Liberty Global : Virgin Media Ireland Consolidated Financial Statements – December 31, 2025
LBTYA
Published on 05/01/2026 at 04:59 pm EDT
Consolidated Statements of Operations and Other Comprehensive Earnings (Loss) for the Years Ended
December 31, 2025, 2024 and 2023 4
Independent Auditors' Report ..................................................................................................................................... 1 Consolidated Balance Sheets as of December 31, 2025 and 2024 3
Consolidated Statements of Owner's Deficit for the Years Ended December 31, 2025, 2024 and 2023 5
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 .......................... 6 Notes to Consolidated Financial Statements 7
1 Stokes Place
St. Stephen's Green Dublin 2
D02 DE03
Ireland
Opinion
We have audited the consolidated non-statutory financial statements of VMIE Group Holdings Limited and its subsidiaries (the "Company"), which comprise the Consolidated Balance Sheet as of December 31, 2025, and the related Consolidated Statement of Operations and Other Comprehensive Earnings (Loss), the Consolidated Statement of Owner's Deficit, and the Consolidated Statement of Cash Flows for the years then ended, and the related notes to the consolidated financial statements (the "Consolidated Non-Statutory Financial Statements").
In our opinion, the accompanying Consolidated Non-Statutory Financial Statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the years then ended in accordance with U.S. generally accepted accounting principles.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Non-Statutory Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Consolidated Non-Statutory Financial Statements
Management is responsible for the preparation and fair presentation of the Consolidated Non-Statutory Financial Statements in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the Consolidated Non-Statutory Financial Statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the Consolidated Non-Statutory Financial Statements are available to be issued.
KPMG, an Irish partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
Independent Auditor's Report to the Directors on the Audit of the Consolidated Non-Statutory Financial Statements of VMIE Group Holdings Limited (continued)
Auditor's Responsibilities for the Audit of the Consolidated Non-Statutory Financial Statements
Our objectives are to obtain reasonable assurance about whether the Consolidated Non-Statutory Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the Consolidated Non-Statutory Financial Statements.
In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the Consolidated Non-Statutory Financial Statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the Consolidated Non-Statutory Financial Statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the Consolidated Non-Statutory Financial Statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement. Our audit work has been undertaken so that we might state to the Company's directors, those matters we are required to state to them in an Auditors' Report and for no other purpose. We do not accept or assume responsibility to anyone other than the Company's directors, as a body, for our audit work, for this report, or for the opinions we have formed.
KPMG
Dublin, Ireland May 1, 2026
Current assets:
Cash and cash equivalents ........................................................................................................ € 28.0
€ 11.9
Trade receivables, net (note 3) ................................................................................................. 43.9
46.0
Derivative instruments (note 5) ................................................................................................ 15.2
24.8
Other current assets (note 10) ................................................................................................... 23.3
21.1
Total current assets ................................................................................................................ 110.4
103.8
Property and equipment, net (note 6) .......................................................................................... 739.2
661.4
Goodwill (note 6) ........................................................................................................................ 242.3
242.3
Derivative instruments (note 5) ................................................................................................... 52.7
60.4
Other assets, net (notes 6, 8, 9 and 11)........................................................................................ 42.5
50.3
Total assets ........................................................................................................................... € 1,187.1
€ 1,118.2
LIABILITIES AND OWNER'S DEFICIT
Current liabilities:
Accounts payable (note 10) ...................................................................................................... € 51.1
€ 42.6
Derivative instruments (note 5) ................................................................................................ 21.3
27.6
Current portion of related-party debt (notes 7 and 10) ............................................................. 221.0
105.4
Accrued capital expenditures.................................................................................................... 21.1
25.6
Other current liabilities (notes 4, 8 and 10) .............................................................................. 71.5
84.7
Total current liabilities ........................................................................................................... 386.0
285.9
Long-term debt (note 7) .............................................................................................................. 896.9
896.0
Other long-term liabilities (notes 4, 5 and 8) .............................................................................. 19.3
12.7
Total liabilities ..................................................................................................................... 1,302.2
1,194.6
Commitments and contingencies (notes 5, 7, 8, 9, 11 and 12)
Owner's deficit ............................................................................................................................ (115.1)
(76.4)
Total liabilities and owner's deficit .................................................................................. € 1,187.1
€ 1,118.2
The accompanying notes are an integral part of these consolidated financial statements.
Disclaimer
Liberty Global Ltd. published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2026 at 20:58 UTC.