自由全球-A 2025年度报告

Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedDecember 31, 2025 ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto Liberty Global Ltd. Securities registered pursuant to Section 12(g) of the Act: none Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YesNo Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.YesNo Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.YesNo 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 during the preceding 12 months.YesNo Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerginggrowth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2of the Exchange Act. Check one: 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued itsaudit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b) Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo State the aggregate market value of the voting and non-voting common equity held by non-affiliates, computed by reference to the price at which the commonequity was last sold, or the average bid and ask price of such common equity, as of the last business day of the Registrant’s most recently completed secondfiscal quarter: $3.0 billion. The number of outstanding common shares of Liberty Global Ltd. as of January 31, 2026 was: 174,608,257 shares of class A common shares, 12,968,658shares of class B common shares and 147,451,800 shares of class C common shares. DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive proxy statement for the Registrant’s 2026 Annual General Meeting of Shareholders are incorporated by reference in Part III of this Form 10-K. LIBERTY GLOBAL LTD.2025 ANNUAL REPORT ON FORM 10-KTABLE OF CONTENTS PART I Item 1.Business.........................................................................................................................................................I-1Item 1A.Risk Factors...................................................................................................................................................I-25Item 1B.Unresolved Staff Comments .........................................................................................................................I-38Item 1C.Cybersecurity ................................................................................................................................................I-39Item 2.Properties.......................................................................................................................................................I-40Item 3.Legal Proceedings .........................................................................................................................................I-40Item 4.Mine Safety Disclosures................................................................................................................................I-40 PART II Item 5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of EquitySecurities....................................................................................................................................................II-1Item 7.Management’s Discussion and Analysis of Fin