Virgin Media O2 has reported that Q2 revenue fell 7.9 per cent year-on-year on an adjusted basis to £2.4 billion (€2.8bn), while total service revenue was down 3.9 per cent to £2.04 billion. Consumer revenue was down 5 per cent, with consumer fixed service revenue falling 6.2 per cent and consumer mobile service revenue down 1.9 per cent.
Lutz Schüler, CEO of Virgin Media O2 said: “Our performance in Q2 is in line with our full year guidance. It reflects the continued navigation of a highly-competitive market backdrop, a focus on execution and transformation in our three operating areas – consumer, B2B and wholesale – and a relentless commitment to improving customer experience and building strong foundations for future growth. Underpinned by significant investment, we are making good progress against our long-term strategy with a fibre footprint reaching 9 million premises; the largest 5G+ network in the country; the expansion of innovative new services like O2 Satellite; a new wholesale partnership; and a clear transformation of our customer service, with faster issue resolution and significantly lower complaint levels.”
Q2 highlights include:
Customers
- Consumer Fixed-Line: Total consumer fixed customer base stands at 5.5 million with a -30k customer reduction in Q2 2026, a ~23k improvement vs Q2 2025.
- Mobile: Total mobile connections across the O2 network stand at 46.4 million – this includes O2, giffgaff, O2 Business, IOT and MVNOs such as Sky and Tesco Mobile
- Mobile contract connections stand at 24.5 millionwith a reduction of -29k connections in Q2 – a ~30k improvement vs Q1. Consumer mobile contract ARPU remained stable.
- Wholesale contract connections base increased by ~34k in Q2 reinforcing VMO2’s strong position in the mobile wholesale market.
- Customer service turnaround strategy is continuing to deliver, with a 50 per cent reduction in Virgin Media broadband complaints YoY and a 57 per cent reduction in O2 complaints vs Q4 2025, with levels now back to previous lows.
Ongoing investment in fibre and 5G
- Investment: Around £1 billion invested in H1 of 2026
- Total fixed-line premises serviceable: 18.8 million premises (all with access to speeds of at least 1Gbps)
- 5G coverage: 5G Standalone now available to 86 per cent of the outdoor population – making it the largest 5G+ network in the UK
- Expansion of devices for O2 Satellite – the first UK mobile network to switch on direct-to-device satellite connectivity, increasing landmass coverage to 95 per cent. Compatible Apple iPhone and Google Pixel devices can now use the service.
- Full Fibre footprint: 9m premises – a mix of continued fibre upgrades and the nexfibre joint venture footprint
ATV
