Liberty Global plc (LBTYA): Business Model Canvas [Dec-2025 Updated]

You're digging into Liberty Global plc's strategy for late 2025, and honestly, what you'll see is a disciplined focus on asset monetization layered over a massive network build. This isn't just about selling phone plans; the core value creation hinges on surgically unlocking capital, targeting $500 million to $750 million from non-core asset sales this year while still delivering solid operational strength, shown by a Q3 2025 Adjusted EBITDA of $1,250.3 million. This Business Model Canvas breaks down exactly how they manage their key joint ventures like Virgin Media O2, roll out fiber to their ~80 million connections, and keep the shareholder return engine running. Keep reading to see the nine essential blocks that define their current path.

Liberty Global plc (LBTYA) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that let Liberty Global plc operate its telecom and infrastructure plays across Europe, so let's break down the hard numbers on these key partnerships as of late 2025.

Joint Ventures: Virgin Media O2 and VodafoneZiggo

Your two biggest telecom joint ventures, Virgin Media O2 (VMO2) in the UK and VodafoneZiggo in the Netherlands, are central to the operation. As of the Q1 2025 reporting, these JVs together generated over $18 billion annually in revenue, showing the sheer scale of these operations. VMO2 is pushing hard on fiber deployment, targeting an addition of 2.5 million fiber premises by late 2025. For context, VMO2's reported revenue in Q1 2025 was $3,126.3 million. VodafoneZiggo, facing a competitive fixed market, saw its Q1 2025 revenue at $1.05 billion, down 5.6 per cent year-over-year on a reported basis, but it is executing initiatives to regain momentum.

Here's a quick look at the Q1 2025 performance snapshot for these major JVs:

Joint Venture	Metric	Reported Q1 2025 Value
Virgin Media O2	Revenue	$3,126.3 million
Virgin Media O2	Fiber Premises Target (by late 2025)	2.5 million additional premises
VodafoneZiggo	Revenue	$1.05 billion
VodafoneZiggo	Fixed Net Losses (Q1 2025)	31,000
Both JVs Combined	Annual Revenue (Contextual)	Over $18 billion

Infrastructure Partners: Proximus for Belgian fiber network rationalization

In Belgium, Liberty Global's Telenet is working with Proximus to rationalize fiber build-out, avoiding unnecessary duplication. They signed a Memorandum of Understanding in July 2024. The plan involves Telenet's fiber JV, Wyre, and Proximus's subsidiary, Fiberklaar, building complementary networks to pass approximately 2.0 million premises in 'medium-dense' areas, with reciprocal wholesale access for both parent companies. Furthermore, Proximus would gain access to about 700,000 rural households connected to Telenet's Hybrid Fiber-Coaxial (HFC) infrastructure. Proximus itself is targeting 4.2 million homes and businesses connected to fiber by the end of 2028, having already reached 2.3 million by the end of March 2025. Fiberklaar's specific aim is to pass 1.5 million premises by 2028. Separately, Proximus and Orange Belgium have an MoU for Wallonia, where Proximus would use Orange Belgium's HFC for about 600,000 homes.

Technology Outsourcing: Infosys for Liberty Tech efficiency and savings

The expanded collaboration with Infosys is designed to drive significant cost efficiencies for Liberty Tech platforms, including the Horizon entertainment platform. This agreement is set to realize run-rate savings in excess of €100 million per annum for Liberty Global. The initial 5-year term for services is valued at €1.5 billion (or about $1.64 billion), with an option to extend to 8 years, which would bring the total contract value up to €2.3 billion (or about $2.5 billion). As part of this deal, more than 400 Liberty Global employees transitioned to Infosys.

• Run-rate annual savings target: Over €100 million.
• Initial contract value (5 years): €1.5 billion.
• Potential contract value (8 years): €2.3 billion.
• Employee transition to Infosys: Over 400.

Wholesale Network Access: nexfibre for UK fiber build-out

nexfibre, the wholesale-only JV involving Liberty Global, Telefónica, and InfraVia, is a key component of the UK fiber strategy. As of early January 2025, nexfibre announced it had reached two million premises passed. The overall goal is to connect 5 million premises by 2026. Virgin Media O2, the anchor tenant, currently provides broadband services across the nexfibre network reaching speeds of up to 2Gbps. The business invested £1 billion in UK broadband infrastructure during 2024 alone. nexfibre is the only fiber provider of significant scale exclusively using 10Gbps XGS-PON technology.

