Key Highlights

● Consolidated Revenue was $1.921 billion, up 59.1% reported and 1.0% rebased.

● Net Earnings were $547.7 million, compared with a loss of $83.4 million.

● The Ziggo Group spin-off remains targeted for the second quarter of 2027.

● Liberty Global repurchased $100 million of shares in the third quarter.

Liberty Global Ltd. (NASDAQ:LBTYA) released third-quarter 2026 results on November 3, 2026. The report showed a sharp swing to net earnings, continued share repurchases and further detail on a planned spin-off of Ziggo Group. It also highlighted pressure on rebased adjusted EBITDA and subscriber losses at the Virgin Media O2 joint venture.

Latest Company Context

Liberty Global reported consolidated revenue of $1.921 billion for the quarter, up 59.1% on a reported basis and 1.0% on a rebased basis. Adjusted EBITDA was $602.6 million, up 79.1% reported but down 13.7% rebased. Net earnings were $547.7 million, compared with a loss of $83.4 million a year earlier. The company said it closed the purchase of Vodafone (NASDAQ:VOD)'s 50% stake in VodafoneZiggo, which helps explain the large gap between reported and rebased growth. It repurchased $100 million of shares in the third quarter and expects another $100 million in the fourth, with corporate cash of about $2.0 billion at quarter-end and roughly $1.8 billion expected at year-end 2026.

Key Business and index Drivers

The spin-off of Ziggo Group remains targeted for the second quarter of 2027, with initial confidential submissions to the SEC and the Dutch AFM planned for December and a proposed listing on Euronext Amsterdam. A sale of VodafoneZiggo towers has been agreed at 669 million euros, with proceeds earmarked to reduce debt. The release also cites a target of 1.2 billion to 1.4 billion euros of non-core disposals for Ziggo Group. Operationally, VodafoneZiggo added 11,800 broadband and 30,700 postpaid mobile customers, and Telenet added 4,100 of each, while the Virgin Media O2 joint venture lost 22,100 broadband and 27,300 postpaid mobile customers.

VodafoneZiggo guided to stable to slightly lower revenue, a mid- to high-single-digit decline in adjusted EBITDA and no distributions, while Telenet guided to stable revenue and low-single-digit growth in adjusted EBITDAaL. Virgin Media O2 guided to revenue and adjusted EBITDA each down 3% to 5%, and said planned 2026 distributions of about 200 million pounds are under review, with an update in the first quarter of 2027. It also targets 800 million pounds of run-rate cost savings by 2029.

What Investors Should Watch

Investors may watch for the December regulatory submissions and any change to the second-quarter 2027 spin-off timetable, since these are company targets rather than assured outcomes. The Virgin Media O2 distribution review is another item, as the company has said it will update in the first quarter of 2027. Subscriber trends at each operating unit could indicate whether competition is easing or intensifying. The pending Netomnia transaction and the nexfibre relationship may also influence how the group's fibre strategy is perceived. Finally, the pace of Buybacks relative to cash on hand could be monitored.

A Group Reshaped by Deals

Liberty Global's third-quarter report mixes strong reported figures, which reflect an acquisition, with softer rebased earnings and mixed subscriber trends. The planned Ziggo Group spin-off, ongoing buybacks and the Virgin Media O2 cost programme give investors several developments to follow through 2027. Timelines and results could change.