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

You're looking to cut through the noise and see exactly how Liberty Global plc is structuring itself for late 2025, and it's defintely not a simple setup. We've mapped their entire operation across three pillars: core Telecom, the $\mathbf{\$3.4\text{ billion}}$ Liberty Growth portfolio, and specialized Services. It all hinges on those key partnerships, like the ones with Telefónica and Vodafone, which feed $\mathbf{\$18\text{ billion}}$ into their aggregate revenue, even as they pour heavy CapEx into fiber and 5G. They are building the future while selling the present. Dive in below to see the specific resources, revenue streams, and the $\mathbf{\$500\text{ million}}$ to $\mathbf{\$750\text{ million}}$ asset monetization target that defines their current strategy.

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

You're looking at the core relationships that allow Liberty Global plc (LBTYB) to operate and grow its converged services across Europe as of late 2025. These aren't just vendor relationships; they are deep, often 50/50, equity-based alliances that define market presence and infrastructure strategy.

Vodafone (for VodafoneZiggo 50/50 JV in Netherlands)

The 50% ownership in VodafoneZiggo remains a major component of Liberty Global's European footprint. The focus here is on network stability and commercial momentum against strong local competition from KPN, Delta, and Odido.

Here are the key figures from the VodafoneZiggo Q3 2025 report:

The partnership is aggressively upgrading infrastructure, aiming for nationwide deployment of 2 Gbit/s internet service, expected to cover nearly 7 million households by the end of 2025. They have also started the rollout of 1.8GHz technology in preparation for the DOCSIS 4.0 upgrade scheduled for the end of 2026.

Telefónica (for Virgin Media-O2 50/50 JV in the UK)

Virgin Media O2 (VM O2), the 50/50 joint venture with Telefónica, is focused on returning to growth after a year of foundational investment. The strategic plan involves balancing volume and value in a competitive UK market.

Data from the Q3 2025 results shows this balancing act:

• Fixed Line customers stood at 5.8 million as of Q3 2025, reflecting a net loss of 29,300 in the quarter.
• Total Mobile connections reached 46.6 million, with a net addition of 259,400 in Q3.
• Q3 2025 Revenue was reported at £1,946.2 million (a -0.1% YoY change, excluding certain items).
• Q3 2025 Adjusted EBITDA was £1,015.4 million (a +2.7% YoY change, excluding certain items).
• The Q1 2025 reported revenue was $3.13 billion (-4.8% YoY), though ARPU growth was 1.6%.

A key strategic element is the expected spectrum acquisition from the Vodafone-Three merger, which Liberty Global anticipates will lift VM O2's total UK spectrum share to approximately 30%. The plan to spin-off VM O2's network stake has been paused to reassess strategic plans, but they remain opportunistic on network development.

Proximus (fiber network rationalization in Belgium via NetCo Wyre)

Liberty Global's Belgian subsidiary, Wyre (the NetCo), is central to infrastructure rationalization with Proximus. This collaboration aims for a more efficient fiber rollout, reducing civil works.

Wyre secured a significant financing agreement of EUR 4.35 billion, which fully funds its multi-year fiber build-out, part of a broader EUR 10 billion network investment plan in the Benelux region. They have an agreement in principle with Proximus/Fiberklaar, with a market test anticipated to start in September 2025.

The intended collaboration covers approximately 2.7 million homes:

• 2.0 million homes in medium-dense areas will see complementary Fiber-to-the-Home (FTTH) built by Wyre (60%) and Fiberklaar (40%).
• 0.7 million homes in the most sparsely populated zones will be served by Proximus using Wyre's Hybrid Fiber Coax (HFC) network.

Juniper Networks (collaborating on cloud connectivity solutions)

Liberty Global and Juniper Networks completed a joint proof-of-concept (POC) in early 2025 focused on seamless, secure, multi-cloud connectivity for business customers. The technology tested was Juniper Cloud Interlink.

The POC involved deploying Juniper Cloud Interlink Gateways in specific environments:

• An AWS Outpost on Liberty Global premises in Reading, UK.
• Regional Cloud environments from AWS and Google.

This work is designed to improve Mean Time to Identify (MTTI) and Mean Time to Resolution (MTTR) on networking issues across the fabric.

Content providers and broadcasters for video services

Liberty Global's business is converged video, broadband, and mobile. While specific 2025 financial figures tied directly to individual content provider contracts aren't public, the strategy involves managing these relationships within the operating companies.

