d)Unused borrowing capacity under the VM Ireland Credit Facility relates to €100.0 million ($115.4 million) under the VM Ireland Revolving Facility, which was undrawn at March 31, 2026.

(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 condensed consolidated balance sheets. These obligations are generally due within one year and include VAT that was also financed under these arrangements. For purposes of our condensed consolidated statements of cash flows, operating-related expenses financed by an intermediary are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor as there is no actual cash outflow until we pay the financing intermediary. During the three months ended March 31, 2026 and 2025, the constructive cash outflow included in cash flows from operating activities and the corresponding constructive cash inflow included in cash flows from financing activities related to these operating expenses were $68.4 million and $71.2 million, respectively. 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 condensed consolidated statements of cash flows.

(f)At March 31, 2026 and December 31, 2025, amounts include (i) $225.4 million and $228.4 million, respectively, of debt collateralized by certain trade receivables of Telenet and (ii) $402.9 million and $423.4 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, amounts include (a) $57.7 million and $58.7 million, respectively, of debt related to an advance against the assignment of certain future sponsorship receivables of Formula E and (b) $47.8 million and $19.8 million, respectively, of debt drawn on a capital expenditure term loan facility at Egg Power AssetCo Limited, a subsidiary of Liberty Global (the Egg Power Capex Facility).

(g)As of March 31, 2026 and December 31, 2025, our debt had an estimated fair value of $8.3 billion and $8.6 billion, respectively. The estimated fair values of our debt instruments are generally determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 7.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

General Information

At March 31, 2026, most of our outstanding debt had been incurred by one of our two subsidiary “borrowing groups.” References to these borrowing groups, which comprise Telenet and VM Ireland, include their respective restricted parent and subsidiary entities. Below we provide summary descriptions of certain financing transactions completed during 2026. For information regarding the general terms and conditions of our debt and capitalized terms not defined herein, see note 11 to the consolidated financial statements included in our 2025 10-K.

Financing Transactions

In April 2026, Telenet purchased and extinguished $28.4 million of the $1.0 billion principal amount of Telenet 5.50% Senior Notes due 2028.

Maturities of Debt

Maturities of our debt as of March 31, 2026 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on March 31, 2026 exchange rates.


	Telenet (a)		VM Ireland		Other (b)		Total
	in millions

Year ending December 31:
2026 (remainder of year)	$	616.4	$	—	$	28.1	$	644.5
2027	55.6		—		85.0		140.6
2028	4,398.8		—		—		4,398.8
2029	1,306.6		1,038.6		—		2,345.2
2030	26.2		—		—		26.2
2031	26.8		—		—		26.8
Thereafter	840.2		—		—		840.2
Total debt maturities	7,270.6		1,038.6		113.1		8,422.3
Deferred financing costs, discounts and premiums, net	(12.6)		(3.4)		(5.0)		(21.0)
Total debt	$	7,258.0	$	1,035.2	$	108.1	$	8,401.3
Current portion	$	647.1	$	—	$	51.1	$	698.2
Long-term portion	$	6,610.9	$	1,035.2	$	57.0	$	7,703.1

_______________

(a)Amounts include vendor financing obligations of $368.1 million, all of which are classified as current on our condensed consolidated balance sheet, as set forth below (in millions):





Year ending December 31:
2026 (remainder of year)	$	337.6
2027	30.5





Total vendor financing maturities	$	368.1

(b)Includes (i) $57.7 million of debt related to an advance against the assignment of certain future sponsorship receivables of Formula E and (ii) $47.8 million of debt drawn on the Egg Power Capex Facility.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

Vendor Financing Obligations

A reconciliation of the beginning and ending balances of our vendor financing obligations for the indicated periods is set forth below:


	2026		2025
	in millions

Balance at January 1	$	365.9	$	355.9
Operating-related vendor financing additions	68.4		71.2
Capital-related vendor financing additions	35.8		23.8
Principal payments on operating-related vendor financing	(88.0)		(86.4)
Principal payments on capital-related vendor financing	(7.9)		(10.0)
Foreign currency and other	(6.1)		16.0
Balance at March 31	$	368.1	$	370.5

(10) Leases

General

We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases.

Lease Balances

A summary of our right-of-use (ROU) assets and lease liabilities is set forth below:


	March 31, 2026		December 31, 2025
	in millions

ROU assets:
Operating leases (a)	$	772.4	$	773.6
Finance leases (b)	34.3		37.1
Total ROU assets	$	806.7	$	810.7

Lease liabilities:
Operating leases (c)	$	818.4	$	828.5
Finance leases (d)	29.3		33.1
Total lease liabilities	$	847.7	$	861.6

_______________

(a)Our operating lease ROU assets are included in other assets, net, on our condensed consolidated balance sheets. At March 31, 2026, the weighted average remaining lease term for operating leases was 10.8 years and the weighted average discount rate was 5.4%. During the three months ended March 31, 2026 and 2025, we recorded non-cash additions to our operating lease ROU assets of $32.7 million and $9.6 million, respectively.

(b)Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At March 31, 2026, the weighted average remaining lease term for finance leases was 8.3 years and the weighted average discount rate was 8.5%.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

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

A summary of our aggregate lease expense is set forth below:


	Three months ended March 31,
		2026		2025
		in millions

Finance lease expense:
Depreciation and amortization		$	1.8	$	2.0
Interest expense		0.6		0.8
Total finance lease expense		2.4		2.8
Operating lease expense (a)		32.1		28.2
Short-term lease expense (a)		0.1		0.1
Variable lease expense (b)		0.4		0.4
Total lease expense		$	35.0	$	31.5

_______________

(a)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 condensed consolidated statements of operations.

(b)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 condensed consolidated statements of operations.

A summary of our cash outflows from operating and finance leases is set forth below:




	Three months ended March 31,
	2026		2025
	in millions

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	15.0	$	12.5
Operating cash outflows from finance leases (interest component)	0.6		0.8
Financing cash outflows from finance leases (principal component)	1.8		1.9
Total cash outflows from operating and finance leases	$	17.4	$	15.2

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

Maturities of our operating and finance lease liabilities as of March 31, 2026 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2026 exchange rates.


