Liberty Global Ltd. · NASDAQ:LBTYA
Liberty Global — Q1 2026 Earnings Presentation
46 slides from Liberty Global's earnings presentation, May 1, 2026
Slide 1: Liberty Global Investor Call Q1 2026
LIBERTY GLOBAL INVESTOR CALL Q1 2026 MAY 1, 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: Strategy & Operations Update
LIBERTY GLOBAL STRATEGY & OPERATIONS UPDATE
Slide 4: Advancing on Our Commitment to Creating and Delivering Value
LIBERTY GLOBAL| Q1 HIGHLIGHTS ADVANCINGON OUR COMMITMENT TO CREATING AND DELIVERING VALUE STRONG Q1 RESULTSwith another sequential improvement in 2026 GUIDANCE broadband net adds and commercial momentum picking up across confirmed markets NETOMNIA regulatory process underway SIGNIFICANT PROGRESS ON
Slide 5: Three Core Pillars Drive Strategic and Financial Clarity
LIBERTY GLOBAL| CLEAR OPERATING STRUCTURE THREE CORE PILLARS DRIVE STRATEGIC AND FINANCIAL CLARITY LIBERTY LIBERTY LIBERTY GLOBAL GLOBAL LIBERTY TELECOM GROWTH Experienced team of TMT Media | Sports operators and investors Infra | Energy Financial, M&A, tech and talent Tech | AI leadership Services
Slide 6: All Core Building Blocks in Place for Ziggo Group Spin (H2 2027)
LIBERTY GLOBAL| VALUE UNLOCK ALL CORE BUILDING BLOCKS IN PLACE FOR ZIGGOGROUP SPIN (H2 2027) SUNRISE &ZIGGO GROUP ZIGGO GROUPBUILDING BLOCKS EXPECTED TO HAVE SIMILAR FINANCIAL PROFILE BELGIUM NETHERLANDS ZIGGO GROUP ZIGGO GROUP STRATEGIC ✓ Netco/Servco split ✓ New management team ▪ Financial & opera
Slide 7: Reasonable Path to as Much as ~$28 per Liberty Share
LIBERTY GLOBAL| VALUE UNLOCK REASONABLE PATH TO AS MUCH AS ~$28 PER LIBERTY SHARE ASSUMING COMPLETION OFZIGGOGROUPSPIN9 Based on implicit Sunrise valuation of an All numbers presented in ZIGGO GROUP up to $14.00 11.5% FCF yield and est. ZG Adj. FCF in 2028 ‘value per LBTY share’ SPIN- OFF + SUNRISE
Slide 8: 'How We Win' Plan Is Delivering Consistent Operating Improvement
LIBERTY TELECOM| VODAFONEZIGGO ‘HOW WE WIN’ PLAN IS DELIVERING CONSISTENT OPERATING IMPROVEMENT S Q1 2026 – Launched ‘The Everything Q1 2025 – Launched Network’ campaign, rejuvenating the brand How We Win Plan Q3 2025 ✓ Repositioned ✓ Continued broadband pricing improvement in ✓ New agile operating
Slide 9: Significant Momentum in Fixed Broadband Trends
LIBERTY TELECOM| BENELUXKEY OPERATING HIGHLIGHTS SIGNIFICANT MOMENTUM IN FIXED BROADBAND TRENDS NETHERLANDS ✓ ‘How We Win Plan’ continues to drive 5 16 ▪ Broadband net losses broadband improvement momentum; 25 improved sequentially for 4th 21 launched fixed on hollandsnieuwe in April 15 16 consecuti
Slide 10: Commercial Initiatives Driving Continued Broadband Momentum
LIBERTY TELECOM| UK & IRELAND KEY OPERATING HIGHLIGHTS COMMERCIAL INITIATIVES DRIVING CONTINUED BROADBAND MOMENTUM UK ✓ Launched O2 Satellite becoming first in (5) ▪ Consumer broadband net (16) the UK to switch on direct-to-device (43) (53) (30) losses improved sequentially (60) 11,12 satellite conn
Slide 11: Deep Dive on Media/Sports and the Experience Economy
LIBERTY GROWTH| CONCENTRATED $3.4B PORTFOLIO DEEP DIVE ON MEDIA/SPORTS AND THE EXPERIENCE ECONOMY INFRA / ENERGY $1.5B SPORTS & LIVEEVENTS HAVE STRUCTURAL TAILWINDS Strategically positioned in fast- growing digital infrastructure and ❖ Generational shift to “experiences over physical goods” energy t
Slide 12: Gen4 Marks a New Era
GEN4MARKS A NEW ERA EXPECTED TO BE10SECS FASTERPER LAP(AVG) 0- 100kph UNDER 1.8s, 0- 200kph UNDER 4.4s 98.5% 14 RECYCLABLE, ZEROCOMPROMISES FOR HIGH PERFORMANCE, In ATTACK MODE, GEN4 produces up to 600kW of power, a Speeds in excess of 335kph, GEN4 is the only single seater with active all Built fro
Slide 13: Gen4 Marks a New Era
GEN4MARKS A NEW ERA FOR HIGH PERFORMANCE, SUSTAINABLE RACING
Slide 14: Finance Update
LIBERTY GLOBAL FINANCEUPDATE
Slide 15: Achieved Strong EBITDA Growth at Telenet
15 LIBERTY TELECOM| BENELUX FINANCIAL HIGHLIGHTS ACHIEVED STRONG EBITDA GROWTH TELENET AT (11 (13) Q1 FINANCIAL COMMENTARY REVENUE ($m) REVENUE ($m) REVENUE ($m) ▪ Revenue decline driven by lower customer 1,157 1,186 823 201 203 199 1,052 1,123 1,148 743 785 786 759 181 195 base and ongoing repricin
Slide 16: On-Track Performance in Both Service Rev and Adj. EBITDA at VMO2
