Q4 2025 Liberty Global Ltd Earnings Call

February 18, 2026

Yushen free transmission or reprocess of this call or webcast in any form. Without the express written consent of Liberty, Global is strictly prohibited at this time. All participants are in a listen-only mode. Today's formal presentation materials can be found under the investor relations section of Liberty Global's website, at Liberty global.com,

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

After today's formal presentation, instructions will be given for a question and answer session.

Speaker #1: Adjusted EBITDA declined 3.4% in Q4, driven by this lower revenue, and higher costs related to commercial initiatives. The full year figures were in line with the guidance in Q1 for the new How We Win strategy.

page 2 of the slides details, the company Safe Harbor statement, regarding forward-looking statements,

Speaker #1: At Telnet, we saw a revenue decline of 1.3%, driven by our strategic decision to not renew the Belgium football broadcasting rights and lower programming revenues.

Today's presentation may include forward-looking statements within the meaning of the private Securities. Litigation Reform Act of 1995 including the company's expectations with respect to its Outlook and future growth prospects and other information and statements that are not historical facts.

Speaker #1: Adjusted EBITDA declined by 9.9%, driven by elevated labour and marketing costs, as well as higher professional services and outsourced labour spend. Turning to our treasury update, we've been extremely proactive through 2025 and the early part of 2026, and extending our 2028 and 2029 maturities.

Speaker #1: And we successfully refinanced close to £15 billion across our credit silos. At both VMO2 and Vodafone Ziggo, we have fully refinanced all 2028 maturities, following successful term loan refinancings, senior secured note issuances, and private taps within these credit silos.

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

These 4, we're looking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements. These risks include those detailed and liberals filings with the Securities and Exchange Commission. Including its most recently filed, forms 10, Q and 10 K as amended, Liberty Global disclaims, any obligations to update. Any of these forward, we're looking statements to reflect any change in its expectations, or in the conditions, on which any such statement is based.

I would now like to turn the call over to Mr. Mike freeze.

Speaker #1: In Belgium, as we announced in Q3, we have £4.35 billion of committed financing at Wire, which is contingent on BCA regulatory approval of our fibre sharing agreement.

Hello everyone, and thanks for joining us today. Uh, as you would have seen by now, in addition to our results, we announced 2 significant transactions earlier today, which of course will address in our prepared remarks.

Mike Fries: Hello, everyone, and thanks for joining us today. As you would have seen by now, in addition to our results, we announced two significant transactions earlier today, which, of course, we'll address in our prepared remarks. As a result, I think this call may run over 60 minutes. I hope you can stick with us, 'cause there's quite a bit to talk about here. We've broken this down into our typical quarterly results presentation, which Charlie and I will breeze through as we usually do, perhaps a little faster than normal, and then we'll move into more of a strategic update like we did two years ago at this time. I also think it might be a good call to follow the slides that we're broadcasting, especially the second half.

Speaker #1: A portion of the proceeds, around £2.34 billion, are allocated to repay the intercompany loan with Telnet, and will be used to rebalance leverage at Telnet.

As a result. I think this call may run over 60 minutes. I hope you can stick with us because there's quite a bit to talk about here. Uh we've broken this down into our typical quarterly results presentation which Charlie and I will Breeze through as we usually do perhaps a little faster than normal and then we'll move into more of a strategic update. Like we did 2 years ago at this time.

Speaker #1: We intend to further repay some of the 2028 debt at Telnet, with the proceeds from our partial Wire stake sale, which is expected to complete this year.

I don't think it might be a good call to follow the slides that were broadcasting, especially the second half, but let me Jump Right In on slide 4.

Speaker #1: All of this proactive refinancing activity has significantly reduced our 2028 maturities and maintained our average tenor of around 5 years at broadly comparable credit spreads to our historic levels.

And certainly by. Now you are all familiar with how we organize and manage our business today.

Speaker #1: Turning to the next slide, we remain committed to our disciplined capital allocation model. As we rotate capital into high-growth investments and strategic transactions, starting at the top left, we successfully delivered against all three cash flow guidance metrics for the year, across our opcos and JBs, and additionally, following our corporate reshaping program, Liberty Services Incorporated closed 2025 ahead of guidance at -130 million of adjusted EBITDA, which is around £20 million better than £150 million target.

Mike Fries: But let me jump right in on slide four, and certainly by now you are all familiar with how we organize and manage our business today. As illustrated here, everything falls into one of three operating verticals. Liberty Telecom comprises our four national FMC champions that generate $22 billion of revenue and $8 billion of EBITDA on an aggregate basis, and where our primary goals are to drive commercial momentum and, importantly, unlock equity value for shareholders. Much more on that in a moment. Liberty Growth, on the far right, houses our portfolio of media, infra, and tech investments, totaling $3.4 billion today. And here we're focused on rotating capital, right, and investing in high-growth sectors with scale and tailwinds.

An aggregate basis and where our primary goals are to drive commercial momentum and importantly, unlock Equity value for shareholders, much more on that at a moment. Liberty growth on the far, right houses our portfolio of media infra and Tech Investments totaling 3.4 billion today.

Speaker #1: Moving to the Liberty Growth walk in the bottom left, the fair market value of our growth portfolio remained broadly stable versus Q3 at $3.4 billion.

And here we're focused on rotating Capital right and investing in high growth sectors with scale and tailwind. And of course, in the center since somebody Global itself with 2.2 billion a cash,

Speaker #1: This was driven by modest investments in next fiber, Atlas Edge, and Edge Connects. Offset by the partial disposal of our ITV stake and the full exit of our fabric stake.

Mike Fries: And of course, in the center sits Liberty Global itself, with $2.2 billion of cash and a team with decades of experience operating and investing in these businesses. Now, I'll come back to this slide in the strategic update, but first, let me provide some highlights on each of these for 2025. So it has clearly been a busy year for us on all three fronts, and as slide 5 points out, we feel like we've delivered on our core strategic priorities. There's a lot of detail here, so I'm just going to hit a few of the high points. We'll talk about our telecom operating results in the next couple of slides, but we're pleased with the momentum that our commercial and network strategies are delivering, especially in the second half of the year.

Speaker #1: As well as positive fair market value adjustments at Formula E and UPC Slovakia, which have been held in the growth portfolio until the sale process completes later this year.

And a team with Decades of experience, operating and investing in these businesses, I'll come back to this slide in the Strategic update. But first, let me provide some highlights on each of these for 2025. So it is clearly been a busy year for us on all 3 fronts and the slide 5 Points out. We feel like we've delivered on our core strategic priorities.

There's a lot of detail here, so I'm just going to hit a few of the high points.

Speaker #1: Turning to our cash walk on the top right, we ended the year with a consolidated cash balance of £2.2 billion, during the quarter we received £162 million of upstream cash, and JB dividends, and £140 million of net cash proceeds from disposals in our growth portfolio, including £180 million from the partial ITV stake sale.

We'll talk about our Telecom operating results in the next couple of slides, but we're pleased with the momentum that our commercial and network. Strategies are delivering, especially in the second half of the year.

