Liberty Global (LBTYA) 2 May 242024 Q1 Earnings call transcript

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Liberty Global's First Quarter 2024 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. After today's formal presentation, instructions will be given for a question-and-answer session. Litigation slides presentation company's within with may of that Private historical the regarding harbor the not respect of XXXX, are other the statements. Today's of information and forward-looking include Securities prospects to X its details company's future safe the statement meaning including outlook Page the Act growth expectations and Reform fact. forward-looking statements statements and expressed differ or certain involve that cause materially risks from to those by These forward-looking statements implied actual could statements. these results those risks with and These filed its Liberty the Securities detailed XX-Q include in most Global's and XX-K Forms including filings as amended. Exchange Commission, recently on Liberty now Mr. to Global change or the in to update any any conditions statement to expectations turn to reflect any based. I is of which these like call such would any obligation forward-looking over its statements the disclaims in Fries. Mike

for everyone, during from needed. And folks and to management as are to going Charlie with and jump first usually team going right started, X from Hello, get takeaways And to call. prepared X we thanks on quarter QX. get in I investor involved other I Q&A, as I'll Slide do. the key joining handle our our us remarks, the then

substantial our purchasing of despite XX% redomiciling continue net successful or to clear. X X last at timely repositioning we of and value with consolidations, discount last both pretty create that sum value. our our of a to for the call, to market exits to and operating And over to shareholders. on shares. First Despite parts all, strategic our market a nearly was the plan deliver articulated perimeter asset we end plan to years The rationale Bermuda, despite trade

that on as the delivering value we and time. intrinsic our maximizing focused forward, from are where stated core possible, to point value shareholders assets So of this we over February in

so, In weeks on list Swiss those we've these progress substantial in our of last in a last on we operating actually Towards moment. them, spin the More each to announcements or some and that made plans X stockholders. of all off XX our business quarter. end, made our just to shares particular,

liquid around the from continued to to everyone refinancings, we're continue but including on $X.X consolidated billion with balance uncertainty sheet environment, to of rises fixed in recent will include cash, how think details, $X.X a today securities, particularly structure. credit Charlie smart we macro benefit strong rates. of keep it's sitting We billion interest if rate is cover which long-term reminding and tomorrow. and you the Second, our

whether comes or also returns venture investments, at telco extremely and to we're over business our We selective finally, the footprint. each allocation investing things program it corporate will across remain our disciplined deleveraging FMC or level, it's shareholders the for time. And capital these to when then drive strategic to of buyback growth

and that peers, For XX for extension And to about in picking NII then consumer story, end investments will same game expanded making premises the opportunities applications. also like we're IoT networks we changers XX us. are of footprint. in BXB starting for to and and million the an million represents we mobile competitive example, slicing are in is see where benefits, of Belgium retail track digital just our believe fiber-to-the-home by network U.K., XXXX, real fiber and on and we're Ireland and speed, reach plans in the XG addition and emerge up the finally, roughly to XX% our home be upgrade private

taken X which quarter the slides. out strategic Beginning since we over building these steps Slide on you then. dive me the last recaps laid plan for let we've the of Now of core few X, into blocks each and next the

on So of in slide, our the market. the left-hand telco FMC the maximizing focused operations side every value and foremost, we're starting first on of

operations a XX $X.X They're in to outstanding of EBITDA. in serve just our and generally stock and of #X As about management annual billion these valued they X product billion or the revenue million are generate aggregate at reminder, with annual fixed and price. teams, over mobile $XX we believe #X in outstanding connections, every brands

are to Now needless not manage. to say, these businesses easy

they under that make streams extremely subscription-based revenue consumers we planet. and most the Markets exciting is and are think ecosystem high. of I the quarter. capital sitting we're pressure margins, competitive, with the every on attractive But are are intensity the at center point large

BXB new to XG services We optimize for numerous the values creation our that and infrastructure cloud, innovations digital bandwidth strategic for with and retail embedded You name our business with delayering expanding metaverse, edge, are digital, or AI, or have of these options demand markets. in whether connectivity. better these And we're share AI market and streaming all think it, ICT FMC driving operations. we in unstop driving value

like will and finally, strategic equity, create value. commitment and and to positions trading our shareholders. value our And through second growth billion but to targeted And both is block multiples. is The to strategic operations your and on that valued continuing appropriate, appropriate, value actively plans value provide how much executing putting billion then know opportunity right. those This managing telco content the this that infrastructure should significant crystallizing for in to third tech being the hard improve It's market building shrink $X creation renewed and include of where highly investments in our and own cap and hands these and portfolio where in that. in we're deliver things is today, dividends our core our $X support their spins

we provide update On have an we side X the disclosed. the slide, right-hand steps of the key on publicly

talking with and to That's this and And to actual the we separate processes We've Of create fiber our XX with BCG will we're assume Starting significant our from FMC to fixed many substantial about without course, on. hired net the initiatives network code million in U.K. U.K. well Deloitte the not today, we'll are carve the champions, you there be and homes plan a across underway. but we're fiber planning, are a working asking, if more surprising. our should is out and received financials have reach not were help infrastructure asset, include next which, inbound interest us JV, investors. there

So for this. information stay tuned about more

good made we the Secondly, progress Benelux. in

potential multiple across invest premium add, to Belgium a Regarding and I holdco, to our Dutch see meaningful in and improve Benelux, we we're entertaining to that indications continue at quietly of the actually might synergies interest Global Benelux markets Liberty today. our trading the

now the valuable is approvals one to between helps strategic in portfolio for our committed how in last media that million to year, us, close $X and the creates assets complete have This cash EBITDA, just expect we the fund transaction. of us proceeds by this front, the $XXX invest asset of all our result $XXX million the broader and realizing of 'XX. required we ventures to half XXx billion sale example spin XX. ventures will received Sunrise the then to initiatives. By Again, way, which On second sales we in then X of we intend and May to

might we in media $XXX already towers $XXX just of an deal, the And closer to surpassed actually all you have million, U.K. we sell-down to million. partial the and know, With this X the let And we in additional million to is shareholders. the be to which course, come $XXX of And delivering objective. realized by year-end. finally, creating value pipeline million main and to $XXX that,

