Liberty Global Ltd. Q4 FY2024 earnings call

• Strategic pivot outlined 12 months ago, including spin-off of Sunrise, progress on UK NetCo, and focus on Benelux region. - Q4 operating results: Steady broadband results, fixed ARPU uplifts in most markets, small pickup in postpaid mobile in UK. - Liberty Growth: Efforts to provide greater transparency, investment activity over 5 years, and highlights on Formula E. - Liberty Services and Corporate: Commitment to reduce negative EBITDA through management fees and efficiencies, targeting EBITDA for Services and Corporate to be no more than negative $200 million.

Liberty Telecom: Consists of four European telcos (UK, Ireland, Belgium, Netherlands) with 80 million fixed and mobile connections, generating $22 billion of aggregate revenue and around $8 billion of aggregate EBITDA. Liberty Growth: $3.1 billion portfolio of investments in technology, media, sports and infrastructure. Between 2019 and end-2024, invested an additional $2.4 billion in tech, media, and infrastructure verticals, and exited investments returning $1.2 billion with a weighted average IRR of 25%. Liberty Services: Over two thirds of central employee base in profitable revenue-generating activities in tech and financial services, nearly $600 million of annual revenue.

• 2025 guidance by segment: Virgin Media O2 expects growing revenues (excluding handsets and nexfibre construction) and adjusted free cash flow of £350 million to £400 million. VodafoneZiggo expects broadly stable revenue growth with adjusted EBITDA decline. Telenet expects broadly stable revenues with negative free cash flow of -€150 million to -€180 million. Corporate targets EBITDA for Services and Corporate to be no more than negative $200 million. - Commitment to buy back up to 10% of shares outstanding in 2025.

• Market risks related to telecom sector performance, competition, and regulatory changes. - Risks associated with asset disposals and execution of strategic transactions.

Q: General free cash flow question beyond 2025 A: Mike Fries stated market by market, they believe free cash flow trajectory of businesses looks good, with reduced CapEx over time generating free cash flow.

Q: Detail on central services business value and MSA fees A: Charlie Bracken discussed balancing MSA fees and not overburdening OpCos, with expectation to reduce negative cash drag through MSA fees and efficiencies.

Q: Buyback on A vs C shares A: Mike Fries said they haven't bought stock through Feb 19, with anticipation to do buybacks but no specific disclosure on line to use.

Q: Handset replacement cycle impact on mobile operations A: Lutz Schüler stated O2 focuses on premium customers and ARPU, with giffgaff as volume brand, and no immediate acceleration expected from handset replacement cycle.

Q: UK telecom asset value and infrastructure selling A: Mike Fries stated they will demonstrate value through transactions and strategic opportunities, with belief in higher multiple for infrastructure and free cash flow potential.

Q: Spectrum position in UK and Sky contract A: Lutz Schüler stated details of spectrum and price not disclosed yet, but spectrum investment puts them in healthy position and supports long-term relationship with Sky