Supported in Parts by the benefits. We realize you may I all of our 3 large opos hit their guidance targets last year.

when it comes to unlocking value in Telecom a key goal for us, as you know,

Speaker #1: We spent £34 million on our buyback program during the quarter, repurchasing a total of 5% of our outstanding shares during the year. Moving to the bottom right, we are aiming to end 2026 with around £1.5 billion of corporate cash, after deducting for the cash outflows related to the M&A transactions we'll touch on in a minute, we intend to replenish our corporate cash with a combination of dividends and cash upstream from our operating businesses, as well as non-core asset disposals from our growth portfolio.

Mike Fries: Supported in part by the benefits we realize from AI, all of our 3 large opcos hit their guidance targets last year. When it comes to unlocking value in telecom, a key goal for us, as you know, you've no doubt seen our announcements on the UK fiber transaction and our acquisition of Vodafone's interest in the Netherlands. We'll dig into both those deals shortly, but this is exactly what we said we would do on our call last year and the year before. At Liberty Global, we've totally reshaped our operating model, having reduced our net corporate spend by 75% in the last 12 months. Needless to say, I'm excited to see how this new guidance weaves its way into analysts' sum-of-the-parts calculations. We continue to allocate capital to the highest returns.

you've no doubt seen our announcements on the UK fiber, transaction, and our acquisition of vodafone's interest in the Netherlands. We'll dig into both those deals shortly. But this is exactly what we said we would do.

On our call last year. And the year before that Liberty Global, we've totally reshaped our operating model having reduced. Our net corporate spend by 75% in the last 12 months.

Needless to say, I'm excited to see how this new guidance weaves its way into analysts some of the parts calculations.

Speaker #1: Turning to Liberty Growth in media and sports, our strategy remains to invest in live sports and entertainment platforms with growing global fan bases. Formula E is our lead example of this, and Season 12 has started strongly ahead of the launch of the Gen 4 car.

And we continue to allocate Capital to the highest returns. As you know, we did reduce the buyback last year from 10:00 to 5% of shares.

Partially to be honest in anticipation of some of these very transactions.

Speaker #1: Our data centre assets, Edge Connects and Atlas Edge, continue to show strong top-line revenue growth, supporting a £1 billion plus year-end valuation. And our energy transition assets also made big steps forward in 2025.

And so far this year, we're not actively in the market, but we always remain opportunistic on our stock.

Mike Fries: As you know, we did reduce the buyback last year from 10% to 5% of shares, partially, to be honest, in anticipation of some of these very transactions. And so far this year, we're not actively in the market, but we always remain opportunistic on our stock, and we'll keep you abreast of our plans throughout the course of the year versus guiding to them. With respect to our cash balance, pro forma for the transactions announced today and for what we expect to realize in further asset sales, we should end the year with $1.5 billion of cash, and Charlie will get into that in a bit more detail in a moment. And then finally, our growth portfolio remains highly concentrated, with five assets comprising 70% of the $3.4 billion in value.

And we'll keep you up rest of our plans throughout the course of the Year versus guiding to them.

Speaker #1: Egg Power secured £400 million of senior debt to help fund over £400 megawatt equivalent of wind and solar power projects, and believe our destination charging business has now built £2,500 public charging sockets, which are averaging around £1,500 of EBITDA per socket, with a further £23,000 awarded to them by UK local authorities.

With respect to our cash, balance pro-forma for the transactions and announced today. And for what we expect to realize in further asset sales, we should end the year with 1.5 billion of cash and Charlie will get into that in a bit more detail in a moment.

Speaker #1: And they're currently bidding on a large number of additional sockets, which are being awarded. In tech, the focus is on AI. We made a strategic investment in Eleven Labs, and we're also moving our in-house AI investments into the growth pillar, given their potential to sell services to third-party customers outside the Liberty family.

And then, finally, our growth portfolio remains highly concentrated with 5 assets comprising. 70% of the 3.4 billion in value. We couldn't be more excited about Formula E, the progress we're making on the Gen 4 car, our racing calendar and of course, our sponsors. And we have renewed focus on the experience economy. How can I get into much detail here? But by this, we mean a lot of Events sports, Etc. We probably looked at a 100 deals in this space.

Mike Fries: We couldn't be more excited about Formula E, the progress we're making on the Gen Four car, our racing calendar, and of course, our sponsors. We have renewed focus on the experience economy. I'm not going to get into much detail here, but by this we mean live events, sports, et cetera. We've probably looked at 100 deals in this space. We've done real work on about 40, and we've only closed a handful of very small transactions. That should give you some comfort that while we're excited about this sector, we're staying very disciplined as we look to rotate capital. Now, the next 2 slides summarize Q4 operating performance for our telecom businesses. In the UK, Lutz and the team have implemented a number of things that helped improve broadband performance throughout the year.

Speaker #1: We've also established a new services pillar, and have transferred Liberty Bloom into it from Jan 2026. Now, Liberty Bloom develops tech-enabled back-office solutions for Liberty Global companies as well as third parties.

We've done real work in about 40 and we've only closed a handful of very small transactions so that did give you some comfort that while we're excited about this sector, we're staying very disciplined as we look to rotate Capital. Now, the next 2 slides

summarize Q4 operating performance for a telecom businesses.

Speaker #1: It delivered over 20% revenue growth in 2025, achieving over £100 million of revenue, with an order book of nearly £400 million. The initial value has been set at £100 million, and we've hired a new CEO to accelerate growth.

In the UK looting, the team have implemented. A number of things that helped improve Broadband performance throughout the year.

Speaker #1: Starting January 2026, we're also introducing an annual management fee of £1.5% of assets under management, paid by Liberty Growth to Liberty Services. This fee will be funded by distributions from the growth portfolio, including disposals, and will be used to fund direct and allocated operating costs such as treasury and related legal services, and these are all directly attributable to the growth portfolio.

Mike Fries: Initiatives like bundling Netflix and being recognized as a top UK broadband provider. Those things drove a strong Q4 as well as stable ARPU. Postpaid mobile results were impacted, however, by the increases that they took in October. Hopefully, we'll see improved performance in 2026, especially as 5G coverage continues to grow and pricing pressure settles. In Ireland, a combination of fiber wholesale activations, improved network performance, actually, they are also ranked the best provider in the market, and off-net expansion supported net growth in the fixed base with stable ARPUs. Mobile in Ireland continued to grow steadily. Remember, we're an MVNO there, helped in part by a 15-year-old offer launched in June...

Initiative is like bundling Netflix and being recognized as a top UK Broadband provider. Those things drove a strong Q4 as well as stable art, boost post a mobile results, were impacted. However, by the increases that they took in October, hopefully we'll see improved performance. 26, especially as 5G coverage continues to grow and pricing pressure Settles.

In Ireland, a combination of fiber wholesale activations.

Improve Network performance. Actually. There also ranked the best provider in the market and offnet expansion. Supported net growth in the fixed base, with stable Rus.

Speaker #1: Turning to our guidance for 2026, we are providing guidance by operating company. For Virgin Media 02, from Q1 2026, we will move to new disclosure, which better reflects the three key operating verticals following the creation of O2 DAISY.

Mobile in Ireland continues to grow steadily and remember, we're an mvno there helped in part by a 15 year, older launched in June.

In the Netherlands, Vodafone ziggo, how we win. Plan is, driving substantial improvements in the Broadband base.

Speaker #1: Now, these are consumer, business, and wholesale. There's a performer information in the standalone VMO2 release, which explains this further, alongside updated KPI disclosures. On this basis, the VMO2 revenue guidance is now set on total service revenues, which we expect to decline by 3% to 5%.

