Slide 1: Investor Call Q3 2025
LIBERTY GLOBAL INVESTOR CALL Q3 2025 OCTOBER 30, 2025
Slide 2: Safe Harbor
SAFE HARBOR Forward-Looking Statements + Disclaimer This presentation contains forward-looking statements borrowing capacity; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to
Slide 3: Strong progress on strategic goals across all three platforms of value creation
LIBERTY GLOBAL | Q3 HIGHLIGHTS STRONG PROGRESS ON STRATEGIC GOALS ACROSS ALL THREE PLATFORMS OF VALUE CREATION LIBERTY LIBERTY LIBERTY TELECOM GROWTH SVCS & CORP Driving commercial momentum and Rotating capital into higher return Growing profitability of service unlocking value for shareholders asse
Slide 4: Committed to exploring the separation of one or more operating businesses
LIBERTY GLOBAL | STRATEGIC UPDATE COMMITTED TO EXPLORING THE SEPARATION OF ONE OR MORE OPERATING BUSINESSES FOR STRATEGIC CLARITY AND VALUE UNLOCK RECENT STRATEGIC UPDATES IN THE BENELUX: SUNRISE RECAP ✓ Refinanced nearly 80%(8) of 2028 maturities YTD Key factors with remainder targeted for Q4 ’25 a
Slide 5: Executing on growth initiatives across all markets
LIBERTY TELECOM | KEY OPERATING HIGHLIGHTS EXECUTING ON GROWTH INITIATIVES ACROSS ALL MARKETS • Netflix now offered in all • ‘How we win’ strategic plan • Doubled broadband • Biggest quarter for fiber pay TV and high-speed driving consistent speeds for >900k customers build and on track to broadband
Slide 6: Sequential improvement across all OpCos
LIBERTY TELECOM | Q3 SUBSCRIBER RESULTS SEQUENTIAL IMPROVEMENT ACROSS ALL OPCOS (10)(11) (10)(12) OPERATING COMMENTARY 28 1 12 16 ▪ Broadband net losses improve despite continued elevated churn due 16 (26) 29 (15) (44) (51) 17 to ongoing intense competition and the impact of One Touch Switch (36) 2
Slide 7: Concentrated portfolio with six investments representing >80% of $3.4B FMV
LIBERTY GROWTH | PORTFOLIO UPDATE CONCENTRATED PORTFOLIO WITH SIX INVESTMENTS(2) REPRESENTING >80% OF $3.4B(1) FMV MEDIA INFRA TECH ~$1.5B ~$1.4B ~$0.4B Investing in premium Strategically positioned in Building a portfolio of tech media, sports and live fast-growing digital leaders, focused on AI, e
Slide 8: Strategic data center investments with combined FMV >$1B
LIBERTY GROWTH | DIGITAL INFRASTRUCTURE STRATEGIC DATA CENTER INVESTMENTS WITH COMBINED FMV >$1B(4) Global data center platform Regional data center provider focused on hyperscalers in 20 countries focused on secondary markets ✓ LG Ownership: Minority stake alongside EQT ✓ LG Ownership: 50/50 JV wit
Slide 9: Future proofing Liberty Corporate ahead of further value unlock
LIBERTY SERVICES | CORPORATE FUTURE PROOFING LIBERTY CORPORATE AHEAD OF FURTHER VALUE UNLOCK Liberty Services and Corporate Significant improvement in Adj. EBITDA going forward (14) Original 2025 Corporate Guidance 2025 FX Impacts Reshaping LG Tech Savings 2026E(5) Corporate Liberty Tech Incl. Tech
Slide 10: Successfully refinanced ~$5.7 billion YTD across credit silos
LIBERTY GLOBAL | TREASURY UPDATE SUCCESSFULLY REFINANCED ~$5.7 BILLION YTD ACROSS CREDIT SILOS Key transactions in Q3 and YTD(15) VMO2 VodafoneZiggo Telenet ▪ $1.8B of refinancings completed in Q3, including ▪ $0.9B of refinancings completed in Q3, including ▪ $0.6B of refinancings completed since Q
Slide 11: Strong cash position and $3.4B FMV Liberty Growth portfolio
LIBERTY GLOBAL | CAPITAL ALLOCATION AND CASH GENERATION STRONG CASH POSITION AND $3.4B(1) FMV LIBERTY GROWTH PORTFOLIO CAPITAL ALLOCATION & CAPEX SPEND LIBERTY GROWTH WALK & CASH GENERATION YTD Capital Allocation vs FY’25 Guidance(14) Q3 Liberty Growth Walk ($m) FY 2025 YTD 2025 (7) Guidance (25) (1
Slide 12: VMO2 maintains Adj. EBITDA growth
(18) LIBERTY TELECOM | Q3 FINANCIAL HIGHLIGHTS VMO2 MAINTAINS ADJ. EBITDA GROWTH (10)(19) (10) (13)(16) (13) FINANCIAL COMMENTARY REVENUE ($m) REVENUE ($m) REVENUE ($m) ▪ Revenue saw continued pressure on B2B fixed. 3,513 3,479 3,374 3,436 1,131 1,114 1,123 1,157 785 782 760 801 805 Combined consume
