Liberty Global Ltd. Q2 FY2024 earnings call

• Strategic Initiatives: Sunrise spin on track for Q4 2024, U.K. agreement with Vodafone strengthens mobile network sharing, Benelux making progress with MOU in Belgium and spectrum acquisition in Netherlands. Ventures platform delivered $650M asset sales in 6 months. - Network Strategies: Formed NetCos and ServCos in Belgium and U.K. to generate stable cash flow from fixed network and enable asset-light ServCos focused on customer experience. - Operational Updates: Switzerland saw broadband growth improvement, Belgium executed multi-brand strategy, VodafoneZiggo had strong mobile service revenue growth, Virgin Media O2 faced mobile challenges but fixed ARPU rising.

Sunrise: Had a strong quarter with broadband and postpaid mobile ads growth, fixed ARPU improved for 4 straight quarters. Telenet: Results consistent but EBITDA down year-over-year due to various factors. VodafoneZiggo: Revenue up 1.5% supported by price indexation and growth in mobile/B2B fixed revenue, adjusted EBITDA grew ~8%. Virgin Media O2: Fixed ARPU rising, but faced mobile challenges; nexfibre build ongoing. Revenue contribution details: Sunrise ~20% of proportionate EBITDA, others as per respective performances.

• At VMO2, revised revenue growth down due to slower hardware sales, but EBITDA and free cash flow guidance maintained. - Balance sheet and capital allocation in good shape, with debt long-term, fixed rate, and no material maturities until 2028; cash balance ~half market cap, aggressive buyback program ongoing. - Reiterated other guidance for Telenet, Sunrise, and VodafoneZiggo.

• Competitive marketplace with consumers facing inflation and macro challenges. - Execution risk of complex restructuring into NetCos and ServCos. - Mobile sector pressure from promotions and flanker brands affecting ARPUs.

Q: About Virgin Media O2's fiber rollout, how many fiber premises are ready for sale?

A: Lutz Schüler mentioned they're gearing up but specific penetration rate not disclosed, focusing on packaging and marketing.

Q: On U.K. potential consolidation, how does altnets' focus on loading network affect consolidation?

A: Altnets focusing on loading network may slow build, but M&A prospects depend on overbuild, network quality, and customer base.

Q: About Netherlands pricing strategy, rationale behind 2.5% price increase?

A: Ritchy Drost said it's about price value perception to balance with market expectations, below inflation to keep churn in check.

Q: Thoughts on TalkTalk acquisition?

A: Michael Fries stated no comment on TalkTalk, watching but no current plans to acquire.