Revenue 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]. - VMO2 reported revenue of $3,126.3 million, down 4.8% year-over-year, primarily due to lower construction revenue and handset sales, but offset by higher fixed ARPU and mobile service revenue[5]. - Telenet's revenue for Q1 2025 was $759.7 million, a slight decrease of 0.4% year-over-year, but showed a rebased increase of 2.7%[4]. - VodafoneZiggo's revenue decreased by 5.6% year-over-year to $1,052.0 million, impacted by a decline in the consumer fixed base and lower handset sales[13]. - Virgin Media Ireland's revenue was $115.8 million, down 5.9% YoY on a reported basis, primarily due to lower fixed and mobile revenue[28]. - Total revenue for the three months ended March 31, 2025, was £2,480.1 million, a decrease of 4.2% from £2,588.8 million in 2024[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]. - VodafoneZiggo's total revenue for the three months ended March 31, 2025, was €721.2 million, reflecting a 2.7% increase from €702.4 million in the same period of 2024[62]. - Telenet's total revenue for the three months ended March 31, 2025, was €110.0 million, down 2.9% from €113.3 million in the same period of 2024[73]. Adjusted EBITDA - Adjusted EBITDA for Liberty Global increased by 14.7% year-over-year to $324.6 million, with VMO2's Adjusted EBITDA remaining flat at $1,073.4 million[4][5]. - Adjusted EBITDA for Telenet was $301.6 million, down 2.2% YoY on a reported basis, but up 0.8% on a rebased basis[21]. - VodafoneZiggo revised its 2025 guidance, expecting a mid to high-single digit decline in Adjusted EBITDA growth, down from a low-single digit decline[17]. - Adjusted EBITDA for the same period was £914.1 million, down 1.3% from £925.7 million[47]. - Adjusted EBITDA decreased by 8.0% to €439.7 million for the three months ended March 31, 2025, compared to €478.1 million in 2024[55]. - Adjusted EBITDA for Telenet increased to €286.4 million in Q1 2025 from €284.1 million in Q1 2024, while IFRS Adjusted EBITDA rose from €314.9 million to €323.8 million[129]. Cash Flow and Debt - Liberty Global's cash flows from operating activities were negative at -$81.0 million, with cash flows from investing activities at -$692.0 million and financing activities at -$773.0 million[5]. - Cash flows from operating activities were $185.0 million, while cash flows from investing activities were -$198.9 million[21]. - 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]. - As of March 31, 2025, 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]. - The net carrying amount of third-party debt and finance lease obligations was €10,965.4 million as of March 31, 2025, compared to €11,187.7 million at the end of 2024, indicating a decrease of about 2.0%[56]. - Telenet's total third-party debt and lease obligations amounted to €7,165.0 million, a decrease from €7,307.9 million as of December 31, 2024, representing a reduction of approximately 1.9%[68]. Customer Metrics - Broadband net losses were 2,100, primarily due to elevated churn on the Telenet brand, partially offset by growth in BASE[24]. - Telenet reported 4,216,600 homes passed and 1,955,400 customer relationships, with a total of 4,111,900 RGUs[37]. - VM Ireland had 1,005,200 homes passed and 391,300 customer relationships, totaling 718,700 RGUs[37]. - Total consolidated reportable segments showed 5,221,800 homes passed and 2,346,700 customer relationships, with 4,830,600 RGUs[37]. - Telenet experienced a net loss of 43,900 RGUs in Q1 2025 compared to the previous quarter[39]. - VMO2 JV reported a significant loss of 286,500 RGUs in Q1 2025, while VodafoneZiggo JV lost 135,900 RGUs[39]. - The average monthly ARPU for fixed-line customers increased to £47.00 from £46.25[46]. - The average monthly ARPU per fixed-line customer relationship for Telenet was €60.98 in Q1 2025, down from €61.99 in Q1 2024, indicating a decrease of approximately 1.6%[72]. - The average monthly ARPU per fixed-line customer relationship increased to €63.31 in Q1 2025, up from €61.60 in Q1 2024, marking a growth of 2.8%[62]. Capital Expenditures - Property and equipment additions were $246.7 million, representing a 34.3% increase YoY on a reported basis[21]. - Total capital expenditures, including P&E additions, were €300.0 million for the three months ended March 31, 2025, representing a significant increase of 51.4% compared to €198.2 million in the same period of 2024[62]. - Total consolidated property and equipment additions for the three months ended March 31, 2025, were $285.6 million, compared to $221.0 million in the same period of 2024[91]. - Capital expenditures for the three months ended March 31, 2025, were $243.3 million, up from $206.1 million in 2024, representing an increase of 18%[91]. - U.S. GAAP P&E Additions for Telenet increased to €233.7 million in Q1 2025 from €169.7 million in 2024, while IFRS P&E Additions rose from €198.2 million to €300.0 million[129]. Strategic Initiatives - 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]. - The fair market value of Liberty Global's portfolio increased to $3.3 billion, with the top seven investments comprising approximately 75% of the value[3]. - VMO2 confirmed growth in revenue and Adjusted EBITDA metrics for 2025, despite a competitive environment, and plans to acquire spectrum licenses from the VOD/3 merger[5][12]. - The company is focused on strategic management across three platforms: Liberty Telecom, Liberty Growth, and Liberty Services[81]. - Liberty Global's investments include stakes in approximately 70 companies across technology, media, sports, and infrastructure sectors[83]. - Telenet secured a 5-year €500.0 million standalone capex facility in February 2025 to support its roll-out ambitions for Wyre[69]. - 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].

