Financial Performance - Liberty Global's Q1 2025 total consolidated revenue increased by 7.3% year-over-year to $1,171.2 million, while consolidated Liberty Telecom revenue decreased by 1.1% to $875.5 million[4]. - Adjusted EBITDA for Liberty Global increased by 14.7% year-over-year to $324.6 million, with Telenet's Adjusted EBITDA at $301.6 million, down 2.2%[4]. - VMO2 reported revenue of $3,126.3 million, a decline of 4.8% year-over-year, while Adjusted EBITDA remained flat at $1,073.4 million[5]. - VodafoneZiggo's revenue decreased by 5.6% year-over-year to $1,052.0 million, with Adjusted EBITDA down 10.8% to $463.1 million[13]. - Telenet reported revenue of $759.7 million, a decrease of 0.4% YoY on a reported basis, but an increase of 2.7% on a rebased basis[21]. - Total revenue for the three months ended March 31, 2025, was £2,480.1 million, a decrease of 4.2% compared to £2,588.8 million in the same period of 2024[47]. - Adjusted EBITDA for the same period was £914.1 million, down 1.3% from £925.7 million year-over-year[47]. - The company reported a total revenue of €999.1 million for the three months ended March 31, 2025, down 2.6% from €1,026.1 million in the same period of 2024[55]. - Adjusted EBITDA for the same period was €439.7 million, reflecting an 8.0% decrease from €478.1 million year-over-year[55]. Customer Metrics - Telenet achieved a fixed ARPU growth of 1.6% year-over-year, demonstrating resilience in a competitive market[18]. - Total mobile subscribers for the VMO2 JV were 15,713,200, reflecting a quarterly loss of 122,800 subscribers, and a year-over-year loss of 226,800 subscribers[46]. - Fixed-line customer relationships for VMO2 JV decreased by 46,000 quarter-over-quarter, and by 34,700 year-over-year, totaling 5,790,100[46]. - Broadband subscribers for VMO2 JV were 5,694,900, with a quarterly loss of 44,000 and a year-over-year loss of 28,000[46]. - Telenet's organic fixed-line customer relationship net losses were 11,800 for the quarter ended March 31, 2025, an improvement from 14,900 losses in the previous quarter[61]. - Telenet's organic broadband net losses for the year-over-year period were 6,000 subscribers, compared to 12,900 in the previous year, showing an improvement in customer retention[72]. Debt and Financial Obligations - Telenet's total principal amount of debt and finance leases stood at $9.4 billion, with a blended cost of debt at 3.7%[30]. - As of March 31, 2025, total third-party debt and lease obligations amounted to £21,785.5 million, a decrease from £22,071.7 million as of December 31, 2024[51]. - The net carrying amount of third-party debt and lease obligations was £21,480.0 million as of March 31, 2025, compared to £20,934.9 million at the end of 2024[51]. - VodafoneZiggo's total third-party debt and finance lease obligations amounted to €11,132.7 million, a decrease from €11,961.9 million as of December 31, 2024, representing a reduction of approximately 6.9%[56]. - Telenet's total third-party debt and lease obligations were €7,165.0 million as of March 31, 2025, down from €7,307.9 million as of December 31, 2024, reflecting a decline of approximately 1.9%[64]. - The net total debt to annualized adjusted EBITDA ratio was 4.15x as of March 31, 2025[52]. - The net total debt to annualized adjusted EBITDA ratio for VodafoneZiggo was 4.98x as of March 31, 2025, indicating a stable leverage position[59]. Capital Expenditures and Investments - Liberty Global aims to realize $500-$750 million in asset disposals and is prioritizing scale-based investments, including a successful launch of Formula E[3]. - Total consolidated property and equipment additions for the three months ended March 31, 2025, were $285.6 million, compared to $221.0 million for the same period in 2024[91]. - Property and equipment additions as a percentage of revenue increased to 24.4% in Q1 2025 from 20.3% in Q1 2024[91]. - VodafoneZiggo's capital expenditures for the three months ended March 31, 2025, were €300.0 million, a significant increase of 51.4% compared to €198.2 million in the same period of 2024[62]. - Telenet secured a 5-year €500.0 million standalone capex facility for Wyre, priced at EURIBOR +2.75%, to support its roll-out ambitions[69]. Cash Flow and Liquidity - Cash flows from operating activities for Telenet were $185.0 million, while cash flows from investing activities were -$198.9 million[21]. - Liberty Global's liquidity includes cash and cash equivalents totaling $0.8 billion, representing maximum undrawn commitments under subsidiary borrowing facilities[93]. - The company reported an adjusted free cash flow of £(885.4) million for the three months ended March 31, 2025[47]. - Liberty Global's Adjusted FCF for Q1 2025 was $(141.2) million, an improvement from $(151.8) million in Q1 2024[137]. - U.S. GAAP Adjusted Free Cash Flow (FCF) decreased to £(923.1) million in Q1 2025 from £(763.2) million in Q1 2024[124]. - IFRS Adjusted FCF also declined to £(885.4) million in Q1 2025 compared to £(738.7) million in Q1 2024[124]. Market Position and Strategy - Liberty Global's fair market value of its portfolio increased to $3.3 billion, with the top seven investments comprising approximately 75% of the value[3]. - The company is focused on expanding its infrastructure and platforms to support digital transformation and innovation[82]. - Liberty Global's consolidated businesses include approximately 80 million connections across Europe, enhancing its market presence[82]. - The company is actively investing in scalable businesses across technology, media, sports, and infrastructure sectors[83]. - Liberty Global's share buyback program for 2025 allows for the repurchase of up to 10% of outstanding shares as of December 31, 2024[80]. Operational Challenges - Broadband net losses were 2,100, primarily due to elevated churn on the Telenet brand, partially offset by growth in BASE[24]. - VodafoneZiggo revised its 2025 guidance, expecting a mid to high-single digit decline in Adjusted EBITDA growth[17]. - The company experienced a 3.9% decline in total residential fixed revenue, which was £479.6 million for Q1 2025[55]. - The average tenor of third-party debt, excluding vendor financing, was 5.0 years as of March 31, 2025[53]. - The company reported an operating loss for the quarter of $44.7 million, an improvement from a loss of $81.2 million in the same quarter last year[141].