And XXXX. shares the purchased shares stock year-to-date. to of we XX% we've X% for have key and outstanding. part program now down remains today, Our approximately at of XXXX. end And over buyback a we've recall, XXX of as of shares our shares That's million authorized million up strategy, that you nearly XXX XX%

create those important quarter the listing valuation for the trades a all which the toward mean transaction value Exchange, just we this to moment. the today. Slide we're year. shares the Switzerland to that local listing today. distributed a the perhaps to create fully subsequent being value or on provides will transaction whatever then the I where most premium update of for of spin-off meaningful Sunrise perhaps a is in the recap goal fourth Now our Swiss rationale And by attributed an on believe, And expect is stands represent, and separation Sunrise of X and in company we stock with of

Switzerland the in cash schedule most importantly, stable market a this attractive story of underpin the will stands is story. file Global again is will the where only shareholders. We're Form X-player to them. Sunrise F-X which confidential SEC spinning then with multiple The flow next and to Now as is growth And champion. Liberty national the shares the year dividend a team free compelling. Andre perhaps targeting current XXX% front of off significant which out month. Sunrise equity pure-play an margins, QX entail to transaction, have levers complete

come the still have we're will both X.X in And proceeding directly over reminder, will talk we will listed of combination And million Sunrise we process we are these pre-listing. and higher then either out in to of X that CHF As Sunrise I'm strategic about course a a this in cash billion at or the rise $X million. JPMorgan and many be through corporate down. would of going to Sunrise CHF of into a which about per will then slow about $X.X from plus and dividend in pay to equity the to accrues the intend committed being minimum you this form price. vehicle, increase which groups listening funding happening. And parties to approached transaction media this the say, profile we that's pre-spin. moment. Not minus financial by company of potentially all mode, $X.X a expect the billion Obviously, delever of not This the of it's proceeds, free been XXX billion -- attracted of but XXXX, stock billion Charlie injecting participating way. value and cash. is or a the $XXX And do million flow about surprisingly, interested math to year, are will transaction, in time. Sunrise, a $XXX UBS approximately

Global. put that a X% just to yield represent the Just market Liberty I mentioned cap of alone moment. from a in The would for that Sunrise dividend entire on perspective

reports we're significant published on the that pegged commenting to it Now have range on Liberty these price. share. figured value surely and the so out our far, looks stock analysts equity numbers, which spin per relation of Sunrise but $XX in in XX not the have And $XX

coming Your more soon. by opportunity management Capital about intends to a course, this Markets due conduct Day The to a followed up in is roadshow. learn team complete

Liberty the asked the of what to spin-off. Global remainder happened Now after someone

about represents answering of Before XX% proportionate EBITDA it's only that, of important for things put into second. to a I XX% around EBITDA. think our context aggregate Sunrise and

So lot we remains converged really we've just those of we markets. talked our drive And have as remaining in to mobile now. of the strong a value opportunities bulk fixed business unchanged believe for about,

sold, Sunrise, we've Of that the we Liberty for of costs. course, -- administrative those services, reduced technical product like cash cash. our all but will asset then reliant Global cash on free at be upstream. we continuously a mentioned, to will And still generate continue bunch central And our will be lastly, certain of we even replenish which our look to around way, still balance $X sales offset I and and our operating businesses of by flow by billion, as

couple over of on last show ads it broadband to market updates postpaid the mobile a quarter. as I'll and Charlie, handing every X it's for X, a shows Slide over hit slide before operating we which each Now beginning quarters,

OX sales overall X,XXX On the you'll delivered in Media estimated a despite soft of the X%. net adds with quarter. top left, industry that broadband That's Virgin see market

reached Our that's expansion, rise, greenfield supported continues gross our fiber share recently adds homes. X million next to of by and which

market flat you'll added ARPU that in for primarily. by X% quarter price ARPU. contractual OX even each which April. OpCo a kicks fixed with blue Postpaid U.K. a in a evolution QX handset growth we impacted of notice impacted that in performance QX sub Importantly, ARPU weaker benefit the mobile in showing VMOX's essentially rise, of has the was box every improved before

by up in quarter. impacted Despite brand flanker a also legacy IT were mobile attributable migration. meanwhile, add was revenues to Our continues to the OX X.X% customers. that, service churn

strong with see inflows good a on And feel Now can and investment making build as the the since churn questions, the foreshadowed, and reflecting Consumer expect adds, as at call, the growth the Yallo lower XXXX the about to BXB from had across the performance to Yallo, board, has returns of commercial he's broadband Lutz in and net benefits. ads another in we is And strong he improved fixed to machine. in UPC on the continued quarter In but those momentum a programs X,XXX 'XX. term benefits returning take and we strong growth those beyond. Sunrise migration performance year-end impact postpaid drove Sunrise brand. XX,XXX. on improved and quarter brand Sunrise, loyalty quarter ARPU flanker every combination drove mobile, of he we

implementing the Andre of to upcoming team forward, are bodes course, half a XXXX well second the commercial and the bodes for number Looking continue momentum, and the initiatives transaction. for well which of of

with that fixed up there. Telenet continue high business you losing Turning X in And of fact, and saw another of ARPU The broadband pursuing is, in Meanwhile, reinvigorated Belgium broadband a been FMC levels see quarters that competitive marketing gross VodafoneZiggo campaigns, each Netherlands. to postpaid X.X%. remains mobile over Jeroen base the mobile And have by about fiber This quarters. despite quarter volume largely sales the X the strong and X,XXX the strategy market be net promotions improvement of and is overbuild. was the team last up can story X% with versus last is stable. service subscribers and mobile but slight off. revenue in losses paying stronger value postpaid the the with the growth mobile to impacted

