olivLaw · US equity research
Liberty Global Ltd. LBTYA
Cable & Other Pay Television Services · SIC 4841 · Vertical: Cable & Other Pay Television Services (SIC 4841)
Liberty Global Ltd. is an international provider of broadband, video, telephony and mobile services in Europe, organized into the Liberty Telecom, Liberty Growth and Liberty Services platforms. It is preparing in 2026 to separate its Dutch and Belgian assets into a new listed group, Ziggo Group, which makes its structure one in transition.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Liberty Global Ltd. (LBTYA) stock was 9.58 USD (+12.44% on the day), with beta 0.56, 52-week range 7.50–13.03 USD. Latest reported quarter (Q3 2026): revenue of 1.9 bn USD (+59.1% YoY), net income of 457.9 m USD, diluted EPS 1.32 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 65.2
- strong (55–70)
- Bollinger (20, 2)
- 7.12 – 9.16
- above the upper band · %B 1.21 · band width 25.1%
- SMA 50 / 200
- 9.26 / 10.98
- mixed trend
- MACD (12, 26, 9)
- -0.21 / -0.42
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.6% | −1.1% | +7.7 pp | — |
| 3 months | −9.4% | −0.5% | −8.9 pp | — |
| 6 months | −22.1% | +4.4% | −26.4 pp | — |
| Year to date | −14.0% | +12.3% | −26.3 pp | — |
| 1 year | −10.0% | +13.5% | −23.6 pp | −11.5% |
| 3 years | +14.6% | +76.4% | −61.8 pp | −32.1% |
| 5 years | −34.6% | +63.7% | −98.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.3 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.2 bn | 1.9 bn |
| Cost of revenue | 399.4 m | 403.4 m | 465.3 m | 392.9 m | 408.9 m | 426.6 m | 375.4 m | 607.4 m |
| SG&A | 320.1 m | 285.4 m | 305.3 m | 308.0 m | 329.7 m | 298.6 m | 312.3 m | 482.0 m |
| Operating income | -48.2 m | 60.7 m | 29.6 m | -8.0 m | -105.6 m | 23.8 m | 3.0 m | -18.1 m |
| Depreciation & amortisation | 251.6 m | 232.2 m | 250.8 m | 275.9 m | 280.0 m | 264.8 m | 262.5 m | 528.8 m |
| Interest expense | 140.5 m | 127.5 m | 129.5 m | 123.3 m | 117.2 m | 113.7 m | 115.9 m | 274.2 m |
| Pre-tax income | 2.2 bn | -1.4 bn | -2.8 bn | -130.3 m | -2.9 bn | 533.6 m | -335.0 m | -104.6 m |
| Income tax | -90.6 m | -70.0 m | 900.0 k | -46.9 m | 40.2 m | 175.4 m | 22.8 m | -652.3 m |
| Net income | 2.2 bn | -1.3 bn | -2.8 bn | -90.7 m | -2.9 bn | 337.8 m | -365.1 m | 457.9 m |
| Diluted EPS | 6.11 | -3.84 | -8.09 | -0.27 | -8.68 ≈ | 0.96 | -1.07 | 1.32 |
| Operating cash flow | 791.6 m | 129.2 m | 149.2 m ≈ | 301.8 m ≈ | 630.9 m | 107.6 m | 230.9 m ≈ | 605.7 m ≈ |
| Capex | 296.6 m | 243.3 m | 319.3 m ≈ | 342.9 m ≈ | 437.6 m | 397.6 m | 347.9 m ≈ | 420.9 m ≈ |
| Share repurchases | 177.9 m | 37.9 m | 64.1 m ≈ | 56.2 m ≈ | 33.9 m | 0 | 0 ≈ | 100.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.0 bn | 11.5 bn | 11.5 bn | 10.3 bn | 4.0 bn | 4.1 bn | 4.3 bn | 4.9 bn |
| Revenue YoY | +6.0% | −3.5% | +0.0% | −10.7% | — | +2.4% | +5.5% | +12.4% |
| Net income | 725.3 m | 11.5 bn | -1.6 bn | 13.4 bn | 1.5 bn | -4.1 bn | 1.6 bn | -7.1 bn |
| Net income YoY | unavailable | +1,488.5% | −114.1% | unavailable | — | −375.0% | unavailable | −549.5% |
| Diluted EPS | unavailable | 16.32 | -2.70 | 23.59 | 2.96 | -9.52 | 4.23 | -20.86 |
| Diluted EPS YoY | unavailable | unavailable | −116.5% | unavailable | — | −421.6% | unavailable | −593.1% |
| net % | 6.1% | 99.8% | -14.1% | 130.2% | 36.7% | -98.4% | 36.6% | -146.3% |
| Free cash flow | 4.5 bn | 3.4 bn | 2.9 bn | 2.1 bn | 1.9 bn | 1.2 bn | 1.1 bn | -132.0 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.1 bn USD
- Financial debt
- 8.6 bn USD
- Net debt
- 6.5 bn USD
- Equity
- 9.9 bn USD
- Total assets
- 22.6 bn USD
- Debt / equity
- 0.86x
- Current ratio
- 1.08x
- ROE
- -63.5%
- ROA
- -29.7%
- FCF margin
