Liberty Global Plc (LBTYK): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le monde dynamique des télécommunications, Liberty Global Plc (LBTYK) émerge comme une puissance, tissant une tapisserie complexe de connectivité et de divertissement numériques. Ce géant mondial des télécommunications a méticuleusement conçu un modèle commercial qui transcende la prestation de services traditionnels, mélangeant la technologie de pointe avec des partenariats stratégiques pour révolutionner la façon dont les consommateurs et les entreprises éprouvent une communication numérique. En intégrant de manière transparente le haut débit à haut débit, des packages de divertissement complets et des solutions technologiques innovantes, Liberty Global s'est positionnée comme une force transformatrice dans le paysage des télécommunications, offrant des expériences numériques personnalisées qui redéfinissent la connectivité à l'époque moderne.

Liberty Global PLC (LBTYK) - Modèle commercial: partenariats clés

Alliances stratégiques avec les fabricants d'équipements de télécommunications

Liberty Global a établi des partenariats avec les principaux fabricants d'équipements de télécommunications:

Partenaire	Type d'équipement	Valeur du contrat
Systèmes Cisco	Infrastructure réseau	325 millions de dollars (2023)
Nokia	Équipement réseau 5G	212 millions de dollars (2023)
Huawei Technologies	Matériel de télécommunications	189 millions de dollars (2023)

Fournisseurs de contenu et sociétés de médias pour le divertissement numérique

Liberty Global collabore avec plusieurs partenaires de contenu et médias:

• Netflix - Partenariat d'intégration en streaming
• Disney + - Contrat de distribution de contenu
• Amazon Prime Video - Collaboration de plate-forme de streaming
• HBO Max - Licence de contenu premium

Fournisseurs de services d'infrastructure et de technologie de réseau

Fournisseur	Type de service	Valeur du contrat annuel
Éricson	Infrastructure réseau	276 millions de dollars (2023)
Akamai Technologies	Réseau de livraison de contenu	142 millions de dollars (2023)
Lumen Technologies	Connectivité cloud	198 millions de dollars (2023)

Opérateurs locaux d'Internet et de réseau mobile

Liberty Global entretient des partenariats stratégiques avec les opérateurs de réseaux régionaux:

• Vodafone - Contrat de partage des réseaux européens
• Telefónica - collaboration des infrastructures
• Deutsche Telekom - Services de réseau transfrontalier

Service cloud et partenaires technologiques de la cybersécurité

Partenaire	Catégorie de service	Valeur de partenariat
Microsoft Azure	Infrastructure cloud	412 millions de dollars (2023)
Réseaux palo alto	Solutions de cybersécurité	167 millions de dollars (2023)
Cloudflare	Sécurité du réseau	98 millions de dollars (2023)

Liberty Global Plc (LBTYK) - Modèle d'entreprise: Activités clés

Développement d'infrastructures de télécommunications

Liberty Global a investi 1,56 milliard de dollars dans les infrastructures réseau en 2023. La société exploite des infrastructures de télécommunications dans 6 pays européens, notamment le Royaume-Uni, la Belgique, les Pays-Bas, l'Irlande, la Suisse et la République tchèque.

Pays	Couverture réseau	Investissement en infrastructure
Royaume-Uni	Couverture à large bande de 95,3%	542 millions de dollars
Belgique	89,7% de réalisation	310 millions de dollars
Pays-Bas	92,1% de pénétration du réseau	385 millions de dollars

Gestion du réseau de câbles et de haut débit

Liberty Global gère 21,7 millions d'abonnés à large bande sur ses marchés européens. La société maintient Réseaux de fibre optique et hybride Coaxial (HFC).

• Total des abonnés à large bande: 21,7 millions
• Vitesse moyenne du réseau: 500 Mbps
• Fiabilité du réseau: 99,95% de disponibilité

Aggrégation de contenu de divertissement numérique

Le portefeuille de divertissement numérique de Liberty Global comprend 12,4 millions d'abonnés vidéo. L'entreprise regroupe le contenu via plusieurs plateformes et services de streaming.

Plate-forme de contenu	Abonnés	Investissement de contenu annuel
Vierge TV	5,6 millions	215 millions de dollars
Ziggo	4,2 millions	180 millions de dollars

Livraison de services Internet et mobile

Liberty Global fournit des services mobiles par le biais de partenariats et des accords d'opérateur de réseau virtuel mobile (MVNO). La société dessert 6,8 millions d'abonnés mobiles en 2023.

