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

You're looking to cut through the noise and see exactly how Liberty Global plc structures its operations, and frankly, it's a dual-engine machine: core European telecom services bundled with a venture capital-style investment arm. As someone who's spent two decades mapping these giants, I can tell you the key is their joint venture structure, like Virgin Media O2, which underpins their strategy to monetize assets, targeting up to $750 million in disposals for 2025, even as they manage Q3 revenues of $1,207.1 million against an operating loss of $8.0 million. Dive into the canvas below to see how their $3.4 billion Liberty Growth portfolio and massive network CapEx fit into their nine building blocks-it's a precise map of their current reality.

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

You're looking at the core relationships that power Liberty Global plc's operations and growth strategy as of late 2025. These aren't just vendor agreements; they are deep, often equity-based, ties that build out the network and fuel the investment engine.

Joint Ventures: Virgin Media O2 (UK) and VodafoneZiggo (Netherlands)

The joint ventures in the UK and Netherlands are central to the Liberty Telecom segment. Virgin Media O2 (VMO2) showed resilience, returning to growth in revenue and Adjusted EBITDA in the first quarter of 2025. VodafoneZiggo, while facing an intensely competitive fixed market, launched a new strategic plan in Q1 2025 to regain commercial momentum. For VodafoneZiggo specifically, Q1 2025 reported revenue was $1,052.0 million, with an Adjusted EBITDA of $463.1 million.

The UK infrastructure play is heavily tied to the nexfibre venture. Liberty Global plc (LBTYK) is a partner in this joint venture alongside Telefónica and InfraVia Capital Partners. VMO2 acts as the anchor wholesale tenant and network construction partner for nexfibre. The combined full fibre footprint for VMO2 and nexfibre approached seven million premises as of early 2025, with the two entities collectively having over 4 million premises passed at that time.

Here's a look at the scale of these key operational partnerships:

Infrastructure partners like nexfibre for UK fiber network expansion

nexfibre is building out a fibre-to-the-home network originally targeting up to 7 million homes. As of January 2025, nexfibre had reached two million premises passed in just two years. The network uses all-XGS-PON technology, which provides symmetrical high bandwidth connectivity. VMO2 is the anchor wholesale client, but nexfibre also commercializes its network to other UK Internet Service Providers (ISPs); giffgaff broadband launched on the network, with plans starting from £34 per month for speeds up to 900Mbps.

Content providers and technology vendors for video and mobile services

Liberty Global plc relies on technology partners to enhance its service delivery across the group. For example, giffgaff broadband integrates Amazon's eero technology as standard to provide whole-home Wi-Fi, advanced security, and parental controls. Furthermore, Liberty Global plc fostered 5G innovations in 2024 through collaborations with industry partners including AWS, Nokia, CableLabs, and the GSMA.

The company's technology investment arm, Liberty Global Ventures, is actively making strategic investments:

• Liberty Global Ventures announced a strategic investment in the voice AI company ElevenLabs.
• Technology investments historically range from around $5m to $10m and last an average of three to seven years.

Strategic investment partners in the Liberty Growth portfolio

The Liberty Growth platform is a key area for value creation, holding a portfolio of approximately 70 companies across technology, media/content, and infrastructure. The Fair Market Value (FMV) of this portfolio increased to $3.4 billion at Q2 2025. Liberty Global plc remains committed to realizing $500-$750 million of asset disposals from this portfolio in 2025.

The portfolio's value is concentrated:

• The top six investments comprise over 80% of the overall portfolio's value.
• Formula E, a key investment, successfully launched Season 11 of its global racing championship.
• Media/Content holdings include the Hollywood studio behind Hunger Games and the Spanish-language broadcast network, Univision.

The Liberty Services platforms also rely on strategic partnerships. Liberty Blume, the financial services business, reported having 13 clients as of Q2 2025.

Universal Electronics for co-developing new consumer hardware like remote controls

The specific financial or statistical details regarding the partnership with Universal Electronics for co-developing consumer hardware were not publicly detailed in the latest available reports, so we focus on the quantifiable data points available from the other core partnerships.

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

You're mapping out the core engine of Liberty Global plc (LBTYK) right now, looking at what they actually do day-to-day to generate revenue and build future value. It's a mix of running massive legacy networks and placing strategic, high-growth bets. Honestly, the key activities show a company focused on infrastructure monetization while managing intense competition in its core markets.

Operating converged broadband, video, and mobile networks in Europe.

Liberty Global plc (LBTYK) is deep in the business of running complex, converged networks across several European nations. This activity involves managing the day-to-day operations for brands like Telenet in Belgium, Virgin Media in Ireland, UPC Slovakia, and the joint ventures Virgin Media-O2 (VMO2) in the U.K. and VodafoneZiggo in The Netherlands. The scale here is significant; Liberty Telecom currently provides over 80 million connections across Europe, combining both fixed and mobile subscribers from consolidated and 50% owned non-consolidated operations as of late 2024. The joint ventures alone contributed about $18 billion in revenue based on their combined 2024 reported results.

