Liberty Global Reports Q1 2025 Results

About this update from Liberty Global Ltd.

[{"type":"text","content":" \n Reconfirming commitment to create and deliver value to shareholders \n \n DENVER, Colorado --(BUSINESS WIRE)--\nLiberty Global Ltd. announces its Q1 2025 financial results.\n \nCEO Mike Fries stated, “In our year-end investor call we outlined the core strategies we are undertaking to create and deliver value to shareholders following the successful spin-off of our Swiss subsidiary Sunrise. We made good progress on these plans in the first quarter of 2025.\n \n \nOur Liberty Telecom operations demonstrated resilience in competitive markets, with Virgin Media O2 returning to growth in revenue and Adjusted EBITDA1, and VodafoneZiggo launching the first of a series of initiatives to regain commercial momentum.\n \n \nFinancing and monetizing our network infrastructure remains a key priority, with Virgin Media Ireland expected to reach 80% of homes with fiber by year-end, and Telenet advancing discussions on rationalizing the fiber market in Flanders with Proximus. In the UK , we have decided to pause VMO2's potential NetCo stake sale process to align with our JV partner, but remain opportunistic on both network upgrade and development opportunities.\n \n \nIn our Liberty Growth portfolio, we remain committed to realizing $500-$750 million of asset disposals and to prioritizing our scale-based investments, including Formula E which has had a successful launch to Season 11 of the global racing championship.\n \n \nThe FMV of the portfolio increased to $3.3 billion 2, with the top seven investments still comprising ~75% of the value.\n \n \nAnd our Liberty Services platforms in finance and tech continue to scale and generate positive Adj. EBITDA and Adj. EBITDA less P&E Additions, with Liberty Blume officially launching its B2B marketing campaign.\n \n \nAcross the group, our clear focus on unlocking shareholder value remains, as we resumed buybacks during the quarter towards our 'up to 10% of shares' target for 2025. The balance sheets of our core operating businesses are strong with no maturities until 20283, and low borrowing costs. Finally, it's worth noting that Sunrise continues to trade well in the current macro environment following the spin-off, at over $10 per share of implied value to Liberty Global shareholders.\n \nOur guidance at the Liberty Global corporate level remains unchanged, as does the guidance for all of our Liberty Telecom operations with the exception of VodafoneZiggo where we have revised guidance to align with management's new long-term growth strategy.\"\n \n \n \n Key Summary of Operating and Financial Highlights4,5 \n \n \n \n \n \n \n \n \n \n \n \n \n Three months ended \n \n \n March 31 , \n \n \n \n \n \n \n \n Increase/(decrease) \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n Reported % \n \n \n \n \n \n \n \n Rebased % \n \n \n \n \n \n \n \n \n \n in millions, except % amounts \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Telenet \n \n \n \n$\n \n \n \n759.7\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n762.6\n \n \n \n \n \n \n \n \n \n \n \n(0.4\n \n \n \n)\n \n \n \n \n \n \n \n2.7\n \n \n \n \n \n \n \n \n \nVM Ireland\n \n \n \n \n \n \n \n115.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n123.0\n \n \n \n \n \n \n \n \n \n \n \n(5.9\n \n \n \n)\n \n \n \n \n \n \n \n(2.9\n \n \n \n)\n \n \n \n \n \n Consolidated Liberty Telecom \n \n \n \n \n \n \n \n875.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n885.6\n \n \n \n \n \n \n \n \n \n \n \n(1.1\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \nLiberty Growth\n \n \n \n \n \n \n \n96.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n14.3\n \n \n \n \n \n \n \n \n \n \n \n575.5\n \n \n \n \n \n \n \n \n \n \n \n(32.8\n \n \n \n)\n \n \n \n \n \nLiberty Services & Corporate\n \n \n \n \n \n \n \n234.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n255.5\n \n \n \n \n \n \n \n \n \n \n \n(8.2\n \n \n \n)\n \n \n \n \n \n \n \n(11.3\n \n \n \n)\n \n \n \n \n \nConsolidated intercompany eliminations\n \n \n \n \n \n \n \n(35.4\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(64.1\n \n \n \n)\n \n \n \n \n \n \n \nN.M.\n \n \n \n \n \n \n \nN.M.\n \n \n \n \n \nTotal consolidated\n \n \n \n$\n \n \n \n1,171.2\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n1,091.3\n \n \n \n \n \n \n \n \n \n \n \n7.3\n \n \n \n \n \n \n \n \n \n \n \n(5.3\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Nonconsolidated 50% owned Liberty Telecom : \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nVMO2 JV\n \n \n \n$\n \n \n \n3,126.3\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n3,282.8\n \n \n \n \n \n \n \n \n \n \n \n(4.8\n \n \n \n)\n \n \n \n \n \n \n \n(4.2\n \n \n \n)\n \n \n \n \n \nVodafoneZiggo JV\n \n \n \n$\n \n \n \n1,052.0\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n1,114.0\n \n \n \n \n \n \n \n \n \n \n \n(5.6\n \n \n \n)\n \n \n \n \n \n \n \n(2.6\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings (loss) from continuing operations \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nLiberty Global Consolidated\n \n \n \n$\n \n \n \n(1,323.3\n \n \n \n)\n \n \n \n \n \n \n \n$\n \n \n \n634.5\n \n \n \n \n \n \n \n \n \n \n \n(308.6\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \nLiberty Growth\n \n \n \n$\n \n \n \n(13.3\n \n \n \n)\n \n \n \n \n \n \n \n$\n \n \n \n(4.7\n \n \n \n)\n \n \n \n \n \n \n \n(183.0\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \nLiberty Services & Corporate\n \n \n \n$\n \n \n \n(1,406.2\n \n \n \n)\n \n \n \n \n \n \n \n$\n \n \n \n717.0\n \n \n \n \n \n \n \n \n \n \n \n(296.1\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Telenet \n \n \n \n$\n \n \n \n301.6\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n308.4\n \n \n \n \n \n \n \n \n \n \n \n(2.2\n \n \n \n)\n \n \n \n \n \n \n \n0.8\n \n \n \n \n \n \n \n \n \nVM Ireland\n \n \n \n \n \n \n \n37.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n40.0\n \n \n \n \n \n \n \n \n \n \n \n(7.0\n \n \n \n)\n \n \n \n \n \n \n \n(4.1\n \n \n \n)\n \n \n \n \n \n Consolidated Liberty Telecom \n \n \n \n \n \n \n \n338.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n348.4\n \n \n \n \n \n \n \n \n \n \n \n(2.8\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \nLiberty Growth\n \n \n \n \n \n \n \n8.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(0.4\n \n \n \n)\n \n \n \n \n \n \n \n2,200.0\n \n \n \n \n \n \n \n \n \n \n \n(36.3\n \n \n \n)\n \n \n \n \n \nLiberty Services & Corporate\n \n \n \n \n \n \n \n(12.6\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(30.3\n \n \n \n)\n \n \n \n \n \n \n \n58.4\n \n \n \n \n \n \n \n \n \n \n \n44.9\n \n \n \n \n \n \n \n \n \nConsolidated intercompany eliminations\n \n \n \n \n \n \n \n(10.0\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(34.7\n \n \n \n)\n \n \n \n \n \n \n \nN.M.\n \n \n \n \n \n \n \nN.M.\n \n \n \n \n \nTotal consolidated\n \n \n \n$\n \n \n \n324.6\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n283.0\n \n \n \n \n \n \n \n \n \n \n \n14.7\n \n \n \n \n \n \n \n \n \n \n \n2.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Nonconsolidated 50% owned Liberty Telecom : \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nVMO2 JV\n \n \n \n$\n \n \n \n1,073.4\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n1,073.6\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n0.6\n \n \n \n \n \n \n \n \n \nVodafoneZiggo JV\n \n \n \n$\n \n \n \n463.1\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n519.0\n \n \n \n \n \n \n \n \n \n \n \n(10.8\n \n \n \n)\n \n \n \n \n \n \n \n(8.0\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n Subscriber Variance Table — March 31, 2025 vs. December 31, 2024 \n \n \n \n \n \n \n \n \n \n Fixed-Line Customer \n \n \n Relationships \n \n \n \n \n \n \n \n Broadband \n \n \n Subscribers \n \n \n \n \n \n \n \n Total \n \n \n RGUs \n \n \n \n \n \n \n \n Postpaid Mobile \n \n \n Subscribers \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Consolidated Reportable Segments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Telenet \n \n \n \n(11,800\n \n \n \n)\n \n \n \n \n \n \n \n(2,100\n \n \n \n)\n \n \n \n \n \n \n \n(43,900\n \n \n \n)\n \n \n \n \n \n \n \n(3,700\n \n \n \n)\n \n \n \n \n \nVM Ireland\n \n \n \n(2,000\n \n \n \n)\n \n \n \n \n \n \n \n(1,000\n \n \n \n)\n \n \n \n \n \n \n \n(11,500\n \n \n \n)\n \n \n \n \n \n \n \n900\n \n \n \n \n \n \n \n \n \n Total Consolidated Reportable Segments \n \n \n \n(13,800\n \n \n \n)\n \n \n \n \n \n \n \n(3,100\n \n \n \n)\n \n \n \n \n \n \n \n(55,400\n \n \n \n)\n \n \n \n \n \n \n \n(2,800\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Nonconsolidated Reportable Segments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nVMO2 JV\n \n \n \n(46,000\n \n \n \n)\n \n \n \n \n \n \n \n(44,000\n \n \n \n)\n \n \n \n \n \n \n \n(286,500\n \n \n \n)\n \n \n \n \n \n \n \n(122,800\n \n \n \n)\n \n \n \n \n \nVodafoneZiggo JV\n \n \n \n(40,500\n \n \n \n)\n \n \n \n \n \n \n \n(31,000\n \n \n \n)\n \n \n \n \n \n \n \n(135,900\n \n \n \n)\n \n \n \n \n \n \n \n29,100\n \n \n \n \n \n \n \n \n VMO2 \n \n VMO2 delivers growth in guided revenue and Adjusted EBITDA metrics and reaffirms all 2025 guidance \n \n VMO2’s first quarter results saw a return to growth in both revenue and Adj. EBITDA on a guidance basis, representing a sequential improvement versus Q4. Despite a highly competitive environment, VMO2 continues to drive more value across the fixed base, maintaining ARPU growth. In mobile, the planned acquisition of spectrum from the VOD/3 merger will further strengthen VMO2’s network position, alongside customer and digital initiatives to improve commercial momentum. \n \n Highlights for Q1 \n \n \n Fixed strategy update: Announcing pause of NetCo stake sale process to align with JV partner's strategic review; also adjusting nexfibre’s build ambition to 2.5 million cumulative premises (currently at 2.2 million) by year-end 2025, retaining capital discipline in an increasingly irrational altnet environment and remaining opportunistic around M&A\n \n \n Fibre UP: Progressing with the upgrade of existing network to fiber, with a combined fiber footprint now at 6.8 million6 premises and launched trials of giffgaff broadband to increase reach and leverage VMO2's wholesale capabilities\n \n \n On track to acquire spectrum: Plan to acquire spectrum licenses from VOD/3 merger remains on track and will strengthen VMO2's network position considerably\n \n \n Q1 Financial Highlights (in U.S. GAAP, as reported by Liberty Global ) 7\n \n \nRevenue of $3,126.3 million , -4.8% YoY on a reported basis and -4.2% on a rebased8 basis\n \n \nPrimarily driven by the net effect of (i) lower construction revenue from nexfibre and (ii) lower handset sales, partially offset by (a) higher fixed ARPU and (b) an increase in mobile service revenue, with each revenue category as defined and reported by the VMO2 JV\n \n \n \n \nAdjusted EBITDA9 of $1,073.4 million , flat YoY on a reported basis and +0.6% on a rebased basis\n \n \nPrimarily driven by cost efficiencies, partially offset by a decrease in the nexfibre construction impact to Adjusted EBITDA\n \n \n \n \nProperty and equipment additions of $594.2 