Liberty Global (LBTYA) 16 Feb 242023 Q4 Earnings call transcript

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Liberty Global's Full Year 2023 Results and Strategic Update 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 express 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. instructions given presentation, session. a formal today's will for be question-and-answer After X the forward-looking details the safe Page slides regarding company's of harbor statement statements.

These results the could and expectations any conditions fact. involve based. with Liberty differ amended. include filed the those as to not statements. Exchange its these on to is Act reflect may historical to statements future respect of the cause and Forms XXXX, the Private growth in certain these Commission, expressed risks filings statements and and statement update of XX-K and Liberty are by prospects of company's forward-looking expectations which include statements presentation Global those statements Reform information from in Securities Securities risks or change These implied the Today's including recently such in actual XX-Q any Global's disclaims detailed including forward-looking outlook that any Litigation other any its forward-looking most its to materially with meaning or within that obligation

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

Thanks, results operator, to call. welcome, and QX everyone, our

of with and will I brief you'll covering longer call prepared for slightly be first for interesting. us. will minutes. this About as by time pretty plenty strategy XX find questions total followed session with bear our promise in today promised, As update so a that think we results then scheduled a remarks we slides leave this XX-or-so we

with from fiscal reinvigorated is fourth saw broadband managing answer you and that key growth and one team, prepared we've market we feel my that competitive X, macro started by I'm quarter Switzerland, we so results. fourth as number marketing on should was in may that, XX,XXX pretty year our joined focused takeaways commercial on operating past get any postpaid to Message been X about usual, Holland. performance Slide improved much our Every the performance as this and leadership subs initiatives I'll we overall, through added and in with question headwinds quarter XXXX despite and essentially have. good the And Now be entire year. mobile Belgium

market, and balance In value QX strong accelerated adjustments and we to Financially, at the which a focus on saw X% every EBITDA continue respectively. supporting with between price growing Sunrise, growth, to nearly VMOX right X% volume stable reported and we revenues. with

our we year on enabled us actually to of in our exceed cash And unexpected then synergy flow all as guidance the you plan of remain we this on tax way when More and for Switzerland, OpCo Importantly, U.K. on original QX. the to payment move the this and targets. deliver distributable the I slides, execution all through ahead lastly, promise. of full around guidance through both the metrics of respective their exclude X/X with

our liquid $X extremely XXXX, balance punchline sheet securities. our cash with will these well plenty takeaway funded over And we'll The allocation repurchase balance is distributable of but last position in of is a cash by fixed-rate billion today, certainly cash are capital that big but the is into end spend of strong long-dated sheet, of and time we most and through later, our liquidity Charlie of and intact. topics and profile debt shares highlight flow. XX.X% our our on the are dive positioned model and

core our markets. X of each our trend Slide X usual for provides subscriber analysis

VMOX competitive adds And average, year-over-year. discernible the receiving, market full On on despite you'll relative increase a market. left, Virgin see customers Media broadband broadband, the And with remains positive and another delivered OX, On adds higher-speed postpaid results speed in mobile, mobile and for quarter which quarter leader brand OX the competitors. both Xx and year. dual average a highly postpaid drove seeing the we're top giffgaff, in for demand with complementary positive to our the services in net strategy for

effects Switzerland, to from QX broadband in the initiatives, been customers XXXX. most Black impacted be by migration seeing on the the XX% see that top right largely commercial slide, remaining of throughout an campaign. a the now And we UPC net value of the In expected Over Friday driven net reduced improvement importantly, adds we're migrated has of with neutral. including adds strong base

Belgium saw positive the to by strong the marketing similar commercial mobile Switzerland fixed hardware we growth. successful bottom in our In on left, targeted U.K., driven mobile momentum brand campaigns postpaid improved flanker is offers. supporting And and strategy in QX,

continues though due to that regain impacted commercial to we're Net agility and issues IT the last churn efforts year, elevated in competition be to but the up performance subscriber experienced we by XXXX, stepping footprint. migration our across

Belgium of launch In as provide commercial addition, digital the in their Telenet's will expansion services fiber as into momentum this footprint year. advanced of the critical well south platform,

over on result. in Dutch competitive the broadband prior increases strong we remained broadband slightly This in but see good growth a our broadband did a QX highly meanwhile, remained as price smart offers, better another the took throughout October. from disciplined rise VodafoneZiggo postpaid generated Finally, well broadband the periods questions. as contributed WiFi versus despite which And QX, mobile our we remained in value losses, response sales volume which year during Holland to speed higher and market in quarter of

here. few growth slide out next by numbers chart, each This important Now on the worth calling our presents for it's an is market revenue segment. a and

you'll years BXB. offset If mobile X the see we line, broadly been that pressure you last has the by the in in stable top total run growth X fixed, with revenue drivers, eyes see our your across and

business the every Now consumer we discussed of call. on quarterly dynamics fixed our

these their challenging continue As in as customers impacted in more and to video times. as we voice declining services subscribers ARPU well by be pressure and the past, economic as churn optimize

revenue but this manage to improved taking action next And trends Now and these in fixed a are it's Belgium we get operations year-over-year. in headwinds. our noting into that we'll Switzerland bit worth slide, the more saw Holland,

chart are remaining all and are numbers growing on businesses consistently The meaning our year-over-year. BXB mobile green, this

mobile and XX% pricing each total consumer consistent a business XX% us Our which postpaid XX% and of by for BXB, actions; which and volume revenue, revenue growth is OpCo, of remains generally revenue, represents between total supported represents of around growth here.

broadening focused the have We and ICT into market to on gain connectivity an enterprise beyond opportunity offerings share, managed significant and services. cloud, we're our

X? saw front, key there what some on in drivers future our continue growth. QX, the are where momentum mobile that fixed doing So of On outlined of we mobile to X businesses are commercial initiatives we Slide in we the and these

except mobile Belgium. demand we revenue response rises First, also will to now all tickets shortage that music loyalty price is we continue live service provide our to no events, to programs, into great There with of seeing sports and embedded We're with and our for especially brands. underpin are premium contracts, those.

structures, progress. and the digital Holland with are And in significant and our flanker lean first to which We're cost between XX% operating and and continue will brands, growth. contribute fully making Belgium. U.K. XX% upgraded Our generally and upgrades in really good XG Switzerland are finally, XG

beyond. key X and drivers consumer fixed XXXX our here business, are at On in work also

these to U.S. significant a competitors. to significantly combat customer and Nonetheless, fixed the in point streaming losses First, that in segments bundling packages that and we we smaller video X our from putting the It's strategies differentiate out voice than are services headwinds from have together are place important everywhere market. declining entertainment business. us

the rises well mobile, to we are across price As positioned footprint execute with XXXX. in

ARPU trends And if you years. chart, at look see the our over last X bottom of the the you fixed can

the as to continued while it is great is business over in Now network and expected, Belgium, we'll expansion see And a we're last my to and plans, growth before our declining ARPU fixed fixed finally, U.K. in actually slide from modestly Charlie. which ARPU Switzerland, Ireland. then and coming Holland segue our turning in upgrade growing

we leave path an market are product we plans. market. shows that on on where left in upgrade Here, a we with million of always speed X and want. The inexpensive to expansion XXX% homes X.X when important our able fixed the gig XX to update and currently today with to every footprint our an easy passed country, to the gigs It's our chart by fact provide network and

however, through newbuild either that, XX-gig our on to squarely access. or focused networks upgrading networks are and our Beyond whole we speeds reach buy of the expanding

