v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The U.S. dollar equivalents of the components of our debt are as follows:
September 30, 2026Principal amount
Weighted
average
interest
rate (a)		Unused borrowing
capacity (b)
Borrowing currencyU.S. $
equivalent		September 30,
2026		December 31,
2025
in millions
VodafoneZiggo Senior and Senior Secured Notes4.95 %— — $7,996.0 $— 
VodafoneZiggo Credit Facility (c)6.13 %€800.0 $907.2 3,054.0 — 
Wyre Facilities (d)
4.86 %(d)(d)3,389.4 — 
Telenet Credit Facility (e)5.06 %€605.0 $686.0 2,267.9 4,748.0 
Telenet Senior Secured Notes4.64 %— — 1,425.9 1,633.7 
VM Ireland Credit Facility (f)5.92 %€100.0 $113.4 1,020.6 1,056.2 
Vendor financing (g)3.82 %— — 1,489.8 365.9 
Other (h)5.15 %1,128.3 781.0 
Total debt before deferred financing costs, discounts and premiums (i)5.07 %$1,706.6 $21,771.9 $8,584.8 

The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations:
September 30,
2026		December 31,
2025
in millions
Total debt before deferred financing costs, discounts and premiums
$21,771.9 $8,584.8 
Deferred financing costs, discounts and premiums, net (j)(1,248.7)(23.0)
Total carrying amount of debt
20,523.2 8,561.8 
Finance lease obligations (note 10)
65.1 33.1 
Total debt and finance lease obligations
20,588.3 8,594.9 
Current portion of debt and finance lease obligations(1,786.2)(764.0)
Long-term debt and finance lease obligations
$18,802.1 $7,830.9 
_______________

(a)Represents the weighted average interest rate in effect at September 30, 2026 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of deferred financing costs and certain other obligations that we assumed in connection with certain acquisitions, the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 4.28% at September 30, 2026. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings. For information regarding our derivative instruments, see note 6.

(b)Unused borrowing capacity represents the maximum availability under the applicable facility at September 30, 2026 without regard to covenant compliance calculations or other conditions precedent to borrowing. With the exception of our unused borrowing capacity at Wyre (as described below), the following table provides our borrowing availability and
amounts available to loan or distribute in accordance with the terms of the respective subsidiary facilities (i) at September 30, 2026 and (ii) upon completion of the relevant September 30, 2026 compliance reporting requirements. These amounts do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to September 30, 2026, or the full impact of additional amounts that may be available to borrow, loan or distribute within each respective facility.
Availability
September 30, 2026
Upon completion of the relevant September 30, 2026 compliance reporting requirements
Borrowing currencyU.S. $
equivalent		Borrowing currencyU.S. $
equivalent
in millions
Available to borrow:
VodafoneZiggo Credit Facility€800.0 $907.2 €800.0 $907.2 
Telenet Credit Facility€605.0 $686.0 €605.0 $686.0 
VM Ireland Credit Facility
€100.0 $113.4 €100.0 $113.4 
Available to loan or distribute:
VodafoneZiggo Credit Facility€800.0 $907.2 €800.0 $907.2 
Telenet Credit Facility€605.0 $686.0 €605.0 $686.0 
VM Ireland Credit Facility€100.0 $113.4 €100.0 $113.4 

(c)Unused borrowing capacity under the VodafoneZiggo Credit Facility relates to €800.0 million ($907.2 million) under the VodafoneZiggo Revolving Facility G2, which was undrawn at September 30, 2026.

(d)Unused borrowing capacity under the Wyre Facilities (as defined and described below) relates to (i) €911.0 million ($1,033.0 million) available under the Wyre Capex Term Facility (as defined and described below) and (ii) (a) €235.0 million ($266.5 million) under the Wyre DSR Facility (as defined and described below) and (b) €215.0 million ($243.8 million) under the Wyre Revolving Facility (as defined and described below), each of which was undrawn at September 30, 2026.

(e)At September 30, 2026, unused borrowing capacity under the Telenet Credit Facility amounted to €605.0 million ($686.0 million) comprising (i) €580.0 million ($657.7 million) under Telenet Revolving Facility I and (ii) €25.0 million ($28.3 million) under the Telenet Overdraft Facility, each of which was undrawn at September 30, 2026. In January 2026, €90.0 million ($102.1 million) of borrowings under Telenet Revolving Facility I were repaid, restoring total available capacity under Telenet Revolving Facility I to €580.0 million. In February 2026, €550.0 million ($623.7 million) of Telenet Revolving Facility I was amended to extend the maturity date from May 2029 to May 2032. The €20.0 million ($22.7 million) Telenet Revolving Facility expired during the third quarter of 2026 and was not renewed.

(f)Unused borrowing capacity under the VM Ireland Credit Facility relates to €100.0 million ($113.4 million) under the VM Ireland Revolving Facility, which was undrawn at September 30, 2026.