• Abonnés mobiles: 6,8 millions
• Revenus mobiles: 1,2 milliard de dollars
• Trafic de données mobiles: 45 pétaoctets par mois

Innovation technologique et expansion du réseau

Liberty Global a alloué 780 millions de dollars à la recherche technologique et à l'expansion des réseaux en 2023. La société se concentre sur les solutions d'infrastructure 5G et de connectivité de nouvelle génération.

Focus technologique	Investissement	Déploiement attendu
Réseau 5G	420 millions de dollars	2024-2025
Extension des fibres	360 millions de dollars	2024-2026

Liberty Global Plc (LBTYK) - Modèle d'entreprise: Ressources clés

Infrastructure de télécommunications approfondie

Liberty Global exploite une infrastructure de télécommunications complète dans plusieurs pays européens:

Pays	Couverture réseau	Les ménages sont passés
Royaume-Uni	Virgin Media Network	15,5 millions
Belgique	Réseau telenet	3,2 millions
Irlande	Virgin Media Ireland	1,1 million

Actifs en fibre optique et réseau câblé

Détails de l'infrastructure réseau:

• Longueur totale du réseau en fibre optique: 126 000 kilomètres
• Bande passante du réseau câblé: jusqu'à 1,6 Gbit / s
• Technologie du réseau: docsis 3.1 et fibre-to-the-home (FTTH)

Plateformes de technologie numérique avancée

Investissements infrastructures technologiques:

• Investissement technologique annuel: 1,2 milliard de dollars
• Plateformes numériques: streaming vidéo basé sur le cloud
• Plateformes technologiques: réseaux hybrides en fibre coaxiale

Travail d'ingénierie des télécommunications qualifiées

Catégorie des employés	Nombre d'employés
Total de main-d'œuvre	35,600
Professionnels de l'ingénierie	6,750
Personnel de soutien technique	4,300

Capital financier substantiel pour les investissements

Mesures de ressources financières:

• Actif total: 64,3 milliards de dollars
• Dépenses en capital annuelles: 3,8 milliards de dollars
• Equivalents en espèces et en espèces: 2,1 milliards de dollars

Liberty Global Plc (LBTYK) - Modèle d'entreprise: propositions de valeur

Services Internet à haut débit haut débit

Liberty Global fournit des services Internet à large bande sur plusieurs marchés avec les spécifications suivantes:

Marché	Vitesse moyenne	Abonnés à large bande
Royaume-Uni	362 Mbps	5,4 millions
Belgique	275 Mbps	1,9 million
Irlande	289 Mbps	1,2 million

Packages de divertissement numériques complets

Les offres de divertissement numérique comprennent:

• Channeaux 4K Ultra HD: 157
• Bibliothèque de contenu à la demande: 15 000+ titres
• Intégration de la plate-forme de streaming: Netflix, Amazon Prime

Solutions de télécommunications intégrées

Détails du package de service convergent:

Type de service	Pénétration du marché	Revenus mensuels moyens
Triple jeu	62%	€87.50
Quad	38%	€112.75

Connectivité mobile et fixe avancée

Mesures d'infrastructure de connectivité:

• Couverture 4G LTE: 94%
• Déploiement du réseau 5G: 47 villes
• Réseau de réseau fixe: 23,6 millions de maisons

Expériences numériques des clients personnalisés

Statistiques sur la plate-forme d'expérience numérique:

Fonctionnalité	Adoption des utilisateurs	Taux d'engagement
Application mobile	68%	42%
Recommandations personnalisées	53%	36%

Liberty Global Plc (LBTYK) - Modèle d'entreprise: relations avec les clients

Plates-formes de libre-service numériques

Liberty Global propose des plateformes numériques en libre-service via leur application MyVodafone et son portail client en ligne, qui a traité 47,3 millions d'interactions numériques en 2022. La plate-forme numérique prend en charge:

• Paiement de facture
• Gestion des services
• Demandes de support technique
• Configuration du compte

Canaux de support client personnalisés

Canal de support	Volume de contact annuel	Temps de résolution moyen
Support téléphonique	12,6 millions de contacts	8,2 minutes
Chat en direct	3,4 millions d'interactions	6,5 minutes
Assistance par e-mail	2,1 millions de communications	24 heures

Options de personnalisation des services flexibles

Liberty Global fournit 6 niveaux de package de services différents Dans leurs télécommunications et services de câble, permettant aux clients de personnaliser:

• Configurations de vitesse Internet
• Sélections de packages de canaux
• Plans de données mobiles
• Options de regroupement d'appareils

Programme de fidélité et engagement client à long terme

Le programme de fidélité VIP comprend 2,3 millions de membres actifs, l'offre:

• Points de récompense accumulés
• Mises à niveau de service exclusives
• Support technique prioritaire
• Remises annuelles sur l'appareil