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]. 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 Adjusted EBITDA for Q1 2025 was $324.6 million, an increase of 14.7% from $283.0 million in Q1 2024[250]. - 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]. - Income tax benefit for Q1 2025 was $70.0 million, contrasting with an expense of $42.8 million in Q1 2024[293]. Revenue Breakdown - 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 organic decreases primarily in mobile subscription and non-subscription revenues[255]. - VM Ireland experienced a total revenue decrease of $7.2 million, with a $6.4 million decrease in subscription revenue[247]. - The total organic increase in Telenet's residential fixed revenue was $5.5 million, while the impact of foreign exchange was a decrease of $23.3 million[245]. Joint Ventures - The company has a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, accounted for as equity method investments[236]. - The VMO2 JV reported Adjusted EBITDA of $1,073.4 million, nearly unchanged from $1,073.6 million in Q1 2024[250]. - VodafoneZiggo JV's Adjusted EBITDA decreased by $55.9 million (10.8%) to $463.1 million in Q1 2025[250]. - VMO2 JV's revenue decreased to $1,052.0 million in Q1 2025 from $1,114.0 million in Q1 2024, a decline of approximately 5.6%[288]. - The share of results from affiliates showed a total loss of $148.0 million in Q1 2025, compared to a loss of $7.0 million in Q1 2024[285]. Costs and Expenses - The company is experiencing inflationary pressures on labor, programming, and other costs, which may negatively impact operating results and cash flows[231]. - Programming and other direct costs of services increased by $8.9 million or 2.3%, with an organic decrease of $33.5 million or 7.6% due to lower CPE sales[261]. - Other operating expenses (excluding share-based compensation) rose by $2.8 million or 1.5%, with an organic increase of $3.6 million or 1.9% driven by higher personnel costs[265]. - SG&A expenses were impacted by an increase in personnel costs of $4.4 million or 7.6%, primarily due to higher average costs per employee[265]. - Share-based compensation expense decreased to $30.5 million in Q1 2025 from $34.4 million in Q1 2024, a decline of $3.9 million or 11.3%[271]. Foreign Exchange Impact - Changes in foreign currency exchange rates significantly impacted reported operating results, primarily due to exposure to the euro[234]. - The company experienced a significant impact from foreign exchange, resulting in a $18.8 million decrease in residential revenue[255]. - Foreign currency transaction losses totaled $1,081.0 million in Q1 2025, compared to gains of $559.3 million in Q1 2024[281]. Capital Expenditures and Cash Flow - Capital expenditures for the three months ended March 31, 2025, totaled $243.3 million, up from $206.1 million in 2024, reflecting increased investments in new build and upgrade projects[328]. - The net cash provided by operating activities for the three months ended March 31, 2025, was $129.2 million, an increase of $37.9 million compared to $91.3 million in 2024[326]. - The company maintained compliance with its debt covenants as of March 31, 2025, and does not anticipate any material adverse impacts on liquidity in the next 12 months[322]. - Adjusted free cash flow for the three months ended March 31, 2025, was $(141.2) million, compared to $(151.8) million in 2024, indicating a slight improvement[332]. Debt and Interest - As of March 31, 2025, the consolidated debt amounted to $9.4 billion, with $1.1 billion classified as current and $3.0 billion not due until 2029 or thereafter[323]. - Interest expense decreased to $127.5 million in Q1 2025 from $145.5 million in Q1 2024, a reduction of $13.9 million or 9.6%[276]. - The company expects to maintain significant levels of interest expense due to its capital structure and debt management strategy[301].

