Liberty Global Reports Q2 2024 Results

About this update from Liberty Global Ltd.

[{"type":"text","content":" \n Sunrise spin-off on track for Q4'24 and Capital Markets Day to be held in Zurich on September 9 \n\n \n Significant progress on our fixed and mobile network strategies including fiber deployments in the U.K. , Belgium and Ireland , as well as strategic network sharing agreements with Vodafone in the U.K. and Proximus in Belgium \n\n \n $3.5 billion (i) consolidated cash balance supported by ~$420 million of proceeds1 from All3Media sale \n\n \n Strong financial performance in the Netherlands , building commercial momentum in Switzerland , and fixed ARPU recovery in the U.K. \n\n \n Updating full-year revenue guidance at VMO2 to 'low to mid-single-digit decline' reflecting lower handset sales; on track for all remaining OpCo guidance targets \n\n \n DENVER, Colorado --(BUSINESS WIRE)--\nLiberty Global Ltd. today announced its Q2 2024 financial results.\n\n \nCEO Mike Fries stated, \"Q2 has been another active quarter as we've continued to drive our strategic priorities; maximizing the value of our FMCs, leveraging our Ventures portfolio, and taking steps to deliver that value directly to shareholders over time.\n\n \n \nOur plan to spin-off Sunrise remains on track for Q4 this year and the Sunrise management team will host a Capital Markets Day in Zurich on September 9 . We have also confirmed our intention to pay a CHF 240 million dividend in 2025.\n\n \n \nIn the U.K. we announced a new, long-term mobile network sharing and spectrum acquisition agreement with Vodafone, and our fiber reach is now over 5 million2 homes and ramping. Preparations for the formation of our fixed NetCo are progressing well.\n\n \n \nWe've reached a fixed network sharing MOU with Proximus in Belgium , secured 5G spectrum in the Netherlands at an attractive price, and excited to welcome Stephen van Rooyen , formerly of Sky, as CEO at VodafoneZiggo.\n\n \n \nWe continue to rotate capital in our Ventures portfolio, independently valued at $3.0 billion 3, following the ~$420 million in proceeds we received from the sale of our stake in All3Media . We also announced our intention to take a controlling position in the world's fastest growing motorsport, Formula E .\n\n \n \nOur value creation strategy is supported by our robust balance sheet and disciplined capital allocation model. We have $3.5 billion (i) of cash and a long-term, fixed-rate debt profile with no material maturities until 2028. As part of our ongoing commitment to shareholder remuneration, we've repurchased ~5% of our shares outstanding through July 19th against our target of up to 10% of shares by year-end.\n\n \nAgainst a highly competitive backdrop in the U.K. our strategy of focusing on value over volume, as well as successful implementation of the price rise, supported a recovery in fixed ARPU. In Switzerland , we're continuing to build operating momentum in both the main brand and flanker brands, supporting continued growth in broadband net adds and strong growth in mobile postpaid. We delivered a standout performance in the Netherlands during the quarter, supported by the fixed price rise and solid growth in mobile and B2B. In Belgium , as anticipated, a tough comp from the prior year did impact financial performance, but we continue to drive strong fixed ARPU growth, and we're seeing good trading performance following the launch of our BASE FMC offering nationwide. We are confirming today all 2024 guidance metrics, with the exception of VMO2 revenue, which moves from 'stable to decline' to 'low to mid-single-digit decline', reflecting the continued pressure on low-margin mobile hardware revenues.\"\n\n \n \n \n(i)\n\n \n\n \n\n \n \nIncluding amounts held under separately managed accounts (SMAs).\n\n \n\n \n\n \n \n Q2 Operating Company Highlights \n\n \n Sunrise (Consolidated)\n\n \n Sunrise delivered strong broadband net adds and a solid financial performance in Q2 \n\n \n Operating highlights: During Q2, Sunrise delivered a second consecutive quarter of broadband growth, achieving 5,000 net adds, primarily driven by reduced churn on the main brand. In mobile, growth in postpaid accelerated, as Sunrise delivered 32,900 postpaid net adds, supported by an improved main brand performance and reduced churn. FMC penetration across the Sunrise broadband base continues to grow steadily, reaching 59% in Q2, an increase of 0.9% YoY. The spin-off remains on track for Q4'24.\n\n \n Financial highlights: Revenue of $815.8 million in Q2 2024 was flat YoY on a reported basis and increased 0.5% on a rebased4 basis. The rebased increase was mainly due to (i) the positive impact of last year's July price rise and (ii) continued momentum in mobile subscription and B2B revenue. Adjusted EBITDA increased 0.3% YoY on a reported basis and 0.9% on a rebased basis to $288.0 million in Q2 2024, including $2 million of costs to capture5. The rebased increase was mainly due to (a) the aforementioned revenue increase, (b) a decrease in labor costs and (c) lower marketing spend, partially offset by higher wholesale costs. Adjusted EBITDA less P&E Additions of $148.0 million in Q2 decreased 10.1% YoY on a reported basis and 9.5% on a rebased basis, including $5 million of opex and capex costs to capture.\n\n \n Telenet (Consolidated)\n\n \n Telenet performance impacted by tough comparison base against Q2 last year, on track to deliver on full-year guidance \n\n \n Operating highlights: During Q2, Telenet's postpaid mobile base declined by 500 while its broadband base declined by 4,800. Despite the intensely competitive market environment, the sequential improvement was driven by successful marketing campaigns and the launch of BASE Internet and BASE TV in early June. Following the launch of the fixed BASE product in Wallonia as well as in the Flemish and Brussels footprint, BASE is now a nationwide FMC brand. Earlier today, Telenet announced the signing of a MOU for collaboration on the further deployment of fiber networks in Flanders.\n\n \n Financial highlights: Revenue of $755.1 million in Q2 2024 decreased 1.6% YoY on a reported basis and 0.9% on a rebased basis. The rebased decrease was primarily driven by (i) a decrease in B2B wholesale revenue following the loss of the VOO MVNO contract and (ii) a decrease in mobile revenue driven by lower interconnect revenue and handset sales, partially offset by the benefit of the June 2023 price rise. Adjusted EBITDA decreased 9.9% YoY on a reported basis and 9.2% on a rebased basis to $311.9 million in Q2, primarily due to (a) the adverse impact of a $11.2 million decrease in costs in the prior year period associated with the one-time benefit from expected settlements of certain operational contingencies, (b) higher staff-related expenses and (c) an increase in sales and marketing expenses, partially offset by lower interconnect and energy costs. Reported and rebased Adjusted EBITDA less P&E Additions decreased 39.8% and 39.5%, respectively, to $110.7 million in Q2.\n\n \n VMO2 (Non-consolidated Joint Venture)\n\n \n VMO2 advances network evolution as targeted investments in future growth drivers continue \n\n \n Operating highlights: VMO2's fixed customer base declined by 13,600 in Q2. Customer growth in the nexfibre footprint continues to build steadily and is expected to rise as marketing increases, however, this was offset by a moderate loss on the VMO2 footprint during the quarter when price rises were implemented. Having stabilized in recent quarters, fixed ARPU returned to growth in Q2, growing by 3.1% YoY. In mobile, the postpaid base declined by 118,400 in Q2. Reflective of wider market trends, activity in the premium end of the market remained lower than the prior year, impacting gross additions, while churn remained stable. VMO2's full fiber footprint reached the milestone of 5 million premises2 at the end of Q2. Fiber build pace increased by 68% YoY, as the total serviceable footprint grew by 295,300 homes in Q2, principally through build on behalf of nexfibre. On the mobile side, almost two thirds of the U.K. population is now covered by VMO2's 5G connectivity and in July, VMO2 and Vodafone announced a new, long-term network sharing agreement.\n\n \n Financial highlights (in U.S. GAAP) 6: Revenue11 of $3,375.4 million in Q2 2024 decreased 0.5% YoY on a reported basis and 1.4% YoY on a rebased basis. The rebased decrease was primarily due to the net effect of (i) a decrease in mobile revenue due to lower handset sales, (ii) an increase in other revenue due to low-margin construction revenue from the nexfibre JV, (iii) an increase in residential fixed revenue due to the implementation of contractual price rises and (iv) a decrease in B2B fixed revenue, with each revenue category as defined and reported by the VMO2 JV. Q2 Adjusted EBITDA11 decreased 0.6% YoY on a reported basis and 1.5% YoY on a rebased basis to $1,132.4 million , including $13 million of opex costs to capture. The YoY decrease in Adjusted EBITDA was primarily due to the net effect of (a) a benefit of approximately $13 million during Q2 2024 related to higher capitalized costs by the VMO2 JV due to a change in the terms of a related-party contract and (b) investment in IT and digital efficiency programs. Q2 Adjusted EBITDA less P&E Additions11 increased 16.8% YoY on a reported basis and 15.7% YoY on a rebased basis to $546.4 million , including $39 million of opex and capex costs to capture.