XXXX, announced Now a investment homes to with GBP about ultimate new expansion, just to billion is the Virgin goal our network respect next JV is total, we X another U.K. and add will XX footprint fiber to X million to to an million XXXX. Belgium X and have here million In we footprint million the in The additional for whole program off in pass fiber expand homes. buy to And increased our homes X by homes. Ireland, our over reach expect X through million arrangements.

component the our of upgrade obviously fiber Now is plans. biggest

by XX In FTTH. fact, XX% million XXXX, of homes will those be

Our X course, our Wyre fiber in Belgium, XX U.K., NetCo is million we its And homes are plans. network. same upgrade across well home underway in new in our biggest million upgrading where doing program We're the is the Ireland. of HFC our ramping

us in XXXX. fourth strong quarter believe we which So strategic summary, up continued in commercial sets operationally, a momentum and for

year. as Charlie current our I'll Charlie? to for with fiscal our results as that, through And turn guidance well walk financial over it to the

Thanks, Mike.

markets. we saw pressures stable with Across growing Turning sales. the XXXX, guidance, across fixed line to our revenue remain service revenue core and handset delivered trends VMOX financials. XXXX In weak stable companies, to continued despite key our Underlying in our positive. revenues revised

a in QX. price by XXXX price brand. growth the rise supported migration driven revenue the and stable the Sunrise by by growth And driven onto primarily X% QX XXXX, in UPC in resulting and delivered to by was June the Growth rise X% performance, back QX delivered return XXXX, of delivered book of from X.X% revenue in level growth Sunrise headwinds their in XX% BXB. in a in a VodafoneZiggo supported October. mobile strong revenue Telenet despite

impacts highlighting of beginning Turning delivered energy. year IT the ahead And of issue particularly in guidance cost customer growth VodafoneZiggo original of that business the full been low despite an OX guidance achieved Telenet for we've and EBITDA although higher 'XX. services since adjusted the the this impacted the delivering rise. in supported execution strong here and on QX. their to their the synergies cost year, inflation year Media from stable plan, by strong extraordinary for price mid-single-digit in QX, good to top the merger in-year XXXX than EBITDA. as growth capture well, full guidance of towards rebased EBITDA their in result posted tracks was supported EBITDA primarily year EBITDA guidance as growth full business year full by met adjusted the year met X.X% the synergies the as Virgin decline originally Adjusted through of we did and in Sunrise year finally, works projected. came range, the in that execution

historic for of call our a the our tax adjusted was flow $XXX We distributable On full few highlighted modestly net excluding end repatriation ongoing that we flow, to low before, company. our central spend an U.S. XXXX basis, $XXX related generated slide was in tax we've as free ahead to for there billion outflow $X.X very cash unanticipated distributable paid items a on target. million year operating XXXX. on cash our free million On On related the $XXX million profile mandatory U.S. by was is year of cash the breakdown next payment a of XXXX ended annual of billion deferred at late flow the tax, of reported in the in was that disposal guidance, Japan $X.X $XX a million the QX. a out flow. To central cash original to XXXX

expect investments our around given intensity in this XXXX. lastly, received the companies tax delivered around year, our transition and XXXX, cash network targets in the our of balance on operating our generated substantial We $XX tax million balance, the XG $XX and XXXX million capital falling on managing $XXX through outflows and cash our to million year, ventures we capacity. with we fixed we in And for away be across for also income interest dividends significant portfolio. from Positively,

their including Turning guidance companies, cash for providing operating flow. to XXXX. We're by guidance free

core cash a not of value forward, of Mike our part continue clearly, cash though flow subsidiaries distributions on guidance net will cash parent. the pivot the going free flow providing investor will cash driven The guidance we to the the our As pivot flow operating companies cash to distributable support focus asset will to additional guidance to key flow free parent of discuss, to be which from demand for X flow assets. healthy generation has by primarily distributable been by

can around GBP free sale and the billion This the GBP adjusted billion. to proceeds in to by growth property capture, around declining nexfibre and bit lease to I'll million the we on of decline, which future more continued ROU depending shareholders EBITDA expect into nexfibre and X be a dive driven drivers, into handset cost mid-single-digit on construction by additions, low around renewals; revenues million, targeted supported GBP excluding additions are is fixed X.X XXX cash of Cash by for VMOX, the stake pressures year. excluding segments; a adjusted of equipment to revenues, excluding to be stable CTIL For the to investments driven next slide; distributions lumpy GBP and BXB XXX this flow from towers.

to Sunrise. Turning

revenue single-digit UPC cost support and flow million July of XXXX. CHF see strong reduced impact million, XX including which will percentage cost versus as the price as is XXX and equipment adjusted EBITDA We rise year, million additions XXX drop to XX% and low cash to property migration adjusted in XX%, spend we sales related; expect from the this a CapEx CHF of to capture to to from to and to falling free a growth, stable expect step-up year, around XXXX; mainly stable continued CHF brand for the capture; of

energy of of driven costs; adjusted supported an XXX equipment flow profile we free actions; at additions XX% OpEx and to this lower growth year-on-year adjusted amount. VodafoneZiggo, XX% to cash pricing EBITDA EUR and expect For from sales; growth, stable distributions low revenue property continued up improved by single-digit remained million; by around cash

of expect the the in increased we third-party offering with Telenet, actions; as such bundle XX% Wallonia, of OpEx adjusted new products on associated leveraging in positive still of stable equipment due accelerated and around flow despite footprint investments, of heavy cash pricing the to free our revenue, networks; revenues EBITDA through finally for rebased million Wyre network supported and the rollout the property to EUR a million. And decline Brussels driven broadly year parts homes and by investments, by of in EUR marketing across and additions XX Telenet fiber NetCo; converged the Flanders XX brand mid-single-digit

as drivers detail investment back growth. the the revenue due I than last future declining was wanted XXXX not nexfibre before to been for JV established, to has slide voice excluding hand past. flat, in and in VMOX to as broadly Turning video Since the support Mike. least of from sales handset I to well some initiatives to the the customers weaker headwinds and

synergy million headwinds, primarily million target. the these total end roughly At the supported target XX% mid-single-digit XXXX, strong of delivered the of growth, despite of delivered by execution. XXX However, synergy EBITDA GBP GBP XXX we've we run of rate accelerated or

to free However, net contribution million, one-off XXX the XXXX flow. capture in cash GBP we alone, of cost spent depressing to

program to to that, few XG away years, full in to cash of company's also As of to be our GBP invest synergy and been this, XXX synergies impact completion the the we GBP rolling excess over fiber which flows, in expect reflected underpin per cost prior cash million long-term investing fiber We XXXX, see and the million the out XG generation. last we've to Lightning. alongside upgrade with anticipate program, capture free and Project in of the upgrade flow we on on year the And should free XXX completed nationwide. continue fall of in

that investment profile cash should to are few capital generate, the As we the the this a to term. these programs tax with and next strong And reduce conversion these lead strong substantially. the programs together assets flow years, free completed intensity in expect longer in

are accelerating selling are XXXX investments initiatives IT these particular, XXXX, in experience, an of for launches product is investments to rapidly in programs, in support XXXX the increasing we expenses subsequent transforming to in year nexfibre journey platform just networks, create The key we also growth. foundation a the transition mobile that growth in operating expanding marketing but long-term should this network. customer into are also In investment and associated strong and a we in new laying the fixed not underpin years. with initiative as efficiency revenue

Mike Now strategy with the that, I'll update. pass over start to to

Thanks, nice Charlie, and job.

