Is Telenet Group profitable and growing revenue?

Telenet's revenue has been essentially flat for three years: FY2023 was EUR2,854.6M, FY2024 EUR2,851.4M, and FY2025 EUR2,839.6M, a slight decline. 9M2025 revenue of EUR2,115.8M was roughly flat versus 9M2024's EUR2,118.1M, per Telenet's own financial statements as of December 2025.

Who owns Telenet Group now?

Telenet has been 100% owned by Liberty Global since October 13, 2023, after a simplified squeeze-out delisted it from Euronext Brussels at EUR21.00 per share. As of June 2026, Liberty Global is merging Telenet with VodafoneZiggo into a new 'Ziggo Group' targeted for an Amsterdam listing around mid-2027.

Could AI replace Telenet's business?

No. Telenet's core is physical HFC cable, the Wyre fiber joint venture, and licensed spectrum in Flanders, infrastructure AI cannot replicate. AI is instead being used internally, a chatbot launched by June 2026 and Pega-driven retention tools, to cut costs as part of a 10% workforce reduction plan announced February 23, 2026.

Is Telenet laying off employees?

Yes. On February 23, 2026, Telenet announced plans to cut total headcount by 10% and reduce external-consultant use by 65%, both by 2028, citing AI adoption and an 'agile organisation' push. It had already outsourced 200 call-center roles to Teleperformance and IT operations to Infosys/Accenture effective May 2025.

Who is Telenet Group's biggest competitor?

Proximus is Belgium's telecom leader with roughly 40-50% market share versus Telenet's 20-30% as of July 4, 2025, per Brussels Times. Rather than racing head-to-head, the two now cooperate: in July 2026 Belgium's Competition Authority approved a fiber-sharing deal between Telenet's Wyre and Proximus's Fiberklaar.

What is the Ziggo Group and how does it affect Telenet?

Ziggo Group is a new Liberty Global holding combining Telenet and the Netherlands' VodafoneZiggo, targeted for an Euronext Amsterdam listing around mid-2027. Stephen van Rooyen was named Ziggo Group CEO on June 1, 2026, while John Porter remains Telenet's own CEO under the new structure.

Telecom infrastructure · subsidiary of Liberty Global plc · Belgium

Telenet Group

telenet.be ↗

Belgian cable and mobile operator, Liberty Global's #2 telecom behind Proximus.

Protection under test

Assessed 25 July 2026 · Evidence as of 25 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 25 July 2026 · Checkable from 2027 · Every call on the record Checkpoint: Ziggo Group formation and planned Euronext Amsterdam listing, new CEO already named

The call

Telenet's cable and spectrum assets make it hard to dislodge, but the coming Ziggo Group merger, 2027 listing, and internal cuts will decide who keeps a role and what the equity turns into.

Telenet owns the physical cables and wireless towers that bring internet and TV to Belgium. These networks are expensive and take years to build, so they are hard for a competitor like Proximus to copy or replace, and AI cannot do what physical infrastructure does. The big question is what happens when Telenet merges into Ziggo Group and lists on the Amsterdam stock exchange in 2027: whether your job survives the planned staff cuts, what your ownership stake becomes, and whether that stake will be worth more or less than it is today.

Why

AI pressure: Internal AI-driven automation and outsourcing of back-office and call-center roles. AI and outsourcing tools are aimed at internal functions as part of a 10% headcount cut and 65% consultant cut by 2028. Could AI do the core job? Unlikely.

Bigger players: Proximus. Proximus holds roughly 40 to 50% of the Belgian telecom market versus Telenet's 20 to 30%, while also partnering with Telenet on fiber build via Wyre and Fiberklaar. Could a giant copy it? No, they are blocked.

What protects it. Owns physical HFC cable, mobile spectrum, and a fiber joint venture that no AI model or software rival can replicate or bypass.

What would change this call

Digi's subscriber/share figures in Belgium reported over next year. Shows whether Digi is escalating from low-end nibble to a material share-taker.
Ziggo Group's 2027 Amsterdam listing price and equity conversion terms. Reveals whether the restructuring created or destroyed value for equity holders.
Departments named in the 10% headcount cut by 2028. Shows whether cuts hit back-office roles or reach core network/customer-facing functions.

