Liberty Global (LBTYA) Morgan Stanley 25th European Technology, Media & Telecom Conference summary

Strategic pillars and value creation

• Focused on three pillars: telecom, growth, and services/corporate, each with distinct value opportunities.

• Telecom assets span four core European markets, generating $22 billion in revenue.

• Growth platform includes $3.5 billion in media, sports, and digital infrastructure assets, with six investments making up 80% of value.

• Services/corporate pillar targets efficiency, with corporate spend reduced from $200 million to $100 million for next year.

• Ongoing commitment to unlocking value through spin-offs, asset sales, and operational improvements.

Operational highlights and market strategies

• Swiss Sunrise spin-off unlocked significant value, with a strong market, deleveraging, and progressive dividend policy.

• Belgium's Telenet benefits from rational market structure, fiber build, and deleveraging initiatives.

• Dutch operations show turnaround with new management, brand investment, and network upgrades.

• U.K. market remains highly competitive, with focus on value over volume and multi-brand strategy.

• Aggressive cost and CapEx reductions across all markets, with attention on top-line growth.

Regulatory and industry environment

• Regulatory tailwinds emerging in Europe, with consolidation and investment support gaining traction.

• Calls for less taxation on telecom infrastructure, especially in the U.K.

• European telcos seen as better positioned than U.S. peers due to completed 5G/fiber rollouts and supportive policy.

• Pricing in Europe is stable and low compared to the U.S., with less risk of price erosion.