Liberty Global Ltd. Q3 FY2024 earnings call

• Pending spinoff of Sunrise scheduled for November 12th, with 99% approval at EGM. - Asset sales realized $900 million in last 12 months, e.g., All3Media sold for 12x EBITDA, VMO2's tower portfolio sold for 17-18x EBITDA. - Committed to repurchase 10% of shares, 8% acquired year-to-date. - Sequential improvement in broadband and postpaid mobile adds across operations, including positive broadband adds in U.K. and strong postpaid mobile quarter in Switzerland.

Sunrise: Continued commercial improvement with positive broadband net adds, slowdown in fixed ARPU due to lapping last year's price rise; mobile had 43,000 postpaid net adds. Telenet: Small improvements in commercial results, fixed ARPU growth supported by June 2024 price rise, postpaid net adds in mobile. VodafoneZiggo: Modest sequential improvement in broadband and mobile losses, fixed ARPU growth in four of the last five quarters, impacted by UEFA programming costs. Virgin Media O2: Sequential improvement in broadband and postpaid mobile adds, fixed ARPU growth of 2.2%, postpaid net losses improved from Q2. Revenue and EBITDA broadly stable across OpCos except Virgin Media O2 which declined.

• Full year free cash flow guidance on track for key operating companies. - Sunrise spin expected to close valuation gap, with implied value per share around $27 when combined with cash and growth portfolio. - Debt position strong with significant consolidated cash and liquidity, debt maturities not until 2028, and recent refinancing of VodafoneZiggo's debt.

• Market competition and pricing pressures in telecom markets. - Uncertainties around the timing and impact of strategic transactions and asset sales.

Q: On U.K. fiber build, is there a slowdown?

A: Lutz Schüler states they built close to 300,000 nexfibre premises last quarter, no slowdown, on plan to meet internal budget.

Q: Where 2024 central cash ends up?

A: Mike Fries mentions $3.5 billion cash at end of Q3 2024, moving parts include venture sales, Formula E cash out, buybacks, but specifics on Q4 needed from analysts.

Q: On Sunrise EV, what's in CHF8.2 billion?

A: Mike Fries says it's a consensus of analysts' valuations, $30 million TSA embedded, LTIPs treated as per analysts.

Q: On VodafoneZiggo to stabilize subscriber base?

A: Stephen van Rooyen says focus on managing churn, using flanker brands, leveraging UEFA and great proposition to drive value and volume.

Q: On RemainCo shareholder distributions and buybacks?

A: Mike Fries says buyback remains important, market cap may change but buyback plan still in play, focus on creating transparency and value for stock price.