Liberty Global Ltd. Q1 FY2025 earnings call

• Strategic plan progress: Team committed to goals, making progress in commercial momentum, network upgrades, corporate structure optimization, and capital allocation. - Liberty Telecom: Focus on value creation, finance and monetize network infrastructure (e.g., Belgium's Wyre, Ireland's fiber upgrade, UK's nexfibre plans), and driving commercial momentum with flanker brands, base management, and competitive pricing. - Market-specific actions: UK broadband net adds declined due to churn; VodafoneZiggo launched new front book offers; Belgium saw steady quarter with flanker brand traction; Ireland broadband churn improved. - Liberty Growth: Committed to sell $500M-$750M of assets, portfolio concentrated with $2.5B investments, Formula E with record viewership. - VodafoneZiggo: New strategic plan with simplifying processes, repositioning pricing, investing in DOCSIS 4, and reinvesting in core strengths.

Liberty Telecom: Liberty Telecom has substantial value creation opportunities. In Liberty Telecom markets, including the UK, broadband net adds declined due to churn and market flux, but fixed ARPU grew. VodafoneZiggo had revenue decline of 2.6% mainly due to fixed revenue decline and lower handset sales, with adjusted EBITDA down 8%. Telenet had revenue increase of 2.7% supported by programming revenues and price adjustments, with adjusted EBITDA up 0.8%. Liberty Growth: Portfolio fair market value increased by ~$150 million in Q1, with Formula E now consolidated. Liberty Services: Ritec and Liberty Bloom generate $600M annual revenue, corporate costs being addressed, and corporate cash at $2.1B.

• Lowered revenue guidance for VodafoneZiggo in 2025 from broadly stable to low single-digit decline. - Adjusted EBITDA expected down mid to high single digits in 2025. - Capital intensity remains 20%-22% of sales. - Adjusted free cash flow and shareholder distributions lower at €200M-€250M. - Leverage to peak in 2026 and reduce thereafter; accelerating non-core asset sales to pay down debt.

• Competitive intensity in telecom markets impacting subscriber and operating results. - Potential impact of network strategy changes on CapEx and EBITDA. - Leverage concerns due to short-term adjusted EBITDA pressure.

Q: On U.K. net adds, color on factors like One Touch Switch and market competition.

A: Lutz Schüler mentioned GPLS used more, market more competitive with competitors offering large benefits to get customers.

Q: On Netherlands DOCSIS upgrades, CapEx savings and time frame.

A: Stephen van Rooyen said savings from mobile network upgrade and IT infrastructure, network rollout to get 2 gig, 4 gig, 8 gig in parts of country in next 18 months.

Q: On VodafoneZiggo dividend and deleveraging.

A: Mike Fries said current guidance, evaluate as year goes on, tower proceeds and asset sales to delever.

Q: On 5G monetization and Formula E.

A: Mike Fries said 5G SA has enterprise benefits, Formula E early days with potential to grow and attract younger audience.