
Accounting Method	June 30, 2025		December 31, 2024		Ownership (a)
	in millions				%
Equity (b):
Long-term:
VMO2 JV	$	6,844.9	$	6,501.4	50.0
VodafoneZiggo JV (c)	1,873.1		1,738.4		50.0
AE Group Sàrl (AtlasEdge JV) (d)	395.8		339.5		48.7
Nexfibre Networks Limited (nexfibre JV) (e)	92.5		93.4		24.9
Other	90.2		107.6
Total — equity	9,296.5		8,780.3
Fair value:
Short-term:
Vodafone - subject to re-use rights (f)	1,328.1		—		5.1
Separately-managed accounts (SMAs) (g)	—		335.6
Long-term:
EdgeConneX, Inc. (EdgeConneX) (h)	516.3		414.5		4.2
ITV plc (ITV)	431.2		351.4		10.1
Televisa Univision, Inc. (Televisa Univision)	313.9		314.8		6.3
CANAL+ Polska S.A (CANAL+ Polska).	83.7		72.5		17.0
SMAs (g)	82.8		97.5
Plume Design, Inc. (Plume) (i)	60.0		73.0		10.5
Lionsgate (j)	40.8		53.4		2.5
Aviatrix Systems, Inc. (Aviatrix)	27.2		31.0		4.3
Vodafone - subject to re-use rights (f)	—		1,141.5		5.2
Other (j)	374.1		358.1
Total — fair value	3,258.1		3,243.3
Total investments (k)	$	12,554.6	$	12,023.6
Short-term investments	$	1,328.1	$	335.6
Long-term investments	$	11,226.5	$	11,688.0

(b)Our equity method investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividend distributions are received, with our recognition of losses generally limited to the extent of our investment in, and loans and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal their respective fair values. At June 30, 2025 and December 31, 2024, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,024.0 million and $901.2 million, respectively, related to amounts associated with the VodafoneZiggo JV Receivables, as defined below.

(c)Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global, comprising (i) a €700.0 million note receivable ($823.4 million and $724.4 million equivalent at June 30, 2025 and December 31, 2024, respectively) (the VodafoneZiggo JV Receivable I) and (ii) a €207.9 million note receivable ($244.5 million and $215.1 million equivalent at June 30, 2025 and December 31, 2024, respectively) (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables). The VodafoneZiggo JV Receivables bear interest at a rate of 5.55% and have a final maturity date of December 31, 2030. During the six months ended June 30, 2025, interest accrued on the VodafoneZiggo JV Receivables was €23.5 million ($27.7 million), all of which has been cash settled.

(f)In connection with our investment in Vodafone, we entered into a share collar (the Vodafone Collar) with respect to the Vodafone shares held by our company. The aggregate purchase price paid to acquire our investment in Vodafone was partially financed through borrowings under a secured borrowing agreement (the Vodafone Collar Loan) collateralized by the Vodafone shares. Under the terms of the Vodafone Collar, the counterparty has the right to re-use pledged Vodafone shares. During the second quarter of 2025, we executed a series of transactions that resulted in (i) the disposition of 90 million of our Vodafone shares and the associated unwind and settlement of the corresponding amounts of the Vodafone Collar and the Vodafone Collar Loan, respectively, and (ii) the restructure of the remainder of the Vodafone Collar, which effectively reduced the net fair value of our economic interest in our investment in Vodafone to nil ($89.3 million at December 31, 2024). This series of transactions resulted in net cash received of €70.9 million ($81.7 million at the applicable rate). Subsequently, in July 2025, we fully settled the Vodafone Collar Loan using the value of the remaining Vodafone shares and the Vodafone Collar. For additional information regarding the Vodafone Collar and the Vodafone Collar Loan, see notes 6 and 9, respectively.