	Operating leases (a)		Finance leases
	in millions

Year ending December 31:
2026 (remainder of year)	$	88.3	$	5.9
2027	108.8		9.6
2028	102.0		4.7
2029	94.6		2.7
2030	90.9		1.7
2031	87.4		1.6
Thereafter	523.0		11.6
Total payments	1,095.0		37.8
Less: present value discount	(276.6)		(8.5)
Present value of lease payments	$	818.4	$	29.3
Current portion	$	90.6	$	5.6
Long-term portion	$	727.8	$	23.7

______________

(a)Operating lease payments exclude $119.0 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.

(11) Income Taxes

Our effective tax rate for the three months ended March 31, 2026 was 32.9% (income tax expense of $175.4 million), which differs from the Bermuda statutory rate of 15.0% (expected income tax expense of $80.0 million). This difference is primarily due to the negative impacts of (i) the derecognition of a tax litigation-related receivable in the U.S. of $133.3 million (25.0%) and (ii) statutory rates in certain jurisdictions in which we operate that are different than the Bermuda statutory rate, including $42.9 million (8.0%) in the U.K. The negative impacts of these items were partially offset by the positive impact of non-deductible net foreign currency exchange gains in the U.K. of $121.6 million (22.8%).

Our effective tax rate for the three months ended March 31, 2025 was 5.0% (income tax benefit of $70.0 million), which differs from the Bermuda statutory rate of 15.0% (expected income tax benefit of $209.0 million). This difference is primarily due to the negative impacts of (i) non-deductible net foreign exchange losses in the U.K. of $308.2 million (22.1%) and (ii) non-deductible net losses from certain investments in the U.K. and the Netherlands of $43.3 million (3.2%). The negative impacts of these items were partially offset by the positive impacts of (a) statutory rates in certain jurisdictions in which we operate that are different than the Bermuda statutory rate, including $132.6 million (9.5%) in the U.K., and (b) the release of valuation allowances in Luxembourg of $86.0 million (6.2%).

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 March 31, 2026, nor do we currently anticipate that the OBBBA will have a material impact on our consolidated financial statements in the future.

As of March 31, 2026, our unrecognized tax benefits were $140.4 million, of which $88.3 million 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.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

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. In connection with such reviews, disputes could arise with the taxing authorities over the interpretation or application of certain income tax rules related to our business in that tax jurisdiction. 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 tax 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 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. 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.

On October 7, 2022, the U.S. Department of Justice (DOJ) filed a suit against Liberty Global, Inc. (LGI), a wholly-owned U.S. subsidiary of Liberty Global, in the U.S. 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 DOJ 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. In April 2026, the Court of Appeals upheld the District Court’s decision with respect to the refund claim. As a result of the adverse appellate ruling, we concluded that the realization of the refund is no longer probable; therefore, in the first quarter of 2026, we derecognized the associated receivable. As it pertains to the suit filed by the DOJ in 2022, we will continue our defense of certain matters not specifically addressed in the decision by the Court of Appeals.

(12) Share-based Compensation

Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below:


	Three months ended March 31,
		2026		2025
		in millions

Liberty Global (a):
Non-performance based incentive awards		$	21.8	$	21.8
Performance-based incentive awards		10.3		5.5
Other (b)		3.0		6.1
Total Liberty Global		35.1		33.4
Other		2.0		—
Total		$	37.1	$	33.4
Included in:
Other operating expense		$	3.2	$	2.9
SG&A expense		33.9		30.5
Total		$	37.1	$	33.4

_______________

(a)Amounts include share-based compensation expense related to certain Telenet Replacement Awards.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

(b)Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled in Liberty Global common shares. In the case of annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in common shares of Liberty Global in lieu of cash.

The following table provides the aggregate number of options, share appreciation rights (SARs) and performance-based share appreciation rights (PSARs) with respect to awards issued by Liberty Global that were (i) outstanding and (ii) exercisable as of March 31, 2026:


	Class A			Class C
	Gross number of shares underlying option, SAR and PSAR awards (a)	Weighted average exercise or base price		Gross number of shares underlying option, SAR and PSAR awards (a)	Weighted average exercise or base price

Held by Liberty Global employees:
Outstanding	36,997,900	$	13.99	84,544,355	$	14.09
Exercisable	32,046,378	$	14.62	76,171,008	$	14.48

Held by former Liberty Global employees (b):
Outstanding	2,643,917	$	15.65	5,185,261	$	15.66
Exercisable	2,495,261	$	15.95	4,890,850	$	15.92

_______________

(a)Amounts represent the gross number of shares associated with option, SAR and PSAR awards issued to our current and former employees and our directors. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, the number of shares issued is further reduced by the amount of the employee’s required income tax withholding.

(b)Amounts represent certain share-based awards that continue to be 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. Although future exercises of these awards by former employees will not result in the recognition of share-based compensation expense, such exercises will increase the number of our outstanding common shares.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

The following table provides the aggregate number of restricted share units (RSUs) and performance-based restricted share units (PSUs) that were outstanding as of March 31, 2026. The number of shares to be issued on the vesting date of these awards will be reduced by the amount of the employee’s required income tax withholding.


	Class A	Class C

Held by Liberty Global employees:
RSUs	6,653,523	8,161,387
PSUs	6,882,468	9,352,330
Held by former Liberty Global employees (a):
RSUs	51,147	96,237
PSUs	1,812	1,812

_______________

(a)Amounts represent certain share-based awards that continue to be 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. The future vesting of these RSUs and PSUs will increase the number of our outstanding common shares.

