Debt profile
At June 30, 2026, our blended fully-swapped debt borrowing cost was 3.8% (March 31, 2026: 3.7%) and the average tenor of our third-party debt (excluding vendor financing and certain other obligations) was approximately 2.5 years (March 31, 2026: 2.7 years) with no debt repayments, excluding shorter-term liabilities under our vendor financing and trade receivables securitization programs, prior to March2028.
At June 30, 2026, we had access to total liquidity of €1,317.0 million, consisting of €692.0 million cash and cash equivalents and €625.0 million of undrawn commitments under revolving credit facilities.
For additional information, we refer to our Q2 2026 Investor & Analyst Toolkit
Net leverage ratio
At June 30, 2026, and subject to the completion of our corresponding compliance reporting requirements, the ratios of Net Total Leverage and Net Covenant Leverage were 4.4x and 3.3x, respectively, compared to 4.7x and 3.4x at March 31, 2026.
Net Covenant Leverage remains significantly below the springing maintenance covenant of 6.0x and the incurrence test of 4.5x net senior leverage. The maintenance covenant is only triggered in the event we draw 40% or more of our revolving credit facilities.
At June 30, 2026, our revolving credit facilities were fully undrawn.
For additional information, we refer to our Q2 2026 Investor & Analyst Toolkit.
Credit rating
|
Moody's |
S&P |
Fitch |
|
|---|---|---|---|
|
Credit rating |
B1 |
BB- |
BB- |
|
Outlook |
Stable |
Stable |
Negative |
|
Latest rating action |
February 2, 2026 |
February 2, 2026 |
February 2, 2026 |
|
Latest report |
Report Moody's*
|
Report S&P**
|
Report Fitch*** |
Telenet holding bekrachtigt de ratings of oordelen van Fitch, Moody's of Standard & Poor's ("S&P") niet en aanvaardt geen enkele aansprakelijkheid of verantwoordelijkheid voor de juistheid van deze gegevens.