Investments

9 Months Ended

Sep. 30, 2026

The details of our investments are set forth below:


Accounting Method	September 30, 2026		December 31, 2025		Ownership (a)
	in millions				%
Equity (b):
Long-term:
VMO2 JV	$	3,442.9	$	3,756.7	50.0
AE Group Sàrl (AtlasEdge JV) (c)	365.2		388.4		48.8
Nexfibre Networks Limited (nexfibre JV) (d)	73.5		88.3		25.0
VodafoneZiggo JV (e)	—		1,738.6		—
Other	108.3		82.6
Total — equity	3,989.9		6,054.6
Fair value:
Short-term:
Separately-managed accounts (SMAs) (f)	—		76.2
Long-term:
Televisa Univision, Inc. (Televisa Univision)	299.5		299.5		6.5
ITV plc (ITV) (g)	84.4		208.4		2.5
CANAL+ Polska S.A.	82.2		81.8		17.0

Lionsgate Studios Corp. (Lionsgate)	78.8		64.2		2.4
Plume Design, Inc. (Plume) (h)	54.6		64.1		10.2

EdgeConneX, Inc. (EdgeConneX) (i)	—		528.3		—
Other	461.4		385.2
Total — fair value	1,060.9		1,707.7
Total investments (j)	$	5,050.8	$	7,762.3
Short-term investments	$	—	$	76.2
Long-term investments	$	5,050.8	$	7,686.1

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(a)Represents our economic ownership based on total shares owned as a percentage of total shares outstanding as of the most recent balance sheet date or the most recent publicly-available information.

(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 December 31, 2025, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,029.2 million related to amounts associated with the VodafoneZiggo JV Receivables, as defined below.

(c)Liberty Global owns a 50% noncontrolling voting interest in the AtlasEdge JV.

(d)Liberty Global owns a 25% noncontrolling voting interest in the nexfibre JV.

(e)As a result of the VodafoneZiggo Acquisition, we began consolidating VodafoneZiggo’s results from July 31, 2026. For additional information regarding the VodafoneZiggo Acquisition, see note 4. The December 31, 2025 amount includes certain notes receivable previously due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global, comprising an aggregate of €907.9 million ($1,065.5 million equivalent at December 31, 2025) (the VodafoneZiggo JV Receivables). At December 31, 2025, the VodafoneZiggo JV Receivables bore interest at a rate of 5.55% and had a final maturity date of December 31, 2030. As a result of the VodafoneZiggo Acquisition, the VodafoneZiggo JV Receivables eliminate in consolidation.

(f)Represents investments held under SMAs, which were maintained by investment managers acting as agents on our behalf. With the exception of our SMA invested in a leveraged structured note, all investments held under SMAs were sold as of the first quarter of 2025. During the first quarter of 2026, we redeemed $36.6 million of the leveraged structured note. During the second quarter of 2026, we redeemed the remaining leveraged structured note balance and received cash proceeds of $46.3 million. The SMA balance at December 31, 2025 is included in other current assets on our condensed consolidated balance sheet.

(g)During the first quarter of 2026, we disposed of approximately one-half of our interest in ITV for aggregate cash proceeds of approximately £76.1 million ($101.8 million).

(h)Our investment in Plume includes warrants with a fair value of $17.4 million and $21.1 million at September 30, 2026 and December 31, 2025, respectively.

(i)During the first quarter of 2026, we disposed of approximately 16% of our interest in EdgeConneX for aggregate cash proceeds of $73.6 million. On June 29, 2026, we completed the sale of our remaining interest in EdgeConneX for aggregate cash proceeds of $604.2 million.

(j)The purchase and sale of investments are presented on a gross basis in our condensed consolidated statements of cash flows, including amounts associated with SMAs.

Equity Method Investments

The following table sets forth the details of our share of results of affiliates, net:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	in millions

VMO2 JV (a)	$	(217.7)	$	(11.2)	$	(442.3)	$	(258.9)
nexfibre JV	(8.0)		(10.8)		(35.4)		(53.0)
VodafoneZiggo JV (b)	27.6		2.7		(11.3)		(68.0)
AtlasEdge JV	8.5		(23.2)		(9.6)		(57.7)
Other, net	(1.6)		(0.8)		(4.2)		(18.3)
Total	$	(191.2)	$	(43.3)	$	(502.8)	$	(455.9)

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(a)Represents our share of the results of operations of the VMO2 JV. The 2026 amounts include our share of a pension settlement charge recognized by the VMO2 JV in connection with the buy-out of a subsidiary pension plan, which was previously recorded as a component of accumulated other comprehensive loss.

