Liberty Global Ltd 8-K/A, filed Oct 13, 2026

Liberty Global Ltd. (LBTYA)

8-K/A 2026-10-13 For: 2026-07-31

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Added on October 13, 2026

About this 8-K/A

Liberty Global Ltd filed this 8-K/A on October 13, 2026, reporting on events of July 31, 2026.

Items reported

Item 9.01: Financial statements and exhibits

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Class A common shares	LBTYA	Nasdaq Global Select Market
Class B common shares	LBTYB	Nasdaq Global Select Market
Class C common shares	LBTYK	Nasdaq Global Select Market


Exhibit No.						Exhibit Name

10.1*+						Shareholders' Agreement, dated July 31, 2026, by and among Liberty Global Holding B.V., Liberty Global Broadband I Limited and Vodafone Europe B.V.

23.1**						Consent of KPMG Accountants N.V.

99.1**						Audited consolidated financial statements of VodafoneZiggo as of and for the years ended December 31, 2025 and 2024

99.2**						Unaudited condensed consolidated financial statements of VodafoneZiggo as of and for the six months ended June 30, 2026 and 2025

99.3**						Unaudited pro forma condensed co mbin ed financial information, and the related notes thereto, of Liberty Global Ltd., as of and for the six months ended June 30, 2026 and for the year ended December 31, 2025, respectively

101.SCH						Inline XBRL Taxonomy Extension Schema Document

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


			LIBERTY GLOBAL LTD.

			By:			/s/ RANDY L. LAZZELL
						Randy L. Lazzell
						Vice President


Consolidated statement of profit or loss and other comprehensive income			3
Consolidated statement of financial position			4
Consolidated statement of changes in equity			5
Consolidated statement of cash flows			6
Notes to the consolidated financial statements			7
1. General information			7
2. Basis of preparation and general accounting policies			7
3. IAS 8 Retrospective change in accounting policy			11
4. Revenue			13
5. Cost of outsourced work and other external costs			14
6. Personnel expenses			14
7. Finance income and costs			15
8. Income taxes			16
9. Intangible assets and goodwill			17
10. Property and equipment			19
11. Leases			20
12. Contract assets and contract costs			22
13. Trade and other receivables			22
14. Cash and cash equivalents			23
15. Group equity			23
16. Debt			23
17. Trade and other payables			28
18. Accruals and deferred income			29
19. Financial instruments - Fair value and risk management			29
20. Derivative financial instruments			33
21. Restructuring			35


22. Off-balance sheet assets and liabilities			35
23. Transactions with related parties			37
24. Subsequent Events			39
Independent Auditors’ Report			40


		Year ended 31 December
In € millions	Notes	Restated 2025	Restated 2024
Revenue	4, 23	3,999.0	4,113.8
Total operating income		3,999.0	4,113.8
Cost of outsourced work and other external costs	5, 12, 23	1,631.3	1,621.2
Personnel expenses	6, 22	481.6	492.3
Depreciation and amortisation	9, 10, 11	1,699.1	1,679.3
Impairment, restructuring and other operating expenses, net	9, 10, 21	66.7	15.3

Total operating expenses		3,878.7	3,808.1

Operating profit		120.3	305.7

Finance income	7	643.1	498.9
Finance costs	7, 16, 23	(1,176.4)	(1,169.4)



Loss before tax		(413.0)	(364.8)

Income tax benefit	8	116.5	120.3

Loss attributable to equity owners of the company		(296.5)	(244.5)

Other comprehensive income		-	-

Total comprehensive loss attributable to equity owners of the company		(296.5)	(244.5)


		31 December		1 January
In € millions	Notes	Restated 2025	Restated 2024	Restated 2024
Assets:


Intangible assets and goodwill	9	10,534.9	11,198.3	11,770.7
Property and equipment	10	4,191.8	4,266.6	4,324.4
Right-of-use assets	11	355.3	332.8	343.5
Derivative financial instruments	20	186.5	717.2	508.2
Contract assets and contract costs	12	74.9	61.5	93.8
Other non-current assets		30.3	22.5	40.9
Total non-current assets		15,373.7	16,598.9	17,081.5

