Liberty Global (LBTYA) 25 Jul 232023 Q2 Earnings call transcript

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Liberty Global's Second Quarter 2023 Investor Call. This call and the associated webcast are the property of Liberty Global and any redistribution, retransmission or rebroadcast of this call or webcast in any form without the expressed written consent of Liberty Global is strictly prohibited. [Operator Instructions] Today's formal presentation materials can be found under the Investor Relations section of Liberty Global's website at libertyglobal.com. After today's formal presentation, instructions will be given for a question-and-answer session.

slides company's the regarding harbor of statements. forward-looking X details safe the statements Page include within that including forward-looking the may other outlook presentation Today's statements prospects growth historical Litigation with to and Act facts. and expectations future Private and the Reform of not company's XXXX, statements the information respect its are Securities of meaning

detailed could forms or These XX-K forward-looking risks change any is based. in forward-looking those XX-Q to statements expressed recently the implied differ the its Exchange these results Liberty filed these Global's Securities to include such statements involve statement Commission, Liberty any those reflect in cause certain with and which in Global filings obligations disclaims on including any materially actual risks to of expectations These by that statements. amended. and from any update or as conditions most

to I call the would Fries. over Mike like to now Mr. turn

quarter welcome, we'll presentation Okay. Charlie support headlines and and the And key for our Thank remarks are you, our into quarter, Slide and the creation questions, of operator, our all prepared everyone, on value will with and X, investor to right I'm follow. as course, I strategies. from some time call. going jump of which, second beginning core to discuss,

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articulation asked of the we've clear narrative, for of right have top a Now slide. some at that summarized this which

strategies. involves it main For X us,

transparent crystallized can equity businesses shareholders. of we're core inherent for and what First the to equity we or focused is benefit of value operating the that maximizing that, value ensure our all, doing on of

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balance into for about that Now growth support the at second. actions revenue and pressures diving talked XXXX. pricing through just to importance We've out a the OpCo of inflationary level

the price in customers As markets, of been a in notified mobile the now, taken this some are subscriber rises you respond, XX% in have core and of in results already all X% ranging you XX% have from can X U.K. a high would we low to have noticed of starting see to means And that to extent in and to our fixed which quarter. Switzerland

of good with we board; X here, rotation, of yet largely benefits and churn those the realized reactions two, we One, though: and price been while absorbed price news subscriber not across the exactly that rises. have pieces we've what financial expected have consistent

in case for in rises will and fixed Switzerland, majority the the in just In materialize Belgium, the vast Holland second year price of of example, took of VMOX, the and half price the effect July. rise June

thing. So the same

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management will these and remain smart, of investments makes include committed where disciplined it also sense. to exits divestitures We which

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both confidence a our material structure in which our program stock, that announced we buyback demonstrates our increase Today, and capital a on our in in second. more

helped several initiatives. And turbocharge recent to developments these then finally,

we offer, and tender balance in get acquired in round XX% of the the Telenet of those over first First, September. to we our expect of shares

the As this business. support we of encouraged financed reminder, credit their from purchase our progress their stake, quite by and a with Telenet solely we're side on infrastructure

premium We're market both thrilled you for the we portfolios U.K. voted. for received finally, and tower we're those could expect also we the Dutch potential what with overwhelming multiples. Bermuda. move monetization who of support exploring of Thank And our to be

reminder, and and financial our our a share day-to-day to our is What with that create, business change ability will transactions, to not value deal Board, help this investors. and us a corporate at tax-driven FMC occur. reporting or our listing, changes financial crystallize pursue particular no the in level will OpCo As is our our will

on posted busy they some already develop. these We're and those we'll ideas, on keep as you of

program, of detail X. buyback bit we the which mentioned Slide I our more a in Now acceleration on provide

mid-August, X.X% First that of outstanding last to XX% all, XX% level from increase. we that you'd know activity, end our to pay would minimum shares the through our the attention increasing reached of week, a And the hence formally probably XX%. that commitment is headline purchased the and of of by already we're for have about those

million end even X and achieved. reducing And minimum nearly a level to a XX% we've shares XX% simply is year, than this minimum, consistent the the to at the we of reminder number that from the on XXX is last assuming X left That's market chart the right XXXX a the reduction. beyond of is been over outstanding go XX% how on the years, of beginning depending the XXX less million Again, conditions. to by reserve

our Charlie, hand I businesses. X before I'm quickly through going main And it operating canter over to to

financial In just X. of call mobile I'll a and quarter, You'll per commentary and interest beginning one high-level information in picture, try we've each that on strategic broadband this some few to market results, brief updates. macro out on see slide quarterly time, provides VMOX that things included some market, the our postpaid with the Slide

challenged the picture and the in still with largely perspective, remains U.K. X% from a stagnant. around economic market GDP growth, Now inflation