Slide 13: Improving Services & Corporate outlook and confirming all other guidance
LIBERTY GLOBAL | 2025 GUIDANCE(5) IMPROVING SERVICES & CORPORATE OUTLOOK AND CONFIRMING ALL OTHER GUIDANCE (20) (21) (22) ▪ Revenue growth: Confirming ▪ Revenue growth: Low-single ▪ Revenue growth: Broadly stable ▪ LG Services & Corporate Adj. expected growth in combined digit decline EBITDA: Now ex
Slide 14: Q&A
Q&A
Slide 15: Appendix
APPENDIX
Slide 16: Liberty Growth Portfolio: FMV $3.4B, continued capital rotation
LIBERTY GROWTH PORTFOLIO: FMV $3.4B(1), CONTINUED CAPITAL ROTATION TO MAXIMIZE GROWTH MEDIA INFRA TECH STRATEGIC ~$1.5B ~$1.4B ~$0.4B ~$0.1B 13 COMPANIES 5 COMPANIES 46 COMPANIES 2 COMPANIES Including: Including: Including: Including: (4) (1) (9) 36 40 (12) (7) 9 1,440 395 90 90 (9) 1,520 (5) 1,502
Slide 17: On track to achieve guidance
(18) REVENUE GROWTH ON TRACK TO ACHIEVE GUIDANCE (10)(23) (10) 2% 1% 8% 16% Consumer Fixed 23% 31% 27% Consumer Mobile $3.4B $1.2B 48% 27% $0.8B 45% 11% $0.1B Revenue Revenue Revenue Revenue B2B (Fixed & 8% Q3 25 Q3 25 Q3 25 Q3 25 65% Mobile, incl. WHS) 24% Other 44% 20% Growth (%) Q2 25 Q3 25 Q2 25
Slide 18: YTD Adjusted Attributed FCF & Distributable CF
Q3 2025: YTD 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 (24) OPS (10)(25) (10)(25)(26) ADJUSTED EBITDA $120 $998 $(24) $(98) $996 $1,482 $3,837 P&E ADDITIONS (1
Slide 19: YTD Adj EBITDA & Adj EBITDAaL
Q3 2025: YTD ADJ EBITDA & ADJ EBITDAAL LIBERTY LIBERTY 50-50 50-50 LIBERTY SERVICES & GLOBAL VODAFONEZIGGO VMO2 JV $M VM IRELAND TELENET GROWTH CORPORATE CONTINUING JV IFRS BASIS (24) OPS (10)(25) (10)(25)(26) ADJUSTED EBITDA $120 $998 $(24) $(98) $996 $1,482 $3,837 FINANCE LEASE ADJUSTMENTS - (1) (
Slide 20: Footnotes
FOOTNOTES Note: Certain amounts in this presentation may not sum due to rounding. 1. Amounts exclude SMAs and include our consolidated investments in Slovakia, Egg and Formula E. Amounts also reflect fair value adjustments for certain investments that have a higher estimated fair value than reported
Slide 21: Footnotes
FOOTNOTES 19. VMO2 reported amounts and growth rates presented on an IFRS basis. Guidance basis revenues presented excluding handset revenue, nexfibre construction revenue and the incremental impact of Daisy Group revenue as a result of the O2 Daisy transaction. Guidance basis Adjusted EBITDA presen
Slide 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: Rebase Adjustments (Continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) 29
Slide 30: Rebase Adjustments (Continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) 30
Slide 31: Adj EBITDA & Adj EBITDA less P&E – Continuing Operations
RECONCILIATIONS ADJ EBITDA & ADJ EBITDA LESS P&E – CONTINUING OPERATIONS A reconciliation of consolidated loss from continuing operations to consolidated Adjusted EBITDA less P&E Additions is presented in the following table: 31
Slide 32: 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 33: 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, loss from continuing operations to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Services and our corporate
Slide 34: 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 35: Liberty Global Adjusted FCF & Distributable CF (Continued)
RECONCILIATIONS LIBERTY GLOBAL ADJUSTED FCF & DISTRIBUTABLE CF (CONTINUED) 35
Slide 36: 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 37: 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 38: 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: 38
Slide 39: 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 40: 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 (in millions): 40
Slide 41: 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: 41
Slide 42: VMO2 JV Reconciliations – Adjusted FCF
VMO2 JV RECONCILIATIONS – ADJUSTED 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 result of extending vendor payment terms beyond norma