Q3 2025 Liberty Global Ltd Earnings Call

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Operator: The associated webcast are the property of Liberty Global, any redistribution, retransmission, or rebroadcast of this call or webcast in any form without the express written consent of Liberty Global is strictly prohibited. At this time, all participants are in a listen-only mode. Today's formal presentation materials can be found under the Investor Relations section of Liberty Global's website at libertyglobal.com. After today's formal presentation, instructions will be given for a question-and-answer session. Page 2 of the slides details the company's safe harbor statement regarding forward-looking statements. Today's presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not historical fact.

At Liberty Global Dot Com. After today's formal presentation instructions will be given for a question and answer session page two of the slides details the company's safe Harbor statement regarding forward looking statements. Today's presentation may include forward looking statements within the meaning of the private Securities Litigation Reform Act of 1990.

Five, including the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not historical fact these forward looking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements. These risks include those detailed in Liberty Global's <unk>.

Operator: These forward-looking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements. These risks include those detailed in Liberty Global's filings with the Securities and Exchange Commission, including its most recently filed Forms 10-Q and 10-K as amended. Liberty Global disclaims any obligation to update any of these forward-looking statements to reflect any change in its expectations or in the conditions on which any such statement is based. I would now like to turn the call over to Mr. Mike Fries.

Fillings with the Securities and Exchange Commission, including its most recently filed forms 10-Q, and 10-K as amended Liberty Global disclaims any obligation to update any of these forward looking statements to reflect any change in its expectations or in the conditions on which any such statement is based I would now like to turn the call over to Mr. Mike Free.

Yes.

Alright, welcome everyone and thanks for dialing into our Q3 results call today have to Julian I run through our prepared remarks, we'll open it up for what we hope is a lively Q&A and as usual I've got my core leadership team on the call with me and.

Mike Fries: All right. Welcome, everyone, and thanks for dialing in to our Q3 results call today. After Charlie and I run through our prepared remarks, we'll open it up for what we hope is a lively Q&A. As usual, I've got my core leadership team on the call with me. Before I jump into the presentation, I just want to acknowledge and be sure that everybody has seen the press release we put out yesterday regarding John Malone, who has decided to step off the board and move to a Chairman Emeritus role at the end of the year. Of course, he's making a similar move at Liberty Media. I won't repeat all the key messages that we put in the public statement.

Before I jump into the presentation I, just want to acknowledge and be sure that everybody has seen the press release, we put out yesterday regarding Jo Malone, who has decided to step off the board and move to a chairman emeritus role at the end of the year.

Of course, he's making a similar move at Liberty media I won't repeat all the key messages that we put in the public statement. So you can read that and I encourage you to do that.

Mike Fries: You can read that, and I encourage you to do that, except perhaps emphasize how important, impactful, and enjoyable my relationship with John has been over the last 25 to 30 years, and how pleased I am that as he implies in the release, he intends to stay very engaged with me and the board as we execute our strategic plans. Knowing John as I do, he will surely do just that. Of course, I'm happy to take any questions on this as well at the end. Now getting back to our results, let me kick it off with some key highlights from the Q. If you're going to breeze through these slides later, these first two are perhaps the most critical in my opinion. I believe everyone's familiar with how we're organized today in order to create greater transparency around strategy, capital allocation, and value creation.

Except perhaps emphasize how important impactful, but enjoyable my relationship with John has been over the last 25 to 30 years.

And I'm pleased I am that as he implies in the release you intend to stay very engaged with me and the board as we execute our strategic plans and knowing Jonas ideal he will surely do just that.

And of course, I'm happy to take any questions on this as well at the end now getting back to our results, let me kick it off with some key highlights from the quarter.

If you're gonna breezed through these slides later in these first two are perhaps the most critical in my opinion.

I believe everyone's familiar with how we're organized today in order to create greater transparency around strategy capital allocation and value creation everything we do falls into one of three core platforms of Liberty Global.

Mike Fries: Everything we do falls into one of three core platforms at Liberty Global. These include, of course, Liberty Telecom, where we're focused on driving commercial momentum in our broadband and mobile businesses, Most importantly, finding ways to unlock the intrinsic value of these companies for the benefit of shareholders, I'll get into that a bit more in the next slide. Of course, that starts with operating performance, As you'll see, despite intense competition, we had a strong Q3 with sequential improvement in broadband net adds across all four markets, for example. Importantly, our networks are proving to be critical sources of both competitive differentiation, like our 5G expansion in the UK that's being fueled by the recent spectrum purchases, and value creation, like our agreement with Proximus to rationalize fixed networks in Belgium, which I'll cover off in just a moment.

These include of course, there'll be telecom, where we're focused on driving commercial momentum and our broadband and mobile businesses and most importantly, finding ways to unlock the intrinsic value of these companies for the benefit of shareholders and I'll get into that a bit more on the next slide.

Of course that starts with operating performance and as Youll see despite intense competition, we had a strong third quarter with sequential improvement in broadband net adds across all four markets for example.

Importantly, our networks are proving to be critical sources of both competitive differentiation like our <unk> expansion in the U K, that's being fueled by the recent spectrum purchases.

And value creation like our agreement with proximate to rationalize stick networks in Belgium, which I'll cover off in just a moment.

And you'll hear a few times today.

Mike Fries: Now, a theme you will hear a few times today is lowering leverage and strengthening our balance sheet at Liberty Telecom. Charlie and his team have worked tirelessly this year to strengthen the balance sheet, beginning with refinancing over EUR 9 billion of 2028 maturities, particularly in the UK and NL at very reasonable credit spreads. That includes a debt financing we just announced that funds the fiber rollout in Belgium while de-leveraging Telenet, our ServCo in the market. Charlie will dig into that. Turning to Liberty Growth, which includes our investments in media infrastructure and tech that today total EUR 3.4 billion, by the way, provide a source of capital to drive future value creation. This is a highly concentrated portfolio where the top six investments comprise over 80% of the value.

Is lowering leverage and strengthening our balance sheet at Liberty Telecom that Charlie and his team have worked tirelessly this year to strengthen the balance sheet, beginning with refinancing over 9 billion in 2028 maturities, particularly in the U K and then al at very reasonable credit spreads and that includes the debt financing, we just announced that funds.

The fiber rollout and Belgium, while deleveraging telenet our share of co in the market and Charlie will dig into that.

That's certainly the Liberty growth, which includes our investments in media infrastructure and tech that today totaled $3 4 billion and by way provide a source of capital to drive future value creation. This is a highly concentrated portfolio, where the top six investments comprised over 80% of the value. We're still targeting 500 to 750 million of noncore asset sales.

Mike Fries: We're still targeting $500 to 750 million of non-core asset sales from the portfolio. As I mentioned on our last call, we're not going to rush this and price bad deals in the process. We have generated proceeds of $300 million year to date when you include the partial sale of our ITV stake last week. We are well on our way. Of course, one of the bigger portfolio companies is Formula E, which heads into season 12 in December with significant tailwinds, including double-digit growth in revenue, fans, and viewers last year, a knockout calendar of 18 races, and the public reveal of the Gen4 car, which debuts a year from now and doubles the max power of what is rapidly becoming the coolest car in racing. We'll highlight in just a few slides our data center investments.

From the portfolio and as I mentioned on our last call, we're not going to rush this and price bad deals in the process, but we have generated proceeds of $300 million year to date. When you include the partial sale of our ITV stake last week. So we're well on our way of course, one of the bigger portfolio companies just formula E, which heads into season 12 in December was significant.

Tailwind, including double digit growth in revenue fans and viewers last year, a knockout calendar of 18 races, and the public reveal of the Gen four car, which debuts a year from now and doubles the Max power of what is rapidly becoming the coolest car racing.

And we will highlight in just a few slides our data center investments with the boom in AI infrastructure. We believe we have a tiger by the tail as I say with over 1 billion in assets today and growing and finally the quarter brought some great progress at Liberty services, where we manage large and profitable tech and financial platforms and at.

Mike Fries: With the boom in AI infrastructure, we believe we have a tiger by the tail, as they say, with over $1 billion in assets today and growing. Finally, the quarter brought some great progress at Liberty Services, where we manage large and profitable tech and financial platforms, and at our corporate level, where we are in the midst of reshaping the operating model. I think the big news here is that we are improving for the second time this year our guidance for net corporate cost in 2025. We started the year forecasting around $200 million of net corporate cost. In Q2, we improved that to $175 million. Now we're improving it further to $150 million for this year.

Our corporate level, where we are in the midst of reshaping the operating model I think the big news here is that we are improving for the second time this year our guidance for net corporate costs in 2025.

We started the year forecasting around $200 million net corporate costs in the second quarter, we improved that to $175 million and now we are improving it further to 150 million for this year.

Perhaps even more importantly, we see visibility in 2026 to just $100 million of net corporate costs and this is a hot button for us as most analysts reduce their target price for our stock, but I think eight to $10 per share just related to that 200 million at corporate spend these.

Mike Fries: Perhaps even more importantly, we see visibility in 2026 to just $100 million of net corporate costs. This is a hot button for us, as most analysts reduce their target price for our stock by I think $8 to 10 dollars per share just related to that $200 million net corporate spend. These announcements today should dramatically improve our valuation narrative, and you can bet we'll be pounding the table on it starting right after this call. I think Charlie will also address it. Lastly, on this slide, we note that we're forecasting $2.2 billion of cash at the holding company at year-end, assuming just the $300 million of asset sales year to date. The next slide provides an update on our strategic plan to unlock value for shareholders, and I guess this is the key takeaway today.

These announcements today should dramatically improve our valuation narrative and you can bet, we'll be pounding the table on it starting right. After this call.

He will also address it.

Lastly on this slide we know that we're forecasting $2 2 billion of cash at the holding company at year end, assuming just the $300 million of asset sales year to date.

Now the next slide provides an update on our strategic plan to unlock value for shareholders and I guess this is the key takeaway today first.

Let me reiterate what we laid out on our second quarter call back in August following the continued success of the Sunrise spin off about a year ago, we remain committed to pursuing similar transactions that would further unlock value for shareholders. As may include the separation of one or a combination of core operating businesses you see on this slide actually.

Mike Fries: First, let me reiterate what we laid out on our Q2 call back in August. Following the continued success of the Sunrise spin-off about a year ago, we remain committed to pursuing similar transactions that would further unlock value for shareholders. This may include the separation of one or a combination of core operating businesses you see on this slide, actually, through a spin-off tracking stock listing or similar equity capital markets transaction. I imagine many of you still own or follow Sunrise. The stock has performed well and trades around 8 times EBITDA with an 8% dividend yield today. Looking back on that deal, I think four key factors laid the groundwork for its success. Number 1, Switzerland is a largely rational telecom market.

Do a spinoff tracking stock listing or similar equity capital markets transaction.

I imagine many of you still own a follow Sunrise. The stock has performed well and trades around eight times EBITDA with an 8% dividend yield today.

Looking back on the ideal.

I think for key factors laid the groundwork for its success number one.

Switzerland is a largely rational telecom market.

Number two sunrise had a less levered balance sheet, thanks to our capital contribution at around four five times on the date of the spinoff number.

Mike Fries: Number two, Sunrise had a less levered balance sheet, thanks to our capital contribution at around 4.5x on the date of the spin-off. Number three, Sunrise has a clear network strategy and CapEx profile. Number four, Sunrise has a solid free cash flow story that it supports a progressive dividend policy. That was the formula: strong balance sheet, a rational market, and a predictable path to stable or growing free cash flow. Now, it won't surprise you to learn that this looks a lot like the things we are working on in the Benelux. For example, at VodafoneZiggo, we've installed a new team with a winning plan that is built around generating long-term free cash flow in a largely three-player market, and we have now refinanced something like 80% of the 2028 maturities, with the remainder targeted for this quarter or early next year.

Number three <unk> is a clear network strategy and Capex profile.

And number four summarizes a solid free cash flow story that supports a progressive dividend policy that was the formula strong balance sheet irrational market in a predictable path to stable or growing free cash flow. It won't surprise you to learn that this looks a lot like the things we are working on in the Benelux for example, epitope on <unk>, we've installed a new team.

With a winning plan that is built around generating long term free cash flow largely three player market.

And we have now refinanced something like 80% of the 'twenty 'twenty eight maturities with the remainder targeted for this quarter or early next year in.

In Belgium, we were even farther along our recently announced agreement with proximate, which is currently being market tested by the regulator rash.

Mike Fries: In Belgium, we are even farther along. Our recently announced agreement with Proximus, which is currently being market tested by the regulator, rationalizes the build-out and wholesale monetization of fiber in a large part of Flanders, with really only one network in 65% of the market. On the back of this, we just announced a EUR 4.35 billion financing for our NetCo there, which we call Wyre, which fully funds the build-out of fiber and allows us to reduce leverage at the Telenet ServCo, including all 2028 maturities. Even more exciting, we're in the early marketing stages of selling a significant stake in Wyre. Now, this is an increasingly common value creation strategy in Europe, as you know, with the proceeds used to further deleverage our Telenet ServCo to about 4.5x.

Rationalize the Buildout and wholesale monetization of fiber and a large part of Flanders with really only one network and 65% of the market.

On the back of this we just announced a $4 5 billion euro financing for our net go there, which we call wire, which fully funds the build out of fiber and allows us to reduce leverage at the telenet serco, including all of 2028 maturities.

Even more exciting we are in the early marketing stages of selling a significant stake in wire and this is an increasingly common value creation strategy in Europe as you know with the proceeds used to further deleverage our telenet serve go to about four five times, that's going to take a quarter or two to finalize all of these steps, but were feeling more and more encouraged about the Pos.

Mike Fries: Now, it's gonna take a quarter or two to finalize all of these steps, but we're feeling more and more encouraged about the possibilities in this region for a value unlock in the timeframe that we articulated. Now, of course, we continue to work on other ideas which we'll update you on in time. As I said last quarter, all of the operating businesses or assets you see on this slide, and some that aren't even shown, can be singled out or combined with one another to achieve a value unlock transaction. Stay tuned. Now, as I said, a key enabler of that strategic roadmap is ensuring that our operating companies are driving commercial momentum in what are increasingly competitive markets, right? The long-term goal here is generating meaningful free cash flow.

Abilities in this region for value and lock in the timeframe that we articulated.

Now of course, we continue to work on other ideas, which will update you on in tie in as I said last quarter all of the operating businesses or assets you see on this slide and some that aren't even shown can be singled out or combined for another to achieve a value unlock transactions so stay tuned.

Now as I said, a key enabler of that strategic roadmap.

Is ensuring that our operating companies are driving commercial momentum and what our increasingly competitive markets right in the long term goal here is generating meaningful free cash flow towards that end. Each opco has been implementing a series of commercial initiatives and network improvements that are starting to impact results positively. This next slide summarizes our hand.