million , -13.4% YoY on a reported basis and -12.8% on a rebased basis\n \n \nAdjusted EBITDA less P&E additions9 of $479.2 million , +23.6% YoY on a reported basis and +24.3% on a rebased basis\n \n \nCash flows from operating activities of - $81.0 million , cash flows from investing activities of - $692.0 million , and cash flows from financing activities of - $773.0 million \n \n \n Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants) 10\n \n \nRevenue of £2,480.1 million, -4.2% YoY on a reported and rebased basis\n \n \nRevenue excluding handsets and the impact of nexfibre construction of £2,111.5 million, +0.4% YoY on a reported and rebased basis\n \n \nAdjusted EBITDA of £914.1 million, -1.3% YoY on a reported and rebased basis\n \n \nQ1 2025 included the benefit of £62.6 million of U.S. GAAP/IFRS differences, primarily related to (i) the VMO2 JV's investment in CTIL and (ii) leases\n \n \n \n \nAdjusted EBITDA excluding the impact of nexfibre construction of £921.7 million, +0.8% YoY on a reported and rebased basis\n \n \nThe drivers of these IFRS changes are largely consistent with those under U.S. GAAP as detailed above\n \n \n Q1 Operating Highlights \n \n \nBroadband net losses of 44,000, primarily driven by elevated churn following a high level of market discounting during Q1\n \n \nPostpaid net losses of 122,800, primarily driven by lower value B2B customer disconnections, while consumer performance improved compared to Q1 2024\n \n \nFixed ARPU maintained positive growth supported by value focus and improved retention, with a 1.6% YoY increase in Q1 ahead of price rise implementation in Q2\n \n \n 2025 VMO2 guidance (in IFRS) (i)\n \n \nWe are confirming11:\n \n \nGrowth in revenue excluding handsets and the impact of nexfibre construction\n \n \nGrowth in Adjusted EBITDA excluding the impact of nexfibre construction\n \n \nP&E additions of £2.0 to £2.2 billion\n \n \nAdjusted FCF and cash distributions to shareholders both in the range of £350 to £400 million\n \n \n \n \n \n \n(i)\n \n \n \n \nQuantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) and cash flow from operating activities for Adjusted EBITDA, Adjusted EBITDAaL and Adjusted FCF guidance for Liberty Global and each of its OpCos cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including: the components of non-operating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/loss from continuing operations, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly from period to period.\n \n \n \n \n VodafoneZiggo \n \n VodafoneZiggo launches new strategic plan and revises 2025 guidance \n \n VodafoneZiggo’s first quarter results were heavily impacted by the intensely competitive environment, particularly in the fixed market. During the quarter, we launched new front book propositions which are the first part of a wider strategic plan to regain commercial momentum. While the new strategic plan and market environment will impact VodafoneZiggo’s 2025 guidance, notably driving a steeper than expected Adj. EBITDA decline, it will position the company for growth and future-proof the network through an accelerated DOCSIS 4.0 upgrade plan. \n \n Highlights for Q1 \n \n \n Customer experience: Launched a new fixed front book portfolio with a focus on reliable connectivity through Wifi Guarantee, a first in the Dutch market\n \n \n Strategy evolution under new CEO: VodafoneZiggo continues to implement the new strategy with a focus on regaining commercial momentum and creating a leaner and more agile organization\n \n \n Guidance update: To support the key investments needed to drive long-term commercial momentum, VodafoneZiggo is revising 2025 guidance as outlined below\n \n \n Q1 Financial Highlights (in U.S. GAAP) \n \n \nRevenue of $1,052.0 million , -5.6% YoY on a reported basis and -2.6% on a rebased basis\n \n \nPrimarily driven by (i) a decline in the consumer fixed base, (ii) lower handset sales and (iii) lower B2B mobile revenue, partially offset by (a) price indexation, (b) strong growth in Ziggo Sport Totaal revenue and (c) continued growth in B2B fixed revenue\n \n \n \n \nAdjusted EBITDA of $463.1 million , -10.8% YoY on a reported basis and -8.0% on a rebased basis\n \n \nPrimarily driven by (i) the aforementioned decrease in revenue, (ii) higher programming costs related to the UEFA broadcast and (iii) higher labor costs related to the collective labor agreement, partially offset by (a) cost control measures in areas such as customer service, IT and procurement and (b) lower energy costs\n \n \n \n \nCash flows from operating activities of $192.3 million , cash flows from investing activities of - $142.4 million and cash flows from financing activities of - $667.2 million \n \n \n Q1 Financial Highlights (in U.S. GAAP) in local currency \n \n \nRevenue of €999.1 million, -2.6% YoY on both a reported and rebased basis\n \n \nAdjusted EBITDA of €439.7 million, -8.0% on both a reported and rebased basis\n \n \n Q1 Operating Highlights \n \n \nBroadband net losses of 31,000, primarily driven by continued promotional intensity, despite early signs of improvement in churn following the migration of existing customers to the new front book\n \n \nPostpaid net adds of 29,100, primarily driven by growth in B2B\n \n \nFixed ARPU increased 1.5% YoY, supported by the prior year's price adjustment\n \n \nImplemented an increase in download speeds across the existing broadband portfolio in March\n \n \n 2025 VodafoneZiggo guidance (in U.S. GAAP) \n \n \nWe are confirming:\n \n \nP&E Additions to sales: 20-22%\n \n \n \n \nWe are updating:\n \n \nLow-single digit decline in revenue growth (updated from broadly stable)\n \n \nMid to high-single digit decline in Adjusted EBITDA growth (updated from low-single digit decline)\n \n \nAdjusted FCF of €200-€250 million (updated from around €300 million)12\n \n \nCash distributions to shareholders of €200-€250 million (updated from around €300 million)\n \n \n \n \n Telenet \n \n Telenet delivered strong fixed ARPU and revenue growth, on track to deliver full-year guidance \n \n Telenet’s first quarter results demonstrated resilience in the face of a competitive environment, with growth in revenue and Adj. EBITDAaL. Telenet continues to leverage the BASE brand to drive growth in the South of Belgium and BASE's status as a challenger brand means it is well positioned to defend in the mobile-only segment. Elsewhere, Wyre continues to advance the FTTH build while also making progress with Proximus and Belgian regulators on the FTTH-sharing agreement announced last year. \n \n Highlights for Q1 \n \n \n Competitive environment: An intensely competitive environment in Belgium remains, resulting in pressure on the Telenet brand with BASE partly compensating\n \n \n Price adjustment: Announced a price adjustment of ~3% on the Telenet brand which took effect from April\n \n \n FTTH: Wyre is on track to build an additional 375,000 FTTH homes passed by year-end 2025 and continued to make progress with Proximus and regulators regarding FTTH-sharing agreement\n \n \n Q1 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global ) \n \n \nRevenue of $759.7 million , -0.4% YoY on a reported basis and +2.7% on a rebased basis\n \n \nPrimarily driven by (i) higher programming revenue and (ii) the benefit of the June 2024 price indexation, partially offset by (a) lower handset revenue and (b) lower interconnect revenue\n \n \n \n \nAdjusted EBITDA of $301.6 million , -2.2% YoY on a reported basis and +0.8% on a rebased basis\n \n \nAdjusted EBITDAaL of $301.3 million , -2.2% YoY on a reported basis and +0.8% on a rebased basis\n \n \nPrimarily driven by (i) the increase in revenue, (ii) lower network operating costs and (iii) cost control measures, partially offset by (a) an increase in programming costs, (b) higher staff-related expenses following the mandatory 3.6% wage indexation as of January and (c) increased sales and marketing costs\n \n \n \n \nProperty and equipment additions of $246.7 million , +34.3% YoY on a reported basis and +32.4% on a rebased basis\n \n \nAdjusted EBITDA less P&E Additions of $54.9 million , -56.0% YoY on a reported basis and -54.1% on a rebased basis\n \n \nCash flows from operating activities of $185.0 million , cash flows from investing activities of - $198.9 million and cash flows from financing activities of - $21.8 million \n \n \n Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants) 10\n \n \nRevenue of €721.2 million, +2.7% YoY on both a reported and rebased basis\n \n \nAdjusted EBITDA of €323.8 million, +2.8% YoY on both a reported and rebased basis\n \n \nQ1 2025 included the benefit of €37.4 million of U.S. GAAP/IFRS differences, primarily related to (i) sports and film broadcasting rights and (ii) leases\n \n \n \n \nAdjusted EBITDAaL of €304.0 million, +2.6% YoY on both a reported and rebased basis\n \n \nThe drivers of these IFRS changes are largely consistent with those under U.S. GAAP as detailed above\n \n \n Q1 Operating Highlights \n \n \nBroadband net losses of 2,100, primarily due to continued elevated churn on the Telenet brand, which was only partially offset by growth in BASE\n \n \nPostpaid net losses of 3,700, primarily due to the intensely competitive market environment following the Digi launch, despite better performance from BASE following portfolio adjustments during Q1\n \n \nFixed ARPU in Q1 saw continued growth of 2.8% supported by the June 2024 price rise, ahead of a ~3% adjustment which took effect from April\n \n \n 2025 Telenet guidance (in IFRS) 13\n \n \nWe are confirming:\n \n \nBroadly stable revenue (FY 2024: €2,851.4 million)\n \n \nLow to mid-single digit decline in Adjusted EBITDAaL (FY 2024: €1,279.9 million)\n \n \nP&E Additions as a percentage of revenue of around 38%\n \n \nAdjusted FCF between -€180.0 and -€150.0 million\n \n \n \n \n Virgin Media Ireland \n \n Virgin Media Ireland continues to drive transformation into full fiber operator \n \n Virgin Media Ireland’s first quarter results were impacted by the competitive environment in Ireland which remains intense, driving modest revenue and Adj. EBITDA declines. Despite the market dynamics, Virgin Media Ireland continues to make strong progress against its key strategic priorities including FTTH rollout, wholesale penetration and offnet footprint expansion. \n \n Highlights for Q1 \n \n \n Network upgrade: Continued to deliver on full fiber upgrade project, with over half of premises upgraded to full fiber at the end of Q1\n \n \n Fiber momentum: Almost 60k fiber customers on Virgin Media Ireland's network at the end of Q1, including Wholesale customers\n \n \n Q1 Financial Highlights (in U.S. GAAP) \n \n \nRevenue of $115.8 million , -5.9% YoY on a reported basis and -2.9% on a rebased basis\n \n \nPrimarily driven by (i) lower fixed and mobile revenue resulting from the intense competitive environment and (ii) lower advertising revenues at VMTV, partially offset by continued strong growth in B2B wholesale revenue\n \n \n \n \nAdjusted EBITDA of $37.2 million , -7.0% YoY on a reported basis and -4.1% on a rebased basis\n \n \nPrimarily due to (i) the aforementioned revenue decline, (ii) the parallel running of IT systems and (iii) higher labor costs following annual salary increase\n \n \n \n \nCash flows from operating activities