Contract assets and contract costs	12	191.4	171.5	227.9

Trade and other receivables	13, 23	192.4	187.7	188.8
Derivative financial instruments	20	95.0	311.8	218.0
Inventories		25.5	30.2	26.2
Income tax receivable	8	11.2	-	-
Other current assets		22.0	21.2	39.9
Cash and cash equivalents	14	178.9	745.2	125.2
Total current assets		716.4	1,467.6	826.0

Total assets		16,090.1	18,066.5	17,907.5


			Restated Equity attributable to equity holders of the Company
In € millions	Notes	Share capital		Share premium		Retained earnings		Total
Balance at 1 January 2024			0.0		3,339.0		(1,429.0)		1,910.0
Loss for the year			-		-		(244.5)		(244.5)
Total comprehensive loss for the year			-		-		(244.5)		(244.5)
Contributions and distributions:
Equity distributions to shareholders	23		-		(125.0)		-		(125.0)



Balance at 31 December 2024			0.0		3,214.0		(1,673.5)		1,540.5




Loss for the year			-		-		(296.5)		(296.5)

Total comprehensive loss for the year			-		-		(296.5)		(296.5)


Contributions and distributions:
Equity distributions to shareholders	23		-		(123.0)		-		(123.0)






















Share-based compensation	23		-		0.2		-		0.2
Balance at 31 December 2025			0.0		3,091.2		(1,970.0)		1,121.2


Consolidated statement of changes in equity	Retained earnings			Total Equity
In € millions	Previously reported amount	Accounting policy adjustment	As restated	Previously reported amount	Accounting policy adjustment	As restated
Balance at 1 January 2024	(1,429.0)	—	(1,429.0)	1,910.0	—	1,910.0
Loss for the period	(241.9)	(2.6)	(244.5)	(241.9)	(2.6)	(244.5)
Balance at 31 December 2024	(1,670.9)	(2.6)	(1,673.5)	1,543.1	(2.6)	1,540.5
Loss for the period	(295.2)	(1.3)	(296.5)	(295.2)	(1.3)	(296.5)
Balance at 31 December 2025	(1,966.1)	(3.9)	(1,970.0)	1,125.1	(3.9)	1,121.2


In € millions	2025	2024
Consumer fixed revenue (a):
Subscription revenue	1,886.4	1,968.0
Non-subscription revenue	6.7	10.5

Total consumer fixed revenue	1,893.1	1,978.5

Consumer mobile revenue (b):
Subscription revenue	719.0	723.5
Non-subscription revenue	254.2	263.9

Total consumer mobile revenue	973.2	987.4

Total consumer revenue	2,866.3	2,965.9
B2B fixed revenue (c):
Subscription revenue	572.7	567.0
Non-subscription revenue	6.5	7.8

Total B2B fixed revenue	579.2	574.8

B2B mobile revenue (d):
Subscription revenue	379.0	410.6
Non-subscription revenue	126.9	128.1

Total B2B mobile revenue	505.9	538.7

Total B2B revenue	1,085.1	1,113.5
Other revenue (e)	47.6	34.4

Total	3,999.0	4,113.8


			Accounting policy - Revenue recognition and related costs
			Gross versus net presentation.
			When we sell goods or services as a principal, income and payments to suppliers are reported on a gross basis in revenue and operating costs. If we sell goods or services as an agent, revenue and payments to suppliers are recorded in revenue on a net basis, representing the margin earned.
			Service revenue — Fixed Network.
			We recognise revenue from the provision of video, broadband internet and fixed-line telephony services over our fixed network to customers over time in the periods the related services are provided, with the exception of revenue recognised pursuant to certain contracts that contain promotional discounts, as described below. Installation fees related to services provided over our fixed network are generally deferred and recognised as revenue over the contractual period.
			Sale of multiple products and services.
			We sell video, broadband internet, fixed-line telephony and mobile services and handsets to our customers in bundled packages at a rate lower than if the customer purchased each product on a stand-alone basis. Revenue from bundled packages generally is allocated proportionally to the individual products or services based on the relative stand-alone selling price for each respective product or service.
			Mobile revenue — General.
			Consideration from mobile contracts is allocated to the airtime service component and the handset component based on the relative stand-alone selling prices of each component. Offers for handsets and airtime services in separate contracts entered into at the same time are accounted for as a single contract.
			Mobile revenue — Airtime Services.
			We recognise revenue from mobile services over time in the periods the related services are provided. Revenue from pre-pay customers is deferred prior to the commencement of services and recognised as the services are rendered or usage rights expire.
			Mobile revenue — Handset revenue.
			Arrangement consideration allocated to handsets is recognised as revenue at the point in time in which the goods have been transferred to the customer. Mobile handset contracts that permit the customer to take control of the handset upfront and pay for the handset in instalments over a contractual period may contain a significant financing component. For contracts with terms of one year or more, we recognise the significant financing component as revenue over the contractual period using the effective interest method.
			B2B fixed revenue.
			We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortised into revenue on a straight-line basis over the term of the arrangement for installation fees or over the expected period of performance for nonrecurring fees.