Systèmes de support technique proactifs

Fonction de support	Métrique de performance annuelle
Surveillance de réseau automatisée	99,7% de disponibilité du réseau
Maintenance prédictive	Réduction de 78% des interruptions de service
Capacités de diagnostic à distance	62% des problèmes résolus sans visite sur place

Liberty Global Plc (LBTYK) - Modèle d'entreprise: canaux

Plateformes numériques en ligne

Liberty Global exploite les canaux numériques suivants:

Plate-forme	Utilisateurs actifs	Trafic mensuel
Site Web myvodafone	4,2 millions	12,6 millions de visiteurs uniques
Portail client mondial Liberty	3,8 millions	9,4 millions de séances mensuelles

Magasins physiques au détail

Liberty Global maintient la présence au détail sur plusieurs marchés:

• Total des lieux de vente au détail: 287 magasins physiques
• Pays ayant une présence au détail: Royaume-Uni, Pays-Bas, Belgique, Irlande
• Taille moyenne du magasin: 180 mètres carrés

Représentants des ventes directes

Distribution de la force de vente:

Canal de vente	Nombre de représentants	Ventes moyennes par représentant
Équipe de vente directe B2C	1,624	87 300 € par trimestre
Équipe de vente B2B d'entreprise	412	226 500 € par trimestre

Interfaces d'application mobile

Statistiques des applications mobiles:

• Téléchargements totaux d'applications mobiles: 6,3 millions
• Utilisateurs actifs mensuels: 2,9 millions
• Plateformes prises en charge: iOS, Android
• Évaluations de l'App Store: 4,2 / 5 moyenne

Centres de services de télécommunications

Répartition des canaux de service client:

Canal de service	Volume de contact annuel	Temps de réponse moyen
Support téléphonique	14,6 millions d'appels	12 minutes
Chat en ligne	7,2 millions d'interactions	8 minutes
Assistance par e-mail	3,4 millions de courriels	24 heures

Liberty Global Plc (LBTYK) - Modèle d'entreprise: segments de clientèle

Consommateurs à large bande résidentiels

Au troisième trimestre 2023, Liberty Global dessert environ 20,4 millions de clients à large bande résidentiels sur plusieurs marchés européens.

Marché	Abonnés à large bande	Revenu moyen par utilisateur (ARPU)
Royaume-Uni	5,6 millions	38,50 € par mois
Belgique	3,2 millions	42,75 € par mois
Irlande	1,8 million	35,25 € par mois

Petites et moyennes entreprises commerciales

Liberty Global fournit des services de télécommunications à environ 350 000 petites et moyennes entreprises commerciales.

• Solutions de connectivité commerciale dédiée
• Plateformes de communication basées sur le cloud
• Services de cybersécurité

Clients des télécommunications d'entreprise

La société dessert plus de 5 000 clients d'entreprises à travers l'Europe avec une infrastructure de télécommunications de niveau d'entreprise.

Catégorie de service	Nombre de clients d'entreprise	Valeur du contrat annuel
Solutions réseau	2,750	185 millions d'euros
Services cloud	1,500	95 millions d'euros
Services informatiques gérés	750	62 millions d'euros

Abonnés du divertissement numérique

Liberty Global compte 11,6 millions d'abonnés de divertissement numérique sur ses marchés d'exploitation.

• Services vidéo à la demande
• Plates-formes de streaming
• Packages de contenu premium

Utilisateurs de communication mobile et fixe

La société dessert 8,3 millions d'utilisateurs de communication mobile et fixe.

Type de communication	Nombre d'abonné	Pénétration du marché
Utilisateurs mobiles	5,2 millions	Part de marché de 62%
Utilisateurs en ligne fixe	3,1 millions	Part de marché de 38%

Liberty Global Plc (LBTYK) - Modèle d'entreprise: Structure des coûts

Maintenance d'infrastructure réseau

Les coûts de maintenance de l'infrastructure du réseau de Liberty Global pour 2023 ont totalisé 1,85 milliard de dollars. La rupture des dépenses d'infrastructure comprend:

Catégorie d'infrastructure	Coût annuel
Mises à niveau du réseau câblé	687 millions de dollars
Entretien de l'équipement	453 millions de dollars
Opérations du centre de données	412 millions de dollars
Sécurité du réseau	298 millions de dollars

Recherche et développement technologiques

Les dépenses de R&D pour Liberty Global en 2023 ont atteint 412 millions de dollars, avec des domaines de mise au point clés, notamment:

• Développement de la technologie fibre optique: 156 millions de dollars
• Innovation de la plate-forme de streaming: 98 millions de dollars
• Technologies de cybersécurité: 82 millions de dollars
• Intégration de l'IA et de l'apprentissage automatique: 76 millions de dollars

