Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-25

Liberty Global (LBTYK)

CEO Michael Fries was paid $37,717,946 in fiscal year 2025: executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$37,717,946
Michael Fries total, FY2025
—
CEO pay percentile vs peers
383:1
CEO-to-median pay ratio
86.2%
Say-on-pay support, latest vote

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Companies that benchmark against LBTYK
No companies currently name LBTYK as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Fries$3,000,000—$18,042,057—$13,000,000—$3,675,889$37,717,946
Chief Executive Officer & President
Charles Bracken1,292,490—7,345,402—4,000,000—213,33212,851,224
EVP & Chief Financial Officer
Enrique Rodriguez1,197,000—11,213,478——297,05381,55812,789,089
EVP & Chief Technology Officer
Andrea Salvato1,064,559—6,951,724—3,500,000—139,44511,655,728
EVP & Chief Development Officer
Bryan Hall1,251,000—5,056,004—2,750,000292,57747,9569,397,537
EVP & General Counsel

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Michael Fries$37,717,946$45,693,754$44,748,400−7,975,808
Charles Bracken12,851,22413,287,50413,249,169−436,280
Enrique Rodriguez12,789,08913,088,323—−299,234
Andrea Salvato11,655,72812,064,78911,018,554−409,061
Bryan Hall9,397,5379,996,2499,336,747−598,712

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Andrea SalvatoRSU2025-03-21——20,701—$249,033
Charles BrackenRSU2025-03-21——22,583—271,673
Charles BrackenRSU2025-03-21——52,794—641,447
Charles BrackenRSU2025-03-21——22,583—259,930
Charles BrackenRSU2025-03-21——52,794—616,106
Charles BrackenRSU2025-03-21——2,445—28,509
Charles BrackenRSU2025-03-21——2,445—29,853
Michael FriesRSU2025-03-21——77,159—928,223
Michael FriesRSU2025-03-21——264,506—3,213,748
Michael FriesRSU2025-03-21——77,159—888,100
Bryan HallRSU2025-03-21——15,056—173,295
Bryan HallRSU2025-03-21——35,900—418,953
Bryan HallRSU2025-03-21——35,900—436,185
Bryan HallRSU2025-03-21——4,225—49,264
Bryan HallRSU2025-03-21——15,056—181,124
Bryan HallRSU2025-03-21——4,225—51,587
Enrique RodriguezRSU2025-03-21——52,794—641,447
Enrique RodriguezRSU2025-03-21——21,314—248,521
Enrique RodriguezRSU2025-03-21——18,820—226,405
Enrique RodriguezRSU2025-03-21——52,794—616,106
Enrique RodriguezRSU2025-03-21——21,314—260,244
Enrique RodriguezRSU2025-03-21——18,820—216,618