IT when migration of side, team John has the On some managing in last were the through churn second positive issues. the and improved year half

normal. they've In major resolving customer improvement back seen those problems to with service technical in time fact,

active underway Looking personalized slide and simple commercial drive several customer expansion wire competitiveness country, experiences, view forward, with support and our growth I'll better a view in champions. and of long-term will their that with that's should of our programs highlighting now momentum. And south fiber the more the of FMC into upgrade our the the investment end

the On the our fixed of top status networks. summarize left, we

at see were homes, which capable XXX% the of we As X reached fiber speed, that on-net around homes, you end key. and last is million importantly, fixed point XXXX, XX% were XX of of but gig

to We in speed markets. leadership continue our have

U.K., getting exceeding of XXX fiber Just that's customer is average speeds, for the example, take according there Ofcom. average ours megabit customer where the to the speed and

Switzerland [ greenfield homes, opportunity to include the Belgium, as million footprint that's in represent will network X XG aware derive you ratios coverage Belgium will markets, that fiber we and homes. In in our of X and networks with the XX% be growth XXXX Now arrangements. homes our those seen we've on the to and value-creation the and those U.K. million thanking in expanded U.K., XX XXX% to And by greater our wholesale those through XXXX, have mostly XXXX, making but NetCos of XXXX, X and at U.K. see Virgin of the have nearly last ] we're which will will Media Ireland you're slower the extensions, manage a and million have X Belgium. homes Holland range slightly house, to path. and by X a XX% continue significant Three by also and net through and reach created from U.K., bottom, half some At will can of in the years. markets on from And XX revenue opportunities. those XXX% investments only those in

mobile are periods. it's point important think CapEx fixed to from out their both that and far peak I not

the from like In far fixed telcos, cash will here well that CapEx start investment margins or that. the our is the we other beginning our to right behind also complete initiatives. side, flow are AI European peaks recent is when sheet. higher And of as this either free benefits off digital balance fact, mobile and CapEx benefit even then And reap year considerable are in to programs on moved point we, these more not as

U.K. base and platforms Just operating a in Having IT customer in nearly for now our subs few here. we're fully the digital examples postpaid of mobile OX the bases. customer completed those just Telenet's Belgium, experience residential migrations

in U.K. On cost cores about as a Switzerland, at generative to streamlining predicting flexibility to service at rolling Mobile it, readiness customers-facing There of with few the virtualized be front, across we're cases we've Network scale, on demonstrated talk platforms, provide fully of we're our making reducing predictive much increase benefits development on and and and the our out. the the World and a efficiency a just in to technical of applications harnessing SA able productivity under early stage. and are AI power smarter, lot Congress is network, greater Belgium, XG and mobile AI, We Barcelona. and internal use but going benefits customers. potential both network agents consumption And customer power we're the our outages focused scale and to processes. employee these

these to we're and efficiencies. With much of these, and Charlie, us a both careful many things Now growth of that, more our the convinced innovations, operating that with provide and radar overpromise. similar financials. and the our will team are source happening is But take sector all let's through under being them needed revenue generally not

QX next revenue the a low by our BXB fiber and The and as guidance. sets next stable reported Mike. we profile decline in X of our key part QX. saw softer of cos in reported of X%. a all revenues summary which handset of the We markets. stable revenue broadly declines, across This in fixed impact the excluding margin revenue the slide revenue. Thanks, But out driven construction, [indiscernible] EBITDA revenue was highlighted

the XXXX quarter. At quarter of revenue service supported growth the growth the did this revenue ARPU Telenet lower offset over positive fixed revenue was And rises mobile QX summer. continued revenue QX, mobile delivered up handset X% we in impact quarter stable revenues. the and pricing close accelerating and BXB, the revenue price rises lever versus healthy price another momentum record revenue in stable posted even by as QX, However, price by supported was at growth with the revenue underpinned underlying benefit service Fixed of last before increase improve service tailwinds mainly price fourth adjustments. by in by the adjustments July mobile Sunrise X%. VodafoneZiggo, consumer to revenues by performance stable captured mid-XXXX supported of price from with over

EBITDA QX drivers invested adjusted construction our adjusted that next decreased XXXX growth the future in as guidance. under including performance. laid [indiscernible] to on fiber in Moving we EBITDA X%, VMOX just out the

step-up offset QX, in the a increases, VMOX more delivered transformation driven marketing with EBITDA price the and energy course, our and efforts expenses Telenet close along next to indexation higher lower and, growth by fiber X.X% benefits And lower by there to and growth, due cost capture cost was Specifically the started programming expect EBITDA reversal including from And growth. Sunrise in and the we quarter X% for optimization increase. were OpEx has costs, delivered IT primarily staff-related visible direct by driven costs, wage areas. VodafoneZiggo energy interconnect stable headwinds of costs be EBITDA posted cost which of following stable in scaling the revenue lower costs, to mandatory adjusted QX. to

give plus and finally, OpCos next from and and the JVs, our owned FMC liquidity an owned model. listed our the to champions. equity and metrics the values the underpinning Ventures stakes holdco our underlying key we upstream our XX% Recurring cash of free of market all fair distributions update portfolio our cash the FMC cash value allocation wholly from slide, flow capital on Turning

company profile cash the left, our year on free breakdown by starting QX operating top with with the of So full along guidance. for flow XXXX

in case debt the from to interest the quarter with years, cash previous half been second which and to cash loaded modest outflow given of [ our a typically has as payments stack ] the QX on timing the of is tend limited cash Now year. JVs, be back-ended the distributions