(g)Represents amounts owed to various creditors pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and operating expenses. These arrangements extend our repayment terms beyond a vendor’s original due dates (e.g., extension beyond a vendor’s customary payment terms, which are generally 90 days or less) and as such are classified outside of accounts payable as debt on our condensed consolidated balance sheets. These obligations are generally due within one year and include VAT that was also financed under these arrangements. For purposes of our condensed consolidated statements of cash flows, operating-related expenses financed by an intermediary are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor as there is no actual cash outflow until we pay the financing intermediary. During the nine months ended September 30, 2026 and 2025, the constructive cash outflow included in cash flows from operating activities and the corresponding constructive cash inflow included in cash flows
from financing activities related to these operating expenses were $443.2 million and $251.6 million, respectively. Repayments of vendor financing obligations at the time we pay the financing intermediary are included in repayments and repurchases of debt and finance lease obligations in our condensed consolidated statements of cash flows.

(h)At September 30, 2026 and December 31, 2025, amounts include (i) $184.4 million and $228.4 million, respectively, of debt collateralized by certain trade receivables of Telenet and (ii) $400.4 million and $423.4 million, respectively, of liabilities related to Telenet’s acquisition of mobile spectrum licenses. Telenet will make annual payments for the license fees over the terms of the respective licenses. In addition, amounts include (a) for the September 30, 2026 amount, €300.0 million ($340.2 million) of debt drawn under the HoldCo Facility (as defined and described below), (b) $92.9 million and $19.8 million, respectively, of debt drawn on a capital expenditure term loan facility at Egg Power (the Egg Power Capex Facility) and (c) $56.7 million and $58.7 million, respectively, of debt related to an advance against the assignment of certain future sponsorship receivables of Formula E.

(i)As of September 30, 2026 and December 31, 2025, our debt had an estimated fair value of $20.4 billion and $8.6 billion, respectively. The estimated fair values of our debt instruments are generally determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 7.

(j)As a result of the VodafoneZiggo Acquisition, adjustments were made to record acquired debt at its preliminary estimated fair value as of the acquisition date rather than historical amortized cost. As of September 30, 2026, approximately $1.1 billion of this fair value adjustment remained outstanding and is reflected as a reduction in the amount presented above. The fair value adjustment will be amortized as an increase to interest expense over the remaining terms of the related debt instruments. For additional information regarding the VodafoneZiggo Acquisition, see note 4.
Schedule of Maturities of Debt and Capital Lease Obligations
Maturities of our debt as of September 30, 2026 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on September 30, 2026 exchange rates.
Vodafone-ZiggoTelenetWyre
VM Ireland
Other (a)Total
in millions
Year ending December 31:
2026 (remainder of year)$326.2 $294.7 $— $— $41.6 $662.5 
2027825.1 296.8 0.2 — 15.8 1,137.9 
2028— 1,892.4 0.2 — — 1,892.6 
20291,280.1 1,283.7 0.2 1,020.6 362.2 3,946.8 
20303,073.9 25.6 0.2 — — 3,099.7 
2031— 26.1 0.2 — — 26.3 
Thereafter6,696.0 825.4 3,391.8 — 92.9 11,006.1 
Total debt maturities (b)12,201.3 4,644.7 3,392.8 1,020.6 512.5 21,771.9 
Deferred financing costs, discounts and premiums, net
(1,130.9)(8.8)(95.1)(2.8)(11.1)(1,248.7)
Total debt$11,070.4 $4,635.9 $3,297.7 $1,017.8 $501.4 $20,523.2 
Current portion
$1,151.3 $569.9 $— $— $42.4 $1,763.6 
Long-term portion$9,919.1 $4,066.0 $3,297.7 $1,017.8 $459.0 $18,759.6 
_______________

(a)Includes (i) $340.2 million of debt drawn under the HoldCo Facility, (ii) $92.9 million of debt drawn on the Egg Power Capex Facility and (iii) $56.7 million of debt related to an advance against the assignment of certain future sponsorship receivables of Formula E.

(b)Amounts include vendor financing obligations of $1,489.8 million, as set forth below:
Vodafone-Ziggo (1)TelenetTotal
in millions
Year ending December 31:
2026 (remainder of year)$326.2 $84.2 $410.4 
2027807.1 272.3 1,079.4 
Total vendor financing maturities$1,133.3 $356.5 $1,489.8 
Current portion
$1,133.3 $356.5 $1,489.8 
_______________

(1)VodafoneZiggo Vendor Financing II B.V., a third-party special purpose financing entity that is not consolidated by VodafoneZiggo, has issued an aggregate €700.0 million ($793.8 million) in notes maturing in January 2029 (the Vendor Financing II Notes). The net proceeds from the Vendor Financing II Notes are used to fund the purchase of vendor-financed receivables owed by VodafoneZiggo to certain third parties.
Schedule of Vendor Financing Obligations
A reconciliation of the beginning and ending balances of our vendor financing obligations for the indicated periods is set forth below:
20262025
in millions
Balance at January 1$365.9 $355.9 
Operating-related vendor financing additions443.2 251.6 
Capital-related vendor financing additions160.1 84.7 
Principal payments on operating-related vendor financing(439.6)(298.2)
Principal payments on capital-related vendor financing(160.5)(50.6)
Vendor financing additions associated with the VodafoneZiggo Acquisition
1,150.9 — 
Foreign currency and other(30.2)47.6 
Balance at September 30
$1,489.8 $391.0