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of main The remuneration. distributions Sunrise. left-hand commitment this, the one finally, buybacks slide, by of this the course, then of to today is side and messages mean spin-off of here like shareholder we both our And couple just We've currently in spending around repurchased already shares in already. today, repeat XXX sit down of at times a shares we million XXXX, said what of million XX% and of we January $XX XXX from the billion, XXXX. And

our we you remuneration the On though, right-hand side XXXX show shareholder plans.

spin-off X as of up cap could to the one, as this a those for cash million or shares. $X value from our Here on pre-closing is $XXX to I'm to the that X is a intention market we to Sunrise component, distributions there remuneration, our company equity of our are cash which other year. There's by we And And in today. third finalize that the expect we're to when all back billion it's of the on are put going words, that market need In going our a record all billion of FMC of from investors. is that in the total funded second to whatever analysts on the And to of of receive contributing to you, now, you would you to dollar I figure in year Sunrise. to lot be buy the believe leverage. OpCos. number, $X.X based the work do to assign to much XX% and today, a This components But course, under billion. familiar of reduce component simply current the dividend obviously. up, part increase shareholder distributing cap not the you value add $X.X But

announcements. through good it now more balance on it's to key few ventures. news allocation, But on to sheet who's points Charlie, in all view. So And a Charlie, run think over our lot a to over and very our in capital on digest I I'll these turn going you. to

Mike. Thanks,

the allocation. slide on capital next to Turning

cash Firstly, start been our net end from started through that, period wanted view and on primarily Europe to has and focused with of our capital $X distributable of XXXX, generated company into historic FMC Taking $XX the from Germany of ventures. over asset I flow. XXXX buybacks, sale with cash distributable we Vodafone, a which after-tax Eastern investments alongside value in at M&A to And modest distributed of billion sales. to around parent the champions, the flow Central which the to driving high-level allocation, shareholder we proceeds billion

portfolio, reducing the billion capital As put see you by $XX work have in billion back number sectors create retaining where shares stock, invested in billion primarily we billion $X transactions, January infrastructure, particular, of Sunrise; around the ventures XXXX; $X M&A in this since can by and cash. around of new to in as we the buying assets; fast-growing our bottom to half, $X hope acquisition outstanding such in spending XX% in unicorn our

this listed gives balance $XXX capital disposals the to billion to each our cash end to flow, our generate of billion to in $X.X upstreamable we're support have of which which by capacity billion, million our also mobile in where make $X to fiber current disposals investing equity our we our billion. as to the noncore securities addition In and of liquidity many provide transition markets, to well further year, $X.X $XXX XG continue us $X of with asset as key target assets potential of just of us on million track will of to allocate of networks Despite of allocate. under cash FMCs venture

this will ventures invest remain other are in opportunities M&A Sunrise, key and as our deleveraging opportunities our OpCos; we infra. other nexfibre, opportunistic ventures in addition our we Now in using $X.X and capital allocating facilitate content the AtlasEdge purchase outstanding tech, our in our such growth markets; to will with we thematics core FMC portfolio selectively assets on transactions capital, of up to of in and during to strategic into shares of spin billion will another calendar to XX% consider investing exist targeting XXXX; to we

unlocking consider in our partnerships relationships. And this and where We acquisitions. value corporate built tech already opportunities of through Services, Liberty which out such as and/or also third-party is particularly Financial infill grow we're a has number our further to true central operations platform increasingly services and

virtually has stacks company, the which and our the no and siloed remains assets. slide. cash at our debt, key liquidity Moving parent at are to the FMC next debt All

and means financial any of Now in this of debt risk distress stack operates that the each impacting independently there other, of is them means no of one others. that the

our debt And and maturity, also functional ensure past remain maintaining we a cycles. committed currency the which debt fixing stack, to us rates the the of financing leverage debt back our has that the target debt to on of committed in our have interest years. we long over all debt And to well fully treasury X silo. various nonfunctional of served the debt, refinancing into FMC proactive the each average remain to Xx changed managing not and during currency XX swap through Within to cycle, principles

X currently debt until an silos Our at have no average life years material rates, of XXXX. interest maturities fixed with

XXXX, credit have FMCs $X.X also we each until revolving of liquidity in undrawn significant should facilities We additional need totaling locked in billion the of it.

equity at shareholders. remain for out our our and so pushing retain significant And moves, better we'll in parent, could is the for cash to balance of good as about and delever OpCos strategic proactive highlight our Sunrise, various to the value case we our the in average very conclude, of but the opportunistically liquid feel example, of investments debt. sheets life And unlevered

my Moving slide to on ventures. last

closed at Our value $X.X market ventures [ portfolio ] the pillars is billion. present and fair to X year-end

third-party fair to Now we it's but quarter whilst market present regularly in reviewed value it's with value. not that quarter-to-quarter valuation help reflects report. value and important to invested capital the disposals that fluctuation new also our that, a aligned the value each changes fair the reiterate and And portfolio, in market also just investors

more the pillar first some relevant the the capital aim invested invested; interest each secondly, also period. proceeds fair disclosure money value, the key To in the also dividends market the Before pillar, returns of and provide data current around divestments; more is for clear we is that today into when and against to we've total and in each the some usual give reflects the to over make I shareholders. pillar investments referring upfront, our each thirdly, color on are concrete net be dive of the beyond to to strategy reflecting

And $XXX portfolio that companies is market selectively which value to FMC early small tech there visibility and into is event. relatively many make access This vertical. champions, streams. new and including Deutsche of natural the million it a to revenue strategic proven when tech, only platforms realized has our Like fair around delivered against with of liquidity given in the over peers, on with to longest-running our excluding strategy, that benefits a core Telekom, provide investments net tech IRR, Starting we our we've now be million, tech worth today's benefits often Comcast, successful $XXX a capital million OpCos. invested disposals the cumulative $XXX mid-teens to

is As such self-funding, reinvested largely digital a AI FMC broadband, to our smart pillar that result, with our provide and security. tech profits core champions, and being platforms innovative benefits as technologies into new

to $X net to actually the of original compared investment sold which that content, from Chellomedia, original we sale for came from billion our $X.X grown billion, $X.X invested is small Much a capital XXXX. capital worth since in initial invested billion. this inception which content Moving in investment, having of over of XXXX

strategic stakes assets supporting media, is we unicorn on pillar, Formula and in legacy content and emphasis such as which sports content within investments, The investments hold is new future With performing the the legacy also but sectors. harvesting here E, well.

