Liberty Global : Q1 2026 Investor Call Presentation

Published: 2026-05-01 09:03:07 ET LBTYA

Published on 05/01/2026 at 09:03 am EDT

confirmed regulatory process

underway

in asset sales YTD FYE cash forecast

regulatory/sector trends

with another sequential improvement in broadband net adds and commercial momentum picking up across markets

with acquisition of Vodafone's 50% stake in NL on track for July close and all building blocks in place for Ziggo Group spin-off in H2 2027

with a 75% decrease1 in net Corporate costs over the last two years, clear investment strategy and strong cash balance

Financial, M&A, tech and talent leadership

Driving commercial momentum and unlocking equity value

Reshaped operating model and allocating capital to highest return

Building on strategic platforms in high-growth sectors

Netco/Servco split created off-balance sheet JV (Wyre) for fiber upgrade/build

Network cooperation agreement signed with Proximus to ensure a single network in 75% of Flanders

New management team has reversed operating trends with How we Win Plan

Acquisition of Vodafone's 50% stake agreed and expected to close July 2026

Financial & operational synergies estimated to be worth €1B NPV

Tax-free spin-off of pro forma 90% interest in Ziggo Group to LBTY shareholders by H2 2027

Mobile capex reduction as 5G build completes

Opex reduction from AI and other efficiencies

One-off costs non-recurring

Return to growth in revenue & Adj. EBITDA

Est. €500m Adj. FCF by 2028 driven by organic growth, capex reductions and synergies

Rebalancing of debt between Wyre and Telenet

Sale of Wyre stake (and other assets) at premium to pay down debt

Organic growth in Adj. EBITDA and Adj. FCF

Sale of assets at premium (towers, property) to pay down debt.

Organic growth in Adj. EBITDA and Adj. FCF

-4.5x leverage targeted for 2028 supported by:

Combined asset sales of €1.2-1.4B to pay down debt.

Synergies

Organic growth in Adj. EBITDA and Adj. FCF

€500m

€120m

2026 Ziggo Group FCF

One-time VZ investment in network resilience

Synergies TNET Capex

Reduction

EBITDA

Growth

2028 Ziggo Group FCF

Based on implicit Sunrise valuation of an

11.5% FCF yield and est. ZG Adj. FCF in 2028

Assuming Sunrise dividend in 2026 and no

change in share price from today

$12.00

up to $28.00

$5 cash (after Vodafone close & asset sales),

$9 Liberty Growth (no increase), Continued implied equity value of $0 for Liberty Telecom

LBTY + Ziggo Group

+ +

Repositioned broadband pricing

New agile operating model

Reinvesting in core

strengths

Continued improvement in operational performance

Winning campaigns through summer

Churn intent and broadband net adds improving

Announced wholesale deal with Delta Fiber, expanding reach nationwide

Launched 2.0+ Gbps, becoming largest operator with 2Gbps speeds

Exited 2025 with best fixed net adds since Q1 2023

Broadband Net Adds10

Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26

-8

-11

-18

-26

-30

10,11

€56.4

€56.0

€57.3

€57.1

€56.6

€63.3

€64.1

€64.0

€63.3

€63.2

Remain on-track to complete 5G upgrade mid-2026

▪

(2)

(4)

(6)

Q1'25

1 1

(2)

▪

Q2'25

Q3'25

Q4'25

Q1'26

▪

Fixed ARPU

Postpaid Mobile

ARPU

successful cross-sell campaigns and strong BASE performance

€16.0 €16.0 €16.2 €15.9 €15.9

(9)

▪

(3)

▪

(9)

Q1'25

(5)

(31)

Q2'25

Q3'25

Q4'25

Q1'26

Fixed ARPU

Postpaid Mobile

ARPU

▪

€18.0

€18.2

€17.7

improved sequentially for 4th consecutive quarter since new strategic plan

(11)

(18)

(30)

(8)

(26)

Consumer Broadband Net Adds (k)

(75)

(125)

(45)

(165)

(60)

(16)

(30)

(53)

(43)

11,12

Mobile network transformation continues - new RAN upgrade agreements plus transfer of 2nd tranche of spectrum from VOD/3; O2 has UK's largest 5G SA footprint

(167)

Q1'25

(128)

Q2'25

(75)

Q3'25

(180)

Q4'25

(5)

(66)

Q1'26

8.7 million premises13

Fixed ARPU

Postpaid Mobile

▪

Q1'25

Q2'25 Q3'25 Q4'25 Q1'26

▪

Fixed ARPU

Postpaid Mobile

ARPU

€61.0

€61.0 €60.9 €60.6 €60.7

competitive intensity

€19.6

€19.4

€18.5

€18.3

€17.1

(3)

(1)

(4)

(1)

ARPU

£47.3 £48.8 £48.2 £47.4 £46.5

£17.3 £17.8 £17.8 £17.3 £17.2

reflects sustained promotional activity and competitive intensity

Building an AI, Cloud and Cybersecurity portfolio, while monetizing legacy assets