Frais d'acquisition de contenu

Les coûts d'acquisition de contenu pour 2023 s'élevaient à 1,27 milliard de dollars, distribués à travers:

Type de contenu	Coût annuel d'acquisition
Droits de diffusion sportive	487 millions de dollars
Programmation originale	342 millions de dollars
Licence de films et de séries	278 millions de dollars
Contenu international	163 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 845 millions de dollars:

• Salaires de base: 512 millions de dollars
• Bonus de performance: 156 millions de dollars
• Programmes de formation des employés: 87 millions de dollars
• Santé et avantages sociaux: 90 millions de dollars

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 ont totalisé 623 millions de dollars:

Canal de marketing	Dépenses annuelles
Publicité numérique	287 millions de dollars
Publicité médiatique traditionnelle	198 millions de dollars
Programmes de rétention à la clientèle	83 millions de dollars
Campagnes promotionnelles	55 millions de dollars

Liberty Global PLC (LBTYK) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement Internet à large bande

Liberty Global a déclaré un chiffre d'affaires total de 5,5 milliards de dollars au troisième trimestre 2023, les services Internet à large bande contribuant de manière significative à ce chiffre.

Type de service	Frais d'abonnement mensuels moyens	Base d'abonné
Haut débit de base	$49.99	4,2 millions d'abonnés
Haut débit haut de gamme	$79.99	2,1 millions d'abonnés

MONÉTISATION DU DIFFICIATION DU DIVERTATION DU DIGITAL

Les revenus de contenu numérique ont atteint 687 millions de dollars en 2023, avec la ventilation suivante:

• Services vidéo à la demande (VOD): 312 millions de dollars
• Abonnements à la plate-forme de streaming: 245 millions de dollars
• Pay-Per-View et Contenu premium: 130 millions de dollars

Services de communication mobile et fixe

Les revenus de communication mobile ont totalisé 1,2 milliard de dollars en 2023.

Catégorie de service	Revenus annuels	Nombre d'abonné
Postpaid mobile	742 millions de dollars	3,1 millions d'abonnés
Mobile prépayé	458 millions de dollars	1,9 million d'abonnés

Solutions de télécommunications d'entreprise

Segment d'entreprise généré 623 millions de dollars en revenus annuels.

• Services de réseau d'entreprise: 312 millions de dollars
• Solutions de connectivité cloud: 211 millions de dollars
• Services informatiques gérés: 100 millions de dollars

Offres de services numériques à valeur ajoutée

Les services numériques supplémentaires ont contribué 456 millions de dollars au total des revenus.

Type de service	Revenus annuels
Services de cybersécurité	178 millions de dollars
Solutions de maisons intelligentes	142 millions de dollars
Plateformes de publicité numérique	136 millions de dollars

Liberty Global plc (LBTYK) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Liberty Global plc (LBTYK) and why investors stay engaged, based on late 2025 operational realities. It's about delivering speed, convergence, and maximizing asset returns.

Converged connectivity bundles (broadband, video, mobile) over gigabit networks

Liberty Global plc's value proposition centers on bundling services over high-capacity networks. Liberty Telecom currently serves approximately 80 million connections across its major European operations.

The focus on speed is evident:

• VodafoneZiggo is rolling out a 2 Gbps offering, targeting nearly 7 million homes by the end of 2025.
• In the UK, Virgin Media O2 (VMO2) has a 1Gbps footprint reaching 15.6 million homes passed.
• Telenet's BASE brand sold over 25,000 broadband subscriptions following its launch.
• Fixed Mobile Convergence (FMC) penetration continues, with Telenet reaching 861,000 FMC households.

Next-generation products via advanced fiber and 5G technology

The commitment to next-generation infrastructure underpins future service quality. Investments are heavy in fiber build-out and spectrum acquisition.

Here are some key network progress metrics:

Metric	Target/Status (as of late 2025)	Source
Virgin Media Ireland FTTH Coverage Target	80% of homes by year-end 2025
Wyre FTTH Homes Passed Addition Target	Additional 375,000 by year-end 2025
VMO2 UK Spectrum Share Post-Acquisition	~30% total spectrum share
VMO2 2025 P&E Additions Guidance (Fiber/5G Spend)	£2.0 to £2.2 billion
VodafoneZiggo DOCSIS Upgrade	Started 1.8GHz upgrade for DOCSIS 4.0 preparation

This infrastructure push is essential for maintaining competitive posture.

Long-term shareholder value creation through strategic asset management

A core value proposition is the active management and monetization of assets to return capital to shareholders. Liberty Global plc is executing a multi-platform strategy to unlock value.

