Liberty Global reported third-quarter 2026 results and outlined progress on plans to separate Ziggo Group, sell non-core assets and reduce debt. It also highlighted operating trends across its telecom businesses in the Netherlands, Belgium, Ireland and the U.K., including a new cost-cutting plan at Virgin Media O2.
Key details
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Ziggo Group separation: Liberty Global completed its purchase of Vodafone’s 50% stake in VodafoneZiggo during the quarter, advancing preparations for a planned Ziggo Group spin-off in the second quarter of 2027. It has named a senior management team and hired external advisers. The company expects operating and financial synergies to exceed its previous estimate of €1 billion in net present value.
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Tower sale and debt reduction: VodafoneZiggo agreed to sell its mobile towers for €669 million, a price equal to 16.2 times the towers’ 2025 EBITDA. The proceeds are intended to reduce VodafoneZiggo’s debt. The sale is part of a broader target to dispose of €1.2 billion to €1.4 billion of Ziggo Group non-core assets to further lower leverage.
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Spin-off preparations: Liberty Global intends to make initial confidential submissions to regulators in the U.S. and the Netherlands in December in connection with the proposed spin-off. The Netherlands and Belgium businesses both reported strong quarterly results.
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Netherlands telecom trends: VodafoneZiggo added broadband customers for a second consecutive quarter, recording its strongest performance since the second quarter of 2019. Total revenue returned to growth for the first time since the second quarter of 2024. The company also began offering 8-gigabit-per-second service using DOCSIS 4.0 technology.
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Belgium and Ireland: Telenet grew its broadband customer base for a sixth consecutive quarter, supported by strength in BASE’s combined fixed and mobile offering. Virgin Media Ireland recorded positive postpaid mobile additions for a seventh consecutive quarter; broadband additions were also positive, supported by wholesale performance.
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Virgin Media O2’s U.K. plan: The business aims to simplify operations and improve sustainable growth and cash generation. Its plan targets £800 million in annualized cost reductions by 2029, including a 30% reduction in people costs. It will focus capital spending on fewer projects with more measurable returns and stop its own fiber upgrade plan, while continuing to support nexfibre.
What changes
The Ziggo initiative combines ownership changes, asset sales and spin-off preparations, with proceeds from the tower transaction earmarked for debt reduction. In the U.K., Virgin Media O2 is shifting toward lower costs and more selective investment, with the stated aim of reducing leverage over time.