\n\n \n Financial highlights (in IFRS) : Revenue of £2,673.7 million ( $3,375.4 million ) in Q2 2024 decreased 1.4% YoY on a rebased basis. Q2 Adjusted EBITDA of £987.8 million ( $1,247.1 million ), including costs to capture, decreased 1.0% YoY on a rebased basis. Q2 Adjusted EBITDA less P&E Additions of £424.8 million ( $536.7 million ), including costs to capture, increased 1.6% YoY on a rebased basis. The drivers of these IFRS changes are largely consistent with those under U.S. GAAP detailed above.\n\n \nFor more information regarding the VMO2 JV, including full IFRS disclosures, please visit its investor relations page to access the Q2 earnings release.\n\n \n VodafoneZiggo (Non-consolidated Joint Venture)\n\n \n VodafoneZiggo sustains solid financial performance, confirming 2024 guidance \n\n \n Operating highlights: During Q2, mobile postpaid net adds declined by 18,400, driven by B2B government contract losses. The broadband base contracted by 22,600 in the quarter, as a 27,400 decline in Consumer was only partially offset by a 4,800 increase in B2B. Both mobile and fixed ARPU continued to grow in the quarter, supported by the benefit of the price indexation implemented in October. The FMC7 broadband households penetration remained stable at 48%. In July, VodafoneZiggo successfully acquired 100 MHz spectrum license in the 3.5 GHz band.\n\n \n Financial highlights: Revenue increased 0.3% YoY on a reported basis and 1.5% YoY on a rebased basis to $1,091.6 million in Q2. The rebased increase was primarily due to continued growth in mobile and B2B fixed revenue, partially offset by a decline in the B2C fixed customer base. Adjusted EBITDA increased 7.0% YoY on a reported basis and 8.2% on a rebased basis to $518.7 million in Q2. The rebased increase was primarily driven by (i) the aforementioned revenue increase and (ii) lower energy and consulting costs. Adjusted EBITDA less P&E Additions increased 15.5% YoY on a reported basis and 16.9% on a rebased basis to $263.8 million in Q2.\n\n \n Liberty Global Consolidated Q2 Highlights \n\n \n \nQ2 revenue increased 1.4% YoY on a reported basis and 2.2% on a rebased basis to $1,873.7 million \n\n \n \nQ2 net earnings (loss) increased 153.8% YoY on a reported basis to $275.2 million \n\n \n \nQ2 Adjusted EBITDA increased 0.5% YoY on a reported basis and 1.0% on a rebased basis to $604.7 million \n\n \n \nQ2 property & equipment additions were 20.0% of revenue, as compared to 19.1% in Q2 2023\n\n \n \nBalance sheet with $5.0 billion of total liquidity8\n \n \nComprised of nearly $2.0 billion of cash, $1.5 billion of investments held under SMAs and $1.5 billion of unused borrowing capacity9\n\n \n \n\n \n \nBlended, fully-swapped borrowing cost of 3.45% on a debt balance of $15.6 billion \n\n \n \n \n \n Liberty Global \n\n \n\n \n\n \n \n\n \n\n \n\n \nQ2 2024\n\n \n\n \n\n \n \n\n \n\n \n\n \nQ2 2023\n\n \n\n \n\n \n \n\n \n\n \n\n \nYoY\n\n \n\n \nChange\n\n \n\n \n(reported)\n\n \n\n \n\n \n \n\n \n\n \n\n \nYoY\n\n \n\n \nChange\n\n \n\n \n(rebased)\n\n \n\n \n\n \n \n\n \n\n \n\n \nYTD 2024\n\n \n\n \n\n \n \n\n \n\n \n\n \nYoY\n\n \n\n \nChange\n\n \n\n \n(reported)\n\n \n\n \n\n \n \n\n \n\n \n\n \nYoY\n\n \n\n \nChange\n\n \n\n \n(rebased)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Customers \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOrganic customer net losses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(19,200\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(29,300\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(38,000\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 \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Financial \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(in millions, except percentages)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRevenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,873.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,848.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,818.8\n\n \n\n \n\n \n \n\n \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 \n2.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nNet earnings (loss)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n275.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(511.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n153.8\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$\n\n \n\n \n\n \n802.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n165.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted EBITDA\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n604.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n601.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,186.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.2\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.0\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \nP&E additions\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n374.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n352.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.2\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$\n\n \n\n \n\n \n739.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.4\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted EBITDA less P&E Additions\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n230.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n248.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.5\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.7\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n446.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.7\n\n \n\n \n\n \n%)\n\n \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 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n546.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n691.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(21.1\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$\n\n \n\n \n\n \n791.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(20.8\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash provided (used) by investing activities\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n522.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(63.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n927.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n310.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n120.9\n\n \n\n \n\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 used by financing activities\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(189.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(518.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n63.5\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$\n\n \n\n \n\n \n(473.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(260.4\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted FCF\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n258.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n328.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(21.4\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n73.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(51.4\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 \n\n \n \n \nDistributable Cash Flow\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n258.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n533.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(51.6\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 \n73.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(86.8\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 Customer Growth \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 Six months ended \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 customer net losses by market \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSunrise\n\n \n\n \n\n \n(1,000)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(8,100)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,800)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(5,800)\n\n \n\n \n\n \n \n \nTelenet\n\n \n\n \n\n \n(12,500)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(13,100)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(27,400)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(28,200)\n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n(4,100)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(6,800)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(5,400)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9,300)\n\n \n\n \n\n \n \n \nUPC Slovakia\n\n \n\n \n\n \n(1,600)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,300)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,400)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,500)\n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n(19,200)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(29,300)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(38,000)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(45,800)\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 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV(i)\n\n \n\n \n\n \n(13,600)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(24,700)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(15,600)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,800)\n\n \n\n \n\n \n \n \nVodafoneZiggo JV(ii)\n\n \n\n \n\n \n(31,600)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(33,900)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(66,800)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(37,400)\n\n \n\n \n\n \n \n \n \n______________________\n\n \n\n \n\n \n \n \n(i)\n\n \n\n \n\n \n \nFixed-line customer counts for the VMO2 JV exclude Upp customers.