Shareholder returns and asset realization data points include:

• 2025 non-core asset disposal target remains between $500 million and $750 million.
• Proceeds Year-to-Date (YTD) from disposals reached approximately $300 million, including a partial ITV stake sale.
• The company resumed share buybacks targeting up to 10% of shares outstanding for 2025.
• Liberty Global provided $4 billion in shareholder remuneration in 2024.
• The Sunrise spin-off delivered a $9 per share tax-free dividend.
• Liberty Growth portfolio Fair Market Value (FMV) stood at $3.4 billion at Q3 2025.
• The top six investments represent over 80% of the Liberty Growth FMV.

Enhanced business services, including advanced data and cloud solutions

Liberty Services & Corporate platforms, including Liberty Blume (tech-enabled back office) and Liberty Tech, are scaling and driving profitability improvements through operating model reshaping.

Financial outlook for the corporate/services segment shows clear cost discipline:

• 2025 Adjusted EBITDA outlook for Liberty Services & Corporate improved to approximately negative $150 million.
• This is an improvement from the previous outlook of negative ~$175 million.
• Projected 2026 negative Adj. EBITDA is now approximately $100 million, representing a 50% reduction from the 2025 run-rate.
• Liberty Blume and Liberty Tech continue to generate positive Adj. EBITDA and Adj. EBITDA less P&E Additions.
• VMO2 is nearing the acquisition completion of the B2B business Daisy.

Access to premium content and value-added services like smart home features

Premium content, exemplified by Formula E, and value-added home features contribute to customer stickiness.

Content and service metrics:

• Formula E's global fanbase is cited at 400 million fans.
• Cumulative TV-viewership for Formula E Season 11 reached 561 million, a 17% growth year-over-year.
• VodafoneZiggo reported revenue growth from Ziggo Sport Totaal in Q2 2025.
• VMO2's WiFi guarantee program is cited as a driver for improved fixed customer churn.

Finance: draft 13-week cash view by Friday.

Liberty Global plc (LBTYK) - Canvas Business Model: Customer Relationships

You're looking at how Liberty Global plc manages its vast and varied customer base across its European operations, which is definitely a complex job given the competitive landscape.

Automated and digital self-service for high-volume residential customers is a core focus, especially where churn is a challenge. For instance, at Virgin Media O2 (VMO2), a customer service transformation effort has resulted in complaints being more than halved year-over-year as of the Q2 2025 report. This points to a heavy reliance on digital channels to handle routine, high-volume interactions efficiently.

For the enterprise segment, the model shifts to high-touch service. While specific enterprise client numbers aren't public, the strategy involves dedicated account management for medium and large clients. This is supported by strategic moves like VMO2 nearing the completion of its acquisition of the B2B business Daisy to bolster growth ambitions in that segment.

The entire structure is underpinned by a subscription-based model ensuring recurring monthly revenue. Liberty Global plc reported consolidated revenue of $1.17 billion for Q1 2025 and $1.26 billion for Q2 2025, demonstrating the ongoing flow of recurring service fees. Telenet's FY 2024 revenue stood at €2,851.4 million, providing a baseline for one of the core operating units.

Customer retention programs in competitive telecom markets are critical, as evidenced by subscriber losses in early 2025. The company is actively managing this through pricing and network upgrades. Here's a look at the customer relationship health metrics from the first half of 2025:

Metric	Q1 2025 Result	Q2 2025 Result
Total Fixed-Line Customers (Approx. Q1 End)	11.5 million	Not specified
Total Mobile Subscribers (Approx. Q1 End)	Over 44 million	Not specified
Broadband Net Losses (QoQ)	44,000	51,400
Postpaid Mobile Net Losses (QoQ)	122,800	73,600
Fixed ARPU YoY Growth	1.6%	Stable

The company is using a dual brand strategy to address retention. CEO Mike Fries noted that main brands defend value in premium segments, while flanker brands drive growth in low-cost segments, all underpinned by customer centricity and digital initiatives. Virgin Media Ireland, for example, remains on track with its accelerated Fiber-to-the-Home (FTTH) upgrade program.

The use of brand-specific loyalty programs is exemplified by the giffgaff community model. This peer-to-peer approach reduces operational costs and builds strong user engagement. The community's direct impact is measurable:

• Community-driven activities contribute to nearly 15 percent of new user sign-ups each month.
• In March 2025, community members set 8,973 Best Answers in the Help & Support section.
• The Help & Support section saw 17,101 threads created in March 2025.
• Members are recognized through Giffgaff Points, which can be redeemed as credit or cash.

