Debt profile
At September 30, 2026, our blended fully-swapped debt borrowing cost was 3.2% (June 30, 2026: 3.8%) and the average tenor of our third-party debt (excluding vendor financing and certain other obligations) was approximately 2.7 years (June 30, 2026: 2.5 years) with no debt repayments, excluding shorter-term liabilities under our vendor financing and trade receivables securitization programs, prior to April 2028.
At September 30, 2026, we had access to total liquidity of €810.7 million, consisting of €205.7 million cash and cash equivalents and €605.0 million of undrawn commitments under revolving credit facilities.
For additional information, we refer to our Q3 2026 Investor & Analyst Toolkit.
Net leverage ratio
At September 30, 2026, the ratios of Net Total Leverage and Net Covenant Leverage were 5.1x and 3.2x, respectively, compared to 4.5x and 3.3x at June 30, 2026.
As of Q3 2026, our Net Total Debt, Annualized Adjusted EBITDA and Annualized Adjusted EBITDAaL excludes the Wyre Entities following the separation of the Telenet/Wyre capital structures and the designation of the Wyre Entities as Unrestricted Subsidiaries under the Senior Facility Agreement.
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 September 30, 2026, our revolving credit facilities were fully undrawn.
For additional information, we refer to our Q3 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.