Liberty Global Ltd. filed a Form 425 on November 3, 2026, disclosing its third-quarter 2026 financial results and providing an update on the planned Ziggo Group spin-off, including key commercial milestones and transaction details.

Key Highlights

  • Q3 2026 Revenue: Liberty Global reported revenue of $1,906.5 million, down 1.9% year-over-year on a reported basis and up 1.4% on a rebased basis, according to the filing.
  • Adjusted EBITDA: Adjusted EBITDA for Q3 2026 was $674.8 million, down 6.3% year-over-year on a reported basis and down 6.8% on a rebased basis.
  • Towers Sale Agreed: The sale of VodafoneZiggo's mobile towers was agreed for a total consideration of €669 million, representing 16.2x 2025 EBITDA, with proceeds intended for deleveraging at VodafoneZiggo.
  • Ziggo Group Spin-Off Timeline: The planned spin-off of Ziggo Group remains targeted for Q2 2027, with Liberty Global stating it currently intends to make initial confidential submissions to the SEC and the AFM in December.
  • Synergies Expected to Exceed Prior Estimate: According to the filing, operating and financial synergies from the Ziggo Group combination "are currently expected to exceed our previous NPV estimate of €1 billion."
  • Leadership Team Announced: The full Ziggo Group executive leadership team was named in Q3, led by CEO Stephen van Rooyen and CFO Jany Fruytier, with Rocio Lorenzo announced as Telenet's new CEO.
  • VodafoneZiggo Broadband: VodafoneZiggo delivered a second consecutive quarter of positive broadband additions, described in the filing as the best performance since Q2 2019.

Liberty Global's Benelux Operations and Ziggo Group Formation in Q3 2026

According to the filing, Q3 2026 marked the formal creation of the Ziggo Group, combining VodafoneZiggo and Telenet into what Liberty Global describes as "the leading Benelux connectivity champion." The company disclosed that it closed on the purchase of Vodafone's 50% stake in VodafoneZiggo during the quarter, a key structural step ahead of the planned listing of Ziggo Group on Euronext Amsterdam. Liberty Global also disclosed plans to file a registration statement on Form F-4 that will include a preliminary proxy statement in connection with the proposed transaction.

On the commercial side, the filing states that VodafoneZiggo's total revenue "returned to growth for the first time since Q2 2024," supported by price indexation and increased handset sales. The company also disclosed that VodafoneZiggo became the first major provider globally to offer 8Gbps on DOCSIS 4.0. In Belgium, Telenet grew its broadband customer base for the sixth consecutive quarter, driven by continued strength in BASE FMC, according to the filing. In local currency terms, Q3 revenue was €1,656.6 million, down 0.3% on a reported basis and up 1.4% on a rebased basis, while Adjusted EBITDA was €586.3 million, down 4.9% on a reported basis.

The filing notes that VodafoneZiggo and Telenet "remain on track to meet their respective full-year guidance." Regarding the broader asset disposal plan, Liberty Global disclosed a "wider €1.2-€1.4B Ziggo Group non-core asset disposals target to further reduce leverage," of which the agreed €669 million towers sale is a component. The filing was made pursuant to Rule 425 under the Securities Act of 1933, with Liberty Global Ltd. as both the filing party and the subject company, with Commission File No. 001-35961.

What Was Disclosed

Liberty Global filed a Form 425 on November 3, 2026, covering Q3 2026 financial results and Ziggo Group spin-off progress, including revenue of $1,906.5 million, Adjusted EBITDA of $674.8 million, a €669 million towers sale agreement, and a reaffirmed Q2 2027 spin-off target.