Debt profile
As of December 31, 2025, our average interest cost on fully swapped debt (excluding our vendor financing program and certain other obligations) was 3.7% (September 30, 2025: 3.8%), and the average maturity of our third-party debt was approximately 3.0 years (September 30, 2025: 3.2 years), with no debt repayments due, other than short-term debt under our vendor financing program and our accounts receivable securitization program, before March 2028.
As of December 31, 2025, we had access to total liquidity of €1,501.5 million, consisting of €966.5 million in cash and cash equivalents and €535.0 million of undrawn commitments under revolving credit facilities.
For more details, we refer to our Q4 2025 Investor & Analyst Toolkit.
Net leverage ratio
As of December 31, 2025, and subject to the completion of our corresponding reporting requirements, the net total leverage ratio and net covenant leverage ratio were 4.4x and 3.2x, respectively, compared to 4.2x and 3.0x as of September 30, 2025.The net covenant leverage ratio remains well below the 6.0x springing maintenance covenant and the 4.5x net senior leverage availability test. However, the aforementioned covenant only applies if we were to draw 40% or more of our revolving credit facilities.
As of December 31, 2025, we had drawn approximately 16% under our revolving credit facilities.For more details, we refer to our Q4 2025 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.