Liberty Global — Q3 2026 Earnings Summary

Financial Performance

• Total consideration for the sale of VodafoneZiggo's passive tower assets is €669 million.
• The company targets €1.2-1.4 billion in non-core asset disposals to support the Ziggo Group listing.
• Proceeds from the tower sale will be used to support de-leveraging at VodafoneZiggo.
• VodafoneZiggo reported overall revenue growth during the third quarter of 2026.
• VodafoneZiggo achieved its best broadband net adds performance since 2019 during the third quarter of 2026.
• Liberty Telecom generated aggregate revenue of $22 billion, including approximately $13 billion from the nonconsolidated VMO2 joint venture and $9 billion from consolidated operations.
• VodafoneZiggo revenue is included in the $22 billion aggregate figure as Liberty Global began consolidating the joint venture in July 2026.

Guidance and Future Outlook

• The company anticipates the tower sale deal closing by year-end 2026.
• Liberty Global intends to list the Ziggo Group in Amsterdam in the middle of 2027.
• The company will release third quarter 2026 results on Tuesday, November 3, 2026, with an investor call at 09:00 a.m. Eastern Time.
• Management expects to generate free cash flow ahead of the spin-off alongside the tower sale proceeds.

Business Segments and Product Lines

• VodafoneZiggo completed a network upgrade to DOCSIS 4 technology in a record 18 months.
• Following the upgrade, internet speeds of up to 8Gbps were launched in The Netherlands.
• The Ziggo Group combines Liberty Global's interests in VodafoneZiggo and Telenet, serving 13 million customers with €6.6 billion in revenue.
• The Ziggo Group structure enables VodafoneZiggo and Telenet to invest more and move faster while remaining fully responsible for their respective markets.

Market and Competitive Landscape

• The tower sale to DigitalBridge, TD Greystone Infrastructure, and L&G received EU Commission clearance.
• The DOCSIS 4 technology upgrade future-proofs the local network without the need for expensive digging.

Risks and Challenges

• Forward-looking statements regarding the Transaction are subject to risks including the failure to receive shareholder approval.
• Risks include the inability to satisfy other conditions to the Transaction on the expected timeframe or at all.
• Potential risks involve the approval of Ziggo Group shares for listing on the relevant stock exchange and the development of a trading market.
• The Liberty Global Board of Directors retains discretion to decide not to complete the Transaction.
• Uncertainties exist regarding the ability to realize expected benefits, unanticipated difficulties or costs, and Ziggo Group's ability to successfully operate as an independent public company.

Management Commentary and Tone

• Mike Fries, Chairman and CEO, welcomed the swift EU Commission clearance as an important step toward the Ziggo Group listing.
• Management described VodafoneZiggo's "How we win plan" as driving record commercial momentum in Q3 2026.
• The tone emphasizes the strategic value of the tower sale proceeds for de-leveraging and the success of the network upgrade.

Other Key Points

• The tower sale is part of a strategy to support the intended spin-off and listing of Ziggo Group.
• Liberty Global operates two complementary platforms: Liberty Telecom and Liberty Growth.
• Liberty Growth invests in scalable businesses across technology, media, sports, and infrastructure sectors with a portfolio valued at $3.4 billion.
• The Ziggo Group is a newly established Benelux champion in connectivity, entertainment, and digital services.