For context, the successful spin-off of Sunrise (which once accounted for roughly 20 per cent of Liberty Global's prorata EBITDA) now trades at 8x EBITDA with an 8 per cent dividend yield, highlighting the value unlock potential Liberty Global seeks in its remaining assets.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions Liberty Global plc (LBTYB) is taking to drive value right now, late in 2025. It's all about infrastructure, smart selling, and building out new service lines. Here's the quick math on what they are actively doing.

Fiber and 5G network expansion across Europe

Liberty Global plc is heavily focused on modernizing its network assets, which is a massive capital undertaking. This is foundational for their Liberty Telecom platform.

• Virgin Media Ireland is pushing its Fiber to the Home (FTTH) program, targeting 80% home coverage by the end of the year.
• In the UK, VMO2 acquired approximately 80MHz of spectrum from Vodafone/3 for £343 million, boosting its total spectrum share to around 30%.
• The company is involved in significant network investment in the Benelux region, part of a larger EUR 10 billion network investment plan.
• Wyre, the Belgian network company, has an agreement in principle with Proximus for fixed network sharing, with a market test anticipated to start in September.

Strategic asset monetization, targeting $500 million to $750 million in 2025

Monetization is a clear priority to unlock value and fund other initiatives, like the buyback program targeting up to 10% of shares outstanding for 2025. They are actively managing the portfolio to achieve specific cash targets.

They are definitely looking to separate operating assets within a 12 to 24 month timeframe as well, building on the successful Sunrise spin-off.

Managing the $3.4 billion Liberty Growth investment portfolio

The Liberty Growth platform acts as the venture and strategic investment arm, focusing on scale-based businesses. You need to track its Fair Market Value (FMV) as a proxy for the value embedded outside the core telecom operations.

• The portfolio's FMV increased to $3.4 billion during the second quarter of 2025.
• The top six investments within this portfolio now represent over 80% of the total portfolio value.
• Formula E, a key investment, is noted for its growing global fan base, with Season 11 viewership expected to surpass 500 million.

Driving operational efficiencies and cost discipline

Cost discipline is crucial, especially given competitive pressures in markets like the Netherlands. Liberty Global plc is actively reshaping its operating model to capture savings.

Management improved guidance for corporate costs; the expectation for 2025 is now around negative $175 million for Liberty Services & Corporate Adjusted EBITDA, an upgrade from the previous guidance of negative $200 million. They are also targeting a net corporate cost guidance of $150 million. This reflects process and IT landscape simplification, with targeted operating expense savings through 2027.

Developing B2B technology and financial services via Liberty Services

This platform is being built out to pursue external clients, moving beyond just providing internal group services. It's structured around two main divisions: Liberty Blume and Liberty Tech.

Liberty Services continues to scale, with Liberty Blume securing new client wins during the second quarter of 2025. Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Liberty Global plc (LBTYB) relies on to execute its strategy across Europe. These aren't just line items; they are the actual engines of the business, from the physical pipes in the ground to the brands customers see every day.

The physical network foundation is massive. Liberty Global plc continues to pour capital into its advanced fiber and 5G network infrastructure across its operating territories. This commitment ensures competitive parity and future-proofing. For instance, nearly 95% of the European footprint now has access to gigabit broadband speeds, a key metric for service quality. Also, VodafoneZiggo in the Netherlands launched a 2 Gbps service, showing the capability built into that network.

The company's brand equity is a significant resource, representing the direct customer interface. These strong consumer brands allow for tailored market approaches in different countries, which is defintely important for local competitive advantage.

• Virgin Media Ireland
• Telenet (Belgium)
• VodafoneZiggo (The Netherlands)
• UPC (Eastern Europe, including Slovakia)

The Liberty Growth portfolio acts as a strategic investment arm, holding stakes in about ~70 companies across technology, media/content, and infrastructure. As of Q3 2025, the Fair Market Value (FMV) of this portfolio stood at $3.4 billion. This portfolio is quite concentrated, with the top six investments comprising >80% of that $3.4B FMV.

Liquidity and financial flexibility are anchored by the balance sheet. As of the end of Q3 2025, Liberty Global plc reported a consolidated cash balance of $1.8 billion. To be precise, an additional $180 million was received after the quarter end through a partial Wyre stake disposal in October, bolstering immediate resources.

The final tangible resource is the necessary regulatory clearance to operate mobile services. Liberty Global plc holds vital spectrum licenses across its European markets, which are essential for delivering its 5G mobile communications offerings.

