Business
Liberty Global Reports Q1 2024 Results
Significant progress against strategy to create and deliver value to shareholders, with Sunrise spin-off anticipated Q4'24 Strong balance sheet, including
About this update from Liberty Global Ltd.
[{"type":"text","content":"\nSignificant progress against strategy to create and deliver value to shareholders, with Sunrise spin-off anticipated Q4'24\n\n\nStrong balance sheet, including $3.9 billion(i) of cash and liquid securities; proactively refinanced >$2bn of 2027 maturities at VMO2\n\n\nInvestment in fixed and mobile networks continues, with FTTH programs on track in the U.K., Belgium and Ireland\n\n\nQ1 financial performance in line with expectations and fully on track to achieve all full-year guidance targets\n\n\n DENVER, Colorado--(BUSINESS WIRE)--\nLiberty Global Ltd. today announced its Q1 2024 financial results.\n\n\nCEO Mike Fries stated, “On our extended fourth quarter results call we presented a clear pivot in our strategy which will see us not only focus on maximizing the long-term value of our core FMC assets, but also delivering that value directly to shareholders over time. During Q1 we made significant progress on the initiatives we announced, including our plan to spin-off Sunrise, which is on track for Q4 this year.\n\n\nOur balance sheet remains in great shape, with $3.9 billion(i) of cash and liquid securities, supported by strong Adjusted FCF generation and the ability to replenish liquidity through asset sales. We recently completed a proactive $2.4 billion VMO2 refinancing where we successfully extended the average life of our total U.K. debt stack with a negligible impact to VMO2's WACD. We remain committed to shareholder remuneration, having already repurchased ~3% of our shares through April 26th against our target of up to 10% of shares by year-end. Meanwhile our Ventures portfolio, valued at $3.4 billion, represents an attractive platform to support our FMC operations, drive returns, and create significant value over time.\n\n\nWe continue to invest in our fiber-rich, fixed and 5G mobile networks and, while this is driving elevated capital intensity today, it remains critical to underpinning the long-term asset values of our OpCos. Our fiber upgrade projects in the U.K., Belgium and Ireland remain on track, and nexfibre recently announced it had reached the milestone of one million premises1 built in the U.K., as VMO2 fiber build capacity continues to ramp up. Meanwhile, we're continuing to invest in digital and AI initiatives to support commercial momentum and efficiencies.\n\n\nOur overall financial performance in Q1 ...