Customer Metrics - As of March 31, 2025, the company served 11,512,200 fixed-line customers and 44,212,600 mobile subscribers, with networks passing 29,056,700 homes[229]. - The average number of residential fixed customers decreased, contributing to a decline in subscription revenue[255]. - VM Ireland experienced a total revenue decrease of $7.2 million, with a $6.4 million decrease in subscription revenue attributed to a decline in the average number of customers[247]. Financial Performance - Earnings from continuing operations for Q1 2025 were $(1,323.3) million, compared to $634.5 million in Q1 2024[240]. - Total consolidated revenue increased by $79.9 million (7.3%) to $1,171.2 million in Q1 2025, driven by a $61.3 million increase in the "all other" category[243]. - The net loss for the company in Q1 2025 was $70.5 million, compared to a net loss of $13.6 million in Q1 2024[288]. Adjusted EBITDA - Total consolidated Adjusted EBITDA for Q1 2025 was $324.6 million, an increase of 14.7% from $283.0 million in Q1 2024[250]. - Adjusted EBITDA margin for Telenet was 39.7% in Q1 2025, down from 40.4% in Q1 2024[251]. - Adjusted EBITDA for VMO2 JV fell to $463.1 million in Q1 2025 from $519.0 million in Q1 2024, representing a decrease of about 11.8%[288]. Revenue Changes - Revenue from Telenet decreased by $2.9 million (0.4%) to $759.7 million in Q1 2025, while VM Ireland's revenue decreased by $7.2 million (5.9%) to $115.8 million[243]. - Total residential revenue decreased by $27.8 million or 4.7% during the same period, with a significant organic decrease of $9.0 million or 1.5%[255]. - The VMO2 JV reported revenue of $3,126.3 million in Q1 2025, down from $3,282.8 million in Q1 2024[285]. Cost and Expenses - Personnel costs increased by $4.4 million or 7.6%, primarily due to higher average costs per employee at Telenet[265]. - SG&A expenses (excluding share-based compensation) increased by $26.6 million or 11.7% in Q1 2025 compared to Q1 2024, with an organic increase of $0.9 million or 0.3%[269]. - Depreciation and amortization expense rose to $232.2 million in Q1 2025, up from $222.7 million in Q1 2024, marking a 7.3% increase[272]. Foreign Exchange Impact - Changes in foreign currency exchange rates significantly impacted reported operating results, primarily due to exposure to the euro[234]. - The company’s exposure to foreign exchange risk was significant, particularly with the euro, as most revenue was derived from subsidiaries with euro as their functional currency[234]. - Foreign currency transaction losses amounted to $1,081.0 million in Q1 2025, compared to gains of $559.3 million in Q1 2024[281]. Joint Ventures - The company holds a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, accounted for as equity method investments[236]. - VodafoneZiggo JV's Adjusted EBITDA decreased by $55.9 million (10.8%) to $463.1 million in Q1 2025[250]. - The VodafoneZiggo JV's revenue decreased by $62.0 million (5.6%) to $1,052.0 million in Q1 2025[243]. Shareholder Actions - The company repurchased shares totaling $38.8 million during Q1 2025, with authorization to repurchase up to 10% of outstanding shares[316]. - The company authorized a share repurchase program for 2025, allowing the repurchase of up to 10% of total outstanding shares as of December 31, 2024[316]. Cash Flow and Liquidity - Cash and cash equivalents totaled $1,982.6 million as of March 31, 2025, with $849.3 million held by unrestricted subsidiaries[305]. - For the three months ended March 31, 2025, net cash provided by operating activities increased to $129.2 million from $91.3 million in the same period of 2024, representing a change of $37.9 million[326]. - The company maintained compliance with its debt covenants as of March 31, 2025, and does not anticipate any material adverse impact on liquidity from non-compliance in the next 12 months[322].