\n\n \n\n \n\n \n \n \n(ii)\n\n \n\n \n\n \n \nFixed-line customer counts for the VodafoneZiggo JV include certain B2B customers.\n\n \n\n \n\n \n \n Net earnings (loss) \n\n \nNet earnings (loss) was $275.2 million and ( $511.3 million ) for the three months ended June 30, 2024 and 2023, respectively, and $802.2 million and ( $1,224.8 million ) for the six months ended June 30, 2024 and 2023, respectively.\n\n \n Financial Highlights \n\n \nThe following tables present (i) Revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for each of our reportable segments, including the non-consolidated VMO2 JV and VodafoneZiggo JV, for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis. Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA less P&E Additions are non-GAAP measures. For additional information on how these measures are defined and why we believe they are meaningful, see the Glossary.\n\n \n \n \n \n\n \n\n \n\n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Revenue \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSunrise\n\n \n\n \n\n \n$\n\n \n\n \n\n \n815.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n816.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,669.8\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 \n1,623.6\n\n \n\n \n\n \n \n\n \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 \n0.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTelenet\n\n \n\n \n\n \n \n\n \n\n \n\n \n755.1\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 \n767.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,517.7\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 \n1,521.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n\n \n\n \n\n \n120.0\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 \n123.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.1\n\n \n\n \n\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n243.0\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 \n246.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nCentral and Other\n\n \n\n \n\n \n \n\n \n\n \n\n \n255.4\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 \n\n \n206.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25.0\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 \n525.0\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 \n450.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIntersegment eliminations(i)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(72.6\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(65.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(136.7\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(126.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,873.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,848.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,818.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,716.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV(ii)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,375.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,391.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,658.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,554.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVodafoneZiggo JV(ii)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,091.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,088.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,205.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,171.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n_______________\n\n \n\n \n\n \n \n \nN.M. - Not Meaningful\n\n \n\n \n\n \n \n \n(i)\n\n \n\n \n\n \n \nAmounts primarily relate to the revenue recognized within our T&I Function related to the Tech Framework. For additional information on the Tech Framework, see the Glossary.\n\n \n\n \n\n \n \n \n(ii)\n\n \n\n \n\n \n \nAmounts reflect 100% of the 50:50 non-consolidated VMO2 JV and VodafoneZiggo JV's revenue.\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted EBITDA \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSunrise\n\n \n\n \n\n \n$\n\n \n\n \n\n \n288.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n287.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n567.3\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 \n550.1\n\n \n\n \n\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\n \n \n\n \n\n \n\n \n0.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTelenet\n\n \n\n \n\n \n \n\n \n\n \n\n \n311.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n346.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.2\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 \n620.3\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 \n648.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4.4\n\n \n\n \n\n \n)\n\n \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\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n\n \n\n \n\n \n45.7\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 \n47.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.1\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 \n85.7\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 \n88.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nCentral and Other(i)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(25.8\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(63.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n59.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.2\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(56.8\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(31.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(79.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nIntersegment eliminations(ii)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(15.1\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(15.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(30.4\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 \n\n \n(30.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n$\n\n \n\n \n\n \n604.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n601.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,186.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,225.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV(iii)(iv)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,132.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,138.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,206.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,164.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVodafoneZiggo JV(iii)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n518.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n484.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,037.7\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 \n956.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.5\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 \nN.M. - Not Meaningful\n\n \n\n \n\n \n \n \n(i)\n\n \n\n \n\n \n \nAmounts include development costs related to our internally-developed software subsequent to our decision in May 2023 to externally market such software.\n\n \n\n \n\n \n \n \n(ii)\n\n \n\n \n\n \n \nAmounts relate to the Adjusted EBITDA impact within our T&I Function related to the Tech Framework. For additional information on the Tech Framework, see the Glossary.\n\n \n\n \n\n \n \n \n(iii)\n\n \n\n \n\n \n \nAmounts reflect 100% of the 50:50 non-consolidated VMO2 JV and VodafoneZiggo JV's Adjusted EBITDA.\n\n \n\n \n\n \n \n \n(iv)\n\n \n\n \n\n \n \n2024 amounts for the VMO2 JV include the benefit of approximately $13 million and $28 million , respectively, related to higher capitalized costs by the VMO2 JV due to a change in the terms of a related-party contract.\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n \n Adjusted EBITDA less P&E Additions \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSunrise\n\n \n\n \n\n \n$\n\n \n\n \n\n \n148.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n164.