2026 PSUs

In March 2026, the compensation committee of our board of directors approved the grant of PSUs to executive officers and certain employees (the 2026 PSUs). The performance metric for the 2026 PSUs is the appreciation of Liberty Global’s average share price during the performance period commencing March 26, 2026 and ending December 31, 2028. The payout is determined based on growth tied to certain pre-established 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 2026 PSUs. In addition, 50% of the 2026 PSUs award payout may be “banked” if Liberty Global’s average share price achieves and maintains specific target levels ranging from 30% to 50% during the performance period, subject to a cap of 75% of the target 2026 PSUs. The earned 2026 PSUs will fully vest on or around February 15, 2029.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

(13) Earnings (Loss) per Share

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 12.

The details of our net earnings (loss) attributable to Liberty Global shareholders are set forth below:


	Three months ended March 31,
	2026		2025
	in millions, except share amounts

Net earnings (loss)	$	358.2	$	(1,323.3)
Net earnings attributable to noncontrolling interests	(20.4)		(14.0)
Net earnings (loss) attributable to Liberty Global shareholders	$	337.8	$	(1,337.3)

Weighted average common shares outstanding (basic EPS computation)	334,996,069		348,407,676
Incremental shares (a)	16,129,446		—
Weighted average common shares outstanding (diluted EPS computation)	351,125,515		348,407,676

Excluded potentially dilutive employee share-based incentive awards (b)	92,295,756		163,331,498

_______________

(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) attributable to Liberty Global shareholders because their effect would have been anti-dilutive under the treasury stock method. 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.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

(14) Commitments and Contingencies

Commitments

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, programming contracts, network and connectivity commitments and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of March 31, 2026. The commitments included in this table do not reflect any liabilities that are included on our March 31, 2026 condensed consolidated balance sheet.


	Payments due during:
	Remainder of 2026
			2027		2028		2029		2030		2031		Thereafter		Total
	in millions

Purchase commitments	$	604.6	$	566.5	$	536.4	$	111.4	$	23.2	$	2.7	$	16.3	$	1,861.1
Programming commitments	116.6		94.9		62.4		50.4		35.0		—		—		359.3
Network and connectivity commitments	51.4		37.9		53.4		65.0		65.8		0.1		0.1		273.7
Other commitments	153.9		83.1		84.5		49.0		49.4		2.1		1.6		423.6
Total	$	926.5	$	782.4	$	736.7	$	275.8	$	173.4	$	4.9	$	18.0	$	2,917.7

Purchase commitments include unconditional and legally binding obligations related to certain service-related commitments, including software development, information technology and maintenance services.

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. Programming commitments do not include increases in future periods associated with contractual inflation or other price adjustments that are not fixed. Accordingly, the amounts reflected in the above table with respect to these contracts are significantly less than the amounts we expect to pay in these periods under these contracts. Historically, payments to programming vendors have represented a significant portion of our operating costs, and we expect this will continue to be the case in future periods. In this regard, our total programming and copyright costs aggregated $105.4 million and $159.0 million during the three months ended March 31, 2026 and 2025, respectively.

Network and connectivity commitments include certain equipment and service-related commitments.

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. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments, see note 6.

We also have commitments pursuant to agreements with, and obligations imposed by, franchise authorities and municipalities, which may include obligations in certain markets to move aerial cable to underground ducts or to upgrade, rebuild or extend portions of our broadband communication systems. Such amounts are not included in the above table because they are not fixed or determinable.

Furthermore, in connection with a future sale of our interest in, or an initial public offering of, Formula E, we have agreed to pay a third party a portion of our economic gain. We estimate that this contingent obligation is not currently significant.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

Guarantees and Other Credit Enhancements

In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments, and we do not believe that they will result in material payments in the future.

Legal and Regulatory Proceedings and Other Contingencies

Interkabel Acquisition. On November 26, 2007, Telenet and four associations of municipalities in Belgium, which we refer to as the pure intercommunales or the “PICs,” announced a non-binding agreement-in-principle to transfer the analog and digital television activities of the PICs, including all existing subscribers, to Telenet. Subsequently, Telenet and the PICs entered into a binding agreement (the 2008 PICs Agreement), which closed effective October 1, 2008. Beginning in December 2007, Proximus NV/SA (Proximus), the incumbent telecommunications operator in Belgium, instituted several proceedings seeking to block implementation of these agreements. Proximus lodged summary proceedings with the President of the Court of First Instance of Antwerp to obtain a provisional injunction preventing the PICs from effecting the agreement-in-principle and initiated a civil procedure on the merits claiming the annulment of the agreement-in-principle. In March 2008, the President of the Court of First Instance of Antwerp ruled in favor of Proximus in the summary proceedings, which ruling was overturned by the Court of Appeal of Antwerp in June 2008. Proximus brought this appeal judgment before the Belgian Supreme Court, which confirmed the appeal judgment in September 2010. On April 6, 2009, the Court of First Instance of Antwerp ruled in favor of the PICs and Telenet in the civil procedure on the merits, dismissing Proximus’ request for the rescission of the agreement-in-principle and the 2008 PICs Agreement. On June 12, 2009, Proximus appealed this judgment to the Court of Appeal of Antwerp. In this appeal, Proximus also sought compensation for damages. While these proceedings were suspended indefinitely, other proceedings were initiated, which resulted in a ruling by the Belgian Council of State in May 2014 annulling (i) the decision of the PICs not to organize a public market consultation and (ii) the decision from the PICs’ board of directors to approve the 2008 PICs Agreement. In December 2015, Proximus resumed the civil proceedings pending with the Court of Appeal of Antwerp seeking to have the 2008 PICs Agreement annulled and claiming damages of €1.4 billion ($1.6 billion). On December 18, 2017, the Court of Appeal of Antwerp rejected Proximus’ claim in its entirety. On June 28, 2019, Proximus brought this appeal judgment before the Belgian Supreme Court. On January 22, 2021, the Belgian Supreme Court partially annulled the judgment of the Court of Appeal of Antwerp. 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.

No assurance can be given as to the outcome of these or other proceedings. However, an unfavorable outcome of existing or future proceedings could potentially lead to the annulment of the 2008 PICs Agreement. We do not expect the ultimate resolution of this matter to have a material impact on our results of operations, cash flows or financial position. No amounts have been accrued by us with respect to this matter as the likelihood of loss is not considered to be probable.

