Liberty Global Ltd. · NASDAQ:LBTYA
Liberty Global — Q4 2024 Earnings Presentation
46 slides from Liberty Global's earnings presentation, 2025
Slide 1: Investor Call Q4 2024
INVESTOR CALL 04 2024
Slide 2: Forward-Looking Statements + Disclaimer
Forward-Looking Statements + Disclaimer This presentation contains forward-looking by these statements. These risks and uncertainties include events that are outside of our control, such as statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements th
Slide 3: Liberty Global: operators and investors managing three platforms
Liberty Global is a of veteran operators and investors committed to through the strategic management of three platforms Four markets with ~80m $3.1B(3) portfolio today with Service platforms in Tech connections(1), ~$22B of investments in technology, and Finance generating revenue, and ~$8B of media
Slide 4: 2024 commitments delivered: Sunrise spin-off, Netco, Wyre
✓ Completed in November 2024 Spin-off Sunrise to Liberty ✓ Delivered $9 tax-free dividend on Global shareholders in Q4 $18 stock by spinning out 20%(5) 2024 of proportionate Adj. EBITDA ✓ Stock trading well with 70% of shares converted to SIX ✓ Significant progress on Netco Create UK Netco to separa
Slide 5: Buyback, balance sheet, guidance, asset sales and investments
Repurchase up to 10% ✓ $700m acquired (10%); total of Buyback of shares outstanding ~$15B or >60% since 2017 Balance Refinance all 2027 ✓ Over $3B refinanced at Sheet maturities VodafoneZiggo and VMO2 14 financial metrics at ✓ Achieved all guidance except VZ Guidance Liberty Telecom revenue growth A
Slide 6: Current stock price equals value of cash plus Liberty Growth assets
$25+ $25 ❖ Current stock price equals the value of Adding just 1x multiple to proportionate Liberty our Cash + Liberty Growth assets, Telecom EBITDA LG Services assuming reasonable deduction for have equity value corporate (A + B + C) today $14 ❖ Implies $0 equity value for Liberty $15 Telecom (or 5
Slide 7: Pursue accretive transactions that deliver value to shareholders
❖ Pursue accretive transactions that ❖ Rotate capital into higher return ❖ Use $2.2B(7) cash balance for ultimately deliver value to Liberty Growth assets and/or buybacks, deleveraging, and shareholders (e.g. spins, trackers, more strategic Liberty Telecom investments at Liberty Growth listings, M&A
Slide 8: Operating company subscriber and ARPU trends
Broadband Net Adds (k) Postpaid Net Adds (k) (8) 29 28 10 1 16 12 0 ▪ continue to be positive, supported by nexfibre 5 19 (12) 16 0 1 2 growth despite competition (15) (75) 0 (1) 0 (1) ▪ back to growth in Q4 (3) (1) (3) (69) (118) (1) ▪ growth maintained at ~2% following price rise and improved (1)
Slide 9: Liberty Growth portfolio value ($2.3b of value)
($2.3b of value) 25% Exit IRR ~$3.1B Global single-seat motorsport Media 65.6% championship for electric cars ~$1.2B 0.4 Data centre provider: 23 data ~$1.0B Infra 48.6% ~$2.4B centres across Europe ~$2.1B Global data centre provider: over Infra 4.5% 80 data centres in 20+ countries 1.3 Vertically i
Slide 10: Liberty Growth Spotlight: Formula E
LIBERTY GROWTH SPOTLIGHT @/ FOR YULA FORMULA E HAS TURNED THE CORNER! GEN3EVO _ O-GOMPH IN. 1.82 SECONDS 5 30% FASTER THAN FORMULA1 a ANDRETTI
Slide 11: Revenue and Adj. EBITDA growth by operating company
(13)(16) (8)(12) (13) (8) REVENUE GROWTH REVENUE GROWTH Excl. nexfibre construction REVENUE GROWTH ▪ include change (%, REBASED) (%, REPORTED) (%, REBASED) in subscriber base, partly offset by 3.5% 5.2% price rise 1.8% 4.5% 3.7% ▪ impacted by 1.3% programming and labour costs 1.6% 1.5% 1.2% 0.3% (0.
