S1
Virgin Media O2 Q1 2026 earnings release
Location
Page 9
01
Business and network footprint
Virgin Media O2 is an integrated UK communications provider serving residential and business customers across broadband, video, fixed-line telephony and mobile services.
At March 2026, the network reached 8.7 million full-fibre premises, 5G+ covered 86% of the UK outdoor population and O2 Satellite covered up to 95% of UK landmass.
Q1 2026 included a 6,900 consumer fixed-line net loss and 61,500 total mobile contract net losses.
02
Ownership and O2 Business
Virgin Media O2 is a 50:50 joint venture between Liberty Global Ltd. and Telefónica, SA. VMED O2 UK Limited owns 70% of O2 Daisy Limited, which combines VMED O2's and Daisy Group's direct business-to-business operations; Daisy Group retains 30%.
Ownership and control
03
Q1 2026 financial performance
Q1 2026 included positive adjusted EBITDA and adjusted EBITDA less capex, alongside an adjusted free cash flow outflow.
Financial performance
| Period | Revenue | Adjusted EBITDA | Adjusted EBITDA less Capex | Adjusted Free Cash Flow | Total service revenue |
|---|---|---|---|---|---|
| 2026 Q1 | GBP 2.39bn | GBP 901.7m | GBP 367.9m | -GBP 468.3m | GBP 2.008bn |
04
Capital structure and liquidity
The 5.3% Q1 2026 borrowing cost is a fully swapped measure of third-party debt.
Term Loan AC, Term Loan AF and the senior secured notes span sterling, euro and dollar denominations, with maturities in 2030, 2031 and 2032.
Debt instruments
| Instrument | Principal | Maturity | Terms | Seniority / status |
|---|---|---|---|---|
| Term Loan AC due 2030Term Loan | GBP 1,675m | 1 Aug 2030 | SONIA + 3.250% per annum, subject to adjustment based on achievement or otherwise of certain ESG metrics. | Current |
| Term Loan AF due 2031Term Loan | EUR 920m | 15 Oct 2031 | EURIBOR + 3.000%, subject to adjustment based on achievement or otherwise of certain ESG metrics. | Current |
| USD 7.750% Senior Secured Notes due 2032Bond | USD 950m | 2032 | - | Current |
Balance-sheet and funding metrics
| Period | Cash and cash equivalents | Fully-swapped third-party debt borrowing cost | Gross debt |
|---|---|---|---|
| As at 31 March 2026 | GBP 387.3m | 5.3% | GBP 22.517bn |
05
Current regulatory development
On 1 July 2026, the CMA referred nexfibre's proposed acquisition of Substantial to an in-depth Phase 2 review. The statutory deadline is 15 December 2026. The transaction is being undertaken through nexfibre, the joint venture of Liberty Global, Telefónica and InfraVia.
06
Sources
| Ref. | Source | Date | Location |
|---|---|---|---|
| Virgin Media O2 Q1 2026 earnings releasenews.virginmediao2.co.uk | 1 May 2026 | Page 9 | |
| Virgin Media O2 Q1 2026 earnings releasenews.virginmediao2.co.uk | 1 May 2026 | Whole page | |
| Companies House VMED O2 UK Limited overviewCompanies House | Not stated | Whole page | |
| Virgin Media O2 Q1 2026 earnings releasenews.virginmediao2.co.uk | 1 May 2026 | Page 1 | |
| Virgin Media O2 Q1 2026 earnings releasenews.virginmediao2.co.uk | 1 May 2026 | Page 2 | |
| Virgin Media O2 Q1 2026 earnings releasenews.virginmediao2.co.uk | 1 May 2026 | Page 7 | |
| CMA nexfibre/Substantial merger inquiryUK Government | 23 Apr 2026 | Reference decision |
Documents
| Document | Date | Type | Access |
|---|---|---|---|
| Virgin Media O2 Q1 2026 earnings releasenews.virginmediao2.co.uk | 1 May 2026 | Interim Report | |
| Companies House VMED O2 UK Limited overviewCompanies House | Not stated | Registry Record | |
| CMA nexfibre/Substantial merger inquiryUK Government | 23 Apr 2026 | Regulatory Filing |