Liberty Global (LBTYA) investor relations material

Executive summary

• Strategic initiatives advanced, including a reshaped operating model, cost efficiency programs, and leadership transition with John Malone becoming Chairman Emeritus and Mike Fries elected as Chairman.

• Commercial progress across telecom operations in the UK, Netherlands, Ireland, and Belgium, with sequential improvement in broadband and postpaid net adds despite intense competition and pricing pressure.

• Liberty Growth portfolio valued at $3.4 billion, with over 80% in six core investments, and strong performance in media, sports (notably Formula E), and digital infrastructure.

• Significant progress in deleveraging and balance sheet strength, including refinancing over $9 billion of 2028 maturities and securing €4.35 billion for Wyre fiber buildout.

• Ongoing asset sales and capital rotation into higher-return assets, with $300 million generated year-to-date and a target of $500–750 million.

Financial highlights

• Q3 2025 consolidated revenue was $1,207.1 million, up 12.9% year-over-year, with nine-month revenue at $3,647.4 million; organic revenue declined 1.6% due to competitive pressures.

• Adjusted EBITDA for Q3 2025 was $336.5 million, up 1.5% year-over-year; nine-month Adjusted EBITDA was $996.4 million, up 9.3%.

• Net loss from continuing operations was $83.4 million for Q3 2025, a significant improvement from prior year.

• Cash and cash equivalents at September 30, 2025, were $1,674.2 million; total liquidity at $2.6 billion including SMAs and unused borrowing capacity.

• Net corporate cost guidance for 2025 improved to $150 million, with visibility to $100 million in 2026.

Outlook and guidance

• Revenue growth confirmed in combined consumer and wholesale segments (excluding handsets and construction); Daisy transaction expected to contribute £125 million in 2025.

• Adjusted EBITDA growth expected for VMO2 and VodafoneZiggo, with Telenet guidance for stable revenue and low single-digit EBITDAAL decline.

• Free cash flow guidance: £350–400 million for VMO2, €200–250 million for VodafoneZiggo, negative €180–150 million for Telenet (Wyre to be debt funded).

• Services & Corporate Adjusted EBITDA now expected to be ~$150 million negative, improved from previous guidance.

• Management expects continued competition and macroeconomic headwinds to pressure revenue and margins, with ongoing restructuring charges through 2026.