Slide 12: Adjusted FCF, cash distributions and consolidated cash
(7) ~38.0% ~39.0% 35.3% 28.4% 22.0% 20-22% 20.9% 20-22% Telenet Adj FCF €103m €50-75m Liberty Services & Corporate Adj EBITDA ($200m) ($200)-(250m) less P&E VMO2 cash distributions to S/H £850m ~£850m Telenet Virgin Media Ireland Virgin Media O2 VodafoneZiggo VZ cash distributions to S/H €228m Up t
Slide 13: Debt maturities and Wyre capex facility
(15) ▪ Siloed debt capital structure; long-term fixed rate debt profile ~5 years(15), FX matched ▪ Blended, fully-swapped fixed cost of debt of ~4% LG (consol), VZ ~4% and VMO2 ~5% ▪ Wyre Capex facility committed; 5-year €500m capex facility to support Wyre’s roll out ambition ▪ Opportunistic VMO2 t
Slide 14: Liberty Services and Corporate
1,900 $677m $872m $107m $102m 900 $455m $476m 400 ▪ Liberty Corporate: specialist expertise and talent which drives strategic ($195m) capital allocation and scaled advisory services $5m $315m 600 ▪ Targeting further MSA’s and 3rd party revenue including advisory fees, $94m $21m ensuring value add cu
Slide 15: Liberty Blume and Liberty Tech
Liberty Blume delivers back-office solutions Liberty Tech delivers best-in-class today that enhance efficiency, reduce costs, Entertainment and Connectivity platforms; and maximise value to enterprise customers transitioning from cost-center to marginal profitability ▪ Commercializing untapped value
Slide 16: 2025 guidance
(18) (19) (20) ▪ Growth (excl. ▪ Broadly stable ▪ Broadly stable ▪ handsets & nexfibre construction) <$200m negative Adj ▪ Growth (excl. ▪ Low-single- ▪ Low to mid- EBITDA digit decline single digit decline nexfibre construction) ▪ up to 10% shares ▪ £2.0-2.2B excluding ▪ 20-22% ▪ Around outstanding
Slide 17: Appendix
APPENDIX
Slide 18: Liberty Growth fair market value movements
(3) Other Other Other 14% 4% 12% 17% 39% 11% 40% 43% 23% 53% Other 83% 35% 26% 6 14 (62) (48) 128 (50) (46) (75) 235 229 57 (15) 482 (23) 1,340 1,190 1,204 427 1,117 168 Q3’24 FMV FMV Investments Disposals Q4’24 FMV Q3’24 FMV FMV Investments FX Q4’24 FMV Q3’24 FMV FMV Adj Investments Disposals FX Q4
Slide 19: Top 7 investments ~$2.3B
Top 7 investments ~$2.3B ~$3.1B ~$0.8B 53 remaining assets, of which majority are Tech investments <$20m each ~0.3B 19
Slide 20: FY'24 revenue mix and growth by operating company
(21) (8)(22) (8) 7% 1% 19% 10% 30% 27% 21% 26% 44% 48% 9% Revenue Revenue Revenue Revenue FY’24 FY’24 FY’24 9% FY’24 63% 24% 20% 42% Total Revenue +1.3% (0.3%) (0.2%) (3.9%) +1.2% 0.0% (1.4%) (2.9%) Consumer 0.0% (0.2%) (3.7%) +2.1% (1.3%) (2.5%) (2.6%) (4.7%) Fixed Consumer +2.9% (2.6%) +1.7% (6.4%
Slide 21: Adjusted EBITDA to attributed FCF by segment
Includes $(122) intersegment eliminations; o/w $(76) eliminations with Sunrise prior to the Spin-off LIBERTY LIBERTY 50-50 50-50 LIBERTY SERVICES & GLOBAL VODAFONEZIGGO VMO2 JV $M VM IRELAND TELENET GROWTH(23) CORPORATE CONTINUING JV IFRS BASIS (24) OPS (8)(25) (8)(25)(26) ADJUSTED EBITDA $178 $1,29
Slide 22: Adjusted EBITDA to Adjusted EBITDAaL
LIBERTY LIBERTY 50-50 50-50 LIBERTY SERVICES & GLOBAL VODAFONEZIGGO VMO2 JV $m VM IRELAND TELENET JV GROWTH(23) CORPORATE CONTINUING IFRS BASIS (24) OPS (8)(25) (8)(25)(26) ADJUSTED EBITDA $178 $1,292 $(18) $(292) $1,160 $2,034 $4,980 FINANCE LEASE ADJUSTMENTS - (1) (2) (3) (6) (11) (295) ADJUSTED E
Slide 23: Footnotes
Note: Certain amounts in this presentation may not sum due to rounding. 1. Represents aggregate consolidated and 50% owned nonconsolidated fixed and mobile subscribers, including Slovakia. Includes wholesale mobile connections of the VMO2 JV and B2B fixed subscribers of the VodafoneZiggo JV. 2. Repr
Slide 24: Footnotes (continued)
18. VMO2 guidance on an IFRS basis as guided by the VMO2 JV. US GAAP guidance for the VMO2 JV is not provided as this cannot be provided without unreasonable efforts given US GAAP information is not forecast by the JV since they report under IFRS. 19. VodafoneZiggo Adjusted FCF excludes financing an
Slide 25: Definitions: Adjusted EBITDA and P&E Additions
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 (P&E Addit
Slide 26: Definitions: Adjusted FCF and Distributable Cash Flow
• 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 Affiliate D
Slide 27: Debt and Net Debt Ratios
Debt and Net Debt Ratios: Our debt and net debt ratios, which are non-GAAP metrics, are defined as total consolidated debt and net debt, respectively, divided by reported net earnings for the last twelve months (reported LTM net earnings) and Adjusted EBITDA for the last twelve months (LTM Adjusted
Slide 28: Glossary definitions
SIM: Subscriber Identification Module. SOHO: Small or Home Office Subscribers. Tech Framework: Our centrally-managed technology and innovation function (our T&I Function) provides, and allocates charges for, certain products and services to our consolidated reportable segments (the Tech Framework).
