Virgin Media 02’s total revenue declined by 4 per cent to £2.7 billion in Q4 2024 from £2.8 billion a year earlier.
Mobile revenue fell 2.4 per cent, while fixed revenue was down 1.3 per cent over the same period.
On an annual basis, total revenue decreased 2.1 per cent in Q4 last year from Q4 2023, with mobile down 4.4 per cent and fixed down 0.5 per cent.
This was despite Virgin Media 02 adding 1.3 million premises to its network in 2024, bringing its serviceable gigabit fixed network footprint to 18.3 million premises, while its combined fibre footprint reached 6.4 million premises.
The company’s fixed customer base also increased by 9,300 in 2024, including 9,900 net additions in Q4, as 21,300 net broadband connections were added across the full year, with 12,000 in Q4 .
The key growth driver was improving performance on the nexfibre footprint, where quarterly net additions sequentially increased through 2024, supported by build momentum, and investment in sales and marketing.
The total mobile base grew to 45.7 million in FY 2024, with 850,300 net additions supported by growth in IoT and wholesale partially offset by mobile contract and prepaid. Virgin Media O2 also achieved record footprint expansion in 2024, growing its reach by an additional 1.3 million homes serviceable, resulting in a total gigabit footprint of 18.3 million homes at the end of the year.
The company’s adjusted EBITDA also declined 7 per cent to £1.01 billion in the three months ended 31 December 2024 from £1.09 billion in Q4 2023. For 2024, adjusted EBITDA was down 3.7 per cent.
Despite this, Virgin Media 02 reported improved mobile contract performance through the year, with return to growth of more than 15,600 net additions in Q4.
According to 2025 guidance, it expects to report revenue growth this year, excluding handsets and the impact of nexfibre construction, as well as growth in adjusted EBITDA, excluding the impact of nexfibre construction.
Lutz Schüler, CEO of Virgin Media O2, said, “We said 2024 was a year of investing to support our long-term growth and these results reflect that. We close the first chapter of Virgin Media O2 having delivered our full year guidance and hitting our JV synergy targets 18 months ahead of schedule, meaning we are well set for the future.
“We ended the year with another quarter of fixed customer and ARPU growth, positive mobile contract additions and improved customer satisfaction through a relentless focus on customer experience.
“Our investments of more than £2 billion across the year helped us to significantly boost our 5G coverage, improve mobile network quality and enhance rural connectivity. We also expanded our fibre footprint faster than ever as we build on our existing gigabit leadership and push ahead with creating the biggest fibre challenger in the UK along with nexfibre.
“In 2024 we laid the foundations for future success, and in 2025 we will get back to growth in core revenues and profitability while continuing investment in our networks and services. Throughout the year we’ll also deliver on key strategic moves, including the creation of a fixed NetCo and the expected acquisition of spectrum from Vodafone-Three which will further improve mobile performance. This is the start of a new chapter for Virgin Media O2.”
Separately, Virgin Media 02 announced that more than 14,000 more homes in Filey and Pickering can now access its gigabit broadband services.
Customers in the area can sign-up to services including Gig2 broadband, which offers speeds of 2Gbps.
Following the build of the network in the area, Virgin Media O2’s build team spent a day volunteering at four Age UK shops in the local community. This involved helping staff in the shops with sorting, organising, and selling stock to customers. This was made possible through Virgin Media O2’s ‘Take Five’ initiative, which offers all staff five paid volunteering days a year to support projects – either in-person or digitally – helping them give back and support their local community.
Kevin Hollinrake, MP for Thirsk and Malton, said, “I welcome this vital investment in Filey and Pickering to connect over 14,000 homes to high-speed broadband, boosting our local businesses and residents. I look forward to working with Virgin Media O2 to further progress connectivity in Thirsk and Malton.”
Julie Agnew, managing director of fixed network expansion at Virgin Media O2, said, “14,000 more homes in Filey and Pickering can now feel the benefit of Virgin Media’s services – with packages that include everything from next generation multigigabit broadband to easy-to-use TV streaming and entertainment services.
Rajiv Datta, CEO at nexfibre said: “nexfibre’s multi-million pound investment in Filey and Pickering will enable thousands of households to access the benefits of full fibre broadband, including being able to participate in the local economy and connect with the community. It marks a significant step on our journey to connect 5 million premises by 2026.”