I though, XX%, XX% we fixed the rest As raised of the the And to see the we of with how majority should and in those This mobile second of line because respectively. specifically largely year. the it, sector. mentioned, prices of through in was do half we vast benefits build both

footprint. postpaid fixed was continue rise strong a and to That greenfield in in and mobile wake we're the fixed but plans as our maintaining price a of soft lowest brand for churn Giffgaff, territories, OX was to mobile well. to we launched market whole but quarter, quarter in in continues announcements, the the its base just slow adds grow ads contract continues our a The broadband gross across own the share of the see grow which

both that some grew Financially, improvement details. pricing front for in to those EBITDA the into growth. actually and revenue in fixed we've seen exclude reported add improvement VMOX you X%, X% a but sequential we're get will quarter construction contracts. Revenues book Charlie nextfibre closer modest also I'll mobile. in both and the when

contracts. well we lead around over with to to revenue delivered from the X.X% XX.X our shine, market and X.X% homes nextfibre X% and of executing Strategically, grew like country's make quarter, XXX,XXX network, fiber in gigabit the target we million million. X.X against BXB year-end point In are we fiber for Mobile the the homes in our meantime, benefit continue the to in if largest and or But plans X.X% is really extension adjust you continue today, that growing we EBITDA think future. to today. a fiber reaching We speeds. because critical upgrade

outcome you consolidation, strong we're as that we're U.K. and they approved. open the market And we're should that be deal exploring deal needs and the monitoring As in might space Vodafone to the evaluating expect, with the arise. finally, consistent our X monitoring view AltNets' opportunities win-win

to Slide Sunrise with The X. in Swiss June. on macro more continued moving of than benign environment inflation is X% less low Now

of second we All July been half price our which flagged will have As growth. very the take customers implemented in earlier year, in first support we and effect rise informed. X%,

and so far, and call the well have churn sales within been received fall really And volumes numbers expectations.

said to to recently this announced Salt price They their a take rises hand, other price clause X% own Swisscom the don't Now next. on contracts. CPI has intend while added or rise. year their they mobile

intensity by alleviate during under with price the growth pricing we're did what the quarter, which X%. negative base, broadband improvement in promotional trends rise right the the fixed of circumstances. UPC should the the over calling the quarter. an in year. strong together still our market revenue was Now balance impact but That's customer postpaid growth was of QX But impacted first our

in Sunrise key to feel driven lower good a fiber-to-the-home And network and like perspective, Swiss existing Strategically, lower underpinned brand we're and Meanwhile, we our part the and a the network hybrid in sequential our to also our growth agreements from share about QX, wholesale strategy, Swisscom successfully and quarter benefiting initiatives SFM. ability capture EBITDA labor over partnership on that's moments. with improvement continue from additional executing a flat, Key what to take with call cost was really we broader costs. number HFC of we've portfolio. Sunrise benefiting our with our from and by

All inflation in of in X% a steady Western with broadband also a in rise Slide around declined slowdown also Belgium confidence IT countries, mobile wake subs seen and price QX, implementing stabilizing. rises, like some market June June. announced many migration part X% a Belgium in have operators in increases from with in issues. campaigns the taken due on Now postpaid consumer but European has to price And in X, decline to Telenet from

some mobile will mentioned, of Financially, EBITDA the the settlement as the both and rollout supported see particularly with BXB, and as up build-out as revenue partnership quarter, also we're by X% margins we Fluvius. fiber opportunities. potential in one-off Strategically, X% I great new a was utilization high but Wyre, that high grew called pleased strategic NetCo and with and financing well support Telenet's for

in with the reaching also price one operators when regional all finally, inflation and taking their increases largely hand, possible. then in June. Holland, And high focusing in remains areas has under rational market build-outs discrete to On single-digit largely started fall, fiber X%

broadband on announcements, though in mobile hand, quarter. aggressive book remains fixed impacted driving timing a results postpaid be to other price the with our Meanwhile, the growth of continue revenue rise mobile negatively which service the the front figure. together strong, KPN On adds X.X% pricing,

significant strength, tenth strength services mainly In to and In driven BXB from go and delivering and ninth quarters fact, delivered growth. positive and FMC increased households of continues customer NPS BXB to SOHO. mobile both their SIMs and consecutive benefits by loyalty QX,

wider the by new customer proposition EBITDA higher And strategically, and in impacted the inflation, next continue Champions and On invest front, still more particular, year. costs. added energy then being the UEFA in with we apps here League starting financial OTT to wages rights

So a we highly remains penetrated in differentiation market, and believe competitive key.

as globally milestone, noting deliver the confidence our per over pretty HFC strengthens and continuously DOCSIS going should that and evaluate operator, also a to in first also we that, that partners worth our It's X.X I underpins notwithstanding second And X.X ensure were VodafoneZiggo forward. position. a speeds technology and strategic trial. you a DOCSIS That's think, for a its live it key market XX-gigabit we us big assume to options

a that's Charlie. turn I'll of markets, it core and you, roundup to X over So the

sets and companies. for each slide out next The key operating of revenue our EBITDA quarterly the

full of effective expect the and acceleration in discussed, increases half in of second we the QX companies impact Mike various becomes our largely As the fully in an year price QX. as growth across the

the revenue reported a basis X.X% growth. of quarter, on VMOX For delivered

growth impact supporting revenue VMOX strong service nextfibre revenues, X%, revenue the revenues of rise was our Excluding price pressures. with which mobile offset mobile fixed construction