Finance: draft 13-week cash view by Friday.

Liberty Global plc (LBTYK) - Canvas Business Model: Channels

You're looking at how Liberty Global plc (LBTYK) gets its services-broadband, mobile, and video-into the hands of its customers across its various European operations. The channel strategy is a mix of owned, partner, and digital touchpoints, which is typical for a major converged operator today.

Direct sales forces and retail stores of operating brands (e.g., Telenet)

The frontline sales effort relies heavily on the direct sales forces and physical retail presence of its operating brands. For instance, Telenet, which Liberty Global now fully owns, delivered another solid quarter in Q2 2025 with positive broadband growth and a return to mobile postpaid additions. By Q3 2025, Telenet showed improved net adds across both broadband and postpaid services. This physical footprint is crucial for premium service sales and customer support, even as digital adoption grows.

Online portals and mobile applications for service management and sales

Digital channels are increasingly important for both management and new sales. Liberty Global's Liberty Services platforms, which include Liberty Blume and Liberty Tech, are scaling up and generating positive Adjusted EBITDA and Adjusted EBITDA less P&E Additions. Specifically, Liberty Blume officially launched its B2B marketing campaign in Q1 2025, showing a direct push through digital B2B channels. Virgin Media O2 (VMO2) is also using its multi-brand approach digitally, successfully launching giffgaff broadband in Q3 2025.

Wholesale agreements with other operators utilizing network capacity

Wholesale is a significant, growing part of the channel mix, especially as Liberty Global monetizes its fiber investments. In Ireland, Liberty Global Ireland added a new wholesale customer during Q2 2025 as part of its accelerated Fiber-to-the-Home (FTTH) upgrade program. In Belgium, the fiber infrastructure company Wyre, in which Telenet holds a majority stake, provides wholesale access to its HFC and future fiber network, with Telenet itself being a key customer. Furthermore, Telenet has a long-term, 15-year period wholesale agreement with Orange Belgium for access to both HFC and FTTH networks. On the fixed network sharing front, Wyre and Proximus progressed to an agreement in principle for network sharing, anticipating a market test starting in September 2025. The funding for this build-out is substantial, with a recent €4.35B underwritten financing for Wyre mentioned in Q3 2025.

B2B direct sales channels for enterprise and government contracts

The Business-to-Business (B2B) segment is a key area for growth and direct engagement. VMO2 is nearing the completion of its acquisition of the B2B business Daisy, which is intended to bolster growth ambitions in this segment. Financially, B2B fixed saw growth in Q2 2025, which helped offset a decline in B2B mobile revenue for that quarter. The launch of Liberty Blume's B2B marketing campaign in Q1 2025 signals a dedicated effort to drive direct B2B sales through their Liberty Services platform.

Third-party distributors and installers for network access

While specific numbers for third-party installers aren't detailed, the scale of network deployment implies reliance on external partners for build-out and potentially for last-mile sales in certain regions. VMO2 is advancing its 5G network, which now reaches three quarters of the UK population. On the fixed side, VodafoneZiggo is deploying its 2 Gbps offering, aiming to reach nearly 7 million homes by the end of 2025. These massive infrastructure rollouts require extensive coordination with third-party contractors and installers.

Here's a quick look at some operational scale metrics relevant to these channels as of late 2025:

Metric/Segment	Value/Status	Context/Date
Liberty Global Consolidated Revenue (TTM)	$4.63 billion	As of Q2 2025
Liberty Global Consolidated Revenue	$3,436.0 million	Q3 2025 (U.S. GAAP, as reported)
Liberty Growth Portfolio FMV	$3.4 billion	Q2/Q3 2025
Wyre Fiber Build Funding	€4.35B	Underwritten financing secured
VMO2 5G Population Coverage	Three quarters	UK population coverage
VodafoneZiggo 2 Gbps Reach Target	Nearly 7 million homes	By year-end 2025
Targeted Asset Disposals for 2025	$500 million to $750 million	Targeted proceeds

The company's overall cash position at $1.9 billion in Q2 2025, down from $2.1 billion in Q1, shows capital deployment is active, supporting these channel investments and growth strategies.

Also, for shareholder actions tied to the channel strategy, Liberty Global announced a further buyback program of up to 10% of shares outstanding in 2025. As of January 31, 2025, the total outstanding shares were approximately 358.75 million (Class A: 173,057,058; Class B: 12,968,658; Class C: 162,728,947).

Liberty Global plc (LBTYK) - Canvas Business Model: Customer Segments

You're looking at the customer base for Liberty Global plc (LBTYK) as of late 2025, which is strategically segmented across its three core platforms: Liberty Telecom, Liberty Growth, and Liberty Services & Corporate. The overall focus is on driving commercial momentum and unlocking shareholder value.

