Slide 1: Investor Call Q1 2022
LIBERTY GLOBAL PLC INVESTOR CALL Q1 2022 May 11, 2022
Slide 2: Safe Harbor
“SAFE HARBOR” suppliers, vendors and contractors to timely deliver quality products, equipment, software, services and access; Forward-Looking Statements + Disclaimer our and our affiliates’ ability to adequately forecast and plan future network requirements including the costs and benefits associat
Slide 3: Q1 2022 Key Highlights
Q1 2022 KEY HIGHLIGHTS Executing well on commercial strategies despite macro 1 conditions, including price adjustments in UK, BE and NL Stable to growing revenues in Q1 across FMC operations and 2 strong Adjusted EBITDA growth in core markets Completed sale of UPC Poland (9x EV/EBITDA) to Iliad and
Slide 4: Q1'22 Connectivity Trends
Postpaid Mobile Net Adds Q1’22 CONNECTIVITY TRENDS Broadband Net Adds STRONG NET ADDS DESPITE SOFTNESS IN THE U.K. VMO2 VMO2 (1) (2) BROADBAND SUNRISE UPC(3) BROADBAND AND POSTPAID MOBILE NET ADDS AND POSTPAID MOBILE NET ADDS Broadband: Softer UK sales market; reduced promotional activity at VMO2 in
Slide 5: From Cable Company to Connectivity Champion
FROM CABLE COMPANY TO CONNECTIVITY CHAMPION (1) (1) #1 in broadband & #1 in broadband & #2 in broadband, TV #1 in broadband & TV, #3 in mobile TV, #2 in mobile and mobile mobile, #2 in TV SCALE $3.1bn $4.8bn $3.3bn $14.3bn4 FY ’21 Revenue FY ’21 Revenue FY ’21 Revenue FY ’21 Revenue THEN THEN NOW NO
Slide 6: Allocating Capital Efficiently to Drive Long-Term Shareholder Value
ALLOCATING CAPITAL EFFICIENTLY TO DRIVE LONG-TERM SHAREHOLDER VALUE SOURCES OF CASH (since Q1 2016) USES OF CASH (since Q1 2016) Share Avg. ~10% of Asset Sales(1) $12bn Buybacks $13bn Market Cap $4bn Net JV RESIDUAL PF Proceeds(2) $2bn Core M&A(4) $4bn CASH BALANCE(6) Adjusted Ventures / FCF(3) $8bn
Slide 7: Financial Results
INVESTOR CALL Q1 2022 FINANCIAL RESULTS
Slide 8: Q1'22 Revenue Trends
Q1’22 REVENUE TRENDS: STABLE GROWTH ACROSS CORE FMC MARKETS(1) VMO2(2): VMO2(2) TRANSACTION ADJ. SUNRISE UPC REVENUE GROWTH (%) REVENUE GROWTH (%) Stable Q1’22 revenues, including stable mobile revenue (ex handsets) Executed on price rises (+6.5% in fixed, c.9% in 1.3% 0.5% 0.7% 0.0% 1.0% 1.0% mobil
Slide 9: Q1'22 EBITDA
Q1’22 EBITDA: FOCUS ON COST CONTROL SUPPORTING STRONG EBITDA GROWTH AT VMO2, VZ AND SUNRISE UPC (1) VMO2(2): VMO2(2) TRANSACTION ADJ. SUNRISE UPC Growth driven by cost savings (MVNO), lower sales EBITDA GROWTH (%) EBITDA GROWTH (%) and marketing and synergies EBITDA trends to improve in 2022 given p
Slide 10: Full Company Distributable CF
FULL COMPANY DISTRIBUTABLE CF: $137M GENERATED IN Q1(1) $M FY 2021 Q1 2022 ADJ EBITDA LESS P&E ADDITIONS $1,921 $327 NET INTEREST (821) (249) CASH TAX (190) (92) DIVIDENDS & INTEREST FROM JV’s (2) 583 109 WORKING CAPITAL (3) (7) 59 DIRECT ACQUISITION COSTS & DEFINITIONAL (97) (17) CHANGES FULL COMPA
Slide 11: Inflation and Macro Update
INFLATION AND MACRO UPDATE: INFLATION HAS A NUMBER OF IMPACTS ON COSTS BUT INCREASINGLY PRICE RISES ARE INFLATION-LINKED March 2022 Overall energy Opex(1) low single digit % and >50% hedged for 2022 UK Fixed Price Rise Energy +6.5% Some unhedged exposure at VMO2, VZ and TNET April 2022 UK Mobile Pri
Slide 12: Focus on Execution of Synergies in UK/CH