Financial Performance - Q4 2024 revenue decreased by 3.0% YoY to €120.6 million, with B2B wholesale revenue growth partially offsetting declines in fixed and mobile revenue[5] - FY 2024 revenue totaled €454.3 million, a decrease of 2.9% YoY[5] - Q4 residential fixed revenue decreased by 5.0% YoY to €70.1 million, while residential mobile revenue decreased by 6.5% YoY to €10.1 million[6] - FY 2024 net earnings increased by 153.4% YoY to €4.7 million, with Q4 net earnings rising by 134.6% YoY to €11.9 million[6] - Q4 Adjusted EBITDA increased by 10.6% YoY to €48.0 million, driven by lower programming and sales costs[6] - Adjusted EBITDA for the year ended December 31, 2024, was €165.0 million, slightly down from €167.7 million in 2023, indicating a decrease of 1.6%[11] Capital Expenditures - Q4 property and equipment additions remained stable YoY at €45.2 million, with P&E additions as a percentage of revenue increasing to 37.5%[6] - Property and equipment additions for the year ended December 31, 2024, totaled €160.5 million, a decrease of 1.7% from €163.3 million in 2023[11] - Total capital expenditures for the year ended December 31, 2024, were €156.8 million, down from €161.4 million in 2023, reflecting a decrease of 2.8%[11] Debt and Financial Ratios - At December 31, 2024, the ratio of Net Senior Debt to Annualized EBITDA was 5.12x[6] - The net carrying amount of third-party debt as of December 31, 2024, was €884.1 million, unchanged from the previous quarter[12] - The total covenant amount of third-party net debt as of December 31, 2024, was €838.1 million, consistent with €838.2 million as of September 30, 2024[14] Customer Metrics - VM Ireland serves 393,300 fixed-line customers and 136,700 mobile subscribers as of December 31, 2024[20] - Internet Subscribers include homes and commercial units receiving internet services, highlighting the company's reach in the market[31] - Mobile Subscriber Count reflects the number of active SIM cards in service, with specific exclusions for non-paying customers after inactivity periods[32] - Fixed-Line Customer Relationships are counted on a unique premises basis, excluding mobile-only customers, indicating the number of customers receiving internet, video, or telephony services[30] - RGUs (Revenue Generating Units) are counted separately for internet, video, and telephony services, with each bundled service counted as a distinct RGU[33] - Telephony Subscribers exclude mobile telephony subscribers, focusing on those receiving voice services over the company's networks[35] - Video Subscribers are defined as units receiving video service over broadband networks, indicating the company's service offerings[36] Growth and Future Outlook - Approximately 50% of over one million premises upgraded to full fiber by the end of Q4 2024[5] - The company expects to cover 1.4 million addressable homes, with further growth anticipated[2] - The company anticipates continued growth in addressable homes at Virgin Media Ireland, contributing to future revenue growth[15] - Liberty Global's consolidated businesses generated annual revenue of approximately $3.6 billion for the year 2024[18] - The company is focused on a full fiber upgrade at Virgin Media Ireland, which is expected to enhance service offerings and customer satisfaction[15] Performance Metrics - Year-over-year (YoY) metrics are utilized to assess performance trends over time, providing context for financial results[37] - Adjusted EBITDA is a key performance measure, reflecting net earnings before various expenses, providing a transparent view of recurring operating performance[11] - Adjusted EBITDA less P&E Additions offers insight into performance after capital expenditures, important for evaluating overall performance relative to other telecommunications companies[11] Property and Equipment - Property and equipment additions as a percentage of revenue for the three months ended December 31, 2024, was 37.5%, compared to 36.4% in the same period of 2023[11]

Corporate Actions - The company completed the Spin-off of the Sunrise Entities on November 8, 2024, and the Formula E Acquisition on October 2, 2024, acquiring a controlling interest in Formula E[293][294]. - The company increased its ownership interest in Telenet to 100% following the Telenet Takeover Bid completed in October 2023[294]. - A gain of $242.9 million was recognized from the sale of All3Media in 2024[368]. Customer and Revenue Metrics - As of December 31, 2024, the company served 2,530,900 fixed-line customers and 3,006,800 mobile subscribers, with networks passing 5,808,100 homes[296]. - Telenet's revenue decreased by $4.8 million (0.2%) to $3,084.4 million in 2024, while VM Ireland's revenue decreased by $14.7 million (2.9%) to $491.4 million[321]. - The total consolidated revenue for 2024 was $4,341.9 million, reflecting an increase of $226.1 million (5.5%) compared to $4,115.8 million in 2023[321]. - The total organic decrease in Telenet's revenue was $12.2 million, with a notable decrease in residential mobile revenue[322]. - Total residential revenue decreased by $38.6 million or 1.6% in 2024, with a significant drop in residential fixed revenue attributed to a decrease in the average number of customers[333]. Financial Performance - Earnings from continuing operations for 2024 were $1,869.1 million, a significant recovery from a loss of $3,659.1 million in 2023[318]. - Total consolidated Adjusted EBITDA for 2024 increased to $1,159.8 million, up 0.8% from $1,150.4 million in 2023[325]. - Adjusted EBITDA for 2024 was $4,503.4 