- -2.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.5 bn | 10.3 bn | 4.0 bn | 4.1 bn | 4.3 bn | 4.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 3.3 bn | 3.0 bn | 1.1 bn | 1.3 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 8.2 bn ≈ | 7.3 bn ≈ | 3.0 bn ≈ | 2.8 bn ≈ | 2.9 bn ≈ | 3.2 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| SG&A | 2.2 bn | 2.2 bn | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | 2.0 bn | 1.3 bn | 109.9 m | -313.8 m | -60.1 m | -23.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 2.2 bn | 2.4 bn | 1.1 bn | 1.2 bn | 1.0 bn | 1.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | 4.3 bn ≈ | 3.7 bn ≈ | 1.2 bn ≈ | 902.6 m ≈ | 941.9 m ≈ | 1.0 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 1.2 bn | 882.1 m | 589.3 m | 907.9 m | 574.7 m | 497.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | -1.8 bn | 14.0 bn | 1.2 bn | -3.4 bn | 1.8 bn | -7.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | -275.9 m | 473.3 m | 406.7 m | 213.1 m | -30.8 m | -75.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | -1.6 bn | 13.4 bn | 1.5 bn | -4.1 bn | 1.6 bn | -7.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -2.70 | 23.59 | 2.96 | -9.52 | 4.23 | -20.86 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 602.1 m | 569.1 m | 497.0 m | 425.7 m | 375.2 m | 342.3 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.3 bn | 910.6 m | 1.7 bn | 1.4 bn | 1.8 bn | 2.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 1.1 bn | 907.3 m | 830.6 m | 404.3 m | 449.8 m | 558.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 5.8 bn | 5.9 bn | 6.3 bn | 5.6 bn | 3.3 bn | 3.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 8.1 bn | — | — | — | — | — | SEC (XBRL)· 05 May 2021verified |
| Goodwill | 10.0 bn | 9.5 bn | 2.8 bn | 3.3 bn | 3.2 bn | 3.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.9 bn | 2.3 bn | 2.3 bn | 673.6 m | 1.3 bn | 1.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 59.1 bn | 46.9 bn | 42.9 bn | 42.1 bn | 25.4 bn | 22.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 579.1 m | 613.4 m | 610.1 m | 407.5 m | 371.2 m | 478.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | 1.1 bn | 850.3 m | 799.7 m | 428.9 m | 898.5 m | 764.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 13.4 bn | 13.6 bn | 12.6 bn | 14.9 bn | 8.2 bn | 7.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 4.5 bn | 4.1 bn | 3.9 bn | 4.3 bn | 3.1 bn | 3.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 45.8 bn | 21.3 bn | 20.3 bn | 23.1 bn | 12.9 bn | 12.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 13.3 bn | 25.6 bn | 22.6 bn | 19.0 bn | 12.5 bn | 9.9 bn | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.2 bn | 3.5 bn | 2.8 bn | 2.2 bn | 2.0 bn | 1.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 1.3 bn | 1.4 bn | 891.3 m | 921.9 m | 908.5 m | 1.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 2.9 bn ≈ | 2.1 bn ≈ | 1.9 bn ≈ | 1.2 bn ≈ | 1.1 bn ≈ | -132.0 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -8.9 bn | -5.8 bn | 1.3 bn | -1.8 bn | 684.7 m | -874.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 1.1 bn | -1.5 bn | -3.3 bn | -692.4 m | -2.3 bn | -226.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 1.1 bn | 1.6 bn | 1.7 bn | 1.5 bn | 689.8 m | 192.1 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.3% | 33 (vs peers) | 23% |
| Net margin · Quality | -44.4% | 17 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 6.7% | 56 (on a fixed band) | 18% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 14.9x | 13 (vs peers) | 23% |
| Interest coverage · Balance sheet | -0.2x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.8x | 3 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet7/100 · 3/3 factors with a value
- Growth· partial56/100 · 1/2 factors with a value
- Quality27/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Liberty Global Ltd. (LBTYA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.9 bn USD in 2025; YoY growth 12.4%; net margin -44.4%; ROE -22.3%; net debt/EBITDA 14.9x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -44.4%
- Net debt / EBITDA: 14.9x
- Interest coverage: -0.2x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Cable & Other Pay Television Services (SIC 4841) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WBDWarner Bros. Discovery, Inc. | 77.7 bn | — | -9.2% | -8.8% | −5.1% | unavailable / unavailable |
| CHTRCharter Communications, Inc. | 32.6 bn | 3.1 | 29.7% | 9.1% | −0.6% | −40% / −70% |
| ROKURoku, Inc. | 24.1 bn | 48.2 | 18.2% | 9.3% | +15.2% | +68% / +56% |
| ADEAAdeia Inc. | 1.9 bn | 16.6 | 25.9% | 25.0% | +17.9% | +37% / +84% |
| OPTUOptimum Communications, Inc. | 188.1 m | — | — | -58.1% | −4.1% | −64% / −70% |
| PAAIThe Arena Group Holdings, Inc. | 43.8 m | 4.8 | — | 9.3% | +698.2% | −78% / −60% |
| CABOCable One, Inc. | 29.8 m | — | -126.2% | -72.8% | −4.9% | −96% / −99% |