of $12.2 million , cash flows from investing activities of - $41.2 million , and cash flows from financing activities of $29.1 million \n \n \n Q1 Financial Highlights (in U.S. GAAP) in local currency \n \n \nRevenue of €110.0 million, -2.9% YoY on both a reported and rebased basis\n \n \nAdjusted EBITDA of €35.3 million, -4.1% YoY on both a reported and rebased basis\n \n \n Q1 Operating Highlights \n \n \nBroadband net losses of 1,000, primarily due to continued competitive intensity in the market\n \n \nPostpaid net adds of 900, a sequential and YoY improvement, primarily due to reduced churn\n \n \nOver 1.4 million addressable homes, including offnet footprint\n \n \n Consolidated Leverage & Liquidity \n \n \nTotal principal amount of debt and finance leases: $9.4 billion \n \n \nAverage debt tenor14: 3.5 years, with ~32% not due until 2029 or thereafter\n \n \nBorrowing costs: Blended, fully-swapped cost of debt was 3.7%\n \n \nThe following table(i) details the U.S. dollar equivalents of our liquidity15 position at March 31, 2025 , which includes our (i) cash and cash equivalents, (ii) investments held under SMAs and (iii) unused borrowing capacity:\n \n \n \n \n \n \n \n Cash \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Unused \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n and Cash \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Borrowing \n \n \n \n \n \n \n \n Total \n \n \n \n \n \n \n \n \n \n Equivalents \n \n \n \n \n \n \n \n SMAs(ii) \n \n \n \n \n \n \n \n Capacity(iii) \n \n \n \n \n \n \n \n Liquidity \n \n \n \n \n \n \n \n \n \n in millions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Liberty Global and unrestricted subsidiaries\n \n \n \n$\n \n \n \n849.8\n \n \n \n \n \n \n \n$\n \n \n \n77.9\n \n \n \n \n \n \n \n$\n \n \n \n—\n \n \n \n \n \n \n \n$\n \n \n \n927.7\n \n \n \n \n \n Telenet \n \n \n \n \n \n \n \n1,119.9\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n664.9\n \n \n \n \n \n \n \n \n \n \n \n1,784.8\n \n \n \n \n \nVM Ireland\n \n \n \n \n \n \n \n12.9\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n108.1\n \n \n \n \n \n \n \n \n \n \n \n121.0\n \n \n \n \n \nTotal\n \n \n \n$\n \n \n \n1,982.6\n \n \n \n \n \n \n \n$\n \n \n \n77.9\n \n \n \n \n \n \n \n$\n \n \n \n773.0\n \n \n \n \n \n \n \n$\n \n \n \n2,833.5\n \n \n \n \n \n \n_______________\n \n \n \n \n \n(i)\n \n \n \n \nExcept as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.\n \n \n \n \n \n(ii)\n \n \n \n \nRepresents our SMA in a leveraged structured note issued by a third-party investment bank.\n \n \n \n \n \n(iii)\n \n \n \n \nOur aggregate unused borrowing capacity of $0.8 billion 16 represents maximum undrawn commitments under the applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing.\n \n \n \n \nThe following table(i) details the March 31, 2025 U.S. dollar equivalents of the (i) outstanding principal amounts of our debt and finance lease obligations, (ii) expected principal-related derivative cash payments or receipts and (iii) swapped principal amounts of our debt and finance lease obligations:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance \n \n \n \n \n \n \n \n Total Debt \n \n \n \n \n \n \n \n Principal Related \n \n \n \n \n \n \n \n Swapped Debt \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Lease \n \n \n \n \n \n \n \n & Finance Lease \n \n \n \n \n \n \n \n Derivative \n \n \n \n \n \n \n \n & Finance Lease \n \n \n \n \n \n \n \n \n \n Debt \n \n \n \n \n \n \n \n Obligations \n \n \n \n \n \n \n \n Obligations \n \n \n \n \n \n \n \n Cash Payments \n \n \n \n \n \n \n \n Obligations \n \n \n \n \n \n \n \n \n \n in millions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Telenet \n \n \n \n$\n \n \n \n7,070.7\n \n \n \n \n \n \n \n$\n \n \n \n2.5\n \n \n \n \n \n \n \n$\n \n \n \n7,073.2\n \n \n \n \n \n \n \n$\n \n \n \n(133.3\n \n \n \n)\n \n \n \n \n \n \n \n$\n \n \n \n6,939.9\n \n \n \n \n \nVM Ireland\n \n \n \n \n \n \n \n973.0\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n973.0\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n973.0\n \n \n \n \n \nOther(ii)\n \n \n \n \n \n \n \n1,360.7\n \n \n \n \n \n \n \n \n \n \n \n31.6\n \n \n \n \n \n \n \n \n \n \n \n1,392.3\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,392.3\n \n \n \n \n \nTotal\n \n \n \n$\n \n \n \n9,404.4\n \n \n \n \n \n \n \n$\n \n \n \n34.1\n \n \n \n \n \n \n \n$\n \n \n \n9,438.5\n \n \n \n \n \n \n \n$\n \n \n \n(133.3\n \n \n \n)\n \n \n \n \n \n \n \n$\n \n \n \n9,305.2\n \n \n \n \n \n \n_______________\n \n \n \n \n \n(i)\n \n \n \n \nExcept as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.\n \n \n \n \n \n(ii)\n \n \n \n \nDebt amount includes a loan of $1,360.1 million backed by the shares we hold in Vodafone Group plc.\n \n \n \n \n \n \n Liberty Global Consolidated Q1 Cash Flows \n \n \n \n \n \n \n \n \n \n \n \n \n Three months ended \n \n \n March 31 , \n \n \n \n \n \n \n \n Increase/(decrease) \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n Reported % \n \n \n \n \n \n \n \n \n \n $ in millions, except % amounts \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nLiberty Global Consolidated Cash Flows:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCash provided by operating activities of continuing operations\n \n \n \n129.2\n \n \n \n \n \n \n \n \n \n \n \n91.3\n \n \n \n \n \n \n \n \n \n \n \n41.5\n \n \n \n%\n \n \n \n \n \nCash provided (used) by investing activities of continuing operations\n \n \n \n52.5\n \n \n \n \n \n \n \n \n \n \n \n(63.9\n \n \n \n)\n \n \n \n \n \n \n \n182.2\n \n \n \n%\n \n \n \n \n \nCash used by financing activities of continuing operations\n \n \n \n(66.2\n \n \n \n)\n \n \n \n \n \n \n \n(240.7\n \n \n \n)\n \n \n \n \n \n \n \n72.5\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nAdjusted FCF from continuing operations\n \n \n \n(141.2\n \n \n \n)\n \n \n \n \n \n \n \n(151.8\n \n \n \n)\n \n \n \n \n \n \n \n7.0\n \n \n \n%\n \n \n \n \n \nDistributable Cash Flow from continuing operations\n \n \n \n(141.2\n \n \n \n)\n \n \n \n \n \n \n \n(151.8\n \n \n \n)\n \n \n \n \n \n \n \n7.0\n \n \n \n%\n \n \n \n \n Financial Highlights (in U.S. GAAP)4,5 \n \nThe following tables present (i) selected financial information for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis. Adjusted EBITDA and Adjusted EBITDA less P&E Additions for Consolidated Continuing Operations, Liberty Growth and Liberty Services & Corporate are non-GAAP measures. For reconciliations, additional information on how these measures are defined and why we believe they are meaningful, see the Glossary and Reconciliations sections of the Appendix.\n \n \n \n \n \n \n \n Three months ended \n \n \n \n \n \n \n \n Increase/(decrease) \n \n \n \n \n \n \n \n \n \n March 31 , \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n Reported % \n \n \n \n \n \n \n \n Rebased % \n \n \n \n \n \n \n \n \n \n in millions, except % amounts \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Telenet \n \n \n \n$\n \n \n \n759.7\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n762.6\n \n \n \n \n \n \n \n \n \n \n \n(0.4\n \n \n \n)\n \n \n \n \n \n \n \n2.7\n \n \n \n \n \n \n \n \n \nVM Ireland\n \n \n \n \n \n \n \n115.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n123.0\n \n \n \n \n \n \n \n \n \n \n \n(5.9\n \n \n \n)\n \n \n \n \n \n \n \n(2.9\n \n \n \n)\n \n \n \n \n \n Consolidated Liberty Telecom \n \n \n \n \n \n \n \n875.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n885.6\n \n \n \n \n \n \n \n \n \n \n \n(1.1\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \nLiberty Growth\n \n \n \n \n \n \n \n96.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n14.3\n \n \n \n \n \n \n \n \n \n \n \n575.5\n \n \n \n \n \n \n \n \n \n \n \n(32.8\n \n \n \n)\n \n \n \n \n \nLiberty Services & Corporate\n \n \n \n \n \n \n \n234.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n255.5\n \n \n \n \n \n \n \n \n \n \n \n(8.2\n \n \n \n)\n \n \n \n \n \n \n \n(11.3\n \n \n \n)\n \n \n \n \n \nConsolidated intercompany eliminations\n \n \n \n \n \n \n \n(35.4\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(64.1\n \n \n \n)\n \n \n \n \n \n \n \nN.M.\n \n \n \n \n \n \n \n \n \n \n \nN.M.\n \n \n \n \n \n \n \n \n \nTotal consolidated\n \n \n \n$\n \n \n \n1,171.2\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n1,091.3\n \n \n \n \n \n \n \n \n \n \n \n7.3\n \n \n \n \n \n \n \n \n \n \n \n(5.3\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Nonconsolidated 50% owned Liberty Telecom : \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nVMO2 JV\n \n \n \n$\n \n \n \n3,126.3\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n3,282.8\n \n \n \n \n \n \n \n \n \n \n \n(4.8\n \n \n \n)\n \n \n \n \n \n \n \n(4.2\n \n \n \n)\n \n \n \n \n \nVodafoneZiggo JV\n \n \n \n$\n \n \n \n1,052.0\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n1,114.0\n \n \n \n \n \n \n \n \n \n \n \n(5.6\n \n \n \n)\n \n \n \n \n \n \n \n(2.6\n \n \n \n)\n \n \n \n \n \n _______________ \n \n \n \nN.M. - Not Meaningful\n \n \n \n \n \n \n \n Three months ended \n \n \n \n \n \n \n \n Increase/(decrease) \n \n \n \n \n \n \n \n \n \n March 31 , \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n Reported % \n \n \n \n \n \n \n \n Rebased % \n \n \n \n \n \n \n \n \n \n in millions, except % amounts \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Telenet \n \n \n \n$\n \n \n \n301.6\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n308.4\n \n \n \n \n \n \n \n \n \n \n \n(2.2\n \n \n \n)\n \n \n \n \n \n \n \n0.8\n \n \n \n \n \n \n \n \n \nVM Ireland\n \n \n \n \n \n \n \n37.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n40.0\n \n \n \n \n \n \n \n \n \n \n \n(7.0\n \n \n \n)\n \n \n \n \n \n \n \n(4.1\n \n \n \n)\n \n \n \n \n \n Consolidated Liberty Telecom \n \n \n \n \n \n \n \n338.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n348.4\n \n \n \n \n \n \n \n \n \n \n \n(2.8\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \nLiberty Growth\n \n \n \n \n \n \n \n8.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(0.4\n \n \n \n)\n \n \n \n \n \n \n \n2,200.0\n \n \n \n \n \n \n \n \n \n \n \n(36.3\n \n \n \n)\n \n \n \n \n \nLiberty Services & Corporate\n \n \n \n \n \n \n \n(12.6\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(30.3\n \n \n \n)\n \n \n \n \n \n \n \n58.4\n \n \n \n \n \n \n \n \n \n \n \n44.9\n \n \n \n \n \n \n \n \n \nConsolidated intercompany eliminations\n \n \n \n \n \n \n \n(10.0\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(34.7\n \n \n \n)\n \n \n \n \n \n \n \nN.M.\n \n \n \n \n \n \n \nN.M.\n \n \n \n \n \nTotal consolidated\n \n \n \n$\n \n \n \n324.6\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n283.0\n \n \n \n \n \n \n \n \n \n \n \n14.7\n \n \n \n \n \n \n \n \n \n \n \n2.