Here's a quick look at the core financial figures supporting these resources as of the Q3 2025 reporting period:

You should note that the company is actively managing this portfolio, with a non-core asset disposal target set between $500-750 million for the year, having already realized about ~$300 million in proceeds year-to-date from sales like the partial ITV stake.

The technology platforms underpinning operations, such as Liberty Blume (tech-enabled back office) and LG Tech, are also critical, non-physical resources that management views as potential sources of future value creation.

• Liberty Blume (tech-enabled back office)
• LG Tech (technology platform)

Finance: draft 13-week cash view by Friday.

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

You're looking at the core offerings that Liberty Global plc is pushing to keep its European connectivity and services business competitive through late 2025. The value propositions center on bundling, speed leadership, shareholder returns, and scaling a new B2B services platform.

Converged fixed-mobile services (quad-play bundles)

Liberty Global's core value proposition is delivering Fixed-Mobile Convergence (FMC) across its primary operating companies. Liberty Telecom currently provides over 80 million\ connections across Europe, including through Virgin Media O2 (VMO2), VodafoneZiggo, Telenet, and Virgin Media Ireland.

The penetration of these bundles is a key metric for customer stickiness:

• VMO2 FMC households reached 1.5 million at the end of 2024.
• Telenet reported 861,000 FMC households at the end of 2024.
• VodafoneZiggo had FMC penetration stable around 2.7 million as of Q1 2024.

Ultrafast broadband speeds, including 2 Gbps service rollout

Liberty Global plc is focused on moving customers into a gigabit society using both Fiber-to-the-Home (FTTH) and HFC network upgrades like DOCSIS 3.1 and 4.0.

Specific rollout targets and achievements for 2025 include:

In terms of realized speed performance, in areas where data is available, the proportion of very fast speed tests (over 300 Mbps) jumped to 22.90% currently, up from 9.56% the prior year.

Access to exclusive content and premium video services

While investing in network infrastructure, Liberty Global plc continues to manage its video base, which is seeing subscriber erosion due to competitive alternatives. The company ended 2024 with 1.95 million total video customers across its operations. However, specific premium content offerings, such as Ziggo Sport Totaal at VodafoneZiggo, showed growth in Q4 2024 subscribers.

Shareholder value creation via up to 10% share buyback program in 2025

A primary value proposition for shareholders is the commitment to capital return and stock price support. Liberty Global plc authorized a share buyback program for 2025 to repurchase up to 10% of its outstanding shares as of December 31, 2024.

Progress on this commitment includes:

• Repurchases from July 1, 2025, to September 30, 2025, totaled 5,037,081 shares for $55.76 million.
• The company is targeting $500 million to $750 million from non-core asset disposals during 2025.
• The Liberty Growth portfolio had a Fair Market Value (FMV) of $3.4 billion as of Q2 2025.

B2B tech-enabled back-office solutions via Liberty Blume

Liberty Blume, the rebranded financial services and tech solutions arm under the Liberty Services pillar, is positioned to offer external B2B services based on internal expertise. This pillar generated approximately $600 million in revenue.

Key metrics for the Liberty Blume platform as of its 2025 launch and Q2 progress:

• Liberty Blume was generating over $100 million in annual revenue from internal Liberty Global Group businesses as of early 2025.
• The business employs 900 people across seven locations.
• The company expects to deliver double-digit revenue growth in 2025.
• The overall Liberty Services & Corporate Adj. EBITDA outlook for full year 2025 improved to negative $150 million.

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

You're looking at how Liberty Global plc manages its relationships with its millions of customers across Europe as of late 2025. It's a mix of digital-first for the masses and dedicated support for the enterprise side.

Automated self-service via online portals and apps

The push toward digital interaction is clear, especially as Liberty Global focuses on improving retention through digital channels. While direct usage statistics for self-service portals aren't public, the strategy supports a massive base. As of March 31, 2025, Liberty Global plc served approximately 11.5 million fixed-line customers and over 44 million mobile subscribers across its reportable segments. This scale necessitates high levels of automation to manage support and billing efficiently.