Turning to our position. cash

AtlasEdge was versus $X.X at QX was XXXX. the billion related XX% including in ventures there is QX, investments, and And in guidance around of operations balance million QX, billion QX outflow the of the EdgeConneX in cash $XXX up to modest consistent end and billion to buybacks for $X.X share in walk balance, is about buyback about XXXX. a $X.X were which consolidated the primarily again with of which Our during cash closing chart, our

of ventures offset in stake an increased versus valuations value which our is in ventures and our portfolio. billion, fair we a tech stock, space, see summarize a to on update, $X a equivalent But strategy both which $XX pillar, [indiscernible] Mike a in around per stock, infra net our driven keen with $X.X Moving assets a discount primarily $XXX $XX and EdgeConneX, deleveraging in $XX start stakes to And was AtlasEdge in This share to and take Lacework. of is of strong per share gap. If by of where share, valuation to in compared made by million, the share. largely to value around key significant highlight per are we decline value basis, view to $X.X the that in right our per center the approximately drivers the are that QX We which market to injection potential our to as the primarily ITB, share. of balance, we our quarter out including share investments average in a is debentures focused our billion get close there's we value currently growth cash within on of QX and listed increase speaking, data $X our play. EdgeConneX analysts the our plus in finally, to indicated trending which clear

billion or cash worth $X.X the stakes while per get by $X listed share. venture billion is third Our $X combined regularly AllXMedia plus sale a portfolio going $X we're our independent party the are to or valued equity an share, worth per from

valuation I'm billion pro injection CHF company cash arrive committed per average of the by Now X.X forma assuming moving X only for at current share spin, the we CHF Liberty Sunrise of analyst -- Global. the $XX to and billion, the of assuming

without champions, out value Global per spinoff. value Liberty up you these if XXX of around the $XX implied add Now Swiss all around a the attributed million to shares the be other assuming the of to any share, FMC share time comes

enterprise QX in equity that there's and highlighted remaining significant believe per interest XG value a cash cash VMOX, related comparable with fiber Lastly, value current we VodafoneZiggo, to investment also being Telenet Ireland, in elevated our operational the We home. to on proportionate despite basis free in upstreamed the to cycles flow. and

balance our to sheet. Turning

continue to We have a strong do position opportunistic and to refinancings. continue

March the we XXXX During April, and VMOX. refinanced all at remaining maturities nearly of

maturity. as the other debt in Overall, typically debt typically slide XX-year our OpCo, remaining around latter where we to aggregate as chart duration Now showing position, by chart have bonds. debt our has And versus form joint the own debt the the are a this opposed bank half instrument. ventures with the and bonds a the half in aggregate XX% of usual silo our shorter issued by as around including we bank debt shows, debt our the highlights

independent, Crucially, all rate swaps totaling for years really in bank interest are that's X.XX asset. of of our swaps argue We typically is in-the-money billion the with would a billion. debt. maturity, debt our $X.X that valuation fixed remaining sheet, the our underlying important, for average of balance significant an recorded we And of over $XX bank an these swaps swaps using until and variable life indeed,

our in refinance push of us around and to $X while allows bank in spread. This underlying what's and have maturing limited which risk benefiting maturities apart remain from near-term And as XXXX. beyond. XXXX debt have swaps credit billion swaps, out $XX the and in still we change notional tenor debt Specifically, called billion repricing a from place a any until XXXX result, the in can the we of

took billion case maturities addressing we spread. in XXXX basis the a VMOX, only March a as and So largely with XX refinancing this April, across increase point study, at $X.X advantage of proactively

average fully our proactive overall average X.X to less as for intend the in maintain and overall, X.X% weighted out debt debt all debt. VMOX, to of And our and terms at maturities increase So a than FX lastly, extended in the pushing years cost remain we stack this of a matched, turnup. is the life reminder, siloed by of

Lastly, the in set wanted XXXX to reconfirm we out February. all which in just QX OpCos our I guidance across all

all I won't again. financially But numbers. And terms across remain Q&A. the OpCos And the prepared we're a that year strong after all Now remarks. run through of QX, start metrics the concludes hitting in the now move to in we confident operator, our to to ready

Instructions]. [Operator

Our line of comes Joshua from first BNP question Paribas. with the Mills

couple I that's on if on the and then Netherlands one had a okay. U.K., the

more about related to color postpaid performing last be, bit would from indication well you how were in in on how the KPN. And disclosure some I could be through to share So of the year. VodafoneZiggo my the business net point seeing great then are could is the that, move coming then Promoter if the shoots Net night, now provide just and that give the clarify change too. question appreciated, if to underlying I system subscriber there survivor the around of the quarter to issues I'd think an much talked promoter if you're you of out whether in the trend detail altnet a mentioned as scores from call billing be would X U.K., in surplus perhaps to fiber-to-the-home Scores losses that there's related any green much is there, which you what And in that in and if is might to that overbuild improved related you your this FMC. It'd a the net the better Netherlands. course about like

Thanks, Joshua.

some time, CEO of yesterday. Hoencamp, VodafoneZiggo for of Jeroen as know, you As officially has retired

address we to know he's us have Drost, quite Ritchy you NPS the So want today. do the Ritchy, vacation. you well CFO, on the off call with point? But on all

for thank X Yes. on you Ziggo, the you, me. -- and to measure positive do it to And we passing Sure. challenges gradual you brands, the we do through measure our that. What Vodafone is, see and don't brands, increase one the on latter a Thank past we to clearly side. NPS [indiscernible], VodafoneZiggo leading all NPS NPS, also see address in on been has of scores, step-by-step for the fixed sure, the a

are I definitely, NPS also see then FMC but is we're you value-add Hopefully, things would brands customer I second to leads positive, a offers addresses doing of proposition, the want, the you the say, if X one... all So offer And it, on service the entertainment based on a Mike, call constant can you for that improved, uptake question. couple also which the into combine, the through into, a if that profile. sure, let's also take

the go Yes, ahead. point, [indiscernible] on ahead. And Go Ritchy.