Becoming the largest provider of 2 gigabit Broadband speeds in the market and recent recognition as best. TV provider Health, make Q4 the single best result in fixed services, in nearly 3 years.

Mike Fries: In the Netherlands, VodafoneZiggo's How We Win plan is driving substantial improvements in the broadband base, becoming the largest provider of 2 gigabit broadband speeds in the market, and recent recognition as the best TV provider helped make Q4 the single best result in fixed services in nearly 3 years, with steady improvement over the last 6 months carrying into 2026. Postpaid mobile growth in Holland continued to be supported by nearly universal 5G coverage and a strong flanker brand. And then finally, Telenet had its highest quarterly broadband results in 3 years, helped by fixed mobile convergence in the south and a strong Black Friday period. And similar to other markets we operate in, ARPUs for fixed and mobile are very stable.

We're steady improvement over the last 6 months, carrying into 2026.

Speaker #1: Now, this is adjusted for the impact of the DAISY transaction, which is driven by continued promotional intensity, as well as planned streamlining of the B2B product portfolio following the creation of O2 DAISY.

Postpaid mobile growth in Holland continues to be supported by nearly Universal 5G coverage and a strong flanker brand. And then, finally telling it had its highest quarterly Broadband result in 3 years helped by fixed mobile convergence in the South and a strong Black Friday period. And similar to other markets, we operate in arpus were fixed and mobile are very stable.

Speaker #1: Adjusted EBITDA is also expected to decline by 3% to 5%, also against a comparable period adjusted for the DAISY impact. This is driven by lower revenue and lower gross margins due to the changing customer mix.

Now if it wasn't enough information for you, we will be discussing 3 out of these 4 markets and our strategic update later in the call, including a lot more commentary on their performance and Outlook. So, in the meantime, Charlie over to you.

Speaker #1: Stable property and equipment additions of 2% to £2.2 billion, excluding right-of-use additions, due to continued investment in 5G and Fibre to the Home. And adjusted free cash flow of around £200 million for the year, supporting cash distributions to shareholders of the same amount.

Mike Fries: Now, if it wasn't enough information for you, we will be discussing three out of these four markets in our strategic update later in the call, including a lot more commentary on their performance and outlook. So in the meantime, Charlie, over to you.

Despite challenging market conditions.

Speaker #1: For VodafoneZiggo, we expect stable to low single-digit decline in revenue, driven by a lower fixed base and the flow-through of the front-book pricing impact, albeit with support from continued price indexation and fixed-to-mobile.

Charlie Bracken: Thanks, Mike. Now turning to our Q4 financial highlights. Our operating companies in the UK, the Netherlands, and Belgium delivered on their full year guidance metrics despite challenging market conditions. Virgin Media O2 delivered a revenue decline of 5.9% on a reported basis, which was impacted by lower Next Fiber construction revenues due to a slowdown in the fiber build, and also sustained competitive pressure in both the fixed and mobile market in the UK. On a guidance basis, excluding Next Fiber construction and O2 Daisy, we delivered modest growth for the full year. Adjusted EBITDA declined by 2.4% on a reported basis, primarily driven by lower Next Fiber construction profitability. Excluding this, adjusted EBITDA fell by 1% in Q4, but we still achieved growth overall for the full year of +1%.

Vmo2 delivered, a revenue decline of 5.9% on a reported basis, which was impacted by lower. And next fiber construction revenues due to a Slowdown in the fiber build. And also sustained competitive pressure in both the fixed and mobile market in the UK.

Speaker #1: Mid to high single-digit decline in adjusted EBITDA, driven by OPEX investments into network resilience and service reliability. Property and equipment additions to revenue is expected to be around £23 to £25%, driven by continued 5G and DOCSIS 4.0 investments, as well as the CAPEX component of investments into network resilience and service reliability.

On a guidance basis including next, fiber construction. And O2 Daisy, we delivered modest growth for the full year.

Adjusted FDA declined by 2.4% on a reported basis, primarily driven by lower, next 5 by construction profitability. Excluding this adjusted everyday for by 1% in Q4, but we still achieved growth overall for the full year of positive 1%.

Speaker #1: Now, to give more detail on this additional investment, we expect £100 million of incremental investment in OPEX and CAPEX into network resilience and service reliability during 2026.

Louis, we saw a revenue decline of 2.3% in Q4 driven by fixed churn and a reduced, low margin iot revenues. This is partially offset by the annual price adjustment and higher ziga sport revenues.

Speaker #1: Now, this will reduce to £50 million OPEX impact, in 2027-2028. And we're expecting adjusted free cash flow to be around £100 million with no shareholder distributions planned for the year.

Charlie Bracken: Moving to VodafoneZiggo, we saw a revenue decline of 2.3% in Q4, driven by fixed churn and a reduced low margin IoT revenues. This was partially offset by the annual price adjustment and higher Ziggo Sport revenues. Adjusted EBITDA declined 3.4% in Q4, driven by this lower revenue and higher costs related to commercial initiatives. The full year figures were in line with the guidance in Q1 for the new How We Win strategy. At Telenet, we saw a revenue decline of 1.3%, driven by our strategic decision to not renew the Belgium football broadcasting rights and lower programming revenues. Adjusted EBITDA declined by 9.9%, driven by elevated labor and marketing costs, as well as higher professional services and outsourced labor spend.

Adjusted every day, a declined 3.4% in Q4 driven by this lower revenue and higher costs related to commercial initiatives.

The full year Figures were in line with the guidance in q1 for the new, how we win strategy.

Speaker #1: For Telemet, we're introducing new full-year 2026 guidance based on IFRS financials, excluding WIRE. We expect stable revenue growth, reflecting a stable operating environment and the annual price indexation under Belgium regulations.

The tenant, we saw a revenue decline of 1.3%, driven by our strategic decision to not renew, the Belgium, football broadcasting rights and lower programming revenues.

Speaker #1: Low single-digit growth in adjusted EBITDAL, supported by OPEX savings from significant digital and IT investments, and continued lower programming costs. Property and equipment additions to revenue of around 20%, as investments in 5G and digital upgrades step down, and positive adjusted free cash flow of around £20 million.

adjusted Eva de declined by 9.9% driven by elevated labor and marketing costs, as well as higher Professional Services and Outsource labor spend

Turning to our treasury update. We've been extremely proactive through 2025 and the early part of 2026, and extending our 2028 and 2029 maturities and we successfully refinanced close to 15 billion dollars across our credit. Silos.

Speaker #1: And finally, for Liberty Corporates, we expect around £50 million negative adjusted EBITDA, driven by the annualisation of a cost savings from the corporate reshaping that took place in 2025, and the implementation of the new £1.5% management fee from the growth portfolio.

Charlie Bracken: private bill, and also sustained competitive pressure in both the fixed and mobile market in the UK. On a guidance basis, excluding nexfibre and O2 Daisy, we delivered modest growth for the full year. Adjusted EBITDA declined by 2.4% on a reported basis, primarily driven by lower nexfibre profitability. Excluding this, adjusted EBITDA fell by 1% in Q4, but we still achieved growth overall for the full year of +1%. Moving to VodafoneZiggo, we saw a revenue decline of 2.3% in Q4, driven by fixed churn and reduced low-margin IoT revenues. This is partially offset by the annual price adjustment and higher Ziggo Sport revenues. Adjusted EBITDA declined 3.4% in Q4, driven by this lower revenue and higher costs related to commercial initiatives.