			Contract costs.
			Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are generally recognised as assets and amortised over the applicable period benefited, which generally is the contract life, to (i) cost of outsourced work and other external costs or (ii) in the case of commissions earned on devices sold through indirect channels, against service revenue. If, however, the amortisation period is less than one year, we expense such costs in the period incurred.
			Contract fulfilment costs are recognised as assets and amortised to cost of outsourced work and other external costs over the applicable period benefited, which is generally the substantive contract term for the related service contract. Installation activities are not considered to be contract fulfilment costs.
			Promotional discounts.
			For subscriber promotions, such as discounted or free services during an introductory period, revenue is recognised uniformly over the contractual period if the contract has substantive termination penalties. For subscriber promotions offered for longer than an introductory period, we allocate discounts over the related performance obligations and the related period of delivery.
			Subscriber Advance Payments and Deposits.
			Payments received in advance for the services we provide are deferred and recognised as revenue when the associated services are provided.
			Contract balances
			If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the delivery of a handset that is paid for over the duration of the contract period or the uniform recognition of introductory promotional discounts over the contract period.
			We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) services that are invoiced prior to when services are provided and (ii) installation and other upfront services.
			The carrying value of the contract assets recorded at amortised cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances, historical experience and forward-looking considerations. Individual balances are written off when management deems them not to be collectible.
			For information regarding our contract balances, see note 12.
			Unsatisfied performance obligations
			A large portion of our revenue is derived from customers whose initial contracts have been extended. A large portion of these customers have a one-month notice period. Revenue from customers who are subject to initial contracts will be recognised over the term of such contracts, which is generally 12-24 months for our consumer contracts and one to five years for our B2B service contracts.


FTE	2025	2024
Customer Operations	1,975	2,101
Technology	1,353	1,331
B2C	1,105	1,122
B2B	942	960
General & Administrative	516	733
Total average FTEs	5,891	6,247


			Accounting policy - Employee benefits
			Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if we have a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
			Defined contribution plans Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available.
			Multi-employer plans We are part of a multi-employer plan which is administered by ABP. This pension scheme is a conditionally indexed average-salary scheme and is a defined benefit plan. We are not liable for deficits in the multi-employer plans but could be impacted by these deficits through an increase in the pension contribution rate. Our share to the total ABP pension plan is limited. The ABP plan is accounted for as if it were a defined contribution plan as insufficient information is available to use defined benefit accounting. The expected contribution to the plan for 2025 will be similar to 2024. The funding ratio (market value of the assets expressed as a percentage of the pension provision measured according to De Nederlandsche Bank’s principles) on 31 December 2025 was 123.5% (2024: 111.9%).
			Other long-term employee benefits Our obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. Long term benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if we have a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Remeasurements are recognised in the period in which they arise.


			Accounting policy - Finance income and costs
			Our finance income and finance costs includes interest income, interest expense, realised and unrealised gains or losses on derivative instruments, gains or losses on debt modification and extinguishment and foreign currency transaction gains or losses. Interest income and interest expenses are recognised in the statement of profit or loss on an accrual basis, using the effective interest rate method. Premiums, discounts and redemption premiums are recognised as finance costs in the period to which they belong. The amounts of premiums, discounts and deferred financing costs are recorded on the statement of financial position as an increase and decrease of debt, respectively, and are amortised over the life of the debt subsequently. Redemption premiums are directly recognised in the statement of profit or loss and arise for any differences between the redemption amount and the net carrying value of the debt at the moment of redemption.


