LBTYA: Reported growth masks rebased EBITDA decline as the Ziggo spin-off advances

What happened

Consolidated revenue rose 59.1% on a reported basis but just 1.0% rebased, while Adjusted EBITDA fell 13.7% rebased. The quarter advanced the Ziggo Group spin-off, targeted for the second quarter of 2027, and included $100M in buybacks.

Confirmed

Global impact / market context

Rebased figures strip out deals and currency swings, so the 1.0% revenue gain shows weak underlying growth. A 13.7% drop in Adjusted EBITDA, a rough measure of operating profit, signals costs or pressure are squeezing earnings even as reported revenue looks strong.

Analyst inference

A spin-off separates Ziggo into its own listed company, letting Liberty Global focus on remaining assets. The $100M of buybacks, share purchases that reduce share count, supports the stock price. Investors weigh falling core profit against deal progress and cash returns.

Analyst inference

What to watch

1. Watch whether the Ziggo Group spin-off stays on track for the second quarter of 2027, since any delay would push back the separation of that business. Confirmed
2. Watch for management updates on whether the $100M buyback pace continues, because sustained repurchases reduce share count and can support per-share results. Proposed
3. Watch the next quarter's rebased Adjusted EBITDA trend; if the 13.7% decline persists or deepens, cost pressure could offset spin-off and buyback benefits. Analyst inference

Evidence

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