Liberty Global Ltd. · NASDAQ:LBTYA
Liberty Global — Q2 2026 Earnings Presentation
49 slides from Liberty Global's earnings presentation, Jul 24, 2026
Slide 1: Liberty Global Investor Call Q2 2026
LIBERTY GLOBAL INVESTOR CALL Q2 2026 JULY 24, 2026
Slide 2: Safe Harbor: Forward-Looking Statements + Disclaimer
SAFE HARBOR Forward- LookingStatements + Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our and our affiliates’ and joint ventures’ strategies, ambitions, strategic goal
Slide 3: Safe Harbor: Forward-Looking Statements + Disclaimer continued
SAFE HARBOR Forward- LookingStatements + Disclaimer continued These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outsi
Slide 4: Strategy & Operations Update
LIBERTY GLOBAL STRATEGY & OPERATIONS UPDATE
Slide 5: Three Core Pillars That Drive Strategic and Financial Growth
LIBERTY GLOBAL| CLEAR OPERATING STRUCTURE THREE CORE PILLARS THATDRIVESTRATEGIC AND FINANCIAL GROWTH LIBERTY LIBERTY LIBERTY GLOBAL GLOBAL LIBERTY TELECOM GROWTH Experienced team of TMT Media | Sports operators and investors Infra | Energy Ziggo Group Financial, M&A, tech and talent Tech | AI leader
Slide 6: Substantial Progress on Value Creation Plans
LIBERTY GLOBAL| Q2 HIGHLIGHTS SUBSTANTIAL PROGRESS ON VALUE CREATION PLANS with best consumer broadband COMMERCIAL IMPROVEMENT IN Q2 2026 GUIDANCE performance in 6 years at VodafoneZiggo and strong commercial confirmed initiatives planned across the group for H2’26 AI INITIATIVES in-flight across LG
Slide 7: Progressing on Key Building Blocks for Spin-Off Next Year
LIBERTY TELECOM| ZIGGO GROUP PROGRESSING ON KEY BUILDING BLOCKS FOR SPIN - OFF NEXT YEAR ZIGGO GROUPBUILDING BLOCKS3 5 VALUE UNLOCKFOR LIBERTY SHAREHOLDERS ✓ Acquisition of Vodafone’s 50% stake in NL to close end of July $37-$40 CORE STRATEGIC ✓ Netco/Servco split completed in BE; fully-financed Wyr
Slide 8: Commercial Momentum Continues in NL with Return to Positive Fixed Net Adds
LIBERTY TELECOM| ZIGGO GROUP HIGHLIGHTS COMMERCIAL MOMENTUM CONTINUES IN NL WITH RETURN TO POSITIVE D FIXE NET ADDS AND STRONG POSTPAID PERFORMANCE First quarter of positive net adds since Q4 ‘22 ‘HOW WE WIN’ PLAN IS DELIVERING 6 FIXED BROADBAND NET ADDS +7k ❖ Launched fixed product on hollandsnieuw
Slide 9: Strong Growth in the Customer Base Across the Benelux Region
LIBERTY TELECOM| ZIGGO GROUP OPERATING RESULTS STRONG GROWTH IN THE CUSTOMER BASE ACROSS THE BENELUX REGION 39 NETHERLANDS ✓ Ziggo brand momentum through ‘The 16 7 Everything Network’ campaigns, speed 5 ▪ Broadband net adds return to positioning and ESPN in standard TV 25 32 positive with the best c
Slide 10: Leveraging Our Scale and Strengthening Competitive Position at VMO2