Yes.

now, both ourselves by public. KPN, Odido and So are

So on doing. and good our the not price how get look players fiber is by by churn, but X traction promotions of actually have the it's on fiber market that you if always at pretty fact triggered sheer say fiber, a we the actually as instruments the to feel that the would mostly footprint. I use

leads and as on go didn't moderate BXB, basis, for If itself to then KPN dice you I would would a say, the has, the both slice results to consumer also as in well and compare performance, pretty Delta instance it that KPN, incumbent like-for-like and public. Odido which ourselves basically let's say,

market, build services. combine they which the take Odido in the taking growth and predominantly the new in broadband you If effectively is Delta, growth homes

other of a lot X gain cost to the but the that's instrument players big saying income the and KPN of as using to way ourselves a the volume. price not So growth that long it's

Yes.

building are also between each out in each. to $X.X that $X market, it's X to the other, I players discrete million point those not think geographies. they're important They're and not million building overbuilding entire other

But want outsider's point postpaid the fragmented. in you sort in, overbuild it's of of billing view quite an rational situation. to they're U.K.? do Lutz, the address -- from question looking So

sure. Yes, Joshua. Yes,

right, is of So here. QX compared things a delta couple typically mean weak net year The a add to a XX,XXX. quarter. is postpaid I ago

of double-digit this to the a you customer on CRM on unable We are to have new which one. migrate right, effect from system a some finished system. new one million has customers, always obviously, migration base, And the an

with And mobile strategy and value our maybe adds, they revenue see seekers, be look I And number number similar three, the is they good. pay for in right? is can service premium, monthly in CRM net iterate is before with more migrations number brand growth One OX, But to going We what mean, is is for one and of that can sure. that value. rise the the want XX%. forward pay in are to postpaid off the price not market, you our but brand at to value start you astonished see disclosing I pretty have [indiscernible] you will you

hope that I helps. So

revenue I'll this mobile consistent I add mobile important formed point, service and JV, Since just base which is remember. to we've year, think had growth. we've X we every contract grown the

of would view as a more I than this trend. long-term So blip a

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

question of If on I could ask a state and the please, really to the trajectory market, net competition. relating U.K. add

months few seems The I'm years. the of over market last the U.K. topped XX in out. last that curious to have So sort broadband size grown has

you about the in data, it U.K. I altnet. of looks if footprint. talked adds to the now Just I And customers think grow unit to market can starting in at your next the look legacy wonder, months in your million the some last market. the altnet like extent linked just if it, months. which to think, wondered those XX down XX added maybe historically, I they've impact in impact I X.X the of are you've the curious

net why question? address Lutz, you the add don't

Yes, sure.

this development net add bit compare A market to So is QX data things the Obviously, the compared a here. I of is weaker. XX,XXX. mean, the if year 'XX, couple you QX

more the to data, mean incredible, like less. right? delta altnets, look X I ago. see on our two, something impact according some at it's years we not X% Number So

really this not sell we Lighting, right, are is is, some more I sell are some penetration they and is mean, mean, product, last? So aggressive time a into used numbers. we fact, then, in they're video question the and year. big we expanded it's technology, fiber, fiber my want. altnets added ]. you this But talking therefore, this And [ And But Fiber sell homes, we to I in quirks different network. how we promotions obviously right? a million to new last started right, are getting fiber also, see were of as because starting and X more The the our long takes will of So have effect. now to not getting mid to is view it

So that selling are we more. machine week-over-week,

So we're I of next that also confident adds here, but therefore, hope helps. expect out more impact fiber. into net

to not network. you already They're means altnet the talk constructed, a going there's penetrate. where as I knowledge, expended not that next part, we built. discounting they've whether we're Typically, are network That aren't our long ambition. their and unlikely. to capital single the for the know, network we're ability quite return with describing And see has financially. by reaching what going they're they've is they have what high sustain businesses, get the do the with and their going the mean on and already capital to we're weak to no and about they XX%. think you XX think network quarter, to I term they're create that we hoped for the to and build every to to going digits, they point obviously to build-out is that -- not, a the and do bit but doesn't to That sustain penetration -- But other answer we seeing is built most and months the XX levels don't the been can work

in active We that's market. -- the sure. So they're for

And the market growing.

will the the grow So over the market just U.K. will XX next broadband grow do months? -- market -- you think

There's of of happening. there's certainly a have [indiscernible] the an of lot you impression lot do I that? Lutz, in market. flux a swapping generally, mean

So we but every The our will That's does broader we are add year, generally more than sure. market for think getting business our we fair share. grow. think