FOCUS ON EXECUTION OF SYNERGIES IN UK/CH: 2022 PEAK YEAR FOR CTC TO DELIVER SYNERGIES SUNRISE UPC 2021A • NPV of synergies CHF3.7bn (annualized CHF325m). Over two thirds of synergies opex related. Overall CTC spend envelope approximately >CHF150m CTC in 2022 approaching 2022E breakeven vs synergies
Slide 13: Capital Allocation: Total Liquidity $4.7bn
CAPITAL ALLOCATION: TOTAL LIQUIDITY $4.7BN Q1 LIQUIDITY (1) KEY DRIVERS FMC CHAMPIONS $500m buyback YTD $1.5B $65m Net Investment Revolving into Ventures Credit Q1’22 BE VZ(3) UPC (incl. VMO2(3) Facilities Sunrise) • TOTAL LIQUIDITY Leverage(2) 4.35x 5.34x 5.09x 4.62x $3.2B $4.7B Cash/SMAs TOTAL WAC
Slide 14: Conclusions
CONCLUSIONS 2022 OUTLOOK (2) $1.7B (1,2) LG Distributable Cash Flow GUIDANCE (IFRS basis)(3) • Improved revenue growth • Mid-single-digit Transaction Adjusted EBITDA growth Reiterating all guidance including $1.7bn Full (before CTC) Company distributable FCF for 2022 (5) • Opex and Capex CTC of over
Slide 15: Appendix
INVESTOR CALL Q1 2022 APPENDIX
Slide 16: Q1 2022 Adj Attributed FCF & Distributable CF
Q1 2022 ADJ ATTRIBUTED FCF & DISTRIBUTABLE CF LIBERTY 50-50 50-50 TOTAL VMO2 JV GLOBAL VODAFONEZIGGO $millions IRELAND BELGIUM SWITZERLAND CENTRAL (1) POLAND LIBERTY JV CONTINUING IFRS BASIS GLOBAL (2,3) OPERATIONS (2,3,4) ADJUSTED EBITDA $51 $340 $301 $(8) $684 $46 $730 $538 $1,236 PRE-LIGHTNING P&
Slide 17: Ventures Portfolio FMV $3.4bn
VENTURES PORTFOLIO FMV $3.4BN VENTURES FAIR MARKET VALUE ($M) VENTURES PORTFOLIO REMAINED BROADLY STABLE IN Q1’22, ending with $3.4bn FMV $3.5bn $3.4bn (-$0.1bn vs Dec-2021)1 • CONTENT – Impacted by fall in ITV share price during the quarter • TECH – Modest uplift due to further investments and incr
Slide 18: 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 rebased growth rates on a comparable basis for all businesses that we owned during 2022, we have adjusted our historical r
Slide 19: 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 20: Glossary
GLOSSARY ARPU: Average Revenue Per Unit is the average monthly subscription revenue per average fixed customer relationship or mobile subscriber, as applicable. ARPU per average fixed-line customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed
Slide 21: Glossary
GLOSSARY Lightning Premises: Includes homes, residential multiple dwelling units and commercial premises that potentially could subscribe to our residential or SOHO services, which have been connected to the Virgin Media networks in Ireland or the VMO2 JV networks in the U.K. as a part of the Projec
Slide 22: Reconciliations
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 23: Reconciliations: Rebase Adjustments (Continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) 23
Slide 24: Reconciliations: Rebase Adjustments (Continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) 24
Slide 25: Reconciliations: Adjusted EBITDA
RECONCILIATIONS ADJUSTED EBITDA The following tables provide a reconciliation of our net earnings from continuing operations to Adjusted for the indicated periods: 25
Slide 26: Reconciliations: Adjusted EBITDA (Continued)
RECONCILIATIONS ADJUSTED EBITDA (CONTINUED) The following table provides a reconciliation of our net earnings (loss), as historically reported, to Adjusted EBITDA, as historically reported, for the indicated periods. These amounts have not been revised to reflect Poland discontinued operations. 26