million, down from $4,531.3 million in 2023, reflecting a decrease of 0.6%[365]. - The net loss for 2024 was $1,634.7 million, an improvement from a net loss of $3,438.6 million in 2023, indicating a reduction of 52.5%[365]. Operating Expenses - Programming and other direct costs of services rose by $165.2 million or 12.9% in 2024, with an organic increase of $143.9 million or 11.0%[339]. - Other operating expenses (excluding share-based compensation) decreased by $10.9 million or 1.4% in 2024, with a notable reduction in core network and IT-related costs[342]. - Share-based compensation expense increased by $6.5 million or 57.5% in 2024, reflecting higher costs associated with employee compensation[341]. - SG&A expenses (excluding share-based compensation) increased by $62.4 million or 6.7% in 2024 compared to 2023, with an organic increase of $43.2 million or 4.6%[345]. Cash Flow and Debt - Cash and cash equivalents totaled $1,816.3 million as of December 31, 2024, with $694.3 million held by Liberty Global and unrestricted subsidiaries[384]. - Net cash provided by operating activities increased to $1,331.2 million in 2024 from $1,199.3 million in 2023, a change of $131.9 million[404]. - The total amount of share repurchases in 2024 was $678.5 million[393]. - As of December 31, 2024, the outstanding principal amount of consolidated debt and finance lease obligations was $9.2 billion, with $0.9 billion classified as current[400]. Market Competition and Strategy - The company reported significant competition affecting revenue, customer numbers, and average monthly subscription revenue per fixed-line customer or mobile subscriber[305]. - The company aims to achieve organic revenue and customer growth by developing bundled services and upgrading network quality, excluding foreign currency translation effects and acquisition impacts[304]. - The company experienced competition across all markets, adversely impacting customer growth and ARPU[319]. Joint Ventures and Partnerships - The VodafoneZiggo JV reported a revenue of $4,450.5 million for 2024, unchanged from 2023, while Adjusted EBITDA increased to $2,033.9 million from $1,972.5 million, a rise of 3.1%[364]. - The VMO2 JV's revenue for 2024 was $13,649.7 million, with a significant operating income of $1,037.8 million compared to an operating loss of $2,274.5 million in 2023[365]. - VM Ireland expanded its broadband services by partnering with National Broadband Ireland to reach additional households and businesses[71]. Technological Advancements - The company introduced the "Connect Box," a next-generation Intelligent WiFi and telephony gateway, which supports DOCSIS 3.1 technology and WiFi 6, enhancing in-home WiFi service and coverage[45]. - In 2023, the company conducted the world's first test of DOCSIS 4 technology on live network infrastructure, capable of 10 Gbps speeds over HFC Plant[46]. - The Horizon 5 platform, a cloud-based multi-screen entertainment service, is available in all markets and features a user-friendly interface and 4K video content delivery[58]. Environmental and Social Responsibility - The company is committed to reducing its Scope 1, 2, and 3 greenhouse gas emissions in line with science-based targets[33]. - The company emphasizes diversity and inclusion in its workforce, supporting STEM and digital skills education[32].

Core Insights - The report from Liberty Global and EY emphasizes the strategic adoption of AI in the telecommunications sector to achieve significant sustainability gains over the next decade [1][5] Group 1: AI's Impact on Sustainability - AI has the potential to drive operational efficiencies in the telco sector, including optimizing energy use in mobile and fixed networks [2] - The AI sector could consume between 85 and 134 terawatt hours (TWh) of electricity annually by 2025, which is about 0.5% of total global consumption [3] - Telco operators now handle up to 10 times more data than five years ago while maintaining similar energy consumption levels [4] Group 2: Future Scenarios and Predictions - The report outlines four hypothetical outcomes for AI and sustainability, predicting that AI will help minimize additional energy requirements despite a significant increase in data traffic [5] - In the 'Growth' scenario, telecommunications networks could manage 50 times more data traffic while only increasing energy consumption by 10% [6] Group 3: Recommendations for the Telecommunications Sector - The report provides eight key recommendations for the telco sector to achieve sustainability through AI, including conducting assessments of AI's sustainability impact and prioritizing AI-driven network optimization [8] - Recommendations also include accelerating the transition to AI-managed renewable energy sources and implementing AI-enhanced circular economy practices [8]