Yes. growth, yes, market. a lot the But not in of there's

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

network Mike, embedded In in the the [indiscernible] carve-outs. the you remarks, talked about prepared

work. think had the Belgium, it's in you Now might I In apartments clear. U.K., pretty maybe clear all less this

already I just of Netherlands. unsolicited distribution point could about see sort talked distribution Or there the may, But at split? the is up just opportunities that this you of simply Could the to this those interest point investments. outlook if X investment something the $XXX The how narrow value is down levers might unfold in clarification million nonrecurring And You of you as clarify describe carve-out? in and for that creation already. time? available you that you would

levers U.K. question. think I value can Ritchy, the are upstream the Yes. or many. listen, creation the you Charlie address in cash

parties. announced expect builds can fiber network, of that to For the network those extent build, migration able already our by all of attract multiples, homes isolate potentially be our of to fiber as very believe as accelerate accretive we mean raising. we we at I would financial importantly, to accelerate to better. in starters, XXXX, would the have ability interest X vehicle network and out networks, build capital going obviously by that to up but customers that call nexfibre but those the that XXXX, that to million we're balance a we strategic could the the XXXX, at We well into be construction, on well and network marketplace. upgraded The benefits what asset we're we from activities believe interest more in

in utilization, lot clear XX% think, ultimately our I network, net one, chunk trillion is the infrastructure there exact will and importantly, is that number money that to but there's marketplace, around. market. believe alive attract all number, think we mean don't and broadband to that be of will competitive we grow equity start there private our but which a big it these that capital, it our more infrastructure certainly will over of EBITDA And codes and is network types are wholesale certainly activities -- homes business allows advantage time, well know and financial -- that a the I creates XX flexibility we interest in life retain flowing and customers plan. us of base. million of and that a optionality the be accelerate the know it A second an give with So in and XX%, we $X

obviously, goodness So there's We've of business. to look the that delayering from -- we're lots at our Belgium. the comes it in first not done person

with market, try there already think Proximus fiber not is I and the the wire the that's to can to so created Belgium for capital. with speak we're which that, that is there on what the of of the opportunities least to cooperation he seeing wasting call, construction not John in we're us rationalize potential

that you start of process, when we Media very So that begin you there's be journey this lots Virgin when opportunities could come for think OX. this accretive

time, things to Ritchy, on should there mislead specific to these obviously, of we think we the that shareholders, to Just you the want telecom, But I if I to that make from so -- auctions. answer goes emerge want on with not our of and comment it. investors. know obviously one sure one allowed time obviously, are spectrum We're didn't of don't auctions. just one the But

that. add So it's you'd to to if really don't Ritchy, related anything know, I that.

I that's Charlie. think said, well

with the to what just the the you results -- sorry, in remarks line $XXX year-end the said. reconfirming we're we at million up So made with

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

to like Or VM prices you customers co-shareholder Do to the to idea Ziggo least, at holdco. on I'd premium not I follow-up think in charging? do Paddington? or what said, from so The the are need you a on fully Benelux outlets out like the It you have movement far, the Is Ziggo shaken interest, brand there interest about negative the external ask net altnet on more to offer very point. as than the this get And could nexfibre? carries have implied controlling on to seems lower equity contingent U.K. OpCos. Mike, given from Virgin necessarily? sounds to other your any investors. on encouraging or quick if Is the

I answer the can the could asset on point. Lutz, Benelux altnet an have Odido Listen, in interest up that equity work U.K. think is clear. the private you

that assets towers, a undervalued synergies, You're combined unrealized haven't ownership Holland. of potential region $X add infrastructure, have a been Belgium that of or whether And of consolidation on basis, good obviously interests talking through NetCo et in and about billion in cetera. characteristics, flow monetized cash in lot value I'll wire, lastly, the from similarities, if further that's yet a there's with defined EBITDA

And going partners. to We've the in us. that them here perimeter make we a certain down are either strategically making our where exiting to is the doubling will report. for lots to focused that with to and asset? and think been necessarily. way. of of there is good the moves be of others, them add to, partners they're you underlying this on have Dutch scheme there's on obviously, Not getting in doesn't Holland those us to to But interesting ask also I answer no building think interest. Would our to Paddington be not appear to to I you'll there -- it value we're that's ask while. that. and friends business. long And We're long-term It but markets game nothing plan been So stock elements I have think, things, that obviously think their on At in control sits highly attract contingent good we're have term what contingent accretive, they've moment, price moves for

Let's moving they what but we're if instigate forward. see anything,

Yes. On the -- Robert. question your is yes, ARPU

So keep the the short answer is we ARPU premium.

areas in in Virgin other not we selling network Media areas. cheaper So expansion are than

We is use this the are this more in future. how then more we and question but pricing, regional to getting a

not launched is fiber And product broadband. in which and customers are What have low-end have plus content. the this. just with sold doing we that, also we is before record So for we or the ability -- TV therefore, video the stream to

is XXX that, missing Virgin because the you get you for because we the how little premium add a and change. So lower was not so don't but product, is this ARPU, this Media. the of to if box This get will far

Redburn of the Malcolm Atlantic. from with line Steve Our next question comes

bit Where the have about obviously, to thoughts deal ducks on low, all, your with maybe just, VMOX Liberty all? just post kind was that you of and terms slow cap little this all a point can the that spin. on be was the journey? And for you're need curious make net [nex]. and point of $X.X the billion, But things getting $X thought little to be you've you're there's you that on sort like secondly, steps sort Is the were billion. guidance of the footprint? And status Liquidity -- adds post price the blocks up you still and Sunrise maybe any to is nexfibre, of something spin. Mike, of raised but kind then at liquidity X is your running? that relationship story. the Are late? Are becomes where This of a in doesn't of weak, marketing you market an in on Clearly, lined that? of feel you market if I of take marketing First you to lowered do you of up Just aspects lot are like and issue. of your concerns in the of buybacks going the kind interesting of move, that for kind year part of between at a terms retail the a share

spin. a billion at Liberty you do if other if at of we're as of that or you we a shrink material anything gap followed but that receive RemainCo, to partners own We're it's we'll a And to And time. the need on that Steve, take re-rating, here, and or if steps in that. -- understand result how with question, we continue Sunrise at. I make that I'm if steps you're I we just you but what around particular, the will. I taking issue, demonstrate me and on second on are let billion, our of plans the nexfibre, force sure can clarify and Thanks clear for Lutz, we're we the what as will, question RemainCo I'm Maybe take strategic shareholders executing control of looking work the Steve. Yes. the not are That's a it. first. we're valuable our Listen, $X then assets. The -- believe around be doesn't bridge you one want at certainly question all value address the trade, that anticipating ones and the to with to will sort the share the underlying looking so up -- steps I a we're sure if Global first point, the mean, as we shareholders, obviously we're will, Sunrise step and stock that getting gap just of assets not other and of it. $X steps. But growth plans