Mike Fries: Now, towards that end, each OpCo has been implementing a series of commercial initiatives and network improvements that are starting to impact results positively. This next slide summarizes a handful of those initiatives which provide important context for the results that follow. Starting in the UK, where Lutz and the team have been busy across a number of fronts, including the recent rollout of our new pay TV and broadband bundles, which now include Netflix for free. That further differentiates us from the competition, in particular Altnets. Now, VMO2 is also redefining the flanker brand segment with the introduction of giffgaff broadband services that complement giffgaff's mobile leadership. We're rapidly transforming the O2 mobile network using the recently acquired spectrum to launch our first 5G Giga site. Plus, we announced the UK's first direct-to-cell satellite service with Starlink for what we call rural not spots.

Full of those initiatives, which provide important context for the results that follow starting in the U K, where lutz and the team have been busy across a number of fronts, including the recent rollout of our new pay TV and broadband bundles, which now include Netflix for free that further differentiate us from the competition in particular <unk> of BMO.

There's also redefining the flanker brand segment with the introduction of gift GAF broadband services that complement gift gaps mobile leadership.

And we are rapidly transforming the O T mobile network using the recently acquired spectrum to launch our first five Giga sites, plus we announced the Uk's first direct sell satellite service with Starling for what we call rule not spots. So a lot happening in the U K Stephen.

Stephen in the Vodafone zero team have completely reverse trend in the Dutch market delivering our lowest broadband churn we've seen since early 2023 and positive mobile net adds in the quarter a lots of things are working right here, including being the first to rollout two gigabit speeds nationwide with upgrades underway for a DOCSIS four eight gig launch.

Mike Fries: A lot happening in the UK. Stephen and the VodafoneZiggo team have completely reversed trends in the Dutch market, delivering the lowest broadband churn we've seen since early 2023 and positive mobile net adds in the quarter. Now, lots of things are working right here, including being the first to roll out 2 gigabit speeds nationwide, with upgrades underway for a DOCSIS 4 8 gig launch next year. We're also investing in the Vodafone brand on the back of the iPhone 17 launch. The how we will win plan that Stephen's developed is quickly becoming the why we are winning plan, which is exactly what we needed in this otherwise rational telecom market.

Next year.

We're also investing in the Vodafone brand on the back of the iPhone 17 launch so the how we will win plan that Steven's develop is quickly becoming the why we are winning plan, which is exactly what we needed in this otherwise rationale telecom market.

John Porter and the Telenet team have gone from strength to strength in Belgium in the last three quarters supported by doubling of broadband speeds for nearly a million customers their rollout in the south and our multi brand strategy in mobile and.

Mike Fries: John Porter and the Telenet team have gone from strength to strength in Belgium in the last 3 quarters, supported by doubling of broadband speeds for nearly 1 million customers, their rollout in the South, and a multi-brand strategy in mobile. The fiber upgrade in Ireland is proceeding at pace, with over 650,000 premises built now. Tony and the Virgin team are ramping up our wholesale business with Vodafone, Sky, and expanding their own reach to new off-footprint territories with fiber. Just to put a marker out there, with CapEx set to fall by 50% in the coming 2 years, we're planning for significant free cash flow out of the Irish business as well. Now, the results on the following slide illustrate this improvement.

And the fiber upgrade in Ireland is proceeding at pace with over 650000 premises built now and Tony divergent team are ramping up our wholesale business with Vodafone sky and expanding their own reach to new off footprint territories with fiber.

To put a marker out there with capex at the fall by 50% in the coming two years, we're planning for significant free cash flow out of the Irish business as well.

Now the results on the following slides illustrate this improvement.

Me wrong, we're in a dogfight everywhere, but we are fighting right back in differentiating our products and services attacking vulnerable competitors and driving better results each quarter.

Mike Fries: Don't get me wrong, we are in a dogfight everywhere, but we are fighting right back and differentiating our products and services, attacking vulnerable competitors, and driving better results each quarter. In fact, three out of our four markets, we've demonstrated improved sequential fixed and mobile subscriber results throughout the year and in Holland over the last two quarters. Again, at VMO2, our fixed churn initiatives, things like proactive management of the base and one-touch switching activity, are gaining traction and improving broadband performance in a very competitive market. Meanwhile, postpaid mobile subscriber performance has consistently improved quarter after quarter this year, including ARPU growth supported by pre to postpaid migrations and our loyalty plans. VodafoneZiggo reported its third straight quarterly improvement in broadband losses with another strong ARPU result and postpaid mobile adds were positive again, driven by the initiative described just a moment ago.

Three out of our four markets, we've demonstrated improved sequential fixed and mobile subscriber results throughout the year and in Holland over the last two quarters again at BMO to our fixed churn initiatives things like proactive management of the base and one touch switching activity are gaining traction and improving broadband performance in a very competitive market.

While postpaid mobile subscriber performance has consistently improved quarter over quarter this year, including ARPA growth supported by pre to postpaid migrations in our loyalty plan.

But if one zero reported its third straight quarterly improvement in broadband losses with another strong ARPA result in postpaid mobile adds were positive again driven by the initiatives described just a moment ago.

Telenet maintained positive broadband net add momentum for the second quarter running driven by successful cross sell campaigns, including back to school, while fixed ARPA growth was supported by price adjustments at the implemented during the second quarter.

Mike Fries: Telenet maintained positive broadband net add momentum for the Q2 running, driven by successful cross-sell campaigns, including back to school, while fixed ARPU growth was supported by price adjustments that they implemented during the Q2. Postpaid net adds in Belgium were negative despite a strong performance on the base brand, while mobile postpaid ARPU continues to show pressure from the competitive environment. In Ireland, Virgin Media's broadband base was largely flat, with aggressive fiber offers in the market driving higher churn and impacting fixed ARPU. Postpaid net adds, on the other hand, remained strong and that's supported by a EUR 15 for life offer launched in May, boosting gross adds. Charlie will walk through our financial results that are tied to these numbers in just a moment.

They net adds in Belgium, where negative despite our strong performance on the base brand, while mobile postpaid ARPA continues to show pressure from the competitive environment and in Ireland Virgin Media's broadband base was largely flat with aggressive fiber offers in the market driving higher churn and impacting fixed ARPA postpaid net adds the other hand remained strong and that supported by 15 Euro for life.

Launched in May boosting gross adds so Charlie will walk through our financial results that are tied to these numbers in just a moment.

Let me first and Liberty growth, but now you're hopefully more familiar with the components of our portfolio, which as I mentioned increased in value to $3 4 billion at Q3 at around $10 per share.

Mike Fries: Let me first turn to Liberty Growth, and by now you're hopefully more familiar with the components of our portfolio, which as I mentioned, increased in value to $3.4 billion at Q3. That's around $10 per share. As you can see here, 45% of the value or about $1.5 billion consists of premium media, sports, and live events businesses, which we and most everyone else these days see as great long-term investment strategies. Another 40% is in digital infrastructure, which I'll dig into a bit more in the next slide. Then most of the balance resides in our tech portfolio, which consists largely of venture capital investments in companies, many that are leading the way in AI, cloud, and cybersecurity.

As you can see here, 45% of the value or about $1.5 billion consists of premium media sports and live events businesses, which we and most everyone else. These days.

He has great long term investment strategies.

Another 40% is in digital infrastructure, which I'll dig into a bit more on the next slide and then most of the balance resides in our tech portfolio, which consists largely of venture capital investments in companies. Many that are leading the way in AI cloud and cyber security now well it might appear like a complicated and diversified mix of investments from the outside.

Mike Fries: While it might appear like a complicated and diversified mix of investments from the outside, as I said earlier, it's important to remember that 6 of these deals comprise over 80% of the portfolio's value today. You can see them listed at the bottom of the page. Things like a controlling interest in Formula E, which I spoke about, and our remaining 5% of ITV, for example, and the two largest assets in our digital infrastructure vertical, which I'm going to highlight on the next slide. Both of these infrastructure investments are substantial, adding up to over $1 billion of value for us today, and they've performed extremely well, especially in the current environment where the development of AI infrastructure seems to have exploded. We're thrilled to own a minority interest in EdgeConneX.

I said earlier, it's important to remember that six of these deals comprised over 80% of the portfolio's value. Today, you can see them listed at the bottom of the page things that could controlling interest in formula E, which I spoke about in our remaining 5% of ITV for example, and the two largest assets in our digital infrastructure vertical, which I'm going to highlight on the next slide.

Both of these infrastructure investments are substantial.

Adding up to over $1 billion of value for us today, and they performed extremely well, especially in the current environment, where the development of AI infrastructure seems to have exploded.

We're thrilled to own a minority interest in edge connect it's a global data center platform control by EQT and focused on Hyperscale or a crossover 60 tier one markets in 20 countries around the world.

Mike Fries: It's a global data center platform controlled by EQT and focused on hyperscalers across over 60 Tier 1 markets in 20 countries around the world. We first invested in this company back in 2015. It was much smaller. We have a net $150 million invested today. The good news is that we've already taken $50 million off the table, and our residual stake is conservatively valued at over $500 million. That equates to a 30% IRR over the last decade. On the right, you'll see our 50/50 JV called AtlasEdge, which is a regional data center provider focused on Tier 2 markets. The company has strong positions in Germany, Austria, and Iberia and is seeking to expand capacity to 180 MW.

When we first invested in this company back in 2015, it was much smaller and.

And we have a net 150 million invested today and the good news is that we've already taken $50 million off the table and our residual stake is conservatively valued at over 500 million that equates to a 30% IRR over the last decade.

On the right you'll see our 50 50, JV called Atlas edge, which is a regional data center provider focused on tier two markets. The company has strong positions in Germany, Austria, and Iberia and is seeking to expand capacity to 180 megawatts.

We have a net investment here of about $345 million, we've had our interest valued by third parties at around 600 million today again.

Mike Fries: We have a net investment here of about $345 million, and we've had our interest valued by third parties at around $600 million today. Both of these companies find themselves in the middle of multiple AI infrastructure and data sovereignty projects, and we are focused on driving continued growth right now in what is an increasingly hot space. I look forward to your questions on all of this, but let me first turn it over to Charlie to walk through Liberty Services and our numbers. Charlie.

Are these companies find themselves in the middle of multiple AI infrastructure and data sovereignty projects and we are focused on driving continued growth right now and what is an increasingly hot space. So I look forward to your questions on all of this but let me first turn it over to Charlie to walk through Liberty services in our numbers Charlie.

Thanks, Mike turning now to Liberty services and Cobra on the left hand side of the slide is an overview of our central services, which focus on three core activities.

Charlie Bracken: Thanks, Mike. Turning now to Liberty Services and Corporate. On the left-hand side of the slide is an overview of our central services, which focus on three core activities. Our corporate group provides strategic management and advisory services in operating and managing financial and human capital, as well as technology strategies and investment. Liberty Tech focuses on the delivery of scaled tech solutions, particularly in entertainment and connectivity platforms, as well as cybersecurity for our telecoms companies. Liberty Blume develops and provides tech-enabled back-office solutions, not just to companies within the Liberty Global family, but also increasingly to third parties. We are reinvesting these tech-enabled efficiencies within Liberty Blume to drive 20% plus organic revenue growth in 2025.

Cooper Group provides strategic management and advisory services in operating and managing financial and human capital as well as technology strategies and investment.

Liberty Tech focuses on the delivery of scale Tech solutions, particularly in entertainment and connectivity platforms as well as cyber security for our telecoms companies.

Liberty Bloom develops and provides tech enabled back office solutions not just the companies within the Liberty Global family, but also increasingly to third parties.

We are reinvesting these tech enabled efficiencies within Liberty Bloom to drive, 20% plus organic revenue growth in 2025.

During the third quarter, we undertook a significant reshaping exercise around both liberty corporate and Liberty Tech to drive cost efficiencies going forward.

Charlie Bracken: During the Q3, we undertook a significant reshaping exercise around both Liberty Corporate and Liberty Tech to drive cost efficiencies going forward and make both organizations more agile and well-positioned for the future. Starting with Liberty Corporate, we undertook both voluntary and involuntary redundancy schemes, which have reduced headcount by around 40%, with 90% of those leaving by year-end. In Liberty Tech, we can continue to leverage our successful emphasis partnership with 4 years of proven track record to help secure additional efficiencies and simplification savings. We expect both the Corporate and Liberty Tech initiatives to drive around $100 million of annualized cost savings. Bringing all this together, you will recall that we began the year guiding to less than -$200 million of adjusted EBITDA, and we've already upgraded this to around $175 million of EBITDA at Q2.

Most organizations more agile and well positioned for the future.

Starting with Liberty corporate we undertook both voluntary and involuntary redundancy schemes, which have reduced headcount by around 40% with 90% of those leaving by year end.

And then Liberty Tech, we can continue to leverage our successful emphasis partnership with four years of proven track record to help secure additional efficiencies and simplification savings.

We expect both the corporate and Liberty Tech initiatives to drive around $100 million of annualized cost savings.

Bringing all this together you will recall that we began the year guiding to less than 200 million of negative adjusted EBITDA.

And we've already upgraded this to around $175 million of EBITDA at Q2.

We're pleased to reduce this further for 2025 to around $150 million of negative adjusted EBITDA supported by the India benefits of our corporate reshaping programs now, perhaps more importantly, turning to the fully annualized impact once we see the benefits of this reshaping annualized from 2026, we expect our corporate adjusted EBITDA.

Charlie Bracken: Now, we're pleased to reduce this further for 2025 to around -$150 million of adjusted EBITDA, supported by the in-year benefits of our corporate reshaping programs. Now perhaps more importantly, turning to the fully annualized impact. Once we see the benefits of this reshaping annualized from 2026, we expect our corporate adjusted EBITDA to broadly halve to around $100 million. From there, we still see scope for further improvement as we evolve our operating model through additional third-party revenues, advisory fees, and management services agreements alongside the scope for further cost optimization.

Broadly half to around $100 million.

And from that we still see scope for further improvement as we evolve our operating model through additional third party revenues advisory fees, a management services agreement alongside the scope for further cost optimization.

So to put this in context at the beginning of the year and the average analysts some of the parts valuation there was around $10 per share negative impact based on the capitalization of these corporate costs, which was typically around 12 to 14 times enterprise value to operating free cash flow.

Charlie Bracken: To put this in context, at the beginning of the year and the average analyst sum of the parts valuation, there was around -$10 per share impact based on the capitalization of these corporate costs, which was typically at around 12x to 14x enterprise value to operating free cash flow. We now expect the run rate of -corporate cost to essentially halve versus the start of the year going forward, which would drive a significant reduction, around half, of this discount in our analyst valuation. We would also argue that an EBITDA multiple more in line with the telco comparables, which is much lower, is the right way to value these costs, which would further reduce the impact. Moving to the treasury slide.