(g)Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf. We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs. With the exception of our SMA in a leveraged structured note, all of our investments held under SMAs were sold as of the first quarter of 2025. Our SMA held in a leveraged structured note is accounted for at fair value and the associated gains or losses are included in realized and unrealized gains (losses) due to changes in fair values of certain investments, net, in our condensed consolidated statements of operations. At December 31, 2024, interest accrued on our debt securities, which is included in other current assets on our condensed consolidated balance sheets, was $7.2 million.

(h)As of June 30, 2025, our investment in EdgeConneX is held through two distinct limited partnerships (LPs), Herndon Topco and a new investment entered into the second quarter of 2025, McNair Topco. The ownership percentages in EdgeConneX are 4.3% and 3.4% for Herndon TopCo and McNair TopCo, respectively. The combined investment in EdgeConneX through these LPs results in a weighted ownership percentage of 4.2%. This calculation considers the individual ownership percentages and the respective investment amounts in each LP.

(j)On May 7, 2025, Lions Gate Entertainment Corp. (NYSE: LGF.A and LGF.B) completed the full separation (the Lionsgate Separation) of its studio and network business into two independent, publicly traded companies, Lionsgate Studios Corp. (Lionsgate) and Starz Entertainment Corp. (Starz). All previous Lions Gate Entertainment Corp. shares have been exchanged for shares in the new companies Lionsgate (NASDAQ: LION) and Starz (NASDAQ: STRZ). Following the separation, our investment in Starz is reflected in ‘Other’ fair value investments in the above table.


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	in millions

VMO2 JV (a)	$	(161.1)	$	3.0	$	(247.7)	$	3.7
VodafoneZiggo JV (b)	(48.1)		4.8		(70.7)		11.4
nexfibre JV	(29.6)		(0.7)		(42.2)		11.7
AtlasEdge JV	(18.5)		(4.7)		(34.5)		(13.8)
Formula E (c)	—		(18.8)		—		(23.3)
All3Media Ltd. (All3Media) (d)	—		(5.4)		—		(15.5)
Other, net	(7.3)		(2.8)		(17.5)		(5.8)
Total	$	(264.6)	$	(24.6)	$	(412.6)	$	(31.6)

Pursuant to an agreement (the U.K. JV Framework Agreement), Liberty Global provides certain services to the VMO2 JV on a transitional or ongoing basis (collectively, the U.K. JV Services). The agreements underlying the U.K. JV Services expire between 2027 and 2029. The U.K. JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by, or will otherwise benefit, the VMO2 JV. Liberty Global charges both fixed and variable fees to the VMO2 JV for the U.K. JV Services provided pursuant to the U.K. JV Framework Agreement. We recorded revenue from the VMO2 JV of $95.5 million and $91.2 million during the three months ended June 30, 2025 and 2024, respectively, and $184.0 million and $203.5 million during the six months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025 and 2024 revenue recorded includes $56.7 million and $48.7 million, respectively, related to fixed fees for the U.K. JV Services and $38.8 million and $42.5 million, respectively, related to the sale of CPE to the VMO2 JV at a mark-up and other variable charges. For the six months ended June 30, 2025 and 2024, revenue recorded includes $110.8 million and $97.6 million, respectively, related to fixed fees for the U.K. JV Services and $73.2 million and $105.9 million, respectively, related to the sale of CPE to the VMO2 JV at a mark-up and other variable charges. At June 30, 2025 and December 31, 2024, $61.3 million and $37.5 million, respectively, was due from the VMO2 JV related to the aforementioned transactions. The amounts due from the VMO2 JV, which are periodically cash settled, are included in other current assets on our condensed consolidated balance sheets.

Pursuant to an agreement (the NL JV Framework Agreement), Liberty Global provides certain services to the VodafoneZiggo JV (collectively, the NL JV Services). The NL JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by, or will otherwise benefit, the VodafoneZiggo JV. Liberty Global charges both fixed and usage-based fees to the VodafoneZiggo JV for the NL JV Services provided pursuant to the NL JV Framework Agreement. We recorded revenue from the VodafoneZiggo JV of $48.2 million and $59.6 million during the three months ended June 30, 2025 and 2024, respectively, and $94.3 million and $121.7 million during the six months ended June 30, 2025 and 2024, respectively, primarily related to (a) the NL JV Services and (b) the sale of CPE to the VodafoneZiggo JV at a mark-up. At June 30, 2025 and December 31, 2024, $48.9 million and $18.5 million, respectively, was due from the VodafoneZiggo JV related to the aforementioned transactions. The amounts due from the VodafoneZiggo JV, which are periodically cash settled, are included in other current assets on our condensed consolidated balance sheets.

