Slide 1: Liberty Global Investor Call Q3 2023
LIBERTY GLOBAL PLC INVESTOR CALL Q3 2023 November 1, 2023
Slide 2: Safe Harbor: Forward-Looking Statements and Disclaimer
“SAFE HARBOR” Forward-Looking Statements + Disclaimer the continued use by subscribers and potential subscribers of our and our affiliates’ services and their willingness to upgrade to our more advanced offerings; our and our affiliates’ ability to meet challenges This presentation contains forward-
Slide 3: Q3 Highlights: Three Key Takeaways
Q3 HIGHLIGHTS: THREE KEY TAKEAWAYS 1 SOLID OPERATING AND FINANCIAL PERFORMANCE Especially in the UK and across mobile and B2B Price rises taking effect, but fixed B2C business remains challenged 2 STRONG BALANCE SHEET AND CAPITAL ALLOCATION MODEL (1) Long-term, fixed rate debt with no material
Slide 4: Operating Highlights: Executed on Price Rises; Fixed Network Plans Ramping
OPERATING HIGHLIGHTS: EXECUTED ON PRICE RISES; FIXED NETWORK PLANS RAMPING Broadband Net adds (k) Postpaid Net adds (k) (1) KEY OPERATIONAL HIGHLIGHTS 94 91 UK posts strong broadband net adds after price rises in Q2 and improved 53 front book environment. CH/BE/NL net adds impacted by price rises
Slide 5: Strategic Highlights: Executing on Core Initiatives to Shrink the Value Gap
STRATEGIC HIGHLIGHTS: EXECUTING ON CORE INITIATIVES TO SHRINK THE VALUE GAP FMC CHAMPIONS STRATEGIC MOVES LEVERED EQUITY STRUCTURE 1 Maximize inherent equity value 3 Invest in strategic adjacencies 5 Capitalize on long-term, fixed of core operations to create superior returns rate debt silos Impro
Slide 6: Q3 Financials: Stable Revenue Trends
Q3 FINANCIALS: STABLE REVENUE TRENDS VMO2 (1)(2) VODAFONEZIGGO (1)(3) TELENET (3) SUNRISE (3) REVENUE GROWTH (%) REVENUE GROWTH (%) REVENUE GROWTH (%) REVENUE GROWTH (%) Incl. construct. revenue 3.1% 2.9% 7.1% 1.5% 6.2% 1.0% 1.7% 1.5% 0.3% 0.1% 0.0% 3.9% 1.0% (0.3%) (0.2%) (0.8%) 0.4% 0.0% (1.0%) (0
Slide 7: Capital Allocation: Strong Liquidity Profile
CAPITAL ALLOCATION: STRONG LIQUIDITY PROFILE CAPITAL INTENSITY YTD IN LINE WITH GUIDANCE(1) FULL COMPANY DISTRIBUTABLE CF FY 9M $ millions 2022 2023 Includes ROU Additions 25% ADJ EBITDA LESS P&E ADDITIONS $1,032 $716 20% 15% NET INTEREST (415) (340) 10% CASH TAX (171) (172) 5% DIVIDENDS & INTEREST
Slide 8: Attractive Debt Position: No Material Maturities Until 2028
ATTRACTIVE DEBT POSITION(1): NO MATERIAL MATURITIES UNTIL 2028 13.6B Long-term fixed-rate debt profile(2) (avg. ~6 years)(3) No material maturities until 2028(3) $3.5B(4) CONSOLIDATED Extended >$2B of RCF’s until 2029 on comparable 10.8B CASH terms, further extensions to be signed BALANCE 7.1B
Slide 9: 2023 Guidance: On Track but Revised Revenue Guidance at VMO2
2023 GUIDANCE(1): ON TRACK BUT REVISED REVENUE GUIDANCE AT VMO2 (3) (4) (2) (3) Stable Revenue Low-single digit Revenue Improved Revenue profile Revenue growth between (from Revenue growth) decline 1-2% Low to Mid-single-digit Adj. Mid-single-digit Adj. EBITDA Low to Mid-single-digit Adj. EBITDA dec
Slide 10: Appendix
LIBERTY GLOBAL PLC APPENDIX November 1, 2023
Slide 11: Ventures: FMV Improvement in Infra Assets, Focus on Smart Divestitures
VENTURES(1): FMV IMPROVEMENT IN INFRA ASSETS, FOCUS ON SMART DIVESTURES 4 VERTICALS FMV% FMV Q3 FMV HIGHLIGHTS CHANGE FMV appreciation due to CONTENT 46% $10m publicly listed stocks Further tech write downs given TECH 23% $(63)m market environment INFRA 24% $60m EdgeConneX FMV and AE Investment Limi
Slide 12: Central Update: Continuing to Target $200-$250M of Net Central Spend
CENTRAL UPDATE : CONTINUING TO TARGET (1) $200-$250M OF NET CENTRAL SPEND $ millions Q1 2023 Q2 2023 Q3 2023 Revenue decline effective Q2 primarily the result of our agreement with Infosys and our determination to market, and sell, certain of our internally-developed software to $151 third parties,
