Liberty Global Ltd. · NASDAQ:LBTYA
Liberty Global — Q1 2025 Earnings Presentation
43 slides from Liberty Global's earnings presentation, May 2, 2025
Slide 1: Investor Call Q1 2025
LIBERTY GLOBAL INVESTOR CALL Q1 2025 MAY 2, 2025
Slide 2: Safe Harbor
SAFE HARBOR Forward-Looking Statements + Disclaimer This presentation contains forward-looking actual results to differ materially from those expressed or implied by these statements. These risks and statements within the meaning of the Private Securities Litigation Reform Act of 1995, including sta
Slide 3: We remain 100% focused on creating and delivering value for shareholders
LIBERTY GLOBAL HIGHLIGHTS WE REMAIN 100% FOCUSED ON CREATING AND DELIVERING VALUE FOR SHAREHOLDERS Three Core Platforms Q1 2025 Strategic Update Making solid progress on core strategic goals outlined in February on year-end investor call LIBERTY Focused on driving commercial momentum and network TEL
Slide 4: Liberty Telecom is the primary driver of value creation today
LIBERTY TELECOM IS THE PRIMARY DRIVER OF VALUE CREATION TODAY 2025 Tactical Goals Q1 Update LIBERTY BE: Wyre capex financing completed; FTTH-sharing agreement with Proximus progressing well TELECOM Finance and/or IE: Over 50% of footprint upgraded to fiber (80% by monetize network FYE); wholesal
Slide 5: Competition impacting sub gains, but fixed ARPU continues to expand
LIBERTY TELECOM COMPETITION IMPACTING SUB GAINS, BUT FIXED ARPU CONTINUES TO EXPAND (3) (3)(4) OPERATING COMMENTARY 28 1 12 16 5 (12) 16 (44) 22 29 Broadband net adds decline driven by higher churn as competitive (15) (75) 2 1 environment intensifies, partly impacted by One Touch Switch (118) (69)
Slide 6: New VodafoneZiggo plan created to regain commercial momentum
LIBERTY TELECOM NEW VODAFONEZIGGO PLAN CREATED TO REGAIN COMMERCIAL MOMENTUM FOUR KEY DRIVERS Create more Redesign operating model to optimize costs and enhance efficiencies agile operating structure Includes process and IT landscape simplification Targeting opex savings through 2027 Repositio
Slide 7: Liberty Growth provides cash and strategic optionality
LIBERTY GROWTH PROVIDES CASH AND STRATEGIC OPTIONALITY 2025 Tactical Goals Q1 Update LIBERTY Reiterating 2025 guidance for non-core GROWTH Sell $500-$750m of asset disposals (6) Publicly-listed assets total ~$550m non-core assets Non-core asset sales at Liberty Telecom will STRATEGY add additi
Slide 8: Portfolio remains concentrated in top investments, with total FMV growing to $3.3B in Q1
LIBERTY GROWTH PORTFOLIO REMAINS CONCENTRATED IN TOP 7 INVESTMENTS, WITH TOTAL FMV GROWING TO $3.3B IN Q1 HIGHLY CONCENTRATED GROWTH PORTFOLIO Top 7 investments account for nearly 75% of ~$3.3B FMV (7) Strong start to Season 11 with record audience at Mexican E-Prix and successful return to Miam
Slide 9: $2.1B of cash and declining corp costs support value creation plans
LIBERTY SERVICES & CORPORATE $2.1B OF CASH AND DECLINING CORP COSTS SUPPORT VALUE CREATION PLANS 2025 Tactical Goals Q1 Update LIBERTY Continue to pursue growth and efficiency Grow and crystallize initiatives in tech and finance platforms SVCS & CORP the value of Liberty Outsourcing has optimize
Slide 10: Return to guided revenue and adj EBITDA growth at VMO2
LIBERTY TELECOM Q1 FINANCIAL HIGHLIGHTS(10) RETURN TO GUIDED REVENUE AND ADJ EBITDA GROWTH AT VMO2 (13) (13)(16) (3)(11) (3) FINANCIAL COMMENTARY REVENUE GROWTH Guidance basis REVENUE GROWTH REVENUE GROWTH Q1 revenue (excl. nexfibre & handsets) 1.6% 1.5% 2.7% returns to growth supported by consume