(b)Amounts represent activity through the date of the VodafoneZiggo Acquisition and include (i) our share of the results of operations of the VodafoneZiggo JV and (ii) 100% of the interest income earned on the VodafoneZiggo JV Receivables. For additional information regarding the VodafoneZiggo Acquisition, see note 4.

VMO2 JV

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 in 2030. 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. At September 30, 2026 and December 31, 2025, $71.9 million and $79.3 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.

The following table sets forth a summary of revenue recorded from the VMO2 JV:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	in millions

Variable charges (a)	$	69.7	$	37.8	$	177.5	$	111.0
Fixed fee	58.9		57.9		176.2		168.7
Total revenue	$	128.6	$	95.7	$	353.7	$	279.7

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(a)Amounts primarily include the sale of customer premises equipment (CPE) at a mark-up.

The summarized results of operations of the VMO2 JV are set forth below:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	in millions

Revenue	$	3,262.7	$	3,436.0	$	9,705.4	$	9,935.8
Loss before income taxes	$	(607.7)	$	(3.8)	$	(1,177.5)	$	(619.9)
Net loss	$	(431.7)	$	(20.0)	$	(870.1)	$	(494.7)

VodafoneZiggo JV

Pursuant to an agreement (the NL JV Framework Agreement), Liberty Global historically provided certain services to the VodafoneZiggo JV (collectively, the NL JV Services). The NL JV Services consisted primarily of (i) technology and other services and (ii) capital-related expenditures for assets that were used by, or otherwise benefited, the VodafoneZiggo JV. Liberty Global charged both fixed and usage-based fees to the VodafoneZiggo JV for the NL JV Services provided pursuant to the NL JV Framework Agreement. As a result of the VodafoneZiggo Acquisition, the NL JV Framework Agreement was terminated and transactions between Liberty Global and VodafoneZiggo are eliminated in consolidation. Prior to the acquisition, we recorded revenue from the VodafoneZiggo JV of $18.9 million and $56.1 million during the three months ended September 30, 2026 and 2025, respectively, and $129.6 million and $150.4 million during the nine months ended September 30, 2026 and 2025, respectively, primarily related to (a) the NL JV Services and (b) the sale of CPE to the VodafoneZiggo JV at a mark-up. At December 31, 2025, $42.7 million was due from the VodafoneZiggo JV related to the aforementioned transactions. The amounts due from the VodafoneZiggo JV, which were periodically cash settled, are included in other current assets on our December 31, 2025 condensed consolidated balance sheet. For additional information regarding the VodafoneZiggo Acquisition, see note 4.

Fair Value Investments

The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	in millions

EdgeConneX (a)	$	—	$	0.3	$	154.2	$	3.9
ITV	(16.0)		(20.9)		(22.1)		58.9
Lionsgate (b)	(29.0)		7.7		14.6		0.4
Televisa Univision	2.0		(3.5)		9.8		(45.1)
Plume	(2.7)		(0.4)		(9.5)		(13.4)
Vodafone (c)	—		86.1		—		207.7
Other, net	20.8		(4.9)		41.3		(36.9)
Total	$	(24.9)	$	64.4	$	188.3	$	175.5

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(a)We completed the sale of our investment in EdgeConneX during the second quarter of 2026.

(b)During the second quarter of 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 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, net” fair value investments in the above table.

(c)We completed the sale of our investment in Vodafone during the third quarter of 2025.

Certain of our fair value and equity method investments operate in highly competitive markets. If macroeconomic, competitive, regulatory, or other adverse factors result in a further deterioration in the operating results or cash flows of these businesses, we could determine that the carrying value of such investments is impaired. In addition, the management of our equity method investments could conclude that goodwill and, to a lesser extent, long-lived assets are impaired. Any resulting impairment charges could have a significant adverse impact on our consolidated results of operations.