Content Providers: Bundling agreements like Netflix for pay TV

While specific 2025 financial breakdowns for individual content deals aren't public, the strategy is embedded within the Liberty Growth portfolio. This division, which includes premium media and sports assets like Formula E, had a Fair Market Value (FMV) that increased to $3.4 billion in Q2 2025. Liberty Global is actively managing this portfolio, targeting $500-750 million in non-core asset disposals for 2025, suggesting active capital rotation around core content and tech investments. Formula E viewership for Season 11 is now expected to surpass 500 million cumulatively.

The Liberty Growth portfolio composition as of Q2 2025:

• Portfolio FMV: $3.4 billion.
• Top six investments represent over 80% of FMV.
• Targeted asset disposals for 2025: $500-750 million.
• Formula E Season 11 cumulative viewership: Over 500 million.

Finance: finalize the Q3 2025 cash flow analysis by next Tuesday.

Liberty Global plc (LBTYA) - Canvas Business Model: Key Activities

You're looking at the core actions Liberty Global plc (LBTYA) is taking right now to drive value, focusing on asset management, infrastructure build-out, and commercial execution across its European footprint.

Strategic Asset Rotation

Liberty Global plc (LBTYA) is actively managing its portfolio to fund growth and return capital. The company has a clear target for non-core asset disposals in 2025. Specifically, management reiterated guidance to sell assets totaling $500 million to $750 million this year. This follows a strong prior year, where approximately $900 million in non-core asset sales were completed in 2024. As of Q3 2025 reporting, proceeds from the recent partial ITV stake sale brought year-to-date proceeds to approximately $300 million. The company is focused on rotating capital into higher return investments, and they are prepared to let the timing extend into Q1 of the following year if the price isn't right.

Network Upgrades

Significant capital is being deployed into network modernization, primarily fiber-to-the-home (FTTH) and 5G expansion. In the UK, Virgin Media O2 (VMO2) acquired approximately 80MHz of spectrum from Vodafone/3 for £343 million, boosting its total spectrum share to around 30% in the UK. VMO2 has expanded its gigabit network to reach 18.3 million homes. In Ireland, Virgin Media Ireland remains on track with its accelerated FTTH upgrade program, targeting 80% home coverage by year-end 2025. In Belgium, Telenet, through its NetCo Wyre, is adding an estimated 375,000 FTTH homes passed by late 2025. Furthermore, VodafoneZiggo in the Netherlands launched a 2 Gbps service that now reaches nearly 7 million homes.

Value Unlock Transactions

The strategy involves structuring and separating infrastructure assets, like the Wyre NetCo in Belgium. Wyre and Proximus have made significant progress, reaching an agreement in principle regarding fixed network sharing, with a market test anticipated to start in September. To support this build-out, Wyre secured an underwritten financing of €4.35 billion, which fully funds the fiber build-out and reduces Telenet servco leverage. In the UK, the preparation for a fixed NetCo perimeter is defined, though the potential stake sale process for VMO2 was paused to align with the joint venture partner. The UK NetCo initiative covers 16 million homes and generates over £1 billion in EBITDA.

Commercial Momentum

Liberty Global plc (LBTYA)'s operations are focused on driving subscriber growth amidst intense competition. Here's a look at some recent subscriber movements:

Operation/Metric	Period	Broadband Net Adds/Losses	Mobile Postpaid Net Adds/Losses
VMO2 (UK/Ireland)	Q1 2025	(31,000) losses	29,100 net adds
VMO2 (UK/Ireland)	Q2 2025	(51,400) losses	(36,300) losses
Telenet (Belgium)	Q2 2025	Positive growth	Return to growth

Telenet delivered positive broadband growth and a return to mobile postpaid additions in Q2 2025. Still, VodafoneZiggo saw slower mobile net additions contributing to flat revenue in the prior quarter.

Capital Allocation

Shareholder returns remain a primary focus, executed through buybacks. Management confirmed the 2025 target is to execute buybacks of up to 10% of shares outstanding. The company resumed buybacks in Q1 2025 towards this target. By the time Q2 2025 results were reported, the company stated it had completed over half of its multi-year share buyback program. This follows the execution of approximately $700 million in share buybacks during 2024. The balance sheets of the core operating businesses are strong, with no maturities until 2028.