Slide 11: Maintaining capital discipline to achieve strategic goals
CAPITAL ALLOCATION MAINTAINING CAPITAL DISCIPLINE TO ACHIEVE STRATEGIC GOALS CASH FLOW GENERATION LIBERTY GROWTH WALK AND CAPEX SPEND (12) (7) Q1’25 vs FY’25 Guidance Q1 Liberty Growth Walk ($m) $3,290 FY 2025 Q1 2025 74 Guidance 13 Telenet adj. FCF €(35m) €(180-150m) 64 $3,139 Liberty Services & C
Slide 12: No maturities until 2028 following successful refinancing activities
BALANCE SHEET NO MATURITIES UNTIL 2028 FOLLOWING SUCCESSFUL REFINANCING ACTIVITIES(14) TREASURY UPDATE Siloed debt capital structure; long-term fixed rate debt profile ~5 years, FX matched Fully-swapped & fixed cost of debt of ~4% LG (consolidated), VZ ~4% and VMO2 ~5% Equal split between bank
Slide 13: Financial impact of new strategic plan
VODAFONEZIGGO FINANCIAL IMPACT OF NEW STRATEGIC PLAN (15)(16) VZ REVISED 2025 GUIDANCE 2025 AND MID-TERM OUTLOOK UPDATE Dutch fixed market incrementally competitive with high levels of retention offers Previous Revised year to date impacting fixed performance Low-single digit Flow-through from f
Slide 14: 2025 guidance update
2025 GUIDANCE UPDATE(15) LG TELECOM AND CORPORATE CONFIRMING ALL TARGETS EXCL VODAFONEZIGGO (17) (16) (18) Revenue growth: Growth Revenue growth: Low- Revenue growth: Broadly LG Services & Corporate (excl. handsets & nexfibre single digit decline stable Adj. EBITDA: <$200m construction) (pre
Slide 15: Q&A
Q&A
Slide 16: Appendix
APPENDIX
Slide 17: Liberty Growth portfolio: FMV $3.3B, continued capital rotation to maximize growth
LIBERTY GROWTH PORTFOLIO: FMV $3.3B , CONTINUED CAPITAL ROTATION TO MAXIMIZE GROWTH (7) TECH MEDIA INFRA STRATEGIC ~$0.4B ~$1.4B ~$1.3B ~$0.2B 48 COMPANIES 13 COMPANIES 7 COMPANIES 3 COMPANIES Including: Including: Including: Including: 32 34 8 (31) 53 427 28 1,402 1,296 9 185 11 7 407 1,340 1,204 1
Slide 18: Return to growth at VMO2 on a guidance basis
REVENUE GROWTH(10) RETURN TO GROWTH AT VMO2 ON A GUIDANCE BASIS (3)(19) (3) (20) 4% 1% 12% 19% Consumer Fixed 21% 32% 27% Consumer Mobile $3.1B $1.1B 48% $0.8B 43% 10% $0.1B Revenue Revenue 26% Revenue Revenue B2B (Fixed & 63% Q1 25 Q1 25 Q1 25 8% Q1 25 Mobile, incl. WHS) 24% Other 43% 19% Growth (%
Slide 19: Adjusted attributed FCF & distributable CF
Q1 2025: ADJUSTED ATTRIBUTED FCF & DISTRIBUTABLE CF LIBERTY LIBERTY 50-50 50-50 LIBERTY SERVICES & GLOBAL VODAFONEZIGGO VMO2 JV $M VM IRELAND TELENET GROWTH CORPORATE CONTINUING JV IFRS BASIS (21) OPS (3)(22) (3)(22)(23) ADJUSTED EBITDA $37 $302 $8 $(22) $325 $463 $1,152 P&E ADDITIONS (43) (247) (2)
Slide 20: Adjusted EBITDA & Adjusted EBITDAaL
Q1 2025: ADJUSTED EBITDA & ADJUSTED EBITDAAL LIBERTY LIBERTY 50-50 50-50 LIBERTY SERVICES & GLOBAL VODAFONEZIGGO VMO2 JV $M VM IRELAND TELENET JV GROWTH CORPORATE CONTINUING IFRS BASIS (21) OPS (3)(22) (3)(22)(23) ADJUSTED EBITDA $37 $302 $8 $(22) $325 $463 $1,152 FINANCE LEASE ADJUSTMENTS - - (2) (
Slide 21: Footnotes
FOOTNOTES Note: Certain amounts in this presentation may not sum due to rounding. 1. Represents aggregate consolidated and 50% owned non-consolidated fixed and mobile subscribers. Includes wholesale mobile connections of the VMO2 JV and B2B fixed subscribers of the VodafoneZiggo JV. 2. Represents th
Slide 22: Footnotes