-- issues I one you're guess, of an think quite Mike, of the sort of esoteric my sort is you company. clearly I face

in the operate is over market full. U.S., you You're cap listed here, quite

market is small mean, very, cap a the -- much for liquidity of that a had guess, investors, the you but sort back at and adjust buying small because becomes spend smaller the with about potentially company? taking, that steps again? potentially shrinks, in You're I that quite complicated. obviously, slightly just as size company as doesn't thinking likely all it's the to And are the But you're if And liquidity you're cap time of harder I you off. stock market shares more potentially post impacted Sunrise difficult the different. worried it drives how the problem by the becomes Telenet, very

from the undervalued. our and expectation that that the mean it up shares, the remaining spin point. obviously, are Yes. today attributed we trades equally I assets depending is to on is I the RemainCo your how works believe, value in because understand where the

just We'll expectation or make where on be is how and Belgium trade. markets and the to in approaching confident we're it our that that that build going of we going to reset distribution One, of at be prematurely, is thankful businesses. is things own But we going to own they And changer this both how the I'm value game how that Now underlying terms be and Global well will want pretty control continue your value to point, we've do, things all At similar our point, you to understand a that prematurely hey, unfold. Lutz, see what may and those see valued U.K., where when trade the If when point. bridge get the secondly, businesses we happen. let's to to I re-rated I'm very but continue the a you you going view let's we the how does to intrinsic might cross remaining will point, nexfibre how people not value heads happen, is there because this we -- that that that in in to in are point? guess it demonstrated doesn't good may they and be and see. things. not it. the raised transaction a RemainCo address bridge terms businesses in unfolds. I'm as basis Liberty and it. stock. the X that that cross that cross of points, other let's at we're value occur, not will it as Swiss with and creation being do going you not recognized tell we we'll And

Yes. Yes. Yes.

sales, good so right? is a and We your have it is what the was relationship So over we X do further first more, doing homes. that celebrated team is the Is we penetration ramping, I doing fiber mean you product right? this blah, month, because, homes our for ramp ready, we to to to where quarter. this is, double what able before over built build you especially sales to we more. And million is. blah, machine has year ago, is nexfibre X now see customers are question Lightning because now get couldn't And for And million the Cox. So a you with very need homes field were these need And want did, said have selling need have question bill. ramp first, if hey, simply quarter-over-quarter to more was I we the much imagine, sales you get We blah. working, right? the I sales the keep And was, to big therefore, agree, you right? to that second you and month that network? And driver the more nexfibre what channels, right? therefore, network, with target now you to field now, channel build the and penetrate, have it As the can And

end therefore, And so we train year. field our and And of month-over-month we are number have that to ramping are nexfibre the we agreed team we sales are also this getting them. confident with

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

I X have questions. actually

decent in have the as as off consumers better it's probably you in the on I you margins benefit outside just U.K. are downplay Both your the units, even cliff. I'll And a think falling on if I pricing some really got some Liberty the a side, they much you your obviously a there's your benefit some have business really consumption do any think core to business. at But follow-up greenfield U.S. sense contribution there, Global is at do you stability business. how continent video business, lays broadband -- a And you planned, doing certainly going at look streaming doing you've do strategically well X something contribution have look then terms but you advantages first. And on terribly off the and moving they've When you peers what from that. versus JVs very better video the it. When of think and mundane operations? you thoughts core you're that. video of talk the cliff. And on that's though units. about got don't it with that the on it's U.S. if business, you're you much. you're on have I no not power, after all in realizing And I losing else and but some the than look -- margin But

think Well, Matt. accurately, I you've it characterized

operators that are the dealing the many While nearly are same severely. with, dealing trends with U.S. we as impacted of not we're

IP the video for We're remain cases, boxes. losses every not to of our So growing is steady base. trying In example. migrating fraction are same. base. video got U.S. video we're to quickly We're integrated. the app losses, at a The the some We've the trend

part doing people, streaming video all So attractive make to including a subsidizing very the cheap it certain devices as to bundle product we're of easy, same and even things careful the the services. and IP making

not are lose a customers and connected clip at clip as but we're to to losing customers, trying we're the customers U.S. video same guy. people keep at unlikely same So the as

in So that subs is absolutely broadband losing we're either. the And case. same manner the not

we're tough In or exception generally generally every growing market, fair really share quarter. growing which and We're fact, has the more. we've to that of and been broadband taking Holland, a some our broadband customers discussed

XX%, relative margins, there's to and think video -- are the on U.S. my guys, guess, pretty to hand. margins contribution are margins numbers the especially I are, probably I I our don't And have Broadband continent So good. mean XX%. their our XX-plus percent.