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(10.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n277.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n278.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTelenet\n\n \n\n \n\n \n \n\n \n\n \n\n \n110.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n184.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(39.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(39.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n235.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n313.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(25.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(25.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n197.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n197.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCentral and Other\n\n \n\n \n\n \n \n\n \n\n \n\n \n(32.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(95.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n65.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(71.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(113.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n37.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n$\n\n \n\n \n\n \n230.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n248.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n446.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n483.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(5.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV(i)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n546.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n468.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n934.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n903.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVodafoneZiggo JV(i)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n263.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n228.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n538.1\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 \n449.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19.7\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 \nN.M. - Not Meaningful\n\n \n\n \n\n \n \n \n(i)\n\n \n\n \n\n \n \nAmounts reflect 100% of the 50:50 non-consolidated VMO2 JV and VodafoneZiggo JV's Adjusted EBITDA less P&E Additions.\n\n \n\n \n\n \n \n Leverage and Liquidity \n\n \n \n Total principal amount of debt and finance leases : $15.6 billion \n\n \n \n Average debt tenor 10: 4.4 years, with ~10% not due until 2030 or thereafter\n\n \n \n Borrowing costs : Blended, fully-swapped cost of debt was 3.45%\n\n \n \n Liquidity : $5.0 billion , including (i) $2.0 billion of cash at June 30, 2024 , (ii) $1.5 billion of investments held under SMAs and (iii) $1.5 billion of aggregate unused borrowing capacity under our credit facilities\n\n \n \n Forward-Looking Statements and Disclaimer \n\n \nThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our strategies, future growth prospects and opportunities; expectations regarding our and our businesses' financial performance, including Revenue and Rebased Revenue, Adjusted EBITDA, Adjusted EBITDA less P&E Additions, operating and capital expenses, property and equipment additions, Adjusted Free Cash Flow and Distributable Cash Flow, as well as the 2024 financial guidance, including revisions, provided by us and our operating companies and joint ventures, which includes expected capital intensity; our future strategies for maximizing and creating value for our shareholders; the anticipated spin-off of our Swiss operating company, Sunrise, including the timing and location of the anticipated closing and the hosting of a capital markets day, as well as any anticipated dividends to be paid from Sunrise and the timing thereof; the pricing strategies at our operating companies and our joint ventures; the expected drivers of future financial performance at our operating companies and our joint ventures; expectations with respect to a new memorandum of understanding by our subsidiaries in Belgium , including the timing, costs and benefits to be received therefrom; expectations with respect to the benefits to be derived from a spectrum auction in the Netherlands , our, our affiliates' and our joint ventures' plans with respect to networks, products and services and the investments in such networks, products and services, including VMO2's new long-term network sharing agreement with Vodafone, as well as the planned division of VMO2 into a network company and a service company, and the timing, costs and benefits to be derived from both such endeavors; our strategic plans for our ventures portfolio, including expected capital rotation and the intention to become a controlling shareholder in Formula E ; our share repurchase program, including the percentage amount of shares we intend to repurchase during the year; the strength of our and our affiliates' respective balance sheets (including cash and liquidity position); the tenor and cost of our third-party debt and anticipated borrowing capacity; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as the continued use by subscribers and potential subscribers of our and our affiliates’ and joint ventures' services and their willingness to upgrade to our more advanced offerings; our, our affiliates’ and our joint ventures' ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to subscribers or to pass through increased costs to subscribers; the potential impact of pandemics and epidemics on us and our businesses as well as our customers; the effects of changes in laws or regulations; the effects of the U.K.'s exit from the E.U.; general economic factors; our, our affiliates’ and our joint ventures' ability to obtain regulatory approval and satisfy regulatory conditions associated with acquisitions and dispositions; our, our affiliates’ and our joint ventures' ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our, our affiliates’ and our joint ventures' video services and the costs associated with such programming; our, our affiliates’ and our joint ventures' ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies and affiliates and joint ventures to access the cash of their respective subsidiaries; the impact of our operating companies', affiliates’ and joint ventures' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers, vendors and contractors to timely deliver quality products, equipment, software, services and access; our, our affiliates’ and our joint ventures' ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission (the \" SEC \"), including our most recently filed Form 10-K, Form 10-K/A and Form 10-Qs, each, as amended. These forward-looking statements speak only as of the date of this release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.\n\n \n Share Repurchase Program \n\n \nOur share buyback plan for 2024 authorized the repurchase of up to 10% of our outstanding shares as of December 31, 2023 . Under the program, Liberty Global may acquire from time to time its Class A common shares, Class C common shares, or any combination of Class A and Class C ordinary shares. The program may be effected through open market transactions and/or privately negotiated transactions, which may include derivative transactions. The timing of the repurchase of shares pursuant to the program will depend on a variety of factors, including market conditions and applicable law. The program may be implemented in conjunction with brokers for Liberty Global and other financial institutions with whom Liberty Global has relationships within certain pre-set parameters, and purchases may continue during closed periods in accordance with applicable restrictions. The program may be suspended or discontinued at any time and will terminate upon repurchasing the authorized limits unless further repurchase authorization is provided for.\n\n \n About Liberty Global \n\n \n Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is a world leader in converged broadband, video and mobile communications services. We deliver next-generation products through advanced fiber and 5G networks, and currently provide over 85 million* connections across Europe . Our businesses operate under some of the best-known consumer brands, including Sunrise in Switzerland , Telenet in Belgium , Virgin Media in Ireland , UPC in Slovakia , Virgin Media-O2 in the U.K. and VodafoneZiggo in The Netherlands . Through our substantial scale and commitment to innovation, we are building Tomorrow’s Connections Today, investing in the infrastructure and platforms that empower our customers to make the most of the digital revolution, while deploying the advanced technologies that nations and economies need to thrive.\n\n \n Liberty Global's consolidated businesses generate annual revenue of more than $7 billion , while the VMO2 JV and the VodafoneZiggo JV generate combined annual revenue of more than $18 billion .