Telekom Deutschland Litigation. On December 28, 2012, Unitymedia filed a lawsuit against Telekom Deutschland GmbH (Telekom Deutschland) in which Unitymedia asserted that it pays excessive prices for the co-use of Telekom Deutschland’s cable ducts in Unitymedia’s footprint. The Federal Network Agency approved rates for the co-use of certain ducts of Telekom Deutschland in March 2011. Based in part on these approved rates, Unitymedia sought a reduction of the annual lease fees by approximately five-sixths. In addition, Unitymedia sought the return of similarly calculated overpayments from 2009 through the ultimate settlement date, plus accrued interest. In October 2016, the first instance court dismissed this action, and in March 2018, the court of appeal dismissed Unitymedia’s appeal of the first instance court’s decision. Unitymedia has since successfully appealed the case to the Federal Court of Justice, and proceedings continue before the German courts. The resolution of this matter may take several years and no assurance can be given that Unitymedia’s claims will be successful. In connection with our sale of our former operations in Germany, Romania, Hungary and the Czech Republic to Vodafone (the Vodafone Disposal Group) in 2019, we will only share in 50% of any amounts recovered, plus 50% of the net present value of certain cost savings in future periods that are attributable to the favorable resolution of this matter, less 50% of associated legal or other third-party fees paid post-completion of the sale of the Vodafone Disposal Group. Any amount we may recover related to this matter will not be reflected in our consolidated financial statements until such time as the final disposition of this matter has been reached.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

Other Contingency Matters. In connection with the dispositions of certain of our operations, we provided tax indemnities to the counterparties for certain tax liabilities that could arise from the period we owned the respective operations, the amounts of which could be significant, subject to certain thresholds. No amounts have been accrued by our company related to unasserted claims for indemnification, as the likelihood of any loss is not considered to be probable. Further, Liberty Global may be entitled to certain amounts that our disposed operations may recover from taxing authorities. Any such amounts will not be reflected in our consolidated financial statements until such time as the final disposition of such matters has been reached.

Other Regulatory Matters. 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 European Union (E.U.), and largely similar rules apply in the U.K. Adverse regulatory developments could subject our businesses to a number of risks. Regulation, including conditions imposed on us by competition or other authorities as a requirement to close acquisitions or dispositions, could limit growth, revenue and the number and types of services offered and could lead to increased operating costs and property and equipment additions. Regulation may also restrict our operations and subject them to further competitive pressure, including pricing restrictions, interconnect and other access obligations, and restrictions or controls on content, including content provided by third parties. Failure to comply with current or future regulation could expose our businesses to various penalties.

In addition to the foregoing items, we have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving VAT and wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming, copyright and channel carriage fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes.

(15) Segment Reporting

Our chief executive officer, whom we have determined to be our Chief Operating Decision Maker (CODM), assesses the performance of our business and allocates resources on a segment basis. We generally identify our reportable segments as (i) those consolidated subsidiaries that represent 10% or more of our total reportable segment revenue or proportionate Adjusted EBITDA (as defined below) or (ii) those equity method affiliates where revenue or our share of Adjusted EBITDA represents 10% or more of our total reportable segment revenue or proportionate Adjusted EBITDA, respectively. In certain cases, we may elect to include an operating segment in our segment disclosure that does not meet the above-described criteria for a reportable segment. Adjusted EBITDA is the primary measure used by our CODM to evaluate segment operating performance and make decisions about allocating resources to our operating segments. The CODM uses Adjusted EBITDA to evaluate income generated from our segment assets in deciding whether to reinvest profits into other areas of our business, such as for acquisitions or investments. Adjusted EBITDA is also used to monitor budget versus actual results, which is used in assessing the performance of segments in comparison with one another and in establishing management’s compensation. The significant accounting policies of our segments are the same as those described in note 3 to the consolidated financial statements included in our 2025 10-K. In addition, our CODM reviews non-financial measures such as customer growth, as appropriate, but does not review any measure of total assets.

As we use the term, “Adjusted EBITDA” is defined as net earnings (loss) before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on debt extinguishment, net realized and unrealized gains (losses) due to changes in fair values of certain investments, net foreign currency transaction gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (a) readily view operating trends, (b) perform

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

analytical comparisons and benchmarking between segments and (c) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of total reportable segment Adjusted EBITDA to earnings (loss) before income taxes is presented below.

As of March 31, 2026, our reportable segments are as follows:

Consolidated:

•Telenet

•Wyre

•VM Ireland

Nonconsolidated:

•VMO2 JV

•VodafoneZiggo JV

During the first quarter of 2026, we revised our segment presentation to separately present Wyre as a reportable segment. Prior to this change, Wyre was included within the Telenet reportable segment, as previously defined. This change reflects the manner in which our CODM now evaluates the financial performance of our operations in Belgium. Segment information for prior periods has been revised to reflect this change.

Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV derive their revenue primarily from residential and B2B communications services, including broadband internet, video, fixed-line telephony and mobile services. Wyre derives revenue primarily by providing access to its network on a wholesale basis.

Our “all other category” includes the following activities that do not meet the reportable segment quantitative thresholds:

•Certain of our investments in technology, media, sports and infrastructure companies, including our investment in Formula E, that we view as scalable businesses, which derive their revenue from providing various goods, services and content to customers;

•Our technology and services activities that generate revenue through (i) sales of CPE to our reportable segments and certain third parties and (ii) providing certain centralized network operations and technology solutions;

•Our operational and finance services platform (Liberty Blume) that generates revenue by providing services to various third parties and affiliates; and

•Costs associated with our other corporate activities, including human resources, marketing, legal, finance and other administrative functions.

