Liberty Global Ltd. · NASDAQ:LBTYA
Liberty Global — Q2 2025 Earnings Presentation
40 slides from Liberty Global's earnings presentation, Aug 1, 2025
Slide 1: Investor Call Q2 2025
INVESTOR CALL Q2 2025
Slide 2: Forward-Looking Statements + Disclaimer
Forward-Looking Statements + Disclaimer This presentation contains forward-looking statements respective balance sheets; the amount and tenor of our third-party debt and anticipated borrowing capacity; and other information and statements that are not historical fact. These forward-looking statement
Slide 3: Q2 2025 highlights
✓ Markets remain competitive with new ✓ $3.4 billion(1) fair market value at Q2 ✓ Liberty Blume now with 13 clients entrants and low-cost providers driving >$100 million(3) revenue in ✓ Top six investments(2) comprise >80% 2025 ✓ OpCos performing well financially, but subscriber growth challenged ✓
Slide 4: Operating company highlights
✓ Daisy acquisition will bolster UK B2B ambitions, including annual pre-tax operational synergies of £70m by 2030 ✓ Acquired ~80MHz spectrum from VOD/3 for £343m (~30% spectrum share) ✓ Driving multiple initiatives to improve commercial momentum ✓ Early signs of improving fixed-line performance unde
Slide 5: Virgin Media O2 / VodafoneZiggo initiatives
✓ New agile operating ✓ New front book and ✓ Interim speed upgrade to ✓ Successful WiFi Guarantee model implemented July 1 proactive right-pricing 2-3Gbps with DOCSIS 3.1 campaign and CPE swaps following strategic review hardening the fixed base technology launched in May ✓ Targeting opex savings ✓
Slide 6: Wyre and Proximus fiber network cooperation
All Operators Present Outside scope ❖ Parties include Proximus, Fiberklaar, Telenet of cooperation and Wyre ❖ Agreement in principle to collaborate on the accelerated deployment of fiber networks Network owner Key tenants across 65% of Flanders ❖ Parties are working closely with the BCA and BIPT wit
Slide 7: Opportunity to separate operating units and unlock value
❖ Opportunity exists to separate core Spin-off Completed operating units and/or assets to unlock Nov. 2024 significant conglomerate discount in our stock - Sunrise trading at 8x EBITDA with an 8% dividend yield ❖ We have structural flexibility to pursue additional spin-offs, tracking stocks, IPOs, e
Slide 8: Operating KPIs: net adds and ARPU
(6) (6)(7) 28 1 12 (12) 16 ▪ Broadband net add decline driven by continued intense market 16 29 (15) (44) (51) competition and elevated churn 2 1 (118) (74) (23) (20) ▪ Postpaid net losses driven by continued competitive pressure from (30) (31) (28) (123) MVNOs and soft handset market (18) (131) (12
Slide 9: Revenue and Adjusted EBITDA growth by operating company
(13) (13)(16) (6)(10) (6) REVENUE GROWTH Guidance basis REVENUE GROWTH REVENUE GROWTH ▪ Modest revenue decline (excl. nexfibre & 1.5% 2.7% handsets) driven by lower B2B fixed revenue (4.2%) due to lower rental revenue (1.4%) (2.4%) (4.0%) (2.1%) 0.4% (5.5%) (0.4%) 0.0% (1.6%) (1.9%) ▪ Adj. EBITDA su
Slide 10: Cash and fair market value bridges
FY 2025 $2,061 H1 2025 Guidance (201) $1,899 (125) 229 Telenet adj. FCF €(38m) €(180-150m) (64) Liberty Services & Corporate adj. EBITDA $(38m) ~$(175m) Upstreamed cash and JV dividends are typically received in Q4 VMO2 cash distributions to S/H - ~£350-400m Opening Adjusted FCF Liberty Growth Buyb
Slide 11: Debt profile and maturities
▪ 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 debt (~$20B) and bonds (~$20B) RECENT TRANSACTIONS ▪ $850m private tap further extending 2028 maturitie
Slide 12: 2025 guidance
(14) (15) (16) ▪ Revenue growth: Growth ▪ Revenue growth: Low- ▪ Revenue growth: Broadly ▪ LG Services & Corporate (excl. handsets & nexfibre single digit decline stable Adj. EBITDA: Now expected construction) to be ~$175m negative adj ▪ Adj. EBITDA growth: Mid- ▪ Adj. EBITDAaL growth: EBITDA (Previ
Slide 13: Q&A
Q&A
Slide 14: Appendix
APPENDIX
Slide 15: Fair market value bridges by investment
(25) 69 76 (16) 407 (1) 1,502 80 1,409 185 4 41 (81) (17) (36) 395 1,402 1,296 11 90 Q1’25 FMV FMV Adj Investments Disposals Q2’25 FMV Q1’25 FMV FMV Adj Investments FX Q2’25 FMV Q1’25 FMV FMV Adj Investments FX Q2’25 FMV Q1’25 FMV FMV Adj Disposals FX Q2’25 FMV 15
