Liberty Global (LBTYA) Morgan Stanley European Technology, Media & Telecom Conference 2024 summary

Strategic direction and value maximization

• Focus on closing the value gap through asset sales, buybacks, and spin-offs, notably the Sunrise spin-off, which increased market cap contribution and delivered a tax-free dividend to shareholders.

• Each market is evaluated independently for value creation, transparency, and potential monetization, with no asset considered untouchable.

• Ongoing share buybacks have reduced shares by 60% since 2017, with continued buybacks planned as part of the value strategy.

Business performance and market outlook

• Fixed broadband business is stable with ARPU growth in key markets, while mobile faces competitive and CapEx headwinds.

• 2024 guidance is expected to be met, with EBITDA and free cash flow as key metrics.

• 2025 is anticipated to bring regulatory relief, sector consolidation, and the end of the CapEx cycle, supporting free cash flow growth.

Market-specific strategies

• Benelux: Independent evaluation of Telenet and VodafoneZiggo, with potential synergies but current focus on separate optimization.

• Belgium: Regulator-supported fiber sharing with Proximus aims to maximize network utilization and value.

• Netherlands: New CEO at VodafoneZiggo tasked with revitalizing growth and differentiation; DOCSIS platform seen as viable.

• U.K.: Market consolidation expected, NetCo separation seen as value-maximizing due to low build costs, scale, and robust wholesale market.