LBTYA · LBTYK · 10-K filed 18 Feb 2026 · year to 31 Dec 2025

Liberty Global

32 named things its latest annual report says its results depend on, each in the company's own words. 9 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Three (Hutchison)

depends onnamed as a risk

Currently, our services to mobile customers in Ireland rely on the use of an MVNO arrangement with Three, whereby we utilize the radio access networks of a third-party wireless network provider to carry our mobile communications traffic.Risk factors (Item 1A)

Infosys

depends on

Infosys has responsibility for the build and operation of our Horizon platform, while we have retained the IP and strategy for the platform.Business (Item 1)

Also named by CTSH

Sky plc

depends on

Sky is both a principal competitor and an important supplier of content to the VMO2 JV.Business (Item 1)

UEFA

depends on

In the Netherlands, we have an exclusive deal with UEFA to broadcast Champions League and Europa League matches through the 2026-2027 season.Business (Item 1)

Partners and platforms

Virgin Media O2 (VMO2 JV)

50.0%named as a risk

Certain of our operations, particularly the VMO2 JV in the U.K. and the VodafoneZiggo JV in the Netherlands, are conducted through joint ventures or partnerships.Risk factors (Item 1A)

VodafoneZiggo JV

50.0%named as a risk

Our noncontrolling interests in the VodafoneZiggo JV and the VMO2 JV are held pursuant to shareholders’ agreements (each a Shareholders Agreement), which provide the terms of the governance of the VodafoneZiggo JV or the VMO2 JV including, among others, decision-making processes, information access, dividend policies and non-compete provisions.Risk factors (Item 1A)

Wyre

depends on · 66.8%named as a risk

In addition, any regulated access granted to competitors could (i) limit the bandwidth available to Telenet and Wyre to provide new or expanded products and services to its customers and (ii) adversely impact Telenet or Wyre’s ability to maintain or increase its revenue and cash flows.Risk factors (Item 1A)

Orange Belgium

earns from · around 65%

Following the closing of the Telenet Wyre Transaction on July 1, 2023, Telenet became a wholesale access client of Wyre, in addition to Orange Belgium NV/SA (Orange Belgium), with whom it signed a 15-year commercial wholesale agreement in January 2023, resulting in a wholesale market share of around 65%.Business (Item 1)

nexfibre JV

approximately 25%

The VMO2 JV acts as the anchor client for the nexfibre JV’s fiber network and has entered into a construction agreement and a master services agreement with the nexfibre JV to provide various network construction and operational services to the nexfibre JV.Business (Item 1)

Virgin Enterprises Limited

depends onnamed as a risk

Such a termination could have a material adverse effect on our business and results of operations.Risk factors (Item 1A)

Google Cloud

depends on

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.Business (Item 1)

Also named by AAON, CME, DGX, ETSY, FTNT, GTLB, MSTR, NTAP and 4 more

Telefónica

Generally, Liberty Global may not transfer its ownership interest in the VMO2 JV without Telefónica’s consent.Business (Item 1)

Vodafone Group plc

Under the dividend policy, the VodafoneZiggo JV must distribute its unrestricted cash to Vodafone and us, subject to minimum cash requirements and financing arrangements.Business (Item 1)

Other companies

Formula E

65.6%

Upon closing of the Formula E Acquisition, we began consolidating 100% of Formula E’s results.Business (Item 1)

Competitors

Proximus

competes withnamed as a risk

Telenet faces competition from Proximus, which provides FMC bundles, DSL (up to 100 Mbps) and fiber (up to 2 bps) with ongoing network expansion.Business (Item 1)

Digi

competes withnamed as a risk

Despite its currently limited fixed footprint, we expect Digi to remain an important competitor going forward.Business (Item 1)

BT Group plc

competes withnamed as a risk

In the U.K., the VMO2 JV faces numerous competitors for broadband internet services, the largest of which is BT Group plc (BT).Business (Item 1)

Koninklijke KPN N.V.