build revenues coming stable quarter see VodafoneZiggo in consecutive We growth. mobile line trends and the ninth in as continues half. expect in price improved its mobile rise the to revenue the offset business strong in sequential weakness QX fixed marking by the quarters, supporting Dutch consumer impact fixed second with service of top BXB of the be to delivered performance

support Switzerland second QX in to And our as slight July the as pricing price by impact flanker continues half. We of adjustment UPC strong by X% in continued decline to top brands Belgium continued of support adjustment which from implemented in to support ARPU XXXX in price X.X% performance. driven mid-June delivered half. growth revenue performance expect price trends revenue across fixed right revenue to expected Sunrise a saw the the consumer has a performance. QX, partially revenue brand line around fixed is on fixed pressures offset all activity adjustment in second the X% the is

adjusted million quarter. of in QX the to our to EBITDA performance. cost despite $XX on VMOX Moving growth EBITDA delivered capture X.X% OpEx

X.X% in EBITDA nextfibre construction contribution, the the quarter. Excluding grew

by of the adjustments further year. expect to support second also to the trends with synergy the driven half expected be of price realization the our We through EBITDA rest in fixed from timing build

VodafoneZiggo in a both improvement some The energy saw by one-off Telenet of expected of modest reported saw settlement QX. anticipated JV X% driven by EBITDA an X.X%, of decline headwinds from Dutch EBITDA And sequential from contingencies. growth and benefit in driven wages. EBITDA inflation

June Our price adjustments the the second of will implemented year growth as in support did last half they in year.

improved central UPC EBITDA reductions in offsetting activity. right pricing and revenue in from OpEx point capture, stabilize finally, saw continued to an profile OpEx Sunrise EBITDA. due driven the QX by a on And headwinds cost

quarter by accounting and Horizon and our this reported driven our change You market third noticed and our developed parties. results. may is filings ES to have intention an there is made This central to sell platforms plans internally impacting in that

As a now of proceeds our require the includes to parties applied from reduced rules book developed to zero. against that Media actually be net Virgin licensing developed accounting software balance received internally is the result, any VodafoneZiggo, software will and which capitalized that OX until value third in internally

we the proceeds continue arrangements. change, regardless Now these required, of accounting see is which to from cash

cash So our In on spend QX added net isn't million from FSAs the result, including impacted. appendix, the nonconsolidated shown impact with we've as $XX proceeds net central a entities central in results, back. our

no change. change as from central to continue spend our $XXX central we to in target previously, indicated And net spend presentation discussed I as of accounting we And this recurring net QX, $XXX there's overall, million to million.

Turning of cash VodafoneZiggo. million $XX first core $XXX $XXX their from the VMOX capital in from our On slide. line the All of markets recapitalization including intensity of of respective year with guidance million distributable to flow reported delivered allocation from the our distributions delivered ranges. capital basis, full a share in half, million distributions we and

profile We continue a on TopCo the strong debt next to the I cash at just that is years. maturity around and on to we around on to provide balance both dive a balance, have operate a debt reaffirm average X of under deep basis sheet. on to consolidated a our billion currently top. our fixed debt and slide liquidity with a $X billion substantial RCF on at tenor our $X the wanted All and sits further

swapped and also cost level fixed any debt our all around to in, date our have X% fully companies. fully rates mismatches. currency and We blended interest All X.X% across all of swapped around our consolidated at a sits

refinancing can chart, material maturity first maturities debt U.K. This a optimize further healthy the out cost. to profile, are you the extend mapping As our our largely see provides in as period duration in debt well find from to this XXXX right windows debt as refinancing the long our

you a verticals. X our can split slide, of the next On see into ventures portfolio breakdown

fair principally of approximately by as market of in tech fair This of driven in well balance of a of an is $XXX valuation quarter updated $XXX valuation the market reduction X billion. value of million to million of some listed $X.X a our This securities decline value as saw our investments. a bringing the

first is the pillar of over XX% content The which our pillar, portfolio. value the represents ventures of

sports a from webX and as emerging hold ranging stakes next-generation in production to studio advantage of of well businesses content number selected taking as players we Here, strategic operations platforms. gaming

portfolio, saw recent reflecting This the in in decline of slight the quarter, the the price. a ITV we share value decline content primarily

of pillar, technology representing total the our portfolio. XX% is ventures Next around

advancements AI, our technology essentially generated pillar adjacencies continue into cloud with early-stage hold optimization. the invest of and security the at back of in being and to in straight forefront self-funding FMC Champions and digital is technology We The are emerging strategic that service companies reinvested the proceeds product pillar.

reductions valuation which We a security some home do and have notably Plume, technology; Lacework, provides quarter, in cloud this platform. smart

which mentioned companies, main Bridge our digital assets: vehicle and build such our business. U.K., with our to infrastructure XX-XX concentrated the fiber to thirdly, center to currently around greenfield in homes. X before, And million is Moving X X data nextfibre, Digital infrastructure our we've EdgeConneX AtlasEdge, million as pillar. plans JV then This build

be execute first in solar race the and Supplementing its our pillar, the growth trajectory. of business with emerging to movers companies continuing one along energy in these transition emerging we energy the strive to

And a stake in our see outlay of then limited on finally, for XXX share in recent reduction our we we million stake, fourth is Vodafone. had financial X% price GBP pillar, in only our the within stake hold which weakness Vodafone this the in pillar, remind value quarter, we do of Vodafone. given the a our investment. And capital To

our time the collar structure of through hedged the the downside is at risk we However, implemented investment.

for this is reconfirming of guidance distributable $X.X our And group out cash our we is our also And FX are gave when with reconfirming on this we Finally, on key based of our companies. that, to guidance. set slide. rates We're this of last February each in and flow, over original metrics operating operator, guidance billion questions.

