Liberty Global has reported Q1 2025 results with consolidated revenue of $1.17 billion (€1.03bn), up 7.3 per cent from Q1 2024, with CEO Mike Fries stating “the balance sheets of our core operating businesses are strong”.

In the UK, Liberty Global announced it has paused the sale process of VMO2’s potential network stake to reassess strategic plans. However, they remain open to “exploring network upgrade and development opportunities”.

Virgin Media O2

VMO2’s first quarter results saw a return to growth in both revenue and Adj. EBITDA on a guidance basis, representing a sequential improvement versus Q4. Despite a competitive environment, VMO2 maintained ARPU growth (up 1.6 per cent). In mobile, the planned acquisition of spectrum from the VOD/3 merger should further strengthen VMO2’s network position said Liberty, alongside customer and digital initiatives to improve commercial momentum.

Revenue stood at $3.13 billion, -4.8 per cent YoY on a reported basis. Broadband saw net losses of 44,000, primarily attributed to elevated churn following a high level of market discounting during Q1.

Lutz Schüler, CEO of Virgin Media O2, said: “We have started the year on track with guidance delivering growth in core revenues and profitability. Against a tougher Q1 trading environment we have kept our focus on retaining customer value through fast and reliable connectivity coupled with disciplined pricing and improved service.

“Our investments in networks and services are continuing to position us well for the future. We have seen a further improvement in customer service as our turnaround strategy shows green shoots, with lower complaints and higher satisfaction. On the mobile side, we’ve expanded 5G to reach three quarters of the UK population while improving network quality in key locations, and the expected acquisition of spectrum from Vodafone-Three will further bolster our position. On fixed, our combined full fibre footprint continues to grow and now approaches seven million premises, while we also start trials of giffgaff broadband to increase our reach in the market. We remain focused and on course to deliver our full year guidance as we build on the foundations laid last year to return to growth in 2025,” concluded Schüler.

VodafoneZiggo

VodafoneZiggo’s first quarter results were heavily impacted by the intensely competitive environment, particularly in the fixed market. During the quarter, the telco launched new front book propositions which are the first part of a wider strategic plan to regain commercial momentum. While the new strategic plan and market environment will impact VodafoneZiggo’s 2025 guidance, notably driving a steeper than expected Adj. EBITDA decline, Liberty Global says it will position the company for growth and future-proof the network through an accelerated DOCSIS 4.0 upgrade plan.

Revenue was at $1.05 billion, -5.6 per cent YoY. Broadband saw net losses of 31,000.

Telenet

Telenet’s first quarter results demonstrated “resilience in the face of a competitive environment”, with growth in revenue and Adj. EBITDAaL. Telenet continues to leverage the BASE brand to drive growth in the South of Belgium and BASE’s status as a challenger brand means it is well positioned to defend in the mobile-only segment. Elsewhere, Wyre continues to advance the FTTH build while also making progress with Proximus and Belgian regulators on the FTTH-sharing agreement announced last year.

Revenue was at $759.7 million, -0.4 per cent YoY. Broadband saw net losses of 2,100.

Virgin Media Ireland

Virgin Media Ireland’s first quarter results were impacted by the “competitive environment in Ireland which remains intense”, driving modest revenue and Adj. EBITDA declines. Despite the market dynamics, Virgin Media Ireland continues to make strong progress against its key strategic priorities including FTTH rollout, wholesale penetration and offnet footprint expansion.

Revenue was at $115.8 million, -5.9 per cent YoY. Broadband net losses were at 1,000.

Fries (pictured) stated: “In our year-end investor call we outlined the core strategies we are undertaking to create and deliver value to shareholders following the successful spin-off of our Swiss subsidiary Sunrise. We made good progress on these plans in the first quarter of 2025″.

• Our Liberty Telecom operations demonstrated resilience in competitive markets, with Virgin Media O2 returning to growth in revenue and Adjusted EBITDA1, and VodafoneZiggo launching the first of a series of initiatives to regain commercial momentum.
• Financing and monetising our network infrastructure remains a key priority, with Virgin Media Ireland expected to reach 80 per cent of homes with fibre by year-end, and Telenet advancing discussions on rationalising the fibre market in Flanders with Proximus. In the UK, we have decided to pause VMO2’s potential NetCo stake sale process to align with our JV partner, but remain opportunistic on both network upgrade and development opportunities.
• In our Liberty Growth portfolio, we remain committed to realising $500-$750 million of asset disposals and to prioritising our scale-based investments, including Formula E which has had a successful launch to Season 11 of the global racing championship.
• The FMV of the portfolio increased to $3.3 billion, with the top seven investments still comprising ~75 per cent of the value.
• And our Liberty Services platforms in finance and tech continue to scale and generate positive Adj. EBITDA and Adj. EBITDA less P&E Additions, with Liberty Blume officially launching its B2B marketing campaign.”

“Across the group, our clear focus on unlocking shareholder value remains, as we resumed buybacks during the quarter towards our ‘up to 10 per cent of shares’ target for 2025. The balance sheets of our core operating businesses are strong with no maturities until 2028, and low borrowing costs. Finally, it’s worth noting that Sunrise continues to trade well in the current macro environment following the spin- off, at over $10 per share of implied value to Liberty Global shareholders. Our guidance at the Liberty Global corporate level remains unchanged, as does the guidance for all of our Liberty Telecom operations with the exception of VodafoneZiggo where we have revised guidance to align with management’s new long-term growth strategy,” concluded Fries

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Categories: Articles, Business, Results

Tags: Liberty Global, Mike Fries, telenet, Virgin Media