The Liberty Growth portfolio's Fair Market Value (FMV) increased to $3.4 billion as of Q2 2025.

The Liberty Services platform, which includes Liberty Tech, generated $475 million in revenue, and Liberty Blume is on track to exceed $100 million in revenue for 2025. Corporate costs are being reduced, with guidance improved by at least $25 million from the original projection of less than $200 million negative Adj. EBITDA for Liberty Services & Corporate.

Liberty Global plc (LBTYA) - Canvas Business Model: Key Resources

You're looking at the core assets Liberty Global plc (LBTYA) relies on to execute its strategy across its three platforms: Liberty Telecom, Liberty Growth, and Liberty Services. These aren't just line items; they are the actual infrastructure and capital that drive the business model.

The foundation of the Liberty Telecom platform is its Advanced Network Infrastructure. This includes the physical assets-the fiber and 5G networks-that connect customers across Europe. As of the latest reports, Liberty Global plc provides approximately 80 million fixed and mobile connections. This scale is critical for maintaining competitive positioning in the converged broadband, video, and mobile space. The company is actively investing here, for example, by deploying 1.8GHz technology in the Netherlands in preparation for the DOCSIS 4.0 rollout scheduled for late 2026.

The company's ability to compete is directly tied to its spectrum holdings. For instance, in the UK, Virgin Media O2 is set to benefit significantly from the acquisition of spectrum from Vodafone/3, which will boost its total spectrum share to approximately ~30% in the UK. These licenses are non-negotiable for expanding 5G capabilities.

Next, consider the capital deployed in Strategic Investment Portfolio, managed under Liberty Growth. This portfolio is concentrated, with the top six investments comprising over 80% of its value. As of Q3 2025, the Fair Market Value (FMV) of this portfolio stood at $3.4 billion. Furthermore, Liberty Global plc remains committed to rotating capital, maintaining a non-core asset disposal target between $500-750 million for the year, having already achieved approximately $300 million in proceeds year-to-date, including a partial ITV stake sale.

The tangible operational assets are the Operating Brands themselves, which serve as the customer-facing engines for Liberty Telecom. These brands are the direct link to the 80 million connections. Here's a quick look at the key operating entities:

Platform	Key Operating Brand	Market
Liberty Telecom	Virgin Media O2	UK
Liberty Telecom	VodafoneZiggo	Netherlands
Liberty Telecom	Telenet	Belgium
Liberty Telecom	Virgin Media Ireland	Ireland

Finally, the holding company maintains a crucial liquidity buffer in the form of Consolidated Cash. As reported for the end of Q3 2025, the consolidated cash balance was $1.8 billion. This cash position, combined with an aggregate unused borrowing capacity of approximately $0.9 billion, provides flexibility for ongoing investment and strategic maneuvers, such as exploring the separation of other operating units.

To put the scale of the service and corporate functions in context, Liberty Services, which delivers technology and finance services, generates approximately $600 million in annual revenue. The company is actively reshaping this segment, expecting its negative Adjusted EBITDA for full year 2025 to improve to approximately negative $150 million.

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

Converged Connectivity: Liberty Global plc delivers bundled high-speed broadband, video, and mobile services across its European operations. The company currently provides over 80 million connections across Europe through brands like Telenet, Virgin Media in Ireland, UPC in Slovakia, Virgin Media-O2 in the U.K., and VodafoneZiggo in The Netherlands.

You're looking at a business model built on bundling. In Q3 2025, Liberty Telecom operations in the UK, Netherlands, and Ireland showed improved net adds for both broadband and postpaid mobile services, signaling customer uptake of these converged packages.

Next-Generation Speed: Liberty Global plc is aggressively deploying faster network capabilities. VodafoneZiggo launched a 2 Gbps offering in October 2025, aiming to reach nearly 7 million homes by year-end. The overall goal is to deliver 2 Gbps speeds to almost the entire footprint by the end of the year.

The network upgrade progress is clear when you look at the build-out metrics:

• Biggest quarter for fiber build in Q3 2025.
• Virgin Media Ireland on track to complete ~73% of its FTTH (Fiber to the Home) roll-out by the end of 2025.
• VodafoneZiggo is deploying 1.8GHz technology in preparation for the DOCSIS 4.0 rollout scheduled for late 2026.