In € millions	2025	2024
Wages and salaries (a)	367.8	373.8
Social security charges	65.4	70.1
Pension charges (b)	48.4	48.4
Total	481.6	492.3


	Restated 2025
In € millions	Net balance at 1 January	Recognition in statement of profit or loss	Net balance at 31 December	Deferred tax assets (a)	Deferred tax liabilities
Intangible assets	(644.9)	138.8	(506.1)	-	(506.1)
Derivative financial instruments	(175.7)	176.9	1.2	52.6	-
Property and equipment, net	(124.3)	28.0	(96.3)	-	(96.3)
Unrealized foreign exchange result on debt and interest	122.1	(153.2)	(31.1)	-	(31.1)
Other future deductible or taxable amounts	25.0	6.4	31.4	31.4	-
Net deferred tax liabilities	(797.8)	196.9	(600.9)	84.0	(633.5)

	Restated 2024
In € millions	Net balance at 1 January	Recognition in statement of profit or loss	Net balance at 31 December	Deferred tax assets (a)	Deferred tax liabilities
Intangible assets	(777.3)	132.4	(644.9)	-	(644.9)
Derivative financial instruments	(124.8)	(50.9)	(175.7)	-	(175.7)
Property and equipment, net	(163.6)	39.3	(124.3)	-	(124.3)
Unrealized foreign exchange result on debt and interest	22.3	99.8	122.1	123.1	(1.0)
Other future deductible or taxable amounts	21.0	4.0	25.0	29.1	(4.1)
Net deferred tax liabilities	(1,022.4)	224.6	(797.8)	152.2	(950.0)


In € millions	Goodwill	Customer relationships	Spectrum licenses	Software	Trade name	Software under construction	Broadcasting Rights	Restated Total

Balance as at 1 January 2024:
Cost	7,369.0	6,360.0	1,470.9	505.0	270.0	110.5	138.7	16,224.1
Accumulated amortisation and impairment	-	(3,541.7)	(631.9)	(204.2)	(75.6)	-	-	(4,453.4)
Carrying amount	7,369.0	2,818.3	839.0	300.8	194.4	110.5	138.7	11,770.7
Changes in carrying amount:
Additions	-	-	57.6	-	-	132.7	53.3	243.6
Reclassification	-	-	-	200.4	-	(200.4)		-
Amortisation	-	(504.5)	(103.0)	(153.9)	(10.8)	-	(41.3)	(813.5)

Disposals	-	-	-	(133.6)	-	-		(133.6)
Accumulated amortisation of disposals	-	-	-	133.6	-	-		133.6
Other, net	-	-	-	1.0	-	(3.5)		(2.5)
Total changes in carrying amount	-	(504.5)	(45.4)	47.5	(10.8)	(71.2)	12.0	(572.4)

31 December 2024:
Cost	7,369.0	6,360.0	1,528.5	572.8	270.0	39.3	192.0	16,331.6
Accumulated amortisation and impairment	-	(4,046.2)	(734.9)	(224.5)	(86.4)	-	(41.3)	(5,133.3)

Carrying amount	7,369.0	2,313.8	793.6	348.3	183.6	39.3	150.7	11,198.3
Changes in carrying amount:
Additions	-	-	-	-	-	130.0	28.4	158.4
Reclassification	-	-	-	74.4	-	(74.4)		-
Amortisation	-	(528.4)	(104.8)	(133.2)	(10.8)	-	(61.1)	(838.3)
Disposals	-	(2,910.0)	-	(71.8)	-	-		(2,981.8)
Accumulated amortisation of disposals	-	2,910.0	-	72.7	-	-		2,982.7
Other, net	-	-	-	3.5	-	12.1		15.6
Total changes in carrying amount	-	(528.4)	(104.8)	(54.4)	(10.8)	67.7	(32.7)	(663.4)
31 December 2025:
Cost	7,369.0	3,450.0	1,528.5	566.9	270.0	107.0	220.4	13,511.8
Accumulated amortisation and impairment	-	(1,664.6)	(839.7)	(273.0)	(97.2)	-	(102.4)	(2,976.9)
Carrying amount	7,369.0	1,785.4	688.8	293.9	172.8	107.0	118.0	10,534.9


