Liberty Global Posts $548M Q3 Profit as Rebased Adjusted EBITDA Falls 13.7%

Liberty Global posted $547.7 million in consolidated net earnings for the third quarter, reversing a year-earlier loss, while rebased adjusted EBITDA declined as revenue rose sharply on a reported basis.

For the three months ended Sept. 30, consolidated net earnings were $547.7 million, compared with a loss of $83.4 million in the same quarter last year. Net earnings attributable to Liberty Global shareholders were $457.9 million, versus a loss of $90.7 million. The shareholder figure is a portion of consolidated earnings, so the two totals measure different things.

Revenue totaled $1.9206 billion, up 59.1% from $1.2071 billion on a reported basis. Adjusted EBITDA was $602.6 million, a reported increase of 79.1%. On a rebased basis, revenue grew 1%, while adjusted EBITDA fell 13.7%. The rebased comparison adjusts for acquisitions, dispositions, foreign-exchange effects and other factors that affect year-over-year comparability.

The quarter included an $18.1 million operating loss, compared with an $8 million loss a year earlier, as well as a $652.3 million income-tax benefit and a $121.6 million gain tied to the VodafoneZiggo acquisition. These items accompanied the net earnings result and show that the operating result and consolidated profit moved in different directions.

The acquisition closed July 31, when Liberty Global bought Vodafone’s 50% stake in VodafoneZiggo. CEO Mike Fries said operating and financial synergies are being finalized and “are currently expected to exceed our previous NPV estimate of €1 billion.”

Liberty Global is targeting a Q2 2027 spin-off of Ziggo Group, which combines VodafoneZiggo and Telenet. The company also agreed to sell VodafoneZiggo’s mobile towers for €669 million, with proceeds intended to reduce debt. The tower sale is an agreement, while the spin-off remains a target.