Shareholder Value: An unwavering focus on fostering, crystallizing and delivering value to shareholders remains a top priority for Liberty Global plc. This is executed through asset monetization and capital returns, with the Liberty Growth portfolio holding a Fair Market Value (FMV) of $3.4 billion as of Q2 2025.

Here's the quick math on the asset monetization efforts:

Metric	Value	Status/Context
Non-Core Asset Disposal Target	$500-750 million	Annual target for asset sales.
Proceeds Year-to-Date (YTD)	~$300 million	Achieved via recent partial ITV stake sale.
Top Six Investments Concentration	>80%	Percentage of portfolio value held by top six investments.

Also, the company announced a major leadership transition: Dr. John C. Malone will step down from the Board effective January 1, 2026, transitioning to Chairman Emeritus. The company anticipates that its 2026 negative Adjusted EBITDA will be approximately $100 million, representing a 50% reduction from the run-rate going into 2025.

Business Solutions: Liberty Global plc offers value-added services beyond core connectivity. The company is leveraging its technology platforms for enterprise value creation.

• Liberty Blume, the tech-enabled back office, has 13 clients driving over $100 million in revenue for 2025.
• Liberty Tech achieved profitability on revenue of $475 million, optimized through outsourcing agreements.
• VMO2 successfully launched giffgaff broadband, supporting its multi-brand strategy in fixed services.

Operational Resilience: The reported financial performance in Q3 2025 demonstrates operational strength despite competitive markets. Liberty Global plc reported consolidated Adjusted EBITDA of $1,250.3 million for Q3 2025, marking a 6.8% year-over-year increase on a reported basis.

This operational metric supports the focus on efficiency drives, including corporate reshaping and cost savings across Liberty Corporate and Liberty Tech. The Adjusted EBITDA less Property & Equipment (P&E) additions for the quarter was $602.6 million, up 24.7% year-over-year on a reported basis.

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

Dedicated Account Management: Contractual, established pricing for large business services.

The focus on the Business-to-Business (B2B) segment shows mixed results across the operating companies. For instance, in Q1 2025, postpaid net additions reached 29,100, primarily driven by growth in B2B. However, this is contrasted by Q2 2025 postpaid net losses of 73,600, which were driven by low-margin B2B port outs. Liberty Global plc is bolstering its B2B presence, with VMO2 nearing the completion of its acquisition of the B2B business Daisy in Q2 2025. The overall Liberty Services & Corporate segment has an Adjusted EBITDA outlook for 2025 of negative ~$175 million.

Digital Self-Service: Online platforms for billing, support, and service management.

Liberty Global plc embeds digital tools to enhance customer interaction. The AI Agent Assist platform supports call centre staff at VodafoneZiggo in the Netherlands, with 200 agents using it. The overall strategy emphasizes digital tools to improve retention; VMO2 specifically reported growth in fixed-line Average Revenue Per User (ARPU) due to materially better retention resulting from digital and AI tools.

Base Management: Strong focus on reducing churn and driving ARPU growth.

Base management efforts are centered on driving ARPU growth through pricing actions while managing churn in competitive markets. The performance across key metrics for fixed-line customer relationships is detailed below:

Metric / Period End	VMO2 Fixed ARPU YoY Change	Telenet Fixed ARPU YoY Change	Broadband Net Adds/Losses (Quarterly)	Postpaid Net Adds/Losses (Quarterly)
Q4 2024	2.0% growth	N/A	9,900 net adds	15,600 net adds
Q1 2025	1.6% growth	N/A	31,000 net losses or 44,000 net losses	29,100 net adds or 122,800 net losses
Q2 2025	0.9% growth	3.1% growth	900 net adds (Telenet) or 51,400 net losses (Overall)	1,300 net adds (Telenet) or 73,600 net losses (Overall)

The FMC8 households metric, which tracks bundled services, reached 1.5 million at the end of Q4 2024, growing by 1,700 during that quarter.

Enhanced Service Levels: Business market prices for SOHO/small business customers.

The strategy involves using main brands to underpin value in premium segments and flanker brands to drive growth in low-cost segments. Telenet's BASE FMC offer, which targets this segment, has sold over 25,000 broadband subscriptions since its launch.