Instructions] Bank. the Grindle J. from with first comes [Operator line The Robert of Deutsche question

the to it parties. this approval a all as opportunity? sudden, now to certainly well move sudden, appears all OpCos? why it third Bermuda? indeed, why between for triggered very third-party of Is the an of lengthening and the a opportunity. as It [indiscernible] as exercise logical And of arm But is a if is central an and post

all. accounting Robert, first change at all, no there's intention that of or in correlation Bermuda particular between

this right manage our think and for spend central is looking to to about central opportunities costs. way the think always I we are

Deutsche us help to provide do assets an know way. Infosys, in companies into services example, with in entered to arrangements past, cost-optimized and the so would we've sold and that or efficient Vodafone we've that for Telekom You to like companies

and potential to what I an into monetizing sure of that. and relationships intention, really about expanding think consider we idea it's platforms. beyond wouldn't like think thing this in So have the the context we we is the investment that that, world-class not might much a are read too perhaps way

happen ways you we matching to at stick can, when central short the else. platforms. our just of not to here it never anything spend optimize doing the what which to It's for always over told at which we really services the is assured, in exactly time. end comes looking It's revenues costs center, we're you sure the we're And to related will continue to and rest do, us be would

And could outcome of think into premature potential change, we've it anyway, much Quite to it one I think this a there's bit but be that. accounting don't I frankly, more make read it's done than that. the to and

The of Murdock-Smith from comes question next Carl the line Berenberg. with

wanted movements in ask just to the about ARPU U.K. I the

So bit, XX% about quite it's you've to it price ARPU given but X% a decline. talked the see surprising increase, a

various So parts you I if us moving just the wondering was with there. help could

how XX% to customers much So with? by the due percentage XX% begin of switch kind of spin then having within increase price is due TV customer actually the impacted base swing, not due How is off? that the increase? offers, how to special And to How much kind switch to much is was price down? to telephony off? kind is due on of And of much what

way small going you of mentioned that that. -- Lutz, of last you increase price address to worked color? where June as relatively XX. is let comment that the through P&L question there actually Lutz But don't provide the percentage you've Carl, answered your a Yes. additional own why its But in I'm flown

Yes. Carl.

the right this we and different year So to April price of all, across May ago, letters year. first out set a

the therefore, of in QX. effective So customers only became a fraction it for

different it customer. we to more who is a So three time that have ago. deal year last it's customers were year, have every rise see out the of with of you the two, And one, discounts. contract therefore, part one. Number that will that, that's We price to did XX,XXX right? materializing. That's price apply rise customers, to number the with during mobile only that lost limited number topic majority So TSMCs, course we -- the broadband our the of number their context, different consciously to And customers is to can maybe the will of the directly where have situation react us. in be

that QX. So our you already churn has into the therefore, in case, materialized see

will rise And see course you the so QX, won't the higher during happening of QX. price a materialization see anymore year, that the of in you and

Just to that. one thing to add

our XXXX, plus contracts now in way a into same that Going raise other in operators and the contractual CPI right prices have. the market to that BT have say a we by

choice. is in other for operators, a have other contractual they the us, year where So customers last don't Whereas arrangements have a with this choice. really

a Carl? the will So be that help, Does have contracts benefit because changed. in XXXX that

That's great.

The Societe line with next question Ulrich comes of from the Rathe General.

the stay please. I Yes. I the was you're I seeing. about the with was of churn sort -- if U.K., that broadband wondering

growth new you the think I footprint. mean the stable, sort I remarks seen there material in also that prepared of the which churn. still would BAU in mentioned footprint is quite have as sideways would that goes assume

the it's drop-through? drop-through comment or about mitigate sort just effect wondering prepared did said with was to at it sort quarter of of line to this leads the least effects expectations And there? the incentivization could have kind outside. Anything give you what to from the on you of given this customers steep how pretty looks unusual Now remarks. I you in that in

to take want you on do that? Lutz,

Shall I do Mike? this,

Yes. Yes, ahead. go

So a things. of couple

for growing number. with but yes. coverage. churn new existing assumption think the internally, we not are the So the number significantly Actually, churn that I because it obviously, in say you're coverage what disclosing lower material the we have your wouldn't think, is as compared our we I so, that right planned Is you to are higher is

less. much and more manage much, the much on do we how So level. churn? we sophisticated year, we This it impact advanced do is And think a

product mean of customers across all with have sets. visibility that? We different do I What all

then AltNets. And Openreach, So promotional we the broadband areas right? these we have customers how they in voice So they only, are Are then overbuilt period? step-up are by with in broadband And voice, us? customers. and and of long overbuilt by offer end whatsoever. Are tenure, broadband where [indiscernible] video,

recent benefits very in were have are understood we months, we in we managed offers the every also now balanced balance very to this the very specifically. between targeted to target and therefore, therefore, during for come also therefore, up manage to position in good And it that with a are subsegment And for retention And we way. always and a revenue the to a churn come. the very have position, feeling

much much, level more a previous that's and than advanced sophisticated So year. I helps. hope that

you way Could in quantify helpful. That's that any at all?

think do today. I don't it we

going we're Yes, provide to information. in past. haven't I we not the that mean

not So to it we do going are today.

