Liberty Capital (GLIBA) investor relations material

Executive summary

• Q3 was described as a quarter of execution: revenue rose 4% to $267 million and Adjusted OIBDA increased 10% to $101 million.

• A first quarterly dividend and inaugural $100 million share-repurchase authorization were announced.

Financial highlights

• Q3 Adjusted OIBDA margin expanded 200 bps to 37.8%; operating income was $36 million.

• Q3 net earnings were $27 million, or $0.68 per share, versus a $387 million loss, or $13.34 per share, in Q3 2025; the prior-year period included a $525 million impairment.

• 9M revenue was flat at $784 million; Adjusted OIBDA declined 7% to $290 million, while net earnings were $61 million versus a $325 million loss.

• TTM operating cash flow was $311 million and free cash flow was $37 million through September 30, 2026; lower free cash flow primarily reflected higher CapEx net of grants and working-capital swings.

• 9M operating cash flow was $243 million, investing cash outflow was $366 million, and financing cash inflow was $111 million.

Outlook and guidance

• FY 2026 net CapEx is expected to be $290 million, including $20 million carried over from 2025; 2026 is the peak spend year, with meaningful declines expected in 2027 and 2028.

• Cash generation is expected to expand meaningfully from 2027 as capital intensity declines and Quintillion contributes.

• Quintillion is expected to add $50 million to EBITDA; upgrade projects are expected to finish by mid-2027, enabling material network redundancy.

• Remaining performance-obligation revenue was $131 million for the rest of 2026, $304 million in 2027, $84 million in 2028, $72 million in 2029, and $102 million in 2030 and thereafter.