Our centrally-managed technology and innovation function (our T&I Function) provides, and allocates charges for, certain products and services to our reportable segments (the Tech Framework). These products and services include CPE hardware and related essential software, maintenance, hosting and other services. Our reportable segments capitalize the combined cost of the CPE hardware and a portion of the essential software as property and equipment additions and the corresponding amounts charged by our T&I Function are reflected as revenue when earned.

Performance Measures of our Reportable Segments

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% 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 condensed consolidated statements of operations. Noncontrolling interests, primarily associated with Wyre and Formula E, are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)


		Revenue
	Three months ended March 31, 2026
		Third-party and affiliate		Intersegment		Total
		in millions

Telenet		$	742.6	$	16.8	$	759.4
Wyre		33.8		165.1		198.9
VM Ireland		127.0		—		127.0
VMO2 JV (nonconsolidated)		3,222.4		—		3,222.4
VodafoneZiggo JV (nonconsolidated)		1,148.5		—		1,148.5
Total reportable segment revenue		$	5,274.3	$	181.9	5,456.2
Plus: all other category (a)						416.8
Less: nonconsolidated JV revenue						(4,370.9)
Less: elimination of intercompany consolidated revenue (b)						(227.5)
Total consolidated revenue						$	1,274.6


		Revenue
	Three months ended March 31, 2025
		Third-party and affiliate		Intersegment		Total
		in millions

Telenet		$	731.5	$	11.7	$	743.2
Wyre		28.2		152.6		180.8
VM Ireland		115.8		—		115.8
VMO2 JV (nonconsolidated)		3,126.3		—		3,126.3
VodafoneZiggo JV (nonconsolidated)		1,052.0		—		1,052.0
Total reportable segment revenue		$	5,053.8	$	164.3	5,218.1
Plus: all other category (a)						334.7
Less: nonconsolidated JV revenue						(4,178.3)
Less: elimination of intercompany consolidated revenue (b)						(203.3)
Total consolidated revenue						$	1,171.2

______________

(a)Amounts include revenue from:


	Three months ended March 31,
		2026		2025
		in millions

Third parties and affiliates		$	223.9	$	161.1
Services agreements with our nonconsolidated JV reportable segments (as further described in note 5)		147.2		134.6
Consolidated reportable segments		45.7		39.0
Total		$	416.8	$	334.7

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

(b)Primarily reflects the elimination of (i) transactions between our Telenet and Wyre reportable segments and (ii) the revenue recognized related to the Tech Framework.

The expense categories and amounts presented below align with the segment-level information that is regularly provided to the CODM. These amounts include intersegment expenses and are exclusive of share-based compensation expense.


	Three months ended March 31,
		2026		2025
		in millions

Programming and other direct costs of services:
Consolidated reportable segments:
Telenet		$	320.1	$	352.7
Wyre		$	1.7	$	1.6
VM Ireland		$	37.2	$	34.1

Nonconsolidated reportable segments:
VMO2 JV		$	941.0	$	991.5
VodafoneZiggo JV		$	244.2	$	219.3

Operating expenses:
Consolidated reportable segments:
Telenet		$	255.4	$	234.7
Wyre		$	42.9	$	33.4
VM Ireland		$	51.4	$	44.5

Nonconsolidated reportable segments:
VMO2 JV		$	1,189.6	$	1,061.4
VodafoneZiggo JV		$	422.3	$	369.6


		Adjusted EBITDA
	Three months ended March 31,
		2026		2025
		in millions

Telenet		$	183.9	$	155.8
Wyre		154.3		145.8
VM Ireland		38.4		37.2
VMO2 JV (nonconsolidated)		1,091.8		1,073.4
VodafoneZiggo JV (nonconsolidated)		482.0		463.1
Total reportable segment Adjusted EBITDA		$	1,950.4	$	1,875.3

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

The following table provides a reconciliation of total reportable segment Adjusted EBITDA to earnings (loss) before income taxes:


	Three months ended March 31,
		2026		2025
		in millions

Total reportable segment Adjusted EBITDA		$	1,950.4	$	1,875.3
Plus: all other category		(0.3)		(4.2)
Less: nonconsolidated JV Adjusted EBITDA		(1,573.8)		(1,536.5)
Less: intercompany consolidated eliminations (a)		(9.8)		(10.0)
Share-based compensation expense		(37.1)		(33.4)
Depreciation and amortization		(264.8)		(232.2)
Impairment, restructuring and other operating items, net		(40.8)		1.7
Operating income		23.8		60.7
Interest expense		(113.7)		(127.5)
Realized and unrealized gains (losses) on derivative instruments, net		132.2		(164.7)
Foreign currency transaction gains (losses), net		430.2		(1,081.0)
Realized and unrealized gains due to changes in fair values of certain investments, net		57.8		55.8

Share of results of affiliates, net		(21.7)		(148.0)


Other income, net		25.0		11.4
Earnings (loss) before income taxes		$	533.6	$	(1,393.3)

_____________

(a)Amounts relate to the Adjusted EBITDA impact related to the Tech Framework.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

Property and Equipment Additions of our Reportable Segments

The property and equipment additions of our reportable segments (including capital additions financed under capital-related vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 8 and 10, respectively.


	Three months ended March 31,
	2026		2025
	in millions

Telenet	$	108.1	$	130.9
Wyre	192.6		115.8
VM Ireland	45.6		42.9
VMO2 JV (nonconsolidated)	609.5		594.2
VodafoneZiggo JV (nonconsolidated)	250.0		206.9
Total reportable segment property and equipment additions	1,205.8		1,090.7
Plus: all other category (a)	54.2		6.0
Less: nonconsolidated JV property and equipment additions	(859.5)		(801.1)
Less: elimination of intercompany consolidated property and equipment additions (b)	(9.8)		(10.0)
Total consolidated property and equipment additions	390.7		285.6
Assets acquired under capital-related vendor financing arrangements	(30.1)		(20.6)

Changes in current liabilities related to capital expenditures	37.0		(21.7)
Total capital expenditures, net	$	397.6	$	243.3

_______________

(a)Includes (i) property and equipment additions representing centrally-owned assets that benefit other operating segments and (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to other operating segments.