| AMCXAMC Global Media Inc. | — | — | -2.1% | -0.9% | −4.5% | −5% / −44% |
| LILALiberty Latin America Ltd. | — | — | -32.1% | -3.9% | −0.1% | +47% / +88% |
| LBTYALiberty Global Ltd. | — | — | -22.3% | -44.4% | +12.4% | −10% / +15% |
| GLIBALiberty Capital Corp | — | — | -21.0% | -32.5% | +3.0% | −31% / unavailable |
| RCIRogers Communications Inc. | — | — | 49.0% | 31.8% | +5.4% | −12% / −20% |
| CCZComcast Corporation | — | 20.1 | 11.9% | 9.2% | −0.0% | +1% / +17% |
1- and 3-year price returns: for LBTYA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Oct 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Liberty Global Ltd. is an international provider of broadband, video, telephony and mobile services in Europe, organized into the Liberty Telecom, Liberty Growth and Liberty Services platforms. It is preparing in 2026 to separate its Dutch and Belgian assets into a new listed group, Ziggo Group, which makes its structure one in transition.
SWOT
Strengths
- Leading position in fixed-mobile convergence, with well-known consumer brands in several European countries 1.
- Investment portfolio in technology, media and infrastructure that can create value beyond operations 1.
- Stakes in joint ventures with leading operators that bring scale and access to national networks 3.
Weaknesses
- Dependence on European markets and the euro makes dollar-reported results sensitive to exchange rates 1.
- Liberty Services revenue is concentrated in affiliates and related parties, which limits customer diversification 1.
- Heavy network investment needs could weigh on returns if upgrades do not deliver sufficient growth 1.
Opportunities
Threats
- Competitive pressure from incumbents, OTT providers and alternative networks may lower ARPU and customer numbers 1.
- Regulation and government intervention, including opening networks to competitors, may limit commercial flexibility 1.
- Cybersecurity incidents and data leaks could bring fines, litigation and lost customers 1.
Risks
- Intense competitionhigh
Competition from incumbents and new entrants may lead to higher churn and pricing pressure 1.
- Return on network investmenthigh
Large build and upgrade spending may not produce the expected returns, and costs may exceed estimates 1.
- Currency riskmedium
Revenue and costs in European currencies may fluctuate against the dollar, affecting reported results 1.
- Cybersecurity riskmedium
Attacks on systems or personal data leaks could lead to fines, litigation and reputational harm 1.
- Transaction executionlow
Completing asset sales and the Ziggo Group separation depends on approvals and market conditions, which could delay or change the plan 23.
Investment thesis
What would need to be true (bull case)
- Leading fixed-mobile convergence and fibre and 5G SA investment could support higher revenue per customer 1.
- The Ziggo Group separation could unlock value in the Dutch and Belgian assets if the listing proceeds as planned 3.
- Commercial momentum reported by VodafoneZiggo in the third quarter of 2026 could signal a broadband recovery 3.
What would break the thesis
- Competition from incumbents and alternative providers could keep pressuring ARPU and margins 1.
- If network investments fail to produce positive returns, debt and capital spending could become a burden 1.
- Delays or added conditions in asset sales and the Ziggo Group listing could affect the deleveraging plan 23.
What to watch
- Completion of the VodafoneZiggo tower sale and use of proceeds for debt reductionyear-end 2026
- Third quarter 2026 results and broadband net adds trendQ3 2026
- Progress of the Ziggo Group listing on Euronext Amsterdam2027
- Completion of the UPC Slovakia sale, subject to regulatory approvalfirst half of 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Oct 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Liberty Global Ltd. (Bermuda, listed on Nasdaq as LBTYA, LBTYB and LBTYK) manages three complementary platforms: Liberty Telecom, Liberty Growth and Liberty Services. Liberty Telecom is the core, with approximately 80 million fixed and mobile connections at December 31, 2025 1. The company operates mainly through Telenet (Belgium), VM Ireland, UPC Slovakia (sale pending) and two 50:50 joint ventures, VMO2 in the U.K. and VodafoneZiggo in the Netherlands 1.