AI-Driven Optimization: Using AI for real-time traffic and energy management.

Liberty Global plc is actively investing in AI for operational efficiencies. The company estimates AI could shave 2% off operating costs annually over the next three years across its four main OpCos (Telenet, Virgin Media Ireland, VMO2, and VodafoneZiggo). The total expected annual savings and revenue uplift from AI is estimated to be between $200 million and $300 million. Of this potential $300 million, 70% is expected to come from cost savings. AI tools are also used in networks to improve in-home connectivity through preventative care and diagnostics.

• AI is expected to drive operational efficiency and enhance customer experience.
• AI-driven network management is essential for optimizing performance and driving energy efficiency.

Finance: draft 13-week cash view by Friday.

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

You're looking at how Liberty Global plc (LBTYA) gets its services-broadband, video, fixed-line, and mobile-into the hands of its customers across Europe. The channels are a mix of direct presence, digital interfaces, and partnerships, all supporting the 80 million fixed and mobile connections they manage across the continent.

The scale of the Liberty Telecom platform, which these channels feed, is substantial. As of the latest full-year 2025 update, this business generates an aggregate revenue of approximately $21.6 billion. This is a critical number because it shows the sheer volume these channels must support. Here's a breakdown of that revenue scale, which informs the channel strategy:

Revenue Component (Liberty Telecom)	Amount	Context
Aggregate Revenue	$21.6 billion	Total for Liberty Telecom business.
Revenue from Non-Consolidated Joint Ventures	$18 billion	Represents the majority of the Telecom revenue base.
Revenue from Consolidated Operations	$3.6 billion	Directly consolidated revenue for Liberty Telecom.

The company is heavily invested in network quality, which directly impacts the effectiveness of all sales channels. They are on track to complete approximately 73% of their fiber roll-out by the end of 2025. This high-speed infrastructure is what the sales channels are pushing.

Operating Company Retail: Branded stores and direct sales channels in Europe.

While specific store counts aren't public, the direct sales effort is tied to the performance of major brands like Virgin Media O2 (VMO2) in the U.K., VodafoneZiggo in the Netherlands, and Telenet in Belgium. The company is focused on base management, evidenced by having the best number of subscribers on 1Gbps+ speeds across Liberty Global. This retail push is supported by network upgrades, such as doubling broadband speeds for over 900,000 customers.

Digital Platforms: Websites and mobile apps for sales and customer care.

Digital interaction is clearly a focus for customer care and retention, with the company noting the lowest fixed churn levels since 2023 driven by proactive migrations and a WiFi guarantee program. Furthermore, the Liberty Services platform, which includes technology and finance arms, is scaling. Liberty Blume, for instance, officially launched its B2B marketing campaign in Q1 2025. The mobile side leverages a multi-brand strategy and cross-sell activities, including promotions like the iPhone 17 offers.

Wholesale Agreements: Providing network access to other service providers.

Wholesale is a key part of the value unlock strategy, especially concerning network monetization. The wholesale and off-net expansion is progressing well, with an anticipated new partner in Q1 2026. The revenue derived from joint ventures, such as the VMO2 and VodafoneZiggo partnerships, accounts for the bulk of the Liberty Telecom segment's scale, with combined annual revenue exceeding $18 billion based on 2023 figures.

Indirect Sales: Third-party dealers and distributors for mobile and fixed services.

Indirect channels are implied through the multi-brand mobile strategy and regional sales momentum, such as the strong regional sales seen in the South under the 'Base' brand for broadband and mobile. The mobile services in Virgin Media Ireland are delivered as a mobile virtual network operator through third-party networks, which is a direct function of this channel type.

B2B Sales Force: Dedicated teams for medium to large business service agreements.

The B2B focus is integrated within the Liberty Services platform. The business services offered include voice, advanced data, video, wireless, cloud-based services, and converged fixed-mobile services to medium and large enterprises. The launch of the Liberty Blume B2B marketing campaign in Q1 2025 signals a dedicated push through this channel. The overall corporate reshaping is also expected to drive cost efficiencies, with projected 2026 net corporate costs reduced to approximately $100 million.

