Financial Analysis

Commitments and Contingencies Commitments In the normal course of business, we enter into agreements that commit our company to make cash payments in future periods with respect to purchases of equipment and services, programming contracts, network and connectivity commitments and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of June 30, 2026. The commitments included in this table do not reflect any liabilities that are included on our June 30, 2026 condensed consolidated balance sheet. Payments due during: Remainder of 2026 2027 2028 2029 2030 2031 Thereafter Total in millions Purchase commitments $ 525.2 $ 642.7 $ 580.2 $ 117.0 $ 36.5 $ 3.8 $ 18.4 $ 1,923.8 Programming commitments 89.8 115.5 84.4 69.5 44.5 403.7 Network and connectivity commitments 25.7 31.7 44.9 56.2 53.8 0.1 212.4 Other commitments 87.3 134.4 139.4 134.0 116.0 2.4 2.8 616.3 Total $ 728.0 $ 924.3 $ 848.9 $ 376.7 $ 250.8 $ 6.3 $ 21.2 $ 3,156.2 Purchase commitments include unconditional and legally binding obligations related to certain service-related commitments, including software development, information technology and maintenance services. Programming commitments consist of obligations associated with certain of our programming, studio output and sports rights contracts that are enforceable and legally binding on us as we have agreed to pay minimum fees without regard to (i) the actual number of subscribers to the programming services, (ii) whether we te …

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Debt The U.S. dollar equivalents of the components of our debt are as follows: June 30, 2026 Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Borrowing currency U.S. $ equivalent June 30, 2026 December 31, 2025 in millions Telenet Credit Facility (c) 5.27 % 625.0 $ 713.4 $ 4,577.8 $ 4,748.0 Telenet Senior Secured Notes 4.72 % 1,588.0 1,633.7 VM Ireland Credit Facility (d) 5.70 % 100.0 114.1 1,027.3 1,056.2 Vendor financing (e) 4.41 % 339.6 365.9 Other (f) 4.86 % 810.4 781.0 Total debt before deferred financing costs, discounts and premiums (g) 5.14 % $ 827.5 $ 8,343.1 $ 8,584.8 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations: June 30, 2026 December 31, 2025 in millions Total debt before deferred financing costs, discounts and premiums $ 8,343.1 $ 8,584.8 Deferred financing costs, discounts and premiums, net (21.4) (23.0) Total carrying amount of debt 8,321.7 8,561.8 Finance lease obligations (note 10) 28.6 33.1 Total debt and finance lease obligations 8,350.3 8,594.9 Current portion of debt and finance lease obligations (620.4) (764.0) Long-term debt and finance lease obligations $ 7,729.9 $ 7,830.9 _______________ (a) Represents the weighted average interest rate in effect at June 30, 2026 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated r …

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Share-based Compensation Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 in millions Liberty Global (a): Non-performance based incentive awards $ 16.6 $ 21.3 $ 38.4 $ 43.1 Performance-based incentive awards 18.5 15.4 28.8 20.9 Other (b) 4.5 8.8 7.5 14.9 Total Liberty Global 39.6 45.5 74.7 78.9 Other 4.3 3.9 6.3 3.9 Total $ 43.9 $ 49.4 $ 81.0 $ 82.8 Included in: Other operating expense $ 3.6 $ 3.5 $ 6.8 $ 6.4 SG&A expense 40.3 45.9 74.2 76.4 Total $ 43.9 $ 49.4 $ 81.0 $ 82.8 _______________ (a) Amounts include share-based compensation expense related to certain Telenet Replacement Awards. (b) Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled in Liberty Global common shares. In the case of annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in common shares of Liberty Global in lieu of cash. The following table provides the aggregate number of options, share appreciation rights ( SARs ) and performance-bas …

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Fair Value Measurements We use the fair value method to account for (i) certain of our investments and (ii) our derivative instruments. The reported fair values of these investments and derivative instruments as of June 30, 2026 are unlikely to represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. We record transfers of assets or liabilities into or out of Levels 1, 2 or 3 at the beginning of the quarter during which the transfer occurred. We use a Monte Carlo based approach to incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Our credit risk valuation adjustments with respect to our cross-currency and interest rate swap contracts are quantified and further explained in note 6. Fair value measurements are also used for nonrecurring val …