Andrea SalvatoRSU2025-03-21——50,683—615,798
Andrea SalvatoRSU2025-03-21——2,466—30,110
Andrea SalvatoRSU2025-03-21——50,683—591,471
Andrea SalvatoRSU2025-03-21——20,701—238,269
Andrea SalvatoRSU2025-03-21——2,466—28,754
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Andrea Salvato$1,753,435$0$00.0%
Charles Bracken1,847,518000.0%
Michael Fries5,030,071000.0%
Bryan Hall1,310,408000.0%
Enrique Rodriguez2,209,341000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Andrea SalvatoOption158,32011.3—
Andrea SalvatoRSU178,336—1,968,829
Charles BrackenRSU187,530—2,089,084
Michael FriesRSU1,280,590—14,137,714
Andrea SalvatoOption210,96010.2—
Andrea SalvatoRSU50,683—564,609
Michael FriesRSU185,522—2,048,163
Enrique RodriguezRSU21,314—237,438
Bryan HallRSU24,541—273,387
Andrea SalvatoRSU17,095—190,438
Andrea SalvatoRSU354,782—3,952,271
Charles BrackenRSU185,766—2,050,857
Bryan HallRSU24,218—267,367
Enrique RodriguezRSU52,794—588,125
Andrea SalvatoRSU34,646—385,956
Enrique RodriguezRSU30,200—333,408
Michael FriesRSU1,851,544—20,441,046
Charles BrackenRSU369,564—4,116,943
Enrique RodriguezRSU369,564—4,116,943
Michael FriesRSU264,506—2,920,146
Bryan HallRSU251,304—2,799,527
Bryan HallRSU126,320—1,394,573
Michael FriesRSU248,784—2,746,575
Enrique RodriguezRSU187,530—2,089,084
Enrique RodriguezRSU185,766—2,050,857
Bryan HallOption112,14611.3—
Andrea SalvatoRSU180,030—2,005,534
Charles BrackenOption219,75010.2—
Bryan HallRSU127,520—1,420,573
Charles BrackenRSU52,794—588,125
Charles BrackenRSU36,090—402,043
Enrique RodriguezRSU36,090—402,043
Bryan HallRSU35,900—399,926
Charles BrackenRSU35,614—393,179
Andrea SalvatoRSU34,190—377,458
Enrique RodriguezRSU15,100—168,214
Charles BrackenRSU17,808—198,381
Bryan HallRSU12,110—134,905
Bryan HallRSU4,225—47,067
Andrea SalvatoRSU2,466—27,471
Charles BrackenRSU2,445—27,237
Michael FriesOption860,34311.3—
Bryan HallOption56,60710.7—
Michael FriesOption1,522,07910.2—
Charles BrackenOption83,24310.7—
Enrique RodriguezOption70,59010.7—
Charles BrackenOption221,8379.66—
Charles BrackenOption164,92011.3—
Bryan HallOption150,8489.66—
Bryan HallOption149,42910.2—
Enrique RodriguezOption221,8379.66—
Andrea SalvatoOption212,9649.66—
Enrique RodriguezOption139,85311.3—
Enrique RodriguezOption219,75010.2—
Andrea SalvatoOption79,91210.7—
05