most creating This infrastructure and we're leveraging unicorns pillar. markets fiber infrastructure is excited scale. within one perhaps This and and recent the last-mile record energy our about. emerging is on our to the center, a track data Moving by on focused vertical

a additional market AI data exceed value uplift million, we explosive see cloud in To high-return, of property from to has vertical been the were example, invest net is by as the in from from using good this can seeing technical AtlasEdge, to in accelerating rollouts. but been space, and capital investment which investment $XXX FMCs. underpinned for our our able assets into the fair we cash see, relatively resulting date, there's particularly significant shift success-based small, you CapEx, to around growth center demand in As opportunities original

core a play. a to we clear right I have about in emphasize is competency, that want to we think infra investing where

assets often them. our First, we to use seed grow can own and

here complement we center own such segment, strong the both private. as growth, with there Bridge, our Digital public clear high Second, partner particularly which strategic often a partners capital. can which was command to and And data multiples, importantly, in access

that raised growth give expand best-in-class we sites million the support edge expanded treasury one sessions. in of financing over Europe. led color excited on future is growth Europe, of asset team, it by some around fund to are making We about to has across to we in will who XXXX stand-alone financing largest the acquisitions. footprint XXX One was on a XXX today, LG will it colocation and headline this AtlasEdge future and EUR and and also AtlasEdge in

in a team We which management Liberty have alongside growth been the brand-new in by supported support has from DCX has opening Bridge, and data acquisitions as announced industry-leading February Global and place center in Hamburg. Digital XXXX, such just the of

pillar liquidity if to is strategic equity our I than we investments yield contains positions strategic that near-term public provide yield or on it. we cash, that and/or optionality us on higher return allowing while the typically our also in in these financial Finally, want opportunistic liquidity The debt earlier. discussed include

them cash over highlight assets contributing shareholders including to opportunities but or these vehicles, by tracking We of will to listed look time with the just to disposals, value at them selective ways to not return growth through stocks. also crystallizing potentially value

to that, you to just conclude. Mike, turn I'll With over it

you now update. X information, are And takeaways. on our these And with I this as to that Charlie. you the think. key close focus strategy this just concludes prepared want to brief remarks I'm going Thanks, digest for things

That to First of to our distribute We is clear. shareholders but realize value, only clear time all, the strategy. create value in not is that to right that pivot this a is when not Liberty spun Liberty practicing this from and have strategy. decades. Oh, the and Media. companies can. is this we and Global John for Liberty off if a been was new itself

a is path, pursue well-known excited we're and this So to it.

my investor discount be spin-off remuneration reflects a our time a price and for share record ago at some I when shrink. moment mentioned reflects commitment, expect discount, And year shareholder our to in perhaps that remarks, will see its of largest a returns. the buyback Second, we this significant to with Sunrise, together commitment

know to operator, to of about to FMC well be of go. is for to ability that the we accretive. our strategic implement just replenish not market moves, that main excited the this through that flow is be a needed. Needless have equity forward outlined. we last assets Each are financing both have for covered but are creation consider cash when or it's monetizations ventures significant your patience we've unicorns unique investments say, portfolio technology we I been markets call, becoming our value the sales a strategic map could to fourth, know and and, strategic And from operating long as liquidity at their just equity themselves. be as in I these transaction and event. your really investors. And Third, our plans, is hobby. already a and for would dollar operations to our or unlikely we questions. to then we thank finally, extremely ground, and multibillion positioned distributing their right time, today. there you point. And or we assets That's full. asset sharing themselves, capital potential right and importantly, billion I with we future. cash companies significant support pipeline want and transactions growth, The ready liquidity look Many or to for the upstream are of asset on own the and way lot These road And free or value are our are

Malcolm question Instructions] line with first the Redburn Atlantic. comes [Operator of from The Steve

the of hard U.K. one, to your probably hinging of parts, about of separation so is ask NetCo-ServCo fiber XX X trajectory. to the kind Obviously, go It's just but sort on let's

you footprint GBP You're the that of up this looking the Looks us you just is? for sense in give as we gotten between to 'XX, billion CapEx just off of also to from look I and And year, because looks end capture on than to have help falling of guidance. a U.K. Can homes us moving future like X XXX investment? to your the thought year million nexfibre whether to XG of just million X.X but about what parts of the the about the it forward, usual upgrade, higher cost the this years. How 'XX. touch disappears do understand a business talked mix sort little maybe fiber by you And think it GBP in that

of capture a can fiber. there sort cost questions U.K. of So wrapped in us Hopefully, you few help into out. CapEx and

Yes.

I Fiber program million fiber, Lightning And we've that, it do we and which the know that you think it's than be via represents publicized, but Fiber this program, at a really about into going Up been this point; course, more fiber which such. But year. whether no about nonetheless, probably as ] so plan, million those our our last [ the technology, 'XX, ceases, million homes, built nexfibre, has, of through haven't I of technology, itself, or nexfibre ] the ahead it. are pretty different straightforward. program build think, our detail, I'll I and if [ upgrade that don't disclosed X.X Lightning but balance go X.X much publicized, slightly mean Up upgrades we I XXX,XXX; more X at look Lightning build and should X homes million. plus the program built we'll about

home upgrade XXX that X you million just described roughly that is Is vast we of on knows, So course, is to, CapEx million would nexfibre the footprint. upgrade breakdown it. that our the the X who helps. The that Hopefully, that XX is, million, The million, in CapEx footprint. includes clear? majority GBP as of the go X.X continuing the be will I a which, home, only referenced to homes but to

now, Yes. and What -- quarter you are on XXXX? Mike? I per terms mean of XXX,XXX Mustang premises you run are in rate Project [indiscernible]

XXX,XXX yes, think -- I we did we 'XX. and roughly do than did should did XXX,XXX, Well, 'XX, -- I more in Yes. we or in we believe, that

has picture U.K., got. you've things nexfibre just of think on fiber sort and understand got about we CapEx how And XG, in Help Okay. overall 'XX lots going the 'XX, the [indiscernible] us on. of 'XX

let let are well what of I I'm 'XX but into where terms yes, on, Yes. get described my think advance peak on? well, includes, are Lutz, it, just Lutz going we mobile is I so to CapEx fair our is -- you obviously, him amount I'll dive as it to in in of handle sense CapEx plans. intensity. -- Lutz And XG our I'll as

on. Can I'm Hi, Hi, Mike. you me? hear Steve.

you you fine. hear we the question? hear Yes, Did

Yes. it. I hear

Sorry, sorry, I got the question.

that. for sorry Okay,

I broadly, So right? any than Up obviously, CapEx we ramping the we ], a on So upcoming guidance mean, year material see you are [ 'XX. don't as longer said. the give difference Steve, Fiber don't in But years, Mike

close XG. done cheaper and getting have home. And rural think but -- we per bit shared into Three. to will in I more X investing Vodafone is think million we and the then we And XXX this keep with do this 'XX, GBP have And we year. I because is a the number about networks

peak going So don't that expect massive a the Hope CapEx helps. forward. in

question next Patrick Maurice The from with Barclays. comes of the line

the NetCo I NetCo current one the the rather footprint. being U.K. about side. really altnets. past, about think outside being think, Just the the on more the inside in a slides, altnets In talked vehicle acquisition footprint the M&A, I you mean than question talk U.K. for Mike, I you've of of legacy

actually is moment? curious And terms in nexfibre is nexfibre at just Is it? overbuilding it buying thoughts your it altnet? NetCo outlets to So overtly the doing of