LIBERTY TELECOM| VMO2 OPERATING HIGHLIGHTS WE ARE FOCUSED ON LEVERAGING OUR SCALE AND STRENGTHENING OUR COMPETITIVE POSITION IN ONE OF EUROPE’S LARGEST MARKETS VMO2 IS THE ONLY SCALED CHALLENGER IN THE UK FOCUSED ON THE RIGHT VALUE DRIVERS Converged platform with leading brands across segments New C
Slide 11: Improving Trends YoY at VMO2
LIBERTY TELECOM| UK & IRELAND OPERATING RESULTS IMPROVING TRENDS YOYAT VMO2 (5) UK ✓ New MVNO partnership with Monzo (53) (30) (16) (28) ▪ Consumer broadband net (60) agreed, broadening market leading reach in (45) (63) losses improved YoY despite wholesale mobile (75) (75) (66) sustained competitiv
Slide 12: Tangible Benefits Today, Transformational Upside Tomorrow
LIBERTY TELECOM| AI UPDATE TANGIBLE BENEFITS TODAY, TRANSFORMATIONAL UPSIDE TOMORROW TELCOS HAVE THE ASSETS AI NEEDS MOST WE ARE DRIVING REAL ‘AI VALUE’ TODAY PROPRIETARY DATA AT SCALE Personalization engine reaching 65% of the base Customers Network, usage and customer data rivals can't replicate M
Slide 13: Deep Dive on Tech Investments in AI
2 PORTFOLIO LIBERTY GROWTH| CONCENTRATED $2.9B DEEP DIVE ON TECH INVESTMENTS IN AI SERVICES SHIFTING OUR FOCUS TOWARDS AI INVESTMENTS $0.2B ❖ Capitalising on AI-driven telco tailwinds, unlocking Group-wide Business services with tech- synergies enabled solutions driving efficiency and value creation
Slide 14: Finance Update
LIBERTY GLOBAL FINANCE UPDATE
Slide 15: Continuing to Focus on Disciplined Capital Allocation Across LG
LIBERTY GLOBAL| FINANCE HIGHLIGHTS CONTINUING TO FOCUS ON DISCIPLINED CAPITAL ALLOCATION ACROSS LG FINANCIAL PERFORMANCE CONTINUES TO TRACK AGAINST 2026 GUIDANCEas Opcos drive commercial momentum and implement cost efficiency initiatives supported by $600m from $2.4B OF CORPORATE CASH AT Q2 EdgeConn
Slide 16: Financials on Track for Ziggo Group 2028 Financial Targets
12 LIBERTY TELECOM| BENELUX FINANCIAL HIGHLIGHTS FINANCIALS ON TRACK FOR ZIGGO GROUP 2028 FINANCIAL TARGETS (13) Q2 FINANCIAL COMMENTARY REVENUE ($m) ADJ. EBITDA ($m) ADJ. EBITDA less P&E ADDITIONS ($m) 1,123 1,157 1,186 1,148 1,134 497 522 496 269 284 ▪ Revenue trends sequentially improving as 482
Slide 17: VMO2 Remains On-Track in Both Service Revenue and Adj. EBITDA
12 LIBERTY TELECOM| UK & IRELANDFINANCIAL HIGHLIGHTS VMO2 REMAINS ON - TRACK IN BOTH SERVICE REVENUE AND ADJ. EBITDA (13) REVENUE ($m) ADJ. EBITDA ($m) ADJ. EBITDA less P&E ADDITIONS ($m) Q2 FINANCIAL COMMENTARY 3,374 3,436 3,399 1,315 1,370 663 3,222 3,220 1,284 1,308 614 1,216 552 ▪ Total service
Slide 18: Continuing Investment Across Markets; Growth Disposals Over $700M
LIBERTY GLOBAL| CAPITAL ALLOCATION CONTINUING INVESTMENT ACROSS MARKETS; GROWTH DISPOSALS OVERM$700 CAPEX MODERATING THROUGH THE CYCLE GROWTH FMVLOWERPOST- ECX DISPOSAL15 2 ($m) Q2 Liberty Growth FMV Capex as a % of revenue14 43.5% $3,405 $28 33.8% FE, NF, AI/Tech ($719) $2,852 24.2% ($15) 20.7% 19.