Slide 16: Revenue mix and growth by segment
(6)(17) (6) 3% 2% 10% 17% 22% 32% 27% 47% 27% 44% 11% Revenue Revenue Revenue Revenue Q2 25 Q2 25 Q2 25 9% Q2 25 63% 24% 43% 19% Total Revenue +0.4% (0.4%) (2.6%) (2.4%) +2.7% +0.6% (2.9%) (3.0%) Consumer +1.9% (0.8%) (3.9%) (4.7%) +1.5% +1.6% (4.4%) (4.6%) Fixed Consumer (1.8%) (2.2%) (1.6%) (1.3%)
Slide 17: Adjusted EBITDA to distributable cash flow by entity
LIBERTY LIBERTY 50-50 50-50 LIBERTY SERVICES & GLOBAL VODAFONEZIGGO VMO2 JV $M VM IRELAND TELENET GROWTH CORPORATE CONTINUING JV IFRS BASIS (18) OPS (6)(19) (6)(19)(20) ADJUSTED EBITDA $79 $640 $- $(59) $660 $960 $2,467 P&E ADDITIONS (98) (516) (9) 12 (611) (435) (1,429) ADJUSTED EBITDA LESS P&E ADD
Slide 18: Adjusted EBITDA to Adjusted EBITDAaL
LIBERTY LIBERTY 50-50 50-50 LIBERTY SERVICES & GLOBAL VODAFONEZIGGO VMO2 JV $M VM IRELAND TELENET GROWTH CORPORATE CONTINUING JV IFRS BASIS (18) OPS (6)(19) (6)(19)(20) ADJUSTED EBITDA $79 $640 $- $(59) $660 $960 $2,467 FINANCE LEASE ADJUSTMENTS - (1) (3) (1) (5) (6) (152) ADJUSTED EBITDAaL $79 $639
Slide 19: 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 book valu
Slide 20: Footnotes (continued)
18. Amounts include (i) our Liberty Services strategic platform and certain corporate activities and (ii) intercompany eliminations. 19. Adjusted EBITDA for the VodafoneZiggo JV and VMO2 JV include $57 million and $137 million, respectively, of FSA charges from Liberty Global with the corresponding
Slide 21: Glossary and definitions
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 22: Glossary (continued)
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 liability wit
Slide 23: Glossary (continued)
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 discounts
Slide 24: Glossary (continued)
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 subscriber who h
Slide 25: 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 revenue, Adjusted EBI
Slide 26: Rebase adjustments
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 rebase adjustments include amount
Slide 27: 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 28: Reconciliations: rebase adjustments (continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) Acquisitions & Dispositions... Foreign Currency. Acquisitions & Dispositions... Foreign Currency. Revenue Three months ended March 31, 2024 BE vz VMO2 in millions = $ - $ - (22.9) (33.6) (19.4) (229) $ (33.6) _$ (19.4) Revenue Year ended December 31, 20
Slide 29: Reconciliations: rebase adjustments (continued)
RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) Revenue Three months ended December 31, 2023, BE vz vMo2 in millions Acquisitions & Dispositions... $ 5 $ z $ z Foreign Currency... (7.7) (10.6) 109.5 Total. $ 7) $ (106) $ 109.5 Revenue Three months ended September 30, 2023 BE vz VMO2 in millions Acqui
Slide 30: Earnings to Adjusted EBITDA less P&E Additions reconciliation
A reconciliation of consolidated earnings (loss) from continuing operations to consolidated Adjusted EBITDA less P&E Additions is presented in the following table: 30
Slide 31: 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-Q. 31
Slide 32: 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 33: Adjusted FCF and Distributable Cash Flow
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 represents an increase in the period to our actual cash available
Slide 34: Liberty Global Adjusted FCF and Distributable CF
RECONCILIATIONS LIBERTY GLOBAL ADJUSTED FCF & DISTRIBUTABLE CF (CONTINUED) 2025 in millions Operating-related vendor financing additions. Cash capital expenditures, net... Principal payments on operating-related vendor financin: Principal payments on capital-related vendor financing... Principal pay
Slide 35: Adjusted FCF definition
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 36: Segment 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 37: 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 38: 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: 38
Slide 39: VMO2 JV US GAAP to IFRS reconciliation
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: 39
Slide 40: VMO2 JV Adjusted FCF definition
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 payment terms, which are typically 90