**\n\n \n Liberty Global Ventures , our global investment arm, has a portfolio of more than 75 companies and funds across the content, technology and infrastructure industries, including stakes in companies like ITV, Televisa Univision, Plume, AtlasEdge and the Formula E racing series.\n\n \n* Represents aggregate consolidated and 50% owned non-consolidated fixed and mobile subscribers. Includes wholesale mobile connections of the VMO2 JV and B2B fixed subscribers of the VodafoneZiggo JV.\n\n \n** Revenue figures above are provided based on full year 2023 Liberty Global consolidated results and the combined as reported full year 2023 results for the VodafoneZiggo JV and full year 2023 U.S. GAAP results for the VMO2 JV.\n\n \nSunrise, Telenet, the VMO2 JV and the VodafoneZiggo JV deliver mobile services as mobile network operators. Virgin Media Ireland delivers mobile services as a mobile virtual network operator through third-party networks. UPC Slovakia delivers mobile services as a reseller of SIM cards.\n\n \nLiberty Global Ltd. is listed on the Nasdaq Global Select Market under the symbols \"LBTYA\", \"LBTYB\" and \"LBTYK\".\n\n \n Balance Sheets, Statements of Operations and Statements of Cash Flows \n\n \nThe condensed consolidated balance sheets, statements of operations and statements of cash flows of Liberty Global are in our 10-Q.\n\n \n Rebase Information \n\n \nRebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For purposes of calculating rebase growth rates on a comparable basis for all businesses that we owned during 2024, we have adjusted our historical revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for the three and six months ended June 30, 2023 to (i) include the pre-acquisition revenue, Adjusted EBITDA and P&E additions to the same extent these entities are included in our results for the three and six months ended June 30, 2024 , (ii) exclude from our rebased amounts the revenue, Adjusted EBITDA and P&E additions of entities disposed of to the same extent these entities are excluded in our results for the three and six months ended June 30, 2024 , (iii) include in our rebased amounts the revenue and costs for the temporary elements of transitional and other services provided to iliad, Vodafone and Deutsche Telekom, to reflect amounts related to these services equal to those included in our results for the three and six months ended June 30, 2024 and (iv) reflect the translation of our rebased amounts at the applicable average foreign currency exchange rates that were used to translate our results for the three and six months ended June 30, 2024 . We have reflected the revenue, Adjusted EBITDA and P&E additions of these acquired entities in our 2023 rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired businesses during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions of these entities on a basis that is comparable to the corresponding post-acquisition amounts that are included in our results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebase growth percentages are not necessarily indicative of the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions that will occur in the future. Investors should view rebase growth as a supplement to, and not a substitute for, U.S. GAAP measures of performance included in our condensed consolidated statements of operations.\n\n \nThe following table provides adjustments made to the 2023 amounts (i) in aggregate for our consolidated reportable segments and (ii) for the non-consolidated VMO2 JV and VodafoneZiggo JV to derive our rebased growth rates:\n\n \n \n \n \n\n \n\n \n\n \n Three months ended June 30, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six months ended June 30, 2023 \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 Adjusted \n\n \n\n \n EBITDA \n\n \n\n \n\n \n \n\n \n\n \n\n \n Adjusted \n\n \n\n \n EBITDA \n\n \n\n \n less P&E \n\n \n\n \n Additions \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 Adjusted \n\n \n\n \n EBITDA \n\n \n\n \n\n \n \n\n \n\n \n\n \n Adjusted \n\n \n\n \n EBITDA \n\n \n\n \n less P&E \n\n \n\n \n Additions \n\n \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 \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 Liberty Global : \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAcquisitions and dispositions(i)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(18.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(16.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(16.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nForeign currency\n\n \n\n \n\n \n \n\n \n\n \n\n \n(15.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(6.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n44.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n$\n\n \n\n \n\n \n(14.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(2.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n26.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(3.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(12.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVMO2 JV(ii):\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nForeign currency\n\n \n\n \n\n \n$\n\n \n\n \n\n \n30.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n10.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n167.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n55.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n23.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVodafoneZiggo JV(ii):\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nForeign currency\n\n \n\n \n\n \n$\n\n \n\n \n\n \n(12.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(5.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(2.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n_______________\n\n \n\n \n\n \n \n \n(i)\n\n \n\n \n\n \n \nIn addition to our acquisitions and dispositions, these rebase adjustments include amounts related to agreements to provide transitional and other services to iliad, Vodafone and Deutsche Telekom. These adjustments result in an equal amount of fees in both the 2024 and 2023 periods for those services that are deemed to be temporary in nature.\n\n \n\n \n\n \n \n \n(ii)\n\n \n\n \n\n \n \nAmounts reflect 100% of the adjustments made related to the VMO2 JV's and the VodafoneZiggo JV's revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions, which we do not consolidate, as we hold a 50% noncontrolling interest in the VMO2 JV and the VodafoneZiggo JV.\n\n \n\n \n\n \n \n Liquidity \n\n \nThe following table(i) details the U.S. dollar equivalents of our liquidity position at June 30, 2024 , which includes our (i) cash and cash equivalents, (ii) investments held under SMAs and (iii) unused borrowing capacity:\n\n \n \n \n \n\n \n\n \n\n \n Cash \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Unused \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n and Cash \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Borrowing \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n Equivalents \n\n \n\n \n\n \n \n\n \n\n \n\n \n SMAs(ii) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Capacity(iii) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Liquidity \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Liberty Global and unrestricted subsidiaries\n\n \n\n \n\n \n$\n\n \n\n \n\n \n977.0\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,505.7\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\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$\n\n \n\n \n\n \n2,482.7\n\n \n\n \n\n \n \n \n \nTelenet\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,022.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n659.0\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,681.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Sunrise Holding \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n757.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n768.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n107.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n108.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,011.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,505.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,523.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,040.9\n\n \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 \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 \n \n \n(ii)\n\n \n\n \n\n \n \nRepresents investments held under SMAs which are maintained by investment managers acting as agents on our behalf.\n\n \n\n \n\n \n \n \n(iii)\n\n \n\n \n\n \n \nOur aggregate unused borrowing capacity of $1.5 billion represents maximum undrawn commitments under the applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing.\n\n \n\n \n\n \n \n Summary of Debt & Finance Lease Obligations \n\n \nThe following table(i) details the June 30, 2024 U.S. dollar equivalents of the (i) outstanding principal amounts of our debt and finance lease obligations, (ii) expected principal-related derivative cash payments or receipts and (iii) swapped principal amounts of our debt and finance lease obligations:\n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Finance \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total Debt \n\n \n\n \n\n \n \n\n \n\n \n\n \n Principal Related \n\n \n\n \n\n \n \n\n \n\n \n\n \n Swapped Debt \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Lease \n\n \n\n \n\n \n \n\n \n\n \n\n \n & Finance Lease \n\n \n\n \n\n \n \n\n \n\n \n\n \n Derivative \n\n \n\n \n\n \n \n\n \n\n \n\n \n & Finance Lease \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n Debt(ii) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Obligations \n\n \n\n \n\n \n \n\n \n\n \n\n \n Obligations \n\n \n\n \n\n \n \n\n \n\n \n\n \n Cash Payments \n\n \n\n \n\n \n \n\n \n\n \n\n \n Obligations \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Sunrise Holding \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,407.4\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n28.5\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,435.9\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n385.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,821.3\n\n \n\n \n\n \n \n \n \nTelenet\n\n \n\n \n\n \n \n\n \n\n \n\n \n6,849.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.4\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 \n\n \n6,853.3\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(161.3\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 \n6,692.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n \n\n \n\n \n\n \n964.5\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\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n964.5\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\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n964.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther(iii)\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,358.2\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 \n20.4\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 \n\n \n1,378.6\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 \n\n \n\n \n \n\n \n\n \n\n \n1,378.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n$\n\n \n\n \n\n \n15,580.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n52.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n15,632.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n224.1\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 \n15,856.4\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 \n(i)\n\n \n\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 \n \n \n(ii)\n\n \n\n \n\n \n \nDebt amounts for Sunrise Holding include notes issued by special purpose entities that are consolidated by Sunrise Holding .\n\n \n\n \n\n \n \n \n(iii)\n\n \n\n \n\n \n \nDebt amount includes a loan of $1,348.0 million backed by the shares we hold in Vodafone Group plc.\n\n \n\n \n\n \n \n Property and Equipment Additions and Capital Expenditures \n\n \nThe table below highlights the categories of property and equipment additions for the indicated periods and reconciles those additions to the capital expenditures that are presented in the condensed consolidated statements of cash flows in our 10-Q.\n\n \n \n \n \n\n \n\n \n\n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six months ended \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCustomer premises equipment (CPE)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n52.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n70.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n104.2\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 \n140.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNew build & upgrade\n\n \n\n \n\n \n \n\n \n\n \n\n \n75.6\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 \n53.7\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 \n147.0\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 \n81.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCapacity\n\n \n\n \n\n \n \n\n \n\n \n\n \n52.7\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 \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 \n88.8\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 \n94.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBaseline\n\n \n\n \n\n \n \n\n \n\n \n\n \n120.8\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 \n96.8\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 \n261.1\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 \n233.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProduct & enablers\n\n \n\n \n\n \n \n\n \n\n \n\n \n73.5\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 \n93.0\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 \n138.7\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 \n192.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal P&E additions\n\n \n\n \n\n \n \n\n \n\n \n\n \n374.7\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 \n352.7\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 \n739.8\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 \n742.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nReconciliation of P&E additions to capital expenditures:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAssets acquired under capital-related vendor financing arrangements(i)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(26.5\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(56.0\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(66.3\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(98.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAssets acquired under finance leases\n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.1\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(9.6\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(0.6\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(16.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nChanges in current liabilities related to capital expenditures\n\n \n\n \n\n \n \n\n \n\n \n\n \n(58.8\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 \n24.1\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(32.8\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 \n61.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal capital expenditures, net(ii)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n289.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n311.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n640.1\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 \n688.4\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 \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nP&E additions as % of revenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n20.0\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 \n19.1\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 \n19.4\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 \n\n \n20.0\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(i)\n\n \n\n \n\n \n \nAmounts exclude related VAT of $2.2 million and $3.2 million for the three months ended June 30, 2024 and 2023, respectively, and $7.3 million and $9.9 million for the six months ended June 30, 2024 and 2023, respectively, that were also financed under these arrangements.\n\n \n\n \n\n \n \n \n(ii)\n\n \n\n \n\n \n \nThe capital expenditures that we report in our condensed consolidated statements of cash flows do not include amounts that are financed under vendor financing or finance lease arrangements. Instead, these expenditures are reflected as non-cash additions to our property and equipment when the underlying assets are delivered, and as repayments of debt when the related principal is repaid.\n\n \n\n \n\n \n \n ARPU per Fixed Customer Relationship \n\n \nThe following table provides ARPU per fixed customer relationship and percentage change from period to period on both a reported and rebased basis for the indicated periods:\n\n \n \n \n \n\n \n\n \n\n \n ARPU per Fixed Customer Relationship \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n Three months ended June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Liberty Global \n\n \n\n \n\n \n$\n\n \n\n \n\n \n65.62\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n64.80\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n€\n\n \n\n \n\n \n62.04\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n€\n\n \n\n \n\n \n61.68\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n0.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nTelenet\n\n \n\n \n\n \n€\n\n \n\n \n\n \n62.10\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n€\n\n \n\n \n\n \n59.24\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n Sunrise Holding \n\n \n\n \n\n \n€\n\n \n\n \n\n \n59.30\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n€\n\n \n\n \n\n \n59.