Business
Liberty Global Reports Q2 2023 Results
Improved sequential Adj. EBITDA performance across FMC Champions, broadly stable aggregate1 connectivity despite price rise announcements Proposal to
About this update from Liberty Global Ltd.
[{"type":"text","content":"\nImproved sequential Adj. EBITDA performance across FMC Champions, broadly stable aggregate1 connectivity despite price rise announcements\n\n\nProposal to redomicile to Bermuda approved by a shareholders, completion expected in Q4 this year\n\n\nSuccessfully acquired over 93% of Telenet, offer will reopen August 24 to September 13, providing an additional opportunity for TNET shareholders\n\n\nRepurchased ~$740 million of stock YTD2, representing 8% of shares outstanding; buyback plan now increased to a minimum of 15%\n\n\nOn track for all full-year 2023 OpCo and Group guidance3 targets\n\n\n DENVER, Colorado--(BUSINESS WIRE)--\nLiberty Global plc today announced its Q2 2023 financial results.\n\n\nCEO Mike Fries stated, “We saw improved sequential Adjusted EBITDA performance in Q2, underpinning the confirmation of all full-year guidance targets across our core FMC operations. Demand for reliable high-speed connectivity remains strong and despite communicating price adjustments across our footprint, we delivered broadly stable aggregate1 net adds in the second quarter. Looking forward to H2, these price adjustments should increasingly help to offset anticipated headwinds from energy and labor costs currently affecting our FMC businesses. Despite tough macro conditions, we continue to invest heavily in future-proofing our fixed and mobile networks and position ourselves for long-term value creation. Given our ample liquidity4 at Q2, as well as confidence in our 2023 distributable cash flow outlook, we are announcing an increase of our share repurchase program to a minimum of 15% of shares outstanding from 10% previously.\n\n\nCommercial momentum in Q2 was affected by the announcement and/or implementation of price increases throughout our markets. While these adjustments will support Adjusted EBITDA through the second half of the year, we have already seen an impact on our Q2 subscriber activity, reporting an aggregate loss of 60,000 net broadband subscribers. Mobile trends have shown more resiliency and we added 50,500 aggregate postpaid net subscribers in Q2 across our footprint. On the financial front, we have yet to see the full impact of the aforementioned price actions. As expected, the previously-flagged phasing related to the timing of prices increases together with continued cost inflation impacted our Adjusted EBITDA ...