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 2024 net earnings increased by 134.6% YoY to €11.9 million, driven by gains on derivative instruments[6] - Q4 Adjusted EBITDA rose by 10.6% YoY to €48.0 million, with a margin of 39.8%[10] - Adjusted EBITDA for the year ended December 31, 2024, was €165.0 million, compared to €167.7 million in 2023[11] Customer Metrics - Fixed customer net losses improved sequentially and YoY, with a loss of 1,900 in Q4 2024 compared to 3,900 in Q4 2023[5] - 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] - 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 the broadband network, indicating the company's service offerings[36] - RGUs (Revenue Generating Units) are counted separately for internet, video, and telephony services, with each bundled service counted as a separate RGU[33] Capital Expenditures - Q4 2024 property and equipment additions were €45.2 million, representing 37.5% of revenue[6] - Property and equipment additions for the year ended December 31, 2024, totaled €160.5 million, a slight decrease 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[11] - Property and equipment additions as a percentage of revenue for the three months ended December 31, 2024, was 37.5%, up from 36.4% in the previous year[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 September 30, 2024[12] - Total covenant amount of third-party net debt as of December 31, 2024, was €838.1 million, slightly down from €838.2 million as of September 30, 2024[14] - The company has a term loan of €900.0 million due in 2029, with a borrowing cost of EURIBOR + 3.575%[12] Fiber Upgrade and Future Growth - Approximately 50% of over one million premises upgraded to full fiber by the end of Q4 2024[5] - The company expects to continue its fiber upgrade program and expand its addressable homes to 1.4 million[2] - The company anticipates growth in addressable homes at Virgin Media Ireland, contributing to future revenue growth[15] Performance Metrics - 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] - Year-over-year (YoY) metrics are utilized to assess performance trends over time, providing context for financial results[37] Market Reach - Homes Passed refers to residential and commercial units that can be connected to networks without significant distribution plant extension, based on census data[31]

Corporate Actions and Acquisitions - 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][307]. - The company increased its ownership interest in Telenet to 100% following the Telenet Takeover Bid completed in October 2023[294]. - A gain of $190.7 million was recognized from the Formula E acquisition in 2024[369]. 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 revenue for 2024 was $4,341.9 million, an increase of 5.5% from $4,115.8 million in 2023[321]. - The net loss for 2024 was $1,634.7 million, improved from a net loss of $3,438.6 million in 2023[365]. - Adjusted EBITDA for 2024 was $4,503.4 million, down from $4,531.3 million in 2023[365]. - The company experienced a foreign currency transaction loss of $1,756.5 million in 2024, impacting overall financial performance[318]. Revenue Streams and Customer 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]. - The company’s B2B services include voice, broadband internet, data, video, wireless, and cloud services, contributing to its diversified revenue streams[300]. - 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]. - The mobile subscriber count stands at 3,006,800, with Telenet contributing 2,870,100 subscribers, VM Ireland 136,700, and UPC Slovakia not reporting mobile subscribers[36]. Operational Efficiency and Costs - Total consolidated Adjusted EBITDA for 2024 was $1,159.8 million, reflecting a slight increase of 0.8% from $1,150.4 million in 2023[326]. - Adjusted EBITDA margin for Telenet was 41.9% in 2024, down from 42.6% in 2023, indicating a slight decline in operational efficiency[327]. - 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]. - 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]. Investments and Strategic Initiatives - The company has significant investments in various sectors, including technology, media, and sports, aimed at enhancing growth and market presence[301]. - The company aims to enhance its product offerings through strategic acquisitions and partnerships, focusing on delivering a world-class suite of products and services[28]. - The company is committed to reducing its environmental footprint by targeting a decrease in Scope 1, 2, and 3 greenhouse gas emissions in line with science-based targets[33]. Debt and Liquidity - As of December 31, 2024, the outstanding principal amount of consolidated debt and finance lease obligations was $9.2 billion[400]. - The company anticipates no instances of non-compliance with debt covenants that would materially impact liquidity in the next 12 months[399]. - The liquidity of borrowing groups is primarily used to fund property and equipment additions, debt service requirements, and income tax payments[395]. Technology and Product Development - The "ONE Connect" ecosystem is designed to provide seamless connectivity and is built on a fiber-rich broadband network, enabling fast introduction of new services[44]. - The company introduced the "Connect Box," a next-generation Intelligent WiFi and telephony gateway, enabling reliable wireless connectivity and supporting speeds up to 10 Gbps with DOCSIS 3.1 and WiFi 6 technologies[45]. - The company achieved the world's first test of DOCSIS 4 technology in 2023, capable of delivering 10 Gbps speeds over HFC Plant, with plans to introduce a DOCSIS 4 Network Termination Unit in 2024[46]. Joint Ventures and Collaborations - The VMO2 JV provides gigabit internet to 16.2 million homes and has over 12 million fixed RGUs, including approximately 5.7 million broadband subscribers[80]. - Telenet signed a 15-year commercial wholesale agreement with Orange Belgium, achieving a wholesale market share of approximately 65%[69]. - The intended collaboration between Telenet and Proximus is subject to regulatory approvals and could enhance service delivery in low-density areas[70].