Having XX% aggregate is relatively businesses, us said effort while putting mobile. is these now stable. small, in the our think for on our business I more the video we're So -- revenue of that,

So not it's the is hobby every as the revenue in every mobile stream. core is growing thankfully, U.S., quarter. Mobile revenue a quarter. a it And business it's us for service single grows

we are fixed we're business, improve, business -- that's investments broadband It's whether to is that mobile constantly have side quarter. we the and growth in fantastic a So along to BXB. every growing on that, a and accelerant making with tailwind. the BXB fiber through And us, look and bundling.

we're as costs. capital it's I piece that think the and into investing energy well of of a the puzzle that's time so And as And working. lot

X every or over quarters, the look fixed our X either nicely last positive. you or market at If they're improving ARPUs in

on having think -- an us. I we're impact it's So having

in but we or with not the that industry, And headwinds struggling the are so we're of guys same course, faced obstacles are. the U.S. and same

in we're think your position a Matt? question, better I second was personally. What

NetCos, time. of economics But so interesting done network, well to you and a consultancy company that and -- anything already structure over Is growth More your could a a from studies, as phenomenon at almost venture of conjecturally, than anything in contribution you nice could it's that of that new look there more at time, has makes it did intermediate, I already complexity period out mean, other sector Yes. seems structurally in just when the you layers JVs like lay be make need could made your when growth of with nice new NetCos, the contribution look a it when there is a portfolio, you -- get more a what for how over terms NetCo lot rider that? of on tech various period you you've unfortunately. XG has which of tech JVs, tech businesses when easier been and have your capture kind free that growth

Well, good NetCos that's question. look, you inside will, embedded mean, I OpCo. are owned by of are OpCos, that the if our the a

on things around and So you a some build such. metro any aren't those opportunities, pursuing edge. bringing to if looking for ventures ventures new that, not cases, U.K. for that's NetCo, are in those benefit fiber, OpCos, streams are will. In we to and investment example, relate. the our and too, opportunities trying a of in at to work OpCo pursuing of the at always financing around accrue but Those to The we'll as NetCo the the OpCos opportunities together. in we're the the do setting we NetCo in to portfolio looking up for certainly us all partnering additional charging work NetCo, that ways NetCos. business those revenue said value We're going create at There's NetCo, what centers data our VMOX, our business really points to kinds are the -- Having owners that to a selling with a from comes

say, synergies. So be, I there of pretty But ownership these will I distinct. would think are opportunities the

TEF in and wants be something to partners the we what We have do. VMOX U.K. to has do

in us they of do I every appropriate they've an decades advantage quite, the a I and there's way. for infrastructure governance and in our around you'll think, for sure. There benefits those those rules and infrastructure set think advantage take I try been to of invest those opportunity are sitting each to of see as OpCos And value So any OpCos in finance in other. and take on there. But new themselves identify fuel think

operator question. have time think more for we one I

from Murdock-Smith with Berenberg. final Carl Our question the comes of line

similar that valuing of point, the Slide you address operations kind X. about like the on and equity at your XX, a where talk I'd your On mispriced is waterfall to view chart FMC

million disagree of trend I those I longer-term And at the the seek or $XXX portfolio to and attributing start is AtlasEdge guess pipeline share about point is, which Ventures to suppose talk priced the slightly. that think portfolios? kind excitable. market? sound price the parts on in I I with And I Or agree is it value be another my will discounted side Ventures I additional every being the you million, that your at flip portfolio right EdgeConneX, the that my of could the unfairly year-end, question time by of is you would you monetize comments being it. that monetization a the very think in to share the guess Or that $XXX Ventures is mispriced, there price? And be whether is play but you be equity with a the hear are that do giving I component to

is, go question the size of portfolio up, should a is ventures -- that So that longer-term on down the view?

good Yes, for up with up value upfront. value. points make question. that ventures portfolio. of a the it's That's a that I'll coming not coming just with couple Deloitte We're

assets was, people a not that It's if Whether sold are call. just just judgment giving we're basis. to up. for or we XX on conservative not right, AllXMedia within we're demonstrated it ascribed times. making that to in and giving the very is a think value how with however, asset for point those portfolio. I no full I us rigorous an just Nobody value will that hard know. That's very say, views is It's like that their getting So value you're one. day-to-day is we us

is think the I verticals. of there number -- of consists truth is So portfolio the a

in would monetize. are largest our different verticals rationalize to at stage vertical, and or exit than perhaps has is development potentially which content of those a others. say our of more Some it I

bit And got to that have we're opportunities right but play spaces. in so we'll see that how in could our a possibly and the also are we monetize, of some side we by things infrastructure that both. infrastructure right goes. of of The excited those things is We've front noses a

OpCos are which stuff for is And could that creating companies, cloud and annually. themselves the that as both. as benefit anything or get And partners as in in the bit So we I we of more by for they funded is because the tech from will of invest pays of tech itself. exits much less in security companies, a mean accrues investing be companies, we everything tech AI be OpCos well. to hope really suppliers in we're customers all our or

verticals I characteristics. that. their So X not the -- have of a unique simple bit But appreciate it's it's story. a own

We are become will bit say could both, X, we'll and time, and investment been there's of see. years. where monetization of a be what are. assets X X X a X, we right bit and I'd it become look of going then built These And X a like bit over have to it's question, and in could X. the

a target focused like that has broader in. business Let's particular We're goes. about we example. to we are it. investors the And see we that how on light we're in and will that decisions be infrastructure, think understand but a number, disciplined very of appreciate, we're things setting And it not are for it making

that continue look time. Sunrise, portfolio an AllXMedia stock. that of So redistribute an opportunity Not pocket for we'll example, will really, to accidental? other I all think And pocket, that at we both hope exiting assets right opportunity our about initiatives was putting gap create thinking the as capital to but bridge value right? and left this value, in We're the to strategic into into

we'll it not So focus long it. in we're a going I answer, on but think way, a how that's I at forward. Operator, predetermined way. And flexible it that's looking think

year, we're have. also had what those ultimately initiatives everybody, the focused hopefully, today, to XX with you. a our and say out X then OpCos listen, create and So in been delivering to embedded able short And we've got positioning us the in as update to instances, particular growth, lot to we OpCos a of trying you monetize of In of each value what in appreciate joining that to we're the on always, weeks. you do -- find and of in on the or strategic the those assets balance ways value that on

is Sunrise transaction the us. front center So for and

value the that assume we to and you next will think on for should You quarter. prioritizing forward updating we we're create things look shareholders,

thanks joining So us. for

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

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