Financial Performance - Q3 2024 revenue increased 4.4% YoY to $1,935.2 million, with a rebased increase of 2.6%[14] - Q3 2024 Adjusted EBITDA rose 11.8% YoY to $668.3 million, with a rebased increase of 9.4%[14] - Telenet's revenue increased 1.3% YoY to $785.2 million, with Adjusted EBITDA rising 6.2% YoY to $360.9 million[10] - Total revenue for the three months ended September 30, 2024, was $1,935.2 million, representing a 4.4% increase compared to $1,854.5 million in 2023[19] - Adjusted EBITDA for the three months ended September 30, 2024, was $668.3 million, an 11.8% increase from $597.7 million in 2023[20] - Adjusted EBITDA less P&E additions for the total was $282.7 million for the three months ended September 30, 2024, a 21.5% increase from $232.6 million in 2023[21] - Adjusted EBITDA for Sunrise increased by 2.5% to $318.9 million for the three months ended September 30, 2024, compared to $311.0 million in 2023[73] - Total Adjusted EBITDA rose by 11.8% to $668.3 million for the three months ended September 30, 2024, from $597.7 million in the same period last year[73] Customer Metrics - Sunrise achieved 1,300 broadband net adds and 43,200 mobile postpaid net adds in Q3 2024, reflecting improved customer retention[7] - VMO2 reported a return to positive fixed customer net adds of 15,000 in Q3 2024, with a 2.2% YoY growth in fixed ARPU[11] - Organic customer net losses totaled 12,200 for the three months ended September 30, 2024, compared to 39,100 in the same period of 2023[16] - The company experienced a significant decline in customer counts across several markets, with Telenet losing 8,300 customers in the latest quarter[16] - Consolidated Liberty Global reported 8,581,300 total RGUs as of September 30, 2024, with 5,932,500 total mobile subscribers[38] - The organic change summary indicated a total decline of 85,500 RGUs across Liberty Global, with significant losses in telephony subscribers[39] - The VMO2 joint venture reported 12,402,500 total RGUs, with 35,483,900 total mobile subscribers[38] - The company’s homes passed increased to 8,546,000, with fixed-line relationships totaling 4,008,800 as of September 30, 2024[38] Debt and Liquidity - Liberty Global's cash balance was $3.5 billion as of September 30, expected to decrease to ~$2 billion by year-end after a $1.4 billion capital injection into Sunrise[6] - Total principal amount of debt and finance leases stood at $16.0 billion, with an average debt tenor of 4.1 years[22] - Liquidity as of September 30, 2024, was $5.0 billion, including $2.4 billion in cash[22] - Liberty Global has a total liquidity of $5,036.2 million, which includes cash and cash equivalents of $2,356.4 million and unused borrowing capacity of $1,585.3 million[32] - The aggregate unused borrowing capacity was $1,585.3 million, indicating strong financial flexibility[45] - Debt and finance lease obligations before deferred financing costs totaled $16,002.6 million, resulting in a debt to LTM Adjusted EBITDA ratio of 6.4[60] - Adjusted net debt and finance lease obligations were $11,832.9 million, leading to a net debt to LTM Adjusted EBITDA ratio of 4.9[60] Strategic Initiatives - The company plans to realize ~$900 million in total asset proceeds from recent divestments, exceeding its $500 million to $1 billion target range[5] - The spin-off of Sunrise is confirmed for November 12, 2024, with a planned debt paydown of CHF 1.5 billion[4] - Liberty Global's strategic plans include investments in fiber upgrade programs in the U.K. and Belgium[23] - The company is focused on maximizing shareholder value through its Liberty Growth portfolio, which includes capital rotation between investments[23] Shareholder Returns - The share repurchase program for 2024 authorizes the repurchase of up to 10% of outstanding shares as of December 31, 2023[24] Foreign Currency and Other Financial Impacts - The company reported a foreign currency transaction loss of $578.3 million for the three months ended September 30, 2024, compared to a loss of $(664.4) million in the same period of 2023[50] - The company reported a foreign currency transaction loss of $769.0 million and a realized and unrealized loss on derivative instruments of $653.1 million[60] Capital Expenditures - Capital expenditures for the three months ended September 30, 2024, totaled $347.1 million, representing an increase from $327.8 million in the same period of 2023[34] - The total property and equipment additions for the nine months ended September 30, 2024, were $1,125.4 million, compared to $1,107.7 million in the previous year[35] - The company’s capital expenditures as a percentage of revenue stood at 19.9% for the three months ended September 30, 2024[35] Earnings and Losses - Liberty Global's net earnings decreased 271.5% YoY to a loss of $1,410.9 million in Q3 2024[14] - Net earnings for the three months ended September 30, 2024, were ($1,410.9 million), compared to $822.7 million in 2023[17] - Operating income for the three months ended September 30, 2024, was $101.3 million, compared to a loss of $(27.4) million in the same period of 2023[50] - Distributable Cash Flow for the three months ended September 30, 2024, was $91.1 million, down from $309.4 million in the same period of 2023[55] - Share-based compensation expense amounted to $203.6 million, contributing to the overall operating loss of $(62.3) million[60]

Customer Metrics - As of September 30, 2024, the company served 4,008,800 fixed-line customers and 5,932,500 mobile subscribers, with networks passing 8,546,000 homes[213]. - The average number of residential fixed subscription customers decreased by 13.3 thousand for the three-month period, contributing to a decline in subscription revenue[233]. - Residential fixed subscription revenue decreased by $34.1 million during the three months ended September 30, 2024, primarily due to a decline in the average number of customers[254]. Financial Performance - Net earnings for the three months ended September 30, 2024, were $(1,410.9) million, compared to $822.7 million in 2023, reflecting a significant decline[223]. - Adjusted EBITDA for the same period was $668.3 million, an increase from $597.7 million in 2023, representing a growth of 11.4%[223]. - Total revenue for the reportable segments reached $1,935.2 