Liberty Global plc (LBTYA) Earnings
Liberty Global plc is expected to report next earnings on July 24, 2026 (in NaN days), with a consensus EPS estimate of $-0.48. LBTYA has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -680.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $-0.35 | $0.96 | +372.0% | $1.3B | -0.8% |
| Feb 18, 2026 | $-0.46 | $-8.60 | -1769.6% | $1.2B | +0.1% |
| Oct 30, 2025 | $1.45 | $-0.27 | -118.6% | $1.2B | -1.1% |
| Aug 1, 2025 | $-0.62 | $-8.09 | -1204.8% | $1.3B | +4.1% |
| May 2, 2025 | $-0.60 | $-3.84 | -540.0% | $1.2B | +6.5% |
| Feb 18, 2025 | $-1.11 | $6.33 | +670.3% | $-1.4B | -188.2% |
| Jul 25, 2024 | $-0.73 | $0.71 | +197.3% | $1.9B | -1.9% |
| May 1, 2024 | $-0.50 | $1.32 | +364.0% | $1.9B | +3.8% |
| Feb 15, 2024 | $-0.35 | $-8.23 | -2251.4% | $1.9B | +3.8% |
| Oct 31, 2023 | $-0.15 | $1.57 | +1146.7% | $1.9B | -2.4% |
| Jul 24, 2023 | $-0.24 | $-1.13 | -370.8% | $1.8B | -2.7% |
| Mar 24, 2023 | $-0.11 | $-5.06 | -4500.0% | $1.8B | +3.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 1, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- **Operational Performance**: Delivered strong operational performance with fourth straight quarter of steady broadband improvement across big three markets and stable fixed to mobile ARPUs. Highlighted commercial momentum from multi-brand strategies, network investments, and AI implementations. - **Value Unlock Initiatives**: Progress on value unlock initiatives, including acquisition of Vodafone's 50% stake in Dutch JV on track to close in summer, restructuring in Belgium, and progress on Netomnia transaction in UK. - **Liberty Growth Portfolio**: Fair market value of growth portfolio remained broadly stable at $3.4 billion, with investments in various verticals and focus on rotating capital. - **Formula E**: Unveiled next generation race car Gen 4, which has significant power, performance, and sustainability improvements.
Guidance
- Reconfirming all 2026 guidance metrics of VMO2, Vodafone Ziggo, Telenet, and corporate costs. - Anticipating WIRE to draw on standalone facility following BCA approval and fully repay short-term funding from Liberty Global consolidated cash via Telenet. - Aiming to end 2026 with around $1.5 billion of corporate cash despite expected outflows from Vodafone transaction and Net Omnia acquisition.
Segment performance
### Benelux Companies - **Vodafone Ziggo**: Q1 revenue declined 1.8% due to lower customer base and repricing impact, but adjusted EBITDA declined 6.4% due to higher marketing costs and network investments. Broadband performance improved for the fourth consecutive quarter, and post-paid mobile net ads improved sequentially. - **Telenet**: Q1 revenue was broadly stable, with adjusted EBITDA growing 8.9% due to lower content costs from exiting football broadcasting rights. Broadband delivered its highest quarterly result in 10 years. - **WIRE**: Revenue declined 1% due to a new pricing model, but adjusted EBITDA declined 4.6% due to investment in build capability. ### UK and Ireland - **Virgin Media O2**: Total service revenue declined 3% due to competitive pressure, but wholesale revenue growth offset some of the decline. Adjusted EBITDA declined 3.4%. - **Virgin Media Ireland**: Revenues declined 1.4% due to competition, but adjusted EBITDA declined 7.1% due to top-line pressures.
Risks & headwinds
- Regulatory risks related to the approval of transactions such as the Proximus collaboration and Netomnia acquisition. - Competitive risks in markets like Belgium and the UK, impacting mobile and fixed ARPUs and subscriber numbers. - Risks associated with the execution of value unlock initiatives, including potential delays in completing transactions or achieving expected synergies.
Analyst Q&A
Q: On Virgin Media O2 about wholesale service revenue growth, did they know about the change in accounting treatment when issuing guidance in February?
A: It was basically in budget, a difficult business to forecast, but was a pretty strong quarter.
Q: On UK competitive dynamics, how have recent price rises landed and are you optimistic post-paid mobile losses can stabilize?
A: Price rise landing well, no spike in churn so far, expecting recovery in mobile service revenue.
Q: If delayed for another six to nine months on the Proximus collaboration, what happens?
A: Confident in completing transaction over next six to eight weeks, with necessary 30-day review at European Commission.
Q: On leverage of the New Zygo group, what's the pro-forma leverage position?
A: Relatively high elevated, but confident in path to get to around four and a half times by 2028 with asset sales and organic EBITDA growth.
Q: On Belgium broadband growth drivers, what's behind it?
A: Strong growth in base brand, 50-50 between televent footprint and growth in Wallonia, with migration out of DVBC to full IP.
Q: On more benign regulatory environment, any specifics?
A: EU merger guidelines released are positive, looking at modern and pragmatic approach to in-market consolidation.
Q: On one billion synergies in SIGL, rough makeup?
A: Consisting of financial, operating cost, procurement synergies, with more detail to come closer to legal day one.
Q: On DOCSIS 4.0 in Holland, when's commercial launch?
A: Field trials underway, four and eight gig trials later in the year, more info closer to public listing.
Q: On having a separate infra co making Servco more agile, what's the view?
A: Forcing efficiency and agility, with Belgium as a test showing benefits like focusing on customer experience and better margins.