Yes.

own the opportunities footprint. the best its Virgin program is where has sees and priority building nexfibre basis on a off it So

by might in look did altnet it XXXX U.K. NetCo. And all So the itself be that at the is. acquisitions as recently It at impacted of won't as as program nexfibre it NetCo. creation continue would this will U.K.

nice And consolidation, so say don't value we're a clear vehicles they I to on but But not is. less think to have potential value. have altnet have you're Nobody it's the correct zero for go. will where exactly on to that footprint, X us, altnets market nexfibre very that of in the U.K. X VMOX terms have financing X amount on to NetCo has fully EBITDA nexfibre significant as one JV. nice financed having customers -- X. the substantial as well from a a of capability and day That's sizable has day and thing And day

if just So hope I to opportunities reducing now increasing we we're appropriate opportunities, versus when confusing consolidator actually a it or was our and those better. think be getting that's clear.

Great. which extent is overtly currently? actually outlets to the nexfibre And overbuilding

the in -- know quite an giving Board, don't on should on we've number on in public that path he's where in that that overbuilding building. some I know that exact you nexfibre I we're exactly assume, altnets I But they're are, activity -- view may the we've not fact, a here, have think Andrea that. anybody there's we're chosen. But if a outbuilding we since I'm bit instances, of been don't of

possible. mean can are I for rollout help. the It's to And we very, overbuild as very I less I Yes. minor. is as nexfibre. doing plan mean the obviously,

very, little but really tell far, the don't more so we want it's immaterial. number, have overbuild. I And to very

from line Bank. Deutsche The Grindle of comes next Robert with the question

billion finance around than question that repay the you part all there on My debt left cash the raised holdco and the initiatives. the Congratulations Is of would up $X money. dividend rather for in be in of minorities holdco lot don't or to Telenet, nutshell, cash that left Benelux best the the new to even else? a the from approval something a the you buy related bit today, is, what's of announced you've company? And side parent more Is VODZiggo easier because own bit do now what of or within on you to the in it things own the Bermuda? in you're the

Thanks. has But you cash and in the can in upstreamed was purposes. for that intents Telenet been here. Yes. Charlie, chime all residing

cash XXX% downstreamed today, be easily upstreamed. can again. that It's entity. But it of is So

So I selling leverage -- of think the cash and current position been net we've clear the about debt it.

time we So that -- over do that with of course, we want can [indiscernible]. what

that that. to -- Just clarify yes, to clarify just

contributes is part Mike time is it's still for is debt the just but essentially -- now account to at just Mike, cash, and Mike may of being net located but But right, tax cash Telenet. cash, clarify, the that quite it there a in on Belgian a be of waiting the to ruling. bank therefore, it's corporate been it's corporate right, absolutely Sorry, Belgium some position

didn't interrupt. I Mike, Sorry, to mean

fine. No, clarification. what second good question, it's then -- No, the that's Robert? And was the

-- lot these helped be things done might what really have could a is -- anyway, other ] and considering? I'm What's Bermuda. wondering but you be [ might just you've Bermuda announced just you today things of

a Sure. The of the will vote. implementation Sunrise spin-off shareholder require

the with that conducted appropriately As Bermuda shareholder example. simpler, run governance. process such, big consistent vote just not think be more one a We as makes will governance, U.K. it

probably biggest that's think the I example.

gone getting into one think we and an exhaustive for shareholders we that's detail straightforward without can predictable strategic example so achieve of just the because benefits, we've And way. through and transaction in a important where

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

a Yes, to digest here. lot

if one is my just the So on, allowed I'm holdco. question, again, Benelux

quite potential So discussed I the Telenet, always and synergy could this a all significant maybe against there potentially paid ] cash to option, to some [ was migrate not think synergies. be when we've there fiscal now with in potential And past, opportunity tax that.

How So would to be that that the I that. synergy if maybe sort up VodafoneZiggo is venture potentially joint half? the as That misunderstood fiscal how from question that be of Or guess could they or fiscal Vodafone there great. would given to synergy, a I've Telenet? does a my is, from benefit feed

holding from Global synergies nonevent, Vodafone move speak Charlie through we company rather company, XXX%-owned to directly let I'll any into stake VodafoneZiggo, we're say than this I'll Benelux. Yes. entitled the interest but own own this a could will Liberty in it choose. to the our XX% specifically, you more we our perspective, argue And is meaning

or can of consolidation realized would other are discover you it's or financial a authority to a synergies fact, through nonevent just in synergies without management that focus a will, this is X to a we some we company rather company derive. between them, generating we're our that degree have without capital approval upstairs, single the irrelevant. If for the in but X we even entities, benefits if can their raise be to In this holding what degree. And limited limited happens on it entities,

and might really synergies But it are financings either to could of at things. looking what Vodafone's or inorganically. us to point, you I we're doing from we raising with or strategically a capital the of They our perspective, do what this are or certainly it. the or is them the think things point argue and nonevent. aware think described of that creates view opportunities this from interests it for other I mean They at it's

to do Charlie, you about want talk So synergies?

would I One And stake. benefit now that think were sure. the XX% clearly equity the now value clearly synergies, broad from Yes, there Telenet from contributed the points. on for is Group a X just financing Telenet being is

can I tax give think allow you increase But more the optimization, offline the to other does for opportunity as issue are they call it opportunities do additional us tax would it. incremental you go on specifics, which we it's to basis is there which that planning. so into see probably which

they consider you just have is a to blending whether with their into we start stake really sort synergies Or merged would accrue? ask, those Vodafone that entity? And if think of even about could can discussed something I that

comment have going theoretically or right? but with what it's we certainly Well, to on discussed I'm haven't not possible, them,

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

to increases wanted ask in U.K. about price I the

And year BT rises you in thing approach. ban U.K. about has of forward? thinking So suit facing increases? hoc a navigate reverting price Ofcom's One the planned to mentioned pricing customer how play Are price proposed on signaled increase? follow you wanted likely been inflation-linked pricing. embedded how your Or that. Obviously, into issues I to you've have with are is price to to its old U.K. that ad on Slide X, on the into you're would this in absolute contractualized contracts. ask you'll the service going you do consider approach thoughts

and them. expected similar on timing increases say expect to Yes, the handle I'll price of increases price are our when can simply the good to take to question. Lutz given I'll let we increases, XXXX, price a that manner in occur. of both

XXXX customer they service. But And So I'll increases to we currently any price want you Ofcom as that? further deal let you about issue stands. impact don't the Lutz, believe do with the talk

Yes.