million, up 4.4% from $1,854.5 million in 2023[227]. - Total revenue for the nine months ended September 30, 2024, was $5,754.0 million, an increase of $183.1 million, or 3.3%, from $5,570.9 million in 2023[228]. - The company reported a net loss of $608.7 million for the nine months ended September 30, 2024, compared to a loss of $402.1 million in 2023, driven by increased non-operating expenses[313]. Revenue Segments - Sunrise segment revenue increased to $865.7 million, a rise of 0.7% compared to $859.3 million in 2023[227]. - Telenet segment revenue grew by 10.0% to $785.2 million, up from $775.2 million in the previous year[227]. - Central and Other segment revenue surged by 65.0% to $229.3 million, compared to $164.3 million in 2023[227]. - Total B2B revenue reached $395.0 million for the three months ended September 30, 2024, up from $379.4 million in the same period last year[248]. Cost and Expenses - Programming and other direct costs of services increased by $5.3 million or 0.9% for the three months ended September 30, 2024, and $112.5 million or 6.5% for the nine months ended September 30, 2024, compared to the corresponding periods in 2023[264]. - Other operating expenses (excluding share-based compensation) increased by $5.4 million or 1.8% for the three months ended September 30, 2024, compared to the same period in 2023[269]. - SG&A expenses decreased by $6.8 million or 1.6% for the three months ended September 30, 2024, compared to the same period in 2023[272]. Market Competition - The company experienced competition that adversely impacted revenue, customer numbers, and average revenue per user (ARPU) in all operating markets[214]. - The company experienced competition across all markets, impacting customer growth and average revenue per user (ARPU)[225]. Regulatory and Economic Factors - The company faces risks related to regulatory compliance, government interventions, and potential impacts from geopolitical events[209]. - Inflationary pressures on labor, programming, and other costs may negatively impact operating results, cash flows, and liquidity[215]. Joint Ventures - The VMO2 joint venture reported revenue of $3,512.7 million, a slight increase of 0.3% from $3,503.8 million in 2023[227]. - The VodafoneZiggo joint venture generated $1,131.1 million in revenue, up 5.9% from $1,125.2 million in the previous year[227]. Cash Flow and Liquidity - Cash and cash equivalents totaled $2,356.4 million as of September 30, 2024, with $1,289.0 million (54.7%) denominated in euros and $1,034.3 million (43.9%) in U.S. dollars[320]. - Net cash provided by operating activities for the nine months ended September 30, 2024, was $1,241.3 million, a decrease of $85.4 million compared to $1,326.7 million in 2023[340]. - The company maintained compliance with its debt covenants as of September 30, 2024, and does not anticipate any material adverse impact on liquidity in the next 12 months[336]. Shareholder Actions - The company authorized a share repurchase program for 2024 to repurchase up to 10% of total outstanding shares as of December 31, 2023, with $503.1 million spent on share repurchases during the nine months ended September 30, 2024[329].

Revenue Performance - Q2 2024 revenue was €111.5 million, a decrease of 1.9% year-over-year, primarily due to lower fixed revenue, partially offset by strong B2B wholesale revenue growth of 15.4%[9] - Sunrise Holding reported Q2 2024 revenue of €769.5 million, an increase of 1.1% YoY on a reported basis and 0.5% YoY on a rebased basis[22] - Total revenue for the three months ended June 30, 2024, was €769.5 million, representing a 1.1% increase compared to €761.3 million in 2023[27] - Total revenue for the three months ended June 30, 2024, was CHF 737.5 million, a slight increase of 0.5% compared to CHF 733.6 million in the same period of 2023[33] Customer Metrics - Residential fixed revenue decreased by 3.9% year-over-year to €71.9 million, driven by lower customer volumes[9] - Fixed customer net losses were 4,100 in Q2, influenced by elevated churn rates[7] - The company achieved 32,900 net additions in mobile postpaid subscribers in Q2, reflecting improved performance and reduced churn[20] - Broadband net additions were positive for the second consecutive quarter, with an increase of 5,000 subscribers in Q2[20] - The total number of mobile subscribers for Sunrise Holding reached 2,880,300, with a net increase of 26,100 subscribers in Q2 2024[46] - Sunrise Holding's fixed-line customer relationships totaled 1,640,000, with a total of 3,671,500 RGUs as of June 30, 2024[42] Financial Performance - Q2 net earnings decreased by 32.3% year-over-year to €10.9 million, mainly due to higher interest expenses[9] - Adjusted EBITDA for Q2 was €42.5 million, down 2.1% year-over-year, impacted by revenue decline and increased labor costs[9] - Segment Adjusted EBITDA for Q2 was €271.8 million, up 1.3% YoY on a reported basis and 0.7% YoY on a rebased basis[22] - The net loss for Q2 increased by 12.3% YoY to €75.0 million, primarily due to lower foreign currency gains and increased income tax expense[22] - Segment Adjusted EBITDA for the three months ended June 30, 2024, was €271.8 million, a 1.3% increase from €268.3 million in 2023[28] - The net loss for the three months ended June 30, 2024, was €75.0 million, compared to a net loss of €66.8 million in 2023[28] Debt and Liquidity - At June 30, 2024, the ratio of Net Senior Debt to Annualized EBITDA was 5.28x, reflecting compliance with restrictive covenants[9] - The company had €100.0 million of