Slide 19: EdgeConneX Investment Was a Home Run in the Growth Portfolio
LIBERTY GROWTH|EDGECONNEX EDGECONNEXINVESTMENT WAS A HOME RUN IN THE GROWTH PORTFOLIO ❖ EdgeConneX is a global data centre provider, operating purpose-built ❖ Liberty Global’s first investment in EdgeConneX during 2015 digital infrastructure – ranging from Hyperlocal Edge facilities to acquiring a m
Slide 20: Reducing Our Exposure to '28 and '29 Maturities
LIBERTY GLOBAL| TREASURY UPDATE WE REMAIN FOCUSED ON REDUCING OUR EXPOSURE TO ’28 AND ’29 MATURI TIES16 $4.1B OF FINANCINGS IN 2026 SO FAR, EXTENDING MATURITIES $11.2B Ziggo Group ▪ Telenet & Wyre capital structures formally separated $9.1B $9.2B $9.2B following approval of fiber-sharing agreement b
Slide 21: On Track for All Full Year Telecom and Corporate Guidance
LIBERTY GLOBAL| 2026 GUIDANCE17 ON TRACK FOR ALL FULL YEAR TELECOM AND CORPORATE GUIDANCE 18 19 20 21 ▪ Revenue: 3% to 5% total service ▪ Revenue: Stable to low-single- Telenet guidance is based on ▪ LG Corporate Adj. EBITDA: revenue decline (vs 2025 adjusted digit decline IFRS financials excluding
Slide 22: Q&A
Q&A
Slide 23: Appendix
APPENDIX
Slide 24: Q2 2026: YTD Adjusted Attributed FCF & Distributable CF
Q2 2026: YTD ADJUSTEDATTRIBUTEDFCF & DISTRIBUTABLECF LIBERTY 50-50 50-50 LIBERTY VMO2 JV LIBERTY GLOBAL VODAFONEZIGGO $M VM IRELAND TELENET WYRE CORPORATE GROWTH 22 CONTINUING JV IFRS BASIS OPS 7,23 10,23,24 ADJUSTED EBITDA $79 $381 $296 $(24) $(41) $691 $952 $2,524 P&E ADDITIONS (84) (227) (410) (8
Slide 25: Q2 2026: YTD Adj EBITDA & Adj EBITDAaL
Q2 2026: YTD ADJ EBITDA & ADJ EBITDAAL LIBERTY 50-50 50-50 LIBERTY LIBERTY GLOBAL VODAFONEZIGGO VMO2 JV $m VM IRELAND TELENET WYRE JV GROWTH CORPORATE22 CONTINUING IFRS BASIS OPS 7,23 10,23,24 ADJUSTED EBITDA $79 $381 $296 $(24) $(41) $691 $952 $2,524 FINANCE LEASE ADJUSTMENTS - - (3) (3) 1 (5) (7)
Slide 26: Footnotes
FOOTNOTES Note: Certain amounts in this presentation may not sum due to rounding. 1. Represents the aggregate of (i) our full year 2025 consolidated Liberty Telecom revenue and Adjusted EBITDA of $3.7 billion and $1.5 billion, respectively, (ii) 100% of the full year 2025 revenue and Adjusted EBITDA
Slide 27: Footnotes
FOOTNOTES 14. Capex represents capital expenditures, including capitalized software, on an accrual basis, amounts financed under vendor financing or finance lease arrangements and other non-cash additions. VMO2 JV and Telenet presented on an IFRS basis, excluding ROU asset additions. Telenet revenue
Slide 28: 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 29: Glossary
GLOSSARY For purposes of the statements of cash flows, operating-related vendor financing additions represent operating-related expenses financed by an intermediary that are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liab
Slide 30: Glossary
GLOSSARY Blended, fully-swapped debt borrowing cost (or WACD): The weighted average interest rate on our aggregate variable- and fixed-rate indebtedness (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or
Slide 31: Glossary
GLOSSARY Mobile Subscriber Count: For residential and business subscribers, the number of active SIM cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscri
Slide 32: 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 2026, we have adjusted our historical re
Slide 33: Rebase Information (Continued)
REBASE INFORMATION (CONTINUED) The following table provides adjustments made to 2025 amounts (i) for our consolidated reportable segments and (ii) for the nonconsolidated VMO2 JV and VodafoneZiggo JV to derive our rebased growth rates: (i) Amounts reflect 100% of the adjustments made related to the
Slide 34: 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 35: Rebase Adjustments (Continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) LIBERTY GLOBAL | JULY 24, 2026 | Q2 2026 INVESTOR CALL 35
Slide 36: Rebase Adjustments (Continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) LIBERTY GLOBAL | JULY 24, 2026 | Q2 2026 INVESTOR CALL 36