So have idea. idea right? also for Ofcom, of right, be this So applied to the they And shared customers, currently not is only all, new the customers, for understand. important I price reviewing will think that only is first and is -- increase process, existing

come -- form and effect might whatever So into summer. it in in

just I be -- we doing have but going a to But get get interested mind we an about contract to And increases. make get, with we know you stuff, we integrated better, deal with opinion up area improved service, take So Ofcom we BT's our -- that rebuilt what price noted don't price therefore, to no this lot is to And as know, finally and nothing significantly. our increase. Customer yes, we is where that. the systems and forward. also And And in be definitely our have will into how how in went yet. Customer account mean, everything have thoughts we doubt future. yet. not ahead we to it what will have of

which of service, of and in We are so our our lot resources a 'XX, OpEx investing improving into will of be our systems agenda. Actually, part money increase. top customer we into also care it's is

that the therefore, not impact Hope So considering are strategy service forward. helped. customer our we pricing of in going

complaints, I are quite represent us, customers out numbers and take seriously, it X.XX% also small. with to have the complaint worth of filed to pointing important it's the broadband mean our that complaint I think we X.XX% of our Ofcom customers, example, but a for Ofcom.

it don't So that a he's doesn't small the it's we take That generally find over We and mean or seriously. into is doesn't it, correct, relatively all but press information releases stories. number. the do news Lutz it

comes from Societe the question of Generale. next Rathe Ulrich line Our with

any and So value the just value come these from holdco creation, from AllXMedia right? value, and most internally optionalities on tangible moves. make I X would crystallizing sense, initiatives if of U.K. the obviously, that creation the So creation, Benelux NetCo the tangible arise But highlighted divestment for rejigging, Sunrise so. and ones may sort you they they're are say the the the perfect that spin

this So But of in a with XXXX do XX-K, to is see says P&E stable. stream I'd or Or is see moves? broadly the year may sort like refer to divisional if about is your just to action bit more just in guidance, what difficult a corporate That we that's in construct goes remain now especially additions sneak down because next into up P&E group year would in seems the wondering -- the what there I'm I there, you be step strategically a after before what mind Telenet unfolding? How to stable? a views and bit. be a due I have of a is please, one, going are. And the pause of up there what IR. CapEx is goes consolidated to statement quite would the that bit Telenet when even

Yes. I'll second the Michael let Charlie work and or on Rick question.

it's listen, the Don't is things to going that. I Sunrise these time question, all implemented. first be of clear. for the mean On confuse It's beginning. certainly take to

this moving direction. are We happening. is It

think of Sunrise and rapidly as advance investing that given out. we have within can for is will we're and of fact transaction into that will reason, year end And we the will that. the moment delever that the advance will be before the stock big We value given for our X we where of as think dividend shares to a That's sure. shareholders up stock, in

moment big the with a that's buyback. along So

strategic think take of U.K., will on in direction to not that, businesses. in in lots to and It the year a to are to going think of see our it a optionality, you financing. that we're But should based take that's I the terms I the announcement. And see time time focus that them a things from even X. In reorientation on this to the before But they just overnight. things message actually shareholders consolidation, implement. real value and my I I opens opinion, that have tangible, and me, go investment in is the separation those following terms sends along marketplace. signal a to through implement. And So up all you'll a It of market are think the we it of of functional positive the bank lot will we happen of of big happen going, throughout course things serious, can be doesn't

So is just think, step that think mean I occurred. we'll space. In this watch Benelux, I that, X, see. I

investors as certain interesting see of. it part an platform -- to might people think I be

Vodafone. I knows? some management discuss have structure Who announcements make think year. things the to around we'll during we'll with Maybe

these this I announcements So of of think of only things course we about in each year. February do be we're here, each these announcements, talk the will through

would And prepared. so be I

side, sorry jump CapEx here. I in think on just the to

ahead. go Yes,

Charlie. Sorry, Yes.

are going move I offline, on cap I to was don't and footprint. and we heavily in investing. was say, we're look, is was CapEx believe things U.K., to this on take and a we today. best I But cycle 'XX in say but in going know along. guidance also -- that based it I across for formal CapEx. think we so XG the our Clearly, might point I elevated what the on And think reasonably are the change giving particularly at point the 'XX to point fiber, actually in we think I but make

of point So disclosure. that the I was the think

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

NetCo Maybe in two separation. parts, U.K. please, around the

Curious to being penetration. as expensive a funding Firstly, that rationale financing you the not requires not much to and options just that wholesale business, U.K. And the and I'm Already that rollout given U.K. time why understand Belgium why just around for the vehicle whether for has to curious that the more it dramatic much more consolidate. that strengthen the can difference it's what's left process Is and to therefore, NetCo, assume of balance the U.K. the of in higher the be of terms in a investment used mostly leverage leverage of ServCo just Or ratios and the of fair agreement? where acquisitions higher sheet?

Yes.

meant has we XX% country. Belgium, It have a a of on we building XX% NetCo have it's the and working Belgium. you the It's EBITDA. question, the On Netherlands. NetCo, already in Wyre. Perhaps out significant called created utilization first In

fully market. out we farther well even in along, Belgian functionally and and separated the So are legally underway

we're mean sort there, did did extent, model, we model are or in of some a trying mean to that's underway. the I well So Belgium to U.K. you that Holland? you mean the pursue And similar

I No. for meant Wyre. is the next the but of that CapEx step and meant deconsolidating I more Telenet monetizing Belgium, declaring

It's was we're -- either we not you we'll approach U.K. or soon Sure. in Charlie, Belgium. that. do and know haven't announced Well, in Belgium, how we maybe, that. may too that What second Or your question? to that caught

because X equity, at the additional entire refinance that plans this may debt that over time. equity with that's of It for extent all, story obviously same Yes. would Virgin to up a structure of I was NetCo we think would stack to a is no value for business, comes so into which And end capital I we that Wyre come subsidiary of are structures. the it -- OX. their third-party the to be think used the enhances financing. as news stage Media it's debt Virgin stack. There That Well, first good separate bondholders with Media

very the the credit right now Let's in see, cheap We've with debt got but not certainly time Virgin. it's markets. some

not term, a you're a give probably leverage long up. But probably lower do So has right time think I NetCo. to ServCo that is now the that than

not leverage initiatives I itself we should as like center other try to infrastructure expect but And use pursue initiatives asset just initiatives, see backing you think certainly, NetCo's us to lends do higher data shareholders. leverage. predictability to as infrastructure our we these returns optimize I for and think always

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

that's valuation U.K. spoken about Switzerland, you with bond the points, Charlie know government PE, in market would. low if conditions, have the low at credit wonky interesting versus in Two the you're you thing One look I just you teens equity the and rates, XXs general the

multiple. attitude just next persistent, look really structure telecom valuation be this Switzerland compelling the rate mean, if play? And out got to pure somewhat But you cost, you underlying generic in surely, if remarkable. everything, when swapped X in materially handle a by giving minutes But hot And the think sort look over your secondly, your are at you inflation obviously, going had higher another headwind. And you've of kind decent Because we terms people benign credit, on I capital transaction. what strip to just your do for years on X environment? the favorable congratulations costs. of other price, to even more then tailwind if Swiss of really on few we're higher duration, going another assets So it's you you'd to change fully the debt borrowing bond the X-year just got your a number you've mean, I ago. Is leverage refinance a

point. I Thanks, leverage the structure up to Yes. and capital Charlie Matt. answer at look can work -- an

because to question stock listen, view about will we it. investors it's be something create dividend that not valuation, in our think that certainly for today. a should a they this it's No announcement the a this and sure On that transaction 'XX, our in tailwind sizable -- will valued occurs