	1 October 2025		1 October 2024

Goodwill carrying amount	7,369.0		7,369.0
EBITDA AL margin	43-44%		45%-46%
Pre-tax discount rate (WACC)	8.0	%	7.4	%
Terminal value growth rate	1.1	%	1.0	%


			Accounting policy - Income taxes
			Income tax comprises the current and deferred income tax payable or receivable for the reporting period. Income tax is recognised in the statement of profit or loss except to the extent that it relates to items recognised directly to equity, in which case it is recognised in equity, or to business combinations. Current tax comprises the expected tax payable or receivable on the taxable profit or loss for the financial year, calculated using tax rates enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous years. Temporary differences arise when the carrying amount of assets and liabilities for financial reporting purposes differ from their values for tax purposes (tax base). For taxable temporary differences, deferred tax liabilities are recognised. For deductible temporary differences, available tax losses and unused tax credits, a deferred tax asset is recognised, but only to the extent that it is probable that future taxable profits will be available for set-off or compensation. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets and deferred tax liabilities are offset in the statement of financial position if we have a legally enforceable right to offset current tax assets against current tax liabilities, insofar as they relate to the same financial year and deferred tax assets relate to income taxes levied by the same tax authority on the same taxable group, or the same fiscal unity. The measurement of deferred tax liabilities and deferred tax assets is based on the tax consequences following from the way we expect, at the reporting date, to recover or settle the carrying amounts of its assets and liabilities.


In € millions	Distribution systems	Customer premises equipment	Support equipment and buildings (a)	Assets under construction	Total

Balance as at 1 January 2024:
Cost	5,953.9	999.8	350.7	281.3	7,585.7
Accumulated depreciation and impairment	(2,742.1)	(471.0)	(48.2)	-	(3,261.3)
Carrying amount	3,211.8	528.8	302.5	281.3	4,324.4

Changes in carrying amount:
Investments	-	-	-	718.0	718.0
Reclassifications	532.9	179.3	34.3	(746.5)	-

Depreciation	(561.8)	(197.8)	(22.4)	-	(782.0)
Impairment	-	-	-	(6.9)	(6.9)
Disposals	(325.1)	(204.3)	(31.5)	-	(560.9)
Accumulated depreciation and impairment of disposals	325.1	204.3	30.7	-	560.1
Other, net	-	-	3.6	10.3	13.9
Total changes in carrying amount	(28.9)	(18.5)	14.7	(25.1)	(57.8)

Balance as at 31 December 2024:
Cost	6,161.7	974.8	357.1	256.2	7,749.8
Accumulated depreciation and impairment	(2,978.8)	(464.5)	(39.9)	-	(3,483.2)
Carrying amount	3,182.9	510.3	317.2	256.2	4,266.6


			In € millions
Year ending 31 December:
2026			98.3
2027			83.4
2028			65.4
2029			52.8
2030			38.8
2031 and thereafter			73.4
Total principal and interest payments			412.1
Less: present value discount			(46.2)
Present value of net minimum lease payments			365.9
Current portion			85.1
Non-current portion			280.8


			Accounting policy - Leases
			When we lease an asset, a right-of-use asset is recognised for the leased item and a lease liability is recognised for any lease payments to be paid over the lease term at the lease commencement date. The right-of-use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any initial direct costs incurred in entering the lease and less any lease incentives received.
			Right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the asset’s useful life or the end of the lease term. The lease term is determined as the non-cancellable term of a contract together with any periods covered by an option to extend the lease if we are reasonably certain to exercise this option or any periods covered by an option to terminate the lease if it is reasonably certain not to be exercised. If right-of-use assets are considered to be impaired, the carrying value is reduced accordingly.
			Lease liabilities are initially measured at the discounted value of the lease payments over the lease term that are not paid at the commencement date. As the implicit discount rates on our leases are not readily available, we apply the incremental borrowing rate applicable at commencement date of a lease to determine the discounted value. The incremental borrowing rate is determined using a risk-free rate combined with a spread reflecting our credit risk.
			After initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate (e.g. an inflation related increase) or if our assessment of the lease term changes.
			Purchase options are considered when we are reasonably certain to execute these options. Penalties for early termination of a lease are not included when we are reasonably certain that the related early termination will not take place.
			The lease liability that is expected to be due within one year is presented in current liabilities, the long-term portion is included in non-current liabilities.
			We apply the practical expedient not to separate non-lease components from lease components for certain lease-categories. We do not apply the practical expedients for low-value leases and short-term leases.