The company is also actively managing its asset portfolio, targeting $500-$750 million in non-core asset disposals for 2025, with approximately $300 million achieved year-to-date as of Q3 2025. This capital rotation strategy is a financial lever that supports investment in these core channels and infrastructure.

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

Residential Consumers: Households demanding converged 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.

Specific segment movements in early 2025 included:

• VMO2 lost 44,000 broadband subscribers in Q1 2025.
• VodafoneZiggo shed 31,000 broadband customers in Q1 2025.
• VMO2 added 9,900 fixed broadband customers in Q4 2024.
• Telenet added 3,200 net broadband subscribers in Q4 2024.

Video customer counts at the end of 2024 totaled 1.95 million. At the end of 2024, Liberty Global reported 2.2 million internet subscribers across Telenet, UPC Slovakia, and Virgin Media Ireland.

Small Office/Home Office (SOHO): Small businesses needing enhanced service levels.

Most broadband communications subsidiaries provide services to SOHO subscribers who pay a premium for enhanced service levels. All mass marketed products provided to SOHOs are included in the respective RGU and customer counts of broadband operations, with only premium-priced services considered separately.

Medium to Large Enterprises: Businesses requiring advanced, contract-based services.

The acquisition of the B2B business Daisy by VMO2 is expected to bring approximately £125 million in incremental revenue from consolidation.

Segment/Metric	Unit	Value/Count (Latest Available)
VMO2 Postpaid Mobile Net Losses (Q1 2025)	Subscribers	122,800
VM Ireland B2B Non-Subscription Revenue	Trend (Q2 2025)	Notable Growth
Telenet B2B Equipment Sales (Q4 2024)	Trend	Robust

Wholesale Partners: Other telecom operators needing network capacity or access.

The combined consumer and wholesale revenue trend for Q3 2025 was stable at -0.1%. Virgin Media Ireland added a new wholesale customer during Q2 2025. An agreement was announced with Proximus in October 2025 to rationalize the fiber market, with a market test underway. Wholesale and off-net expansion anticipates a new partner in Q1 2026.

Financial Investors: Shareholders seeking value unlock through spin-offs and buybacks.

Liberty Global announced a buyback program for 2025 of up to 10% of shares outstanding. The company is targeting $500 million to $750 million in non-core asset disposals for 2025. Proceeds Year-to-Date (YTD) from disposals, including a partial ITV stake sale, reached approximately $300 million.

The Fair Market Value (FMV) of the Liberty Growth portfolio stood at $3.4 billion in Q3 2025. The company's debt-to-equity ratio was reported as 5.00. The spin-off of Sunrise implies over $10 per share of value to Liberty Global shareholders.

• Liberty Global Market Capitalization (as of Dec 6, 2025): $1.81 billion.
• 2025 Non-Core Asset Disposal Target Range: $500 million to $750 million.
• Proceeds YTD from Disposals (Q3 2025): Approximately $300 million.
• Liberty Growth Portfolio FMV (Q3 2025): $3.4 billion.

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

You're looking at the hard numbers that drive Liberty Global plc's expenses as of late 2025. It's a structure dominated by network build-out and managing a significant debt load, so let's map out where the cash is going.

Capital Expenditure (CapEx)

Capital spending, or Property, Plant, and Equipment (P&E) Additions, remains a major cost component, reflecting the ongoing commitment to fiber and 5G expansion across the Liberty Telecom footprint. For instance, in the first quarter of 2025, Liberty Global Consolidated reported Property and equipment additions of $594.2 million on a reported basis. The operational guidance reflects this heavy investment profile.

Specific CapEx guidance for key operations in 2025 highlights this focus:

• Virgin Media O2 (VMO2) P&E additions guidance for 2025 is set between £2.0 to £2.2 billion.
• Telenet has a guidance for P&E Additions as a percentage of revenue of around 38% for 2025.
• Virgin Media Ireland is expected to reach 80% of homes with fiber by year-end 2025.

Network Operating Costs

These are the day-to-day costs to keep the lights on and the content flowing. Programming costs, for example, saw a reduction at Telenet due to the decision not to renew certain sports rights. The overall cost base is under constant review for efficiencies, especially in areas like programming and operational expenses.