-- shortsighted what important And by in create the putting on these with structures is the about keep you be map think it should distributing what's yes, up it is right somewhere. distribution the means things and the if And forward to going understand and is correctly. people I we'll that. could first of right frustration place in people announcements the that. it I one think asset me at starting some different, start I But the I guidance we're posted right road start It for today think should So about time. And value that to to looking the address broader pursuing. have And particular it most strategic tailwind approach that's similar creation followed how a in create lens focused market, to many is is and type a example I nonetheless, value on at think, we're value, we'll you I our and about transactions. or pivot that we'll think are our be slightly to seems address tailwind there we're develop. But it as that and to it. appreciate

for bigger the message is I think create going you. the today to here value way we're

and rates period. much a higher X side, it's the on through a Matt, successful around of us, time were to but together, leverage been for I, It's of pretty for cycle. lot Xx you the we've lot been leverage that and

optimal 'XX also of an be we deals. rates. And a top we we've that I come to And years interest decision even fixed-rate back we'd benefiting remind that very businesses decade because I already end at in that But whether most you, the rates some I 'XX, of fixed off out, of 'XX, cost the do going of the a proven up obviously to these coming a 'XX, capital you last as be So that 'XX, to recognize low bottom from higher been the is end these off that's just when that our XX come want think drive I mean, of to make question is the end with decision point average rates. good range, the think able debt to think life year. X, of I in or have what's

the the I range, the make assets. just in locked through If out. right. think too depend we that our prudent it to I you're [ have to X% call we where capital and see underlying it's point where had mean cycle, we are higher on it's X% market judgments on significantly be We'll lower of let's to today, think much reference end fiber to we more the growth will But see range. end But the underlying XXX% think builds. more the we early the of most the base that ] end back than have whether range, at particularly rational decade, position it by rates be where lower then, be we'll the we'll and some on can be market. I would in rates. will in XG rates are structure hopefully of the investment a of we of that at

material probably there's a on a And that you valuation would agree Swiss halo asset?

hear it. didn't I Sorry,

multiple-wise a there's halo No, that asset? a I'm sorry, valuation Swiss you agree would material probably on

with that. I Yes, agree

Switzerland equal, in Europe. or the With low like, Swiss free listen, debt, And being euro government amongst clearly, for stocks. lower -- all Switzerland. the the low cash capital, of pound are for bonds things the cost than distributed you flow are of cash cost stocks, flow in course, free of is, the listed of cheapest in reason yields if

And So think attractive market the unlock clearly, this it's obviously going other a conglomerate is that that spin discount. part I for reasons. to of very

all I can So think one hold my person shares.

André few excited seeing very next I'm progress about how years. So team and over the

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

very two Just questions. quick

going legacy as The are was there QX, about It now trajectory should is in video U.K. first voice in one through lot a Can what are terms you repricing we promotional seeing Or are headwinds? And of you're of U.K.? And you the question on what in forward? of So ARPU. competitive well specifically, in just stable cable on second terms comment the ARPU cable in activity still is the think back-book on U.K. how maybe Switzerland. but of declines these you and as Switzerland? dynamics? seeing

involved. ARPU Do the cable to Sure. Lutz, want you we'll you point? get address

Yes, sure.

yes. So

U.K. customers pay-TV still have fixed ARPU living going you So might we year-over-year news crisis that There U.K. the which have costs, with eliminating you I cost 'XX. And when think saving still forward, unfortunately, there's in products. good right, the or the the in landline the calling the are for to seen compare managed stabilize to it, number of leads cable QX as in mid-tier is

speed other the able are we more. customers side, monetize to hand sell On and

we stabilization would of I the know. as helped. macro the but a 'XX, quarter fixed ARPU Hope compared of not mean say the an ago. that giving positivity of ARPU we out So for guidance hasn't to you out But I are take year last some changed,

André, the address Yes. want question? you Swiss do to

Yes, sure.

pretty say stable. So it's I would

So no real acceleration would say. or growth promotions, I of

have We which of course, driving like lot QX, of was market Friday, by again. driven in liquidity consumers seen, a lots the of onto

price of paid you had in more in in We off And been we us, QX. in adds that than numbers have activations coming saw quarters still, behind net previous active through just rise in because only have we the some quarter. actually that the and the terms delayed

you with return the main brand. in if happy want, to our the particular, quite market, we're So on

We Black main in their aggressive not Swisscom promotions Friday any they of really period being the in seen have Essentially, period. taken that have with time. not brand

is think seen we previously. we constant that quite market actually have the So trading compared to what

We lot coming price of aggressive in. also points don't more a see

like and this at that games X promotional moment time. brand it those the main in pretty after the brand the So segments And in come set up being active price feels flanker way. is and for rise, and in that's our same think market. QX in stable is outcome the we I more back have the And starting QX pretty good share taking

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

Yes.

of on some part Sunrise announcement have questions So specifically. today I the the

seen saying beginning, values the So share asset as and a kind between wide never price. the Mike, of you you at were discount your

therefore, it's of would you push $XXX actually think I share to mind, now a to? And So million also does just more what why rather a for Sunrise. Sunrise be been for become think, to through compensation you just left it your to those buybacks, $XXX Sunrise that with than million from the which to shareholder compensation costs? year. for actually running payment come you've outflow value. And spin company $XXX your sorry, the use last Liberty to -- your can I the but then itself, decided, costs, transaction wondering in on I into your the with share-based share central down shareholders Global, year, those down going with mean to group? that going What run TopCo out was cash create the from spin-off smaller that about it at happens what's XX-K, have in presumably million and What were

today, Yes. capital of of I'll what done business. one this when Charlie going. that All as and spin-off of obviously, given that's we're that listing things distributed which of Listen, whatever really something buybacks to right It's equity And we continue the these share the the whatever a essentially saying, buybacks, demonstrate of they're commitment owning its pre-spin the costs move, at you part don't an the the injection doing good questions. share. increasing we cash is greater were we've up you difficult money we're an I'm principally have to like think XX% is we for would with and been that pick $X.XX the proud a that at going multiple point. you're on the and to maximize central essence, where to -- especially why current strategy, equity. in question, over with because the has other. And leverage. In the if number, Sunrise what good. But an knowing into work stock worked or a well buyback? Look, a our a the what giving this, it's to important let it invest they has business we're and increase Sunrise, to about number value your business occur, of we exclusive. investors versus also reduce And increasing be terms of first injection, going the in Sunrise where or see of or know at -- is would to they they our to Sunrise, shrink greater point doing value occur all we fully not not but is -- mutually the so leverage, time, a They valuation, denominator buybacks do we $X cash, reduce this answer

there's have or where not matters. see And take so positive. most think $X.XX at distribution denominator to analysts, many as followed a dividend, by minimum, maybe that They up moments to extremely Because a time share investors, which buybacks impact. be investors events tax-efficient investors, but perhaps most happening, will I

answer that that's So to the question.