We now expect the run rate of negative corporate cost to essentially halve versus the start of the year going forward, which should drive a significant reduction around half of this discount in our analyst valuation and we would also argue that in EBITDA multiple more in love with a telco comparables, which is much lower is the right way to value these costs, which would further.

The reduce the impact.

Moving to the Treasury slide we've been extremely proactive year to date and through Q3 and dealing with our 2028 maturities and what has been a favorable overall high yield market in particular in the bond market.

Charlie Bracken: We've been extremely proactive year-to-date and through Q3 in dealing with our 2028 maturities in what has been a favorable overall high yield market, in particular in the bond market. Overall, we've successfully refinanced close to $6 billion across our credit silos year-to-date, and this actually increases to $9 billion if you include the underwritten Wyre financing that Mike has already discussed. At Virgin Media O2, using existing benchmark financings, we were able to complete mainly private tap transactions amounting to $1.4 billion, bringing to total refinancing year-to-date at Virgin Media O2 to over $3 billion, which leaves us only with around $100 million of outstanding 2028 maturities. VodafoneZiggo, we issued just under $1 billion of senior secured notes during Q3, leaving us with around $500 million of outstanding 2028 maturities.

Overall, we successfully refinanced close to 6 billion across our credit silos year to date and this actually increases to $9 billion. If you include the underwritten waffen answering but Mike has already discussed.

Our budget meter or two using existing benchmark financings, we were able to complete mainly private tap transactions amounting to $1 4 billion, bringing the total refinancing year to date at badger meter or two to have a $3 billion, which leaves us only with around $100 million of outstanding 2028 maturities Vodafone.

But if it is ago, we issued just under $1 billion of senior secured notes during Q3, leaving us with around $500 million of our spending in 2028 maturities.

And I tell them that we've already completed $600 million of financings year to date and have recently secured a euro 4.35 billion underwritten facility for awhile now this will allow us to significantly refinance toner overall and formerly separate the water and telenet circa capital structures and in the process, we pay all the 2028 maturities.

Charlie Bracken: At Telenet, we've already completed $600 million of financings year-to-date and have recently secured a EUR 4.35 billion underwritten facility for Wyre. This will allow us to significantly refinance Telenet overall and formally separate the Wyre and Telenet ServCo capital structures, and in the process, repay all the 2028 maturities. All of this proactive refinancing activity has significantly reduced our 2028 maturities and has actually maintained our average life of our debt at close to 5 years and are broadly comparable credit spreads versus our historic levels. Turning to the next slide. We remain committed to our capital allocation model and strategy to both replenish our cash balance while also rotating capital into higher growth investments and strategic transactions.

Now all of this proactive refinancing activity has significantly reduced our 2020 and maturities and is actually maintained an average life of our debit close to five years.

The broadly comparable credit spreads versus our historic levels.

Turning to the next slide we remain committed to our capital allocation model and strategy to replenish our cash balance while also rotating capital into higher growth investments and strategic transactions.

Starting with cash generation, we continue to see free cash flow in line with our expectations I set out for the year across our op Cosan jb's.

Charlie Bracken: Starting with cash generation, we continue to see free cash flow in line with our expectations as set out for the year across our OpCos and JVs. As has been the case in previous years, we expect the JV dividends to be largely paid in Q4, given the free cash flow phasing of Virgin Media O2 and VodafoneZiggo. Across all the OpCos, CapEx remains elevated, primarily driven by extensive 5G rollout in the UK, Belgium, and Holland. Also fiber investment is ramping in Belgium, and we continue to invest in Virgin Media O2's Fibre Up and Virgin Media Ireland's Fiber to the Home program. This is along with our DOCSIS upgrade path in Holland. Turning to our cash walk in the bottom right.

As has been the case in previous years, we expect the JV dividends to be largely paid in Q4, given the free cash flow phasing of badger meter or two of them go depends again.

Across all the op Cos Capex remains elevated primarily driven by extensive <unk> rollouts in the U K, Belgium and Holland.

And also fiber investment is ramping in Belgium, and we continued to invest in Virgin media ROE twos fiber App on Virgin Media Islands fiber to the home program.

This along with our DOCSIS upgrade path and Holland.

Turning to our cash walk on the bottom right. Our consolidated cash balance was $1 $8 billion at the end of Q3 with an additional $118 million received since then with a partial ITV stake disposal in October.

Charlie Bracken: Our consolidated cash balance was $1.8 billion at the end of Q3, with an additional $180 million received since then, with a partial ITV stake disposal in October. During Q3, we saw modest investments into Liberty Growth of $77 million, which was primarily Formula E and AtlasEdge, and spent $56 million on our buyback program. We're currently tracking towards a buyback of around 5% of shares outstanding for 2025. Moving to the Liberty Growth walk. The fair market value of our Liberty Growth portfolio remains stable versus Q2 at $3.4 billion. This was primarily driven by the investments in Formula E and AtlasEdge, offset by the partial disposal of our Airalo stake and a small fair market value reduction in our Liberty Tech portfolio. Turning to the key financials on the next slide.

During Q3, we saw modest investments into liberty growth of $77 million, which was primarily formulary and our message and spend $56 million on our buyback program.

Currently trucking towards a buyback of around 5% of shares outstanding for 2025.

Moving to the Liberty gross walk the fair market value of our Liberty gross portfolio remained stable versus Q2 of $3 4 billion. This.

This was primarily driven by the investments in formulary and Alice edge offset with a partial disposal of our stake in our school fair market value reduction and all of the tech portfolio.

Turning to the key financials on the next slide Virgin media or two delivered a modest revenue decline of 1% excluding the impact of handset sales next fiber construction revenues and two months of Daisy contribution.

Charlie Bracken: Virgin Media O2 delivered a modest revenue decline of 1%, excluding the impact of handset sales, nexfibre construction revenues, and 2 months of Daisy contribution. This was driven by declines in our B2B revenues, which were offset by growth in our consumer businesses. Adjusted EBITDA at Virgin Media O2 continued to grow at 2.7%, supported by cost discipline and lower cost to capture year on year. Moving to VodafoneZiggo, we saw revenue decline of 4%, largely driven by the decline in ongoing repricing of our fixed customer base. Adjusted EBITDA was impacted by the revenue declines and commercial initiatives supporting the new strategic plan. Telenet revenue and adjusted EBITDA growth were both impacted by a positive deferred revenue benefit in the prior year of $18 million.

This was driven by declines in <unk> revenues, which were offset by growth in our consumer businesses.

Adjusted EBITDA at Bossier meter or to continue to grow at two 7% supported by cost discipline and lower cost a catch up year on year.

$600 million of financings year to date and have recently secured a euro 435 billion underwritten facility for awhile now this will allow us to significantly refinance telenor overall, and formerly separate the water and telenet circa capital structures and in the process, we pay all the 2028 maturities.

Maybe it's about a month ago, we saw revenue decline of 4% largely driven by the decline in ongoing repricing about fixed customer base.

Adjusted EBITDA was impacted by the revenue declines and commercial initiatives supporting the new strategic plan.

Total net revenue and adjusted EBITDA growth were both impacted by positive deferred revenue benefit in the prior year of $18 million. In addition revenue growth was also impacted by the decision not to renew Belgium sports rights, which was more than offset by associated lower programming costs.

Now or this proactive refinancing activity has significantly reduced our 2028 maturities and there's actually maintained an average life of our debt at close to five years and are broadly comparable credit spreads versus our historic levels.

Charlie Bracken: In addition, revenue growth was also impacted by the decision not to renew Belgian sports rights, which was more than offset by associated lower programming costs. Turning to our guidance slide, we are updating 2 items of guidance. Firstly, Virgin Media O2 revenue guidance, where we are confirming growth in the consumer and wholesale revenues. Given the Daisy transaction was completed during Q3 and the creation of O2 Daisy, we are currently reviewing the impact of Daisy on B2B reporting, but can confirm our previous guided M&A impact from Daisy of around GBP 125 million of revenue in 2025. Secondly, as discussed previously, we are improving our Liberty Global Services and corporate adjusted EBITDA guide to $150 million in 2025. All other OpCo guidance remains unchanged.

Turning to the next slide we remain committed to our capital allocation model and strategy to replenish our cash balance while also rotating capital into higher growth investments and strategic transactions.

Turning to our guidance slide we're updating two items of guidance.

Firstly Virgin media to revenue guidance, where we are confirming growth in the consumer and wholesale revenues, but given the Daisy transaction was completed during the third quarter and the creation of our two Daisy. We're currently reviewing the impact of Daisy on B to B reporting, but can confirm our previous guided M&A impact from Daisy of around 125 million pounds of revenue.

Starting with cash generation, we continued to see free cash flow in line with our expectations as set out for the year across our op Cosan jb's.

As has been the case in previous years, we expect the JV dividends to be largely paid in Q4, given the free cash flow phasing a bunch of media to them by depends again.

In 2025.

And secondly, as discussed previously we are improving our Liberty Global services and corporate adjusted EBITDA guide to $150 million in 2025.

Across all the op Cos Capex remains elevated primarily driven by extensive fiber rollouts in the U K, Belgium and Holland.

All other <unk> guidance remains unchanged.

And also fiber investment is ramping in Belgium, and we continue to invest in Virgin media ROE twos fiber App on Virgin Media Islands fiber to the home program.

Now that concludes our prepared remarks for Q3, and I'd like to hand over to the operator for <unk>.

Charlie Bracken: That concludes our prepared remarks for Q3, and I'd like to hand over to the operator for the questions and answers.

The questions and answers.

Along with our DOCSIS upgrade path and Holland.

The question and answer session will be conducted electronically.

Turning to our cash walk in the bottom right. Our consolidated cash balance was $1 $8 billion at the end of Q3 with an additional $180 million received since then with a partial ITV stake disposal in October.

Operator: The question and answer session will be conducted electronically. If you would like to ask a question, please do so by pressing the star or asterisk key, followed by the digit one on your phone. In order to accommodate everyone, we request that you ask only one question. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. We will pause for just a moment to give everyone an opportunity to join the queue. The first question comes from the line of Maurice Patrick with Barclays. Please go ahead.

I would like to ask a question. Please do so by pressing the star or actress key followed by the digit one on your phone.

Order to accommodate everyone. We request that you ask only one question.

During Q3, we saw modest investments into liberty growth of $77 million, which was primarily formulary and Alice edge is.

If you are using a speaker phone. Please make sure. Your mute function is turned off to allow your signal to reach our equipment.

About $56 million on our buyback program.

Trucking towards a buyback of around 5% of shares outstanding for 2025.

Well pause for just a moment to give everyone an opportunity to join the queue.

Moving to the Liberty gross walk the fair market value of our Liberty gross portfolio remained stable versus Q2 of $3 $4 billion.

This was primarily driven by the investments in formulary and Atlas edge offset with a partial disposal of our stake in our school fair market value reduction and all of the tech portfolio.

The first question comes from the line of Maurice Patrick with Barclays. Please go ahead.

Yes, thanks, guys for taking the questions on the call today and congrats Mike.

Turning to the key financials on the next slide Virgin media or two delivered a modest revenue decline of 1% excluding the impact of handset sales next public construction revenues and two months of Daisy contribution.

Maurice Patrick: Yeah, thanks guys for taking the questions and the call today, and congrats, Mike, on the new role. Just maybe a question given the topical FT article this morning around Netomnia in the UK. I wouldn't expect you to comment on that transaction, but maybe a good opportunity, Mike, ahead of Telefónica's CMD next week to talk a little bit about your outlook and view on investments in the UK, specifically around the fiber side. You know, whether you, the NetCo sale plan could still be resurrected. Your view around buy versus build and the cost. You've always said you'd consider buying if the cost was comparable to your own build cost. How your thoughts are evolving there would be very helpful. Thank you.

No.

Just maybe a question given the topical Xi'an school. This morning around that's omnia in the U K I wouldn't expect you to comment on that on that transaction, but maybe a good opportunity. Mike ahead of Telefonica is C&I.

This was driven by declines in all <unk> revenues, which were offset by growth in our consumer businesses.

Adjusted EBITDA Belgian media or to continue to grow at two 7%.

<unk> next we just talk a little bit about your outlook in view of investments in the U K, specifically around the harvest knowledge with you.

Voted by cost discipline, and lower cost of catch up year on year.

Maybe it's about dependency Guy we saw revenue decline of 4% largely driven by the decline in ongoing repricing about fixed customer base.

So.

And you could still be.

Resurrected.

You'll you'll view around buying versus building the cost.

Adjusted EBITDA was impacted by the revenue declines and commercial initiatives supporting the new strategic plan.

You've always said you would consider buying your cost was comparable to your unbilled costs. How you all sorts of evolving that would be very helpful. Thank you.

Telenet revenue and adjusted EBITDA growth were both impacted by positive deferred revenue benefit in the prior year of $18 million. In addition revenue growth was also impacted by the decision not to renew Belgium sports rights, which was more than offset by associated lower programming costs.

Sure.

And we're not sure what.

Mike Fries: Sure. We're not sure what Telefónica will be addressing next week, obviously. We'll all find out. I think we've been consistent on the fiber point, at least through the course of this year, which is that, you know, we'll continue to upgrade our own fiber, and we're now reaching, you know, Lutz and his team have access to 8 million fiber homes through a combination of our own upgrade on the Virgin Media network and of course, the nexfibre footprint. We continue to, at least with our own homes and the Virgin Media side, continue to upgrade fiber and increase the footprint and the reach of that technology. That's point 1.

Telefonica will be addressing next week obviously.

I'll find out, but I think we've been consistent on the fiber point at least through the course of this year, which is that we will continue to upgrade our own fiber and we're now reaching lutenist team have access to 8 million fiber homes through a combination of our own upgrade on the Virgin Media network and of course, the net fiber footprint.

Turning to our guidance slide we're updating two items of guidance.

Firstly Virgin media to revenue guidance, where we are confirming growth in the consumer and wholesale revenues, but given the Daisy transaction was completed during the third quarter and the creation of O. Two Daisy. We're currently reviewing the impact of Daisy on BTB reporting, but can confirm our previous guided M&A impact from Daisy of around 125 million pounds of revenue.

So we continue to at least with our own homes and the Virgin media side continued upgrade fiber and increase the footprint and the reach of that technology. That's 0.1 0.2 is we've always stated and if you you know we are actually now one deal down with the up deal we did about a year or so ago. We've always stated that the market requires rationalize.

In 2025.

Mike Fries: Point 2 is we've always stated, and if you know, we are actually now one deal down with the Up deal we did, oh, about a year or so ago. We've always stated that the market requires rationalization, that alt nets, most of them, will find it difficult to continue doing what they're doing in the manner in which they're doing it, and we're supportive of opportunities to consolidate and rationalize the fixed network environment. I'm not commenting, as you suggested, on any particular deal. I would simply say, if you look at our history where we used nexfibre in the case of Up to begin the process of rationalizing, we're open-minded and open for business, if you will, for opportunities that would achieve just that.