Slide 27: Liberty Global Full Company Adjusted FCF & Distributable CF
RECONCILIATIONS LIBERTY GLOBAL FULL COMPANY ADJUSTED FCF & DISTRIBUTABLE CF 27
Slide 28: Liberty Global Full Company Adjusted FCF & Distributable CF (Continued)
RECONCILIATIONS LIBERTY GLOBAL FULL COMPANY ADJUSTED FCF & DISTRIBUTABLE CF (CONTINUED) 28
Slide 29: Supplemental Adjusted Attributed Free Cash Flow & Distributable Cash Flow
RECONCILIATIONS SUPPLEMENTAL ADJUSTED ATTRIBUTED FREE CASH FLOW & 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 our actual ca
Slide 30: Supplemental Adjusted Attributed FCF & Distributable Cash Flow (Continued)
RECONCILIATIONS SUPPLEMENTAL ADJUSTED ATTRIBUTED FREE CASH FLOW & DISTRIBUTABLE CASH FLOW (CONTINUED) 30
Slide 31: 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 32: Reconciliations – Centrally-Held P&E Attributions
RECONCILIATIONS CENTRALLY-HELD P&E ATTRIBUTIONS / ATTRIBUTED ADJUSTED EBITDA LESS P&E ADDITIONS Property and equipment additions presented for Central and Other include certain capital costs incurred for the benefit of our operating segments. Generally, for purposes of the consolidated financial sta
Slide 33: Centrally-Held P&E Attributions - Continued
RECONCILIATIONS CENTRALLY-HELD P&E ATTRIBUTIONS / ATTRIBUTED ADJ EBITDA LESS P&E ADDITIONS - CONTINUED A reconciliation of our Adjusted EBITDA to attributed Adjusted EBITDA less P&E Additions, including Centrally-held Property and Equipment Attributions, consistent with our internal management repor
Slide 34: VMO2 JV Reconciliations – Revenue
VMO2 JV RECONCILIATIONS – REVENUE The following table provides reconciliations from VMO2 JV Transaction Adjusted IFRS revenue to US GAAP revenue for the indicated periods: 34
Slide 35: VMO2 JV Reconciliations – Revenue
VMO2 JV RECONCILIATIONS – REVENUE The following tables provide reconciliations from VMO2 JV Transaction Adjusted IFRS revenue to US GAAP revenue for the indicated periods: 35
Slide 36: VMO2 JV Reconciliations – Revenue (Continued)
VMO2 JV RECONCILIATIONS – REVENUE (CONTINUED) The following tables provide reconciliations from VMO2 JV Transaction Adjusted IFRS revenue to US GAAP revenue for the indicated periods: 36
Slide 37: VMO2 JV Reconciliations – Revenue (Continued)
VMO2 JV RECONCILIATIONS – REVENUE (CONTINUED) The following tables provide reconciliations from VMO2 JV Transaction Adjusted IFRS revenue to US GAAP revenue for the indicated periods: 37
Slide 38: VMO2 JV Reconciliations – Revenue (Continued)
VMO2 JV RECONCILIATIONS – REVENUE (CONTINUED) The following tables provide reconciliations from VMO2 JV Transaction Adjusted IFRS revenue to US GAAP revenue for the indicated periods: 38
Slide 39: VMO2 JV Reconciliations – Adj EBITDA
VMO2 JV RECONCILIATIONS – ADJ EBITDA The following tables provide reconciliations from VMO2 JV Transaction Adjusted IFRS Adjusted EBITDA to US GAAP Adjusted EBITDA for the indicated periods: 39
Slide 40: 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 Transaction Adjusted IFRS Adjusted EBITDA to US GAAP Adjusted EBITDA and Adjusted EBITDA less P&E Additions for the indicated period: 40
Slide 41: 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