Charlie Bracken: Turning to our treasury update, we've been extremely proactive through 2025 and the early part of 2026 in extending our 2028 and 2029 maturities, and we successfully refinanced close to $15 billion across our credit silos. At both Virgin Media O2 and VodafoneZiggo, we have fully refinanced all 2028 maturities, following successful term loan refinancings, senior secured note issuances, and private taps within these credit silos. In Belgium, as we announced at Q3, we have EUR 4.35 billion of committed financing at Wire, which is contingent on BCA regulatory approval of our fiber sharing agreement. A portion of the proceeds, around EUR 2.34 billion, are allocated to repay the intercompany loan with Telenet and will be used to rebalance leverage at Telenet.

And both vmo2 and Votto, we have fully refinanced. All 2028 maturities, following successful Term Loan, refinancing senior secured, note issuances and private Taps Within These credit silos.

Speaker #2: Thanks, Charlie. Great job. And now we're going to switch gears to what I think, I hope, is the most important part of today's call, and that, of course, is an update on the key transactions we've just announced and how they significantly advance our plans to deliver value to shareholders.

In Belgium, as we announce the Q3, we have 4. 3, 5,

A portion of the proceeds around 2.34, billion euros are allocated to repay the intercompany loan with telenet, and will be used to rebalance. Leverage ad telenet

Speaker #2: I'll start by revisiting the first slide that I showed you today, and that's the three core pillars of our operating structure: Liberty Telecom, Liberty Growth, and Liberty Global.

We intend to further replace some of the 2028 debt at telenet with the proceeds from our partial wire stake sale, which is expected to complete this year.

Speaker #2: I won't go back through the strategies for each of these. I think you've got them by now, but what I have done on this slide is present a very rudimentary sum of the parts valuation exercise.

Charlie Bracken: The full year figures were in line with the guidance in Q1 for the new How We Win strategy. At Telenet, we saw a revenue decline of 1.3%, driven by our strategic decision to not renew the Belgian football broadcasting rights and lower programming revenues. Adjusted EBITDA declined by 9.9%, driven by elevated labor and marketing costs, as well as higher professional services and outsourced labor spend. Turning to our treasury update, we've been extremely proactive through 2025 and the early part of 2026 in extending our 2028 and 2029 maturities, and we successfully refinanced close to $15 billion across our credit silos. At both VMO2 and VodafoneZiggo, we have fully refinanced all 2028 maturities following successful term loan refinancings, senior secured note issuances, and private taps within these credit silos.

Charlie Bracken: We intend to further repay some of the 2028 debt at Telenet with the proceeds from our partial Wire stake sale, which is expected to complete this year. All of this proactive refinancing activity has significantly reduced our 2028 maturities and maintained our average tenor of around five years at broadly comparable credit spreads to our historic levels. Turning to the next slide, we remain committed to our disciplined capital allocation model as we rotate capital into high growth investments and strategic transactions. Starting in the top left, we successfully delivered against all three cash flow guidance metrics for the year across our Opcos and JVs.

Speaker #2: For these three pillars, at the bottom of the slide, it shows that the Liberty Growth portfolio today, accepting the fair market value that Deloitte has prepared, is worth roughly $10 per Liberty Global share.

Speaker #2: Our corporate cash of $2.2 billion, even after a reasonable reduction of the value for the $50 million of corporate spend this year, is roughly $6 per Liberty share.

All of this proactive refinancing activity has significantly reduced our 2028 maturities and maintained our average tenor of around 5 years at broadly, comparable credit spreads to our historic levels.

Starting to the next slide. We remain committed to our discipline Capital, allocation model as you rotate Capital into high growth Investments and strategic transactions.

Speaker #2: Which means that with an $11 stock price today, there's at least $5 per share of negative value being ascribed to our Liberty Telecom businesses.

Speaker #2: And of course, there are multiple ways of arriving at these figures. Some people start by valuing Liberty Telecom and then applying discounts to cash, Liberty Growth, and corporate.

Starting in the top left, we successfully delivered against all 3, cash flow guidance, metrics for the year across our op Co in JBS and additionally, following our corporate reshaping program, Liberty services, and corporate closed 2025 ahead of guidance at negative 130 million dollars of adjusted FDA which is around $20 million, better than 150 million dollar Target.

Charlie Bracken: Additionally, following our corporate reshaping program, Liberty Services and Corporate closed 2025 ahead of guidance at -$130 million of adjusted EBITDA, which is around $20 million better than our $150 million target. Moving to the Liberty Growth walk in the bottom left, the fair market value of our growth portfolio remained broadly stable versus Q3 at $3.4 billion. This was driven by modest investments in Next Fiber, Atlas Edge, and Edge Connext, offset by the partial disposal of our ITV stake and the full exit of our Infabrica stake, as well as positive fair market value adjustments at Formula E and UPC Slovakia, which is being held in the growth portfolio until the sale process completes later this year.

Speaker #2: But I like this approach. Cash is cash, and we believe the growth assets are valued fairly and appropriately. More importantly, we're rapidly turning those growth assets into cash.

Charlie Bracken: In Belgium, as we announced at Q3, we have EUR 4.35 billion of committed financing at Wire, which is contingent on BCA regulatory approval of our fiber sharing agreement. A portion of the proceeds, around EUR 2.34 billion, are allocated to repay the intercompany loan with Telenet and will be used to rebalance leverage at Telenet. We intend to further repay some of the 2028 debt at Telenet with the proceeds from our partial Wire stake sale, which is expected to complete this year. All of this proactive refinancing activity has significantly reduced our 2028 maturities and maintained our average tenor of around 5 years at broadly comparable credit spreads to our historic levels. Turning to the next slide, we remain committed to our disciplined capital allocation model as we rotate capital into high growth investments and strategic transactions.

Speaker #2: We've already exited something like $1.6 billion in the last six years. So whether it's negative 5 or 0, you can see why we have focused a lot of time and attention on creating and delivering value in our telecom portfolio.

Moving to the Liberty growth. Walk in the bottom left, the fair market value of our growth portfolio remained broadly stable versus key 3 and 3.4 billion. This was driven by Modest investments in next fiber Atlas Edge and Edge connects offset with a partial disposal of a variety TV stake and the full exit of our fabric estate as well as positive fair market value adjustments at formulary and UPC Slovakia which has been held in the growth portfolio until the sale process completes later this year.

Speaker #2: Of course, the sunrise spin-off just 14 months ago was step one. That transaction delivered what is today roughly $13 per share of value to Liberty Global investors.

Speaker #2: Far more than anyone expected at the time, or what the implied value was for that business at the time. And that's why we can say our stock, really on a combined basis, is up meaningfully over the last two years.

Charlie Bracken: Turning to our cash walk on the top right, we ended the year with a consolidated cash balance of $2.2 billion. During the quarter, we received $162 million of upstream cash and JV dividends and $140 million of net cash proceeds from disposals in our growth portfolio, including $180 million from the partial ITV stake sale. We spent $34 million on our buyback program during the quarter, repurchasing a total of 5% of our outstanding shares during the year. Moving to the bottom right, we are aiming to end 2026 with around $1.5 billion of corporate cash.