FOOTNOTES 19. VMO2 total revenue presented on an as guided basis excluding nexfibre construction revenue and handset revenue but including other service-related benefits attributable to nexfibre construction. VMO2 Consumer Fixed presented excluding SOHO, consistent with LG definition and approach. O
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 2025, we have adjusted our historical re
Slide 28: Rebase Information (continued)
REBASE INFORMATION (CONTINUED) The following table provides adjustments made to 2024 amounts (i) for our consolidated continuing operations and (ii) for the nonconsolidated VMO2 JV and VodafoneZiggo JV to derive our rebased growth rates: (i) In addition to our acquisitions and dispositions, these re
Slide 29: 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 30: Rebase Adjustments (continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) 30
Slide 31: Rebase Adjustments (continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) 31
Slide 32: Adj EBITDA & Adj EBITDA less P&E – Continuing Operations
RECONCILIATIONS ADJ EBITDA & ADJ EBITDA LESS P&E – CONTINUING OPERATIONS A reconciliation of consolidated earnings (loss) from continuing operations to consolidated Adjusted EBITDA less P&E Additions is presented in the following table: 32
Slide 33: Adj EBITDA & Adj EBITDA less P&E – Liberty Growth
RECONCILIATIONS ADJ EBITDA & ADJ EBITDA LESS P&E – LIBERTY GROWTH A reconciliation of Liberty Growth loss from continuing operations 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
Slide 34: Adj EBITDA & Adj EBITDA less P&E – Liberty Services and Corporate
RECONCILIATIONS ADJ EBITDA & ADJ EBITDA LESS P&E – LIBERTY SERVICES AND CORPORATE A reconciliation of Liberty Services, together with our corporate functions, earnings (loss) from continuing operations to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Services and ou
Slide 35: Liberty Global Adjusted FCF & Distributable CF
RECONCILIATIONS LIBERTY GLOBAL ADJUSTED FCF & DISTRIBUTABLE CF Adjusted Free Cash Flow (Adjusted FCF) & Distributable Cash Flow: • Adjusted FCF: We define Adjusted FCF as net cash provided by operating activities of our continuing operations, plus operating-related vendor financed expenses (which re
Slide 36: Liberty Global Adjusted FCF & Distributable CF (continued)
RECONCILIATIONS LIBERTY GLOBAL ADJUSTED FCF & DISTRIBUTABLE CF (CONTINUED) 36
Slide 37: Supplemental Adjusted Attributed Free Cash Flow & Attributed 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 38: Adjusted Attributed Free Cash Flow & Attributed Distributable Cash Flow (continued)
RECONCILIATIONS ADJUSTED ATTRIBUTED FREE CASH FLOW & ATTRIBUTED DISTRIBUTABLE CASH 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 39: 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: 39
Slide 40: VodafoneZiggo JV Reconciliations – Adj FCF
VODAFONEZIGGO JV RECONCILIATIONS – 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 available as a result of extending vendor payment terms bey
Slide 41: 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: 41
Slide 42: 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 Adj EBITDA and Adj EBITDA less P&E Additions for the indicated periods: 42
Slide 43: VMO2 JV Adjusted Free Cash Flow
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 or used by operating activities, plus operating-related vendor financed expenses (which represents an increase in the period to actual cash available as a res