The filing confirms the Ziggo Group spin-off timeline (Q2 2027) and VMO2's strategic cost-cutting plan, both medium-term catalysts. Near-term focus is on Q4 buybacks and year-end cash position. Monitor December SEC/AFM submissions for spin-off details and Q1 2027 update on VMO2 cash distributions.
Price Chart
Executive Summary
Liberty Global reported Q3 2026 consolidated revenue of $1.92B (rebased +1.0%) and consolidated Adjusted EBITDA of $602.6M (rebased -13.7%). The headline net earnings swung to a profit of $547.7M from a loss of $83.4M a year ago, driven by gains from the VodafoneZiggo acquisition. The Ziggo Group spin-off remains on track for Q2 2027, with the company confirming it will make initial SEC/AFM submissions in December. VMO2 confirmed its full-year guidance but outlined a new strategic plan including 800M of run-rate cost reductions by 2029. The company completed $100M in share buybacks in Q3 and expects another $100M in Q4.
Key Financial Metrics
Key Facts
- Q3 2026 consolidated revenue $1.92B, rebased +1.0% YoY
- Q3 2026 consolidated Adjusted EBITDA $602.6M, rebased -13.7% YoY
- Q3 2026 net earnings $547.7M vs loss of $83.4M in Q3 2025
- Ziggo Group spin-off on track for Q2 2027; initial SEC/AFM submissions planned for December 2026
- VodafoneZiggo tower sale agreed for 669M (16.2x 2025 EBITDA)
- VMO2 confirmed full-year guidance; announced 800M run-rate cost reduction target by 2029
- Q3 share buybacks of $100M completed; another $100M expected in Q4 2026
- Ended Q3 with $2.0B corporate cash; expect $1.8B at year-end 2026
- Consolidated net debt $21.7B; blended cost of debt 4.3%
- Ziggo Group synergies expected to exceed prior NPV estimate of 1B
Financial Impact
Consolidated revenue essentially flat on a rebased basis (+1.0%), but Adjusted EBITDA declined 13.7% rebased. Net earnings swung to a profit due to acquisition-related gains. The Ziggo spin-off and VMO2 cost-cutting plan are medium-term catalysts with no immediate financial impact.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Ziggo Group | $1.9B | +1.4% |
| Wyre | $193.8M | -2.1% |
| VM Ireland | $118.6M | -1.5% |
| VMO2 JV (nonconsolidated) | $3.3B | -5.7% |
Risk Factors
- VMO2 fixed-line and mobile subscriber losses continue; competitive UK telecom market
- Ziggo Group spin-off execution risk and regulatory approvals
- High consolidated leverage ($21.7B debt) limits financial flexibility
- Wyre and VM Ireland Adjusted EBITDA declining significantly YoY
- VMO2 guidance assumes revenue and EBITDA decline of 3-5% for full year 2026
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001570585-26-000154 |
| Document: lbtya-20261103.htm | 0001570585-26-000154 |
| Document: 0001570585-26-000154-index-headers.html | 0001570585-26-000154 |
| Document: 0001570585-26-000154-index.html | 0001570585-26-000154 |
| Document: 0001570585-26-000154.txt | 0001570585-26-000154 |
| 8-K Data (Synthetic) | 0001570585-26-000154 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 3, 2026 today | 425 | $8.43 | awaiting T+1 | awaiting T+1 | $9.41 (+11.69%) |
Nov 3, 2026 1d ago | 8-K | No price | awaiting T+1 | awaiting T+1 | No price |
Nov 3, 2026 1d ago | Press Release | $7.82 | awaiting T+1 | awaiting T+1 | $9.41 (+20.33%) |
Oct 28, 2026 6d ago | 8-K | $7.70 $7.77 | ▲ +0.91% | ▲ +2.68% | $9.41 (+22.21%) |
Oct 27, 2026 7d ago | SC 13G | $7.64 $7.70 | ▲ +0.79% | ▲ +1.17% | $9.41 (+23.17%) |
Oct 19, 2026 15d ago | SC 13G/A | $7.98 $7.86 | ▼ −1.50% | ▼ −2.03% | $9.41 (+17.92%) |
Oct 14, 2026 21d ago | 8-K | $8.17 $8.04 | ▼ −1.59% | ▼ −1.88% | $9.41 (+15.18%) |
Sep 23, 2026 6w ago | Press Release | $9.48 $9.42 | ▼ −0.63% | ▼ −0.55% | $9.41 (−0.74%) |
Sep 1, 2026 9w ago | Press Release | $10.68 $10.66 | ▼ −0.19% | ▼ −1.23% | $9.41 (−11.89%) |
Jul 28, 2026 14w ago | 8-K | $10.53 $10.44 | ▼ −0.85% | ▼ −2.53% | $9.41 (−10.64%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers