Liberty Global advances Ziggo spin-off as VodafoneZiggo returns to broadband growth
July 27, 2026 10.43 Europe/London By Julian Clover


Liberty Global says it remains on course to spin off Ziggo Group in 2027 after making significant progress on its restructuring plans during the second quarter.

The company said it expects to complete the acquisition of Vodafone’s 50% stake in VodafoneZiggo by the end of July, following receipt of all regulatory approvals. It also confirmed that the Belgian Competition Authority has approved Wyre’s fibre-sharing agreement with Proximus, allowing the capital structures of Telenet and Wyre to be separated.

Operationally, Liberty Global highlighted improving broadband trends across its European businesses. VodafoneZiggo recorded 7,200 broadband net additions during the quarter, its first positive result in more than six years, while Telenet delivered its fifth consecutive quarter of broadband growth with 6,100 net additions. Virgin Media O2 reported an improvement in broadband performance despite remaining in net losses, while extending its combined fibre footprint with nexfibre to 9 million premises.

Virgin Media O2 also agreed a new MVNO partnership with Monzo and expanded its satellite-to-mobile service to iPhone users. The UK operator maintained its full-year guidance despite continued pressure on broadband and mobile revenues.

Liberty Global reported total consolidated revenue of $1.17 billion for the quarter, down 7.7% year-on-year on a reported basis, while adjusted EBITDA fell 3.1% to $324.9 million. At its unconsolidated joint ventures, Virgin Media O2 reported revenue of $3.22 billion and adjusted EBITDA of $1.18 billion, while VodafoneZiggo generated revenue of $1.13 billion and adjusted EBITDA of $470.1 million.

The company also increased its year-end corporate cash target to around $2 billion following approximately $1.2 billion of asset monetisations during the year to date, including the sale of its remaining stake in data centre firm EdgeConneX.

Chief executive Mike Fries said the company had continued to execute its strategic priorities, citing progress towards the planned Ziggo Group spin-off alongside operational improvements across its telecom businesses.