And secondly, as discussed previously we are improving our Liberty Global services and corporate adjusted EBITDA guide to $150 million in 2025.

Nation that Alt nets, most of them will have found it difficult to to continue doing what theyre doing in the manner in which they are doing it and we're supportive of opportunities to consolidate and rationalize the the the fixed network environment period, So I'm not commenting as you suggested on any particular deal.

All other <unk> guidance remains unchanged.

Now that concludes our prepared remarks for Q3, and I'd like to hand over to the operator for questions and answers.

A question and answer session will be conducted electronically.

If you would like to ask a question. Please do so by pressing the star are asked risky followed by the digit one on your phone.

I would simply say if you look at our history, where we use next fiber in the case of up to begin the process of rationalizing. We are open minded and open for business. If you will are for opportunities that would achieve just that you know so so I think it's still a bit of a moving target everywhere, but where.

In order to accommodate everyone. We request that you ask only one question.

If you are using a speaker phone. Please make sure. Your mute function is turned off to allow your signal to reach our equipment.

Mike Fries: You know, I think it's still a bit of a moving target everywhere, but we're hopeful that, you know, in the next 6 months, things will start to settle, and we may or may not be part of those transactions that precipitate that settling.

For that.

The next six months things will start to settle and we may or may not be part of those transactions at that precipitate that settling.

Well pause for just a moment to give everyone an opportunity to join the queue.

Okay.

Thank you.

The first question comes from the line of Maurice Patrick with Barclays. Please go ahead.

Next question is from the line of.

Maurice Patrick: Thanks.

Operator: Thank you.

Mike Fries: Thanks, Maurice.

Hello Tang with UBS. Please go ahead.

Operator: The next question is from the line of Polo Tang with UBS. Please go ahead.

Yes, thanks, guys for taking the questions on the call today and congrats Mike on the on the Euro.

Yeah, Hi, Thanks for taking the question a quick question about the Dutch market and the improvement in terms of broadband that youre seeing there. So can you maybe just talk about competitive dynamics supposed to the broadband market, but also in terms of mobile.

Polo Tang: Yeah, hi. Thanks for taking the question. I've got a question about the Dutch market and the improvement in terms of broadband that you're seeing there. Can you maybe just talk about competitive dynamics both in the broadband market, but also in terms of mobile, and how confident are you that you can stabilize the broadband base in 2026? Will this come at the expense of further declines in terms of ARPU? Can you maybe also comment in terms of whether FWA is having any impact on the broadband market? Thanks.

Just maybe a question given the topical FTR school this morning around this.

How many.

The U K I wouldn't expect you to comment on that on that transaction, but maybe a good opportunity Mike ahead of Telefonica is.

Constant are you that you can stabilize the broadband base in 2026 and will this come at the expense of further declines in terms of RFP and can you. Maybe also comment in terms of whether F. W. E is having any impact on the broadband market. Thanks.

<unk> next we just talk a little bit about your outlook in view of the investments in the U K, specifically around the harvest knowledge with you.

Net.

And could still be.

It'd be resurrected.

Your view around buying versus building the cost.

Sure. That's a great question for you Stephen.

You've always had you considered buying either cost was comparable to your unbilled cost how you all sorts of evolving that would be very helpful. Thank you.

Mike Fries: Sure. That's a great question for you, Stephen.

Yes, Thank you Mike Steve.

Any questions you can can you can you hear me.

Stephen van Rooyen: Yeah. Thank you, Mike.

Mike Fries: Stephen. There you go.

Stephen van Rooyen: look, I've got three questions. Yeah. Can you hear me?

Sure.

Got it.

We're not sure what.

Mike Yes.

Polo Tang: Hello.

Telefonica will be addressing next week obviously.

Mike Fries: Got it.

So I think three questions. So first is stabilizing broadband adds.

Stephen van Rooyen: Mike? Yeah, got you. I think I have 3 questions. First is stabilizing broadband ads. We see the market is pretty competitive, although rational. We've set out a plan which we've spoken to about at length over the last 12 months, which is working. The heart of the plan is to get us back to broadband growth. That will take us, I think, the balance of next year, but that's what we're pushing towards. It's an uncertain journey because we can't predict what the competition will do, but certainly, we are pushing our plan forward. The heart of that plan is about bringing down churn.

Well find out but I think we've been consistent on the fiber point at least through the course of this year, which is that we will continue to upgrade our own fiber and we're now reaching Luton is team has access to <unk> 8 million fiber homes through a combination of our own upgrade on the Virgin Media network and of course, the net fiber footprint.

We see the market is pretty competitive.

Although rational.

We've.

Set out a plan, which we've spoken about at length over the last 12 months.

Which is working.

The heart of the plan is to get us back to broadband gross that will take us I think the balance of next year, but that's what we're pushing towards.

So we continue to at least with our own homes and the Virgin media side continued upgrade fiber and increased our footprint and the reach of that technology. That's 0.1 0.2 is we've always stated and we are actually now one deal down with the up deal we did about a year or so ago. We've always stated that the market requires rational.

And I'm sure.

Journey, because we call them to predict what the competition will do but certainly we are pushing our plan forward.

The heart of that plan is about bringing down churn youll have seen and we are pleased with how much we've been able to deal with the churn in our base and we will continue to push on with that through through the next year.

<unk> that Alt nets, most of them will find it difficult to continue doing what they're doing in the manner in which they are doing it.

Stephen van Rooyen: You'll have seen, we're pleased with how much we've been able to deal with the churn in our base, and we'll continue to push on with that through the next year. In mobile, I think it's as she was. I think there's a lot of activity, like most European markets, in the value segment. We're well-positioned there with Hollandsnieuwe, which has done pretty well for us. We think that there's more we can do in that space, and we'll continue to pursue that through 2026. On fixed wireless, look, I think it's a variable in the marketplace. It's probably a question more for Odido than for us.

We're supportive of opportunities to consolidate and rationalize the fixed network environment period, So I'm not commenting as you suggested on any particular deal.

In mobile I think it's it's actually was I think theres a lot of activity like most European markets in the value segment, we are well positioned there with holden's NEVA, which has done pretty well for us.

I would simply say if you look at our history, where we use next fiber in the case of up to begin the process of rationalizing. We are open minded and open for business. If you will for opportunities that would achieve just that so so I think it's still a bit of a moving target everywhere, but we're hopeful.

Think that there's more we can do in that space and we'll continue to pursue that through 2026.

And then on fixed wireless.

It is a variable in the marketplace, it's probably a question more for Dino than for us.

We're focusing on our plan, reducing our broadband losses getting up open back to growth.

Stephen van Rooyen: We're focusing on our plan, reducing our broadband losses, getting our broadband back to growth, and we've accommodated for that within our plan. I don't really have much to say about what's happening on fixed wireless there.

That in the next six months things will start to settle and we may or may not be part of those transactions at that precipitate that settling.

Accommodated for that within our within our plan so.

I don't really have much to say about what's happening on fixed wireless there.

Thank you Carlos.

Okay.

Mike Fries: Thank you, Polo.

Thank you.

The next question is from the line of Joshua <unk> with BNP Paribas. Please go ahead.

Thank you.

Operator: Thank you. The next question is from the line of Joshua Mills with BNP Paribas. Please go ahead.

Our next question is from the line of.

Polo Tang with UBS. Please go ahead.

Thanks, guys. My question is on the UK market and the competitiveness, we're seeing them. So much if you could give us a bit more color on what you're seeing on the ground.

Yes, hi, Thanks for taking the question a quick question about the Dutch market and the improvement in terms of broadband that youre seeing there. So can you maybe just talk about competitive dynamics spoke to the broadband market, but also in terms of mobile and how confident are you that you can stabilize the broadband base.

Joshua Mills: Thanks, guys. My question is on the UK market and the competitiveness we're seeing. I wonder if you could give us a bit more color on what you're seeing on the grounds. I note that the ARPU development this quarter for fixed line was negative, which may be expected, but perhaps disappointing following the 7.5% price increase in April. On B2B, I understand that there's some moving parts with the Daisy acquisition, but could you just give us an idea of what the underlying B2B growth would have been this quarter? Whether that's running ahead, below, in line with expectations, that'd be great. Thanks.

The <unk> development this quarter for fixed line was negative.

Which may be expected, but possibly supporting two following the seven 5% price increase in April.

In 2026 and will this come at the expense of further declines in terms of <unk> and can you. Maybe also comment in terms of whether F. W. E is having any impact on the broadband market. Thanks.

And then on B today.

Understand that there's some moving parts with the <unk> acquisition, but could you just give us an idea of what the underlying <unk> growth would have been this quarter.

That's running ahead or below in line with expectations that'd be great. Thanks.

Sure. That's a great question for you Stephen.

Lutz why don't you take the broadband and RP question and Charlie you can address the <unk> question.

Mike Fries: Lutz, why don't you take the broadband and ARPU question. Charlie, you can address the B2B question.

Yes, Thank you Mike Steve.

Any questions.

Can you can you hear me.

Yeah.

I mean, the market is the broadband market is very competitive as we speak.

Got it.

Lutz Schüler: Yeah. I mean, the broadband market is very competitive as we speak. On one hand side, you see offers already around GBP 20 for 1 gig from Altnet in the market per month. Openreach came with two promotions. I don't know if you're aware, but for copper to fiber migrated customer, you are paying to Openreach for the next 24 months, GBP 16 for 1 gig. This is one promotion. The other one is you don't pay anything when you migrate a fixed wireless access customer onto the fiber network of Openreach. Which leads to the fact that you see a very price-driven market. You see in the affiliate market, which is the most price-sensitive market, prices from Sky also and Vodafone around GBP 21 for 1 gig.

Mike Yes.

So I think three questions. So first is stabilizing broadband adds.

On one hand side you see offer is already around 20 pounds for one gig from augment in the market per months and then Openreach came with two promotions I don't know if you're aware, but for copper to fiber migrated.

We see the market is pretty competitive.

Although rational.

We've.

Set out a plan, which we've spoken to you about at length over the last 12 months.

Which is working.

At the heart of the plan is to get us back to broadband growth that will take us I think the balance of next year, but that's what we're pushing towards.

Customer you are paying to Openreach for the next 24 months 16 Collins.

For one gig so this one promotion and the other one is you don't pay anything when you migrate and fixed wireless access customer onto the fiber network of Openreach.

And I'm sorry, John.

Johnny because we call them to predict what the competition will do but certainly we are pushing our plan forward.

The heart of that plan is about bringing down churn youll have seen and we are pleased with how much we've been able to deal with the churn in our base and we'll continue to push on with that through through the next year.

Which leads to the fact that you see.

Very price driven market.

Hmm.

In the affiliate market, which is the most price sensitive markets prices from Sky also in Vodafone around 21 pounds for one gig.

In mobile I think it's it's actually was I think theres a lot of activity.

Most European markets in the value segment, we are well positioned.

How are we doing in this I think we are doing pretty well here because as you. All know we have the highest option in the market.

Okay.

Okay.

Lutz Schüler: How are we doing in this? I think we are doing pretty well here because, as you all know, we have the highest ARPU in the market. We have the customers who have the demand for the highest speed in the market. Yes, on one hand side, to now lower churn of our customers, we have offered prevention offers with some dip on ARPU. Obviously, we have to get our fair share in acquisition which leads to lower ARPU. In the scheme of things, losing only 28,000 customers and having only a dip of 1% of ARPU, we personally think is pretty good outcome within a pretty competitive market. Well, let's wait for the announcements of our competitors.

And we'll continue to pursue that through 2026.

And then on fixed wireless.

We have the customers.

It is a variable in the marketplace, it's probably a question more for data than for us.

Half the demand for the highest speed in the market and yes, a one hand side too now lower churn of our customers. We have offered prevention of us with <unk>.

We're focusing on our plan, reducing our broadband losses getting up I'll go back to growth.

We've accommodated for that within within our plan. So I don't really have much to say about what's happening on fixed wireless there.

Some deep on the offshore and also obviously, we have to get our fair share of acquisition with which lead to lower help you, but in the scheme of things, losing only 28000 customers and having only 1% of op you.

Thank you Carlos.

Thank you.

The next question is from the line of Joshua <unk> with BNP Paribas. Please go ahead.

We personally are things pretty good outcome, it within a pretty competitive market, but when let's wait for the announcements of our competitors.

Thanks, guys. My question is on the UK market and the competitiveness, we're seeing him. So I wonder if you could give us a bit more color on what youre seeing on the ground.

Okay. Thank you try you wanted us to be.

The <unk> development this quarter for fixed line was negative.

Mike Fries: Okay.

Yes, yes.

Operator: Thank you.

Mike Fries: Charlie, you want to address the B2B-

Charlie Bracken: Just Yeah, just, yes. Look, as you know, we closed O2 Daisy in the quarter. We've got a lot of work to do to try and reconcile accounting policies, the revised plans, because also, in fact, clean room. What we've been trying to do is say, look, the businesses that remain outside that perimeter, we still expect to see growth and have had growth year to date. The business that we've actually contributed into O2 Daisy, which is our fixed mobile B2B connectivity business, that has declined this year, you're right. We haven't actually broken that out and having to take that offline. I think what we need to do is now we've got this, not joint venture, but a, you know, a partnership.

Thank you Daisy and the quota and got a little work to do to try and reconcile accounting policies. The revised plans because of things like clean room. So so what we've been trying to do is say looking at the businesses that remain outside the perimeter, we still expect to see growth and have had growth year to date.

Which may be expected, but perhaps disappointing following a 75% price increase in April.

Then on B to B I D.

Understand.

The moving parts with the <unk> acquisition, but could you just give us an idea of what the underlying <unk> growth would have been this quarter.

Business that we've actually contributed into Ot, Daisy, which is a fixed and mobile will be to be connectivity business that has declined this year youre right, we havent broken that out and how would you say that all that offline.

That is running ahead supply in la.

With expectations started great. Thanks.

Lutz why don't you take the <unk>.

Broadband and <unk> question and Charlie you can address the <unk> question.

But I think what we need to do is now we've got this no joint venture, but our partnerships.

Yes.

By the end of Q4 results, we'll give you the the separate financials and obviously explain how the impact of that business is and how we think is going to grow in the future as well.

I mean, the market is the broadband market is very competitive as we speak.

Charlie Bracken: In the Q4 results, we'll give you the separate financials and obviously explain how, you know, the impact of that business is and how we think it's going to grow in the future as we finalize the integration plans.

On one hand side, you see offer us already around 20 pounds for one gig from augment in the market 10 months and then.

Finalize the integration plans.

Thanks, operator, thank you.