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Nonconsolidated 50% owned Liberty Telecom : \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nVMO2 JV\n \n \n \n$\n \n \n \n1,073.4\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n1,073.6\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n0.6\n \n \n \n \n \n \n \n \n \nVodafoneZiggo JV\n \n \n \n$\n \n \n \n463.1\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n519.0\n \n \n \n \n \n \n \n \n \n \n \n(10.8\n \n \n \n)\n \n \n \n \n \n \n \n(8.0\n \n \n \n)\n \n \n \n \n \n _______________ \n \n \n \nN.M. - Not Meaningful\n \n \n \n \n \n \n \n \n \n \n Three months ended \n \n \n \n \n \n \n \n Increase/(decrease) \n \n \n \n \n \n Adjusted EBITDA less P&E Additions \n \n \n \n March 31 , \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n Reported % \n \n \n \n \n \n \n \n Rebased % \n \n \n \n \n \n \n \n \n \n in millions, except % amounts \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Telenet \n \n \n \n$\n \n \n \n54.9\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n124.7\n \n \n \n \n \n \n \n \n \n \n \n(56.0\n \n \n \n)\n \n \n \n \n \n \n \n(54.1\n \n \n \n)\n \n \n \n \n \nVM Ireland\n \n \n \n \n \n \n \n(5.7\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n0.6\n \n \n \n \n \n \n \n \n \n \n \n(1,050.0\n \n \n \n)\n \n \n \n \n \n \n \n(1,160.0\n \n \n \n)\n \n \n \n \n \n Consolidated Liberty Telecom \n \n \n \n \n \n \n \n49.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n125.3\n \n \n \n \n \n \n \n \n \n \n \n(60.7\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \nLiberty Growth\n \n \n \n \n \n \n \n6.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(1.9\n \n \n \n)\n \n \n \n \n \n \n \n447.4\n \n \n \n \n \n \n \n \n \n \n \n81.1\n \n \n \n \n \n \n \n \n \nLiberty Services & Corporate\n \n \n \n \n \n \n \n(16.8\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(36.2\n \n \n \n)\n \n \n \n \n \n \n \n53.6\n \n \n \n \n \n \n \n \n \n \n \n41.5\n \n \n \n \n \n \n \n \n \nConsolidated intercompany eliminations\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(25.2\n \n \n \n)\n \n \n \n \n \n \n \nN.M.\n \n \n \n \n \n \n \nN.M.\n \n \n \n \n \nTotal consolidated\n \n \n \n$\n \n \n \n39.0\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n62.0\n \n \n \n \n \n \n \n \n \n \n \n(37.1\n \n \n \n)\n \n \n \n \n \n \n \n(59.6\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Nonconsolidated 50% owned Liberty Telecom : \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nVMO2 JV\n \n \n \n$\n \n \n \n479.2\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n387.8\n \n \n \n \n \n \n \n \n \n \n \n23.6\n \n \n \n \n \n \n \n \n \n \n \n24.3\n \n \n \n \n \n \n \n \n \nVodafoneZiggo JV\n \n \n \n$\n \n \n \n256.2\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n274.3\n \n \n \n \n \n \n \n \n \n \n \n(6.6\n \n \n \n)\n \n \n \n \n \n \n \n(3.8\n \n \n \n)\n \n \n \n \n \n _______________ \n \n \n \nN.M. - Not Meaningful\n \n \n \n \n \n \n \n \n \n \n Operating Data — March 31, 2025 \n \n \n \n \n \n \n \n \n \n Homes \n \n \n Passed \n \n \n \n \n \n \n \n Fixed-Line Customer \n \n \n Relationships \n \n \n \n \n \n \n \n Broadband \n \n \n Subscribers \n \n \n \n \n \n \n \n Total \n \n \n RGUs \n \n \n \n \n \n \n \n \n \n \n \n Postpaid Mobile \n \n \n Subscribers \n \n \n \n \n \n \n \n Total Mobile \n \n \n Subscribers(i) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Consolidated Reportable Segments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Telenet \n \n \n \n4,216,600\n \n \n \n \n \n \n \n1,955,400\n \n \n \n \n \n \n \n1,716,700\n \n \n \n \n \n \n \n4,111,900\n \n \n \n \n \n \n \n \n \n \n \n2,671,300\n \n \n \n \n \n \n \n2,853,700\n \n \n \n \n \nVM Ireland\n \n \n \n1,005,200\n \n \n \n \n \n \n \n391,300\n \n \n \n \n \n \n \n362,200\n \n \n \n \n \n \n \n718,700\n \n \n \n \n \n \n \n \n \n \n \n137,600\n \n \n \n \n \n \n \n137,600\n \n \n \n \n \n Total Consolidated Reportable Segments \n \n \n \n \n \n \n5,221,800\n \n \n \n \n \n \n \n2,346,700\n \n \n \n \n \n \n \n2,078,900\n \n \n \n \n \n \n \n4,830,600\n \n \n \n \n \n \n \n \n \n \n \n2,808,900\n \n \n \n \n \n \n \n2,991,300\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Nonconsolidated Reportable Segments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nVMO2 JV\n \n \n \n16,244,500\n \n \n \n \n \n \n \n5,790,100\n \n \n \n \n \n \n \n5,694,900\n \n \n \n \n \n \n \n11,942,300\n \n \n \n \n \n \n \n \n \n \n \n15,713,200\n \n \n \n \n \n \n \n35,618,400\n \n \n \n \n \nVodafoneZiggo JV(ii)\n \n \n \n7,590,400\n \n \n \n \n \n \n \n3,375,400\n \n \n \n \n \n \n \n3,076,400\n \n \n \n \n \n \n \n7,620,300\n \n \n \n \n \n \n \n \n \n \n \n5,328,300\n \n \n \n \n \n \n \n5,602,900\n \n \n \n \n \n \n \n \n \n \n Subscriber Variance Table — March 31, 2025 vs. December 31, 2024 \n \n \n \n \n \n \n \n \n \n Homes \n \n \n Passed \n \n \n \n \n \n \n \n Fixed-Line Customer \n \n \n Relationships \n \n \n \n \n \n \n \n Broadband \n \n \n Subscribers \n \n \n \n \n \n \n \n Total \n \n \n RGUs \n \n \n \n \n \n \n \n \n \n \n \n Postpaid Mobile \n \n \n Subscribers \n \n \n \n \n \n \n \n Total Mobile \n \n \n Subscribers(i) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Organic Change Summary \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Consolidated Reportable Segments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Telenet \n \n \n \n42,900\n \n \n \n \n \n \n \n(11,800)\n \n \n \n \n \n \n \n(2,100)\n \n \n \n \n \n \n \n(43,900)\n \n \n \n \n \n \n \n \n \n \n \n(3,700)\n \n \n \n \n \n \n \n(16,400)\n \n \n \n \n \nVM Ireland\n \n \n \n2,500\n \n \n \n \n \n \n \n(2,000)\n \n \n \n \n \n \n \n(1,000)\n \n \n \n \n \n \n \n(11,500)\n \n \n \n \n \n \n \n \n \n \n \n900\n \n \n \n \n \n \n \n900\n \n \n \n \n \n Total Consolidated Reportable Segments \n \n \n \n \n \n \n45,400\n \n \n \n \n \n \n \n(13,800)\n \n \n \n \n \n \n \n(3,100)\n \n \n \n \n \n \n \n(55,400)\n \n \n \n \n \n \n \n \n \n \n \n(2,800)\n \n \n \n \n \n \n \n(15,500)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Q1 2025 Consolidated Reportable Segments Adjustments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Telenet \n \n \n \n13,200\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Nonconsolidated Reportable Segments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nVMO2 JV\n \n \n \n400\n \n \n \n \n \n \n \n(46,000)\n \n \n \n \n \n \n \n(44,000)\n \n \n \n \n \n \n \n(286,500)\n \n \n \n \n \n \n \n \n \n \n \n(122,800)\n \n \n \n \n \n \n \n(34,100)\n \n \n \n \n \nVodafoneZiggo JV(ii)\n \n \n \n10,200\n \n \n \n \n \n \n \n(40,500)\n \n \n \n \n \n \n \n(31,000)\n \n \n \n \n \n \n \n(135,900)\n \n \n \n \n \n \n \n \n \n \n \n29,100\n \n \n \n \n \n \n \n19,200\n \n \n \n \n \n \n \n \n \n \n \n \n \n Subscriber Variance Table — March 31, 2025 vs. March 31, 2024 \n \n \n \n \n \n \n \n \n \n Homes \n \n \n Passed \n \n \n \n \n \n \n \n Fixed-Line Customer \n \n \n Relationships \n \n \n \n \n \n \n \n Broadband \n \n \n Subscribers \n \n \n \n \n \n \n \n Total \n \n \n RGUs \n \n \n \n \n \n \n \n \n \n \n \n Postpaid Mobile \n \n \n Subscribers \n \n \n \n \n \n \n \n Total Mobile \n \n \n Subscribers(i) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Organic Change Summary \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Consolidated Reportable Segments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Telenet \n \n \n \n91,700\n \n \n \n \n \n \n \n(37,200)\n \n \n \n \n \n \n \n(7,700)\n \n \n \n \n \n \n \n(162,500)\n \n \n \n \n \n \n \n \n \n \n \n(5,200)\n \n \n \n \n \n \n \n(45,400)\n \n \n \n \n \nVM Ireland\n \n \n \n18,100\n \n \n \n \n \n \n \n(10,200)\n \n \n \n \n \n \n \n(6,000)\n \n \n \n \n \n \n \n(63,300)\n \n \n \n \n \n \n \n \n \n \n \n3,400\n \n \n \n \n \n \n \n3,400\n \n \n \n \n \n Total Consolidated Reportable Segments \n \n \n \n109,800\n \n \n \n \n \n \n \n(47,400)\n \n \n \n \n \n \n \n(13,700)\n \n \n \n \n \n \n \n(225,800)\n \n \n \n \n \n \n \n \n \n \n \n(1,800)\n \n \n \n \n \n \n \n(42,000)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Consolidated Reportable Segments Adjustments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Telenet \n \n \n \n(75,700)\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Nonconsolidated Reportable Segments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nVMO2 JV\n \n \n \n18,900\n \n \n \n \n \n \n \n(34,700)\n \n \n \n \n \n \n \n(28,000)\n \n \n \n \n \n \n \n(686,700)\n \n \n \n \n \n \n \n \n \n \n \n(226,800)\n \n \n \n \n \n \n \n293,500\n \n \n \n \n \nVodafoneZiggo JV(ii)\n \n \n \n57,200\n \n \n \n \n \n \n \n(142,400)\n \n \n \n \n \n \n \n(104,200)\n \n \n \n \n \n \n \n(486,700)\n \n \n \n \n \n \n \n \n \n \n \n13,800\n \n \n \n \n \n \n \n(39,100)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Nonconsolidated Reportable Segments Adjustments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nVMO2 JV\n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n(34,500)\n \n \n \n \n \n \n \n(34,500)\n \n \n \n \n \nVodafoneZiggo JV\n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n(3,000)\n \n \n \n \n \n \n \n(3,000)\n \n \n \n \n \n \n \n \n \n \n \n(9,600)\n \n \n \n \n \n \n \n(9,600)\n \n \n \n \n Footnotes for Operating Data and Subscriber Variance Tables: \n \n \n \n(i)\n \n \n \n \nIn a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. The mobile subscriber count for the VMO2 JV includes IoT connections, which are Machine-to-Machine contract mobile connections, including Smart Metering contract connections. The mobile subscriber count presented above for the VMO2 JV excludes wholesale mobile connections of approximately 10,066,600 that are included in the total mobile subscriber count as defined and presented by the VMO2 JV.\n \n \n \n \n \n(ii)\n \n \n \n \nFixed-line counts for the VodafoneZiggo JV include certain B2B customers and subscribers.\n \n \n \n \n Additional General Notes to Tables: \n \nMost of our broadband communications subsidiaries provide broadband, telephony, data, video or other B2B services. Certain of our B2B revenue is derived from SOHO subscribers that pay a premium price to receive enhanced service levels along with broadband, video or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHOs, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our broadband communications operations, with only those services provided at premium prices considered to be “SOHO RGUs” or “SOHO customers”. To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs or SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO subscribers and mobile subscribers at medium and large enterprises, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.\n \nWhile we take appropriate steps to ensure that subscriber statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber counting process. We periodically review our subscriber counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber statistics based on those reviews.