competes withnamed as a risk

Much of the VodafoneZiggo JV’s network has been overbuilt by KPN and other FTTx providers.Business (Item 1)

Places

Belgium

operates in · 100.0%

Liberty Telecom provides residential and business telecommunication services in Belgium through Telenet, in Ireland through VM Ireland and in Slovakia through UPC Slovakia, and we are a leading fixed network provider in each of these countries.Business (Item 1)

Also named by BNY, COO, EL, HROW

Commodities and inputs

Euro

exposed to its price · substantially all of our reported revenuenamed as a risk

Our primary exposure to FX risk during the three months ended December 31, 2025 for our continuing operations was to the euro, as substantially all of our reported revenue during the period was derived from subsidiaries whose functional currencies are the euro.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

EURIBOR

exposed to its price · $6.9 billionnamed as a risk

Our primary exposure to variable-rate debt is through the EURIBOR-indexed and Term SOFR-indexed debt of our borrowing groups and the variable-rate debt of certain of our other subsidiaries.Market risk (Item 7A)

Also named by OCSL, TSLX

Memory components

depends onnamed as a risk

We are currently experiencing issues in relation to a shortage of memory components and related price implications.Risk factors (Item 1A)

Also named by BBY, CSCO, MCHP, NTAP, PANW

Energy

exposed to its pricenamed as a risk

While we do not have direct operations within the conflict areas, the conflicts involving these nations has heightened the disruption to our supply chain, contributing to inflation in our labor and energy costs and may increase our risk of cyberattacks, which could result in significant losses and damage and could damage our reputation with customers and suppliers if their confidential information is compromised.Risk factors (Item 1A)

Also named by DD, FCX, INGR, MLM, SSD

Programming content

exposed to its pricenamed as a risk

Programming and copyright costs represent a significant portion of our operating costs and are subject to price rises in future periods due to various factors, including (i) higher costs associated with the expansion of our digital video content, including rights associated with ancillary product offerings and rights that provide for the broadcast of live sporting events, and (ii) rate increases, including as a result of inflationary pressures.Risk factors (Item 1A)

Spectrum

depends onnamed as a risk

As a result, we will continue to actively seek to make additional investment in spectrum, which could be significant.Risk factors (Item 1A)

Regulators

Ofcom

subject tonamed as a risk

Breach of any of the terms of a TLCS license could result in fines or revocation of our licenses.Business (Item 1)

Belgian Competition Authority (BCA)

subject tonamed as a risk

Full implementation of the Cooperation is subject to completion of the antitrust and regulatory processes by the BCA and the BIPT (the Wyre-Proximus Agreement).Business (Item 1)

Autoriteit Consument & Markt (ACM)

subject to

The ACM also adopted a final decision rejecting YouCa’s request for symmetric access to non-replicable network assets of VodafoneZiggo’s cable network in Amsterdam, as it was deemed not proportionate.Business (Item 1)

Laws and programs

Brexit (U.K. departure from the E.U.)

operates innamed as a risk

The U.K.’s departure from the E.U. could have a material adverse effect on our business, financial condition, results of operations or liquidity.Risk factors (Item 1A)

Also named by ARES, DLR, ETSY, EVR, NDSN, POST

European Electronic Communications Code

subject tonamed as a risk

For example, in the E.U., the Code is the primary source of communications regulation affecting our E.U. businesses, including access, user and privacy rights, video must-carry services and our competitive activities.Risk factors (Item 1A)

Also named by MSFT

Telenet Access Requirements and Belgian Access Prices

subject tonamed as a risk

Additionally, the Telenet Access Requirements and Belgian Access Prices may strengthen Telenet’s competitors by granting them regulated access to Wyre’s fixed network to offer competing products and services, notwithstanding Telenet and Wyre’s substantial investments in developing Wyre’s high-performing fixed infrastructure.Risk factors (Item 1A)

Bermuda Economic Substance Act 2018

subject tonamed as a risk

This could result in additional costs that could adversely affect our financial condition or results of operations.Risk factors (Item 1A)