	31 December 2025			31 December 2024
	Trade accounts receivable and unbilled revenue, gross	Allowance for credit losses:		Trade accounts receivable and unbilled revenue, gross	Allowance for credit losses:
In € millions		Trade accounts receivable	Unbilled revenue		Trade accounts receivable	Unbilled revenue
Current	119.3	(1.0)	(0.3)	102.4	(0.6)	(1.2)
30 days or less	19.5	(1.1)	-	15.7	(2.0)	-
31-60 days	7.1	(1.5)	-	6.6	(3.0)	-
61-180 days	12.7	(5.9)	-	13.3	(10.4)	-
Over 180 days	9.8	(6.0)	-	9.1	(8.3)	-
Total	168.4	(15.5)	(0.3)	147.1	(24.3)	(1.2)


			Accounting policy - Trade and other receivables
			Trade and other receivables are carried at amortised cost on the basis of the effective interest method, less impairment losses, unless it is a trade receivable without a significant financing component. The effective interest and impairment losses, if any, are directly recognised in the statement of profit or loss. Purchases and sales of financial assets that belong to the category trade and other receivables are accounted for at the transaction date. For more general information related to the accounting policies of financial instruments, see note 19.


			Accounting policy - Cash and cash equivalents
			Cash and cash equivalents are held at amortised cost and consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition.


				Outstanding principal amount
In millions	Maturity	Interest rate		Borrowing currency		Euro equivalent		Carrying value (a)
2030 Dollar Senior Secured Notes	15 January 2030	4.875	%	$	991.0	844.4		848.6
2030 Euro Senior Secured Notes	15 January 2030	2.875	%	€	502.5	502.5		501.9
2030 Euro Senior Notes	28 February 2030	3.375	%	€	900.0	900.0		897.5
2030 Dollar Senior Notes	28 February 2030	5.125	%	$	500.0	426.0		424.2
2032 Dollar Senior Secured Notes	15 January 2032	5.000	%	$	1,525.0	1,299.5		1,294.0
2032 Euro Senior Secured Notes	15 January 2032	3.500	%	€	750.0	750.0		746.9
2032 Euro Senior Notes	15 November 2032	6.125	%	€	575.0	575.0		571.5
2033 Dollar Senior Secured Notes	15 January 2033	7.500	%	$	1,150.0	979.9		977.6
2033 Euro Senior Secured Notes	15 January 2033	5.250	%	€	650.0	650.0		644.1
Total						€	6,927.3	€	6,906.3


Senior and Senior Secured Notes			Call Date
2030 Dollar Senior Secured Notes			15 October 2024
2030 Euro Senior Secured Notes			15 October 2024
2030 Euro Senior Notes			15 February 2025
2030 Dollar Senior Notes			15 February 2025
2032 Dollar Senior Secured Notes			15 January 2027
2032 Euro Senior Secured Notes			15 January 2027
2032 Euro Senior Notes			15 November 2027
2033 Dollar Senior Secured Notes			15 October 2028
2033 Euro Senior Secured Notes			15 September 2028


in millions	Maturity	Interest rate		Facility amount (in borrowing currency) (a)		Outstanding principal amount		Unused borrowing capacity		Carrying value (b)
Senior Secured Facilities:
Facility H (c)	31 January 2029	EURIBOR + 3.00%		€	2,250.0	€	2,250.0	€	-	€	2,245.3
Facility N (c)	15 January 2033	SOFR + 3.25%		$	500.0	426.0		-		417.3
Revolving Facility G2 (d)	30 September 2029	(d)		€	800.0	-		800.0		-
Total Senior Secured Facilities						2,676.0		800.0		2,662.6
Senior Facilities:
Financing Facility (e)	15 January 2029	2.875	%	€	2.3	2.3		-		2.3
Total						€	2,678.3	€	800.0	€	2,664.9