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.5\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n Mobile ARPU \n\n \nThe following tables provide ARPU per mobile subscriber and percentage change from period to period on both a reported and rebased basis for the indicated periods:\n\n \n \n \n \n\n \n\n \n\n \n ARPU per Mobile Subscriber \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n Three months ended June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Reported % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Liberty Global :\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncluding interconnect revenue\n\n \n\n \n\n \n$\n\n \n\n \n\n \n26.38\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n26.96\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(2.2\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.1\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \nExcluding interconnect revenue\n\n \n\n \n\n \n$\n\n \n\n \n\n \n24.46\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n25.10\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.5\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 \n \n \n\n \n\n \n\n \n Operating Data — June 30, 2024 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n Homes \n\n \n\n \n Passed \n\n \n\n \n\n \n \n\n \n\n \n\n \n Fixed-Line \n\n \n\n \n Customer \n\n \n\n \n Relationships \n\n \n\n \n\n \n \n\n \n\n \n\n \n Internet \n\n \n\n \n Subscribers(i) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Video \n\n \n\n \n Subscribers (ii) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Telephony \n\n \n\n \n Subscribers(iii) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n RGUs \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Postpaid \n\n \n\n \n Mobile \n\n \n\n \n Subscribers \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n Mobile \n\n \n\n \n Subscribers(iv) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 Liberty Global : \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSunrise(v)\n\n \n\n \n\n \n2,733,300\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1,466,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,191,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,186,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n908,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,286,100\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 \n2,526,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,880,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTelenet(vi)\n\n \n\n \n\n \n4,202,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,980,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,719,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,619,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n892,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,231,300\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 \n2,676,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,890,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n993,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n397,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n365,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n217,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n176,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n758,800\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 \n135,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n135,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nUPC Slovakia\n\n \n\n \n\n \n643,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n173,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n143,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n155,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n86,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n385,400\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—\n\n \n\n \n\n \n \n\n \n\n \n\n \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 Liberty Global \n\n \n\n \n\n \n8,573,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,017,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,419,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,178,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,063,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,661,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,337,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,906,000\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 \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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(vii)\n\n \n\n \n\n \n16,209,700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,811,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,710,700\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 \n12,505,700\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 \n15,870,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35,656,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVodafoneZiggo JV(viii)\n\n \n\n \n\n \n7,549,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,486,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,161,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,459,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,379,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,000,500\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 \n5,296,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,615,500\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 Subscriber Variance Table — June 30, 2024 vs. March 31, 2024 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n Homes \n\n \n\n \n Passed \n\n \n\n \n\n \n \n\n \n\n \n\n \n Fixed-Line \n\n \n\n \n Customer \n\n \n\n \n Relationships \n\n \n\n \n\n \n \n\n \n\n \n\n \n Internet \n\n \n\n \n Subscribers(ii) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Video \n\n \n\n \n Subscribers(i) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Telephony \n\n \n\n \n Subscribers(iii) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n RGUs \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Postpaid \n\n \n\n \n Mobile \n\n \n\n \n Subscribers \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n Mobile \n\n \n\n \n Subscribers(iv) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 Liberty Global : \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSunrise(v)\n\n \n\n \n\n \n10,900\n\n \n\n \n\n \n \n\n \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\n \n \n\n \n\n \n\n \n5,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(13,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(16,100\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 \n32,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTelenet(vi)\n\n \n\n \n\n \n1,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(4,800\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(17,700\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(20,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(43,100\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(500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVM Ireland\n\n \n\n \n\n \n6,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4,100\n\n \n\n \n\n \n)\n\n \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(5,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(14,800\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(23,200\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 \n1,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nUPC Slovakia\n\n \n\n \n\n \n1,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,600\n\n \n\n \n\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 \n\n \n\n \n \n\n \n\n \n\n \n(3,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(4,300\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 \n\n \n \n \n Total Liberty Global \n\n \n\n \n\n \n20,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(19,200\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(33,900\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(49,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(86,700\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 \n33,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18,500\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 \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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(vii)\n\n \n\n \n\n \n4,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(13,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(12,200\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(123,300\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(118,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n283,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVodafoneZiggo JV(viii)\n\n \n\n \n\n \n16,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(31,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(22,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(31,800\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(55,100\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(109,500\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(18,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(26,500\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 \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Q2 2024 Joint Ventures 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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVodafoneZiggo JV(viii)\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal 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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n Footnotes for Operating Data and Subscriber Variance Tables \n\n \n \n \n \n \n \n \n \n \n \n \n(i)\n\n \n\n \n\n \n At Sunrise, we offer a 10 Mbps internet service to our Video Subscribers without an incremental recurring fee. Our Internet Subscribers at Sunrise include approximately 38,200 subscribers who have requested and received this service. \n \n \n \n(ii)\n\n \n\n \n\n \n \nWe have approximately 28,700 “lifeline” customers that are counted on a per connection basis, representing the least expensive regulated tier of video service, with only a few channels.