Liberty Global Q3 Net Earnings Swing to $548M, Ziggo Spin-Off Set for Q2 2027

Liberty Global Ltd. reported third-quarter 2026 consolidated net earnings of $547.7 million, a swing from a $83.4 million loss a year earlier, alongside $1.92 billion of consolidated revenue and $602.6 million of consolidated Adjusted EBITDA, the company announced on November 3, 2026. Revenue rose 59.1% on a reported basis but only 1.0% on a rebased basis, as the closed purchase of Vodafone's 50% stake in VodafoneZiggo moved the Dutch joint venture onto the consolidated line for the first time.

Context — Why the VodafoneZiggo Buy-In Reshapes Liberty Global Now

The reported-versus-rebased split is the central fact of the quarter. Liberty Global's consolidated revenue jumped 59.1% year over year, yet the company's own rebased measure — which strips out currency and consolidation effects — shows just 1.0% growth. That gap exists because VodafoneZiggo was previously reported as a nonconsolidated joint venture and is now folded into the group's accounts.

Against that backdrop, the company said it completed several milestones toward the structural formation of Ziggo Group, the vehicle combining VodafoneZiggo and Telenet ahead of a spin-off the company still expects in the second quarter of 2027. The company closed the purchase of Vodafone's 50% VodafoneZiggo stake, named its senior executive team, and engaged external advisors.

Liberty Global also said it agreed to sell VodafoneZiggo's mobile towers for €669 million, a multiple it described as 16.2x 2025 EBITDA, with proceeds earmarked for deleveraging at VodafoneZiggo. That sits inside a wider €1.2 billion to €1.4 billion target for non-core asset disposals at Ziggo Group.

The company said it intends to make initial confidential submissions to the SEC and the Dutch AFM in December in connection with the proposed spin-off. CEO Mike Fries said operating and financial synergies are being finalized and are "currently expected to exceed our previous NPV estimate of €1 billion."

Data — What the Q3 Numbers Show

Segment revenue tells a more mixed story than the headline swing suggests. Ziggo Group revenue of $1,906.5 million fell 1.9% on a reported basis but rose 1.4% rebased — the first return to growth at VodafoneZiggo since the second quarter of 2024, the company said. Wyre revenue of $193.8 million fell 3.6% reported and 2.1% rebased. Virgin Media Ireland revenue of $118.6 million fell 2.9% reported and 1.5% rebased.

The nonconsolidated VMO2 JV contributed $3,262.7 million of revenue, down 5.0% reported and 5.7% rebased. Total consolidated Adjusted EBITDA of $602.6 million rose 79.1% reported but fell 13.7% rebased, the mirror image of the revenue distortion.

Metric	Q3 2026	Q3 2025	Reported change
Consolidated revenue	$1,920.6M	$1,207.1M	+59.1%
Consolidated Adjusted EBITDA	$602.6M	$336.5M	+79.1%
Consolidated net earnings	$547.7M	-$83.4M	+756.7%
Ziggo Group revenue	$1,906.5M	$1,942.6M	-1.9%
Ziggo Group Adj. EBITDA	$674.8M	$720.4M	-6.3%
VMO2 JV revenue	$3,262.7M	$3,436.0M	-5.0%
VMO2 JV Adj. EBITDA	$1,207.8M	$1,250.3M	-3.4%

On the subscriber side, Ziggo Group added 15,900 broadband subscribers organically, with VodafoneZiggo contributing 11,800 and Telenet 4,100, while fixed-line relationships fell 4,200. The VMO2 JV lost 22,100 broadband and 27,300 postpaid mobile subscribers in the quarter.

Analysis — Where the Cash and Risk Sit Across the Telecom Complex

The Ziggo Group spin-off matters beyond Liberty Global's own equity because it would create a listed Benelux connectivity pure-play holding two incumbent cable and mobile franchises. VodafoneZiggo's return to revenue growth and its second consecutive quarter of positive broadband additions — described by the company as its best performance since Q2 2019 — give the spin-off vehicle a commercial narrative it lacked a year ago.

The tower sale at 16.2x 2025 EBITDA is the clearest valuation marker the company disclosed, and it establishes a reference multiple for European tower portfolios that peers with similar infrastructure assets can be measured against. Proceeds going to VodafoneZiggo deleveraging rather than dividends signals the company is prioritizing balance-sheet repair inside the spun entity.

The counter-argument is Virgin Media O2. VMO2 revenue fell 5.7% rebased and Adjusted EBITDA fell 3.9% rebased, with fixed ARPU down 5.0% year over year on promotional activity and the phasing of annual price rises. The company outlined a plan targeting £800 million of run-rate cost reductions by 2029, supported in part by a 30% cut in people cost, and said it will halt its own fiber upgrade plan while continuing to support nexfibre.

Liberty Global ended the quarter with roughly $2.0 billion of corporate cash and completed $100 million of buybacks. The company said it anticipates ending 2026 with about $1.8 billion of corporate cash and a further $100 million of buybacks in the fourth quarter. Liberty Growth posted an Adjusted EBITDA loss of $58.9 million, wider than the prior-year $23.0 million loss.

Outlook — What to Watch Into the Q2 2027 Spin-Off

The near-term calendar is dominated by the December confidential submissions to the SEC and the Dutch AFM, which the company said it intends to file in connection with the spin-off. Progress or delay on that regulatory track is the single clearest signal on whether the Q2 2027 spin-off timetable holds.

VMO2 is the second catalyst. The company said it is reviewing options on VMO2's planned cash distributions to shareholders in 2026, worth around £200 million, and will provide an update in the first quarter of 2027 when it announces full-year results and knows the outcome of the Netomnia transaction. It confirmed full-year guidance of 3% to 5% declines in both total service revenue and Adjusted EBITDA, adjusted for the Daisy Transaction, £2.0 billion to £2.2 billion of property and equipment additions, and around £200 million of Adjusted Free Cash Flow.

The company did not disclose the terms of the tower sale beyond the €669 million consideration and the EBITDA multiple, nor the identity of the buyer.

Frequently Asked Questions

Why did Liberty Global's revenue jump 59% in Q3 2026?

The jump is an accounting effect, not organic growth. VodafoneZiggo was previously reported as a nonconsolidated joint venture, so its results sat outside Liberty Global's consolidated revenue line. After the company closed the purchase of Vodafone's 50% stake, VodafoneZiggo's results consolidated into the group, lifting reported revenue 59.1% while rebased growth was only 1.0%.

What does the Ziggo Group spin-off mean for existing Liberty Global shareholders?

The company said the spin-off remains on track for the second quarter of 2027, with initial confidential submissions to the SEC and the Dutch AFM planned for December. A spin-off would separate the Benelux connectivity assets — VodafoneZiggo and Telenet — into a standalone listed entity, leaving Liberty Global with its remaining operations including Virgin Media O2 and Virgin Media Ireland. The company did not disclose the distribution ratio or structure.

Why is Virgin Media O2 cutting costs so aggressively?

VMO2 faces a challenging macroeconomic climate and an intensely competitive UK telecom market, the company said. Revenue fell 5.7% rebased and fixed ARPU declined 5.0% year over year. The plan targets £800 million of run-rate cost reductions by 2029, supported in part by a 30% cut in people cost, and shifts capital spending toward fewer, more measurable projects while halting the company's own fiber upgrade plan.

Bottom Line

Liberty Global's earnings swing is a consolidation artifact, but the tower sale multiple and the December spin-off filings are the real signals to track.