The comes Sachs. from next with line question the Yemi Falana of Goldman

U.K. fairly appears well litigated. the been It has

effects should fixed KPIs? you as some around of? are of some could from approximately double-click flat it need on any from weakness Is to was a result, that you flagged pricing your you dual return one we aware front to benefits fair competitors. that Dutch expect book to So from maybe related say and So other then area here? there base Or to volumes a be more normalized pricing

the took year. the their who who tried book took felt I let we front point was this more a later year and and to to the there the was whereas main we the CFO that KPN increases reduced early year, on point in in in the whammy our with main make price increases price detail. quite double I'll try Well, call VodafoneZiggo think make, Ritchy, we address we of is But

to what they on which amount view us, their said despite is And them. intensity of -- so was a promotional by our largely driven fair call, baffling

increasing the is their what they've broadband book lowering year. adds and the we it and the that pricing, respond done, we've address any to until we you how in had through of manage which is churn. versus midyear It Ritchy, have, we can, early that you so and I do our gross And to raise want to would impact front circumstances best prices not approached would the further? think effect then think but which prices

Yes.

. Having in perspective, kick said, The net also I but would look to well add think through price the they'll only it's quarter. I the the one right pricing. need in is an levels get the that add levels thing from front gig then to said compared third is or there expectation development also needless do. say that, the terms the to if suffer that's -- rational broadband I we Mike. And ARPU at like have still to the to pricing be compared to IP and we not increase maintain going KPN's the the you today we thing let's do market, premium which back think because in let's forward, to of, say, say, more the book, book have performance. And should, in,

way, the was Our X.X% by price increase was X.X%. their's

third So Yes. that was maybe a [indiscernible] lower increase. price

The next question comes from the line of Polo Tang with UBS.

and Switzerland have Telenet. a main on on question one I follow-up

bit about saw the a move? rise? reaction the of coming your And to And Switzerland. maybe in think of quarters? comment the soft over the adds net on continue should maybe should Also, profile Sunrise we about detail QX the in we you QX. to price talk in reception Can X% more terms expect you financials in you can Salt's Just price of how that

a rise, appreciate, question, the you're the I QX price That's from actually in up first closing the in given You brands? Should QX. got big of UPC terms we the down lapping get in drag financials step Switzerland.

hinted Telenet listed in be quick call He a come mentioned going that Just in Telenet different Porter the may Telenet form. forward. remarks, because that one in earlier could back John a not closing his on

VodafoneZiggo on you also maybe a revisiting merger? So was the if this a wondering talk about and I Telenet, could you just maybe expand and on give merits of view this

wants visibility André, address half Sure. I'll address issue on; price and around financials. and the Switzerland to the And increases to second second whoever who's Charlie, one.

not Telenet aware, those something On hopefully in intend think, XX that's question, the we And XX company years, delist September moving the be forward. after, I may who obviously, for to years, like that.

no that's he suggesting -- there I'm should meant. confusion about nothing that, not what So and be

outset of the OpCos include the any consistent of that moves, every my said may to much at terms equity maximize to listen, at of anything. value are with going opportunity and In future our I've remarks, look we what pretty

Benelux certainly several us of different in you the or opportunities And at possible for combinations it's that region could so things nature. that contemplate or to relistings look

it's mean So that to I don't scattered. suggest

Our that give saying what certainly, discussed here ensure we to good to. going you we we look simply But I'm are are I we're at businesses, sit are was which what businesses is clear. best anything as thinking nothing. in referring to virtually at extraordinarily from today. all I'm in valued sure what to options drive he can't our we the the specific can quite as believe markets, today exactly not shareholders we've past, think visibility best being value Europe's to

just wait, André, we our keep any But like more tackle will options things I you -- give can't could you Swiss specifics we'll focused do wouldn't perhaps, open, be So on Polo. which I that, surprise to question? wouldn't certainly you you, nor he. the want

Sure.

the pretty So it's firstly, far. so price well on rise,

regards impact customers We step relatively out. have to wanting to or churn little in seen

what price this at in our to mentioned to when earlier, fact, a XX their price have the time customers, that is Swisscom have CHF year. moving. rise. been they do one have In month we price decided, not rise we They which market have same the stopped Nevertheless, now per they first a announced Mike stopped the offer improvement. as

time. same has price at our in the comparable fact, So Swisscom improved to

tactical termination has look you softer But customers that still let's So our would lately forget with their to rise an benefiting Salt not into tried weakness after was say. net some if had announced us, negative additions postpaid at poach and also our liquidity and In the only really I from some which us, meantime, have expired. are would about than extraordinary over net X,XXX additions right from from before. the numbers, price hurt high QX not that extraordinary quite was strong customers flow the QX. QX to that of our fixed the benefit I say, from

high as churn so in as if price performance worried the was in-year we terms really far, that I inflow but higher, somewhat at would the we not not were So rise. look was soft, of the say

of quite what we terms I'm seen far. overall, about have so in positive impact So