This core operation requires constant network maintenance and upgrades, which we can detail:

• Virgin Media Ireland is on track to reach 80% of homes with fiber by the end of 2025.
• VMO2 (UK/Ireland) is working to add another 2.5 million fiber premises by the end of 2025.
• Telenet is actively advancing discussions with Proximus regarding a fixed network sharing initiative in Flanders.
• VMO2 is set to benefit from acquiring spectrum from Vodafone/3, which will increase its total spectrum share to approximately ~30% in the UK.

It's a capex-heavy business, no doubt about it. For instance, VMO2's Property and Equipment additions in Q2 2025 were reported at $269.3 million on a reported basis.

Strategic asset monetization, targeting $500-$750 million in 2025 disposals.

A major activity is actively pruning the portfolio to unlock shareholder value, which is a clear focus for Liberty Global plc (LBTYK). Management has confirmed its commitment to realizing between $500 million to $750 million in non-core asset disposals during the 2025 fiscal year. This is part of a broader strategy that also signaled active work on separating operating assets within 12 to 24 months. They have already executed on part of this, including exiting their Vodafone collar position.

Here's a snapshot of the portfolio management activity as of mid-2025:

The company is definitely focused on optimizing capital allocation, even pausing the potential NetCo stake sale process at VMO2 to align with their JV partner.

Investing in scalable businesses across technology, media, and sports (e.g., Formula E).

Beyond the core telecom assets, Liberty Global plc (LBTYK) actively manages its Liberty Growth portfolio, which serves as a strategic hedge and growth driver. The Fair Market Value (FMV) of this portfolio stood at $3.4 billion in Q2 2025. A key investment here is Formula E, the electric vehicle racing series, which saw its Season 11 cumulative viewership expected to surpass 500 million. This portfolio management is a deliberate activity to capture value outside traditional telecom operations.

Developing and deploying advanced fiber and 5G network infrastructure.

Developing and deploying next-generation infrastructure is a non-negotiable activity for Liberty Global plc (LBTYK) to maintain its competitive edge. This involves significant capital expenditure across its operating companies to deploy advanced fiber and 5G capabilities. For example, the accelerated DOCSIS 4.0 upgrade plan is underway at VodafoneZiggo in The Netherlands to future-proof that network. The commitment to fiber is evident in the specific targets set for its operating companies, as noted above with Virgin Media Ireland aiming for 80% home coverage by year-end.

Providing B2B financial and technology services via Liberty Services platforms.

The third pillar of the strategy involves scaling the Liberty Services platforms, which include Liberty Blume (finance) and Liberty Tech. These platforms are key activities for generating ancillary revenue and driving internal cost efficiencies. Liberty Tech, specifically, is reported to generate $475 million in revenue and has been improving profitability. Liberty Blume, the financial services arm, is on track to exceed $100 million of revenue and generate positive EBITDA in 2025. The overall Liberty Services & Corporate segment saw its Adjusted EBITDA guidance for 2025 improved to approximately negative $175 million, showing progress on cost management initiatives. Liberty Blume officially launched its B2B marketing campaign during Q1 2025, signaling an active push for external client acquisition.

You can see the revenue contribution from these platforms is becoming more defined.

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

You're looking at the core assets Liberty Global plc (LBTYK) relies on to run its European telecom and growth businesses as of late 2025. These aren't just lines on a balance sheet; they are the actual pipes, spectrum, and strategic investments that generate revenue.

The foundation is definitely the extensive European fiber and 5G network infrastructure. As of March 31, 2025, across the operations that include your major brands, Liberty Global plc served approximately 11.5 million fixed-line customers and over 44 million mobile subscribers. You see tangible progress in network build-out, too; for instance, Virgin Media Ireland was expected to reach 80% of homes with fiber by year-end 2025.

The strategic investment arm, Liberty Growth, holds a significant portfolio. As of Q2 2025, the Fair Market Value (FMV) of this Liberty Growth portfolio, which comprises roughly 70 companies, increased to $3.4 billion. To be fair, the top six investments within that portfolio accounted for over 80% of that total value by Q2 2025.

The major consumer brands are the direct revenue drivers. These include the joint ventures and wholly-owned operations like Virgin Media O2, VodafoneZiggo, Telenet, and Virgin Media Ireland. These operations are supported by strong financial positioning; the balance sheets of the core operating businesses show no debt maturities until 2028. The consolidated cost of debt is around 4%, split roughly equally between bank debt (about $20 billion) and bonds (about $20 billion) as per Q1 2025 data.

Also critical are the intangible assets. The intellectual property and technology platforms are key, with Liberty Blume, the financial services business, reporting new client wins and having 13 clients by Q2 2025. Liberty Global plc also made a strategic investment in the voice AI company, ElevenLabs.

Here's a quick look at some of the key figures underpinning these resources:

You can see the focus is on fiber rollout and spectrum acquisition for the core telecom assets, while the Growth portfolio is being actively managed for value realization, targeting $500-$750 million of asset disposals for the year.

The operational brands are driving specific network improvements, for example:

• Telenet is advancing discussions on fiber market rationalization with Proximus.
• Wyre and Proximus reached an agreement in principle on fixed network sharing.
• VMO2 is completing the acquisition of the B2B business Daisy.

Finance: draft the Q3 2025 cash flow impact analysis from the asset disposal targets by next Wednesday.

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:

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:

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:

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.

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:

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:

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.