Here's a snapshot of the customer base size underpinning these relationship efforts:

Dedicated account management for large B2B clients

For larger business and public sector organizations, Liberty Global structures its support through its Liberty Services platforms, specifically Liberty Tech and Liberty Blume. This unit, which employs 1,300 staff, is actively expanding its external client base beyond its internal group support role. The strategy involves building out capabilities in areas like connectivity, financial services, and cloud collaboration. For instance, Liberty Blume is set to launch a B2B energy offering and a lending services line in 2025, which would require dedicated, high-touch account management for those enterprise clients. The overall Liberty Services & Corporate Adjusted EBITDA outlook for 2025 is improved to negative ~$175 million, driven by these cost optimization initiatives, which includes managing the cost-to-serve for these segments.

Customer service centers for technical support and billing

The company is actively working to improve service quality, which directly impacts the operational centers handling technical support and billing inquiries. A concrete example of success in this area comes from the Virgin Media O2 (VMO2) joint venture. As of the second quarter of 2025, the customer service transformation efforts there have resulted in more than halved Virgin Media complaints year-over-year. This suggests significant investment in agent tools, process efficiency, or deflection to self-service channels.

Relationship-based retention efforts for high-value customers

Liberty Global uses pricing and value focus to maintain relationships, particularly with its most valuable fixed-line customers. The focus on value is evident in the ARPU (Average Revenue Per Unit) performance, which is a key indicator of high-value customer health. Fixed ARPU maintained positive growth, showing a 1.6% year-over-year increase in Q1 2025 ahead of price rise implementation in Q2. This growth was explicitly supported by a value focus and improved retention efforts. However, the competitive environment still pressures the base; Q1 2025 saw broadband net losses of 44,000, primarily driven by elevated churn following a high level of market discounting during that quarter. The company counters this by emphasizing customer centricity and digital retention strategies.

• Fixed ARPU growth in Q1 2025: 1.6% YoY.
• Q1 2025 Broadband net losses: 44,000.
• Q1 2025 Postpaid net losses: 122,800 (driven by lower value B2B disconnections).
• VMO2 postpaid mobile net losses in Q2 2025: 73,600.

The strategy involves using main brands to underpin value in premium segments while deploying flanker brands to drive growth in lower-cost segments, a clear segmentation approach to relationship management.

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

You're looking at how Liberty Global plc (LBTYB) gets its services-broadband, mobile, and TV-into the hands of customers across the UK, Netherlands, and Ireland as of late 2025. The channel strategy is a mix of physical presence, direct customer engagement, digital platforms, and increasingly, wholesale network access.

For direct customer acquisition, the physical footprint through retail stores and kiosks in European operating countries remains active, though specific store counts aren't detailed in the latest reports. What we see reflected in the numbers is the output of these efforts, alongside direct sales teams targeting both residential and B2B customers. The commercial results from Liberty Telecom operations in Q3 2025 show improved net additions across broadband and postpaid services in the UK, Netherlands, and Ireland, indicating the sales engine is gaining traction. For instance, postpaid net adds reached 17,200 in Q3 2025, and broadband net losses of 18,500 showed sequential improvement. The B2B segment is also a focus, with Virgin Media O2 bolstering its position through the acquisition of the B2B business Daisy.

The online sales and e-commerce platforms are integral, supporting multi-brand strategies like VMO2 launching giffgaff broadband to increase reach. This digital push complements the physical channels. Furthermore, the wholesale channel is a major strategic focus for monetizing network assets. The pause on VMO2's potential NetCo stake sale was announced to align with the JV partner's strategic review, though they remain opportunistic on network development. This NetCo structure is key to the wholesale agreements for network access. For example, in the UK, the nexfibre wholesale network aims to reach up to 7 million UK homes. Virgin Media Ireland is also pushing its FTTH rollout, targeting 80% of homes with fiber by year-end, a move that supports future wholesale opportunities. Separately, Q1 2025 saw continued strong growth in B2B wholesale revenue, helping offset other revenue pressures.

Here's a look at some key operational metrics that reflect the performance across these channels through the third quarter of 2025:

The strategic direction for channels is heavily weighted toward infrastructure monetization and multi-brand market coverage:

• VMO2 launched giffgaff broadband to support its multi-brand fixed strategy.
• Telenet is advancing discussions on fiber market rationalization in Flanders with Proximus.
• The nexfibre wholesale network is targeting up to 7 million UK homes.
• Liberty Global is tracking towards a share buyback of around 5% of shares outstanding for 2025.
• The Liberty Growth portfolio Fair Market Value (FMV) stood at $3.4 billion in Q3 2025.

The company is clearly using its network assets as a channel itself through wholesale agreements, even while pausing the formal sale process for the VMO2 NetCo stake.