Mike Fries: Thanks, Operator.

Thank you. The next question is from the line of Robert Grindle with Deutsche Bank. Please go ahead.

Operator: Thank you. Thank you. The next question is from the line of Robert Grindle with Deutsche Bank. Please go ahead.

<unk> reach came with two promotions.

If you're aware but.

For copper to fiber migrated customer you are paying to openreach for the next 24 months 16 Collins.

Thanks, Thanks very much.

Graduations, John as long as my friends, the new position and I'd like to pick up on the.

Robert Grindle: Thanks. Thanks very much. Congratulations, John, as well as Mike, for his new position. I'd like to pick up on the central costs and valuation point, if I may. I suppose that's for Charlie. What would you say the costs are to drive the $100 million annualized savings at the center? Do you reckon it's like a 1-year payback period or longer? Is there any stock impact at all from all these redundancies and any CapEx which, you know, goes to offset the savings, or is effectively the $100 million a straight drop through? Thank you.

Central costs and valuation point, if I may I suppose for Charlie.

One gig so.

This one promotion and the other one is you don't pay anything when you migrate and fixed wireless access customer onto the fiber network of Openreach.

What would you say the costs are to drive the $100 million annualized savings at the center.

Do you reckon, it's like a one year payback period or longer is there any stock impact at all from all these redundancies on any capex, which goes to offset the savings there was effectively the $100 million straight drop through thank you.

<unk> leads to the fact that you see.

Very price driven market.

Hmm.

You see in the affiliate market, which is the most price sensitive market prices.

Sky also in wonderful and around 21 pounds for one gig.

It's sorry, it's a pretty good payback that job I mean, it's de Minimis capital, Yes, sorry is it it's a pretty good payback is de Minimis.

Charlie Bracken: Sorry. It's a pretty good payback.

Mike Fries: Go ahead, Charlie.

How are we doing this.

Charlie Bracken: I mean, it's de minimis CapEx. Yeah, sorry. It's a pretty good payback. It's de minimis CapEx, which is one of the reasons why I think an EBITDA multiple is perhaps a more appropriate way to look at it. If you do take the view that these are costs necessary to run a telco, we just scale them across a portfolio and indeed across our growth assets. I think, you know, whether it's the telco multiple, you know, what that is, but it's certainly along those lines in my mind. In terms of the cost to achieve it, there is some degree of restructuring, but broadly speaking, pays back within, I would say, less than 12 months. Very little frictional cost.

Hum.

Capex, which is one of these buckets and EBITDA multiple is perhaps a more appropriate way to look at it. If you do take the view that these are cost necessary to run a telco, which has scaled them across the portfolio and indeed across our gross assets I think whether it's the telco multiple.

I think we are doing pretty well here because.

As you all know we have the highest <unk> in the market.

We have the customers.

Half the demand for the highest speed in the market and yes, a one hand side too now lower churn of our customers. We have offered prevention of us with some depth on <unk> and also obviously, we have to get our fair share of acquisition with which lead to lower op you, but.

You know what that is but he said he alone those lines in my mind in terms of the cost to achieve it there was some degree of restructuring, but broadly speaking I thought within I would say less than 12 months.

So very little frictional cost.

In the scheme of things, losing only 28000 customers and having only a depth of 1% of op. You. We personally are things pretty good outcome it within a pretty competitive market, but when let's wait for the announcements of our competitors.

Thank you.

The next question is from the line of Nick Lyall with Aaron Berg. Please.

Operator: Thank you. The next question is from the line of Nick Lyall with Berenberg. Please go ahead.

Go ahead.

Yeah afternoon, everybody was just a very quick one please mike on the on slide four I'm just interested why.

Nick Lyall: Yeah, afternoon, everybody. Just a very quick one, please, Mike. On slide 4, I'm just interested why you've picked the Benelux markets first and maybe not VMO2 in the UK market. You know, is it simply just because of size? Are there any one of those 4 criteria that you just don't think it ticks the box on yet and maybe others are far closer to? Could you just maybe describe why that might be, please? Thank you.

Okay.

Pick the Benelux markets first and maybe not via move to in the U K market. You know is it simply just because of size or is there any one of those four criteria that you just don't think it ticks the box on yet and maybe others are far closer to could you just maybe describe why that might be please. Thank you.

Johnny you wanted us to BBB.

Yes, yes, yes.

To date in the quarter and got a little work to do to try and reconcile accounting policies.

<unk> plans because of things like clean room. So so what we've been trying to do is say look at the businesses that remain outside the perimeter.

Sure, Yeah, I think where we want to trend towards a sunrise type framework everywhere we operate.

Expense growth and have had growth year to date the business that we've actually contributed into OTT, Daisy, which is our fixed and mobile will be to be connectivity business that has declined this year, you're right. We haven't really broken that out and how would you say that all that offline.

Mike Fries: Sure. Yeah, I think we want to trend towards a Sunrise type framework everywhere we operate. I think there is a pathway to do that everywhere we operate. We seem to be making and are making meaningful progress in the Benelux for all kinds of reasons. Both Dutch market and the Belgium market are highly rational markets, closer to Switzerland than anything else, I would say. They have their own unique peculiarities around competition, but largely rational three-player markets. We've been able to attack the balance sheet, specifically in Belgium, where we've successfully created a NetCo and a ServCo there and have, you know, done the, are in the process of executing the classic move of putting more debt on the NetCo as it builds out. It's a higher quality credit.

And I think there is a pathway to do that everywhere. We operate we seem to be making and are making meaningful progress in the Benelux for all kinds of reasons, both Dutch market in the Belgian market are highly rational markets closer to Switzerland than anything else I would say they have their own unique appeal.

But I think what we need to do is now we've got this joint venture, but our partnership.

By the end of Q4 results, we'll give you the the separate financials and obviously explain the impact of that business is and how we think is going to grow in the future.

<unk> the integration plans.

He already is around competition, but largely rational three player markets.

We've been able to attack the balance sheet is specifically in Belgium, where we've successfully created a net co and to serve co there Ana.

Thanks, operator, thank you.

Thank you. The next question is from the line of Robert Grindle with Deutsche Bank. Please go ahead.

<unk> done the are.

In the process of executing the classic move of putting more debt on the <unk> as it builds out its a higher quality credit.

Thanks, Thanks, very much and congratulations John as long as my new.

New position.

I'd like to pick up on the.

Central costs and valuation point, if I may I suppose on for Charlie.

Now to tell you with the credit rating is of this $4 5 billion euro financing, but it's the first time, we've ever seen one I can promise you that.

Mike Fries: I'm not allowed to tell you what the credit reading is of this EUR 4.35 billion financing, it's the first time we've ever seen one. I can promise you that. Using the proceeds and the financing capabilities of a NetCo to delever the ServCo, which is the remaining core commercial business. Those combination of steps have been in the works for quite some time. You know, now we did and have attempted to do similar things in the UK, as somebody mentioned just a moment ago. I'm not suggesting we can't get to the same place in the UK at some point. It does appear like in particular in Belgium, we are on our way to executing on those four key measures.

What would you say the costs are to drive the $100 million annualized savings at the center.

And using the proceeds in the financing capabilities of an echo to Delever to serve co which is the remaining core commercial business.

Do you reckon, it's like a one year payback period or longer is there any stock impact at all from all these redundancies on any capex.

And those combination of steps had been in the works for quite some time and you know we did and have attempted to do similar things in the U K is a.

It goes to offset the savings there was effectively the $100 million straight drop through thank you.

Somebody mentioned, just a moment ago and not suggesting we can't get to the same place in the U K at some point.

Sorry, it's a pretty good payback that John I mean, its de Minimis capital, Yes, sorry is it it's a pretty good payback is de Minimis.

But it does appear like in particularly in Belgium, we are on our way to executing on those four key measures.

Capex, which is one of these but I think an EBITDA multiple is perhaps a more appropriate way to look at it. If you do take the view that these are cost necessary to run it.

And so that to us is worthy of highlighting and letting you know we're busy very busy in this part of the.

Mike Fries: That to us is worthy of highlighting and letting you know we're busy, very busy in this part of the platform and portfolio, and that if we, you know, made a commitment to make some decisions around these things, and I think more likely than not, we'll be making some decisions around this part of our business in the, you know, relatively near term, certainly within the timeframe that we've outlined. We hope in all of these markets, you know, Ireland, I mentioned, is gonna have a massive reduction in CapEx. It's gonna start generating free cash. It's small. Certainly Virgin Media Ireland looks and will tick the box on many of these particular metrics.

Telco would you scale them across the portfolio and indeed across our gross assets I think whether it's the telco multiple what that is but he said he alone those lines in my mind in terms of the cost to achieve it there was some degree of restructuring, but broadly speaking pays back within I would say less than 12 months.

Of the platform and portfolio and that if we.

Made a commitment to make some decisions around these things and I think more likely than not we will be making some decisions around this part of our business in the relatively near term, but certainly within the timeframe that we've outlined we hope and all of these markets. You know Ireland I mentioned is going to have a massive reduction in capex is going to start generate.

So very little frictional cost.

Yeah.

Thank you.

Free cash, but it's small, but certainly Virgin media, Ireland looks and.

The next question is from the line of Nick Lyall with Aaron Berg. Please go ahead.

And we'll pick the box on many of these particular metrics. The U K is look at a trophy business for US certainly something we are committed to for the long term and is increasingly important.

Good afternoon, everybody just just a very quick one please mike on the on slide four I'm just interested why.

Mike Fries: The UK is, look, at a trophy business for us, certainly something we are committed to for the long term and is a increasingly important investment. We are by no means suggesting that we can't achieve similar results or benefits in the UK. We're simply saying there we have a partner, and we have to align with our partner on the best next move. We have a market that's a bit fragmented today, and as we discussed a moment ago, it's going to require some form of rationalization. You know, these are things that we work on with our partner. I'm not suggesting for a second we can't achieve similar things in the other assets or markets identified on that slide. I'm simply saying we're making good progress here. We'd like you to know about it.

You pick the Benelux markets first and maybe not be able to in the U K market is it simply just because of size or was there any one of those four criteria.

Investment and we are by no means suggesting that we can't achieve similar results or benefits in the UK, we're simply saying there we have a partner and we have to align with our partner on the best next move we have a market that's a bit fragmented today and as we discussed a moment ago, it's going to require some form of rationalization.

You just don't think it ticks the box on yet and maybe others are far closer to could you just maybe describe why that might be please. Thank you.

Sure, Yes, I think where we want to trend towards a sunrise type framework everywhere we operate.

And so these are things that we work on with our partner.

And I think there is a pathway to do that everywhere. We operate we seem to be making and are making meaningful progress in the Benelux for all kinds of reasons, both Dutch market in the Belgian market are highly rational markets closer to Switzerland than anything else I would say they have their own unique appeal.

So I'm not suggesting for a second we can't achieve similar things in the other assets or markets identified on that so I am simply saying, we're making good progress here and we'd like to know about it.

That's great understood. Thanks.

Yep.

Nick Lyall: That's great. Understood. Thanks.

Got it.

Mike Fries: Yep. You got it.

Thank you.

<unk> is around competition, but largely rational three player markets.

The next question is from the line of David Wright with Bank of America. Please go ahead.

Operator: Thank you. The next question is from the line of David Wright with Bank of America. Please go ahead.

We've been able to attack the balance sheet is specifically in Belgium, where we've successfully.

Yes, hi, guys.

Thanks for taking the questions congratulations Michael on the new role.

<unk> created a net co and to serve co there.

David Wright: Yeah. Hi, guys. Thanks for taking the questions. Congratulations, Mike, on the new role. It's obviously quite a significant event to see John stepping away after such a significant impact on the industry. A couple of questions, please. The first is just on the UK guidance, and maybe my colleagues are better at this than me, but I'm trying to understand whether there seems to be a change in perimeter here. I'm looking at the numbers. I'm inclined to think that the same perimeter with the shift in B2B could have forced you to possibly push the revenue guidance lower. This is like for like without Daisy. It does feel like you could have had to push the revenue guidance lower. I'm just wondering if that's the case. I'm just struggling to reconcile that.

Don.

It's obviously a quite a significant event to see John stepping away after such a significant impact on the industry.

Okay.

Okay.

So as it builds out its higher quality credit.

A couple of questions. Please.

I'm not allowed to tell you with the credit rating is of this $4 5 billion euro financing, but it's the first time, we've ever seen one I can promise you that.

The first is just on the UK guidance and maybe my colleagues that are better than me, but I'm trying to understand whether the seems to be a change in perimeter here.

And using the proceeds in the financing capabilities of an echo to Delever to serve co which is the remaining core commercial business.

Looking at the numbers I'm inclined to think the same perimeter with the shift in B to B could have forced you to possibly push the revenue guidance lower.

And those combination of steps had been in the works for quite some time.

Now we did and have attempted to do similar things in the U K is.

Like for like without a daily dose feel like you could have to push the revenue guidance.

Somebody mentioned, just a moment ago and not suggesting we can't get to the same place in the U K at some point.

I'm just wondering if that's the case I'm just struggling to reconcile that and then the second question. I had is it's just your language you used before mine, which I just found a little surprising which was you sort of said, we'll have to see what telefonica wants to do.

But it does appear like in particularly in Belgium, we are on our way to executing on those four key measures.

David Wright: Then the second question I had is it's just your language, used before, Mike, which I just found a little surprising, which was you sort of said, We'll have to see what Telefónica wants to do. Now, I might have expected you to sort of say, you know, We'll announce our plans jointly next week. Does Telefónica have any sort of strategic rights or priority around the UK business in the shareholder agreement? Maybe I've just read this incorrectly. That might be the case. I'd appreciate that. Thank you.

And so that to us is worthy of highlighting and letting you know we're busy very busy in this part of the.

Now I might have expected you to sort of say you know.

The platform and portfolio and that if we.

We will announce all funds jointly next week.

Made a commitment to make some decisions around these things and I think more likely than not we will be making some decisions around this part of our business in the relatively near term, but certainly within the timeframe that we've outlined we hope and all of these markets Ireland I mentioned is going to have a massive reduction in capex is going to start Jeff.

Telefonica have any sort of strategic.

Right, so priority around the U K business and the shareholder agreement.

Maybe I'll just.

Read this.

Currently that might be the case I'd.

I appreciate that thank you David I'm glad you asked that question Yeah. No I appreciate that that second question because as I spoke those words.

Mike Fries: You know, David, I'm glad you asked that question. Yeah, no, I appreciate that second question because, as I spoke those words, it occurred to me those probably didn't come out very clearly. No. First of all, no, this is a 50/50 joint venture. We make decisions jointly, and I have a very good dialogue and working relationship with Mark. We are 100% aligned on everything that's happening in the UK. That is not what I intended to say. There was a reference to their Capital Markets Day, and, you know, I'm just pointing out that we're not part of that. They'll have a lot of things to talk about to the market, and they will surely talk about those. We don't expect any surprises, if you will, around the UK market.

