Liberty Global plc Q4 FY2025 earnings call

• Telecom operating results: Commercial and network strategies delivering momentum, 3 large OpCos hit guidance targets. • Unlocking value in telecom: Announced U.K. fiber transaction and acquisition of Vodafone's interest in Netherlands. • Reshaped corporate operating model: Reduced net corporate spend by 75% in 12 months. • Growth portfolio: Highly concentrated, excited about Formula E and experience economy, disciplined in rotating capital. • Q4 financial highlights: Operating companies in U.K., Netherlands, Belgium delivered on full year guidance metrics; proactive refinancing activity reduced 2028 maturities. • Capital allocation: Committed to disciplined capital allocation, rotating capital into high-growth investments and strategic transactions. • Liberty Growth update: Fair market value of growth portfolio stable, focus on live sports, data centers, energy transition, AI, and new services pillar with Liberty Blume.

Liberty Telecom: Comprises 4 national FMC champions generating $22 billion revenue and $8 billion EBITDA. Liberty Growth: Portfolio of media, infra and tech investments totaling $3.4 billion, with 5 assets comprising 70% of value. U.K.: Lutz's team improved broadband performance, stable ARPUs; postpaid mobile impacted by October increases. Ireland: Fiber wholesale activations, improved network performance, ranked best provider, mobile grows steadily. Netherlands: Vodafone Ziggo's How We Win plan driving broadband base improvements, postpaid mobile growth supported by 5G. Telenet: Highest quarterly broadband results in 3 years, stable ARPUs for fixed and mobile.

• Virgin Media, O2 from Q1 2026: Revenue expected to decline 3% - 5%, adjusted EBITDA expected to decline 3% - 5%, adjusted free cash flow around GBP 200 million. • VodafoneZiggo: Stable to low single-digit decline in revenue, mid- to high single-digit decline in adjusted EBITDA, adjusted free cash flow around EUR 100 million. • Telenet: Stable revenue growth, low single-digit growth in adjusted EBITDAaL, positive adjusted free cash flow around EUR 20 million. • Liberty Corporate: Around $50 million negative adjusted EBITDA.

Q: About the U.K. deal, do you think the 8 million Nexfibre homes definitively unlock the U.K. wholesale opportunity?

A: Michael Fries said 8 million will be achieved relatively quickly end of '27, VMO2 will be a significant wholesale partner, Lutz added they've already upgraded 5 million homes out of 13 million.

Q: On the VodafoneZiggo transaction, does it change appetite for cable to fiber upgrade strategy?

A: Michael Fries said there's no strategy or plan to build fiber in Netherlands, CapEx profile doesn't change.

Q: On VMO2 guidance, how much of decline relates to B2B rationalization and broader U.K. markets?

A: Lutz said 30% relates to B2B restatement including Daisy, 70% to cautious view on fixed consumer market.

Q: On the Belgium deal, about synergies and Telenet refinancing?

A: Charles Bracken said they feel confident in synergies, Telenet refinancing was a choppy market situation.

Q: On the Ziggo spin and dividend story, etc.?

A: Michael Fries and Stephen van Rooyen discussed the equity story, timing, and business improvement track record.

Q: On Netomnia Nexfibre deal details?

A: Andrea Salvato discussed VMO2's commitments and cash movements, Lutz discussed fiber upgrade and customer acquisition in cable network