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, reflecting a 9.4% increase on a rebased basis[14] - Liberty Global's net earnings decreased 271.5% YoY to ($1,410.9 million) in Q3 2024[14] - 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] - Net earnings for the three months ended September 30, 2024, were ($1,410.9 million), compared to $822.7 million in 2023[17] - Adjusted EBITDA for the three months ended September 30, 2024, was $668.3 million, an increase of 11.8% from $597.7 million in 2023[20] - Adjusted EBITDA less P&E Additions for the three months ended September 30, 2024, was $282.7 million, up 21.5% from $232.6 million in 2023[21] - Adjusted Free Cash Flow (Adjusted FCF) for the three months ended September 30, 2024, was $91.1 million, compared to $(102.3) million in 2023[55] - 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] Customer Metrics - Sunrise achieved 1,300 broadband net adds and 43,200 mobile postpaid net adds in Q3 2024, with a 59% FMC penetration rate[7] - VMO2 reported a return to positive fixed customer net adds of 15,000 and fixed ARPU growth of 2.2% YoY in Q3 2024[11] - Organic customer net losses totaled 12,200 for the three months ended September 30, 2024, compared to 39,100 in 2023[16] - Consolidated Liberty Global reported 8,581,300 total RGUs and 5,932,500 total mobile subscribers as of September 30, 2024[38] - The organic change summary indicated a total decline of 85,500 RGUs for Liberty Global, with significant losses in telephony subscribers[39] - The average revenue per user (ARPU) for fixed customer relationships increased by 0.5% to $67.89 for Liberty Global, while VM Ireland saw a decrease of 2.0% to €61.76[36] - Mobile ARPU for Liberty Global, including interconnect revenue, increased by 3.0% to $27.62, while excluding interconnect revenue, it rose by 2.9% to $25.75[37] 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] - The company reported a total unused borrowing capacity of $1,585.3 million, indicating strong liquidity position[45] - The company’s liquidity includes cash and cash equivalents, investments, and maximum undrawn commitments under subsidiary borrowing facilities[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 before deferred financing costs were $11,832.9 million, leading to a net debt to LTM Adjusted EBITDA ratio of 4.9[60] Capital Expenditures and Investments - 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 last year[34] - The total capital expenditures for the nine months ended September 30, 2024, were $987.2 million, compared to $1,016.2 million in the previous year[34] - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings[35] - Liberty Global's strategic plans include investments in fiber upgrade programs in the U.K. and Belgium[23] Future Outlook - The company anticipates a CHF 240 million dividend from Sunrise in mid-2025, followed by a progressive annual dividend policy[4] - The planned spin-off of Sunrise is confirmed for November 12, 2024, with a total deleveraging of $1.7 billion anticipated by year-end[4] - The anticipated spin-off of the Swiss operating company, Sunrise, includes expected capital injection and potential dividends[23] - Future operational performance is expected to be driven by the use of AI technologies and partnerships with Vodafone and Cellnex UK[23] Joint Ventures and Subsidiaries - Telenet's revenue increased 1.3% YoY to $785.2 million, with Adjusted EBITDA rising 6.2% YoY to $360.9 million[10] - VMO2 JV reported revenue of $3,512.7 million for the three months ended September 30, 2024, a slight increase of 0.3% from $3,503.8 million in 2023[19] - VodafoneZiggo JV's revenue for the three months ended September 30, 2024, was $1,131.1 million, reflecting a 0.5% increase from $1,125.2 million in 2023[19] - VMO2 JV reported stable performance with $1,170.9 million in Q3 2024, unchanged from Q3 2023[73] - VodafoneZiggo JV saw a 1.8% increase in revenue to $527.8 million in Q3 2024 compared to $518.3 million in Q3 2023[73] Miscellaneous - The company has a portfolio of more than 75 companies and funds across the content, technology, and infrastructure industries[26] - The company aims to improve the accuracy and consistency of subscriber statistics through periodic reviews of counting policies and underlying systems[43] - Subscriber information for acquired entities remains preliminary and subject to adjustment until a thorough review is completed[44] - Share-based compensation expense amounted to $203.6 million, contributing to the overall operating loss of $(62.3) million[60] - The company’s Project Lightning network extension program connected additional homes and commercial premises to its networks[64]