will the manage in this XXXX and transaction how half second mean central in the half compensation, We don't of shares -- to to will it's have. share talk what figure want beyond, to will happen the to it's do change out. beyond. XXXX, and and transaction this year. that probably know about the we'll I comp we'll of anything impact it I costs? Sunrise, and does. Charlie, comp hope let year, determine most hard know in that committee current because unfolds. will going who that shares committee be Global There you up On employees how it Liberty the will XXXX in second it with see of end best have the

a you $XXX And much established out, Yes, on. been running we've That's go time Sure. And about pretty number. as $XXX around. lower see this the already pointed to million years million, how we'll

opportunities. you, believe, job out platforms done I third-party assets. it Infosys, and attractive, remind there point through exploring book additional central which of were that Liberty massive market-leading to our that entertainment very One and Enrique amazing already, about has Just heard is connectivity X an you Infosys and a that which costs creating are order Tech, is transaction. I'd has are,

same that, So reverse a very is aggregated attractive. had it. But principle. that itself also is a we've one and -- essentially, potential all And We also back-office actually argue services could profitable buying we've unicorn. our about and a company, created the inquiry been which

scale. have We

from have pretty practice. FMCs, think by We invest And contracts. we technology. our that's best provide in long-term We underpinned very, and some a investment the we very competitive product to can

current maintain talking So into X you're the really cost, which about cost what is down listing. buckets. One broadly to breaks the central a is

Secondly, over a one of wave of the successful shared unicorns will example. growth, we have good should preserved learned investing lost what be we be and I a expertise, trackers series high scale. we the spin lessons Treasury cost next activities. like good hope be We lost service, think potential from economies a expertise was will and it. example. in the of to thirdly, actually AtlasEdge LiLAC things we that And real and of of then very time. And the developing Tax a that

will So we purposes length provide but services specialist indentures. often multiyear in for the would to or to of is in be think I agreements deep transfer what there these be arm's probably proposing with which on many line internal embedded continue GSA, use pricing broadly we agreements,

some a you and very does hard on there we those to they're Sunrise, these merchant be added. be provide value what of happy assume it's I very think And hope real take as treasurer contract to be should do value-added each to services. for will I OpCos, And So think expertise. really a long-term with what that will recreate will them

net time a portfolio. I down wave dollar next these come create of churn say companies will multibillion the So And would to we're over hopefully, from on the basis. going ventures

I So Charlie, consolidated your does given get you'll size revenues can that mean Sunrise, there? from GSA of the $XXX that operations halve that Sunrise? million, to mean does because million $XXX of of the

but developing No. $XXX Remember, buckets No. will that, spin mean But million still about But I over big documents allocated that. $XXX disclose right I continue we a ventures. at to course as is -- No, on we these services X be don't as to X the these companies. Remember, give numbers, that we'll of still and the mean, as the companies to said, public want time there'll Benelux, We of precise provide way it [ some allocate spin there to that and listing, I and significant we time new income, fit of net there's million, cost to VMOX the doesn't the -- proportion to were that unfold. like continue see Switzerland. beyond to ]. the

The next with line Joshua of Paribas. question Mills BNP from comes the

Media Virgin XX. the Slide on guidance was on Mine OX

was beyond? So to of were spent you us for in reversed these are revenue would which comment there some that guidance Or of bit give to one-off which of did press and great bit weakness underpins if declining just a BXB on It'd marketing the be we to stable anticipation a just for? XXXX you was If investments, in the more And Or XXXX, higher for situation? revenue. levels you mid much do on around, could reflection investment low losses? contract the you're on a side? that just give guide on XXXX? Is picture is positive it EBITDA. Can remain on something And it then basis expenses IT build some this color in is given that, efficiencies which estimate, secondly, Is can seeing a structural? you it I may macro how single-digit say, of $XXX on a versus that declines. be perhaps breakdown EBITDA so in million be the more of being release,

point BXB the handle you straightaway? don't why Lutz,

sure. Yes,

of lot a done lease have we sales-type deals. So

backhaul operator. mobile are Ethernet, a beginning. right the network the the that base deals and revenue nature lot or we these other to link meaning dark selling are of away stations So identify you EBITDA fiber And the of mobile at can to

moment, at deals bigger BXB types Now is we less for 'XX, happening of driver revenue less see, the on these a in side. the which of

we the the handset revenue the guidance materially side, is factor consumer other still And on account The crisis. of take is our living in cost into mobile market down.

also in region something I from year-on-year. think or more XX% competitors the it or you've seen of

So cautious EBITDA or the Mike, answer should on Do therefore, question, are one. want we that simply you to I do?

at looking whether quarter I it's mean sure in I I on one-offs can where generate basis that. a of to because that address it's a comparable. point a or how result ] in also EBITDA, in higher [ you Well, be. But I'm a not the not XXXX. Those know fourth we'll the detail the to big the great be, provide. can ability have rate is going growth are we're few to the the range on providing are low percentage one-offs If where pretty quite much make we budget, not impacting that a mid.

you you but don't IT, question a the marketing, know was, think things detail growth, much at provide color drive Lutz, to doing when how look maybe in look little So the you I provide, want year to that at at that. you look we're I on

they going number if network announced nexfibre for think what also right, a on rollout. giving add, spend has provide what today, is, without you are would I a mean, number to -- I I

to has be nexfibre more homes million. the It's right, that homes, will means, So fiber than easy additional right? XXX,XXX that understand X

this also new easy marketing it's typical that, in understand cost fiber penetrations and think need homes, And EBITDA, these what to material that are already leads about from Virgin you you for Media if right, stuff. So to yes? in fiber,

when 'XX. a don't and give us help easy don't growth is will these we think big driver, I I they numbers. therefore -- numbers. with But give to will So We have that then that it's this understand in also additional customers

Our IT but to immaterial, biggest I hard growth. is think costs, not the they're customer the mention

I think we're at the Yes. bottom of the here. hour

session. will Q&A This conclude our Yes.

So the I for closing back will hand Mr. call Fries Mike remarks. to

ask. Thanks, Yes. Appreciate it's is busy big everybody. XX so and on I you long. know morning, minutes been staying a a

simply sense So whatsoever. thank and whether our that. tough will a blip, been we're there's the announce it's we we to I part market not guidance. in sure. in of maybe return major day I growth. buildup. Obviously, you conditions, for but business VMOX this sense and to anticipation investment Lutz And the to will are doing And view, say with and team lot say he issue clearly, disappointment excited or of the that's about it's had one-offs, what a and for these a the for what all Slightly results

gap will substantial. or not I will I spin-off I'm And that, pipeline worth. you think valued very, Our that will show be is in that bit. And whether one we FMCs the positive of changed or and very stock that. will with business at a Switzerland, similar $X real, be what announcements think at excitement the hasn't the moment, a we $X, $X event you The our of That $XX, we be a valued investors. big opportunities made also confident have today to are are think for

in multi-pronged for everybody. continued Thanks, of going where buybacks. questions. your approach if have follow-up to that patience. us It's support you is we how and as will know you remuneration forward. Thank shareholder So always, find shareholders, hands to going value put simply forward. And be things you ways finding not the and It's

Update Ladies XXXX Global's Investor and Call. and gentlemen, Strategic this Liberty Year Results Full concludes

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

may your disconnect You now lines.