Incentive-plan design — the Compensation Discussion & Analysis

The compensation committee's primary objectives are to motivate executives to maximize contributions, attract and retain top-caliber employees, and align executive interests with those of shareholders. This is achieved by emphasizing long-term, equity-based compensation that increases in value as the share price increases, utilizing multi-year vesting provisions for retention, and requiring significant levels of share ownership.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantThe Croner Company
Clawback policytrue
Anti-hedgingfalse
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-23212,405,22133,998,2027,603,82186.2%Passed
20202020-06-30170,232,93491,909,61610,441,86964.94%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-2386.2%a
20202020-06-3064.94%b

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)383 : 1
CEO total compensation—
Median employee compensation$98,575
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Marisa D. DrewIndependent$150,000$9,311$-9—$-7$389,937
Liberty Global Class AIndependent000———
09

Board fee structure and ownership guideline

Annual cash retainer$150,000
Annual equity retainer$230,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)55,000 / 30,000 / 15,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$150,000
Equity awards (grant-date value)$9,311
All other compensation$-7
Total cost of the board$159,304

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Limit Risk-Taking
10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Liberty Global2025Michael Fries$3,000,000$18,042,057—$13,000,000$37,717,946

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

FAQ

Frequently asked questions

Who was the highest-paid executive at Liberty Global in fiscal 2025?
As disclosed, Michael Fries, Chief Executive Officer & President, was the highest-paid executive at Liberty Global in fiscal 2025 with total compensation of $37,717,946.
How does Liberty Global's chief executive pay compare to its disclosed peer group?
The filing shows that the CEO pay percentile of disclosed peers is not disclosed in this filing.
What is Liberty Global's CEO-to-median employee pay ratio?
As disclosed, Liberty Global's CEO-to-median employee pay ratio was 383:1.
How did shareholders vote on Liberty Global's executive compensation?
The filing shows that 86.2% of shareholders supported the executive compensation proposal in the latest vote.
How much does Liberty Global spend in total on board compensation for fiscal 2025?
As disclosed, total board compensation for fiscal 2025 was $159,304.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael FriesDEF 14A2026-04-290001193125-26-191485Section “Summary Compensation Table” · page 44. As printed: 37,717,946. Filing ↗
2Section 01, Charles BrackenDEF 14A2026-04-290001193125-26-191485Section “Summary Compensation Table” · page 44. As printed: 12,851,224. Filing ↗
3Section 01, Enrique RodriguezDEF 14A2026-04-290001193125-26-191485Section “Summary Compensation Table” · page 44. As printed: 12,789,089. Filing ↗
4Section 01, Andrea SalvatoDEF 14A2026-04-290001193125-26-191485Section “Summary Compensation Table” · page 44. As printed: 11,655,728. Filing ↗
5Section 01, Bryan HallDEF 14A2026-04-290001193125-26-191485Section “Summary Compensation Table” · page 44. As printed: 9,397,537. Filing ↗
6Section 03, Andrea Salvato RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 819125–819132
7Section 03, Charles Bracken RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 702462–702469
8Section 03, Charles Bracken RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 714536–714543
9Section 03, Charles Bracken RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
10Section 03, Charles Bracken RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 711529–711536
11Section 03, Charles Bracken RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 705493–705499
12Section 03, Charles Bracken RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 708498–708504
13Section 03, Michael Fries RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 674621–674628
14Section 03, Michael Fries RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 677629–677638
15Section 03, Michael Fries RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 671589–671596
16Section 03, Bryan Hall RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
17Section 03, Bryan Hall RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 748427–748434
18Section 03, Bryan Hall RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 751434–751441
19Section 03, Bryan Hall RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 742226–742232
20Section 03, Bryan Hall RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 739030–739037
21Section 03, Bryan Hall RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 745396–745402
22Section 03, Enrique Rodriguez RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 794630–794637
23Section 03, Enrique Rodriguez RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 785419–785426
24Section 03, Enrique Rodriguez RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 782222–782229
25Section 03, Enrique Rodriguez RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 791623–791630
26Section 03, Enrique Rodriguez RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 788591–788598
27Section 03, Enrique Rodriguez RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
28Section 03, Andrea Salvato RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 831199–831206
29Section 03, Andrea Salvato RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 825161–825167
30Section 03, Andrea Salvato RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 828192–828199
31Section 03, Andrea Salvato RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
32Section 03, Andrea Salvato RSUDEF 14A2026-04-290001193125-26-191485Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 822156–822162
33Section 07, pay ratioDEF 14A2026-04-290001193125-26-191485Section “CEO Pay Ratio”. As printed: 383 : 1. Filing ↗machine: span 1438487–1438490
34Section 08, Marisa D. DrewDEF 14A2026-04-290001193125-26-191485Section “Director Compensation”. As printed: 389,937. Filing ↗machine: span 1566834–1566841
35Section 08, Liberty Global Class ADEF 14A2026-04-290001193125-26-191485Section “Director Compensation”. As printed: —. Filing ↗
36Section 06, 2026 voteForm 8-K2026-06-250001570585-26-000094Item 5.07 · say-on-pay result. As reported: 86.2% (votes for as printed: 212,405,221). Filing ↗
37Section 06, 2020 voteForm 8-K2020-07-060001570585-20-000225Item 5.07 · say-on-pay result. As reported: 64.94% (votes for as printed: 170,232,934). Filing ↗
38Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
39Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
40Section 09b board cost (computed)Computed——Cash 150,000 + equity 9,311 + all other -7 = 159,304, summed across the director compensation table rows.machine: formula: Σ = 159,304
41Liberty Global (subject), Section 10b CEO totalDEF 14A2026-04-290001193125-26-191485CEO total compensation as printed in Liberty Global's own proxy. As printed: 37,717,946. Filing ↗

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