Customer Base and Market Presence - 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 company’s reportable segments derive revenue primarily from residential and B2B communications services, with a focus on markets in Switzerland, Slovakia, Belgium, Luxembourg, and Ireland[211]. - The company experienced competition across all markets, impacting customer growth and average revenue per user (ARPU)[225]. Financial Performance - Net earnings for the three months ended September 30, 2024, were $(1,410.9) million, a decrease from $822.7 million in 2023[223]. - Adjusted EBITDA for the same period was $668.3 million, up from $597.7 million in 2023, representing an increase of 11.4%[223]. - Total revenue for the reportable segments was $1,935.2 million, an increase of $80.7 million or 4.4% compared to $1,854.5 million in 2023[227]. - The total revenue for the nine months ended September 30, 2024, was $1,854.4 million, reflecting a $30.8 million increase, or 1.7%, compared to 2023[242]. - Consolidated revenue increased by $80.7 million or 4.4% for the three months ended September 30, 2024, compared to the same period in 2023, and by $183.1 million or 3.3% for the nine months[253]. Revenue Segmentation - Sunrise segment revenue for the three months ended September 30, 2024, was $865.7 million, a slight increase of 0.7% from $859.3 million in 2023[227]. - Telenet segment revenue increased by 10.0% to $785.2 million from $775.2 million in 2023[227]. - Central and Other segment revenue saw a significant increase of 65.0%, reaching $229.3 million compared to $164.3 million in 2023[227]. - Total residential revenue decreased by $25.9 million or 2.0% for the three months ended September 30, 2024, and by $14.3 million or 0.4% for the nine months[254]. - B2B total revenue increased by $15.6 million or 4.1% for the three months ended September 30, 2024, and by $39.2 million or 3.5% for the nine months[248]. Cost and Expense Management - The company is experiencing inflationary pressures on labor, programming, and other costs, which may negatively impact operating results and cash flows[215]. - Programming and other direct costs of services increased by $5.3 million or 0.9% for the three months ended September 30, 2024, and by $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]. Foreign Exchange and Financial Risks - The company faces risks related to foreign currency exchange rates, particularly with the euro and Swiss franc, which significantly impact reported operating results[217]. - The company reported a significant impact from foreign currency exchange rates, with 56.5% of revenue derived from subsidiaries using the euro and 45.2% from those using the Swiss franc[350]. - The foreign currency transaction losses for the three months ended September 30, 2024, were $578.3 million, a significant decrease from the gains of $664.4 million in the same period of 2023[296]. Shareholder Activities and Corporate Governance - The company authorized a share repurchase program for 2024 to repurchase up to 10% of total outstanding shares as of December 31, 2023, with aggregate repurchases of $503.1 million during the nine months ended September 30, 2024[329]. - The company anticipates that tax considerations will not adversely impact corporate liquidity over the next 12 months, allowing for potential share repurchase activities[326]. Future Outlook and Strategic Initiatives - The company plans to spin off the Sunrise Entities in November 2024, which was approved by shareholders on October 25, 2024[212]. - The company anticipates challenges in maintaining or increasing subscription rates due to inflationary pressures and competition in the broadband and mobile service industries[208]. - The company expects potential impairment charges in future periods if equity values decline or if adverse economic conditions worsen[288].

Revenue and Financial Performance - Liberty Global's consolidated businesses generate annual revenue of more than $7 billion, while the VMO2 JV and VodafoneZiggo JV generate combined annual revenue of more than $18 billion[4]. - Revenue for Q2 2024 was €769.5 million, representing a 1.1% year-over-year increase on a reported basis and a 0.5% increase on a rebased basis[32]. - Total revenue for Q2 2024 was €769.5 million, a 1.1% increase from €761.3 million in Q2 2023[41]. - Consumer Fixed revenue decreased by 1.9% to €287.0 million in Q2 2024 from €292.7 million in Q2 2023[41]. - Total revenue for the three months ended June 30, 2024, was CHF 737.5 million, a 0.5% increase compared to CHF 733.6 million for the same period in 2023[49]. - Consumer Fixed revenue decreased by 2.7% to CHF 279.1 million, while Consumer Mobile revenue increased by 2.0% to CHF 301.7 million[49]. Adjusted EBITDA and Financial Guidance - Q2 2024 Adjusted EBITDA was €42.5 million, a decrease of 2.1% year-over-year, with Adjusted EBITDA less Property and Equipment additions increasing by 197.4% year-over-year to €3.8 million[14][21]. - Adjusted EBITDA for Q2 2024 was €271.8 million, up 1.3% year-over-year on a reported basis and 0.7% on a rebased basis[32]. - Segment Adjusted EBITDA for Q2 2024 was €271.8 million, a 1.3% increase from €268.3 million in Q2 2023[43]. - The company confirmed its FY 2024 financial guidance, expecting broadly stable revenue growth and stable to low-single-digit growth in Segment Adjusted EBITDA[36]. Customer Metrics and Subscriber Growth - The number of fixed-line customer relationships decreased to 397,400, with a net loss of 4,100 customers in Q2 2024[16]. - Mobile subscribers totaled 135,600, with a net addition of 1,400 in Q2 2024, and mobile ARPU increased to €21.42[16]. - The company achieved 32,900 net adds in mobile postpaid subscriptions during Q2 2024, reflecting improved brand performance and reduced churn[30]. - Broadband net adds were positive for the second consecutive quarter, with an increase of 5,000 in Q2 2024[30]. - Total subscribers for Sunrise Holding reached 3,671,500, with 1,334,600 internet subscribers, 1,342,200 video subscribers, and 994,700 telephony subscribers[62]. - For Virgin Media Ireland, there are 993,900 homes passed and 397,400 fixed-line relationships, with 758,800 total subscribers[62]. Capital Expenditures and Investments - Property and equipment additions in Q2 2024 were €38.7 million, down 18.2% year-over-year, representing 34.7% of revenue compared to 41.6% in the prior year[14][21]. - Total capital expenditures for the six months ended June 30, 2024, amounted to €243.1 million, up from €200.2 million in the same period of 2023[44]. - Total capital expenditures for the three months ended June 30, 2024, were €102.8 million, compared to €80.5 million for the same period in 2023[44]. - The company reported a total of €131.6 million in property and equipment additions for the three months ended June 30, 2024, up from €114.6 million in the same period of 2023[44]. Debt and Liquidity - The average borrowing cost for third-party debt was 3.9% with a tenor of 5.0 years as of June 30, 2024[14]. - At June 30, 2024, the ratio of Total Net Debt to Annualized EBITDA was 5.59x, reflecting the exclusion of certain amounts as defined in credit agreements[14]. - At June 30, 2024, the net carrying amount of third-party debt was €894.6 million, slightly up from €894.1 million at March 31, 2024[24]. - The average tenor of third-party debt was 5.0 years, with a borrowing cost of 3.0%[33]. - The company has €707.0 million of undrawn commitments available, indicating strong liquidity[36]. - Total third-party debt and finance lease obligations as of June 30, 2024, were €6,005.9 million, an increase from €5,947.7 million as of March 31, 2024[48]. Strategic Focus and Market Position - The company is focused on expanding its fiber and 5G networks to enhance service offerings and customer experience[56]. - Liberty Global Ventures has a portfolio of over 75 companies and funds in content, technology, and infrastructure sectors[57]. - The company is investing in infrastructure and platforms to support digital transformation and customer needs[56]. - Liberty Global's balance sheet remains strong, with a focus on cash and liquidity position to support future growth initiatives[54]. - Liberty Global provides over 85 million connections across Europe, including fixed and mobile subscribers[56].

Customer Metrics - 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’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 revenue decline of $6.2 million in Q2 2024[220]. - The company experienced competition across all markets, adversely affecting revenue and average monthly subscription revenue per customer[208]. Revenue Performance - Total revenue for Q2 2024 increased to $1,873.7 million, up 1.4% from $1,848.0 million in Q2 2023[219]. - 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[220]. - 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 total revenue for the six months ended June 30, 2024, was $3,818.8 million, reflecting a 2.8% increase from $3,716.4 million in the same period of 2023[219]. - The organic revenue increase for Central and Other segments was $51.9 million, representing a 25.2% growth in Q2 2024[219]. Adjusted EBITDA - 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]. - Adjusted EBITDA for the three months ended June 30, 2024, was $604.7 million, slightly up from $601.4 million in the same period of 2023[216]. - Telenet's Adjusted EBITDA decreased by $34.1 million (9.9%) to $311.9 million in the three-month period ended June 30, 2024[227]. - VM Ireland's Adjusted EBITDA for the three months ended June 30, 2024, was $45.7 million, a decrease of $1.6 million (3.4%) from $47.3 million in 2023[227]. Operating Expenses - 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 corresponding periods in 2023[254]. - Share-based compensation expense for the three months ended June 30, 2024, was $49.5 million, a decrease of $26.3 million or 34.7% compared to $75.8 million in the same period of 2023[255]. Net Earnings and Losses - Net earnings for Q2 2024 were $275.2 million, a significant improvement from a loss of $511.3 million in Q2 2023[216]. - The company reported a net loss of $15.4 million for Q2 2024, an improvement from a net loss of $127.5 million in Q2 2023[273]. - For the six months ended June 30, 2024, net earnings were $802.2 million, a significant improvement from a net loss of $1,224.8 million in the same period of 2023[287]. Foreign Currency Impact - Changes in foreign currency exchange rates significantly impact reported operating results, with primary exposure to euro and Swiss franc fluctuations[211]. - Foreign currency transaction gains amounted to $228.9 million for the three months and $298.0 million for the six months ended June 30, 2024, compared to losses in the same periods of 2023[268]. Capital Expenditures and Cash Flow - Capital expenditures, net for the six months ended June 30, 2024, were $640.1 million, compared to $688.4 million in 2023, reflecting a decrease in property and equipment additions[315]. - Net cash provided by operating activities for the six months ended June 30, 2024, was $791.8 million, a decrease of $207.8 million compared to $999.6 million in 2023[313]. - Adjusted free cash flow for the six months ended June 30, 2024, was $73.1 million, down from $150.3 million in 2023[320]. Acquisitions and Joint Ventures - The company completed the Telenet Takeover Bid in October 2023, increasing its ownership interest in Telenet to 100%[206]. - The VodafoneZiggo JV reported revenue of $1,091.6 million for Q2 2024, a slight increase from $1,088.4 million in Q2 2023, and Adjusted EBITDA of $518.7 million, up from $484.9 million in the same period[273]. - The VMO2 joint venture reported revenue of $3,375.4 million for Q2 2024, a decrease of $16.1 million or 0.5% from the previous year[219]. Future Outlook - The company anticipates continued increases in programming and copyright costs due to higher expenses associated with digital video content expansion and live sporting events[244]. - The company aims to maintain a consolidated debt balance between four and five times its consolidated Adjusted EBITDA, which is a non-GAAP measure[308]. - The company anticipates significant liquidity requirements over the next 12 to 24 months due to various commitments, including programming and operating costs[305].

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] - Q1 2024 revenue of €797.9 million increased by 4.4% YoY, while rebased revenue decreased by 0.1% YoY[22] - Total revenue for the three months ended March 31, 2024, was CHF 746.8 million, showing a slight decrease of 0.04% compared to CHF 747.1 million for the same period in 2023[33] Earnings and Adjusted EBITDA - Q1 net earnings increased 257.1% YoY to €5.5 million, primarily due to 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 same period was CHF 244.3 million, a marginal increase of 0.4% from CHF 243.3 million year-over-year[33] Customer Metrics - Q1 residential fixed revenue of €72.5 million decreased 4.2% YoY, primarily due to lower customer volumes[11] - Q1 residential mobile revenue of €9.9 million decreased 2.0% YoY, with mobile subscription revenue increasing 3.9% YoY driven by strong mobile ARPU growth[9] - Fixed Customer Relationships decreased by 800 in Q1 2024, with a total of 1,642,600[26] - The total number of customer relationships for Sunrise Holding reached 1,642,600 as of March 31, 2024, with a total of 3,691,900 RGUs[41] - The company reported a decrease of 12,100 in total customer relationships for Sunrise in Q1 2024, with a net organic subscriber variance of 9,100 across the group[41] Subscriber Growth - Q1 broadband net adds were 6,200, supported by customer loyalty initiatives and trading momentum in flanker brands[20] - Mobile postpaid net adds in Q1 reached 26,000, continuing the momentum from previous quarters[20] - The company has a total of 2,854,200 mobile subscribers as of March 31, 2024, with an 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] 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, compared to 18.4% in the prior year[22] - Sunrise launched new offerings including a "Workplace as a Service" solution and enhanced cybersecurity services for business customers[20] Debt and Liquidity - At March 31, 2024, the ratio of Net Senior Debt to Annualized EBITDA was 5.23x, reflecting compliance with the most restrictive covenants[9] - The company had €100.0 million of undrawn commitments available as of March 31, 2024, indicating strong liquidity[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] - 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] Guidance and Future Outlook - FY 2024 financial guidance indicates stable revenue growth and stable to low-single-digit growth in Segment Adjusted EBITDA[24] Other Metrics - Q1 Customer ARPU was CHF 62.67, a decrease of 1.0% YoY due to competitive pressures[20] - The company emphasizes that organic figures exclude customer relationships and subscribers from acquired entities at the date of acquisition, focusing on net organic changes[48] - 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] - Fixed-mobile convergence penetration is defined as the number of customers subscribing to both fixed broadband and postpaid mobile services, divided by the total number of fixed broadband customers[58] - The company’s homes passed count does not include homes serviceable through partner networks, which limits the reported potential market reach[59] - Sunrise Holding's capital expenditures do not include amounts financed under vendor financing or finance lease arrangements, reflecting only cash additions to property and equipment[48] - The company’s customer churn rate is calculated based on the number of disconnects over the preceding 12 months divided by the average number of customer relationships[56] - Total Revenue Generating Units (RGUs) include Internet, Video, and Telephony Subscribers, counted on a unique premises basis[62] - Non-paying subscribers are counted as RGUs during their free promotional service period, potentially affecting future RGU counts[62] - The company does not include subscriptions to mobile services in its externally reported RGU counts, focusing solely on broadband and telephony services[62]