undrawn commitments available as of June 30, 2024, indicating potential for future borrowing capacity[9] - At June 30, 2024, the company had €707.0 million of undrawn commitments available, indicating strong liquidity[22] - The ratio of Net Senior Debt to Annualized EBITDA was 4.36x, reflecting the company's leverage position[22] - Total third-party debt and finance lease obligations as of June 30, 2024, amounted to €6,005.9 million, an increase from €5,947.7 million as of March 31, 2024[30] - Total third-party net debt increased to €5,599.4 million from €5,532.2 million in the previous quarter[32] Capital Expenditures - Property and equipment additions for the three months ended June 30, 2024, totaled €131.6 million, up from €114.6 million in 2023, representing a 14.0% increase[29] - The total capital expenditures for the six months ended June 30, 2024, were €243.1 million, compared to €200.2 million in 2023[29] - Property and equipment additions as a percentage of revenue for the three months ended June 30, 2024, was 17.1%, up from 15.1% in 2023[29] Strategic Initiatives - The fiber upgrade program resulted in nearly 40% of premises upgraded to full fiber by the end of Q2 2024[5] - Sunrise plans to more than double the speed on its HFC network from 1 Gig to 2.5 Gig starting in August 2024[20] - The company plans to upgrade its fiber network in Virgin Media Ireland, which is expected to enhance broadband speed and service offerings[35] Performance Metrics - Adjusted EBITDA is a key performance measure, reflecting net earnings before various expenses, providing a transparent view of recurring operating performance[54] - Average Revenue Per Unit (ARPU) for mobile subscribers is calculated by dividing mobile subscription revenue by the average number of mobile subscribers for the period[53] - Customer churn is calculated as the number of disconnects over the preceding 12 months divided by the average number of customer relationships[56] - The company defines Adjusted Free Cash Flow (Adjusted FCF) as net cash from operating activities, adjusted for capital expenditures and vendor financing[52] - Fixed-Mobile Convergence (FMC) penetration is measured by the number of customers subscribing to both fixed broadband and postpaid mobile services[58]

Customer Base and Market Competition - As of June 30, 2024, the company served 4,017,500 fixed-line customers and 5,906,000 mobile subscribers, with networks passing 8,573,400 homes[207]. - The company is experiencing competition across all markets, adversely affecting revenue and average monthly subscription revenue per customer[208]. - The company’s ability to maintain or increase subscriptions and average revenue per household is critical for future performance[203]. - The average number of fixed-line customers for Sunrise decreased, contributing to a decline in residential fixed subscription revenue by $6.2 million in Q2 2024[220]. - The company experienced competition across all markets, adversely impacting customer growth and average revenue per user (ARPU)[217]. Financial Performance - Net earnings for Q2 2024 were $275.2 million, a significant improvement from a loss of $511.3 million in Q2 2023[216]. - Total revenue for Q2 2024 increased to $1,873.7 million, up 1.4% from $1,848.0 million in Q2 2023[219]. - The total revenue for the six months ended June 30, 2024, was $3,818.8 million, reflecting an increase of 2.8% from $3,716.4 million in the same period of 2023[219]. - Adjusted EBITDA for the six months ended June 30, 2024, was $1,186.1 million, compared to $1,225.9 million for the same period in 2023, reflecting a decrease of 3.2%[216]. - The company incurred a net loss of $15.4 million for the three months ended June 30, 2024, compared to a net loss of $127.5 million for the same period in 2023[273]. Revenue Breakdown - The company reported that 58.7% of its revenue during the three months ended June 30, 2024, was derived from subsidiaries with functional currencies in euros, and 43.5% from Swiss francs[211]. - Sunrise's total revenue for Q2 2024 was $815.8 million, a slight decrease of 0.4% compared to $816.2 million in Q2 2023[219]. - Telenet's revenue for Q2 2024 decreased by $11.9 million, or 1.6%, to $755.1 million from $767.0 million in Q2 2023[219]. - The VMO2 joint venture reported revenue of $3,375.4 million for Q2 2024, a decrease of $16.1 million, or 0.5%, from Q2 2023[219]. - Total residential fixed revenue for VM Ireland decreased by $18.7 million (2.5%) to $728.1 million in the three months ended June 30, 2024[231]. Cost and Expense Management - Inflationary pressures remain elevated, impacting labor, programming, and other costs, which could negatively affect operating results and cash flows[209]. - Programming and other direct costs of services increased by $107.2 million or 9.3% during the six months ended June 30, 2024, compared to the same period in 2023, with an organic increase of $95.3 million or 8.2%[246]. - Other operating expenses (excluding share-based compensation) decreased by $7.2 million or 2.4% for the three months ended June 30, 2024, and by $3.3 million or 0.6% for the six months ended June 30, 2024, compared to the same periods in 2023[249]. - SG&A expenses (excluding share-based compensation) increased by $23.8 million or 6.5% for the three months ended June 30, 2024, and by $38.3 million or 5.2% for the six months ended June 30, 2024, compared to the same periods in 2023[254]. - Depreciation and amortization expense decreased by $32.6 million or 5.7% for the three months ended June 30, 2024, and by $93.0 million or 8.5% for the six months ended June 30, 2024, compared to the same periods in 2023[257]. Shareholder Returns and Liquidity - The company repurchased shares totaling $337.9 million during the six months ended June 30, 2024, under its authorized share repurchase program[303]. - Total cash and cash equivalents as of June 30, 2024, amounted to $2,011.3 million, with $977.0 million held by Liberty Global and unrestricted subsidiaries[294]. - The liquidity available at the corporate level was $2,011.3 million, which includes cash and cash equivalents and investments held under SMAs[297]. - The company anticipates significant liquidity requirements over the next 12 to 24 months due to various commitments, including programming and operating costs[305]. - The company does not anticipate any instances of non-compliance with debt covenants that would materially impact liquidity in the next 12 months[309]. Foreign Exchange and Impairment - Changes in foreign currency exchange rates significantly impact reported operating results, highlighting the importance of managing FX risks[211]. - Foreign currency transaction gains for the three months ended June 30, 2024, amounted to $228.9 million, compared to $56.4 million for the same period in 2023[268]. - The company recognized impairment, restructuring, and other operating items of $4.7 million and $38.2 million for the three and six months ended June 30, 2024, respectively, compared to $3.9 million and $20.3 million for the same periods in 2023[258]. - The company experienced realized and unrealized losses due to changes in fair values of certain investments totaling $(30.1) million for the three months ended June 30, 2024, compared to $(410.8) million for the same period in 2023[270]. - Realized and unrealized gains on derivative instruments totaled $68.5 million for the three months ended June 30, 2024, compared to $51.1 million for the same period in 2023[265].

Revenue Performance - Q1 2024 revenue of €113.3 million decreased 1.2% YoY, with lower fixed and handset revenues partially offset by growth in programming and mobile subscription revenue[9] - Sunrise achieved revenue of €797.9 million in Q1 2024, representing a 4.4% increase YoY on a reported basis and a 0.1% decrease on a rebased basis[22] - Total revenue for the three months ended March 31, 2024, was CHF 746.8 million, a slight decrease of 0.04% compared to CHF 747.1 million for the same period in 2023[33] - B2B segment revenue increased by 4.8% year-over-year, reaching CHF 147.7 million for the three months ended March 31, 2024[33] Earnings and Adjusted EBITDA - Q1 net earnings increased 257.1% YoY to €5.5 million, driven by higher realized and unrealized gains on derivative instruments[9] - Q1 Adjusted EBITDA of €36.8 million decreased 4.9% YoY, impacted by revenue decrease and costs associated with off-net business[9] - Segment Adjusted EBITDA for Q1 was €261.4 million, up 4.7% YoY on a reported basis and 0.2% YoY on a rebased basis[22] - Segment Adjusted EBITDA for the three months ended March 31, 2024, was CHF 244.3 million, a 0.4% increase from CHF 243.3 million in the same period of 2023[33] Customer Metrics - Fixed customer net losses improved sequentially to 1,300 in Q1, driven by higher customer additions[7] - Broadband net adds were 6,200 in Q1 2024, supported by customer loyalty initiatives and trading momentum in flanker brands[20] - Mobile postpaid continued to show momentum with 26,000 net adds in Q1 2024[20] - The total number of customer relationships for Sunrise Holding was 1,642,600 as of March 31, 2024, with a net decrease of 2,600 in Q1 2024[41] Capital Expenditures and Investments - Q1 property and equipment additions of €36.3 million were up 17.5% YoY, reflecting increased investment in fiber upgrade and wholesale programs[9] - Property and equipment additions were 17.5% of revenue in Q1 2024, compared to 18.4% in the prior year[22] Debt and Financial Position - At March 31, 2024, the ratio of Net Senior Debt to Annualized EBITDA was 5.23x, reflecting compliance with restrictive covenants[9] - Total third-party debt and finance lease obligations amounted to €5,947.7 million as of March 31, 2024, compared to €5,896.6 million as of December 31, 2023, reflecting an increase of €51.1 million[32] - The total covenant amount of third-party net debt is €5,532.2 million as of March 31, 2024, down from €5,823.5 million as of December 31, 2023, indicating a decrease of €291.3 million[32] Strategic Initiatives - The company plans to implement price increases and launch new products and services as part of its growth strategy[34] - Sunrise launched new offerings including a "Workplace as a Service" solution and enhanced cybersecurity services for business customers[20] - The anticipated spin-off of Sunrise from Liberty Global is expected to provide additional strategic opportunities and benefits[34] Subscriber Metrics - Sunrise Holding's total mobile subscribers stood at 2,854,200 as of March 31, 2024, with an organic increase of 17,900 subscribers in Q1 2024[41] - In Q1 2024, Sunrise Holding experienced a net organic increase of 17,900 total mobile subscribers, with a decrease of 8,100 prepaid subscribers and an increase of 26,000 postpaid subscribers compared to Q4 2023[45] Average Revenue Per User (ARPU) - The average monthly ARPU for Sunrise in Q1 was CHF 62.67, a decrease of 1.0% YoY[20] - The average revenue per mobile subscriber (ARPU) is calculated by dividing mobile subscription revenue by the average number of mobile subscribers for the period[52]