<unk> free cash, but it's small, but certainly Virgin media, Ireland looks and will.

Occurred to me Theres, probably didn't come out very clearly no.

Tick the box on many of these particular metrics. The U K is looking at trophy business for US certainly something we are committed to for the long term and is increasingly important and investment and we are by no means suggesting that we can't achieve similar results or benefits in the UK, we're simply saying.

First of all know this is a 50 50 joint venture we make decisions jointly and I have a very good dialogue and working relationship with Mark.

We are 100% aligned on everything that's happening in the UK. So that is not what I intended to say there was a reference to their capital markets day and.

Just pointing out that were not part of that that they'll have to have a lot of things to talk about the market and they will shortly talk about those but we don't expect any surprises if you will around the U K market were aligned.

There, we have a partner and we have to align with our partner on the best next move we have a market that's a bit fragmented today and as we discussed a moment ago, it's going to require some form of rationalization.

And talk every week about what's what we're gonna do together. So thank you for asking that and I'm glad I could clarify that.

Mike Fries: We're aligned, and talk every week about what we're gonna do together. Thank you for asking that. I'm glad I could clarify that. On the guidance, listen, I'll let Charlie dig into it. The way I see it is we're providing greater transparency at a time where it's probably needed for analysts to understand, you know, what's growing and what's not and what are we getting our arms around. Charlie, do you wanna address that?

And so these are things that we work on with our partner.

I'm not suggesting for a second we can't achieve similar things.

On the guidance isn't all that Charlie dig into it the way I see it is we are providing greater transparency.

And the other assets or markets identified on that so I am simply saying, we're making good progress here and we'd like to know about it.

At a time, where it's probably needed for analysts to understand what's growing and what's not and what are we getting our arms around so Charlie do you want to address that.

That's great understood. Thanks Yep.

Got it.

Thank you.

Yes, so I'm, sorry, if it's confusing and you're right. The difficulty is that we've now got this chemical Oh two days.

The next question is from the line of David Wright with Bank of America. Please go ahead.

Charlie Bracken: Yeah. You know, look, I'm sorry if it's confusing, and you're right. The difficulty is that we've now got this company called O2 Daisy, and we own 70% of it. 30% of it we don't own. Therefore, at some point, hopefully very soon, at the end of Q4, we're gonna give you the key financials of that. As we align that company, it is tricky because there's different accounting policies, as I'm sure you'd realize, and blah, blah. What we're trying to do is confirm what we can tell you. We can tell you that the businesses, excluding the ones that went in there, are growing and we expect to grow. We have told you that to date, the B2B connectivity business, mobile and fixed, that we've put into O2 Daisy is in decline.

70% of it the 30% of it we don't own and therefore at some point hopefully very soon at the end of Q4, we're going to give you the key financials of that and as we align the company. It is tricky because there's different accounting policies as I'm sure you'd realize and below so we're trying to do is confirm what we can tell you. So we can tell you that the businesses excluding the ones that are growing and we expect to grow.

Yes, hi, guys.

Thanks for taking the questions congratulations Mike on the new role.

It's obviously, a quite a significant event to see John stepping away.

Significant impact on the industry.

A couple of questions. Please.

First is just on the UK guidance and maybe my colleagues that are better than me, but I'm trying to understand whether the seems to be a change in perimeter here.

And we have told you that to date, the b to B connectivity business mobile and fixed that we put into it to Daisy is in decline now if that means you would interpret that as the combination of noted Daisy would have meant that the business would have not been growing maybe that's right, but it's somewhat academic because we've got to work through what the O. Two daily combination is going to do all that but the whole idea was.

Looking at the numbers I'm inclined to think that the same perimeter with the shift in b to B could have forced you to possibly push the revenue guidance.

Charlie Bracken: Now, if that means you would interpret that as, you know, the combination of no Daisy would have meant that the business would have not been growing, maybe that's right. It's somewhat academic because we've got to work through what the O2 Daisy combination is gonna develop. The whole idea was, you know, two companies are very synergistic and not just in costs. There's a material cost saving there, but also, you know, there's some revenue growth. I mean, I apologize if that's not clear enough and happy to take it offline, but certainly how we see it.

This is like for like without a daily dose feel like you could have to push the revenue guidance.

No two companies are very synergistic and not just in cost because of material cost saving that.

But also you know with some revenue growth.

I'm just wondering if that's the case I'm just struggling to reconcile that.

I mean, I'm, sorry, that's not clear enough.

Then.

We can take it offline, but a sudden and how he said Jim.

Second question on how does its just your language you used before mine, which I just found a little surprising which was.

<unk> can I ask just a quick one are there any books he calls around that 30% or is that just a.

David Wright: Sure. Super, Charlie. Could I just add a quick one? Are there any puts and calls around that 30%, or is that just the ownership at infinitum right now?

The ownership.

And Tonight in right now.

Tom do you want me to take that it's Andre.

Yes, yes.

Mike Fries: Charlie, do you want me to take that? It's Andrea.

Alright.

Yes, you should also know there are puts and calls David.

Charlie Bracken: Yeah, yeah. Andrea, sorry. I was Yeah. Yes, you should answer.

Mike Fries: Yeah. No, there are no puts and calls, David.

Thank you.

Yeah.

David Wright: Thank you.

Thank you.

The next question is from the line of Ole Red right with Bernstein Society Generale Group. Please go ahead.

Operator: Thank you. The next question is from the line of Ulrich Rathe with Bernstein Societe Generale Group. Please go ahead.

Thanks very much my question is about the refinancings.

Ulrich Rathe: Thanks very much. My question is about the refinancings. Very impressive. Question to Charlie. Are all of these financings, can you confirm, fully swapped in the usual policies that you used to have in terms of into the local currencies of the operating units and also in terms of fixed rate swaps? I do remember you did some refinancings where you actually didn't implement these older policies. Just wanted to confirm that the refis now are back to the old policies. Thank you.

Very impressive questions or Charlie or all of these financings can you confirm fully swapped in the usual policies that you used to have in terms of.

Into the into the local currency of the operating units and also in terms of fixed rate swaps because I do think.

Remember that you did some refinancings, where you actually didn't implement.

These older policies. So just wanted to confirm that the <unk> is now back to the old policies. Thank you.

Yes, I think.

We've changed our policies the bonds.

Charlie Bracken: Yeah. To be honest, I don't think we've changed our policies. The bonds, we've all swapped at our fixed rate at the rate we issued at, which in some cases is actually higher. Just to compose the two questions, one is all currencies are matched. Everything in the UK is sterling. We're not taking dollar or euro risk, so that's a tick on all the policies. On the interest rates, all bonds are fixed by nature. On any bank debt, we haven't done a ton of bank debt because the bond market has been so strong, to be honest. We have maintained the swaps. Remember, the swaps are independent of the original bank financings, so we are monetizing or riding those low interest rates till 28, 29, 30.

We've always swapped at a fixed rate at the rate, we issue debt, which in some cases actually higher so.

Just to keep up with two questions. One is all currency matched.

In the UK Sterling, we're not taking dollar or euro risk. So that's the take on all the policies on the interest rates or bonds are fixed by nature.

And on any bank debt and we haven't done a ton of bank debt because the.

Mark has been so strong to be honest.

We have maintained the swaps remember the swaps are independent of the original bank financings.

Monetize it we're writing those low interest rates till 'twenty eight 'twenty nine strategy.

But thereafter, we would have to come in at higher rates and we are gradually pushing out those hedges. So we are maintaining a pretty good three or four or five year sort of fixed profile, depending on which market. It is I've got sort of answers the question.

Charlie Bracken: Thereafter, we would have to come in at higher rates, and we are gradually pushing out those hedges. We are maintaining a pretty good 3, 4, 5-year sort of fixed profile, depending on which market it is. I hope that sort of answers the question.

Charlie Bracken: That we put into O2 Daisy is in decline. That means you would interpret that as, you know, the combination of no Daisy would have meant that the business would have not been growing. Maybe that's right, but it's somewhat academic because we've got to work through what the O2 Daisy combination is going to develop. The whole idea was two companies are very synergistic and not just in costs. There's a material cost saving there, but also there's some revenue growth. I apologize, that's not clear enough. We can take it offline, but certainly that's how we see it. Super, Charlie, could I just add a quick one? Are there any puts and calls around.

Very clear thank you very much.

Clients now if that means you would interpret that as the combination of Novo Daisy would have meant that the business would have not been growing maybe that's right, but it's somewhat academic because we've got to work through what the O. Two days or combination is going to develop a novel idea was two companies are very synergistic and not just in cost material cost saving that.

Thanks.

Ulrich Rathe: Very clear. Thank you very much.

Thank you.

Charlie Bracken: Thanks.

The next question is from the line of James <unk> with New Street Research. Please go ahead.

Operator: Thank you. The next question is from the line of James Ratzer with New Street Research. Please go ahead.

Yes, good morning, and good afternoon, Mike Charlie. Thank you I was just going to ask one question on the cost to keep it to one but always Virgin media.

James Ratzer: Yes. good morning, Melissa. Good afternoon, Mike, Charlie. Thank you. I was just gonna ask one question. I mean, tough to keep it to one, but on Virgin Media, in their release, they are saying they're planning to bring leverage back to four to five times in the medium term. I was wondering if you can kind of talk us through the plans to get there. I mean, does that require some inorganic steps like a kind of dividend removal, you and Telefónica injecting capital into VMO2, or do you expect to get there organically through EBITDA growth? Thank you.

But also with some revenue growth.

I'm, sorry, if that's not clear enough.

Okay.

Hey, guys, thanks for playing to bring.

I can take it offline, but certainly how we see it.

Great that's helpful.

Charlie can I have just a quick one are there any proxy calls around that 30% or is that just a.

Five times in the medium term I was wondering if you can kind of talk us through the plans to get that and does that require some inorganic steps like a kind of dividend removal and.

[Analyst]: that 30% or is that just the ownership at infinitum right now?

The ownership and.

And Tonight in right now.

Andrea Salvato: Charlie, do you want me to take that? It's Andrea.

Tom do you want me to take that Sandra.

Telephonic for injecting capital.

Charlie Bracken: Yes, you should answer that.

Yes, yes, yes.

Into BMO, two or do you expect to get there organically through EBITDA growth. Thank you.

Yes, you should also know there are puts and calls David.

David Wright: Yeah, no, there are no puts and calls, David.

Charlie Bracken: Thank you.

Thank you.

Okay.

James that was a little hard to hear I wanted to be sure. We got the question right I think youre asking about.

Operator: Thank you.

Thank you.

Operator: The next question is from the line of Ulrich Rathe with Bernstein Societe Generale Group. Please go ahead.

The next question is from the line of Rick rate with Bernstein Society Generale Group. Please go ahead.

Mike Fries: James, that was a little hard to hear. I wanna be sure we got the question right. I think you're asking about leverage expectations at VMO2, staying within the 4 to 5 range. I think that is our objective, and I think that is achieved in a number of ways. The one you didn't mention, which is organic EBITDA growth, which Lutz and the team have been able to deliver consistently. Organically, the business should delever over time. I don't think we're in a position today to talk about dividends or asset sales or things of that nature, although we do have residual tower interests that could be used in that regard. You know, we're always open-minded about it. Getting within the range that we've maintained historically is always our underlying goal.

<unk> leverage expectations at BMO two of staying within the four to five range and I think that is our objective and I think that is achieved in a number of ways. One you didn't mention which is organic EBITDA growth, which lutz and the team have been able to deliver consistently so.

Ulrich Rathe: Thanks very much. My question is about the refinancings. Would be very impressive question to Charlie. Are all of these financings, can you confirm, fully swapped in the usual policies that you used to have in terms of into the local currencies of the operating units and also in terms of fixed rate swaps? I do think, I do remember you did some refinancings where you actually didn't implement these older policies. I just wanted to confirm that the refis now are back to the old policies. Thank you.

Thanks very much my question is about the refinancings him because he very impressive cash neutrality or all of these financings can you confirm fully swapped in the usual policies or to use to have in terms of.

<unk> in the business.

Into the into the local currency of the operating units and also in terms of fixed rate swaps because I do think to remember that you did some refinancings, where you actually didn't implement.

<unk> de lever overtime I don't think were in a position today to talk about dividends or asset sales or things of that nature. Although we do have a tower residual tower interests that could be used in that regard and we're always open minded about it but getting within the range that we've maintained historically is always our underlying goal.

These older policies. So just wanted to confirm that.

<unk> now back to the old policy. Thank you.

Yeah to be honest it doesn't we've changed our policies the the bonds we've.

Charlie Bracken: To be honest, I don't think we've changed our policies. The bonds we've all swapped at our fixed rate, at the rate we issued at, which in some cases actually higher. Just to confirm the two questions, one is all currencies are matched, so everything in the UK is sterling. We're not taking dollar or euro risk. That's a tick on all the policies on the interest rates. All bonds are fixed by nature and on any bank debt. We haven't done a ton of bank debt because the bond market has been so strong, to be honest, we have maintained the swaps. Remember the swaps are independent of the original bank financings. We are monetizing or riding those low interest rates till 2028, 2029, 2030, but thereafter we would have to come in at higher rates and we are gradually pushing out those hedges.

Oh.

Charlie I don't think theres much out of that but go ahead. If you think there is.

We've all swapped at a fixed rate at the rate, we issue debt, which in some cases actually higher so.

Mike Fries: Charlie, I don't think there's much to add to that, but go ahead if you think there is.

No I think that's absolutely right. We are fortified sounds like it would definitely through that in the U K.

Charlie Bracken: No, no. I think that's absolutely right. Look, you know, listen, we are a four to five times lever. We're definitely through that in the UK. Some good synergies, you know, potentially from the O2 Daisy deal, which we've talked quite a bit about today. As Mike said, you know, we expect some, you know, organic growth, and let's see how we go.

Just to confirm the two questions. One is all currency matched so everything in the U K Sterling, we're not taking dollar or euro risk so not to take on all the policies on the interest rates or bonds are fixed by nature and on any bank debt and we haven't done a ton of bank debt because the.

Synergies potentially from the day to day to day, which we've talked quite a bit about today.

And as Mike said, we expect some organic growth and let's see how we got.

Great. Thank you.

James Ratzer: Great. Thank you.

Thank you.

The bond market has been so strong to be honest.

The next question is from the line of Matthew Harrigan with the Benchmark company. Please go ahead.

We have maintained the swaps remember the swaps are independent of the original bank financings. So we are monetizing or riding those low interest rates till 'twenty eight 'twenty nine let's see.

Operator: Thank you. The next question is from the line of Matthew Harrigan with The Benchmark Company. Please go ahead.