The Liberty Telecom platform serves as the foundation, providing converged services across Europe. As of the Q3 2025 investor call, Liberty Telecom operations provided approximately 80 million connections across the U.K., Netherlands, Belgium, and Ireland.

Residential consumers across Europe seeking converged services.

This segment is the largest by volume, focused on delivering broadband, video, and mobile. As of March 31, 2025, Liberty Global served approximately 11.5 million fixed-line customers and over 44 million mobile subscribers across its reportable segments.

The competitive environment continues to impact subscriber volumes, though pricing actions and network upgrades are showing commercial progress.

• VMO2 (U.K. JV) ended 2024 with 5.7 million internet subscribers.
• VodafoneZiggo launched a 2 Gbps offering in Q3 2025, reaching nearly 7 million homes by year-end.
• In Q3 2025, total consolidated reportable segments saw a net broadband subscriber loss of (185,700).
• VMO2 JV accounted for a loss of (116,700) broadband subscribers in Q3 2025.
• Fixed ARPU (Average Revenue Per User) growth was modest across most markets in Q1 2025, ranging from 1.5% to 2.8% year-over-year.

Small Office/Home Office (SOHO) and small business customers.

SOHO customers are generally included within the mass-marketed product counts but pay a premium for enhanced service levels. Growth in the B2B space is a key focus area within the Liberty Telecom segment.

Metric/Segment	Q3 2025 Performance Indicator	Context/Data Point
VMO2 B2B	Acquisition of Daisy Group	Expected annual pre-tax operational synergies of £70m by 2030.
Telenet	B2B Performance	Saw robust B2B equipment sales in Q2 2025.
VM Ireland	B2B Revenue	Experienced notable B2B non-subscription revenue growth in Q2 2025.

Medium and large enterprises requiring advanced B2B solutions.

This is primarily served through the Liberty Services & Corporate platform, which houses specialized B2B technology and service providers.

• Liberty Blume, a tech-enabled back office platform, had 13 clients driving over $100 million in revenue for 2025.
• Liberty Tech reported revenue of $475 million for 2025, optimized through outsourcing agreements.
• Liberty Services & Corporate improved its 2025 Adjusted EBITDA outlook to approximately negative $150 million.

Wholesale customers, including other mobile and fixed-line operators.

Wholesale activities are centered on network infrastructure monetization, particularly fiber. Virgin Media Ireland added a new wholesale customer during Q2 2025.

In Belgium, Telenet's NetCo, Wyre, is progressing on a fixed network sharing initiative with Proximus, with a market test anticipated in September 2025. The Wyre fiber build-out is fully funded by an underwritten financing of €500 million (or €4.35B total financing mentioned in one report, I'll stick to the smaller, more specific capex facility mentioned for Wyre funding). The UK NetCo preparations are also progressing, with VMO2 acquiring spectrum for £343 million, securing approximately 30% spectrum share in the U.K.

Financial investors focused on the three-platform strategy.

While not traditional end-users, financial investors are a key segment driving capital allocation and valuation, particularly through the Liberty Growth platform.

The Liberty Growth portfolio Fair Market Value (FMV) stood at $3.4 billion at Q3 2025. The company is actively managing this portfolio, targeting $500 to $750 million in non-core asset disposals for 2025, having achieved approximately $300 million proceeds year-to-date as of Q3 2025. The top six investments comprise over 80% of this portfolio's value. Finance: draft 13-week cash view by Friday.

Liberty Global plc (LBTYK) - Canvas Business Model: Cost Structure

The Cost Structure for Liberty Global plc is heavily weighted towards capital-intensive network investment and content licensing, reflecting its core business as a converged telecommunications operator across Europe. You're looking at a business where the upfront and ongoing investment in physical infrastructure is a dominant cost driver.

High Capital Expenditures (CapEx) for network upgrades remain a primary focus. Management has targeted CapEx in the range of £2.0-£2.2 billion for the full year 2025, signaling continued commitment to fiber build-outs and network modernization across its operating companies, such as the Wyre fiber build-out in Belgium, which secured full financing. This heavy investment is essential to maintain service parity and future-proof the network against competitors.

Network maintenance and operating expenses are embedded within the broader operational costs. For instance, Property and equipment additions, a key component of CapEx, reached $328 million during the third quarter of 2025 at the consolidated businesses, representing 27.1 percent of revenues for that quarter, up from 24.6 percent a year ago. This shows the intensity of investment relative to current revenue levels.