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Income Taxes Our effective tax rate for the three months ended June 30, 2026 was (6.8%) (income tax expense of $22.8 million), which differs from the Bermuda statutory rate of 15.0% (expected income tax benefit of $50.2 million). This difference is primarily due to the negative impact of non-deductible net losses from certain investments in the U.K., the Netherlands and Luxembourg of $75.7 million (22.5%). Our effective tax rate for the six months ended June 30, 2026 was 99.8% (income tax expense of $198.2 million), which differs from the Bermuda statutory rate of 15.0% (expected income tax expense of $29.8 million). This difference is primarily due to the negative impacts of (i) the derecognition of a tax litigation-related receivable in the U.S. of $133.3 million (67.1%), (ii) non-deductible net losses from certain investments in the U.K., the Netherlands and Luxembourg of $79.7 million (40.1%), and (iii) certain non-taxable or non-deductible items in Belgium, the U.K., the U.S. and the Netherlands of $30.2 million (15.3%). The negative impacts of these items were partially offset by the positive impact of non-taxable net foreign currency exchange gains in the U.K. of $97.1 million (48.9%). Our effective tax rate for the three months ended June 30, 2025 was 0.0% (income tax expense of $0.9 million), which differs from the Bermuda statutory rate of 15.0% (expected income tax benefit of $415.9 million). This difference is primarily due to the negative impacts of (i) non-deduc …

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Leases General We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases. Lease Balances A summary of our right-of-use ( ROU ) assets and lease liabilities is set forth below: June 30, 2026 December 31, 2025 in millions ROU assets: Operating leases (a) $ 768.8 $ 773.6 Finance leases (b) 35.1 37.1 Total ROU assets $ 803.9 $ 810.7 Lease liabilities: Operating leases (c) $ 812.8 $ 828.5 Finance leases (d) 28.6 33.1 Total lease liabilities $ 841.4 $ 861.6 _______________ (a) Our operating lease ROU assets are included in other assets, net, on our condensed consolidated balance sheets. At June 30, 2026, the weighted average remaining lease term for operating leases was 10.5 years and the weighted average discount rate was 5.4%. During the six months ended June 30, 2026 and 2025, we recorded non-cash additions to our operating lease ROU assets of $58.4 million and $15.2 million, respectively. (b) Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At June 30, 2026, the weighted average remaining lease term for finance leases was 8.8 years and the weighted average discount rate was 7.9%. (c) The current portions of our operating lease liabilities are included in other accrued and current liabilities on our condensed consolidated balance sheets. (d) The current and long-term portions of our fin …

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Accounting Changes ASU 2025-05 In July 2025, the Financial Accounting Standards Board (the FASB ) issued Accounting Standards Update ( ASU ) No. 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets ( ASU 2025-05 ), which provides a practical expedient for all entities to assume current conditions as of the balance sheet date will remain through the reasonable and supportable forecast period for eligible assets. Entities will continue to be required to adjust the historical data used in the estimation of credit losses to reflect current conditions. If elected, the practical expedient should be applied consistently to all eligible accounts receivable and contract assets. Additionally, entities that have elected the practical expedient must disclose their decision to do so. We adopted ASU 2025-05 on January 1, 2026 and are applying the practical expedient, noting no significant impact to our credit loss provisions. ASU 2023-09 In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures ( ASU 2023-09 ), which is intended to enhance the transparency of income tax matters within financial statements, providing stakeholders with a clearer understanding of tax positions and their associated risks and uncertainties. ASU 2023-09 requires public business entities to disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specific quantitati …

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Revenue Recognition and Related Costs Contract Balances The timing of our recognition of revenue may differ from the timing of invoicing our customers. We record a trade receivable when we have transferred goods or services to a customer but have not yet received payment. Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $32.7 million and $31.3 million at June 30, 2026 and December 31, 2025, respectively. If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period and accrued revenue for handset sales. Our contract assets were $11.7 million and $11.4 million as of June 30, 2026 and December 31, 2025, respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $262.9 million and $305.9 million as of June 30, 2026 and December 31, 2025, respectively. The decrease in deferred revenue for the six months ended …

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Segment Reporting Our chief executive officer, whom we have determined to be our Chief Operating Decision Maker ( CODM ), assesses the performance of our business and allocates resources on a segment basis. We generally identify our reportable segments as (i) those consolidated subsidiaries that represent 10% or more of our total reportable segment revenue or proportionate Adjusted EBITDA (as defined below) or (ii) those equity method affiliates where revenue or our share of Adjusted EBITDA represents 10% or more of our total reportable segment revenue or proportionate Adjusted EBITDA, respectively. In certain cases, we may elect to include an operating segment in our segment disclosure that does not meet the above-described criteria for a reportable segment. Adjusted EBITDA is the primary measure used by our CODM to evaluate segment operating performance and make decisions about allocating resources to our operating segments. The CODM uses Adjusted EBITDA to evaluate income generated from our segment assets in deciding whether to reinvest profits into other areas of our business, such as for acquisitions or investments. Adjusted EBITDA is also used to monitor budget versus actual results, which is used in assessing the performance of segments in comparison with one another and in establishing managements compensation. The significant accounting policies of our segments are the same as those described in note 3 to the consolidated financial statements included in our 2025 10- …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing