• Cash on Hand: $2.1 billion at the end of the quarter.
• Planned Asset Sales: $500 million to $750 million planned for the year.
• Aggregate Revenue: $22 billion.
• Aggregate EBITDA: $8 billion.
• VMO2 Revenue Growth: 0.4% excluding certain revenues in Q1.
• VodafoneZiggo Revenue Decline: 2.6% mainly due to fixed revenues and lower handset sales.
• Telenet Revenue Increase: 2.7% supported by higher programming revenues.
• VMO2 Adjusted EBITDA Growth: 0.8% excluding nexfibre impact.
• VodafoneZiggo Adjusted EBITDA Decline: 8% due to fixed business decline and higher costs.
• Telenet Adjusted EBITDA Growth: 0.8% supported by cost control measures.
• Liberty Growth Portfolio Value Increase: $150 million during the quarter.
• CapEx Trends: Elevated in Belgium and Ireland for fiber network rollouts.
• Debt Cost: Approximately 4% to 5% with an average life of five years.
• VodafoneZiggo 2025 Revenue Guidance: Lowered to low single-digit decline.
• VodafoneZiggo 2025 Adjusted EBITDA Guidance: Expected to be down mid- to high single digits.
• VodafoneZiggo Capital Intensity: 20% to 22% of sales.
• VodafoneZiggo Free Cash Flow Guidance: EUR200 million to EUR250 million for 2025.

• Warning! GuruFocus has detected 6 Warning Signs with LBTYA.

Release Date: May 02, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Liberty Global Ltd (NASDAQ:LBTYA) has made significant progress on its strategic initiatives, including the tax-free spin-off of Sunrise, which is trading well in the Swiss market.
• The company has $2.1 billion in cash on hand and plans for $500 million to $750 million in asset sales, indicating strong capital allocation strategies.
• Liberty Global Ltd (NASDAQ:LBTYA) is making substantial network upgrades, such as the fiber upgrade in Ireland reaching 80% of its footprint by year-end, enhancing competitiveness.
• The company is actively pursuing strategic partnerships, such as the exclusive wholesale relationship with Orange in Belgium, which is expected to facilitate bringing equity partners into the platform.
• Liberty Global Ltd (NASDAQ:LBTYA) is focused on driving commercial momentum with initiatives like flanker brands and AI tools for customer retention, which are showing positive results in various markets.

Negative Points

• Liberty Global Ltd (NASDAQ:LBTYA) faces intense competition in its telecom markets, leading to stable broadband losses and weakness in postpaid mobile across most markets.
• The company has paused its NetCo plans in the UK to align with Telefonica's strategic review, which may delay potential consolidation and growth opportunities.
• VodafoneZiggo reported a revenue decline of 2.6% due to competitive pressures and lower handset sales, impacting overall financial performance.
• The company's leverage in some cases is above target, prompting asset sales like the Dutch towers to pay down debt, indicating financial pressure.
• Liberty Global Ltd (NASDAQ:LBTYA) has lowered its revenue guidance for VodafoneZiggo to a low single-digit decline for 2025, reflecting aggressive market retention activities and pricing adjustments.

Q & A Highlights

Q: Can you provide more details on the UK broadband net additions and the impact of market conditions? A: Michael Fries, CEO, explained that the market is more competitive, with some competitors offering up to GBP300 to attract customers. The company is using machine learning and AI to target retention offers and expects improvements from Q2 onwards. The impact of One Touch Switching and AltNets is significant, but they are adapting their strategies accordingly.

Q: How is Liberty Global managing the DOCSIS upgrades in the Netherlands within the existing CapEx envelope? A: Michael Fries, CEO, stated that they are committed to the DOCSIS strategy, which is supported by partners like Charter and Comcast. Stephen van Rooyen, CEO of VodafoneZiggo, added that they are comfortable with the CapEx envelope and have plans to upgrade the network to 8 gig speeds by 2026.

Q: What changes has Stephen van Rooyen implemented at VodafoneZiggo, and how has the EUR5 price cut impacted net adds? A: Stephen van Rooyen, CEO of VodafoneZiggo, outlined four key drivers: simplifying processes, realigning pricing, investing in core strengths, and embracing different market segments. The EUR5 price cut was necessary to align with market pricing and is expected to help arrest the decline in customer numbers.

Q: With VodafoneZiggo's leverage at 6x, does it make sense to continue upstreaming a dividend to shareholders? A: Michael Fries, CEO, mentioned that they are evaluating the situation and believe that tower proceeds and non-core asset sales will help deleverage the business. They will continue to assess the dividend policy as the year progresses.

Q: How does Liberty Global view the competitive position of Formula E compared to Formula One? A: Michael Fries, CEO, emphasized that Formula E is an exciting and growing business with a focus on compelling racing and sustainability. While not trying to compete directly with Formula One, Formula E aims to attract a younger, more diverse audience and is well-positioned for growth.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.