Turn into our cash, walk on the top, right? We ended the year with a Consolidated cash balance of 2.2 billion during the quarter. We received 162 million of Upstream cash and JB dividends and 140 million dollars of net. Cash proceeds from disposals in our growth portfolio, including 180 million from the partial ITB stake sale,

Speaker #2: Now, moving to the next slide, here's another thing that gives us some confidence in the value of our telecom business. The European telecom sector has been experiencing a broad-based rally this year, with the Eurotelco Index up 16% year to date, and just about every major incumbent telco—and you know all the names—up even more than that: 20%, 25%.

We spent 34 million on our buyback program during the quarter repurchasing, a total of 5% of our outstanding shares during the year.

Charlie Bracken: Starting in the top left, we successfully delivered against all three cash flow guidance metrics for the year across our opcos and JVs. Additionally, following our corporate reshaping program, Liberty Services and Corporate closed 2025 ahead of guidance at -$130 million of Adjusted EBITDA, which is around $20 million better than our $150 million target. Moving to the Liberty Growth walk in the bottom left, the fair market value of our growth portfolio remained broadly stable versus Q3 at $3.4 billion.

Speaker #2: So, what's happening here? We see three key tailwinds impacting the sector. First, of course, is an improving regulatory environment. This is not to say that we're totally satisfied with where things stand.

Moving to the bottom, right? We are aiming to earn 2026 with around, 1.5 billion dollars of corporate cash. After deducting for the Cash Out, flows related to the m&a transactions might will touch on in a minute. We intend to replenish our corporate cash with a combination of dividends and cash Upstream from our operating businesses as well as non-core asset disposals from our growth portfolio.

Charlie Bracken: After deducting for the cash outflows related to the M&A transactions Mike will touch on in a minute, we intend to replenish our corporate cash with a combination of dividends and cash upstream from our operating businesses, as well as non-core asset disposals from our growth portfolio. Turning to Liberty Growth in media and sports, our strategy remains to invest in live sports and entertainment platforms with growing global fan bases. Formula E is our lead example of this, and Season 12 has started strongly ahead of the launch of the Gen 4 car. Our data center assets, Edge Connext and Atlas Edge, continue to show strong top-line revenue growth, supporting a $1 billion plus year-end valuation. Our energy transition assets also made big steps forward in 2025....

Starting to delivery growth in media and sports are strategy remains to invest in live sports and entertainment platforms with growing Global fan bases.

Speaker #2: You know us better than that. But if you look at the UK, and the changes they've made to the CMA, or if you look at the recently published draft of the EU's Digital Networks Act, we believe there's a good chance regulators continue to loosen rules around consolidation and spectrum policies, especially in the age of AI, where telecom continues to be perceived rightly as critical infrastructure for consumers, for businesses, and for governments.

Form your e is our lead. Example of this and season 12 has started strongly ahead of the launch of the Gen 4 car.

Our data center assets. Edge, connects and Atlas Edge continues to show strong, Topline Revenue. Growth supporting a 1 billion plus year end valuation.

Charlie Bracken: This was driven by modest investments in nexfibre, Atlas Edge, and EdgeConneX, offset by the partial disposal of our ITV stake and the full exit of our Infabrica stake, as well as positive fair market value adjustments at Formula E and UPC Slovakia, which are being held in the growth portfolio until the sale process completes later this year. Turning to our cash walk on the top right, we ended the year with a consolidated cash balance of $2.2 billion. During the quarter, we received $162 million of upstream cash and JV dividends and $140 million of net cash proceeds from disposals in our growth portfolio, including $180 million from the partial ITV stake sale.

My big steps forward in 2025.

Speaker #2: Secondly, just as we are seeing in our own operations, like Telenet, where 5G, CAPEX is largely behind us now, or Ireland, where our fiber build is coming to an end, there is light at the end of the CAPEX tunnel.

Speaker #2: And when you combine declining CAPEX intensity with telecom's high margins and stable revenues, you've got a strong recipe for improving free cash flow. And then finally, there is the AI thesis.

Charlie Bracken: Egg Power secured GBP 400 million of senior debt to help fund over 400 megawatts equivalent of wind and solar power projects. Believe our destination charging business has now built 2,500 public charging sockets, which are averaging around GBP 1,500 of EBITDA per socket, with a further 23,000 awarded to them by UK local authorities. They're currently bidding on a large number of additional sockets, which are being awarded. In tech, the focus is on AI. We made a strategic investment in ElevenLabs, and we're also moving our in-house AI investments into the growth pillar, given their potential to sell services to third-party customers outside the Liberty family. We've also established a new services pillar and have transferred Liberty Bloom into it from January 2026.

Egg power secured, 400 million pounds of senior debt, to help fund over 400 megawatts equivalent of wind and solar power projects and believe our destination charging business has now built 2 and a half thousand public charging sockets which are averaging around 1500 pounds of everything. A post socket with a further 23,000 awarded to them by UK, local authorities. And they're currently bidding on a large number of additional sockets, which are being awarded.

Speaker #2: It's hard to find an industry more ready to benefit from AI-driven efficiencies customer improvements, network automation, than the telecom sector. In addition, as AI permeates every aspect of our lives, our role telcos' role as foundational connectivity and data transport providers, I think, continues to increase.

Charlie Bracken: We spent $34 million on our buyback program during the quarter, repurchasing a total of 5% of our outstanding shares during the year. Moving to the bottom right, we are aiming to end 2026 with around $1.5 billion of corporate cash. After deducting for the cash outflows related to the M&A transactions Mike will touch on in a minute, we intend to replenish our corporate cash with a combination of dividends and cash upstream from our operating businesses, as well as non-core asset disposals from our growth portfolio. Turning to Liberty Growth in media and sports, our strategy remains to invest in live sports and entertainment platforms with growing global fan bases. Formula E is our lead example of this, and Season 12 has started strongly ahead of the launch of the Gen 4 car.

In Tech the focus is on AI. We made a Strategic investment in 11 labs, and we're also moving our in-house AI investments into the growth pillar, given their potential to sell services to third-party customers outside the Liberty Family.

Speaker #2: And then lastly, there appears to be, and this is an area your experts in more than me, but there appears to be a rotation going on here.

We've also established a new Services pillar and have transferred Liberty blue into it from Jan 2026. Now Liberty Bloom develops Tech enabled. Back office solutions for Liberty global companies as well as third parties.

Speaker #2: Investors growing a bit sour on capital light, software-driven industries. And rotating capital into more infrastructure-based or defensive sectors where AI is a net-net positive and, quite frankly, unlikely to be as disruptive over time.

It delivered over, 20% Revenue growth and 2025, achieving over, a 100 million pounds of Revenue with an order book of nearly 400 million pounds.

Charlie Bracken: Now, Liberty Bloom develops tech-enabled back-office solutions for Liberty Global companies as well as third parties. It delivered over 20% revenue growth in 2025, achieving over GBP 100 million of revenue, with an order book of nearly GBP 400 million. The initial value has been set at GBP 100 million, and we've hired a new CEO to accelerate growth. Starting January 2026, we're also introducing an annual management fee of 1.5% of assets under management, paid by Liberty Growth to Liberty Services. This fee will be funded by distributions from the growth portfolio, including disposals, and will be used to fund direct and allocated operating costs, such as treasury and related legal services, and these are all directly attributable to the growth portfolio. Turning to our guidance for 2026, we are providing guidance by operating company.

The initial value has been set at 100 million pounds and we've had a new CEO to accelerate growth.

