Liberty Global PLC Reports Q4 and FY 2024 Results

On February 18, 2025, Liberty Global PLC announced its fourth quarter (Q4) and full-year (FY) 2024 financial results, showcasing a robust operational performance amidst a challenging competitive landscape. The company reported a significant increase in revenue and earnings, while also highlighting its strategic investments and future growth plans.

Liberty Global’s consolidated revenue for Q4 2024 rose to $1,123.2 million, reflecting a 9.7% year-over-year increase on a reported basis and 7.7% on a rebased basis. The earnings from continuing operations surged to $2,334.2 million, marking a dramatic 169.4% increase compared to the previous year. Adjusted EBITDA also saw an uptick, climbing 3.4% year-over-year to $247.8 million.

For the full year 2024, Liberty Global reported total revenue of $4,341.9 million, up 5.5% year-over-year, while adjusted EBITDA reached $1,159.8 million, reflecting a 0.8% increase.

CEO Mike Fries commented on the company's ability to navigate a competitive environment, emphasizing the growth in fixed Average Revenue Per User (ARPU) across its core Liberty Telecom assets. The company witnessed positive broadband net additions in both Belgium and the U.K. during Q4 and benefitted from effective pricing strategies that supported higher-tier broadband plans.

Liberty Global continued to invest in its fiber-rich networks, ramping up Fiber-to-the-Home (FTTH) programs across the U.K., Belgium, and Ireland. The U.K. now boasts 6.4 million premises reached with fiber, and the company is making progress on establishing a fixed NetCo with defined perimeter parameters.

In Belgium, a fiber-sharing agreement with Proximus is pending regulatory approval, while a €500 million capital expenditure facility has been secured for its NetCo, named Wyre.

The company’s mobile arm, VMO2, has made notable advancements in its 5G network, achieving 75% outdoor coverage in the U.K. Enhanced capabilities will be further supported by the anticipated acquisition of spectrum from Vodafone-Three later this year.

2024 marked a record year for shareholder remuneration at Liberty Global. In November, the company distributed 100% of the shares of its Swiss subsidiary, Sunrise, resulting in a CHF 3 billion tax-free dividend. The trading performance of both Liberty Global and Sunrise reflects the inherent value within their telco businesses.

Liberty Global also executed a $700 million share buyback program during the year, repurchasing approximately 10% of its shares, which concluded with about 349 million shares outstanding.

Looking ahead to 2025, Liberty Global plans to maintain a strong focus on unlocking further value for shareholders. The company aims to capitalize on its Liberty Telecom assets for opportunistic transactions that will crystallize value. It will also seek to raise capital for its fiber NetCos in both Belgium and the U.K.

In a continuation of its shareholder-friendly approach, Liberty Global announced a new buyback program for 2025, authorizing the repurchase of up to 10% of outstanding shares.

Telenet reported $781.5 million in revenue for Q4 2024, a slight decrease of 1.4% year-over-year. However, the company returned to positive broadband net additions with 3,200 added subscriptions. The financial performance was impacted by higher staff-related expenses and programming costs, resulting in an adjusted EBITDA of $311 million.

The VMO2 joint venture achieved another quarter of fixed customer growth, adding 9,900 net subscribers and experiencing a 2.0% ARPU growth. The revenue for Q4 was $3,478.8 million, reflecting a decrease of 1.1% year-over-year. However, VMO2 achieved record footprint expansion, growing its serviceable homes to 18.3 million.

VodafoneZiggo delivered stable revenue results, with Q4 revenue of $1,113.8 million, down 3.4% year-over-year. The mobile postpaid base saw modest growth with an addition of 800 subscribers, but the broadband base contracted by 30,200 due to market competition.

Liberty Global's Q4 and FY 2024 results highlight the company's resilience in a competitive market, its commitment to infrastructure investment, and its focus on enhancing shareholder value. With a strong liquidity position and strategic growth initiatives in place, Liberty Global is well-positioned to navigate future challenges while capitalizing on opportunities in the telecommunications landscape.