Liberty Global plc Q3 FY2025 earnings call

• Strategic Platforms: Liberty Global operates via 3 core platforms: Liberty Telecom (broadband/mobile), Liberty Growth (media, infrastructure, tech), and Liberty Services (corporate reshaping). - Refinancing: Proactively refinanced ~$9B of 2028 maturities, including a EUR 4.35B facility for Wyre in Belgium. - Value Unlock: Pursuing spin-off/tracking stock strategies like Sunrise, with progress in Benelux markets (VodafoneZiggo, Belgium) to unlock value. - Operational Initiatives: U.K. rollout of new pay TV/broadband bundles, VodafoneZiggo reversing broadband trends, Telenet's broadband net adds, and Ireland's Virgin Media fiber offers.

Liberty Telecom: Virgin Media O2 had a modest 1% revenue decline (excluding certain items) with adjusted EBITDA up 2.7% due to cost discipline. VodafoneZiggo saw a 4% revenue drop mainly from fixed customer base repricing, and adjusted EBITDA was impacted by revenue declines and strategic initiatives. Telenet's revenue and adjusted EBITDA growth were affected by prior year deferred revenue and sports rights changes. Liberty Growth: Portfolio value was $3.4B at Q3, with 45% in premium media/sports/live events and 40% in digital infrastructure. Liberty Services and Corporate: Reduced corporate headcount by ~40%, aiming for $100M annualized cost savings, with corporate adjusted EBITDA guidance revised to $150M in 2025 and $100M in 2026.

• Virgin Media O2 revenue guidance updated considering Daisy acquisition impact. - Liberty Global Services and Corporate adjusted EBITDA revised to $150M in 2025. - Significant refinancing activity reduced 2028 maturities and maintained average debt life at ~5 years.

• Competitive market pressures affecting ARPU and subscriber churn. - Regulatory/political uncertainties impacting operations and M&A. - Integration challenges with acquisitions like O2 Daisy, including accounting policy alignment issues.

Q: About the U.K. market competitiveness and ARPU development.

A: Lutz Schüler noted competitive broadband market with price-driven offers, but Virgin Media O2 is doing well with high ARPU and managed churn. Charlie Bracken addressed B2B impact of O2 Daisy acquisition.

Q: On Dutch market broadband improvement and competitiveness.

A: Stephen van Rooyen discussed efforts to reduce broadband losses, focus on B2B growth, and mobile strategies.

Q: Regarding central costs and valuation.

A: Charles Bracken explained ~$100M annualized cost savings from corporate reshaping, with de minimis CapEx and improved valuation outlook.

Q: On Benelux market focus and U.K. plans.

A: Michael Fries outlined progress in Benelux due to rational markets and balance sheet work, and ongoing U.K. alignment with partner.

Q: About O2 Daisy ownership and puts/calls.

A: Andrea Salvato confirmed no puts/calls, and Charles Bracken discussed accounting challenges with O2 Daisy integration.

Q: On U.K. guidance and political implications.

A: Michael Fries clarified alignment with Telefonica in U.K. and discussed positive regulatory shifts, while Charles Bracken addressed guidance complexity due to O2 Daisy.