15 LIBERTY TELECOM| UK & IRELANDFINANCIAL HIGHLIGHTS ON- TRACK PERFORMANCE IN BOTH SERVICE REV AND ADJ. EBITDAAT VMO2 11,16 (13) Q1 FINANCIAL COMMENTARY REVENUE ($m) REVENUE ($m) 3,374 3,436 3,399 3,222 134 127 ▪ Total service revenue decline driven by 3,126 123 122 116 competitive pressure in consu
Slide 17: $1.9 Billion Q1 Cash Balance and $3.4 Billion Growth Portfolio
LIBERTY GLOBAL| CAPITAL ALLOCATION AND CASH GENERATION $1.9BILLION5 Q1 CASH BALANCE AND $3.4 BILLION 6 FMV GROWTH PORTFOLIO CAPITAL ALLOCATION& CAPEX SPEND LIBERTY GROWTH& CASH GENERATION 17 Adj. FCF & Distributions vs Guidance Q1 LibertyGrowth($m) Q1 FY 2026 Results Guidance ($35) $3,405 $73 $3,361
Slide 18: On Track for All Full Year Telecom and Corporate Guidance
LIBERTY GLOBAL| 2026 GUIDANCE19 ON TRACK FOR ALL FULL YEAR TELECOM AND CORPORATE GUIDANCE 20 21 22 1 ▪ 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 W
Slide 19: Appendix
APPENDIX 19
Slide 20: Significantly Reduced Exposure to 2028 Maturities
LIBERTY GLOBAL| TREASURY UPDATE SIGNIFICANTLY REDUCED EXPOSURE TO 2028 MATURITIES; LOOKING TO SH PU 23 OUT 2029 MATURITIES KEY TRANSACTIONS VMO2 VodafoneZiggo Telenet ▪ $2.8B refinanced/repriced during Q1 ’26 ▪ 2028 maturities extinguished in Q4 ’25 ▪ $5.0B fully underwritten Wyre financing; extingu
Slide 21: Q1 2026: YTD Adjusted Attributed FCF & Distributable CF
Q1 2026: YTD ADJUSTEDATTRIBUTEDFCF & DISTRIBUTABLECF LIBERTY 50-50 50-50 LIBERTY VMO2 JV VM LIBERTY GLOBAL VODAFONEZIGGO $M TELENET WYRE CORPORATE IRELAND GROWTH 24 CONTINUING JV IFRS BASIS OPS 11,25 11,25,26 ADJUSTED EBITDA $38 $184 $154 $2 $(11) $367 $482 $1,216 P&E ADDITIONS (46) (108) (193) (52)
Slide 22: Q1 2026: YTD Adj EBITDA & Adj EBITDAaL
Q1 2026: YTD ADJ EBITDA & ADJ EBITDAAL LIBERTY 50-50 50-50 LIBERTY VODAFONEZIGGO VMO2 JV LIBERTY GLOBAL $m VM IRELAND TELENET WYRE GROWTH SERVICES & CONTINUING JV CORPORATE24 IFRS BASIS OPS 11,25 11,25,26 ADJUSTED EBITDA $38 $184 $154 $2 $(11) $367 $482 $1,216 FINANCE LEASE ADJUSTMENTS - - - (1) (1)
Slide 23: Footnotes
FOOTNOTES Note: Certain amounts in this presentation may not sum due to rounding. 1. The decrease includes (a) Liberty Corporate reshaping, (b) the implementation of a 1.5% asset under management fee charged by Liberty Corporate to Liberty Growth ~$50 million and (c) the allocation of ~$15 million o
Slide 24: Footnotes
FOOTNOTES 14. The vehicles are designed to be recyclable including carbon fiber components. Actual recyclability of products may vary depending on a variety of factors including the condition of the vehicle at the time of recycling. 15. YoY growth rates presented on a rebased basis. See the Rebase I
Slide 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: Rebase Adjustments (Continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) 32
Slide 33: Rebase Adjustments (Continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) 33
Slide 34: Adj EBITDA & Adj EBITDA Less P&E – Consolidated
RECONCILIATIONS ADJEBITDA &ADJEBITDA LESS P&E– CONSOLIDATED A reconciliation of consolidated earnings (loss) to consolidated Adjusted EBITDA less P&E Additions is presented in the following table: 34
Slide 35: 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 36: 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 37: 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 38: Liberty Global Adjusted FCF & Distributable CF (Continued)
RECONCILIATIONS LIBERTY GLOBAL ADJUSTED FCF & DISTRIBUTABLECF (CONTINUED) 38
Slide 39: 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 40: 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 41: 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: 41
Slide 42: 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 43: VMO2 JV Reconciliations – Adj EBITDA
VMO2JV RECONCILIATIONS– ADJEBITDA The following tables provide reconciliations from VMO2 JV US GAAP Adj EBITDA to IFRS Adj EBITDA for the indicated periods: 43
Slide 44: 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: 44
Slide 45: 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
Slide 46: Ziggo Group – Adjusted EBITDAaL
ZIGGO GROUP– ADJUSTEDEBITDAAL The following table provides a reconciliation from Ziggo Group Combined U.S. GAAP Segment Adjusted EBITDA in USD to Ziggo Group Combined IFRS Adjusted EBITDAaL in EUR for the indicated period: 46