Liberty Global (LBTYA) Q4 2024 earnings summary

Executive summary

• Delivered over $4 billion in shareholder remuneration in 2024, including a $9/share tax-free dividend from the Sunrise spin-off and a CHF 3 billion tax-free dividend to shareholders.

• Achieved key 2024 strategic goals: completed Sunrise spin-off, advanced U.K. NetCo, Benelux fiber, and network sharing initiatives.

• Repurchased 10% of shares, executed $700 million in buybacks, and completed $900 million in non-core asset sales.

• Liberty Growth portfolio reached $3.1 billion FMV, with 75% in seven companies and a controlling stake in Formula E.

• Maintained strong liquidity with $2.2 billion cash balance and ongoing investment in fiber and 5G networks.

Financial highlights

• Aggregate 2024 revenue from European telcos reached $22 billion, with $8 billion in aggregate EBITDA (including JVs).

• Q4 consolidated revenue rose 9.7% YoY to $1,123.2 million; full-year revenue up 5.5% YoY to $4,341.9 million.

• Adjusted FCF for 2024 was $311.7 million, up 191.0% YoY; distributable cash flow was $518.1 million.

• Ended Q4 with $2.2 billion in cash, after $1.6 billion capital injection to Sunrise and $700 million in buybacks.

• CapEx as a percentage of revenue was 35.3% in 2024, with guidance of 20-22% for key segments in 2025.

Outlook and guidance

• Committed to selling $500–$750 million in non-core assets and buying back up to 10% of shares in 2025.

• VMO2 expects revenue and EBITDA growth (excluding handsets/nexfibre), with £350–400 million in free cash flow.

• VodafoneZiggo projects stable revenue, low single-digit EBITDA decline, and EUR 300 million in free cash flow.

• Telenet anticipates stable revenue, low to mid-single-digit EBITDA decline, and negative EUR 150–180 million free cash flow due to CapEx.

• Corporate targeting EBITDA no worse than -$200 million, with further cost reductions and increased MSA fees.