Year ending 31 December:
2026			999.6
Total vendor financing maturities			999.6
Current portion			999.6
Non-current portion			-


	31 December
Vendor financing arrangement	2025	2024
	In € millions
Carrying amount of liabilities that are part of vendor financing arrangement
Presented in debt	999.6	999.6
Of which vendors have been paid by the finance provider	999.6	999.6
Range of payment dates:
Liabilities that are part of the arrangement	30 - 90 days	30 - 90 days
Comparable trade payables that are not part of the arrangement	30 - 90 days	30 - 90 days


In € millions	Third-party	Related-party	Total
Year ending 31 December:
2026	999.6	-	999.6
2027	-	-	-
2028	-	-	-
2029	2,252.3	-	2,252.3
2030	2,672.9	1,815.8	4,488.7
Thereafter	4,680.4	-	4,680.4
Total debt maturities	10,605.2	1,815.8	12,421.0
Premiums, discounts and deferred financing costs, net	(34.4)	-	(34.4)
Total debt	10,570.8	1,815.8	12,386.6
Current portion	999.6	-	999.6
Non-current portion	9,571.2	1,815.8	11,387.0


In € millions	Debt*	Net derivative position	Lease liabilities	Total












1 January 2024	(12,940.4)	608.3	(357.8)	(12,689.9)
Cash flows from financing activities:
Borrowings of third-party debt	(1,361.0)	-	-	(1,361.0)
Operating-related vendor financing additions	(709.3)	-	-	(709.3)

Repayments of third-party debt and lease obligations:
Debt (excluding vendor financing)	963.2	-	-	963.2
Principal payments on operating-related vendor financing	728.6	-	-	728.6
Principal payments on capital-related vendor financing	482.3	-	-	482.3
Payments on lease obligations	-	-	84.6	84.6
Other financing activities, net	0.1	(1.9)	-	(1.8)

Total cash flows from financing activities	103.9	(1.9)	84.6	186.6

Derivative realised and unrealised gains, net	-	492.4	-	492.4


Foreign currency translation losses	(384.5)	-	-	(384.5)

Other liability-related changes	(503.3)	(269.8)	(72.3)	(845.4)
31 December 2024	(13,724.3)	829.0	(345.5)	(13,240.8)
Cash flows from financing activities:
Borrowings of third-party debt	(2,111.9)	-	-	(2,111.9)
Operating-related vendor financing additions	(766.2)	-	-	(766.2)

Repayments of third-party debt and lease obligations:
Debt (excluding vendor financing)	2,816.4	-	-	2,816.4
Principal payments on operating-related vendor financing	720.1	-	-	720.1
Principal payments on capital-related vendor financing	504.8	-	-	504.8
Payments on lease obligations	-	-	84.1	84.1
Payment of financing costs and debt premiums	(10.0)			(10.0)
Net cash received related to derivative instruments		(143.2)		(143.2)
Other financing activities, net	(1.5)	-	-	(1.5)
Total cash flows from financing activities	1,151.7	(143.2)	84.1	1,092.6


			Accounting policy - Debt
			Debt is measured at amortised cost, using the effective interest rate method. The effective interest is directly recorded in the statement of profit or loss. For more information related to the accounting policies of financial instruments, see note 19.


			Accounting policy - Trade and other payables
			Trade and other payables (excluding VAT, payroll tax and social security payable) are measured at amortised cost using the effective interest method. For more information related to the accounting policies of financial instruments, see note 19.


