NASDAQ: LBTYA

Primary Business Operations:

BrandEntityLocation
Ownership(1)

TelenetBelgium 100.0%

Virgin MediaIreland100.0%

UPC Slovakia(2)
Slovakia100.0%

Virgin Media O2United Kingdom50.0%

VodafoneZiggoNetherlands50.0%

(1)As of December 31, 2025.

(2)Sale of this business is pending; see note 6 to our consolidated financial statements included in Part II of this Annual Report on Form 10-K for further information.

I-1

General Development of Business

As a result of a series of mergers that were completed on June 7, 2013, Liberty Global plc became the publicly-held parent company of the successors by merger of Liberty Global, Inc. (the predecessor to Liberty Global plc) and Virgin Media Inc. (Virgin Media). On November 23, 2023, Liberty Global plc completed a statutory scheme of arrangement, pursuant to which a new Bermudan company, Liberty Global Ltd., became the sole shareholder of Liberty Global plc and the parent entity of the entire group of Liberty Global companies (the Redomiciliation). The Redomiciliation resulted in the Liberty Global group parent company changing its jurisdiction of incorporation from England and Wales to Bermuda. In this Annual Report on Form 10-K, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global (or its predecessors) or collectively to Liberty Global (or its predecessors) and its subsidiaries and any of its nonconsolidated joint ventures. Unless otherwise indicated, convenience translations into United States (U.S.) dollars are calculated as of December 31, 2025, and operational data, including subscriber statistics and ownership percentages, are as of December 31, 2025.

Acquisitions and Dispositions

We have entered into agreements related to, and completed, a number of strategic acquisitions, dispositions and joint ventures over the last several years. We entered into these acquisitions, dispositions and joint ventures in order to execute on our strategy to concentrate on markets where we can focus on creating national champion FMC businesses in core markets and unlock significant synergies.

Acquisitions. Our significant acquisitions include:

•On August 1, 2025, our 50:50 joint venture with Telefonica, S.A. in the United Kingdom (the U.K.) (the VMO2 JV) combined its business-to-business (B2B) operations with Daisy Group (the U.K. B2B Group), a leading B2B provider of information technology, communications and cloud services in the U.K. Following this transaction, the VMO2 JV owns 70% of the U.K. B2B Group’s equity capital, with Daisy Group owning the remaining 30%. As with the VMO2 JV, the U.K. B2B Group is not consolidated in our financial statements.

•On October 2, 2024 (the Formula E Acquisition Date), we gained control of Formula E through the acquisition of the Formula E shares held by Warner Bros. Discovery, Inc. (Warner Bros. Discovery) and certain other minority shareholders, which increased our ownership interest in Formula E from 38.2% to 65.6% (the Formula E Acquisition). We also acquired a shareholder loan from Warner Bros. Discovery to Formula E upon closing of the transaction. Upon closing of the Formula E Acquisition, we began consolidating 100% of Formula E’s results.

•On October 13, 2023, we completed the acquisition of all of the shares of Telenet Group Holding N.V. (Telenet) that we did not already hold through an all cash public tender offer (the Telenet Takeover Bid). All shares not acquired through the tender offer process were acquired through a statutory simplified “squeeze-out” procedure under applicable Belgian law. Telenet is now a wholly-owned, indirect subsidiary of Liberty Global.

•On July 1, 2023, pursuant to an agreement dated July 19, 2022, Telenet and Fluvius System Operator CV (Fluvius) created an independent infrastructure company (Wyre) within their combined geographic footprint in the Flanders region of Belgium and in parts of Brussels (the Telenet Wyre Transaction). The companies each contributed certain cable infrastructure assets with Telenet and Fluvius owning 66.8% and 33.2% of Wyre, respectively. Telenet and Liberty Global began consolidating Wyre’s results upon the closing of the transaction.

Dispositions. Our significant dispositions include:

•On December 18, 2025, we entered into an agreement to sell our operations in Slovakia to O2 Slovakia s.r.o., an affiliate of e& PPF Telecom Group B.V., for a total transaction value of approximately €95 million ($110 million), subject to customary debt and working capital adjustments at completion. Closing of the transaction is subject to regulatory approval, which is expected in the first half of 2026. In addition, we have agreed to provide certain transitional services for a period of up to 42 months from the closing of the transaction. These services principally comprise network and information technology-related functions. Liberty Global will also allow the use of the UPC brand for a transitional period of up to three years as part of the transaction.

•On November 8, 2024, we completed the spin-off of our former wholly-owned subsidiary, Sunrise Communications AG (Sunrise), following a series of transactions that resulted in the transfer to Sunrise of our Swiss telecommunications operations (the Spin-off). In connection with the Spin-off, we agreed to provide certain

I-2

transitional services to Sunrise for a period of up to five years. These services principally comprise information technology, back-office, compliance and specialty services functions.

Other Transactions

•On February 3, 2026, we announced a new strategic partnership with Google Cloud Services to embed new artificial intelligence (AI) services throughout our operating companies and European operations (the Google Partnership). Under the Google Partnership, we will integrate certain of Google’s AI-enabled services into our customer products and services, as well as into our networks to improve scalability, security and data sovereignty and drive cost efficiencies. The initial term of the Google Partnership is five years.

•On November 23, 2023, we completed the Redomiciliation, as described above in this section. Our shares continue to trade on the Nasdaq Global Select Market under the same ticker symbols as they did prior to the Redomiciliation (LBTYA, LBTYB and LBTYK).

•On August 15, 2023, we announced a new strategic collaboration with Infosys to help scale Liberty Global’s digital entertainment and connectivity platforms. The agreement has an initial five-year term, with an option to extend to eight years (the Infosys Partnership).

Equity Transactions

Share repurchases are an important part of our strategy in creating value for our shareholders. Under our 2025 share repurchase program, we were authorized to repurchase up to 10% of our outstanding shares (measured as of December 31, 2024) during 2025. The following table provides a summary of our share repurchases during 2025.

Title of sharesNumber of shares
Average price paid per share(1)

Aggregate purchase price(1)

in millions

Class A common shares— $— $—

Class C common shares17,436,291 $11.02 192.1

Total$192.1

_______________

(1)Amounts include direct acquisition costs.

For a further description of our share repurchases, see note 14 to our consolidated financial statements included in Part II of this Annual Report on Form 10-K.

As of the date of this Annual Report on Form 10-K, no new share repurchase program has been approved for 2026, and therefore, at this time, we are not authorized to repurchase any shares during 2026.

Forward Looking Statements

Certain statements in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that statements in this Annual Report are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Item 1. Business, Item 1A. Risk Factors, Item 2. Properties, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 7A. Quantitative and Qualitative Disclosures About Market Risk may contain forward-looking statements, including statements regarding our business, product, foreign currency, hedging and finance strategies, our property and equipment additions, subscriber growth and retention rates, competitive, regulatory and economic factors, the timing and impacts of proposed transactions, the maturity of our markets, the potential impact of large-scale health crises on our company, the anticipated impacts of new legislation (or changes to existing rules and regulations), anticipated changes in our revenue, costs or growth rates, our liquidity, credit risks, foreign currency risks, interest rate risks, target leverage levels, debt covenants, our future projected contractual commitments and cash flows, our share repurchase programs and other information and statements that are not historical fact. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a

I-3

reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In evaluating these statements, you should consider the risks and uncertainties discussed under