Liberty Global | Europe Q2 EBITDA miss; but guidance reiterated

研报英文原文证据摘录

Liberty Global | Europe Q2 EBITDA miss; but guidance reiterated

Update

July 24, 2026 01:07 PM GMT

Morgan Stanley & Co. International plc+MLiberty Global | Europe Terence Tsui

Equity Analyst

Q2 EBITDA miss; but guidance Terence.Tsui@morganstanley.comEmmet B Kelly +44 20 7425-3095

Emmet.Kelly@morganstanley.com +44 20 7425-6830

reiterated Harrison Williams, CFA

Harrison.Williams@morganstanley.com +44 20 7425-6627

AlphaSignals Earnings Reaction Lindsey C Zastawny

Unchanged Modest shortfall Modest revision lower Lindsey.Zastawny@morganstanley.com +44 20 7425-1237

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Liberty Global (LBTYA.O, LBTYA US)

Source: Company data, Morgan Stanley Research

Telecommunications Services | United Kingdom

Stock Rating Equal-weight

Key Takeaways Industry View Attractive

Price target US$14.00

Q2 EBITDA, on a consolidated basis, came in below expectations. Shr price, close (Jul 23, 2026) US$10.29

52-Week Range US$13.52-9.63

Miss was mainly in Liberty Growth, which can be lumpy. Guidance was reiterated. Mkt cap, curr (mn) US$3,289

Net debt (12/26e) (mn)* US$6,476

Trends in the major markets of the UK and NL were underwhelming but in-line EV, curr (mn)* US$9,460

with FY guidance. * = GAAP or approximated based on GAAP

Planned Ziggo Group spin-off could be "as early as mid-2027" from "H2 2027"

previously.

Shares have suffered from being comped with US cable despite no US Telco

exposure, but we are not expecting a major rebound post results.

Bottom line. On a total consolidated basis, Q2 results were a top-line miss and

EBITDA miss vs consensus. The EBITDA miss was from Liberty Growth, but also

consolidated Liberty Telecom was below expectations.

Telenet and Wyre are now reported separately.