自由全球-A 2025年季度报告

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the quarterly period endedMarch31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 Liberty Global Ltd. (Exact name of Registrant as specified in its charter) Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2)has been subject to such filing requirements forthe past 90 days.YesþNo¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).YesþNo¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company”in Rule 12b-2 of the Exchange Act. Large Accelerated FilerþAccelerated Filer¨Non-Accelerated Filer¨Smaller Reporting Company☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act¨ Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.Yes☐Noþ The number of outstanding common shares of Liberty Global Ltd. as of April 24, 2025was:173,796,559class A common shares,12,968,658class B commonshares and158,813,472class C common shares. LIBERTY GLOBAL LTD.TABLE OF CONTENTS PART I — FINANCIAL INFORMATION ITEM 1.FINANCIAL STATEMENTSCondensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (unaudited)1Condensed Consolidated Statements of Operations for the ThreeMonths EndedMarch 31, 2025and 2024(unaudited)3Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three Months Ended March 31, 2025and 2024 (unaudited)4Condensed Consolidated Statements of Equity for the Three Months EndedMarch 31, 2025 and 2024 (unaudited)5Condensed Consolidated Statements of Cash Flows for theThreeMonths EndedMarch31, 2025and 2024(unaudited)7Notes to Condensed Consolidated Financial Statements (unaudited)10ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS49ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK73ITEM 4.CONTROLS AND PROCEDURES76PART II — OTHER INFORMATIONITEM 1.LEGAL PROCEEDINGS77ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS77ITEM 5.OTHER INFORMATION77ITEM 6.EXHIBITS78 LIBERTY GLOBAL LTD.CONDENSED CONSOLIDATED BALANCE SHEETS(unaudited) LIBERTY GLOBAL LTD.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited) LIBERTY GLOBAL LTD.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)(unaudited) LIBERTY GLOBAL LTD.CONDENSED CONSOLIDATED STATEMENTS OF EQUITY(unaudited) The accompanying notes are an integral part of these condensed consolidated financial statements. LIBERTY GLOBAL LTD.CONDENSED CONSOLIDATED STATEMENTS OF EQUITY — (Continued)(unaudited) The accompanying notes are an integral part of these condensed consolidated financial statements. LIBERTY GLOBAL LTD.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited) LIBERTY GLOBAL LTD.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)(unaudited) LIBERTY GLOBAL LTD.Notes to Condensed Consolidated Financial StatementsMarch31, 2025(unaudited) (1)Basis of Presentation Liberty Global Ltd. (Liberty Global) is a Bermuda exempted company limited by shares. In these notes, the terms “we,” “our,” “ourcompany” and “us” may refer, as the context requires, to Liberty Globalor collectively to Liberty Global and its subsidiaries. We are aninternational provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers andbusinesses in Europe and are an active investor across the infrastructure, content and technology industries. We also provide innovativetechnology solutions and finance services. Our continuing operations comprise businesses that provide residential and business-to-business (B2B) communications services in (i)Belgium and Luxembourg through certain wholly-owned subsidiaries that we collectively refer to as “Telenet” and (ii) Ireland through anotherwholly-owned subsidiary (VM Ireland). In addition, we own50% noncontrolling interests in (a) a50:50joint venture (theVMO2 JV) withTelefónica SA (Telefónica), which provides residential and B2B c