	Restated 31 December 2025		Restated 31 December 2024
In € millions	Carrying amount	Fair value	Carrying amount	Fair value

Financial assets at FVTPL:
Derivatives	281.5	281.5	1,029.0	1,029.0
Financial assets at amortised cost:
Trade and other receivables	192.4	192.4	187.7	187.7
Cash and cash equivalents	178.9	178.9	745.2	745.2
Other assets (a)	7.6	7.6	8.5	8.5
Total financial assets	660.4	660.4	1,970.4	1,970.4

Financial liabilities at FVTPL:
Derivatives	196.5	196.5	200.0	200.0
Financial liabilities at amortised cost:
Debt	12,386.6	12,000.1	13,724.3	13,283.1
Broadcasting rights payable (b)	57.5	57.5	85.2	85.2

Trade and other payables (c)	651.9	651.9	548.3	548.3
Accruals and deferred income (d)	303.8	303.8	306.7	306.7
Total financial liabilities	13,596.3	13,209.8	14,864.5	14,423.3


			Accounting policy - financial instruments
			Fair value measurements For information on the accounting policies related to fair value measurements, see note 2.
			Financial instruments Recognition and initial measurement A financial asset or liability is recognised when we become party to a contract that is a financial instrument. Financial instruments are initially measured at fair value, including discount or premium and directly attributable transaction costs. However, if financial instruments are subsequently measured at fair value through profit and loss (FVTPL), then directly attributable transaction costs are directly recognised in the statement of profit or loss at the initial recognition. The accounting policies for subsequent measurement of (i) trade and other receivables, (ii) debt, (iii) trade and other payables and (iv) derivative instruments, are outlined in notes 13, 16, 17 and 20, respectively.
			Derecognition We derecognise a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which we neither transfer nor retain substantially all of the risks and rewards of ownership and we do not retain control of the financial asset. We derecognise a financial liability when its contractual obligations are discharged or cancelled, or expire. We also derecognise a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid is recognised in profit or loss.
			Classification Financial instruments (and individual components of financial instruments) are presented in the consolidated financial statements in accordance with the contractual terms and our business model for managing them. Presentation of the financial instruments is based on the individual components of financial instruments as a financial asset, financial liability or equity instrument. A financial asset and a financial liability are offset when we have a legally enforceable right to set off the financial asset and financial liability and we have the firm intention to settle the balance on a net basis, or to settle the asset and the liability simultaneously. If there is a transfer of a financial asset that does not qualify for derecognition on the statement of financial position, the transferred asset and the associated liability are not offset.


			Impairment of financial assets A financial asset that is not measured based on (i) fair value with value changes reflected in the statement of profit or loss, or at (ii) amortised cost or lower market value, is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset, with negative impact on the estimated future cash flows of that asset, which can be estimated reliably.
			We consider evidence of impairment both individually and on a portfolio basis. All individually significant assets are assessed for specific impairment. The individually significant assets not found to be individually impaired and assets that are not individually significant are then collectively assessed for impairment by grouping together assets with similar risk characteristics.
			In assessing collective impairment, we use historical trends of the probability of default, the timing of collections and the amount of loss incurred, adjusted for management’s judgment as to whether current economic and credit conditions are such that the actual losses are likely to be greater or lesser than suggested by historical trends. An impairment loss is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Impairment losses are recognised in the statement of profit or loss and reflected in an allowance account against receivables. Interest on the impaired asset continues to be recognised by using the asset's original effective interest rate. For information related to allowance for impairment of trade receivables, see note 13 to our consolidated financial statements. When, in a subsequent period, the amount of an impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognised, the decrease in impairment loss is reversed through profit or loss up to the amount of the original cost.


	Payment due during:						Total
In € millions	2026	2027	2028	2029	2030	Thereafter
Debt:
Principal excl. vendor financing	-	-	-	2,252.3	4,488.7	4,680.4	11,421.4
Principal vendor financing	999.6	-	-	-	-	-	999.6
Interest (a)	526.6	595.8	596.1	494.8	413.9	834.9	3,462.1
Leases (undiscounted) (b)	98.3	83.4	65.4	52.8	38.8	73.4	412.1
Trade and other payables (c)	575.9	-	-	-	-	-	575.9
Accrued liabilities (d)	159.1	-	-	-	-	-	159.1
Other liabilities (undiscounted) (e)	59.2	40.9	21.1	6.1	0.1	-	127.4
Projected derivative cash receipts (cash payments), net (f)	(47.1)	(85.0)	(105.7)	(36.6)	35.0	(12.3)	(251.7)
Total	2,371.6	635.1	576.9	2,769.4	4,976.5	5,576.4	16,905.9