Liberty Global (LBTYA) Bank of America C-Suite TMT Conference summary

Strategic direction and restructuring

• Announced a multi-year plan to spin off and list key assets, starting with Sunrise in 2024, followed by Benelux and potentially a U.K. NetCo within 3-5 years.

• Aims to unlock value by de-conglomeratizing, reducing share count from 900 million to 350 million through buybacks.

• Re-domiciled to Bermuda to enable greater corporate flexibility for spins and trackers.

• Plans to position assets for independent IPOs or spins, targeting value creation for shareholders.

• Will consolidate or divest ventures, as seen with the All3Media sale, to focus on core growth areas.

U.K. network strategy and consolidation

• NetCo structure in the U.K. provides optionality to consolidate alternative networks and attract partners like Sky.

• Sees opportunity for consolidation due to unsustainable altnet business models in a higher rate environment.

• Created nexfibre with InfraVia to expand off-footprint fiber, leveraging VMO2 as anchor tenant.

• NetCo enables acquisition currency for network assets and facilitates wholesale partnerships.

• Expects only 1.5-2 networks per market to be viable long-term, with rural areas likely supporting just one.

Benelux and ventures portfolio

• Targeting a listed Benelux champion by combining VodafoneZiggo and Telenet, aiming for scale and operational synergies.

• Plans to dispose of non-core assets to optimize capital structure and cost of capital.

• Sees potential for further value realization through roll-ups or external financing offers for Vodafone's stake.

• Ventures portfolio rationalized around growth thematics like cloud, live events, AI, and financial services.

• Will continue to mature and monetize ventures assets, either through sales or spins.