Speaker #2: I think the impact of AI, if you ask me, on our industry will be positively transformational. Now, I recently asked the CEO of one of the big tech companies, "Look, how do I go from spending $14 billion a year on OPEX to $7 billion?" That's what I want to do.

Starting January 2026, we're also introducing an annual management fee of 1.5% of assets under management. Paid by Liberty growth to Liberty services

Charlie Bracken: Our data center assets, EdgeConneX and Atlas Edge, continue to show strong top-line revenue growth, supporting a $1 billion-plus year-end valuation. Our energy transition assets also made big steps forward in 2025. Egg Power secured GBP 400 million of senior debt to help fund over 400MW equivalent of wind and solar power projects. Believe, our destination charging business, has now built 2,500 public charging sockets, which are averaging around GBP 1,500 of EBITDA per socket, with a further 23,000 awarded to them by UK local authorities. They're currently bidding on a large number of additional sockets, which are being awarded. In tech, the focus is on AI.

Speaker #2: He said, "Bring me your P&L, and we'll go through it." The point is, we're just scratching the surface today. I think the upside for us, from AI, is massive, and it's massive for our entire industry.

This fee will be funded by distributions from the growth portfolio, including disposals and will be used to fund direct and allocated operating costs such as Treasury and related legal services, and these are all directly attributable to the growth portfolio.

So as well, guidance for 2026, we are providing guidance by operating company.

Speaker #2: Now, so with that as background, on this call, you know, last year and the year before, we laid out two very specific goals related to our telecom businesses, and they're summarized here on slide 16.

Speaker #2: The first was to prepare each of our Benelux operating companies—this was last year—for the next phase of value creation. And I'd say we achieved that goal.

For Virgin, Media 2 from q1 2026. We will move to New disclosure which better reflects the 3 key operating verticals following the creation of 02 Daisy. Now, these are consumer business and wholesale.

Charlie Bracken: For Virgin Media O2, from Q1 2026, we will move to new disclosure, which better reflects the three key operating verticals following the creation of O2 Daisy. Now, these are consumer, business, and wholesale. There's a pro forma information in the standalone VMO2 release, which explains this further, alongside updated KPI disclosures. On this basis, the VMO2 revenue guidance is now set on total service revenues, which we expect to decline by 3% to 5%. Now, this is adjusted for the impact of the Daisy transaction, which is driven by continued promotional intensity as well as planned streamlining of the B2B product portfolio following the creation of O2 Daisy. Adjusted EBITDA is also expected to decline by 3% to 5%, also against the comparable period adjusted for the Daisy impact, driven by lower revenue and lower gross margin due to the changing customer mix.

Speaker #2: Bringing in Stephen Van Rooyen, as CEO, has been a game changer for Vodafone Ziggo. And of course, today, we're announcing the acquisition of Vodafone's 50% stake in Vodafone Ziggo in order to advance our plans to spin off a new company that combines our Dutch and Belgian operations.

there's a performer information in the Standalone, vmo2 release which explains this further alongside updated kpi disclosures

Charlie Bracken: We made a strategic investment in ElevenLabs, and we're also moving our in-house AI investments into the growth pillar, given their potential to sell services to third-party customers outside the Liberty family. We've also established a new services pillar and have transferred Liberty Bloom into it from January 2026. Now, Liberty Bloom develops tech-enabled back-office solutions for Liberty Global companies as well as third parties. It delivered over 20% revenue growth in 2025, achieving over GBP 100 million of revenue, with an order book of nearly GBP 400 million. The initial value has been set at GBP 100 million, and we've hired a new CEO to accelerate growth.

Speaker #2: More on that, of course, in a second. And in the UK, we committed last year to advance our plans to monetize our fixed network infrastructure for both financial and strategic reasons.

On this basis. The bm2 revenue guidance is now set on Total Service revenues which we expect to decline by 3 to 5%. Now this is adjusted for the impact of the days of transaction which is driven by continued promotional intensity as well as planned. Streamlining of the B2B product portfolio following the creation of 02 Daisy.

Speaker #2: Now, early last year, we pivoted away from a pure netco, as you know, but together with Telefónica, we continue to evaluate a creative ways to grow and finance fiber infrastructure in the UK.

Adjusted FDA is also expected to decline by 3, to 5% also against the comparable, period, adjusted for the daisy impact.

Driven by lower revenue and lower gross margin due to the changing customer mix.

Speaker #2: Today, of course, we announce the acquisition of UK's second-largest AltNet, creating what will ultimately be an $8 million home fiber platform. With the opportunity to further consolidate a fragmented market.

Stable property and Equipment. Editions of 2 to 2.2 billion pounds, excluding, right of use additions due to continued investment in 5G and 5 to the home.

Charlie Bracken: Starting January 2026, we're also introducing an annual management fee of 1.5% of assets under management, paid by Liberty Growth to Liberty Services. This fee will be funded by distributions from the growth portfolio, including disposals, and will be used to fund direct and allocated operating costs, such as treasury and related legal services, and these are all directly attributable to the growth portfolio. Turning to our guidance for 2026, we are providing guidance by operating company. For Virgin Media O2, from Q1 2026, we will move to new disclosure, which better reflects the three key operating verticals following the creation of O2 Daisy. Now, these are consumer, business, and wholesale. There's a pro forma information in the standalone VMO2 release, which explains this further, alongside updated KPI disclosures.

Speaker #2: So let's get into these deals. Beginning with the Vodafone acquisition on slide 17, after what can only be described as a very successful, and I mean seriously, I mean rewarding partnership with Vodafone and the Netherlands, we're pleased to announce an agreement to acquire their 50% stake in exchange for $1 billion of cash, plus a 10% equity interest in a new company called Ziggo Group, which will loan 100% of Vodafone Ziggo and 100% of Telenet in Belgium.

And adjusted free cash flow of around 200 million pounds for the year supporting cash distributions to shareholders of the same amount.

Charlie Bracken: Stable property and equipment additions of GBP 2 billion to 2.2 billion, excluding right of use additions, due to continued investment in 5G and fiber to the home. An adjusted free cash flow of around GBP 200 million for the year, supporting cash distributions to shareholders of the same amount. For VodafoneZiggo, we expect stable to low single-digit decline in revenue, driven by a lower fixed base and the flow through the front book pricing impact, albeit with support from continued price indexation and fixed to mobile. Mid to high single-digit decline in adjusted EBITDA, driven by OpEx investments into network resilience and service reliability. Property and equipment additions to revenue is expected to be around 23% to 25%, driven by continued 5G and DOCSIS 4.0 investments, as well as the CapEx component of investments into network resilience and service reliability.

For verifying ziggo, we expect stable to low single-digit decline in Revenue driven by a lower fixed base and the flow through the front. Book pricing impact, albeit with support, from continued price, indexation and fixed the mobile.

Mid to high single-digit decline in adjusted everyday, driven by Opex, investments into Network resilience and service reliability.

Speaker #2: Now, there's three primary reasons we're doing this, three primary benefits from this deal. To begin with, we believe the net present value of both operational synergies and incremental service revenues from this transaction and combination total about $1 billion alone.

Property and Equipment additions to revenue, is expected to be around 23 to 25%.

Driven by continued 5G and doxis 4.0 Investments, as well as the capex component of investments into Network resilience and service, reliability.