QX. mentioned, of to that at as end, impact flowing may roaming you here, Now still softer again, we into will quarters having the more year? So have second that tariffs. charges are same into in are see improvement And is impact our see some as incremental -- will second price see rise numbers, and such, into sequential we the we QX lapping half impact time only year their lower expecting And roaming the packages the from more QX from routed half the customers roaming. through. the

as sequentially that QX guidance answers reconfirmed expect and and year in that financials your question. QX improving would at we making the full But of Charlie should see beginning. hence, hope also trends terms I the

Harrigan from comes question the next of The with Company. line Matthew the Benchmark

people in time? the with you're lot kind all-fiber point. the like the of bit that fall minus direction is the us if XX CapEx know a a the focused fiber-coaxial positive on are Since policy. just arrows the down of on you more of give directional terms to I the than right little able that in in one on It But point and at moving feedback, in state a very could get you're of feels hybrid little now gigs moving development reticent some sales EBITDA be kind had helpful? I'm also maybe assumed just would you're initiative a very U.K. that the out of analytically that CapEx, steady what then curious, as percentage

working activity is in off here. there's balance the "fiber" a lot things U.K. sheet. Matthew, the of A few Well,

U.K. us are Slide in So asset, we would seen the investing as mobile an intensity think for are XG in intensity you CapEx capital of you improvement XX, gives although because we've numbers and pretty expect to. the showed steady that, that the obviously on Charlie in which I each But the state.

term investments as this next believe these trail capital off. whether Now peaking that's assume intensity or declining year longer we you year, is should

required already. decades a new doesn't point, meaningful point, have completed some term. X investments And longer there you have investment maybe unlike that new be you network. necessary. the technology appear any in network done or that or to At prior years, structure XG We've prior At fully X markets be your of new or would upgraded some

So we term. would see declining capital longer intensity

I think that's a safe statement.

to peaking -- But off to and of levels, you in months next anything right Charlie, today, kind get in this we obviously, levels we're XX those the out do next add XX are at probably where financials. that? XX the can of want you to

say, extent, as digital and investment I you that's the transformation. to in cycle some mean fiber upgrade the the No, the we're is XG, right.

I rebuild, these levels. et Mike mid- out. be high would I got potential it it teens But would guess will But are big for cetera. few Telenet, years. think forget sounded example, cetera, will et elevated So to a see right. a that where where settle take Don't has pretty I

The comes from New of the James next with Street question Ratzer line Research.

back of love just rise the love KPIs specific the this the to if to to of XX,XXX, we think could the in just saw swing And VMOX, third and if broadband isolate how price and almost we kind given we topic I'd we come change what particular, quarter? in more saw in rate in kind is of adds the of can, bit just looking would again, at net swing and the in the in a you quarter. could rebound a XX,XXX of I'm VodafoneZiggo and quarter much

the within closer expecting in kind the back of is and Given evidence from finished. We those now of already in that can to XX,XXX markets to churn in flat that suggesting seeing went should July? Netherlands? mean that price something with U.K. plus and you're that rate run And QX. you we impact a in I early are I think be go the rises,

to broadband. not you're speaking question I just I your James, specifically understand broadband [indiscernible]. make sure about and want

yes. Oh,

adds. net The broadband Sorry.

Yes. listen, refrain forecasting. to And I from do mean, we and tried we refrain quarterly

we're think safe QX of balance the we the But take than year, That's the QX. that here. the the obviously. in U.K., going place intention, as look our the base -- to to better market to it's be and a And assumption in I not like so we intend QX

and were assume look clear any market impacted specific to that the And that, draw X% price sizable, as can do you in the OpCo those not But certainly you We've the were you particular rise in guidance which increases quarter by But give numbers guys taken I'm X%. mid-teens the X%, in was announcements, conclusions. can it given either. we each and this in guidance think Holland, I we going one market, provided, never X%. through almost month

well we big in think us increases, thought intended also the out the over effect some period. the are increases, large had long which for be historically of play but financially These what we term, would churn driving

just leave I it we'll So that. at think

customers try there fact that or contract. move Or year? living still cost seeing half then? operator the It a Okay. your Is out you drag half second be issue back of example, could maybe ask impacts you year? can like issue? of hold mean, increased could to the of in could, that think Mike, the net in do I qualitatively it of more I competitive is for the the adds other are back a

in or the to a about on trying is market think of from point competitive price view? just through there anything once -- more contractual I'm going structural rise, the whether we're

set tailwinds. in environments. Well, headwinds competitive market every of and is every market we operating has and/or different a are different And

don't thinking we're the was think and products second competitive give extraordinary markets hopeful services And and competitive simple this to are and And is the of everything of its so you away that not walk year. impact for we guidance we except and in rosy. half call with to competitive say from QX going These better are results that pricing.