(b)Represents eliminations primarily related to the charges under the Tech Framework to each respective consolidated reportable segment related to the portion of the charges attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup.

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

Revenue by Major Category

Our revenue by major category is set forth below:


	Three months ended March 31,
		2026		2025
		in millions

Residential revenue:
Residential fixed revenue (a):
Subscription revenue (b):
Broadband internet		$	248.4	$	218.4
Video		147.3		144.1
Fixed-line telephony		44.9		44.3
Total subscription revenue		440.6		406.8
Non-subscription revenue		8.1		5.1
Total residential fixed revenue		448.7		411.9
Residential mobile revenue (c):
Subscription revenue (b)		128.5		115.7
Non-subscription revenue		43.0		36.2
Total residential mobile revenue		171.5		151.9
Total residential revenue		620.2		563.8
B2B revenue (d):
Subscription revenue		113.9		103.8
Non-subscription revenue		118.9		103.2
Total B2B revenue		232.8		207.0
Other revenue (e)		421.6		400.4
Total		$	1,274.6	$	1,171.2

_______________

(a)Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential fixed non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment.

(b)Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our fixed and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period.

(c)Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices.

(d)B2B subscription revenue represents revenue from (i) services provided to small or home office (SOHO) subscribers and (ii) mobile services provided to medium and large enterprises. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. B2B non-subscription revenue includes (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large

LIBERTY GLOBAL LTD.

Notes to Condensed Consolidated Financial Statements — (Continued)

March 31, 2026

(unaudited)

enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network.

(e)Other revenue includes, among other items, (i) revenue earned from the U.K. JV Services, the Sunrise Services and the NL JV Services, (ii) revenue at Formula E, (iii) revenue earned from the sales of CPE to the VMO2 JV and the VodafoneZiggo JV and (iv) broadcasting revenue at Telenet and VM Ireland.

Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis, which should be read in conjunction with our consolidated financial statements and the discussion and analysis included in our 2025 10-K, is intended to assist in providing an understanding of changes in our results of operations and financial condition and is organized as follows:

•Forward-Looking Statements. This section provides a description of certain factors that could cause actual results or events to differ materially from anticipated results or events.

•Overview. This section provides a general description of our business and recent events.

•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three months ended March 31, 2026 and 2025.

•Material Changes in Financial Condition. This section provides an analysis of our corporate and subsidiary liquidity as of March 31, 2026 and our condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025.

The capitalized terms used below have been defined in the notes to our condensed consolidated financial statements. In the following text, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global or collectively to Liberty Global and its subsidiaries.

Unless otherwise indicated, convenience translations into U.S. dollars are calculated, and operational data is presented, as of March 31, 2026.

Forward-Looking Statements

Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that statements in this Quarterly Report are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Part I, Item 3. Quantitative and Qualitative Disclosures About Market Risk and Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds may contain forward-looking statements, including statements regarding our business, product, foreign currency, hedging and finance strategies, our property and equipment additions, subscriber growth and retention rates, competitive, regulatory and economic factors, the timing and impacts of proposed transactions, the maturity of our markets, the potential impact of large-scale health crises on our company, the anticipated impacts of new legislation (or changes to existing rules and regulations), anticipated changes in our revenue, costs or growth rates, our liquidity, credit risks, foreign currency risks, interest rate risks, target leverage levels, debt covenants, our future projected contractual commitments and cash flows and other information and statements that are not historical fact. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In evaluating these statements, you should consider the risks and uncertainties discussed in Part I, Item 1A. Risk Factors of our 2025 10-K, as well as the following list of some, but not all, of the factors that could cause actual results or events (including with respect to our affiliates) to differ materially from anticipated results or events:

•economic and business conditions and industry trends in the countries in which we or our affiliates operate, including the impact of the increasingly uncertain and volatile economic conditions, an inflationary environment and changes in government policies, including those related to trade and tariffs;

•the competitive environment in the industries and in the countries in which we or our affiliates operate, including competitor responses to our products and services;

•our ability to manage rapid technological changes, including our ability to adequately manage our legacy technologies;

•the effects of new, emerging or competing technologies, including those that could make our products less desirable or obsolete;

•the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital;

•our ability to adequately forecast and plan future network requirements;

•changes in laws, monetary policies and government regulations that may impact the availability or cost of capital and the derivative instruments that hedge certain of our financial risks;

•changes in consumer video, mobile and broadband usage, preferences and habits, including increased demand for high-speed data transmission services and artificial intelligence-enabled services;

•consumer acceptance of our existing service offerings, including our broadband internet, video, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future;

•the availability of attractive programming for our video services and the costs associated with such programming, including, but not limited to, production costs, retransmission and copyright fees;

•our ability to continue to use intellectual property used to conduct our operations;

•the activities of device manufacturers and our operating companies’ ability to secure adequate and timely supply of handsets that experience high demand;

•uncertainties inherent in the development, and integration, of new business lines and business strategies;

•our ability to increase revenue from business services offered to our affiliates and other third parties;

•the availability, cost and regulation of spectrum used in our business;

•the ability of suppliers and vendors (including our third-party wireless network provider, Three (Hutchison), under our mobile virtual network operator arrangement at VM Ireland) to timely deliver quality products, equipment, software, services and access;

•the leakage of sensitive customer or company data or the failure by us, our affiliates or our third-party providers to comply with applicable data protection laws, regulations and rules;

•our ability and the ability of our third-party service providers to anticipate, protect against, mitigate and contain the loss of our and our customers’ data as a result of cyber attacks on us or any of our affiliates or our third-party service providers;

•a failure in our network and information systems, whether caused by a natural failure or a security breach, and unauthorized access to our networks;

•fluctuations in currency exchange rates and interest rates;

•instability in global financial markets, including sovereign debt issues, currency instability and related fiscal or monetary reforms;

•changes in, or failure or inability to comply with, government regulations and legislation in the countries in which we or our affiliates operate and any adverse outcomes from regulatory proceedings;