Slide 13: YTD Q3 2023: Adjusted FCF & Distributable CF
YTD Q3 2023: ADJUSTED FCF & DISTRIBUTABLE CF 50-50 50-50 LIBERTY VODAFONEZIGGO VMO2 JV $M IRELAND BELGIUM SWITZERLAND CENTRAL (1) JV GLOBAL IFRS BASIS (2,3) (2,3,4) ADJUSTED EBITDA $135 $989 $861 $(161) $1,824 $1,475 $3,675 P&E ADDITIONS (128) (512) (407) (61) (1,108) (738) (2,132) ADJUSTED EBITDA L
Slide 14: YTD Q3 2023: Adj EBITDA & Adj EBITDAaL
YTD Q3 2023: ADJ EBITDA & ADJ EBITDAAL (1) LIBERTY 50-50 50-50 GLOBAL VODAFONEZIGGO VMO2 JV $M IRELAND BELGIUM SWITZERLAND CENTRAL (2) CONTINUING JV IFRS BASIS OPERATIONS (3,4) (3,4,5) ADJUSTED EBITDA $135 $989 $861 $(161) $1,824 $1,475 $3,675 FINANCE LEASE ADJUSTMENTS - (24) (4) (6) (34) (7) (208)
Slide 15: VMO2: Return to Positive KPIs Following Price Rise
VMO2(1): RETURN TO POSITIVE KPI’S FOLLOWING PRICE RISE BROADBAND NET ADDS (k) Q3 GROWTH (%) TOTAL REVENUE(2) +7.1% 41 FIXED 29 CONSUMER(3) -3.2% KPI’s 23 19 MOBILE Broadband net adds return to positive after price rise impact in Q2. CONSUMER +4.1% VMO2 increased share of gross adds despite soft ov
Slide 16: Sunrise: Continued Improvement in Fixed Revenue and Support from Price Rise
SUNRISE(1): CONTINUED IMPROVEMENT IN FIXED REVENUE AND SUPPORT FROM PRICE RISE BROADBAND NET ADDS (k) Q3 GROWTH (%) TOTAL REVENUE -0.8% 9 7 FIXED CONSUMER -0.6% KPI’s MOBILE Modest broadband losses as less promotional in Q3 amidst price CONSUMER -2.3% increase implementation 0 Postpaid subscribe
Slide 17: Telenet: 100% Acquisition Completed; Price Rise Impact Building in H2
TELENET(1): 100% ACQUISITION COMPLETED; PRICE RISE IMPACT BUILDING IN H2 BROADBAND NET ADDS (k) Q3 GROWTH (%) TOTAL REVENUE -0.3% FIXED CONSUMER +0.8% KPI’s 2 Broadband net adds impacted by churn related to price rise, 0 MOBILE +2.6% CONSUMER temporary IT system issue and competitive environment
Slide 18: VodafoneZiggo: Momentum in Mobile Drives Operating Results
VODAFONEZIGGO(1): MOMENTUM IN MOBILE DRIVES OPERATING RESULTS; PRICE RISE TO HELP H2 BROADBAND NET ADDS(2) (k) Q3 GROWTH (%) TOTAL REVENUE +0.1% 7 FIXED CONSUMER +0.7% KPI’s MOBILE Broadband decline impacted by churn related to price rise and CONSUMER +0.8% continued market competition (9) (9) P
Slide 19: Rebase Information
REBASE INFORMATION Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For purposes of calculating rebase growth rates on a comparable basis for all businesses that we owned during 2023, we have adjusted our historical re
Slide 20: Glossary
GLOSSARY 10-Q or 10-K: As used herein, the terms 10-Q and 10-K refer to our most recent quarterly or annual report as filed with the Securities and Exchange Commission on Form 10-Q or Form 10-K, as applicable. Adjusted EBITDA, Adjusted EBITDA less P&E Additions and Property and Equipment Additions (
Slide 21: Glossary
GLOSSARY • Distributable Cash Flow: We define Distributable Cash Flow as Adjusted FCF plus any dividends received from our equity affiliates that are funded by activities outside of their normal course of operations, including, for example, those funded by recapitalizations (referred to as “Other Af
Slide 22: Glossary
GLOSSARY Debt and Net Debt Ratios: Our debt and net debt ratios, which are non-GAAP metrics, are defined as total debt and net debt, respectively, divided by reported net loss for the last twelve months (reported LTM net loss) and Adjusted EBITDA for the last twelve months (LTM Adjusted EBITDA). Net
Slide 23: Glossary
GLOSSARY SIM: Subscriber Identification Module. SOHO: Small or Home Office Subscribers. Telephony Subscriber: A home, residential multiple dwelling unit or commercial unit that receives voice services over our networks, or that we service through a partner network. Telephony Subscribers exclude mobi