\n \n Bond Update by Credit Silo \n \n VMO2 Credit Update \n \n \n \n Operating Statistics Summary \n \n \n \n \n \n \n \n \n \n \n \n \n As of and for the \n \n \n three months ended \n \n \n \n \n \n \n \n \n \n March 31 , \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Footprint \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nHomes Serviceable\n \n \n \n \n \n \n \n18,420,900\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n17,193,700\n \n \n \n \n \n \n \n \n \nHomes Serviceable net additions (QoQ)\n \n \n \n \n \n \n \n165,300\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n194,000\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Fixed \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFixed-Line Customer Relationships\n \n \n \n \n \n \n \n5,790,100\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n5,824,800\n \n \n \n \n \n \n \n \n \nOrganic Fixed-Line Customer Relationship net losses (QoQ)\n \n \n \n \n \n \n \n(46,000\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(2,000\n \n \n \n)\n \n \n \n \n \nOrganic Fixed-Line Customer Relationship net additions (losses) (YoY)\n \n \n \n \n \n \n \n(34,700\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n8,400\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nBroadband Subscribers\n \n \n \n \n \n \n \n5,694,900\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n5,722,900\n \n \n \n \n \n \n \n \n \nOrganic Broadband net additions (losses) (QoQ)\n \n \n \n \n \n \n \n(44,000\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n5,300\n \n \n \n \n \n \n \n \n \nOrganic Broadband net additions (losses) (YoY)\n \n \n \n \n \n \n \n(28,000\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n40,300\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nQ1 Monthly ARPU per Fixed-Line Customer Relationship\n \n \n \n£\n \n \n \n47.00\n \n \n \n \n \n \n \n \n \n \n \n£\n \n \n \n46.25\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Mobile \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nPostpaid Mobile Subscribers(i)\n \n \n \n \n \n \n \n15,713,200\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n15,974,500\n \n \n \n \n \n \n \n \n \nOrganic Postpaid Mobile net losses (QoQ)(i)\n \n \n \n \n \n \n \n(122,800\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(77,800\n \n \n \n)\n \n \n \n \n \nOrganic Postpaid Mobile net losses (YoY)(i)\n \n \n \n \n \n \n \n(226,800\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(21,100\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nQ1 Monthly Consumer Postpaid ARPU\n \n \n \n£\n \n \n \n17\n \n \n \n \n \n \n \n \n \n \n \n£\n \n \n \n17\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Convergence \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nConverged Households as % of Broadband RGUs\n \n \n \n \n \n \n \n42.1\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n43.7\n \n \n \n%\n \n \n \n \n \n \n_______________\n \n \n \n \n \n(i)\n \n \n \n \nPreviously reported postpaid mobile subscribers figures have been restated. For more information regarding the VMO2 JV and the restatement, please visit its investor relations page.\n \n \n \n \n \n \n Financial Results (in IFRS) 10\n \n \n \n \n \n \n \n \n \n \n \n \n Three months ended \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n March 31 , \n \n \n \n \n \n \n \n Increase/(decrease) \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n in millions, except % amounts \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nMobile\n \n \n \n£\n \n \n \n1,347.8\n \n \n \n \n \n \n \n \n \n \n \n£\n \n \n \n1,362.7\n \n \n \n \n \n \n \n \n \n \n \n(1.1\n \n \n \n%)\n \n \n \n \n \nHandset\n \n \n \n \n \n \n \n272.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n291.9\n \n \n \n \n \n \n \n \n \n \n \n(6.6\n \n \n \n%)\n \n \n \n \n \nFixed\n \n \n \n \n \n \n \n938.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n931.6\n \n \n \n \n \n \n \n \n \n \n \n0.7\n \n \n \n%\n \n \n \n \n \nConsumer Fixed\n \n \n \n \n \n \n \n838.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n822.9\n \n \n \n \n \n \n \n \n \n \n \n1.9\n \n \n \n%\n \n \n \n \n \nSubscription\n \n \n \n \n \n \n \n819.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n807.7\n \n \n \n \n \n \n \n \n \n \n \n1.5\n \n \n \n%\n \n \n \n \n \nOther\n \n \n \n \n \n \n \n18.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n15.2\n \n \n \n \n \n \n \n \n \n \n \n22.4\n \n \n \n%\n \n \n \n \n \nB2B Fixed\n \n \n \n \n \n \n \n100.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n108.7\n \n \n \n \n \n \n \n \n \n \n \n(7.9\n \n \n \n%)\n \n \n \n \n \nOther\n \n \n \n \n \n \n \n193.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n294.5\n \n \n \n \n \n \n \n \n \n \n \n(34.2\n \n \n \n%)\n \n \n \n \n \nTotal revenue\n \n \n \n£\n \n \n \n2,480.1\n \n \n \n \n \n \n \n \n \n \n \n£\n \n \n \n2,588.8\n \n \n \n \n \n \n \n \n \n \n \n(4.2\n \n \n \n%)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA \n \n \n \n£\n \n \n \n914.1\n \n \n \n \n \n \n \n \n \n \n \n£\n \n \n \n925.7\n \n \n \n \n \n \n \n \n \n \n \n(1.3\n \n \n \n%)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n P&E Additions \n \n \n \n£\n \n \n \n498.3\n \n \n \n \n \n \n \n \n \n \n \n£\n \n \n \n571.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nROU asset additions\n \n \n \n \n \n \n \n30.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n76.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total P&E Additions including ROU asset additions \n \n \n \n \n \n \n£\n \n \n \n528.8\n \n \n \n \n \n \n \n \n \n \n \n£\n \n \n \n647.5\n \n \n \n \n \n \n \n \n \n \n \n(18.3\n \n \n \n%)\n \n \n \n \n \nP&E Additions as a % of revenue\n \n \n \n \n \n \n \n20.1\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n22.1\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA less P&E Additions \n \n \n \n£\n \n \n \n385.3\n \n \n \n \n \n \n \n \n \n \n \n£\n \n \n \n278.2\n \n \n \n \n \n \n \n \n \n \n \n38.5\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted FCF \n \n \n \n£\n \n \n \n(885.4\n \n \n \n)\n \n \n \n \n \n \n \n£\n \n \n \n(738.7\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n Third-Party Debt, Lease Obligations and Cash and Cash Equivalents \n \nThe borrowing currency and pound sterling equivalent of the nominal amounts of VMED O2’s consolidated third-party debt, lease obligations and cash and cash equivalents is set forth below:\n \n \n \n \n \n \n \n \n \n \n \n March 31 , \n \n \n \n \n \n \n \n December 31 , \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Borrowing currency \n \n \n \n \n \n \n \n £ equivalent \n \n \n \n \n \n \n \n \n \n \n \n \n \n in millions \n \n \n \n \n \n Senior and Senior Secured Credit Facilities: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nTerm Loan N (Term SOFR + 2.50%) due 2028\n \n \n \n \n \n \n \n$\n \n \n \n2,804.5\n \n \n \n \n \n \n \n£\n \n \n \n2,172.9\n \n \n \n \n \n \n \n \n \n \n \n£\n \n \n \n2,635.9\n \n \n \n \n \n \n \n \n \nTerm Loan O (EURIBOR + 2.50%) due 2029\n \n \n \n \n \n \n \n€\n \n \n \n750.0\n \n \n \n \n \n \n \n \n \n \n \n628.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n620.0\n \n \n \n \n \n \n \n \n \nTerm Loan Q (Term SOFR + 3.25%) due 2029\n \n \n \n \n \n \n \n$\n \n \n \n1,300.0\n \n \n \n \n \n \n \n \n \n \n \n1,007.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,038.4\n \n \n \n \n \n \n \n \n \nTerm Loan R (EURIBOR + 3.25%) due 2029\n \n \n \n \n \n \n \n€\n \n \n \n750.0\n \n \n \n \n \n \n \n \n \n \n \n628.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n620.0\n \n \n \n \n \n \n \n \n \nTerm Loan X1 (SONIA + 3.25%) due 2029\n \n \n \n \n \n \n \n£\n \n \n \n750.0\n \n \n \n \n \n \n \n \n \n \n \n750.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n750.0\n \n \n \n \n \n \n \n \n \nTerm Loan Y (Term SOFR + 3.25%) due 2031\n \n \n \n \n \n \n \n$\n \n \n \n1,250.0\n \n \n \n \n \n \n \n \n \n \n \n968.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n998.5\n \n \n \n \n \n \n \n \n \nTerm Loan Y1 (Term SOFR + 3.25%) due 2031\n \n \n \n.\n \n \n \n$\n \n \n \n500.0\n \n \n \n \n \n \n \n \n \n \n \n387.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \nTerm Loan Z (EURIBOR + 3.50%) due 2031\n \n \n \n \n \n \n \n€\n \n \n \n720.0\n \n \n \n \n \n \n \n \n \n \n \n603.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n595.2\n \n \n \n \n \n \n \n \n \n£54 million (equivalent) RCF (SONIA + 2.75%) due 2026\n \n \n \n \n \n \n \n£ —\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n£1,324 million (equivalent) RCF (SONIA + 2.75%) due 2029\n \n \n \n \n \n \n \n£ —\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \nVM Financing Facilities (GBP equivalent)\n \n \n \n \n \n \n \n£\n \n \n \n420.3\n \n \n \n \n \n \n \n \n \n \n \n420.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n413.6\n \n \n \n \n \n \n \n \n \nTotal Senior and Senior Secured Credit Facilities\n \n \n \n \n \n \n \n \n \n \n \n7,565.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n7,671.6\n \n \n \n \n \n \n \n \n \n Senior Secured Notes: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n5.00% GBP Senior Secured Notes due 2027\n \n \n \n \n \n \n \n£\n \n \n \n90.4\n \n \n \n \n \n \n \n \n \n \n \n90.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n121.8\n \n \n \n \n \n \n \n \n \n5.50% USD Senior Secured Notes due 2029\n \n \n \n \n \n \n \n$\n \n \n \n1,425.0\n \n \n \n \n \n \n \n \n \n \n \n1,104.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,138.3\n \n \n \n \n \n \n \n \n \n5.25% GBP Senior Secured Notes due 2029\n \n \n \n \n \n \n \n£\n \n \n \n340.0\n \n \n \n \n \n \n \n \n \n \n \n340.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n340.0\n \n \n \n \n \n \n \n \n \n4.00% GBP Senior Secured Notes due 2029\n \n \n \n \n \n \n \n£\n \n \n \n600.0\n \n \n \n \n \n \n \n \n \n \n \n600.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n600.0\n \n \n \n \n \n \n \n \n \n4.25% GBP Senior Secured Notes due 2030\n \n \n \n \n \n \n \n£\n \n \n \n635.0\n \n \n \n \n \n \n \n \n \n \n \n635.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n635.0\n \n \n \n \n \n \n \n \n \n4.50% USD Senior Secured Notes due 2030\n \n \n \n \n \n \n \n$\n \n \n \n915.0\n \n \n \n \n \n \n \n \n \n \n \n708.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n730.9\n \n \n \n \n \n \n \n \n \n4.125% GBP Senior Secured Notes due 2030\n \n \n \n \n \n \n \n£\n \n \n \n480.0\n \n \n \n \n \n \n \n \n \n \n \n480.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n480.0\n \n \n \n \n \n \n \n \n \n3.25% EUR Senior Secured Notes due 2031\n \n \n \n \n \n \n \n€\n \n \n \n950.0\n \n \n \n \n \n \n \n \n \n \n \n795.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n785.3\n \n \n \n \n \n \n \n \n \n4.25% USD Senior Secured Notes due 2031\n \n \n \n \n \n \n \n$\n \n \n \n1,350.0\n \n \n \n \n \n \n \n \n \n \n \n1,045.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,078.4\n \n \n \n \n \n \n \n \n \n4.75% USD Senior Secured Notes due 2031\n \n \n \n \n \n \n \n$\n \n \n \n1,400.0\n \n \n \n \n \n \n \n \n \n \n \n1,084.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,118.3\n \n \n \n \n \n \n \n \n \n4.50% GBP Senior Secured Notes due 2031\n \n \n \n \n \n \n \n£\n \n \n \n675.0\n \n \n \n \n \n \n \n \n \n \n \n675.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n675.0\n \n \n \n \n \n \n \n \n \n7.75% USD Senior Secured Notes due 2032\n \n \n \n \n \n \n \n$\n \n \n \n750.0\n \n \n \n \n \n \n \n \n \n \n \n581.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n599.1\n \n \n \n \n \n \n \n \n \n5.625% EUR Senior Secured Notes due 2032\n \n \n \n \n \n \n \n€\n \n \n \n600.0\n \n \n \n \n \n \n \n \n \n \n \n502.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n496.0\n \n \n \n \n \n \n \n \n \nTotal Senior Secured Notes\n \n \n \n \n \n \n \n \n \n \n \n8,643.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n8,798.1\n \n \n \n \n \n \n \n \n \n Senior Notes: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n5.00% USD Senior Notes due 2030\n \n \n \n \n \n \n \n$\n \n \n \n925.0\n \n \n \n \n \n \n \n \n \n \n \n716.