\n\n \n\n \n\n \n \n \n(iii)\n\n \n\n \n\n \n \nAt Sunrise, we offer a basic phone service to our Video Subscribers without an incremental recurring fee. Our Telephony Subscribers at Sunrise include approximately 89,700 subscribers who have requested and received this service.\n\n \n\n \n\n \n \n \n(iv)\n\n \n\n \n\n \n \nIn a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. As of June 30, 2024 , our mobile subscriber count included approximately 354,300, 214,100, 7,558,600 and 319,400 prepaid mobile subscribers at Sunrise, Telenet, the VMO2 JV and the VodafoneZiggo JV, respectively. Prepaid mobile customers are excluded from the VMO2 JV's and the VodafoneZiggo JV's mobile subscriber counts after a period of inactivity of three months and nine months, respectively. 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 9,829,900 that are included in the total mobile subscriber count as defined and presented by the VMO2 JV.\n\n \n\n \n\n \n \n \n(v)\n\n \n\n \n\n \n \nPursuant to service agreements, Sunrise offers broadband internet, video and telephony services over networks owned by third-party operators (“partner networks”), and following the acquisition of Sunrise, also services homes through Sunrise's existing agreements with Swisscom, Swiss Fibre Net and local utilities. Under these agreements, RGUs are only recognized if there is a direct billing relationship with the customer. Homes passed or serviceable through the above service agreements are not included in Sunrise's homes passed count as we do not own these networks. Including these arrangements, our operations at Sunrise have the ability to offer fixed services to the national footprint.\n\n \n\n \n\n \n \n \n(vi)\n\n \n\n \n\n \n \nIncludes our business in Luxembourg as a result of Telenet's January 2023 acquisition of Eltrona.\n\n \n\n \n\n \n \n \n(vii)\n\n \n\n \n\n \n \nFixed-line customer counts for the VMO2 JV exclude Upp customers.\n\n \n\n \n\n \n \n \n(viii)\n\n \n\n \n\n \n \nFixed-line counts for the VodafoneZiggo JV include certain B2B customers and subscribers.\n\n \n\n \n\n \n \n Additional General Notes to Tables: \n\n \nMost of our broadband communications subsidiaries provide broadband internet, 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 internet, 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\n \nIn Belgium , Telenet leases a portion of its network under a long-term finance lease arrangement. These tables include operating statistics for Telenet's owned and leased networks.\n\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 \nSubscriber information for acquired entities is preliminary and subject to adjustment until we have completed our review of such information and determined that it is presented in accordance with our policies.\n\n \n Footnotes \n\n \n \n \n1\n\n \n\n \n\n \n \nRepresents $419 million of cash received from the sale of All3Media , which includes the repayment of principal and interest associated with notes receivable\n\n \n\n \n\n \n \n \n2\n\n \n\n \n\n \n \nIncludes homes passed by the nexfibre partner network, which VMO2 JV has access to and acts as the anchor tenant.\n\n \n\n \n\n \n \n \n3\n\n \n\n \n\n \n \nAmounts exclude SMAs and include the book values for Slovakia and Egg. Amounts also reflect fair value adjustments for certain investments that have a higher estimated fair value than reported book value. Includes listed stakes in ITV, Lionsgate and Vodafone.\n\n \n\n \n\n \n \n \n4\n\n \n\n \n\n \n \nThe indicated growth rates are rebased for acquisitions, dispositions, FX and other items that impact the comparability of our year-over-year results. See the Rebase Information section for more information on rebased growth.\n\n \n\n \n\n \n \n \n5\n\n \n\n \n\n \n \nCosts to capture generally include incremental, third-party operating and capital related costs that are directly associated with integration activities, restructuring activities and certain other costs associated with aligning an acquiree to our business processes to derive synergies. These costs are necessary to combine the operations of a business being acquired (or joint venture being formed) with ours or are incidental to the acquisition. As a result, costs to capture may include certain (i) operating costs that are included in Adjusted EBITDA, (ii) capital-related costs that are included in property and equipment additions and Adjusted EBITDA less P&E Additions and (iii) certain integration-related restructuring expenses that are not included within Adjusted EBITDA or Adjusted EBITDA less P&E Additions. Given the achievement of synergies occurs over time, certain of our costs to capture are recurring by nature, and generally incurred within a few years of completing the transaction.\n\n \n\n \n\n \n \n \n6\n\n \n\n \n\n \n \nThis release includes the actual U.S. GAAP results for the VMO2 JV for the three and six months ended June 30, 2024 and 2023. The commentary and YoY growth rates presented in this release are shown on a rebased basis. For more information regarding the VMO2 JV, including full IFRS disclosures, please visit their investor relations page to access the VMO2 JV's Q2 earnings release.\n\n \n\n \n\n \n \n \n7\n\n \n\n \n\n \n \nConverged households or converged SIMs represent customers in either our Consumer or SOHO segment that subscribe to both a fixed-line digital TV and an internet service and Vodafone and/or hollandsnieuwe postpaid mobile telephony service.\n\n \n\n \n\n \n \n \n8\n\n \n\n \n\n \n \nLiquidity refers to cash and cash equivalents and investments held under separately managed accounts plus the maximum undrawn commitments under subsidiary borrowing facilities, without regard to covenant compliance calculations or other conditions precedent to borrowing.\n\n \n\n \n\n \n \n \n9\n\n \n\n \n\n \n \nOur aggregate unused borrowing capacity of $1.5 billion represents the maximum undrawn commitments under the applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing. Upon completion of the relevant June 30, 2024 compliance reporting requirements for our credit facilities, and assuming no further changes from quarter-end borrowing levels, we anticipate that the full unused borrowing capacity will continue to be available under each of the respective subsidiary facilities. Our above expectations do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to June 30, 2024 .\n\n \n\n \n\n \n \n \n10\n\n \n\n \n\n \n \nFor purposes of calculating our average tenor, total third-party debt excludes vendor financing, certain debt obligations that we assumed in connection with various acquisitions, and liabilities related to Telenet's acquisition of mobile spectrum licenses. The percentage of debt not due until 2030 or thereafter includes all of these amounts.\n\n \n\n \n\n \n \n \n11\n\n \n\n \n\n \n \nThe U.S. GAAP YoY growth rates for the VMO2 JV are impacted by recurring U.S. GAAP to IFRS accounting differences, as further described and reconciled below.\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n Three months ended \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six months ended \n\n \n\n \n June 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Revenue: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n U.S. GAAP revenue\n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,375.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,391.5\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,658.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,554.2\n\n \n\n \n\n \n \n \n \n U.S. GAAP/IFRS adjustments\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIFRS revenue\n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,375.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,391.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,658.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,554.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted EBITDA: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n U.S. GAAP Adjusted EBITDA\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,132.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\...

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