•changes in laws or treaties relating to taxation, or the interpretation thereof, in Bermuda, the U.K., the E.U., the U.S. or in other countries in which we or our affiliates operate;

•the effect of perceived health risks associated with electromagnetic radiation from base stations and associated equipment;

•our ability to navigate the potential impacts on our business resulting from the U.K.’s departure from the E.U.;

•our ability to successfully acquire new businesses or form joint ventures and, if acquired or joined, to integrate, realize anticipated synergies from, and implement our business plans with respect to, the businesses we have acquired or joined or that we expect to acquire or join on the timelines, or within the budgets, estimated for such integrations;

•successfully integrating businesses or operations that we acquire or partner with on the timelines, or within the budgets, estimated for such integrations;

•our ability to realize the expected synergies from our acquisitions and joint ventures in the amounts anticipated or on the anticipated timelines;

•our ability to obtain regulatory and shareholder approval and satisfy other conditions necessary to close acquisitions, dispositions, combinations or joint ventures and the impact of conditions imposed by competition and other regulatory authorities in connection with any of our acquisitions, dispositions, combinations or joint ventures;

•problems we may discover post-closing with the operations, including the internal controls and financial reporting processes, of businesses we acquire or with whom we create joint ventures;

•operating costs, customer loss and business disruption, including maintaining relationships with employees, customers, suppliers or vendors, may be greater than expected in connection with our acquisitions, dispositions or joint ventures;

•changes in the nature of key strategic relationships with partners and joint venturers;

•our ability to profit from investments, such as our joint ventures, that we do not solely control;

•our potential exposure to additional tax liabilities;

•the effect on our businesses of strikes or collective action by certain of our employees that are represented by trade unions or work councils;

•our capital structure and factors related to our debt arrangements;

•our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers, including with respect to our significant property and equipment additions, as a result of, among other things, inflationary and cost of living pressures;

•the availability and cost of capital for the acquisition, maintenance and/or development of telecommunications networks, products and services;

•consumer disposable income and spending levels, including the availability and amount of individual consumer debt, as a result of, among other things, inflationary or cost of living pressures;

•our ability to freely access the cash of our operating companies;

•the risk of default by counterparties to our cash investments, derivative and other financial instruments and undrawn debt facilities;

•the loss of key employees and the lack of qualified personnel;

•our ability to provide satisfactory customer service, including support for new and evolving products and services;

•government intervention that requires opening our broadband distribution networks to competitors, such as certain regulatory obligations imposed in Belgium;

•our ability to maintain and further develop our direct and indirect distribution channels;

•the outcome of any pending or threatened litigation; and

•events that are outside of our control, such as political unrest in international markets, terrorist attacks, armed conflicts, malicious human acts, natural disasters, epidemics, pandemics and other similar events, including the ongoing invasion of Ukraine by Russia and the continuing conflicts in the Middle East.

The broadband distribution and mobile service industries are changing rapidly and, therefore, the forward-looking statements of expectations, plans and intents in this Quarterly Report are subject to a significant degree of risk. These forward-looking statements and the above-described risks, uncertainties and other factors speak only as of the date of this Quarterly Report, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on any forward-looking statement.

Overview

General

We are an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe and are an active investor across the technology, media, sports and infrastructure sectors. We also provide innovative technology, operational and financial services to our affiliates and third parties. We provide residential and B2B communications services in (i) Belgium and Luxembourg through Telenet and (ii) Ireland through VM Ireland. In addition, we own 50% noncontrolling interests in (a) the VMO2 JV, which provides residential and B2B communications services in the U.K., and (b) the VodafoneZiggo JV, which provides residential and B2B communications services in the Netherlands.

We also have controlling interests in Wyre, an independent infrastructure company in Belgium, and Formula E, a global electric motor racing series.

Operations

At March 31, 2026, our reportable segments, including our nonconsolidated JVs, as defined in note 15 to our condensed consolidated financial statements, owned and operated networks that passed 29,147,600 homes and served 10,914,200 fixed-line customers and 48,528,300 mobile subscribers.

Competition and Other External Factors

We are experiencing competition in all of the markets in which we or our affiliates operate. This competition, together with macroeconomic and regulatory factors, has adversely impacted our revenue, number of customers and/or average monthly subscription revenue per fixed-line customer or mobile subscriber, as applicable (ARPU). For additional information regarding the revenue impact of changes in the fixed-line customers and ARPU of our consolidated reportable segments, see Discussion and Analysis of our Reportable Segments below.

We are subject to inflationary pressures with respect to labor, programming and other costs. While we attempt to increase our revenue to offset increases in costs, there is no assurance that we will be able to do so. Therefore, costs could rise faster than associated revenue, thereby resulting in a negative impact on our operating results, cash flows and liquidity. The economic environment in the respective countries in which we operate is a function of government, economic, fiscal and monetary policies and various other factors beyond our control that could lead to inflation. We are unable to predict the extent that price levels might be impacted in future periods by the current state of the economies in the countries in which we operate.

Material Changes in Results of Operations

In the following discussion, we quantify the estimated impact of material acquisitions (the Acquisition Impact) and dispositions on our operating results. The Acquisition Impact represents our estimate of the difference between the operating results of the periods under comparison that is attributable to an acquisition. In general, we base our estimate of the Acquisition Impact on an acquired entity’s operating results during the first 3 to 12 months following the acquisition date, as adjusted to remove integration costs and any other material unusual or non-operational items, such that changes from those operating results in subsequent periods are considered to be organic changes. Accordingly, in the following discussion, (i) organic variances attributed to an acquired entity during the first 12 months following the acquisition date represent differences between the Acquisition Impact and the actual results and (ii) the calculation of our organic change percentages includes the organic activity of an acquired entity relative to the Acquisition Impact of such entity. With respect to material dispositions, the organic changes that are discussed below reflect adjustments to exclude the historical prior-year results of any disposed entities to the extent that such entities are not included in the corresponding results for the current-year period.