Speaker #2: And of course, pretty much all that accrues to us. Second, we think the combination of Holland and Belgium is a financial winner. As the chart on the right shows, together, the two operations serve $7 million mobile subs and over $5 million broadband subs, with total revenue of $6.6 billion and over $2.5 billion of EBITDA.

Charlie Bracken: On this basis, the VMO2 revenue guidance is now set on total service revenues, which we expect to decline by 3% to 5%. Now, this is adjusted for the impact of the Daisy transaction, which is driven by continued promotional intensity as well as planned streamlining of the B2B product portfolio following the creation of O2 Daisy. Adjusted EBITDA is also expected to decline by 3% to 5%, also against the comparable period, adjusted for the Daisy impact, driven by lower revenue and lower gross margins due to the changing customer mix. Stable property and equipment additions of GBP 2 to 2.2 billion, excluding right of use additions, due to continued investment in 5G and fiber to the home. An adjusted free cash flow of around GBP 200 million for the year, supporting cash distributions to shareholders of the same amount.

As to get more detail on this additional investment, we expect a 100 million euros of incremental investment of Opex and capex into Network resilience and service, reliability during 2026. Now, this will reduce to 50 million Opex impact in 2027 2028,

Charlie Bracken: Now, to give more detail on this additional investment, we expect EUR 100 million of incremental investment of OpEx and CapEx into network resilience and service reliability during 2026. Now, this will reduce to EUR 50 million OpEx impact in 2027, 2028. And we're expecting adjusted free cash flow to be around EUR 100 million, with no shareholder distributions planned for the year. For Telenet, we're introducing new full year 2026 guidance based on IFRS financials, excluding Wire. We expect stable revenue growth, reflecting a stable operating environment and the annual price indexation under Belgian regulations. Low single-digit growth in Adjusted EBITDA, supported by OpEx savings from significant digital and IT investments and continued lower programming costs.

Speaker #2: The combination also creates a clear roadmap to reduce leverage to what we're estimating will be about 4.5 times through a combination of synergies, and improving operational performance.

And we're expecting adjusted free cash flow to be around 100 million euros with no shareholder, distributions planned for the year.

Speaker #2: In fact, we think we'll generate $500 million of free cash flow by 2028. And then third, and perhaps most importantly, we are announcing today our intention to list Ziggo on the Euronext exchange in 2027 and to simultaneously spin off our 90% interest to Liberty Global shareholders as we did in Switzerland.

The tenant we're introducing new full year, 2026 guidance based on IFRS, financials including wire, we expect, stable, Revenue growth reflecting a stable operating environment and the annual price indexation under Belgium regulations.

Low single digit growth and adjusted ever dull supported by Opex savings from significant digital and it Investments and continue lowering costs.

Speaker #2: Interestingly, similar to Sunrise, there is a strong equity story here. The Belgium and Holland are rational markets, just like Switzerland. We have a clear network strategy in each country, like we had in Switzerland.

Charlie Bracken: For VodafoneZiggo, we expect stable to low single-digit decline in revenue, driven by a lower fixed base and the flow through the front book pricing impact, albeit with support from continued price indexation and fixed to mobile. Mid to high single-digit decline in adjusted EBITDA, driven by OpEx investments into network resilience and service reliability. Property and equipment additions to revenue is expected to be around 23% to 25%, driven by continued 5G and DOCSIS 4.0 investments, as well as the CapEx component of investments into network resilience and service reliability. Now, to give more detail on this additional investment, we expect EUR 100 million of incremental investment of OpEx and CapEx into network resilience and service reliability during 2026. Now, this will reduce to EUR 50 million OpEx impact in 2027, 2028.

Property and equipment to additions to revenue of around 20% as investments in 5G and digital upgrades. Step down and positive adjusted free cash flow of around 20 million euros.

Speaker #2: Our plans to reduce leverage are front and center and actionable, like they were and are in Switzerland. And the financial profile should support both free cash flow and dividends in the future.

Charlie Bracken: Property and equipment additions to revenue of around 20%, as investments in 5G and digital upgrades step down, and positive adjusted free cash flow of around EUR 20 million. Finally, for Liberty Corporate, we expect around $50 million negative adjusted EBITDA, driven by the annualization of the cost savings from the corporate reshaping that took place in 2025, and the implementation of the new 1.5% management fee from the growth portfolio.

And finally, for Liberty corporates, we expect around 50 million dollars negative adjusted everyday driven by the annualization of a cost savings from the corporate reshaping that took place in 2025 and the implementation of the new 1.5% management fee from the growth portfolio.

Speaker #2: Interestingly, this is more anecdotal, just as Sunrise was once a very successful public company that we took private and then relisted Ziggo was also a very successful public company that we took private.

Speaker #2: So we will be reintroducing Ziggo to the public markets as we did with Sunrise. Now, just a quick update on slide 18 of Vodafone Ziggo's recent performance.

Announced and how they significantly Advanced our plans to deliver value to shareholders.

Speaker #2: There's no question that Stephen's how we win plant is driving clear operational turnaround. The combination of OPEX savings, reposition broadband pricing, speed upgrades, and a multi-brand strategy are delivering materially lower churn.

Mike Fries: Thanks, Charlie. Great job. And now we're gonna switch gears to what I think, I hope, is the most important part of today's call, and that, of course, is an update on the key transactions we've just announced and how they significantly advance our plans to deliver value to shareholders. I'll start by revisiting the first slide that I showed you today, and that's the three core pillars of our operating structure: Liberty Telecom, Liberty Growth, and Liberty Global. I won't go back through the strategies for each of these. I think you've got them by now. But what I have done on this slide is present a very rudimentary sum-of-the-parts valuation exercise for these three pillars at the bottom of the slide. That shows that the Liberty Growth portfolio today, accepting the fair market value that Deloitte has prepared, is worth roughly $10 per Liberty Global share.

I'll start by revisiting the first slide that I showed you today, um, and that's the 3 core pillars of our operating structure, Liberty Telecom, Liberty growth and Liberty, global

Speaker #2: And you can see that on the bottom right of this slide, where Q425 was the best broadband performance I think in 10 quarters. And things continue to look good into 2026.

Charlie Bracken: We're expecting adjusted free cash flow to be around EUR 100 million, with no shareholder distributions planned for the year. For Telenet, we're introducing new full year 2026 guidance based on IFRS financials, excluding Wire. We expect stable revenue growth, reflecting a stable operating environment and the annual price indexation under Belgian regulations. Low single-digit growth in adjusted EBITDA, supported by OpEx savings from significant digital and IT investments, and continued lower programming costs. Property and equipment additions to revenue of around 20%, as investments in 5G and digital upgrades step down, and positive adjusted free cash flow of around EUR 20 million.

Speaker #2: We've also provided a medium-term outlook for VodafoneZiggo on slide 19. And while 2025 EBITDA was in line with our plan, 2026 guidance, strongly indicated, shows a decline impacted in part by our largely one-off investment we're making in network resilience and service reliability.

I won't go back to the strategies for each of these that you've got them by now. But what I have done on this slide is present a very rudimentary some of the parts valuation exercise. For these 3 pillars at the bottom of the slide that shows that the Liberty growth portfolio today, except the fair market value. That Deloitte has prepared is worth roughly $10 per Liberty, Global share.