Thank you I'll just ask one question right roadblocks I mean, I think when you look at the U S. I mean, Jay it's kind of competing dysfunction.

Matthew Harrigan: Thank you. I'll just ask one question right out of the blocks. I mean, I think when you look at the US and the UK, it's kinda competing dysfunction on the political side. Lutz was recently co-quoted on Starmer's infrastructure tax, and I don't think there'd be any implications this year, but what might be the longer term implications? I was on the Comcast Q&A, so I apologize if you talked about this in the main discussion, but I rather suspect you didn't get to the topic. Thanks.

But thereafter, we would have to come in at higher rates and we are gradually pushing out those hedges. So we are maintaining a pretty good a three or four or five year sort of fixed profile, depending on which market. It is I've got sort of answers the question.

Charlie Bracken: We are maintaining a pretty good three, four, five year sort of fixed profile, depending on which market it is. I hope that sort of answers the question very clear.

Political side looks was recently quoted on Star Wars, and infrastructure tax and I don't think there'd be any implications this year, but what might be the longer term implications of borrowers on the Comcast Q&A. So I apologize if you talked about this in the main discussion, but I'd rather <unk>.

Very clear thank you very much.

Ulrich Rathe: Thank you very much.

Charlie Bracken: Thanks.

Thanks.

Operator: Thank you. The next question is from the line of James Ratzer with New Street Research. Please go ahead.

Thank you.

The next question is from the line of James <unk> with New Street Research. Please go ahead.

You didn't get to Salford facts.

[Analyst]: Yes, good morning, Nelson. Good afternoon, Mike. Joy. Thank you. I was going to ask one question. I mean, tough to keep it to one, but on Virgin Media O2 in their release they are saying they're planning to bring four to five times in the medium term. I was wondering if you can kind of talk us through the plans to get there. Does that require some inorganic steps like a kind of dividend removal, you and Telefónica injecting capital into Virgin Media O2, or do you expect to get there organically through EBITDA growth? Thank you.

Yes, good morning, Alex and good afternoon, Mike Charlie. Thank you I was just going to ask one question on the cost to keep it to one but our Virgin media.

Matt you asked that's a big question.

Politics in Europe vis vis our business I mean, all I'll step back a minute to say that I think we are approaching hopefully approaching a bit of an inflection point here where.

Mike Fries: Matt, I. That's a big question. You know, politics in Europe vis-a-vis our business. I mean, I'll step back a minute to say that I think we are approaching, hopefully approaching a bit of an inflection point here, where our industry, for example, the mobile industry, just put a letter out to Von der Leyen, I think two days ago, three days ago, making it clear to her that change is critical, necessary, needed if Europe is to, you know, maintain any sort of, you know, path to leadership in digital and, you know, industrially, really any category productivity. We continue to make our case as an industry, as a sector, that we're not just critical infrastructure.

Is that right.

Many thanks.

We're planning to bring four.

Four five times in EMEA I was wondering if you can kind of talk us through that.

Our industry for example, the mobile industry just put a letter out to land I think two days ago, three days ago, making it clear to her that change is critical necessary needed. If Europe is to maintain any sort of.

To get that and does that require some inorganic steps like a dividend.

Dividend removal and telephonic for injecting capital.

Our path to leadership in and in digital and industrially really any category productivity. So we continue to make our case as an industry as a sector that we're not just critical infrastructure. We are now.

Into BMO, two or do you expect to get there organically through EBITDA growth. Thank you.

Andrea Salvato: James, that was a little hard to hear. I want to be sure we got the question right. I think you're asking about leverage expectations at Virgin Media O2 staying within the 4 to 5 range. I think that is our objective, and I think that is achieved in a number of ways. One you didn't mention, which is organic EBITDA growth, which Lutz and the team have been able to deliver consistently, so organically the business should delever over time. I don't think we're in a position today to talk about dividends or asset sales or things of that nature, although we do have residual tower interests that could be used in that regard. You know, we're always open minded about it, but getting within the range that we've maintained historically is always our underlying goal.

James that was a little hard to hear I wanted to be sure. We got the question right I think youre asking about.

Necessary for pretty much every aspect of growth and productivity that regulators and politicians are searching for so maybe get off our throats and and that is I think being received positively in the UK in particular I think the government has had a growth initiative a growth minded approach to regulation recent change.

Mike Fries: We are, you know, necessary for pretty much every aspect of growth and productivity that regulators and politicians are searching for, so maybe get off our throats. That is, I think, you know, being received positively. In the UK, in particular, I think the government has had a growth initiative, a growth-minded approach to regulation. Recent changes at the CMA, for example, the Competition Commission there, are positive in that they seem to be reflecting a much more growth-minded approach to M&A and to industry consolidation. I think there's green shoots across the markets we operate in. There are still pain points, you know, broadband taxes and things of this nature that are unnecessary. We continue to fight those on a regular basis.

Our leverage expectations at BMO two of staying within the four to five range and I think that is our objective and I think that is achieved in a number of ways. The one you didn't mention which is organic EBITDA growth, which lutz and the team have been able to deliver consistently so.

Is it the CMA for example, the competition Commission there are positive and that they seem to be reflecting a much more growth minded approach to M&A into industry consolidation.

<unk> the business.

<unk> de lever overtime I don't think were in a position today to talk about dividends or asset sales or things of that nature. Although we do have a tower residual tower interests that could be used in that regard and we're always open minded about it but getting within the range that we've maintained historically is always our underlying goal.

So I think theres.

There's green shoots across the operation of the markets. We operate in there are still pain points.

Broadband taxes and things of this nature that are unnecessary and we've continued to fight those on a regular basis, but I think more broadly I would say, it's more of a tailwind these days than not and whether its sovereignty.

So.

Andrea Salvato: Charlie, I don't think there's much to add to that, but go ahead if you think there is.

Charlie I don't think there's much to add to that but go ahead. If you think there is.

Charlie Bracken: No, I think that's absolutely right. Look, you know, we are four to five times leverage. We're definitely through that in the UK. Some good synergies potentially from this O2 Daisy deal, which we've talked quite a bit about today. As Mike said, we expect some organic growth and let's see how we go.

No I think that's absolutely right. We are 45 times Levered, we're definitely through that in the U K.

Mike Fries: I think more broadly, I would say it's more of a tailwind these days than not. Whether it's sovereignty, where governments are realizing that their critical infrastructure of telco is part of the solution for broader sovereignty and independence. Whether it's just, you know, good economics that you need healthy telecom infrastructure to compete in the global marketplace. All of those things I think are, you know, coming together a bit, and I'm more encouraged now than I've been in a long time.

Synergies potentially from a day to day as he did which we've talked quite a bit about today.

Where governments are realizing that their infrastructure critical infrastructure of telco is part of the solution for broader sovereignty and independence or whether it's just good economics that you need healthy telecom infrastructure to compete in the global marketplace all of those things I think.

And as Mike said, you know, we expect organic growth and let's see how we got.

Great. Thank you.

[Analyst]: Thank.

Mike Fries: You.

Operator: Thank you. The next question is from the line of Matthew Harrigan with The Benchmark Company. Please go ahead.

Thank you.

The next question is from the line of Matthew Harrigan with the Benchmark company. Please go ahead.

Coming together, a bit and I'm more encouraged now than ive been in a long time.

David Wright: Thank you. I'll just ask one question right out of the blocks. I mean, I think when you look at the U.S. and the UK, it's kind of competing dysfunction on the political side. But Lutz was recently quoted on Starmer's infrastructure tax, and I don't think there'd be any implications this year, but what might be the longer term implications? I was on the Comcast Q&A, so I apologize if you talked about this in the main discussion, but I rather suspect you didn't get to the topic. Thanks.

Thank you I'll just ask one question right roadblocks I mean, I think when you look at the U S and the U K, it's kind of competing dysfunction on me.

Thanks.

Matthew Harrigan: Thanks.

Political side look was recently quoted on Star Wars, and infrastructure tax and I don't think there'd be any implications this year, but what might be the longer term implications borrowers on the Comcast Q&A. So I apologize if you talked about this in the main discussion, but I rather suspect.

Thank you for your questions. This will conclude the question and answer portion of today's call and I would like to hand back to Mr. Mike Fries for any additional remarks.

Operator: Thank you for your questions. This will conclude the question-and-answer portion of today's call, and I would like to hand back to Mr. Mike Fries for any additional remarks.

Great well, thanks, everybody I appreciate you joining as always and we look forward to getting back on the phone for our year end call probably in the February timeframe, hopefully with updates on our strategic roadmap on how we're driving commercial momentum.

Mike Fries: Great. Well, thanks, everybody. Appreciate you joining as always, and we look forward to getting back on the phone for our year-end call, probably in the February timeframe, hopefully with updates on the strategic roadmap on how we're driving commercial momentum, and more importantly, also how we're reshaping or continuing to reshape our corporate operating model. Appreciate your listening in today, and we'll speak to you all very soon. Take care.

You didn't get the topic. Thanks.

Andrea Salvato: Matt, you're asking, that's a big question, politics in Europe vis a vis our business. I'll step back a minute to say that I think we are approaching, hopefully approaching, a bit of an inflection point here where our industry, for example, the mobile industry, just put a letter out to von der Leyen I think two days ago, three days ago, making it clear to her that change is critical, necessary, needed if Europe is to maintain any sort of path to leadership in digital industrially, really any category productivity. We continue to make our case as an industry, as a sector, that we're not just critical infrastructure. We are necessary for pretty much every aspect of growth and productivity that regulators and politicians are searching for. Maybe get off our throats. That is, I think, being received positively.

Matt and Youre, asking that's a big question.

And more importantly, also how we're reshaping our continuing to reshape our corporate operating model. So appreciate your listening in today and we'll speak to you all very soon take care.

Politics in Europe vis vis our business I mean, all the I'll step back a minute to say that I think we are approaching hopefully approaching a bit of an inflection point here where.

Ladies and gentlemen, this concludes Liberty Global's third quarter 2025, Investor call. As a reminder, a replay of the call will be available in the Investor Relations section of Liberty Global's website. There you can also find a copy of today's presentation materials.

Our industry for example, the mobile industry just put a letter out to on land I think two days ago, three days ago, making it clear to her that change is critical necessary needed. If Europe is to maintain any sort of a.

Operator: Ladies and gentlemen, this concludes Liberty Global's Q3 2025 investor call. As a reminder, a replay of the call will be available in the investor relations section of Liberty Global's website. There you can also find a copy of today's presentation materials.

Path to leadership in digital and industrially really any category productivity. So we continue to make our case as an industry as a sector that we're not just critical infrastructure, we are necessary for pretty much every aspect of growth and productivity that regulators and Paul.

<unk>, they're searching for so maybe get off our throats.

And that is I think being received positively in the UK in particular I think the government has had a growth initiative a growth minded approach to regulation recent changes at the CMA. For example, the competition Commission there are positive and that they seem to be reflecting a much more growth minded approach to.

Andrea Salvato: In the UK in particular, I think the government has had a growth initiative, a growth-minded approach to regulation. Recent changes at the CMA, for example, the Competition Commission, are positive in that they seem to be reflecting a much more growth-minded approach to M&A and to industry consolidation. I think there's green shoots across the operation. The markets we operate in, there are still pain points, you know, broadband taxes and things of this nature that are unnecessary, and we continue to fight those on a regular basis. More broadly, I would say it's more of a tailwind these days than not.

<unk> M&A into industry consolidation.

So I think there is.

There's green shoots across the operation of the markets. We operate in there are still pain points.

Broadband taxes and things of this nature that are unnecessary and we've continued to fight those on a regular basis, but I think more broadly I would say, it's more of a tailwind these days than not and whether its sovereignty.

Andrea Salvato: Whether it's sovereignty, where governments are realizing that the critical infrastructure of telco is part of the solution for broader sovereignty and independence, or whether it's just good economics that you need healthy telecom infrastructure to compete in the global marketplace, all of those things, I think, are coming together a bit and I'm more encouraged now than I've been in a long time.

Where governments are realizing that their infrastructure critical infrastructure of telco is part of the solution for broader sovereignty and independence or whether it's just good economics that you need healthy telecom infrastructure to compete in the global marketplace all of those things I think.

Coming together, a bit and I'm more encouraged now than ive been in a long time.

David Wright: Thanks.

Thanks.

Operator: Thank you for your questions. This will conclude the question and answer portion of today's call, and I would like to hand back to Mr. Mike Fries for any additional remarks. Great.

Thank you for your questions. This will conclude the question and answer portion of today's call and I would like to hand back to Mr. Mike Fries for any additional remarks.

Great well, thanks, everybody I appreciate you joining as always and we look forward to getting back on the phone for our year end call probably in the February timeframe, hopefully with updates on our strategic roadmap on how we're driving commercial momentum.

Andrea Salvato: Thank you everybody. Appreciate you joining as always, and we look forward to getting back on the phone for our year end call, probably in the February time frame, hopefully with updates on the strategic roadmap on how we're driving commercial momentum and, more importantly, also how we're reshaping or continuing to reshape our corporate operating model. Appreciate your listening in today, and we'll speak to you all very soon. Take care.

And more importantly, also how we're reshaping our continuing to reshape our corporate operating model. So appreciate your listening in today and we'll speak to you all very soon take care.

Operator: Ladies and gentlemen, this concludes Liberty Global's third quarter 2025 investor call. As a reminder, a replay of the call will be available in the investor relations section of Liberty Global's website. There you can also find a copy of today's presentation material.

Ladies and gentlemen, this concludes Liberty Global's third quarter 2025, Investor call. As a reminder, a replay of the call will be available in the Investor Relations section of Liberty Global's website. There you can also find a copy of today's presentation materials.

Yes.

[music].

Mike Fries: SA.

Charlie Bracken: SA.

[music].

Operator: Good morning ladies and gentlemen and thank you for standing by. Welcome to Liberty Global's third quarter 2025 investor call. This call and the associated webcast are the property of Liberty Global and any redistribution, retransmission, or rebroadcast of this call or webcast in any form without the express written consent of Liberty Global is strictly prohibited at this time. All participants are in a listen-only mode. Today's formal presentation materials can be found under the Investor Relations section of Liberty Global's website at libertyglobal.com. After today's formal presentation, instructions will be given for a question and answer session. Page 2 of the slides details the Company's safe harbor statement regarding forward-looking statements.

Good morning, ladies and gentlemen, and thank you for standing by welcome to Liberty Global's third quarter 2025, Investor call. This call and the associated webcast are the property of Liberty global and any redistribution retransmission or rebroadcast of this call or webcast in any form without the express written consent.

Of Liberty Global is strictly prohibited at this time all participants are in a listen only mode. Today's formal presentation materials can be found under the Investor Relations section of Liberty Global's website at Liberty Global Dotcom. After today's formal presentation instructions will be given for a question and answer session page two.