In 2025, the networks of its reportable segments, including nonconsolidated joint ventures, passed 29,117,600 homes and served 11,399,700 fixed-line customers and 44,886,600 mobile subscribers 1. Recent transactions include gaining control of Formula E in October 2024, the spin-off of Sunrise in November 2024 and a Google Cloud partnership to embed AI services announced in February 2026 1.
Liberty Growth, the venture arm, held investments in approximately 70 companies and funds valued at $3.4 billion at December 31, 2025 1. Liberty Services delivers technology, operational and financial services, mostly to affiliates, while seeking to grow third-party revenue 1.
Segments
Liberty Telecom
Liberty Telecom combines converged broadband, video and mobile communications across Europe. According to the October 2026 release, the platform generates aggregate revenue of $22 billion, including about $13 billion from the VMO2 joint venture and $9 billion from consolidated operations 3.
Liberty Growth
Liberty Growth invests in scalable businesses across technology, media, sports and infrastructure, with a portfolio of roughly 70 companies and funds valued at $3.4 billion 13. The valuations are independent and dated December 31, 2025 3.
Liberty Services
Liberty Services provides technology, operations and financial services to affiliates and third parties. Most revenue comes from affiliates and related parties, while the company aims to expand services to outside clients 1.
Market context
European broadband, video and mobile markets are highly competitive, with incumbent telecom operators, alternative providers and fibre network operators. The company reports that this competition, together with macroeconomic and regulatory factors, has adversely affected revenue, customer numbers and ARPU 1.
Fixed-mobile convergence consolidation in Europe is the main driver of recent deals, with the company seeking national champion positions in each core market 1. The sale of Dutch passive towers to DigitalBridge, TD Greystone and L&G received EU Commission clearance in October 2026, with proceeds to support VodafoneZiggo de-leveraging 3.
Trends
- Fixed-mobile convergencetailwind
Investment in fibre and 5G SA networks could strengthen bundled offers and reduce churn if customers choose converged packages.
- Artificial intelligencemixed
The Google Cloud partnership could reduce costs and improve services, but it also exposes the company to AI-related privacy and regulatory risks 1.
- Competition from alternative networksheadwind
5G, satellite internet and FWA create additional competitive pressure on broadband subscriptions, which could limit revenue growth per customer 1.
- Ziggo Group separationmixed
The planned 2027 listing of Ziggo Group in Amsterdam could unlock value for shareholders if execution and market conditions are favourable 3.
Competitive position
In each country the company faces incumbent operators with national networks and greater resources, providers using local loop unbundling and wireless operators 1. Many of these competitors offer double-play, triple-play and quad-play bundles, making price and promotional competition intense 1.
OTT video providers and FTTx network operators are also expanding, and governments may enter network building directly, possibly bringing in competitors that do not require a normal commercial return 1.
- Incumbent telecom operators
Typically dominate telephony and broadband markets and benefit from nationwide networks and greater resources 1.
- OTT video providers
Compete for viewers by using customers' high-speed internet connections 1.
- FTTx and DSL operators
Fibre investment and advanced DSL have improved the attractiveness of rival offers 1.
- Satellite and FWA providers
Satellite internet and fixed wireless access create additional competitive challenges 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- VIDEO România, la coada Europei, cu IMM-uri vulnerabile la atacuri cibernetice. Mihnea Rădulescu, CEO CloudXEdge și VicePresident Digital Infrastructure Liberty Global CEE: România trebuie să accelereze modernizarea infrastructurilor digitale, atât în secProfit.ro · 04 Nov 2026 · RO
- Liberty Global Said to Shortlist Bidders For Belgian Fiber StakeBloomberg Markets · 25 Sept 2026 · EN
- Liberty Global (LBTYA): Can £600M of Proposed Virgin Media O2 Cuts Reduce Debt?Yahoo Finance — News · 17 Sept 2026 · EN
- Mihnea Rădulescu, CEO, CloudXEdge şi vicepreşedinte al grupului Liberty Global pentru Europa Centrală şi de Est: Construim o reţea europeană de centre de date edge pornind din România. Spaţiul de creştere este enormZiarul Financiar · 10 May 2026 · RO
SEC filings
- Current report03 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report03 Nov 2026
- Current report28 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report14 Oct 2026Results of operations · Financial statements and exhibits
- Current report (amendment)13 Oct 2026Financial statements and exhibits
- Current report01 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report13 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report06 Aug 2026Material agreement · Acquisition or disposition of assets · Financial statements and exhibits
- Current report03 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report28 Jul 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Liberty Global Ltd. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Liberty Global Ltd. · 24 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Liberty Global Ltd. · 14 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.