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

You're looking at the core groups Liberty Global plc (LBTYB) serves across its European operations. Honestly, it's a mix of direct-to-consumer connectivity and strategic B2B/wholesale relationships, all underpinned by a massive shareholder base that expects value return.

Mass-market residential consumers in Europe (e.g., UK, Netherlands, Belgium)

This segment is the bread and butter, delivered through major brands like Virgin Media O2 (VMO2) in the UK, Telenet in Belgium, and VodafoneZiggo in the Netherlands. The focus is on Fixed Mobile Convergence (FMC) bundles.

As of the end of 2024, Liberty Global's continuing operations served approximately 80 million connections across broadband internet, video, fixed-line telephony, and mobile services in Europe. 2.5 million of these were fixed-line customers, and 3 million were mobile subscribers across the continuing operations footprint.

Digging into the joint ventures and key markets at year-end 2024:

• VMO2 JV internet subscribers reached 5.74 million, with the fixed broadband base growing by just over 21,000 during the year.
• VMO2 JV retail mobile customer base stood at 23.2 million, though total mobile connections, including IoT, were 35.65 million.
• VodafoneZiggo JV ended 2024 with 3.1 million internet customers.
• Total video customers across the group ended 2024 at 1.95 million.
• FMC8 households (Fixed-Mobile Convergence) reached 1.5 million at the end of 2024.

The start of 2025 showed some pressure; for instance, Q1 2025 saw broadband net losses of 44,000 and postpaid net losses of 122,800 across the reporting segments. Still, Telenet saw a modest recovery in Q4 2024, adding 3,200 net broadband subscribers, partly due to its BASE FMC offer, which sold over 25,000 broadband subscriptions since launch.

Small, Medium, and Large Business (B2B) customers

The B2B segment is a key area for subscription stability, though non-subscription revenue can be volatile. For the full year 2024, organic B2B revenue saw a 2.7% decrease, but this masks a positive trend in recurring revenue.

Here's a quick look at the B2B revenue components for FY 2024:

The VMO2 JV saw its B2B segment add 5,800 customers in Q4 2024, helping to partially offset consumer declines that quarter. However, Q1 2025 postpaid net losses were primarily driven by lower value B2B customer disconnections.

Wholesale partners utilizing network infrastructure

This segment involves providing capacity or services to other operators. While it contributes to overall network utilization, specific revenue figures for this segment are often embedded or noted via contract changes. For example, Telenet saw a decrease in B2B wholesale revenue in Q2 2024 following the loss of the VOO MVNO contract. The company is also progressing on defining the perimeter for a fixed NetCo in the UK, which implies future wholesale opportunities, and has a pending fiber sharing agreement with Proximus in Belgium.

Financial and strategic investors (LBTYB shareholders)

Shareholders are a critical segment as they provide the capital base and influence major strategic moves. As of January 31, 2025, the total outstanding common shares were:

• Class A: 173,057,058 shares
• Class B: 12,968,658 shares
• Class C: 162,728,947 shares

This structure supports shareholder return initiatives. The market value of voting and non-voting common equity held by non-affiliates was $5.7 billion as of the last business day of the Registrant's most recently completed second fiscal quarter (Q2 2024). Liberty Global supported shareholder returns in 2024 with approximately $700 million in share buybacks and announced a further buyback program of up to 10% of shares outstanding in 2025. Also, the spin-off of Sunrise represented a CHF 3.0 billion tax-free dividend to Liberty Global shareholders.

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

You're looking at the core expenditures that keep Liberty Global plc's complex European network running and expanding. The cost structure is heavily weighted toward infrastructure investment and ongoing operational upkeep across multiple markets.

Heavy Capital Expenditure (CapEx) for fiber/5G build-out

Capital expenditure is a defining feature of Liberty Global plc's cost base, driven by the commitment to next-generation networks. The company plans network upgrades to reach an additional 6 million homes by 2026, with the goal that 70% of those homes will be served by Fiber-to-the-Home (FTTH) by 2028. The scale of this investment is clear when looking at specific operating company guidance.

For instance, the Virgin Media O2 (VMO2) joint venture confirmed its 2025 Property, Plant, and Equipment (P&E) additions guidance to be in the range of £2.0 to £2.2 billion. Furthermore, the financing for the Belgian NetCo, Wyre, was announced at EUR 4.35 billion, which management stated fully funds the fiber build-out there. The VMO2 spectrum acquisition from Vodafone/3 also represented a significant outlay, costing £343 million.

