Liberty Global (LBTYA) investor relations material

Executive summary

• Achieved strong operational and commercial performance in Q2 2026, highlighted by VodafoneZiggo's best consumer broadband results in over six years and significant asset monetizations exceeding $1.2 billion year-to-date.

• Advanced the Ziggo Group spin-off, with regulatory approvals and Vodafone's 50% stake acquisition expected to close by end of July, targeting completion by mid-2027.

• AI initiatives are delivering tangible operational and cost benefits, including 5–15% capex savings and a 34% reduction in network fault resolution time.

• Reduced net corporate costs by nearly 75% over two years through restructuring and headcount reduction, targeting break-even by next year.

• Upgraded year-end corporate cash target to $2.0 billion, reflecting disciplined capital allocation and successful disposals.

Financial highlights

• Aggregate European telecom assets generated $22 billion in revenue and $8 billion in EBITDA.

• Q2 2026 consolidated revenue was $1,172.0 million, down 7.7% year-over-year; Adjusted EBITDA was $324.9 million, down 3.1% year-over-year.

• Ended Q2 with $2.4 billion in corporate cash, supported by EdgeConneX disposal and Wyre loan.

• Completed $4.1 billion in financings year-to-date, including separation of Telenet and Wyre capital structures.

• Adjusted FCF for Q2 was -$150.4 million, an improvement from -$201.2 million in Q2 2025.

Outlook and guidance

• Reconfirmed all 2026 guidance metrics for VMO2, VodafoneZiggo, Telenet, and corporate adjusted EBITDA.

• More ambitious timeline for Ziggo Group spin-off, now targeting mid-2027.

• Expecting to drive Ziggo Group free cash flow to EUR 500 million by 2028 and reduce leverage to 4.5x.

• VMO2 guidance: service revenue and Adjusted EBITDA expected to decline 3–5% year-over-year; P&E additions £2.0–£2.2B; Adjusted FCF and shareholder distributions around £200 million.

• VodafoneZiggo guidance: revenue stable to low-single digit decline, Adjusted EBITDA mid- to high-single digit decline, P&E additions 23–25% of revenue, Adjusted FCF around €100 million.