On a yearly basis, total revenue decreased by 2.1% compared to Q4 2023, with mobile revenue down 4.4% and fixed revenue down 0.5%.
Additionally, mobile revenues also dropped by 2.4%, while fixed revenue saw a 1.3% decline over the quarter, the telecoms giant revealed.
The decrease occurred despite the company expanding its network by 1.3 million premises in 2024, increasing its serviceable gigabit fixed network footprint to 18.3 million premises and its combined fibre footprint to 6.4 million premises.
Meanwhile, the company's adjusted EBITDA fell 7% to £1.01 million in Q4 2024, down from £1.09 million in the same quarter of 2023. For the full year, adjusted EBITDA declined by 3.7%.
The total mobile customer base reached 45.7 million by the end of last year, with 850,300 net additions driven by growth in IoT and wholesale.
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However, this was partially offset by declines in mobile contract and prepaid services, VMO2 stated.
Looking ahead, Virgin Media O2 expects revenue growth in 2025, excluding handset sales and the impact of nexfibre construction.
It also anticipates growth in adjusted EBITDA, excluding nexfibre construction effects.
VMO2 CEO, Lutz Schüler, 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.”
He added: “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.
He concluded: “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."
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