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n738.9\n \n \n \n \n \n \n \n \n \n3.75% EUR Senior Notes due 2030\n \n \n \n \n \n \n \n€\n \n \n \n500.0\n \n \n \n \n \n \n \n \n \n \n \n418.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n413.3\n \n \n \n \n \n \n \n \n \nTotal Senior Notes\n \n \n \n \n \n \n \n \n \n \n \n1,135.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,152.2\n \n \n \n \n \n \n \n \n \nVendor financing(i)\n \n \n \n \n \n \n \n \n \n \n \n2,999.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,984.2\n \n \n \n \n \n \n \n \n \nShare of CTIL debt(i)\n \n \n \n \n \n \n \n \n \n \n \n202.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n194.5\n \n \n \n \n \n \n \n \n \nOther debt\n \n \n \n \n \n \n \n \n \n \n \n318.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n320.3\n \n \n \n \n \n \n \n \n \nLease obligations(i)\n \n \n \n \n \n \n \n \n \n \n \n920.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n950.8\n \n \n \n \n \n \n \n \n \n Total third-party debt and lease obligations \n \n \n \n \n \n \n \n \n \n \n \n21,785.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n22,071.7\n \n \n \n \n \n \n \n \n \nUnamortized premiums, discounts, deferred financing costs and fair value adjustments, net\n \n \n \n \n \n \n \n \n \n \n \n(11.2\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(8.5\n \n \n \n)\n \n \n \n \n \n Total carrying amount of third-party debt and lease obligations \n \n \n \n \n \n \n \n \n \n \n \n21,774.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n22,063.2\n \n \n \n \n \n \n \n \n \nLess: cash and cash equivalents\n \n \n \n \n \n \n \n \n \n \n \n294.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,128.3\n \n \n \n \n \n \n \n \n \n Net carrying amount of third-party debt and lease obligations \n \n \n \n \n \n \n \n£\n \n \n \n21,480.0\n \n \n \n \n \n \n \n \n \n \n \n£\n \n \n \n20,934.9\n \n \n \n \n \n \n \n \n \nExchange rate (€ to £)\n \n \n \n \n \n \n \n \n \n \n \n1.1939\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1.2097\n \n \n \n \n \n \n \n \n \nExchange rate ($ to £)\n \n \n \n \n \n \n \n \n \n \n \n1.2908\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1.2519\n \n \n \n \n \n \n \n \n \n \n_______________\n \n \n \n \n \n(i)\n \n \n \n \nAmounts presented on an IFRS basis, consistent with bondholder covenants.\n \n \n \n \n Capital Structure \n \n \nAt March 31, 2025 , the blended fully-swapped debt borrowing cost was 5.2% and the average tenor of third-party debt (excluding vendor financing and certain other obligations) was 5.0 years.\n \n \nIn January, VMO2 entered into a $500 million sustainability-linked term loan facility (Term Loan Y1 , previously termed Y3 ). Term Loan Y1 matures on March 31, 2031 and bears interest at a rate of the Term SOFR plus credit adjustment spread plus 3.25% per annum (subject to adjustment based on the achievement or otherwise of certain ESG metrics). $495 million of the loan will be an exchange of Term Loan N due 2028 into a new tranche of Term Loan Y due 2031, which became fungible with Term Loan Y in April.\n \n \nIn April, VMO2 redeemed all of its outstanding 5.00% GBP Senior Secured Notes due 2027 in the total amount of £90.4 million.\n \n \nAt March 31, 2025 , VMO2 had maximum undrawn commitments of £1,378.0 million equivalent.\n \n \n Covenant Debt Information \n \nThe following table details the pound sterling equivalents of the reconciliation from VMO2’s consolidated third-party debt and lease obligations to the total covenant amount of third-party gross and net debt and includes information regarding the projected principal-related cash flows of cross-currency derivative instruments. The pound sterling equivalents presented below are based on exchange rates that were in effect as of March 31, 2025 and December 31, 2024 . These amounts are based on IFRS covenants and presented for illustrative purposes only, and will likely differ from the actual cash payments or receipts in future periods.\n \n \n \n \n \n \n \n March 31 , \n \n \n \n \n \n \n \n December 31 , \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n in millions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total third-party debt and lease obligations (£ equivalent) \n \n \n \n£\n \n \n \n21,785.5\n \n \n \n \n \n \n \n \n \n \n \n£\n \n \n \n22,071.7\n \n \n \n \n \n \n \n \n \nVendor financing\n \n \n \n \n \n \n \n(2,917.5\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(2,893.2\n \n \n \n)\n \n \n \n \n \nOther debt\n \n \n \n \n \n \n \n(318.3\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(320.3\n \n \n \n)\n \n \n \n \n \nCTIL debt\n \n \n \n \n \n \n \n(202.5\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(194.5\n \n \n \n)\n \n \n \n \n \nCredit Facility Excluded Amount\n \n \n \n \n \n \n \n(997.6\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(1,043.2\n \n \n \n)\n \n \n \n \n \nLease obligations\n \n \n \n \n \n \n \n(920.6\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(950.8\n \n \n \n)\n \n \n \n \n \nProjected principal-related cash payments associated with our cross-currency derivative instruments\n \n \n \n \n \n \n \n373.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n98.6\n \n \n \n \n \n \n \n \n \n Total covenant amount of third-party gross debt \n \n \n \n \n \n \n \n \n \n \n16,802.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n16,768.3\n \n \n \n \n \n \n \n \n \nLess: cash and cash equivalents(i)\n \n \n \n \n \n \n \n(257.7\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(591.8\n \n \n \n)\n \n \n \n \n \n Total covenant amount of third-party net debt \n \n \n \n \n \n \n£\n \n \n \n16,545.1\n \n \n \n \n \n \n \n \n \n \n \n£\n \n \n \n16,176.5\n \n \n \n \n \n \n \n \n \n \n_______________\n \n \n \n \n \n(i)\n \n \n \n \nExcludes cash and cash equivalents that are held outside the covenant group.\n \n \n \n \nLeverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last two quarters annualized basis as of March 31, 2025 .\n \n \n \nNet Senior Debt to Annualized Adjusted EBITDA\n \n \n \n3.84x\n \n \n \n \n \nNet Total Debt to Annualized Adjusted EBITDA\n \n \n \n4.15x\n \n \n \n \n \nNet Total Debt (excluding Credit Facility Excluded Amount and including vendor financing, CTIL net debt and lease obligations) to Annualized Adjusted EBITDA\n \n \n \n5.52x\n \n \n \n \n VodafoneZiggo Credit Update \n \n \n \n Operating Statistics Summary \n \n \n \n \n \n \n \n \n \n As of and for the \n \n \n three months ended \n \n \n \n \n \n \n \n \n \n March 31 , \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Footprint \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nHomes Passed\n \n \n \n \n \n \n \n7,590,400\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n7,533,200\n \n \n \n \n \n \n \n \n \nOrganic Homes Passed net additions (QoQ)\n \n \n \n \n \n \n \n10,200\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n16,600\n \n \n \n \n \n \n \n \n \nOrganic Homes Passed net additions (YoY)\n \n \n \n \n \n \n \n57,200\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n90,100\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Fixed \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFixed-Line Customer Relationships\n \n \n \n \n \n \n \n3,375,400\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,517,800\n \n \n \n \n \n \n \n \n \nOrganic Fixed-Line Customer Relationship net losses (QoQ)\n \n \n \n \n \n \n \n(40,500\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(35,200\n \n \n \n)\n \n \n \n \n \nOrganic Fixed-Line Customer Relationship net losses (YoY)\n \n \n \n \n \n \n \n(142,400\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(154,900\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nBroadband Subscribers\n \n \n \n \n \n \n \n3,076,400\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,183,600\n \n \n \n \n \n \n \n \n \nOrganic Broadband net losses (QoQ)\n \n \n \n \n \n \n \n(31,000\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(23,500\n \n \n \n)\n \n \n \n \n \nOrganic Broadband net losses (YoY)\n \n \n \n \n \n \n \n(104,200\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(114,900\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nQ1 Monthly ARPU per Fixed-Line Customer Relationship\n \n \n \n€\n \n \n \n56\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n55\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Mobile \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nPostpaid Mobile Subscribers\n \n \n \n \n \n \n \n5,328,300\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n5,324,100\n \n \n \n \n \n \n \n \n \nOrganic Postpaid Mobile net additions (QoQ)\n \n \n \n \n \n \n \n29,100\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n22,300\n \n \n \n \n \n \n \n \n \nOrganic Postpaid Mobile net additions (YoY)\n \n \n \n \n \n \n \n13,800\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n128,700\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nQ1 Monthly Consumer Postpaid ARPU\n \n \n \n€\n \n \n \n18\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n19\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Convergence \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nConverged Households as % of Broadband RGUs\n \n \n \n \n \n \n \n49.6\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n48.3\n \n \n \n%\n \n \n \n \n \n \n Financial Results (in U.S. GAAP) \n \n \n \n \n \n \n \n \n \n \n \n \n Three months ended \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n March 31 , \n \n \n \n \n \n \n \n Increase/(decrease) \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 (i)\n \n \n \n \n \n \n \n \n \n \n \n \n \n in millions, except % amounts \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nResidential fixed revenue:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSubscription\n \n \n \n€\n \n \n \n477.9\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n496.1\n \n \n \n \n \n \n \n \n \n \n \n(3.7\n \n \n \n%)\n \n \n \n \n \nNon-subscription\n \n \n \n \n \n \n \n1.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3.1\n \n \n \n \n \n \n \n \n \n \n \n(45.2\n \n \n \n%)\n \n \n \n \n \nTotal residential fixed revenue\n \n \n \n \n \n \n \n479.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n499.2\n \n \n \n \n \n \n \n \n \n \n \n(3.9\n \n \n \n%)\n \n \n \n \n \nResidential mobile revenue:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSubscription\n \n \n \n \n \n \n \n178.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n180.4\n \n \n \n \n \n \n \n \n \n \n \n(1.3\n \n \n \n%)\n \n \n \n \n \nNon-subscription\n \n \n \n \n \n \n \n62.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n64.0\n \n \n \n \n \n \n \n \n \n \n \n(2.3\n \n \n \n%)\n \n \n \n \n \nTotal residential mobile revenue\n \n \n \n \n \n \n \n240.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n244.4\n \n \n \n \n \n \n \n \n \n \n \n(1.6\n \n \n \n%)\n \n \n \n \n \nTotal residential revenue\n \n \n \n \n \n \n \n720.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n743.6\n \n \n \n \n \n \n \n \n \n \n \n(3.2\n \n \n \n%)\n \n \n \n \n \nB2B fixed revenue:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSubscription\n \n \n \n \n \n \n \n141.