Here's a quick view of some of the major infrastructure-related financial commitments:

The company is actively managing this by targeting $500 million to $750 million in non-core asset disposals during 2025 to help fund these capital-intensive activities.

Network operations and maintenance costs

Keeping the existing network running across the multiple European markets is a constant, substantial cost. While specific aggregate 2025 figures for total network operations and maintenance across the entire group aren't explicitly guided in the same way as CapEx, these costs are a primary driver in the Adjusted EBITDA calculations for the operating companies. For example, lower network operating costs were cited as a positive driver for Adjusted EBITDA in one segment during Q1 2025.

Programming and content acquisition costs

Content remains a significant variable cost, especially for video and TV services. Management noted that higher programming costs were a factor in the year-over-year changes for Q4 2024 results, and this pressure generally continues. The cost structure must absorb these fees, which are partially offset by commercial momentum, such as bundling deals including Netflix in the U.K.

Net corporate costs reduced to $150 million for 2025 guidance

Liberty Global plc has been aggressively streamlining its central overhead. The 2025 net corporate cost guidance has been improved to $150 million for the year. This reflects successful cost optimization initiatives, with management seeing visibility to just $100 million of net corporate costs in 2026. These savings are largely achieved through reorganization and headcount reductions, with a short payback period of under 12 months.

Employee salaries and benefits across multiple European markets

Personnel costs are a major component of operating expenses across the various European operating companies. The cost of labor is subject to local market dynamics and collective agreements. One concrete factor impacting 2025 expenses was the mandatory 3.6% wage indexation as of January, which contributed to higher staff-related expenses in early 2025 reports. To give you a sense of the underlying salary levels in key markets, third-party data suggests:

• Average salary for an employee in the United Kingdom in 2025 is cited around £50,752.
• A general average employee salary across the company is cited around $66k in 2025.
• The median yearly total compensation reported for roles at Liberty Global plc is around $90,602.

Finance: draft 13-week cash view by Friday.

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

You're looking at the hard numbers driving Liberty Global plc's top line as of late 2025. The revenue streams are clearly segmented across their core telecom operations, their significant joint ventures, and the growth-focused Liberty Growth portfolio.

The foundation of the revenue comes from the recurring subscription fees generated by the Liberty Telecom segment, which includes operations like Virgin Media O2 and Telenet. While the precise split between fixed-line and mobile subscriptions isn't itemized in the latest reports, the consolidated businesses within Liberty Telecom generate approximately $3.6 billion in annual revenue, based on recent full-year 2024 figures which management is working to grow upon in 2025. For instance, fixed Average Revenue Per User (ARPU) growth was reported at a 1.6% year-over-year increase in the first quarter of 2025, showing pricing power is being applied to the fixed-line base.

The contribution from the major non-consolidated joint ventures is substantial. The combined annual revenue from the Virgin Media O2 (VMO2) and VodafoneZiggo joint ventures is reported to be more than $18 billion. This revenue stream is critical, though it has faced headwinds; for example, in Q1 2025, VMO2 revenue declined by 4.8% and VodafoneZiggo revenue declined by 5.6% year-over-year.

Liberty Services, which focuses on technology and finance services, is a smaller but distinct revenue contributor. This platform is generating approximately $600 million in revenue annually, based on full-year 2024 figures. Management is focused on reshaping this area for cost efficiency, with an improved Adjusted EBITDA outlook for Liberty Services & Corporate for 2025.

Finally, a key component of the financial strategy is realizing cash from the Liberty Growth portfolio through asset disposals. Liberty Global plc is actively targeting proceeds from strategic asset sales in 2025, with a stated goal to realize between $500 million and $750 million. As of the third quarter of 2025, the company had already generated $300 million in proceeds from these non-core asset sales year-to-date.

Here is a snapshot of the key financial figures related to Liberty Global plc's revenue streams:

You can see the revenue generation is heavily weighted toward the JVs, but the asset sales are a crucial, targeted cash inflow for the year.

• Subscription fees are underpinned by fixed-line ARPU growth, which saw a 1.6% year-over-year increase in Q1 2025.
• Mobile services revenue is tied to postpaid ARPU, which declined by 2.3% in Q4 2024.
• The Liberty Growth portfolio's Fair Market Value (FMV) stood at $3.4 billion as of Q2 2025.

Finance: draft 13-week cash view by Friday.