Customer Base - As of March 31, 2024, the company served 4,036,700 fixed-line customers and 5,887,500 mobile subscribers, with networks passing 8,552,900 homes[209]. Financial Performance - The company reported a net earnings of $527.0 million for the three months ended March 31, 2024, compared to a net loss of $713.5 million in the same period of 2023[219]. - Total revenue for the company was $1,945.1 million, reflecting an increase of $76.7 million or 4.1% compared to $1,868.4 million in 2023[222]. - Revenue for the three months ended March 31, 2024, was $3,282.8 million, an increase of 3.8% compared to $3,162.7 million in 2023[265]. - Adjusted EBITDA for the same period was $1,073.6 million, up from $1,025.9 million, reflecting a year-over-year increase of 4.6%[265]. - The total Adjusted EBITDA for the company decreased by $43.1 million or 6.9% to $581.4 million from $624.5 million in 2023[230]. - Net earnings for Q1 2024 were $22.7 million, a substantial recovery from a loss of $352.1 million in Q1 2023[265]. Revenue Breakdown - Sunrise's revenue for the three months ended March 31, 2024, was $854.0 million, an increase of $46.6 million or 5.8% compared to $807.4 million in 2023[222]. - Telenet's revenue increased by $8.1 million or 1.1% to $762.6 million for the same period, up from $754.5 million in 2023[222]. - VM Ireland's revenue remained unchanged at $123.0 million, with a decrease in residential fixed subscription revenue of $3.6 million[222]. - Total residential revenue rose by $36.0 million, with a total of $1,258.4 million, reflecting a 2.4% increase, despite an organic decrease of $14.4 million or 1.2%[234]. - B2B revenue increased by $18.7 million or 5.2%, totaling $375.9 million, with subscription revenue up by $11.5 million or 8.6%[234][237]. - Other revenue saw a significant increase of $29.0 million or 10.3%, reaching $310.8 million, primarily driven by sales related to CPE[239]. Cost and Expenses - Programming and other direct costs of services rose by $101.4 million or 17.8%, totaling $672.1 million, with an organic increase of $80.7 million or 14.1%[242]. - Other operating expenses (excluding share-based compensation) increased by $3.9 million or 1.3%, totaling $303.3 million, while organic expenses decreased by $5.8 million or 1.9%[245]. - SG&A expenses (excluding share-based compensation) increased by $14.5 million or 3.9% to $388.3 million for the three months ended March 31, 2024, compared to $373.8 million in 2023[248]. - Depreciation and amortization expense decreased by $60.3 million or 11.4% to $480.7 million in Q1 2024, primarily due to certain assets becoming fully depreciated[252]. - Interest expense increased by $49.0 million or 24.4% to $253.5 million in Q1 2024, attributed to a higher weighted average interest rate[256]. Foreign Exchange Impact - Approximately 57.8% of the company's reported revenue during the three months ended March 31, 2024, was derived from subsidiaries with functional currencies in euros, and 43.9% from Swiss francs[213]. - The impact of foreign exchange contributed $46.9 million to Sunrise's total revenue increase, highlighting the significance of FX fluctuations[224]. - The company experienced significant foreign exchange impacts, with 57.8% of revenue derived from euros and 43.9% from Swiss francs, affecting reported operating results[213]. Debt and Cash Flow - As of March 31, 2024, the consolidated debt and finance lease obligations totaled $15.7 billion, with $0.7 billion classified as current and $1.6 billion not due until 2030 or later[295]. - The company aims to maintain a consolidated debt balance between four and five times its consolidated Adjusted EBITDA[293]. - Net cash provided by operating activities decreased to $245.7 million for the three months ended March 31, 2024, down from $307.8 million in the same period of 2023, a decline of $62.1 million[298]. - Net cash used by investing activities significantly decreased to $211.7 million in Q1 2024 from $1,423.2 million in Q1 2023, reflecting a change of $1,211.5 million[298]. - The company anticipates refinancing or extending debt maturities as maturing debt grows in later years, with no assurance of successful refinancing transactions[296]. Shareholder Actions - The company repurchased shares totaling $170.5 million during the three months ended March 31, 2024, under a program allowing for up to 10% of total outstanding shares[288].