Liberty Global Ltd. reported first‑quarter 2026 results for the three months ended March 31, 2026, showing a consolidated revenue of $1,274.6 million, up 8.8% from $1,171.2 million in the same period last year. The company’s net earnings rose from a loss of $1,323.3 million in Q1 2025 to $358.2 million, and diluted earnings per share were $0.96, a substantial beat over the consensus estimate of –$0.53.
The earnings improvement was driven by disciplined cost management and a favorable mix of high‑margin telecom revenue. Liberty Telecom’s sequential growth in broadband net adds across its markets helped offset the impact of capital expenditures, while Liberty Growth and Liberty Corporate contributed to the overall revenue increase. Adjusted EBITDA grew 12.9% year‑over‑year to $366.5 million, reflecting operational efficiency gains.
"In the first quarter, we made continued progress against our operational and strategic goals while remaining fully focused on unlocking and crystallizing value for shareholders," said CEO Mike Fries. He added that the company is on track with its Ziggo Group plans, including the acquisition of Vodafone’s 50% stake in VodafoneZiggo, expected to close in July, and the planned spin‑off of that interest to shareholders in the second half of 2027.
The company reiterated all 2026 full‑year guidance targets, signaling confidence in its growth trajectory. Liberty Global ended the quarter with a consolidated cash balance of $1.9 billion, reflecting disciplined capital allocation and further non‑core asset disposals. Capital rotation into higher‑growth investments and strategic transactions continues to shape the firm’s balance sheet.
"We continued to execute our strategy of rotating capital within the Growth portfolio during Q1, exiting half of our 5% stake in ITV and a portion of our EdgeConneX investment, with combined disposal proceeds of ~$180 million in the quarter and $300 million through April," Fries noted. "We ended the first quarter with a consolidated cash balance of $1.9 billion, reflecting disciplined capital allocation and further non‑core asset disposals, as we rotate capital into higher growth investments and strategic transactions."
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