drive is might you want think to one decides I or the that here on they're lead type. thing don't another not fourth doing then something happens irrational that of that's in pricing again favors, you KPN or We going market this in a to say, to I because But any believe, also units make July XX and decisions quarter me simple equation. that and

to leave these can't I don't and I focused and want pretend manage we're So them our can value. We it that. as I'm competitive best optimistic, certainly think think you those we at predict on that. to price that we markets. can I I to just stick all mean just things. but And going business aren't know own

only not thing and said have an letter. extraordinary The right? can is, before, days XX And guidance right, the got for I right? giving I customers cancellation they right, it any I'm add U.K., after

of rise So living into after. there's feedback the therefore, on there it price crisis And materialized the before entirely QX. cost a and one was

double higher know internally the that from the a churn the don't planned have we are I you back was with working what price actually from previous rise of but is we models the that rather maybe helps. modest, churn that think therefore, size So with, on yes, impact year.

Georgios The Citigroup. Ierodiaconou line next question comes the from of with

on the of around them the one news term. And mentioned changed clarification, some obviously lot space there's -- hands. remarks had medium one U.K. And in consolidation just different companies been flow you in in curious, My the I'm then I and is alternate opening the regarding of please. a appetite U.K., question for market. the your in

looking options. are others Some at financing

trigger yourselves. really you any put on far, so of transactions the haven't But these

some wanted technologies their hasn't it's the you in a show maybe beyond say, that any of curious certain of be whether smaller case progress, antitrust a it level it networks? or whether there Is interest. structuring understand Is AltNets I'm a front? scale, to way matter to concerns? of just So been has why and to some for which on it overlap I let's the

my a response earlier. question second And clarification Polo's just to is the on question

André, mentioned now right I cancellation extraordinary is over. that you the think, the fact

possible the the in the a second impact However, tends do is may the that of be still already see KPIs you reflected beginning significant effect a fully churn is my Or we from Is in to in think Switzerland. delay third that quarter, there understanding quarter? the period? this

price very consolidation is to required, retrofit me and consolidation. technology, size, market we And what expectations. requires raised much Certainly, all the mentioned or see Listen, things be that careful on look we're reasons question, scale, we'll how all overlap here. remains We we let think going at the those the AltNets factors consider when I say, of the true. you

have probably publicly very wouldn't whether to that. and or date, market, not have, whether much look to that into can but going The or come read I'm we -- to to variables. assets assume those going be those take should I wouldn't evaluating much we're that happened haven't or at So it not, say or looked we've they them nothing's the context carefully in of too fact I into you

think market will financing settling likely seems us be I interest it coming, environment to to seems given the there rate be more where out.

point are to my upgrade build. obviously just that you keep we'll new we environment think mean say, ourselves active we posted. I in monitoring was I that So are and

and be should naturally come they do forward that. we you should should will we so opportunities expect evaluating And

again? do you That's say André, the question Swiss want there. all address to I'll

for sure. question. Thanks Yes, the

not So happening are did of impact yes, That XX% it's true, the for termination is customers binding right are if there contractual the roughly third will that be bound. also they the an have that in some XX% churn quarter, period. is customers, in a reason true extraordinary for

their coming when with price invoices So to points. higher also could the out they be now free churn are

book be what are first have than in front QX. in Now we we larger period. And the what impact expecting it's than termination Hence, that impact in we a aggressive our have QX positive driving is not One, we more indication seen again twofold. is now sales. seen to are the extraordinary not any on that higher more

the usual come have after promotions, people put didn't announced price our back run rise period doing when on of fire because in when that to to we but more back that. to down school the the getting are oil period a the want now we we the of the and summer We again campaigns are bit we

stronger market is particular, liking to the thing if also not as our they side. of are second rise mobile the Salt in argument on customers us has rise a gives the moved retain price And on, price the the

but any have also now tools have better any third think quarter, higher is seen. we So further and we in yes, we exposure of are what manage we that, there having churn indication to being not than also that the

with from [indiscernible] question comes The of Redburn. next line the

Just Georgios's really, Netherlands. for question the on the just follow-up a

or Can Dutch the more your said that to Are I that? strengthen you what little fiber think, Mike, was strategic you're options bit you about about you business. in additional talking exploring assets mind? talk a

market of more the comment making we a a partners asset, to are, would I to which intensifying is and was I things. the at Vodafone general and our Number X attention about good one, our thing. Well, say,

market. has I management new with with and probably circumstances the partly do think in that has of to do Vodafone to

So that's I a say, that and that's I one, positive, would number partially what signaling with comment. was

try might look should valuable was and get and and squarely might That maximizes partners. there. I'm strategically we're say is to important reach people it's going And unique not into on to X main look is the focused I'm customer for it. more VodafoneZiggo equal reach. that profitable going options what today number to be, about assume our million asset. we're it value because business the VodafoneZiggo. we make so a at that to have be some say like not you two, It's decisions those some that really KPN believe And point Dutch product except going most what it very about there's of that to with specific lots metrics that a except us to and options, it, or a less massive customer of from to and

looking value sure that and be more to at all transparent. can't renewed from just I So in sorry, market we doing there's to creation that VodafoneZiggo. be I to preserve point options and a drive all things wanted make intensity the are

question with Bank Final of line America David Lynch. the Merrill from comes of Wright

please. not speeds on arguing through that willing retaining understand, you an of are competition. valued you element sort not I to increase the just perhaps are to a of all the view balance time. versus And being Why and Mike, price versus that why, just customers little perhaps, accept here questions, churn to rise your having et guess, cetera, couple price maybe there's A are better. networks, want frustration I of better this and consumers when for cable the is

