Liberty Global plc Q3 FY2024 earnings call

• Pending spinoff of Sunrise scheduled for November 12th with 99% approval at EGM. - Progress in U.K. NetCo plans with existing footprint of 17.8 million 1-gig homes. - Developments in Benelux region with Stephen van Rooyen focusing on market share. - Asset sales realizing $900 million in last 12 months, examples like All3Media sale, VMO2 tower portfolio sale, etc. - Share repurchase: 8% acquired year-to-date towards 10% goal. - Operating results: Sequential improvement in broadband and postpaid mobile adds, including positive broadband adds in U.K. and strong postpaid mobile quarter in Switzerland.

Sunrise: Continued commercial improvement with broadband net adds, mobile dual brand strategy driving growth. Telenet: Stable revenue with BASE brand launch, fixed ARPU growth. VodafoneZiggo: Stable revenue with growth in mobile and B2B fixed. Virgin Media O2: Better quarter sequentially with broadband base growth and mobile postpaid net loss improvement. In absolute terms, Sunrise had broadband net adds, Telenet saw BASE fixed customers grow, VodafoneZiggo had stable revenue, and Virgin Media O2 had broadband base growth. Revenue contribution percentages: Sunrise represents a portion, Telenet, VodafoneZiggo, and Virgin Media O2 each have their respective contributions.

• Sunrise spinoff scheduled for November 12th. - Refined Sunrise free cash flow guidance from CHF360 million to CHF400 million to CHF360 million to CHF370 million. - Aim to unlock remaining value in cash, growth portfolio, and other FMCs after Sunrise spin. - VodafoneZiggo successfully issued a green bond for refinancing.

• Competitive market dynamics in telecom sectors with altnets ramping up. - Uncertainties in valuations and transactions related to asset sales and strategic moves. - Impact of market conditions on ARPU and revenue trends.

Q: On U.K. fiber build momentum, is there a slowdown?

A: Lutz Schüler states they have built close to 300,000 nexfibre premises in the last quarter, no slowdown, and Fibre Upp number is higher than last year.

Q: Where 2024 central cash ends up?

A: Unidentified company representative mentions cash liquidity will be in excess of $2 billion, including liquid stakes.

Q: Thoughts on RemainCo shareholder distributions?

A: Mike Fries says they are pursuing value creation strategies for Liberty Telecom businesses, including driving commercial momentum, monetizing infrastructure, and deleveraging into strategic transactions.

Q: Broadband net adds in Switzerland and The Netherlands?

A: André Krause comments on flanker brand in Switzerland having no meaningful change quarter-on-quarter, and for The Netherlands, UEFA marketing will take time to show full effect.

Q: Revenue trends for consumer fixed and mobile service revenue?

A: Lutz Schüler and André Krause explain trends due to price rise comparators, migration of customers, and seasonal roaming exposure.