Corporate Overhead

Liberty Global plc has been aggressively targeting a reduction in its central administrative burden. The company improved its net corporate cost guidance for 2025 twice, settling on a target of $150 million for the full year. Honestly, seeing the path to $100 million in 2026 visibility shows a clear, sustained focus on trimming this area.

Debt Servicing

Servicing the substantial debt load is a non-negotiable, large-scale cost. For the quarter ending September 2025, the reported Interest Expense on Debt was $250.6 million. The structure of this debt is a key factor in the cost profile, though management notes that the balance sheets of the core operating businesses are strong with no maturities until 2028. Furthermore, a major financing action, a EUR 4.35 billion financing for the Wyre netco in Belgium, was announced to fund fiber build-out and reduce leverage at the Telenet servco, including all 2028 maturities.

Personnel Costs

Cost discipline initiatives are directly impacting personnel costs, often through restructuring. While specific redundancy scheme costs aren't itemized here, the drive for savings is evident in management commentary and revised guidance for service platforms. For example, the outlook for Liberty Services & Corporate Adjusted EBITDA for 2025 was raised to negative ~$175 million, driven by cost optimization initiatives. Virgin Media O2's Adjusted EBITDA growth was explicitly attributed to cost discipline.

Here's a quick look at some key financial metrics relevant to the cost base as of late 2025 reporting:

Financial Metric	Reported Amount (Latest Quarter 2025)	Context/Source
Net Corporate Costs Target (FY 2025)	$150 million	Full Year Guidance
Interest Expense on Debt (Q3 2025)	$250.6 million	Quarterly Expense
Liberty Services & Corporate Adj. EBITDA Outlook (FY 2025)	Negative ~$175 million	Revised Guidance
Consolidated P&E Additions (Q1 2025)	$594.2 million	Reported Basis
Wyre NetCo Financing Amount	EUR 4.35 billion	Belgium Refinancing

Finance: draft 13-week cash view by Friday.

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

You're looking at the core money-makers for Liberty Global plc (LBTYA) as of late 2025, which is a mix of steady subscription fees and strategic asset realization. Honestly, the story here is about extracting maximum value from the core European telecom assets while managing the transition from legacy video to high-speed connectivity.

The Total TTM Revenue for Liberty Global plc (LBTYA) stands at approximately $4.77 billion as of the Trailing Twelve Months ending September 30, 2025. This figure reflects a significant year-over-year increase, showing the underlying business momentum, even with the complexities of ongoing portfolio reshaping.

Here's a quick look at the recent top-line performance to give you context for that TTM number:

Reporting Period	Reported Revenue
Q3 2025	$1.21 billion
Q2 2025	$1.2691 billion

Residential Subscriptions form the bedrock of this revenue. This is the monthly fee you see from customers bundling broadband internet, television packages, and mobile communications services across Liberty Global plc (LBTYA)'s footprint in markets like the UK, the Netherlands, and Belgium. The performance here is key; for instance, the UK joint venture, VMO2, has been pushing improved broadband and mobile postpaid net customer additions, which directly feeds this stream.

Business Subscriptions capture the contractual revenue derived from serving smaller offices and home offices (SOHO) up to larger enterprise clients. This revenue stream is typically more stable due to longer-term contracts for connectivity and managed services. While specific segmentation isn't always broken out granularly, the operational progress in core telecom units is what drives this contractual income.

The company's revenue generation is heavily concentrated in its operating subsidiaries. To give you a sense of scale from the prior year, which still heavily influences the current mix:

• Telenet, a key subsidiary, was responsible for $3.08 billion of the $4.34 billion total revenue reported for the full year 2024.
• The Belgian operations, which include Telenet, generated approximately $2.92 billion in revenue in 2024.

Wholesale Revenue is the fee-based income generated by providing network access, capacity, or services to third-party operators and service providers. This stream leverages the significant infrastructure investments Liberty Global plc (LBTYA) has made, allowing others to use their networks, which is a capital-light way to monetize assets.

Finally, Investment Gains represent proceeds from the strategic management of the Liberty Growth portfolio, which is a separate pillar from the core telecom operations. The company has been actively progressing on its non-core asset disposal target, with management targeting proceeds in the range of $500 million to $750 million from these sales as part of its value-unlock strategy. As of late 2025, the fair market value of the remaining Liberty Growth portfolio was reported at $3.4 billion.

Finance: draft 13-week cash view by Friday.