I think stock a around also your adjustments my reflect always same earnings of markets about lot this top belief guess guess, financial And now VMOX. the terms visibility at actions deal at you locked with the I very value obviously -- buying value much I'm second of quite and question then business your opaque, Liberty there on having is what so on value my I talked question I founded relatively -- is is clearly in business. back in the is is in own and and there's in to speaking guess, behalf, is time, down, that which the reporting that But equity nextfibre maybe clear

the that accounting that? resolve high-level its this these that are group sheet, building off of price? against is balance got And equity fairly work the you are joint complicated, We've nested, central think share new works Do ventures et that complexity need longer things is through there A options you any are way term. you just before questions. that consider can of guess, Or to kind your couple of, to I cetera.

are Those David. Thanks, good questions.

still point we of do. cost customer would more. a On Inflation still And good competitors why and price the we the at you, are wake at levels. in of aren't our crisis. are extraordinary In they what is remind increases, I just retaining living

in intense a view. from increases So price are point an these significant environment are of taking We're where challenged. customers promotional markets

provide achieving intended when while don't is, you you results with price we So the should achieve know to you I what the implemented think visibility. you we're -- you want increase are that that to

less that we trajectory the each that track answer we're are like away is from take on this predicted. we largely, the you in is increases -- market more taken I feel essentially large we we've think and should call or where as yes,

point the opt to customers have make is, in The fixed option year. given That away last say, go on an out. I'll will next we U.K., that other unlike peers, historically

the this them that where know BT be year customers price not which you does rise. extraordinary like period to I don't And time, of is provide what, this will "Well, given so last say,

the I'm back coming not for you to I'm case on." That's So moving something with operators. or different other

every we've that almost done in So now. market

sorted that's We are clear, forward. we've contracts have going fact historical that that a and we so through think

times; we two, these essentially we would doing three, competitors; we we're strong So as do. are One, challenged consumer still have X expected points:

a that's data point. So

important for you. I think that's

our contracts lastly, forward. better then And are moving

got or the the this, point, how or Holland along Yes, the On we the or what saying. we right joint we could through walking journey, right that listen, where you U.K. decision. would I value are you're that the was that in appreciate an hour And with today And decision. to was spend other that thing. ventures say

of in will tell Of been some net a course, to effect to create of was that and do. complexity has fans the in our smart reporting. financial not structure that complexity. are And that you I thing we extent a as some our to result

us that doing extent we we're It that and to reduce either everything is can serve strategically financially and complexity. to the doesn't

we'll is for There example, to about one Telenet So reduce which is time. one other of to complexity. reduce delisting advantages, of talk certainly, over the too, are But complexity. benefits

XXX% the in X X Now, control. X large we of have can our or markets, say that operating OpCos of we

We're businesses came they certainly together. those how of because nature we and have the the more good, much was our substantial, moving optionality did are happy that ventures, partners joint Our strategic forward. synergies are

and goal to reduce value over transparency ways that complexity crystallization. And so find is and time our to create try to

way to is Bermuda that simpler. a make great

in the but mean that drive is. ability I've sure assets the personally we're to management of deliver in decisions shrink me is with so, we're to where I me. U.K. is You might call be lot and that to with a you. from the path trust me, way this And is that It's do about this not on than think today quickly aligned sit frustrated context. when company. nobody we stock to everybody got about more say aligned it equally for value. that make And substantial. us to difficult I shareholders entire And gap incented

the And nothing I that you tell off would table achieve that. there's to

terms value. actually this of there's don't I in of probably hear shrink nothing that, sense the or we urgency. press just in I'm a really going create table put not and the There's release, we gap how to may off hear You but did, that. not want want although that to to

the diligent to us. think we're achieve proper and And sense urgency on I stay that and that that's team goals for Board a of the all has makes going timeframe those a management vigorously has.

in everybody's the So to sounds or free that whether I that's our it. last a question. like It appreciate that's way the participation probably our great And call. cash was end value certainly should all demonstrate we the think to we flow to side, capital to doing I stock, we're to guidance on the the creation. commitment company, doing or think everything be that our buyback

the are And as businesses complicated in have our brands but best think markets, those know, best best the operating competitive businesses, markets. in I and assets management, we you

So in each we for think approach well benefit time, of to I market we're are positioned the find value -- to, over unique maximize the shareholders.

as we'll with you let So you on I we'll go. Thanks, quarter. everybody. as and next to that, have, you speak appreciate long staying

this Investor Global's and Liberty concludes XXXX Ladies Quarter gentlemen, Second Call.

call a website. Liberty presentation of of Global's will today's you of copy reminder, Relations materials. also a Investor the be As in can There, available replay find section a the