Liberty Global Turns VodafoneZiggo Revenue Growth After Two Years

The Tip Desk · November 10, 2026 · 4 min read

Ziggo Group revenue was $1.91 billion as VodafoneZiggo posted its best broadband adds since 2019.

Liberty Global Ltd. (LBTYA) reported Ziggo Group revenue of $1,906.5 million for the three months ended September 30, 2026, down 1.9% on a reported basis and up 1.4% on a rebased basis versus a year earlier. The company said the mix shifted: VodafoneZiggo returned to positive revenue growth for the first time since the second quarter of 2024, supported by price indexation and higher handset sales, while Telenet contributed Wyre TSS revenue, higher handset sales and Jupiler Pro League programming.

VodafoneZiggo delivered a second consecutive quarter of positive organic broadband additions, with 11,800 adds in the third quarter, and the company called it the best broadband performance since the second quarter of 2019. Telenet grew its broadband customer base for a sixth consecutive quarter, with 4,100 organic adds, which the company attributed to continued strength in BASE FMC.

Ziggo Group Adjusted EBITDA was $674.8 million, down 6.3% reported and 6.8% rebased. The company said the decline was driven by higher VodafoneZiggo costs for marketing and sales, handsets, programming and network resilience investment, and by lower subscription revenue and programming costs associated with a new DAZN deal at Telenet.

The quarter also marked the formal creation of Ziggo Group and several steps toward a planned second-quarter 2027 spin-off. Liberty Global closed the purchase of Vodafone’s 50% stake in VodafoneZiggo, announced the senior executive team, and agreed to sell VodafoneZiggo’s mobile towers for €669 million, or 16.2 times 2025 EBITDA, with proceeds earmarked for deleveraging at VodafoneZiggo as part of a €1.2–€1.4 billion non-core asset disposals target. Operating and financial synergies are currently expected to exceed the previous NPV estimate of €1 billion. The company said it intends to make initial confidential submissions to the SEC and the AFM in December.

Wyre revenue was $193.8 million, down 3.6% reported and 2.1% rebased, which the company said was driven by the new wholesale pricing model introduced in the fourth quarter of 2025 with Telenet, partially offset by higher usage-related revenue. Adjusted EBITDA was $138.9 million, down 13.6% reported and 12.2% rebased, on higher costs under the arms-length reset of the Telenet MSA, lower revenue and higher coax maintenance. Property and equipment additions were $179.9 million, up 83.8% reported and 86.9% rebased, as fiber investment accelerated. Adjusted FCF was negative $135.1 million.

Virgin Media Ireland revenue was $118.6 million, down 2.9% reported and 1.5% rebased, on lower consumer fixed revenue related to VMTV. Adjusted EBITDA was $28.5 million, down 31.8% reported and 30.8% rebased, including a one-time roughly $10 million change in estimates on VMTV content-rights amortization. Organic broadband net losses were 2,000, with the first positive monthly consumer net additions in 12 months in September; postpaid net adds were 2,700 and wholesale broadband net adds were 6,900.

The nonconsolidated Virgin Media O2 joint venture posted revenue of $3,262.7 million, down 5.0% reported and 5.7% rebased, and Adjusted EBITDA of $1,207.8 million, down 3.4% reported and 3.9% rebased. Consumer broadband net losses were 22,100 and postpaid net losses were 27,300; fixed ARPU declined 5.0% year over year. The company said VMO2 remains on track for full-year guidance and outlined a new strategic plan calling for £800 million of run-rate cost reductions by 2029, including a 30% reduction in people cost, and a halt to its own fiber upgrade plan while continuing to support nexfibre. It is reviewing options on planned cash distributions of around £200 million.

Consolidated revenue was $1,920.6 million, up 59.1% reported and 1.0% rebased, after Liberty Global began consolidating VodafoneZiggo in July 2026. Consolidated net earnings were $547.7 million versus a loss of $83.4 million a year earlier. Consolidated Adjusted FCF was $81.7 million versus negative $84.5 million. The company ended the quarter with about $2.0 billion of corporate cash, completed $100 million of share buybacks, and anticipates ending 2026 with about $1.8 billion of corporate cash and a further $100 million of buybacks in the fourth quarter.