Changes in foreign currency exchange rates have a significant impact on our reported operating results, as all of our operating segments have functional currencies other than the U.S. dollar. Our primary exposure to foreign exchange (FX) risk during the three months ended March 31, 2026 was to the euro, as substantially all of our reported revenue during the period was derived from subsidiaries whose functional currencies are the euro. In addition, our reported operating results are impacted by changes in the exchange rates for certain other local currencies in Europe. The portions of the changes in the various components of our results of operations that are attributable to changes in FX are highlighted under Discussion and Analysis of our Reportable Segments and Discussion and Analysis of our Consolidated Operating Results below. For information regarding our foreign currency risks and the applicable foreign currency exchange rates in effect for the periods covered by this Quarterly Report, see Part I, Item 3. Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below.

The amounts presented and discussed below represent 100% of each of our consolidated and nonconsolidated reportable segment’s results of operations, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV. We account for our 50% 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 condensed consolidated statements of operations. Noncontrolling interests, primarily associated with Wyre and Formula E, are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.

Discussion and Analysis of our Reportable Segments

General

Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV derive their revenue primarily from residential and B2B communications services. Wyre derives revenue primarily by providing access to its network on a wholesale basis. For detailed information regarding the composition of our reportable segments, our “all other category” and how we define and categorize our revenue components, see note 15 to our condensed consolidated financial statements. For information regarding the results of operations of the VMO2 JV and the VodafoneZiggo JV, refer to Discussion and Analysis of our Consolidated Operating Results — Share of results of affiliates, net below.

The tables presented below in this section provide the details of the revenue and Adjusted EBITDA of our reportable segments for the three months ended March 31, 2026, as compared to the corresponding period in 2025. These tables present (i) the amounts reported for the current and comparative periods, (ii) the reported U.S. dollar change and percentage change from period to period and (iii) with respect to our consolidated reportable segments, the organic U.S. dollar change and percentage change from period to period. For our organic comparisons, which exclude the impact of FX, we assume that exchange rates remained constant at the prior-period rate during all periods presented. We also provide a table showing the Adjusted EBITDA margins of our reportable segments for the three months ended March 31, 2026 and 2025 at the end of this section.

Consolidated Adjusted EBITDA is a non-GAAP measure, which we believe is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to readily view operating trends from a consolidated view. Investors should view consolidated Adjusted EBITDA as a supplement to, and not a substitute for, GAAP measures of performance included in our condensed consolidated statements of operations.

The following table provides a reconciliation of net earnings (loss) to total consolidated Adjusted EBITDA:


	Three months ended March 31,
		2026		2025
		in millions

Net earnings (loss)		$	358.2	$	(1,323.3)
Income tax expense (benefit)		175.4		(70.0)
Other income, net		(25.0)		(11.4)



Share of results of affiliates, net		21.7		148.0

Realized and unrealized gains due to changes in fair values of certain investments, net		(57.8)		(55.8)
Foreign currency transaction losses (gains), net		(430.2)		1,081.0
Realized and unrealized losses (gains) on derivative instruments, net		(132.2)		164.7
Interest expense		113.7		127.5
Operating income		23.8		60.7
Impairment, restructuring and other operating items, net		40.8		(1.7)
Depreciation and amortization		264.8		232.2
Share-based compensation expense		37.1		33.4
Total consolidated Adjusted EBITDA		$	366.5	$	324.6

Revenue of our Reportable Segments

General. While not specifically discussed in the below explanations of the changes in the revenue of our reportable segments, we are experiencing competition in all of our markets. This competition has an adverse impact on our ability to increase or maintain our total number of customers and/or our ARPU.

Variances in the subscription revenue that we receive from our customers are a function of (i) changes in the number of our fixed-line customers or mobile subscribers outstanding during the period and (ii) changes in ARPU. Changes in ARPU can be attributable to (a) changes in prices, (b) changes in bundling or promotional discounts, (c) changes in the tier of services selected, (d) variances in subscriber usage patterns and (e) the overall mix of fixed and mobile products within a segment during the period.


	Three months ended March 31,				Increase (decrease)			Organic increase (decrease)
	2026		2025		$		%	$		%
	in millions, except percentages

Telenet	$	759.4	$	743.2	$	16.2	2.2	$	(2.5)	(0.4)
Wyre	198.9		180.8		18.1		10.0	(1.9)		(1.0)
VM Ireland	127.0		115.8		11.2		9.7	(1.6)		(1.4)
Total consolidated reportable segments	1,085.3		1,039.8		45.5		4.4
Plus: all other category	416.8		334.7		82.1		24.5
Less: elimination of intercompany consolidated revenue	(227.5)		(203.3)		(24.2)		N.M.
Total consolidated	$	1,274.6	$	1,171.2	$	103.4	8.8	$	29.1	2.9

VMO2 JV	$	3,222.4	$	3,126.3	$	96.1	3.1
VodafoneZiggo JV	$	1,148.5	$	1,052.0	$	96.5	9.2

_______________

N.M. — Not Meaningful.

Telenet. The details of the increase in Telenet’s revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below:



	Subscription revenue		Non-subscription revenue		Total
	in millions

Decrease in residential fixed subscription revenue due to change in:
Average number of customers	$	(5.4)	$	—	$	(5.4)
ARPU	(2.2)		—		(2.2)
Increase in residential fixed non-subscription revenue	—		2.3		2.3
Total increase (decrease) in residential fixed revenue	(7.6)		2.3		(5.3)
Increase in residential mobile revenue (a)	0.3		2.6		2.9
Decrease in B2B revenue	(1.2)		(0.3)		(1.5)
Increase in other revenue	—		1.4		1.4
Total organic increase (decrease)	(8.5)		6.0		(2.5)

Impact of dispositions	—		(57.7)		(57.7)
Impact of FX	58.8		17.6		76.4
Total	$	50.3	$	(34.1)	$	16.2

_____________

(a)The increase in residential mobile non-subscription revenue is primarily attributable to an increase in r

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