The VodafoneZiggo JV is experiencing significant competition in both its fixed-line and mobile operations. If the adverse impacts of economic, competitive, regulatory or other factors were to cause significant deterioration of the results of operations or cash flows of the VodafoneZiggo JV, we could conclude in future periods that our investment in the VodafoneZiggo JV is impaired or management of the VodafoneZiggo JV could conclude that an impairment of the VodafoneZiggo JV goodwill and, to a lesser extent, long-lived assets, is required. Any such impairment of the VodafoneZiggo JV’s goodwill or our investment in the VodafoneZiggo JV would be reflected as a component of share of results of affiliates, net, in our condensed consolidated statement of operations. Our share of any such impairment charges could be significant.


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	in millions

Vodafone	$	57.9	$	(1.7)	$	121.6	$	46.5
ITV	43.1		33.1		79.8		83.1
Televisa Univision	(27.6)		1.2		(41.6)		10.7
Plume	(9.7)		(26.7)		(13.0)		(27.8)
Lionsgate (a)	(9.5)		(4.1)		(7.3)		(10.1)
Aviatrix	(4.0)		(13.2)		(3.8)		(27.5)
EdgeConneX	14.9		17.3		3.6		89.1
SMAs	6.7		1.6		3.4		20.9
Lacework (b)	—		(8.0)		—		(75.6)
Other, net	(16.5)		(29.3)		(31.6)		(26.0)
Total	$	55.3	$	(29.8)	$	111.1	$	83.3


	June 30, 2025						December 31, 2024
	Amortized cost basis		Accumulated unrealized gains (losses)		Fair value		Amortized cost basis		Accumulated unrealized gains		Fair value
	in millions						in millions

Commercial paper	$	—	$	—	$	—	$	72.0	$	(0.1)	$	71.9
Government bonds	—		—		—		129.4		0.4		129.8
Certificates of deposit	—		—		—		70.5		—		70.5
Corporate debt securities	—		—		—		66.4		0.2		66.6
Structured note (a)	(a)		(a)		82.8		(a)		(a)		88.0
Other debt securities	—		—		—		6.3		—		6.3
Total debt securities	$	—	$	—	$	82.8	$	344.6	$	0.5	$	433.1

______________

note is based on changes in the fair value of a proportionate amount of debt issued by various Liberty Global consolidated subsidiaries and affiliates (including the VMO2 JV and the VodafoneZiggo JV). The proportionate amount of debt associated with the return on the leveraged structured note may change from time to time as a result of open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or prepayments, in each case, completed by Liberty Global consolidated subsidiaries and affiliates. While the structured note itself contains leverage, our at-risk investment is the estimated fair value as reported. The proportionate amount of debt issued by Liberty Global consolidated subsidiaries and affiliates associated with the return on the leveraged structured note is summarized in the following table:

We received proceeds from the sale and maturities of debt securities of nil and $1.2 billion during the three months ended June 30, 2025 and 2024, respectively, and $0.7 billion and $2.3 billion during the six months ended June 30, 2025 and 2024, respectively. The sale of debt securities resulted in realized net gains (losses) of nil and $1.1 million during the three months ended June 30, 2025 and 2024, respectively, and $0.5 million and ($10.1 million) during the six months ended June 30, 2025 and 2024, respectively.

Our investment portfolio is subject to various macroeconomic pressures and has experienced significant volatility, which affects both our non-public and publicly-traded investments. Changes in the fair values of these investments, including changes with respect to interest rates within our local jurisdictions, are likely to continue and could be significant.