Strategically positioned in fast-growing digital infrastructure and energy transition sectors

Business services with tech-enabled solutions driving efficiency and value creation at Liberty Blume

Focused on larger and targeted investments in key growth areas like Sports and Live Events

Generational shift to "experiences over physical goods"

Inherently more defensible from AI disruption

and 1 of only 8 global sports leagues

In ATTACK MODE, GEN4

produces up to 600kW of power, a 71% increase in base output over GEN3 Evo

Speeds in excess of 335kph, GEN4 is the only single seater with active all wheel drive, making grip a serious game changer

Built from at least 20% recycled materials, the tires alone are made from 65% natural material

As F1 moves to 50% electric, the GEN4 shows off the power of creating purpose-built electric motors -- HALFWAY NEVER MAKES HISTORY!

Extraordinary commitment to sustainable racing!

GEN4 MARKS A NEW ERA FOR HIGH PERFORMANCE, SUSTAINABLE RACING

(11

REVENUE ($m)

1,052

1,123 1,157 1,186 1,148

REVENUE ($m)

181

743

785

786

823

759

195 201 203 199

% change

Rebased basis

Q1'25 Q2 Q3 Q4 Q1'26

-2.6% -2.4% -3.9% -2.3% -1.8%

Q1'25 Q2 Q3 Q4 Q1'26

+1.8% +1.5% -1.4% -0.7% -0.4%

Q1'25 Q2 Q3 Q4 Q1'26

+1.0% +0.7% -7.8% +1.7% -1.0%

463

497

522

496

482

ADJ. EBITDA ($m)

% change

Rebased

basis

Q1'25 Q2 Q3 Q4 Q1'26

-8.0% -9.1% -6.9% -3.4% -6.4%

185

198

184

156

144

Q1'25 Q2 Q3 Q4 Q1'26

+0.2% +9.0% -1.3% -16.3% +8.8%

146

153

161 162

154

+1.6% -4.6% -12.7% -2.4% -4.6%

Q1'25 Q2 Q3 Q4 Q1'26

3,374

3,436

3,399

3,126

3,222

REVENUE ($m)

11,16

REVENUE ($m)

134

116

123

122

127

% change

Rebased basis Guidance basis

Q1'25 Q2 Q3 Q4 Q1'26

-4.2% -5.5% -5.6% -5.9% -6.5%

-3.0%

Q1'25 Q2 Q3 Q4 Q1'26

-2.9% -3.0% -3.9% -4.5% -1.4%

provision for legal matters offset by cost

reduction initiatives

ADJ. EBITDA ($m)

1,315

1,284

1,152

1,216

1,370

ADJ. EBITDA ($m)

Q1'25

Q1'26

Q1'25

Q1'26

-1.3%

-0.4%

2.2%

-2.4%

-3.4%

-4.1%

-14.1%

-5.3%

+7.3%

-7.1%

% change

Rebased basis

($35)

$3,405

$73

($180)

$186

AE, Egg, NF & ECX

ITV & ECX

Blume & ECX

Results

FY 2026

Guidance

$3,361

Telenet Adj. FCF

€10m

Around €20m

Liberty Corporate Adj. EBITDA

$(2m)

~$(50m)

VMO2 cash distributions to S/H

Around £200m

VZ cash distributions to S/H

None

Q4 25 FMV

Investments

Disposals FMV Adjustments

FX Impact

Q1 26 FMV

$2,158

(71)

$1,875

43.5%

Incl. proceeds from partial ITV and ECX stake disposals

107

(319)

Closing

Consol. Cash

35.9%

24.1%

20.7% 20.8%

21.9% 21.8%

15.2%

Opening

Consol. Cash

Distributable CF

Liberty Growth

Net Investments

Other

revenue decline (vs 2025 adjusted for the Daisy transaction)

Around £200m

digit decline

25%

Telenet guidance is based on

IFRS financials excluding Wyre:

Around 20%

FCF of around €20m

Around $50m negative Adj. EBITDA as compared to $200m negative Adj. EBITDA for FY 2024

$2.8B refinanced/repriced during Q1 '26 extinguishing exposure to 2028 maturities in VMO2 as well as some early 2029 maturities

2028 maturities extinguished in Q4 '25

Focused on refinancing 2029 maturities

$5.0B fully underwritten Wyre financing; business plan now fully funded and facilitates refinancing $2.8B of 2028 maturities at Telenet

Residual 2028 maturities at Telenet largely

derisked

$9.3B $9.0B

$5.5B

$4.4B

Today

2026 2027 2028 2029 2030 2031 2032 2033 2034

* Pro forma for Wyre transaction which has been underwritten by the banks but prior to partial Wyre sale proceeds 20

Disclaimer

Liberty Global Ltd. published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2026 at 13:02 UTC.