Slide 37: Adj EBITDA & Adj EBITDA Less P&E – Consolidated
RECONCILIATIONS ADJEBITDA &ADJEBITDA LESS P&E– CONSOLIDATED A reconciliation of consolidated net earnings (loss) to consolidated Adjusted EBITDA less P&E Additions is presented in the following table: LIBERTY GLOBAL | JULY 24, 2026 | Q2 2026 INVESTOR CALL 37
Slide 38: Adj EBITDA & Adj EBITDA Less P&E – Liberty Growth
RECONCILIATIONS ADJEBITDA &ADJEBITDA LESS P&E– LIBERTY GROWTH A reconciliation of Liberty Growth net loss to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Growth does not meet the reportable segment quantitative thresholds and is included in the "all other category"
Slide 39: Adj EBITDA & Adj EBITDA Less P&E – Liberty Corporate
RECONCILIATIONS ADJEBITDA &ADJEBITDA LESS P&E– LIBERTY CORPORATE A reconciliation of Liberty Corporate net earnings (loss) to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Corporate does not meet the reportable segment quantitative thresholds and is included in the
Slide 40: Liberty Global Adjusted FCF & Distributable CF
RECONCILIATIONS LIBERTY GLOBAL ADJUSTED FCF & DISTRIBUTABLECF Adjusted Free Cash Flow (Adjusted FCF) & Distributable Cash Flow: • Adjusted FCF: We define Adjusted FCF as net cash provided by operating activities, plus operating-related vendor financed expenses (which represents an increase in the pe
Slide 41: Liberty Global Adjusted FCF & Distributable CF (Continued)
RECONCILIATIONS LIBERTY GLOBAL ADJUSTED FCF & DISTRIBUTABLECF (CONTINUED) LIBERTY GLOBAL | JULY 24, 2026 | Q2 2026 INVESTOR CALL 41
Slide 42: Supplemental Adjusted Attributed Free Cash Flow & Attributed Distributable Cash Flow
RECONCILIATIONS SUPPLEMENTAL ADJUSTED ATTRIBUTED FREE CASH FLOW & ATTRIBUTED TRIBUTABLE DIS 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 o
Slide 43: Adjusted Attributed Free Cash Flow & Attributed Distributable Cash Flow (Continued)
RECONCILIATIONS ADJUSTED ATTRIBUTED FREE CASH FLOW & ATTRIBUTED DISTRIBUTABLE SHCA FLOW (CONTINUED) a. Includes the impact of intersegment eliminations. b. Liberty Services & Corporate incurs certain operating costs related to our centrally-managed technology and innovation function. These costs are
Slide 44: Telenet Reconciliations – P&E Additions
TELENET RECONCILIATIONS– P&E ADDITIONS The following table provides a reconciliation from Telenet US GAAP P&E Additions to IFRS P&E Additions for the indicated periods: LIBERTY GLOBAL | JULY 24, 2026 | Q2 2026 INVESTOR CALL 44
Slide 45: VodafoneZiggo JV Reconciliations – Adj FCF
VODAFONEZIGGOJV RECONCILIATIONS– ADJFCF 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 available as a result of extending vendor payment terms beyond
Slide 46: VMO2 JV Reconciliations – Adj EBITDA and Adj EBITDA Less P&E Additions
VMO2JV RECONCILIATIONS– ADJEBITDAANDADJEBITDA LESS P&E ADDITIONS The following tables provide reconciliations from VMO2 JV US GAAP Adj EBITDA to IFRS Adj EBITDA less P&E Additions for the indicated periods: LIBERTY GLOBAL | JULY 24, 2026 | Q2 2026 INVESTOR CALL 46
Slide 47: VMO2 JV Reconciliations – Adj EBITDA and Adj EBITDA Less P&E Additions (Continued)
VMO2JV RECONCILIATIONS– ADJEBITDAANDADJEBITDA LESS P&E ADDITIONS (CONTINUED) The following tables provide reconciliations from VMO2 JV US GAAP Adj EBITDA to IFRS Adj EBITDA less P&E Additions for the indicated periods: LIBERTY GLOBAL | JULY 24, 2026 | Q2 2026 INVESTOR CALL 47
Slide 48: VMO2 JV Reconciliations – P&E Additions
VMO2JV RECONCILIATIONS– P&E ADDITIONS The following tables provide a reconciliation from VMO2 JV US GAAP P&E Additions to IFRS P&E Additions for the indicated periods: LIBERTY GLOBAL | JULY 24, 2026 | Q2 2026 INVESTOR CALL 48
Slide 49: VMO2 JV Reconciliations – Adjusted FCF
VMO2JV RECONCILIATIONS– ADJUSTEDFCF VMO2 JV Adjusted FCF is defined as net cash provided or used by operating activities, plus operating-related vendor financed expenses (which represents an increase in the period to actual cash available as a result of extending vendor payment terms beyond normal p