Slide 24: Reconciliations: Rebase Adjustments
RECONCILIATIONS REBASE ADJUSTMENTS Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For further details on adjustments made to arrive at our rebase growth rates for the periods below, refer to our previously issued ear
Slide 25: Reconciliations: Rebase Adjustments (Continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) 25
Slide 26: Reconciliations: Adjusted EBITDA & Adjusted EBITDA less P&E Additions
RECONCILIATIONS ADJUSTED EBITDA & ADJUSTED EBITDA LESS P&E ADDITIONS The following table provides a reconciliation of our net earnings to Adjusted EBITDA and Adjusted EBITDA less P&E Additions for the nine months ended September 30, 2023 (in millions): 26
Slide 27: Reconciliations: Adjusted EBITDA & Adjusted EBITDA less P&E Additions (Continued)
RECONCILIATIONS ADJUSTED EBITDA & ADJUSTED EBITDA LESS P&E ADDITIONS (CONTINUED) The following table provides a reconciliation of our net earnings to Adjusted EBITDA and Adjusted EBITDA less P&E Additions for the year ended December 31, 2022 (in millions): 27
Slide 28: Reconciliations: Adjusted EBITDA & Adjusted EBITDAaL
RECONCILIATIONS ADJUSTED EBITDA & ADJUSTED EBITDAAL The following table provides a reconciliation of Adjusted EBITDA attributable to our continuing operations to Adjusted EBITDAaL for the nine months ended September 30, 2023 (in millions): 28
Slide 29: Reconciliations: Full Company Adjusted FCF & Distributable CF
RECONCILIATIONS LIBERTY GLOBAL FULL COMPANY ADJUSTED FCF & DISTRIBUTABLE CF 29
Slide 30: Reconciliations: Full Company Adjusted FCF & Distributable CF (Continued)
RECONCILIATIONS LIBERTY GLOBAL FULL COMPANY ADJUSTED FCF & DISTRIBUTABLE CF (CONTINUED) 30
Slide 31: Reconciliations: Supplemental Adjusted Attributed FCF & Distributable Cash Flow
RECONCILIATIONS SUPPLEMENTAL ADJUSTED ATTRIBUTED FREE CASH FLOW & ATTRIBUTED DISTRIBUTABLE CASH FLOW We define Adjusted FCF as net cash provided by the operating activities of our continuing operations, plus operating-related vendor financed expenses (which represents an increase in the period to ou
Slide 32: Reconciliations: VodafoneZiggo JV
RECONCILIATIONS – VODAFONEZIGGO JV VODAFONEZIGGO JV ADJUSTED FREE CASH FLOW (VODAFONEZIGGO JV ADJ FCF) VodafoneZiggo JV Adjusted FCF is defined as net cash provided by operating activities, plus (i) operating-related vendor financed expenses (which represents an increase in the period to actual cash
Slide 33: VMO2 JV Reconciliations: Revenue
VMO2 JV RECONCILIATIONS – REVENUE The following tables provide reconciliations from VMO2 JV US GAAP revenue to Rebased IFRS revenue for the indicated periods: 33
Slide 34: VMO2 JV Reconciliations: Revenue (Continued)
VMO2 JV RECONCILIATIONS – REVENUE (CONTINUED) The following tables provide reconciliations from VMO2 JV US GAAP revenue to Rebased IFRS revenue for the indicated periods: 34
Slide 35: VMO2 JV Reconciliations: Adj EBITDA
VMO2 JV RECONCILIATIONS – ADJ EBITDA The following tables provide reconciliations from VMO2 JV US GAAP Adj EBITDA to Rebased IFRS Adj EBITDA for the indicated periods: 35
Slide 36: VMO2 JV Reconciliations: Adj EBITDA less P&E Additions
VMO2 JV RECONCILIATIONS – ADJ EBITDA LESS P&E ADDITIONS The following table provides reconciliations from VMO2 JV US GAAP Adj EBITDA to IFRS rebased Adj EBITDA and Adj EBITDA less P&E Additions for the indicated periods: 36
Slide 37: VMO2 JV Reconciliations: Adjusted FCF
VMO2 JV RECONCILIATIONS – ADJUSTED FCF VMO2 JV ADJUSTED FREE CASH FLOW (VMO2 JV ADJ FCF) VMO2 JV Adjusted FCF is defined as net cash provided by operating activities, plus operating-related vendor financed expenses (which represents an increase in the period to actual cash available as a result of e