Programming and content acquisition costs for video services are a significant, though less explicitly detailed, variable cost. These costs are necessary to maintain competitive video bundles, especially as the company focuses on fixed ARPU (Average Revenue Per User) adjustments. The overall operational efficiency focus is clear when looking at the relationship between EBITDA and investment:

Metric	Q3 2025 Financial Amount
Adjusted EBITDA	$336.5 million
Property and Equipment Additions (P&E)	$328 million
Adjusted EBITDA less P&E additions	$4.8 million

The resulting figure of $4.8 million for Adjusted EBITDA less P&E spending in Q3 2025 highlights how much of the operational profit is immediately reinvested into the network, leaving a thin margin before other costs are considered. This is a critical metric for understanding the true cash generation capacity before debt service.

Liberty Global also faces significant non-operating expenses like interest and derivative losses. For Q3 2025, the reported operating income was slightly negative at $8 million. This was then offset by these substantial non-operating items, which included interest expense and foreign currency transaction losses, contributing to the overall net loss reported for the period.

The pressure from operating costs and expenses is evident in the corporate structure costs. Management has been aggressively driving cost efficiencies, particularly within the Liberty Services & Corporate arm. The forecast for this segment's Adjusted EBITDA loss in 2025 was improved to $150 million, down from a previous estimate of $175 million in losses, with a further target to reduce this to just $100 million in FY 2026. This corporate reshaping is a direct action to mitigate rising operational pressures across the group.

• Broadband net losses in Q3 2025 were 18,500 (improved sequentially) or 26,300 depending on the segment reported.
• Postpaid mobile net adds were 17,200 in one segment, while another reported postpaid net losses of 36,300.
• Fixed ARPU increased by 1.1% YoY in one operation, while another saw a modest decline of 1.2%.

Finance: draft 13-week cash view by Friday.

Liberty Global plc (LBTYK) - Canvas Business Model: Revenue Streams

You're looking at the actual money coming in for Liberty Global plc as of late 2025. It's a mix of steady subscription income, value from big partnerships, and asset sales. Here's the quick math on where the revenue streams stand.

Subscription fees from consolidated telecom operations form the bedrock. For the third quarter of 2025, Liberty Global plc reported total consolidated revenue of $1,207.1 million. This number reflects the direct top-line performance from its wholly-owned or majority-controlled telecom assets in the period ending September 30, 2025.

The contribution from equity earnings from non-consolidated JVs, like Virgin Media O2 (VMO2) and VodafoneZiggo, is substantial, though the specific equity earnings line item isn't explicitly detailed in the latest public summaries. We can look at the reported revenue from these 50% owned joint ventures for Q3 2025 to gauge their scale:

• VMO2 JV reported revenue of $3,436.0 million for the three months ended September 30, 2025.
• VodafoneZiggo JV reported revenue of $1,156.8 million for the same three-month period.

For business services revenue from enterprise and wholesale contracts, which falls under the broader Liberty Services & Corporate segment, we see direct financial activity. The U.S. GAAP reported revenue for the Liberty Services & Corporate segment in Q3 2025 was $263.9 million. This segment is where the enterprise and wholesale contracts are primarily housed, alongside the internal service platforms.

Proceeds from strategic asset sales provide a non-recurring but important cash flow component, funding buybacks and investment. Liberty Global plc remains committed to its 2025 target for non-core asset disposals, which is set in the range of $500 million to $750 million. As of the third quarter of 2025, the company had already realized approximately $300 million in proceeds year-to-date, including a partial sale of its ITV stake.

Finally, the internal Liberty Services platforms, which include technology and financial services like Liberty Blume, are scaling up. While the prompt specifies an annual figure, the most recent data indicates that the approximately $600 million in annual revenue for these platforms represented the full year 2024 figure. The segment continues to generate positive Adjusted EBITDA.

Here is a snapshot of the reported revenue contributions from the key segments and JVs for Q3 2025:

Revenue Stream Component	Financial Metric	Amount (USD)	Period
Consolidated Telecom Operations	Total Consolidated Revenue	$1,207.1 million	Q3 2025
Non-Consolidated JV (VMO2)	Reported Revenue	$3,436.0 million	Q3 2025
Non-Consolidated JV (VodafoneZiggo)	Reported Revenue	$1,156.8 million	Q3 2025
Liberty Services & Corporate (Proxy for Business Services)	Reported Revenue (U.S. GAAP)	$263.9 million	Q3 2025
Liberty Services Platforms	Approximate Annual Revenue	$600 million	FY 2024 (as reported)

The asset sale strategy is actively contributing, with ~$300 million realized against a $500 million to $750 million goal for the full year 2025.

Finance: draft 13-week cash view by Friday.