One of the slides details the company's safe Harbor statement regarding forward looking statements. Today's presentation may include forward looking statements within the meaning of the private Securities Litigation Reform Act up 1995, including the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not hyster.

Operator: Today's presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not historical fact. These forward-looking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements. These risks include those detailed in Liberty Global's filings with the Securities and Exchange Commission, including its most recently filed Forms 10-Q and 10-K, as amended. Liberty Global disclaims any obligation to update any of these forward-looking statements to reflect any change in its expectations or in the conditions on which any such statement is based. I would now like to turn the call over to Mr. Mike Fries.

Oracle fact, these forward looking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements. These risks include those detailed in Liberty Global's filings with the Securities and Exchange Commission, including its most recently filed forms 10-Q, and 10-K as amended Liberty Global.

Claims any obligation to update any of these forward looking statements to reflect any change in its expectations or in the conditions on which any such statement is based I would now like to turn the call over to Mr. Mike Fries.

Mike Fries: All right, welcome everyone and thanks for dialing in to our Q3 results call today. After Charlie and I run through our prepared remarks, we'll open it up for what we hope is a lively Q&A. As usual, I've got my core leadership team on the call with me, and before I jump into the presentation, I just want to acknowledge and be sure that everybody has seen the press release we put out yesterday regarding John Malone, who has decided to step off the Board and move to a Chairman Emeritus role at the end of the year. Of course, he's making a similar move at Liberty Media. I won't repeat all the key messages that we put in the public statement. You can read that and I encourage you to do that.

All right welcome everyone and thanks for dialing into our Q3 results call today have to Julian I run through our prepared remarks, we'll open it up for what we hope is a lively Q&A and as usual.

Awesome.

Okay.

Okay.

Well as you can be sure that everybody has seen the press release, we put out yesterday regarding Jo Malone, who has decided to step off the board and move to a chairman emeritus role at the end of the year of.

Of course, he's making a similar move at Liberty media I won't repeat all the key message is that we put in the public statement. So you can read that and I encourage you to do that.

Mike Fries: Except perhaps emphasize how important, impactful, and enjoyable my relationship with John has been over the last 25 to 30 years and how pleased I am that, as he implies in the release, he intends to stay very engaged with me and the Board as we execute our strategic plans. Knowing John as I do, he will surely do just that. Of course, I'm happy to take any questions on this as well at the end. Now, getting back to our results, let me kick it off with some key highlights from the quarter. If you're going to breeze through these slides later, these first two are perhaps the most critical in my opinion. I believe everyone's familiar with how we're organized today in order to create greater transparency around strategy, capital allocation, and value creation. Everything we do falls into one of three core platforms at Liberty Global.

Except perhaps emphasize how important impactful and enjoyable my relationship with John has been over the last 25 to 30 years.

And how pleased I am that as he implies in the release you intend to stay very engaged with me and the board as we execute our strategic plans and knowing Jon is ideal he will surely do just that.

And of course, I'm happy to take any questions on this as well at the end now getting back to our results, let me kick it off with some key highlights from the quarter.

If you're gonna breezed through these slides later these first two are perhaps the most critical in my opinion.

I believe everyone's familiar with how we're organized today in order to create greater transparency around strategy capital allocation and value creation everything we do falls into one of three core platforms with Liberty Global.

Mike Fries: These include, of course, Liberty Telecom, where we're focused on driving commercial momentum in our broadband and mobile businesses and, most importantly, finding ways to unlock the intrinsic value of these companies for the benefit of shareholders. I'll get into that a bit more in the next slide. Of course, that starts with operating performance and as you'll see, despite intense competition, we had a strong third quarter with sequential improvement in broadband net adds across all four markets, for example. Importantly, our networks are proving to be critical sources of both competitive differentiation, like our 5G expansion in the UK that's being fueled by the recent spectrum purchases, and value creation, like our agreement with Proximus to rationalize fixed networks in Belgium, which I'll cover off in just a moment.

These include of course, there'll be telecom, where we're focused on driving commercial momentum and our broadband and mobile businesses and most importantly, finding ways to unlock the intrinsic value of these companies for the benefit of shareholders and I'll get into that a bit more on the next slide.

Of course that starts with operating performance and as Youll see despite intense competition, we had a strong third quarter with sequential improvement in broadband net adds across all four markets for example.

Importantly, our networks are proving to be critical sources of both competitive differentiation like our <unk> expansion in the U K, that's being fueled by the recent spectrum purchases.

And value creation like our agreement with proximate to rationalize stick networks in Belgium, which I'll cover off in just a moment.

Mike Fries: A theme you will hear a few times today is lowering leverage and strengthening our balance sheet at Liberty Telecom. Charlie and his team have worked tirelessly this year to strengthen the balance sheet, beginning with refinancing over $9 billion of 2028 maturities, particularly in the UK and NLP at very reasonable credit spreads, and that includes a debt financing we just announced that funds the fiber rollout in Belgium while deleveraging Telenet, our servco in the market. Charlie will dig into that. Turning to Liberty Growth, which includes our investments in media, infrastructure, and tech that today total $3.4 billion and, by the way, provide a source of capital to drive future value creation. This is a highly concentrated portfolio where the top six investments comprise over 80% of the value.

And you'll hear a few times a day.

Is lowering leverage and strengthening our balance sheet at Liberty Telecom and Charlie and his team have worked tirelessly this year to strengthen the balance sheet, beginning with refinancing over $9 billion of 2028 maturities, particularly in the U K and then al at very reasonable credit spreads.

And that includes the debt financing, we just announced that funds the fiber rollout and Belgium, while deleveraging telenet our share of co in the market and Charlie will dig into that.

And certainly the Liberty growth, which includes our investments in media infrastructure and tech that today totaled $3 4 billion and by way provide a source of capital to drive future value creation. This is a highly concentrated portfolio, where the top six investments comprised over 80% of the value. We're still targeting 500 to 750 million of noncore asset sales.

Mike Fries: We're still targeting $500 to $750 million of non-core asset sales from the portfolio, and as I mentioned on our last call, we're not going to rush this and price bad deals in the process, but we have generated proceeds of $300 million year to date when you include the partial sale of our ITV stake last week, so we are well on our way. Of course, one of the bigger portfolio companies is Formula E, which heads into season 12 in December with significant tailwinds including double-digit growth in revenue, fans, and viewers. Last year, a knockout calendar of 18 races and the public reveal of the Gen 4 car, which debuts a year from now and doubles the max power of what is rapidly becoming the coolest car in racing. We will highlight in just a few slides our data center investments.

From the portfolio and as I mentioned in our last call, we're not going to rush this and price bad deals in the process, but we have generated proceeds of 300 million year to date. When you include the partial sale of our ITV stake last week. So we're well on our way of course, one of the bigger portfolio companies just formula E, which heads into season 12 in December was significant.

<unk>, including double digit growth in revenue fans and viewers last year.

Nokia out calendar of 18 races, and the public reveal of the Gen four car, which debuts a year from now and doubles the Max power of what is rapidly becoming the coolest car racing.

And we will highlight in just a few slides our data center investments with the boom in AI infrastructure. We believe we have a tiger by the tail as I say with over $1 billion in assets today and growing and finally the quarter brought some great progress at Liberty services, where we manage large and profitable tech and financial platforms and at.

Mike Fries: With the boom in AI infrastructure, we believe we have a tiger by the tail, as they say, with over $1 billion in assets today and growing. Finally, the quarter brought some great progress at Liberty Services, where we manage large and profitable tech and financial platforms, and at our corporate level where we are in the midst of reshaping the operating model. I think the big news here is that we are improving for the second time this year our guidance for net corporate cost. In 2025, we started the year forecasting around $200 million of net corporate cost. In the second quarter, we improved that to $175 million, and now we're improving it further to $150 million for this year. Perhaps even more importantly, we see visibility in 2026 to just $100 million of net corporate costs.

Our corporate level, where we are in the midst of reshaping the operating model I think the big news here is that we are improving for the second time this year our guidance for net corporate costs in 2025.

We started the year forecasting around $200 million corporate cost in the second quarter, we improved that to $175 million and now we're improving it further to 150 million for this year.

Perhaps even more importantly, we see visibility in 2026 to just $100 million of net corporate costs and this has happened for us as most analysts reduce their target price for our stock, but I think eight to $10 per share just related to that $200 million net corporate spend.

Mike Fries: This is a hot button for us as most analysts reduce their target price for our stock by, I think, $8 to $10 per share just related to that $200 million net corporate spend. These announcements today should dramatically improve our valuation narrative, and you can bet we'll be pounding the table on it starting right after this call. I think Charlie will also address it. Lastly, on this slide, we note that we're forecasting $2.2 billion of cash at the holding company at year end, assuming just the $300 million of asset sales year to date. Now, the next slide provides an update on our strategic plan to unlock value for shareholders, and I guess this is the key takeaway today. First, let me reiterate what we laid out on our second quarter call back in August following the continued success of the Sunrise spinoff about a year ago.

With me today should dramatically improve our valuation narrative and you can bet, we'll be pounding the table on it starting right. After this call Charlie will also address it.

Lastly on this slide we know that we're forecasting $2 2 billion of cash at the holding company at year end, assuming just the $300 million of asset sales year to date.

Now the next slide provides an update on our strategic plan to unlock value for shareholders and I guess this is the key takeaway today first.

Let me reiterate what we laid out on our second quarter call back in August following the continued success of the Sunrise spin off about a year ago, we remain committed to pursuing similar transactions that would further unlock value for shareholders. As may include the separation of one or a combination of core operating businesses you see on this slide actually.

Mike Fries: We remain committed to pursuing similar transactions that would further unlock value for shareholders. This may include the separation of one or a combination of core operating businesses. You see on this slide actually do a spinoff, tracking stock listing, or similar equity capital markets transaction. I imagine many of you still own or follow Sunrise. The stock has performed well and trades around 8 times EBITDA with an 8% dividend yield today. Looking back on that deal, I think four key factors laid the groundwork for its success. Number one, Switzerland is a largely rational telecom market. Number two, Sunrise had a less levered balance sheet thanks to our capital contribution at around 4.5 times on the date of the spinoff. Number three, Sunrise has a clear network strategy and CapEx profile. Number four, Sunrise has a solid free cash flow story that supports a progressive dividend policy.

Do a spinoff tracking stock listing or similar equity capital markets transaction.

And as many of you still own a follow sunrise.

<unk> has performed well and trades around eight times EBITDA with an 8% dividend yield today.

Looking back on that deal.

I think for key factors laid the groundwork for its success number one.

Switzerland is a largely rational telecom market.

Number two sunrise had a less levered balance sheet, thanks to our capital contribution at around four five times on the date of the spinoff number.

Number three semis is a clear network strategy and Capex profile.

And number four summarizes a solid free cash flow story that it supports a progressive dividend policy that was the formula strong balance sheet, a rational market and a predictable path to stable or growing free cash flow. It won't surprise you to learn that this looks a lot like the things we are working on in the Benelux for example, epitope on <unk>, we've installed a new team.

Mike Fries: That was the formula: strong balance sheet, a rational market, and a predictable path to stable or growing free cash flow. It won't surprise you to learn that this looks a lot like the things we are working on in the Benelux. For example, at Battlefons, we've installed a new team with a winning plan that is built around generating long-term free cash flow in a largely three-player market. We have now refinanced something like 80% of the 2028 maturities, with the remainder targeted for this quarter or early next year. In Belgium, we are even farther along. Our recently announced agreement with Proximus, which is currently being market tested by the regulator, rationalizes the buildout and wholesale monetization of fiber in a large part of Flanders with really only one network in 65% of the market.

With a winning plan that is built around generating long term free cash flow largely three player market.

And we have now refinanced something like 80% of the 2028 maturities with the remainder targeted for this quarter early next year.

In Belgium, we were even farther along our recently announced agreement with proximate, which is currently being market tested by the regulator rash.

Rationalize the Buildout and wholesale monetization of fiber and a large part of Flanders with really only one network and 65% of the market.

Mike Fries: On the back of this, we just announced a €4.35 billion financing for our Netco there, which we call Wyre, which fully funds the build out of fiber and allows us to reduce leverage at the Telenet servco, including all 2028 maturities. Even more exciting, we're in the early marketing stages of selling a significant stake in Wyre. This is an increasingly common value creation strategy in Europe, as you know, with the proceeds used to further deleverage our Telenet servco to about 4.5 times. That's going to take a quarter or two to finalize all of these steps, but we're feeling more and more encouraged about the possibilities in this region for a value unlock in the timeframe that we articulated. Of course, we continue to work on other ideas which we'll update you on in time.

On the back of this we just announced a $4 5 billion euro financing for our net go there, which we call wire, which fully funds the build out of fiber and allows us to reduce leverage at the telenet serve co, including all of 2028 maturities.

Even more exciting.

The early marketing stages of selling a significant stake in wire and this is an increasingly common value creation strategy in Europe as you know with the proceeds used to further deleveraging our telenet surf go to about four five times.

Take a quarter or two to finalize all of these steps.

We're feeling more and more encouraged about the possibilities in this region for value and lock in a timeframe that we articulated.

Now of course, we continue to work on other ideas, which will update you on in tie in as I said last quarter all of the operating businesses or assets you see on this slide and some that aren't even shown can be singled out or combined with one another to achieve a value unlock transactions so stay tuned.

Mike Fries: As I said last quarter, all of the operating businesses or assets you see on this slide, and some that aren't even shown, can be singled out or combined with one another to achieve a value unlock transaction. Stay tuned. As I said, a key enabler of that strategic roadmap is ensuring that our operating companies are driving commercial momentum in what are increasingly competitive markets, and the long term goal here is generating meaningful free cash flow. Towards that end, echopco has been implementing a series of commercial initiatives and network improvements that are starting to impact results positively. This next slide summarizes a handful of those initiatives, which provide important context for the results that follow.

They set a key enabler of that strategic roadmap.

Is ensuring that our operating companies are driving commercial momentum and what our increasingly competitive markets right in the long term goal here is generating meaningful free cash flow towards that end. Each opco has been implementing a series of commercial initiatives and network improvements that are starting to impact results positively. This next slide summarizes our here.

Handful of those initiatives, which provide important context for the results that follow.

Mike Fries: Starting in the UK, where Lutz and the team have been busy across a number of fronts, including the recent rollout of our new pay TV and broadband bundles, which now include Netflix for free. That further differentiates us from the competition. In particular, Altnets VMO2 is also redefining the Flanker brand segment with the introduction of.

Starting in the U K, where lutz and the team have been busy across a number of fronts, including the recent rollout of our new pay TV and broadband bundles, which now include Netflix for free that further differentiate us from the competition in particular Alt nets have.

He was also redefining the flanker brand segment with the.