Key numbers

FY2025 revenue €2,839.6 million, roughly flat year over year (2025-12-31)
Market share ~20-30% vs Proximus's ~40-50% (2025-07-04)
Plans 10% workforce cut and 65% cut in consultant use by 2028 (2026-02-23)

Named risks

10 percent headcount cut by 2028 creates role-level exposure for specific teams. Severity: high
Ziggo Group formation and 2027 Amsterdam listing could stall or reprice equity terms. Severity: medium
Parent Liberty Global stock near 52-week lows may constrain capital allocated to Telenet. Severity: medium
Wyre fiber build to 2M+ homes by 2029-2037 faces execution and capital-shortfall risk. Severity: medium
Low-cost entrant Digi could escalate from edge nibbling to material share loss in Flanders. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Proximus	contesting	40-50 percent share vs Telenet's 20-30 percent, but cooperating on fiber since 2026-07-23
Orange Belgium/VOO	contesting	roughly tied at 20-30 percent share as of 2025-07-04
Digi	gaining on	low-cost entrant active in Brussels/Liege since 2024, nibbling at low end
VodafoneZiggo	contesting	being merged with Telenet into Ziggo Group for 2027 listing, not a market rival

Questions people ask

Is Telenet Group profitable and growing revenue?: Telenet's revenue has been essentially flat for three years: FY2023 was EUR2,854.6M, FY2024 EUR2,851.4M, and FY2025 EUR2,839.6M, a slight decline. 9M2025 revenue of EUR2,115.8M was roughly flat versus 9M2024's EUR2,118.1M, per Telenet's own financial statements as of December 2025.
Who owns Telenet Group now?: Telenet has been 100% owned by Liberty Global since October 13, 2023, after a simplified squeeze-out delisted it from Euronext Brussels at EUR21.00 per share. As of June 2026, Liberty Global is merging Telenet with VodafoneZiggo into a new 'Ziggo Group' targeted for an Amsterdam listing around mid-2027.
Could AI replace Telenet's business?: No. Telenet's core is physical HFC cable, the Wyre fiber joint venture, and licensed spectrum in Flanders, infrastructure AI cannot replicate. AI is instead being used internally, a chatbot launched by June 2026 and Pega-driven retention tools, to cut costs as part of a 10% workforce reduction plan announced February 23, 2026.
Is Telenet laying off employees?: Yes. On February 23, 2026, Telenet announced plans to cut total headcount by 10% and reduce external-consultant use by 65%, both by 2028, citing AI adoption and an 'agile organisation' push. It had already outsourced 200 call-center roles to Teleperformance and IT operations to Infosys/Accenture effective May 2025.
Who is Telenet Group's biggest competitor?: Proximus is Belgium's telecom leader with roughly 40-50% market share versus Telenet's 20-30% as of July 4, 2025, per Brussels Times. Rather than racing head-to-head, the two now cooperate: in July 2026 Belgium's Competition Authority approved a fiber-sharing deal between Telenet's Wyre and Proximus's Fiberklaar.
What is the Ziggo Group and how does it affect Telenet?: Ziggo Group is a new Liberty Global holding combining Telenet and the Netherlands' VodafoneZiggo, targeted for an Euronext Amsterdam listing around mid-2027. Stephen van Rooyen was named Ziggo Group CEO on June 1, 2026, while John Porter remains Telenet's own CEO under the new structure.

Timeline

2026-07-24Liberty Global Q2 2026 results: Wyre $5.0bn facility, stock fell 3.7 percent near 52-week lows
2026-07-23Belgian Competition Authority approved Wyre/Fiberklaar fiber-sharing deal for 2M+ homes
2026-06-01Stephen van Rooyen named Ziggo Group CEO ahead of planned 2027 Amsterdam listing
2026-05-04Telenet signed DAZN deal to bring Belgian Jupiler Pro League football back
2026-02-23Telenet announced 10 percent workforce cut and 65 percent consultant cut by 2028
2026-02-16Telenet became first Belgian operator to integrate YouTube Premium
2025-12-31Netco/Servco split completed, separating Telenet from network JV Wyre
2024-12-04Telenet outsourced 200 call-center roles and IT ops to Teleperformance, Infosys, Accenture
2023-10-13Liberty Global completed squeeze-out, taking Telenet 100 percent private at EUR21.00/share

Revision history

25 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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