Slide 29: Rebase growth percentages
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 2024, we have adjusted (i) our historical revenue, Adjusted
Slide 30: Adjustments made to 2024 amounts
The following table provides adjustments made to 2024 amounts for our consolidated continuing operations: 30
Slide 31: Rebase growth percentages
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 earnings releases which can be found o
Slide 32: Reconciliations: rebase adjustments
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) Revenue ‘Three months ended September 30, 2023 BE cH VME vz Voz in millions ‘Acquisitions & Dispositions $ - $8 - 6 - $ - 8 = Foreign Currency. 76 184 14 06 97.0 Total increase. § 76 $ 184 $ 14 06 Ss 97.0 Revenue ‘Three months ended June 30, 2023 BE cH
Slide 33: Reconciliations: rebase adjustments (continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) Acquisitions & Dispositions... Foreign Currency, Total increase... Acquisitions & Dispositions... Foreign Currency Total increase. Revenue ‘Year ended December 31, 2022 BE cH MIE vz vMo2 in millions 1652 $ 715 $ = $ - $ 658.8 765 199.3 68 1150 644 27 20
Slide 34: Reconciliation to consolidated Adjusted EBITDA less P&E Additions
A reconciliation of consolidated earnings (loss) from continuing operations to consolidated Adjusted EBITDA less P&E Additions is presented in the following table: 34
Slide 35: Liberty Growth reconciliation
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 in the "all other category" in the 10-K. 35
Slide 36: Liberty Services and corporate reconciliation
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 our corporate functions do not meet the reportable segment quantitative thresholds a
Slide 37: Continuing operations Adjusted FCF and Distributable CF
RECONCILIATIONS LIBERTY GLOBAL CONTINUING OPERATIONS 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 finance
Slide 38: Adjusted FCF and Distributable CF (continued)
RECONCILIATIONS LIBERTY GLOBAL CONTINUING OPERATIONS ADJUSTED FCF & DISTRIBUTABLE CF (CONTINUED) Year ended December 31, 2024 2023 in millions Net cash provided by operating activities of our continuing operations... _$ 1331.2 $ 1,199.3 Operating-related vendor financing additions (i 3723 346.2 Cash
Slide 39: Adjusted FCF definition and attributed FCF notes
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 cash available as a result of extending vendor payment terms beyond normal payment terms, wh
Slide 40: Tech Framework and cost allocation notes
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 allocated from Liberty Services & Corporate to certain operating segments that do not have formal a
Slide 41: VodafoneZiggo JV Adjusted FCF definition
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 normal payment terms, which are typical
Slide 42: VMO2 JV US GAAP to rebased IFRS revenue
The following tables provide reconciliations from VMO2 JV US GAAP revenue to Rebased IFRS revenue for the indicated periods: 42
Slide 43: VMO2 JV US GAAP to rebased IFRS revenue
The following tables provide reconciliations from VMO2 JV US GAAP revenue to Rebased IFRS revenue for the indicated periods: 43
Slide 44: VMO2 JV US GAAP to rebased IFRS Adj EBITDA
The following tables provide reconciliations from VMO2 JV US GAAP Adj EBITDA to Rebased IFRS Adj EBITDA for the indicated periods: 44
Slide 45: VMO2 JV Adj EBITDA and 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: 45
Slide 46: VMO2 JV Adjusted FCF definition
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 extending vendor payment terms beyond normal payment terms, which are typically 90 days or