自由全球-A 2026年季度报告

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the quarterly period ended June30, 2026 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 Liberty Global Ltd. 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.YesNo 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).YesNo 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 FilerAccelerated 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☐No The number of outstanding common shares of Liberty Global Ltd. as of July 17, 2026was: 176,722,235 class A common shares, 12,968,658 class B commonshares and 151,396,673 class C common shares. LIBERTY GLOBAL LTD.TABLE OF CONTENTS PART I — FINANCIAL INFORMATION ITEM 1.FINANCIAL STATEMENTSCondensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (unaudited)1Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025(unaudited)3Condensed Consolidated Statements of ComprehensiveEarnings (Loss) for the Three and Six Months Ended June 30,2026 and 2025 (unaudited)4Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2026 and 2025(unaudited)5Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (unaudited)7Notes to Condensed Consolidated Financial Statements (unaudited)9ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS46ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK75ITEM 4.CONTROLS AND PROCEDURES77PART II — OTHER INFORMATIONITEM 1.LEGAL PROCEEDINGS79ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS79ITEM 5.OTHER INFORMATION79ITEM 6.EXHIBITS80 LIBERTY GLOBAL LTD.CONDENSED CONSOLIDATED BALANCE SHEETS(unaudited) LIBERTY GLOBAL LTD.CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued)(unaudited) LIABILITIES AND EQUITY 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) 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 StatementsJune30, 2026(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. We 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 another wholly-owned subsidiary (VM Ireland).Inaddition, we own 50% noncontrolling interests in (a) a 50:50 joint venture (theVMO2 JV) with Telefónica SA (Telefónica), which providesresidential and B2B communications services in the United Kingdom (U.K.), and (b) a 50:50 joint venture (theVodafoneZiggo JV) withVodafone Group plc (Vodafone), whi