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n139.9\n \n \n \n \n \n \n \n \n \n \n \n1.3\n \n \n \n%\n \n \n \n \n \nNon-subscription\n \n \n \n \n \n \n \n1.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2.0\n \n \n \n \n \n \n \n \n \n \n \n(15.0\n \n \n \n%)\n \n \n \n \n \nTotal B2B fixed revenue\n \n \n \n \n \n \n \n143.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n141.9\n \n \n \n \n \n \n \n \n \n \n \n1.1\n \n \n \n%\n \n \n \n \n \nB2B mobile revenue:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSubscription\n \n \n \n \n \n \n \n95.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n103.5\n \n \n \n \n \n \n \n \n \n \n \n(7.8\n \n \n \n%)\n \n \n \n \n \nNon-subscription\n \n \n \n \n \n \n \n29.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n29.9\n \n \n \n \n \n \n \n \n \n \n \n(2.7\n \n \n \n%)\n \n \n \n \n \nTotal B2B mobile revenue\n \n \n \n \n \n \n \n124.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n133.4\n \n \n \n \n \n \n \n \n \n \n \n(6.7\n \n \n \n%)\n \n \n \n \n \nTotal B2B revenue\n \n \n \n \n \n \n \n267.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n275.3\n \n \n \n \n \n \n \n \n \n \n \n(2.7\n \n \n \n%)\n \n \n \n \n \nOther revenue\n \n \n \n \n \n \n \n11.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n7.2\n \n \n \n \n \n \n \n \n \n \n \n54.2\n \n \n \n%\n \n \n \n \n \nTotal revenue\n \n \n \n€\n \n \n \n999.1\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n1,026.1\n \n \n \n \n \n \n \n \n \n \n \n(2.6\n \n \n \n%)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA \n \n \n \n€\n \n \n \n439.7\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n478.1\n \n \n \n \n \n \n \n \n \n \n \n(8.0\n \n \n \n%)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n P&E Additions \n \n \n \n€\n \n \n \n196.5\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n225.4\n \n \n \n \n \n \n \n \n \n \n \n(12.8\n \n \n \n%)\n \n \n \n \n \nP&E Additions as a % of revenue\n \n \n \n \n \n \n \n19.7\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n22.0\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA less P&E Additions \n \n \n \n€\n \n \n \n243.2\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n252.7\n \n \n \n \n \n \n \n \n \n \n \n(3.8\n \n \n \n%)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted FCF \n \n \n \n€\n \n \n \n(19.6\n \n \n \n)\n \n \n \n \n \n \n \n€\n \n \n \n(64.6\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n_______________\n \n \n \n \n \n(i)\n \n \n \n \nCertain revenue amounts have been reclassified to conform to 2025 presentation.\n \n \n \n \n Third-Party Debt, Finance Lease Obligations and Cash and Cash Equivalents \n \nThe borrowing currency and euro equivalent of the nominal amounts of VodafoneZiggo's consolidated third-party debt, finance lease obligations and cash and cash equivalents is set forth below:\n \n \n \n \n \n \n \n \n \n \n \n March 31 , \n \n \n \n \n \n \n \n December 31 , \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Borrowing currency \n \n \n \n \n \n \n \n € equivalent \n \n \n \n \n \n \n \n \n \n \n \n \n \n in millions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Credit Facilities: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nTerm Loan I (Term SOFR + 2.50%) USD due 2028\n \n \n \n \n \n \n \n$\n \n \n \n2,525.0\n \n \n \n \n \n \n \n€\n \n \n \n2,335.5\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n2,439.9\n \n \n \n \n \n \n \n \n \nTerm Loan H (EURIBOR + 3.00%) due 2029\n \n \n \n \n \n \n \n€\n \n \n \n2,250.0\n \n \n \n \n \n \n \n \n \n \n \n2,250.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,250.0\n \n \n \n \n \n \n \n \n \nFinancing Facility\n \n \n \n \n \n \n \n \n \n \n \n3.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2.4\n \n \n \n \n \n \n \n \n \n€25.0 million Ziggo Revolving Facility G1 EUR due 2026\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n€775.0 million Ziggo Revolving Facility G2 EUR due 2029\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \nTotal Credit Facilities\n \n \n \n \n \n \n \n \n \n \n \n4,588.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n4,692.3\n \n \n \n \n \n \n \n \n \n Senior Secured Notes: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n4.875% USD Senior Secured Notes due 2030\n \n \n \n \n \n \n \n$\n \n \n \n991.0\n \n \n \n \n \n \n \n \n \n \n \n916.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n957.6\n \n \n \n \n \n \n \n \n \n2.875% EUR Senior Secured Notes due 2030\n \n \n \n \n \n \n \n€\n \n \n \n502.5\n \n \n \n \n \n \n \n \n \n \n \n502.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n502.5\n \n \n \n \n \n \n \n \n \n5.00% USD Senior Secured Notes due 2032\n \n \n \n \n \n \n \n$\n \n \n \n1,525.0\n \n \n \n \n \n \n \n \n \n \n \n1,410.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,473.6\n \n \n \n \n \n \n \n \n \n3.50% EUR Senior Secured Notes due 2032\n \n \n \n \n \n \n \n€\n \n \n \n750.0\n \n \n \n \n \n \n \n \n \n \n \n750.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n750.0\n \n \n \n \n \n \n \n \n \nTotal Senior Secured Notes\n \n \n \n \n \n \n \n \n \n \n \n3,579.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,683.7\n \n \n \n \n \n \n \n \n \n Senior Notes: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n6.00% USD Senior Notes due 2027\n \n \n \n \n \n \n \n$\n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n603.9\n \n \n \n \n \n \n \n \n \n3.375% EUR Senior Notes due 2030\n \n \n \n \n \n \n \n€\n \n \n \n900.0\n \n \n \n \n \n \n \n \n \n \n \n900.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n900.0\n \n \n \n \n \n \n \n \n \n5.125% USD Senior Notes due 2030\n \n \n \n \n \n \n \n$\n \n \n \n500.0\n \n \n \n \n \n \n \n \n \n \n \n462.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n483.1\n \n \n \n \n \n \n \n \n \n6.125% EUR Senior Notes due 2032\n \n \n \n \n \n \n \n€\n \n \n \n575.0\n \n \n \n \n \n \n \n \n \n \n \n575.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n575.0\n \n \n \n \n \n \n \n \n \nTotal Senior Notes\n \n \n \n \n \n \n \n \n \n \n \n1,937.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,562.0\n \n \n \n \n \n \n \n \n \nVendor financing\n \n \n \n \n \n \n \n \n \n \n \n999.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n999.6\n \n \n \n \n \n \n \n \n \nFinance lease obligations\n \n \n \n \n \n \n \n \n \n \n \n27.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n24.3\n \n \n \n \n \n \n \n \n \n Total third-party debt and finance lease obligations \n \n \n \n \n \n \n \n \n \n \n \n11,132.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n11,961.9\n \n \n \n \n \n \n \n \n \nUnamortized premiums, discounts and deferred financing costs, net\n \n \n \n \n \n \n \n \n \n \n \n(23.2\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(29.1\n \n \n \n)\n \n \n \n \n \n Total carrying amount of third-party debt and finance lease obligations \n \n \n \n \n \n \n \n \n \n \n \n11,109.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n11,932.8\n \n \n \n \n \n \n \n \n \nLess: cash and cash equivalents\n \n \n \n \n \n \n \n \n \n \n \n144.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n745.1\n \n \n \n \n \n \n \n \n \n Net carrying amount of third-party debt and finance lease obligations \n \n \n \n \n \n \n \n€\n \n \n \n10,965.4\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n11,187.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nExchange rate ($ to €)\n \n \n \n \n \n \n \n \n \n \n \n1.0812\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1.0349\n \n \n \n \n \n \n \n \n Capital Structure \n \n \nAt March 31, 2025 , the blended fully-swapped debt borrowing cost was 3.9% and the average tenor of third-party debt (excluding vendor financing obligations) was approximately 4.8 years\n \n \nAt March 31, 2025 , VodafoneZiggo had maximum undrawn commitments of €800 million under its Revolving Facilities\n \n \n Covenant Debt Information \n \nThe following table details the euro equivalent of the reconciliation from VodafoneZiggo's consolidated third-party debt to the total covenant amount of third-party gross and net debt and includes information regarding the projected principal-related cash flows of cross-currency derivative instruments. The euro equivalents presented below are based on exchange rates that were in effect as of March 31, 2025 and December 31, 2024 . These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.\n \n \n \n \n \n \n \n March 31 , \n \n \n \n \n \n \n \n December 31 , \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n in millions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total third-party debt and finance lease obligations (€ equivalent) \n \n \n \n€\n \n \n \n11,132.7\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n11,961.9\n \n \n \n \n \n \n \n \n \nVendor financing\n \n \n \n \n \n \n \n(999.6\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(999.6\n \n \n \n)\n \n \n \n \n \nFinance lease obligations\n \n \n \n \n \n \n \n(27.2\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(24.3\n \n \n \n)\n \n \n \n \n \nCredit Facility Excluded Amount\n \n \n \n \n \n \n \n(460.2\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(482.0\n \n \n \n)\n \n \n \n \n \nProjected principal-related cash receipts associated with our cross-currency derivative instruments\n \n \n \n \n \n \n \n(458.2\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(733.6\n \n \n \n)\n \n \n \n \n \n Total covenant amount of third-party gross debt \n \n \n \n \n \n \n \n9,187.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n9,722.4\n \n \n \n \n \n \n \n \n \nLess: cash and cash equivalents(i)\n \n \n \n \n \n \n \n(28.0\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(599.3\n \n \n \n)\n \n \n \n \n \n Net carrying amount of third-party debt \n \n \n \n€\n \n \n \n9,159.5\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n9,123.1\n \n \n \n \n \n \n \n \n \n \n_______________\n \n \n \n \n \n(i)\n \n \n \n \nExcludes the cash that is related to the unutilized portion of the Vendor Finance Note facility of €40.9 million and €30.5 million, respectively, as well as cash that is held outside the covenant group, amounting to €75.2 million and €115.3 million, respectively.\n \n \n \n \nLeverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last two quarters annualized basis as of March 31, 2025 .