Liberty Global plc Q3 FY2025 earnings call

• John Malone stepping off Board to Chairman Emeritus role. • Key highlights of Q3 results including sequential broadband net add improvement, Liberty Growth portfolio details. • Operating companies implementing commercial initiatives and network improvements: U.K. with new bundles and 5G rollout; Dutch market reversing broadband trend; Belgium's Telenet with multi-brand strategy; Ireland's Virgin Media with fiber offers. • Liberty Growth portfolio components and performance of Edgeconnex and AtlasEdge data centers.

Liberty Telecom: Strong third quarter with sequential improvement in broadband net adds across all 4 markets. Refinanced over $9 billion of 2028 maturities. Liberty Growth: Portfolio value $3.4 billion, with 45% in premium media, sports and live events, 40% in digital infrastructure, and balance in tech portfolio. Liberty Services and Corporate: Undertook reshaping exercises to drive cost efficiencies, reduced Liberty Corporate headcount by ~40%, expected $100 million annualized cost savings. Virgin Media O2: Revenue decline 1% (excluding Daisy impact), adjusted EBITDA grew 2.7%. VodafoneZiggo: Revenue decline 4%, adjusted EBITDA impacted by revenue declines. Telenet: Revenue and adjusted EBITDA growth impacted by prior year deferred revenue benefit and sports rights decision.

• Updating Virgin Media O2 revenue guidance, confirming growth in consumer and wholesale revenues, reviewing Daisy impact. • Improving Liberty Global Services and Corporate adjusted EBITDA guide to $150 million in 2025, expecting corporate adjusted EBITDA to halve to ~$100 million annually from 2026.

Q: Congrats Mike, on the new role. Maybe a question on U.K. fiber, buy versus build, cost.

A: Mike and Lutz discussed U.K. fiber upgrade, market competitiveness, and open-mindedness to consolidation opportunities.

Q: Question about Dutch market broadband, competitive dynamics, ARPU.

A: Stephen van Rooyen talked about stabilizing broadband adds, mobile position, and focusing on plan to reduce broadband losses.

Q: Question on U.K. market competitiveness, ARPU, B2B.

A: Lutz Schüler discussed broadband market competition and ARPU, Charlie Bracken addressed B2B growth and O2 Daisy acquisition impact.

Q: Question on central costs and valuation.

A: Charles Bracken talked about cost savings, payback period, and EBITDA multiple valuation.

Q: Question on why Benelux markets first.

A: Michael Fries explained Benelux market rationality, balance sheet work, and progress in executing Sunrise-type framework.

Q: Question on U.K. guidance and Telefonica.

A: Michael Fries and Charles Bracken clarified guidance and alignment with Telefonica, discussed O2 Daisy and financials.

Q: Question on refinancing currency and rates.

A: Charles Bracken confirmed currencies matched and fixed rate swaps maintained.

Q: Question on Virgin Media leverage.

A: Michael Fries and Charles Bracken talked about leverage objectives and organic EBITDA growth.

Q: Question on political implications.

A: Michael Fries discussed positive industry reception, growth-minded regulation in U.K., and green shoots in markets.