\n \n \n \nNet Senior Debt to Annualized Adjusted EBITDA\n \n \n \n3.94x\n \n \n \n \n \nNet Total Debt to Annualized Adjusted EBITDA\n \n \n \n4.98x\n \n \n \n \n \nNet Total Debt (excluding Credit Facility Excluded Amount and including vendor financing) to Annualized Adjusted EBITDA\n \n \n \n5.77x\n \n \n \n \n Telenet Credit Update \n \n \n \n Operating Statistics Summary \n \n \n \n \n \n \n \n \n \n \n \n \n As of and for the \n \n \n three months ended \n \n \n \n \n \n \n \n \n \n March 31 , \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Footprint \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nHomes Passed(i)\n \n \n \n \n \n \n \n4,216,600\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n4,200,600\n \n \n \n \n \n \n \n \n \nOrganic Homes Passed net additions (QoQ)\n \n \n \n \n \n \n \n42,900\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n7,200\n \n \n \n \n \n \n \n \n \nOrganic Homes Passed net additions (YoY)\n \n \n \n \n \n \n \n91,700\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n30,400\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Fixed \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFixed-Line Customer Relationships\n \n \n \n \n \n \n \n1,955,400\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,992,600\n \n \n \n \n \n \n \n \n \nOrganic Fixed-Line Customer Relationship net losses (QoQ)\n \n \n \n \n \n \n \n(11,800\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(14,900\n \n \n \n)\n \n \n \n \n \nOrganic Fixed-Line Customer Relationship net losses (YoY)\n \n \n \n \n \n \n \n(37,200\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(61,700\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nBroadband Subscribers\n \n \n \n \n \n \n \n1,716,700\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,724,400\n \n \n \n \n \n \n \n \n \nOrganic Broadband net losses (QoQ)\n \n \n \n \n \n \n \n(2,100\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(6,000\n \n \n \n)\n \n \n \n \n \nOrganic Broadband net losses (YoY)\n \n \n \n \n \n \n \n(7,700\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(29,700\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nQ1 Monthly ARPU per Fixed-Line Customer Relationship\n \n \n \n€\n \n \n \n63.31\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n61.60\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Mobile \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nPostpaid Mobile Subscribers\n \n \n \n \n \n \n \n2,671,300\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,676,500\n \n \n \n \n \n \n \n \n \nOrganic Postpaid Mobile net losses (QoQ)\n \n \n \n \n \n \n \n(3,700\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(800\n \n \n \n)\n \n \n \n \n \nOrganic Postpaid Mobile net losses (YoY)\n \n \n \n \n \n \n \n(5,200\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(8,300\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nQ1 Monthly Consumer Postpaid ARPU\n \n \n \n€\n \n \n \n15.99\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n16.64\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Convergence \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nConverged Households as % of Broadband RGUs\n \n \n \n \n \n \n \n54.5\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n52.8\n \n \n \n%\n \n \n \n \n \n \n_______________\n \n \n \n \n \n(i)\n \n \n \n \nAmount for March 31, 2025 includes an aggregate adjustment of 13,200 Homes Passed to correct the understatement of the December 31, 2024 reported Homes Passed.\n \n \n \n \n \n \n Financial Results (in IFRS) 10\n \n \n \n \n \n \n \n \n \n \n \n \n Three months ended \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n March 31 , \n \n \n \n \n \n \n \n Increase/(decrease) \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n in millions, except % amounts \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nResidential fixed revenue:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSubscription\n \n \n \n€\n \n \n \n307.7\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n305.1\n \n \n \n \n \n \n \n \n \n \n \n0.9\n \n \n \n%\n \n \n \n \n \nNon-subscription\n \n \n \n \n \n \n \n4.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2.4\n \n \n \n \n \n \n \n \n \n \n \n83.3\n \n \n \n%\n \n \n \n \n \nTotal residential fixed revenue\n \n \n \n \n \n \n \n312.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n307.5\n \n \n \n \n \n \n \n \n \n \n \n1.5\n \n \n \n%\n \n \n \n \n \nResidential mobile revenue:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSubscription\n \n \n \n \n \n \n \n102.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n104.1\n \n \n \n \n \n \n \n \n \n \n \n(1.6\n \n \n \n%)\n \n \n \n \n \nNon-subscription\n \n \n \n \n \n \n \n32.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n40.8\n \n \n \n \n \n \n \n \n \n \n \n(19.6\n \n \n \n%)\n \n \n \n \n \nTotal residential mobile revenue\n \n \n \n \n \n \n \n135.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n144.9\n \n \n \n \n \n \n \n \n \n \n \n(6.7\n \n \n \n%)\n \n \n \n \n \nB2B revenue:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSubscription\n \n \n \n \n \n \n \n94.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n94.3\n \n \n \n \n \n \n \n \n \n \n \n(0.1\n \n \n \n%)\n \n \n \n \n \nNon-subscription\n \n \n \n \n \n \n \n90.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n86.4\n \n \n \n \n \n \n \n \n \n \n \n4.9\n \n \n \n%\n \n \n \n \n \nTotal B2B revenue\n \n \n \n \n \n \n \n184.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n180.7\n \n \n \n \n \n \n \n \n \n \n \n2.3\n \n \n \n%\n \n \n \n \n \nOther revenue\n \n \n \n \n \n \n \n89.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n69.3\n \n \n \n \n \n \n \n \n \n \n \n28.6\n \n \n \n%\n \n \n \n \n \nTotal revenue\n \n \n \n€\n \n \n \n721.2\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n702.4\n \n \n \n \n \n \n \n \n \n \n \n2.7\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA \n \n \n \n€\n \n \n \n323.8\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n314.9\n \n \n \n \n \n \n \n \n \n \n \n2.8\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDAaL \n \n \n \n€\n \n \n \n304.0\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n296.4\n \n \n \n \n \n \n \n \n \n \n \n2.6\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n P&E Additions (i)\n \n \n \n \n \n \n \n292.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n187.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nROU asset additions\n \n \n \n \n \n \n \n7.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n10.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total P&E Additions including ROU asset additions (i)\n \n \n \n€\n \n \n \n300.0\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n198.2\n \n \n \n \n \n \n \n \n \n \n \n51.4\n \n \n \n%\n \n \n \n \n \nP&E Additions as a % of revenue\n \n \n \n \n \n \n \n40.6\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n26.7\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA less P&E Additions (i)\n \n \n \n€\n \n \n \n23.8\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n116.7\n \n \n \n \n \n \n \n \n \n \n \n(79.6\n \n \n \n%)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted FCF \n \n \n \n€\n \n \n \n(35.0\n \n \n \n)\n \n \n \n \n \n \n \n€\n \n \n \n12.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n_______________\n \n \n \n \n (i) \n \n \nIncludes amounts capitalized as intangible assets related to sports and film broadcasting rights.\n \n \n \n \n Third-Party Debt, Lease Obligations and Cash and Cash Equivalents \n \nThe borrowing currency and euro equivalent of the nominal amounts of Telenet's consolidated third-party debt, lease obligations and cash and cash equivalents is set forth below:\n \n \n \n \n \n \n \n \n \n \n \n March 31 , \n \n \n \n \n \n \n \n December 31 , \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Borrowing currency \n \n \n \n \n \n \n \n € equivalent \n \n \n \n \n \n \n \n \n \n \n \n \n \n in millions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024 Amended Senior Credit Facility \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nTerm Loan AR (Term SOFR 1-month + 2.11%) USD due 2028\n \n \n \n \n \n \n \n$\n \n \n \n2,295.0\n \n \n \n \n \n \n \n€\n \n \n \n2,122.7\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n2,217.6\n \n \n \n \n \n \n \n \n \nTerm Loan AT1 (EURIBOR + 3.00%) EUR due 2028\n \n \n \n \n \n \n \n€\n \n \n \n390.0\n \n \n \n \n \n \n \n \n \n \n \n390.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n890.0\n \n \n \n \n \n \n \n \n \nTerm Loan AQ (EURIBOR + 2.25%) EUR due 2029\n \n \n \n \n \n \n \n€\n \n \n \n1,110.0\n \n \n \n \n \n \n \n \n \n \n \n1,110.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,110.0\n \n \n \n \n \n \n \n \n \nTerm Loan AU (EURIBOR + 3.00%) EUR due 2033\n \n \n \n \n \n \n \n€\n \n \n \n500.0\n \n \n \n \n \n \n \n \n \n \n \n500.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n€570.0 million Revolving Credit Facility B (EURIBOR + 2.25%) due 2029\n \n \n \n \n \n \n \n€ —\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \nTotal Senior Credit Facility\n \n \n \n \n \n \n \n \n \n \n \n4,122.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n4,217.6\n \n \n \n \n \n \n \n \n \n Senior Secured Notes \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n5.50% USD Senior Secured Notes due 2028\n \n \n \n \n \n \n \n$\n \n \n \n1,000.0\n \n \n \n \n \n \n \n \n \n \n \n925.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n966.3\n \n \n \n \n \n \n \n \n \n3.50% EUR Senior Secured Notes due 2028\n \n \n \n \n \n \n \n€\n \n \n \n540.0\n \n \n \n \n \n \n \n \n \n \n \n540.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n540.0\n \n \n \n \n \n \n \n \n \nTotal Senior Secured Notes\n \n \n \n \n \n \n \n \n \n \n \n1,465.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,506.3\n \n \n \n \n \n \n \n \n \n Other \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nLease obligations(i)\n \n \n \n \n \n \n \n \n \n \n \n625.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n630.5\n \n \n \n \n \n \n \n \n \nMobile spectrum\n \n \n \n \n \n \n \n \n \n \n \n367.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n377.3\n \n \n \n \n \n \n \n \n \nVendor financing\n \n \n \n \n \n \n \n \n \n \n \n342.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n342.8\n \n \n \n \n \n \n \n \n \nOther debt\n \n \n \n \n \n \n \n \n \n \n \n242.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n233.4\n \n \n \n \n \n \n \n \n \n€20.0 million Revolving Credit Facility (EURIBOR + 2.25%) due 2026\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n€25.0 million Overdraft Facility (EURIBOR + 1.60%) due 2025\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n Total third-party debt and lease obligations \n \n \n \n \n \n \n \n \n \n \n \n7,165.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n7,307.9\n \n \n \n \n \n \n \n \n \nDeferred financing fees, discounts and premiums, net\n \n \n \n \n \n \n \n \n \n \n \n(15.8\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(22.0\n \n \n \n)\n \n \n \n \n \n Total carrying amount of third-party debt and lease obligations \n \n \n \n \n \n \n \n \n \n \n \n7,149.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n7,285.9\n \n \n \n \n \n \n \n \n \nLess: cash and cash equivalents\n \n \n \n \n \n \n \n \n \n \n \n1,035.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,072.3\n \n \n \n \n \n \n \n \n \n Net carrying amount of third-party debt and lease obligations \n \n \n \n \n \n \n \n€\n \n \n \n6,113.3\n \n \n \n \n \n \n \n \n \n \n \n€\n \n \n \n6,213.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nExchange rate ($ to €)\n \n \n \n \n \n \n \n \n \n \n \n1.0812\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1.0349\n \n \n \n \n \n \n \n \n \n \n_______________\n \n \n \n \n \n(i)\n \n \n \n \nAmounts presented on an IFRS basis, consistent with bondholder covenants.\n \n \n \n \n Capital Structure \n \n \nAt March 31, 2025 , the blended fully-swapped debt borrowing cost was 3.8% and the average tenor of third-party debt (excluding vendor financing and certain other o...

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