Speaker #2: In 2020, however, we expect EBITDA growth to rebound. We're not giving you actual numbers here, but we are confident in that trajectory. That EBITDA growth, combined with a very stable CAPEX envelope, should generate the meaningful free cash flow I just referenced.

Mike Fries: Our corporate cash of $2.2 billion, even after a reasonable reduction of the value for the $50 million of corporate spend this year, is roughly $6 per Liberty share, which means that with an $11 stock price today, there's at least $5 per share of negative value being ascribed to our Liberty Telecom businesses. And of course, there are multiple ways of arriving at these figures. Some people start by valuing Lib- Liberty Telecom and then applying discounts to cash and Liberty Growth and Corporate. But I like this approach. Cash is cash, and we believe the growth assets are valued fairly and appropriately.... More importantly, we're rapidly turning those growth assets into cash. We've already exited something like $1.6 billion in the last six years.

Our corporate cash of 2.2 billion. Even after a reasonable reduction of the value for the 50 million of corporate, spend this year is roughly $6 per Liberty share which means that with an $11 stock price. Today there's at least $5 per share of negative value being ascribed to our Liberty Telecom businesses. And of course, there are multiple ways of arriving at these figures.

Speaker #2: And it's strongly indicated leverage will peak in 2026, but should decline thereafter, both organically—that's, of course, from EBITDA growth—and through asset sales like our tower portfolio, the proceeds of which we intend to use to reduce debt.

Some people start by valuing global Liberty Telecom and then applying discounts to cash and Liberty, growth and corporate

Charlie Bracken: Finally, for Liberty Corporate, we expect around $50 million negative Adjusted EBITDA, driven by the annualization of the cost savings from the corporate reshaping that took place in 2025, and the implementation of the new 1.5% management fee from the growth portfolio.

But I like this approach, cash is cash, and we believe the growth assets are valued fairly and appropriately.

Speaker #2: And then, a quick strategic update on Telenet on slide 20. We can't underestimate the importance of the steps we've taken over the last 24 months in Belgium.

More importantly, we're rapidly turning those growth assets Into Cash.

We've already exited something like 1.6 billion in the last 6 years.

Speaker #2: To both rationalize the market structure, and create a clear operating roadmap for both of our businesses there. As you know, this is the first time we've completely carved out a fixed netco, which we call Wire, and I've even gone one step further by entering into a network sharing arrangement with the incumbent telco Proximus that will create arguably the most attractive fiber wholesale market in Europe.

Mike Fries: Thanks, Charlie. Great job. And now we're gonna switch gears to what I think, I hope, is the most important part of today's call, and that, of course, is an update on the key transactions we've just announced and how they significantly advance our plans to deliver value to shareholders. I'll start by revisiting the first slide that I showed you today, and that's the three core pillars of our operating structure: Liberty Telecom, Liberty Growth, and Liberty Global. I won't go back through the strategies for each of these, because you've got them by now. But what I have done on this slide is present a very rudimentary sum-of-the-parts valuation exercise for these three pillars, at the bottom of the slide. It shows that the Liberty Growth portfolio today, accepting the fair market value that Deloitte has prepared, is worth roughly $10 per Liberty Global share.

So whether it's -5 or 0, you can see why we have focused a lot of time and attention on creating and delivering value in our Telecom portfolio. Of course, the sunrise spin-off, just 14 months ago was Step 1.

Mike Fries: So whether it's -5 or 0, you can see why we have focused a lot of time and attention on creating and delivering value in our telecom portfolio. Of course, the Sunrise spin-off just 14 months ago was step one. That transaction delivered what is today roughly $13 per share of value to Liberty Global investors, far more than anyone expected at the time or what the implied value was for that business at the time. And that's why we can say our stock, really, on a combined basis, is up meaningfully over the last 2 years. Now, moving to the next slide, here's another thing that gives us some confidence in the value of our telecom business.

That transaction delivered. What is today, roughly 13 dollars per share of value to Liberty. Global Investors far more than anyone expected at the time or what the implied value was for that business at the time.

Speaker #2: That's to facilitate the carve-out. We secured $4.35 billion of new capital to both fund the wire build, and reduce leverage at Telnet. And as we've discussed, we're in the process of selling a stake in Wire, with the proceeds earmarked for further deleveraging at Telnet.

Speaker #2: The goal here is to bring Telnet's mid-term leverage down to the $4.5 times level. And Telnet, as part of the new Ziggo Group, I think represents a very strong equity story itself, with outstanding retail brands, significant B2B growth, and upgraded 5G network and long-term access to fiber.

Mike Fries: Our corporate cash of $2.2 billion, even after a reasonable reduction of the value for the $50 million of corporate spend this year, is roughly $6 per Liberty share, which means that with an $11 stock price today, there's at least $5 per share of negative value being ascribed to our Liberty Telecom businesses. And of course, there are multiple ways of arriving at these figures. Some people start by valuing Liberty Telecom and then applying discounts to cash, Liberty Growth, and Corporate. But I like this approach. Cash is cash, and we believe the growth assets are valued fairly and appropriately. More importantly, we're rapidly turning those growth assets into cash. We've already exited something like $1.6 billion in the last six years.

And that's why we can say our stock really on a combined basis is up meaningfully over the last 2 years. Now, moving to the next slide. Here's another thing that gives us some confidence in the value of our Telecom business, the European Telecom sector has been experiencing a broad-based rally. This year, with the Euro Telco index up 16% year to date and just about every major incumbent Telco and you know, all the names up even more than that 20 25%. So what's happening here?

Mike Fries: The European telecom sector has been experiencing a broad-based rally this year, with the Euro Telco index up 16% year to date, and just about every major incumbent telco, and you know all the names, up even more than that, 20, 25%. So what's happening here? We see three key tailwinds impacting the sector. First, of course, is an improving regulatory environment. This is not to say that we're totally satisfied with where things stand. You know us better than that.

Speaker #2: Perhaps even more importantly, though, with CAPEX declining significantly this year, Telnet's free cash flow is at that inflection point, and poised for continued growth.

We see, 3 key Tailwind impacting the sector first.

Speaker #2: Now, let's switch gears to the UK. And our announcement today to use our fiber JV, nexfibre, to acquire Substantial Group, which consists of the Netomnia fiber network and a 500,000-subscriber broadband customer base.

Of course, is an improving regulatory environment. This is not to say that we're totally satisfied with where things stand, you know, what's better than that, but if you look at the UK and the changes they've made to the CMA, or if you look at the recently published draft of the eu's digital networks act, we believe there's a good chance. Regulators continue to loosen rules around consolidation and Spectrum policies. Especially,

Speaker #2: For a total enterprise value of $2 billion, and a net payment of $1.1 billion, at closing. Now, walk through the various transaction steps on the next slide.

Mike Fries: But if you look at the UK and the changes they've made to the CMA, or if you look at the recently published draft of the EU's Digital Networks Act, we believe there's a good chance regulators continue to loosen rules around consolidation and spectrum policies, especially in the age of AI, where telecom continues to be perceived rightly as critical infrastructure for consumers, for businesses, and for governments. Secondly, just as we are seeing in our own operations, like Telenet, where 5G CapEx is largely behind us now, or Ireland, where our fiber build is coming to an end, there is light at the end of the CapEx tunnel. And when you combine declining CapEx intensity with telecom's high margins and stable revenues, you've got a strong recipe for improving free cash flow. And then finally, there is the AI thesis.

In the age of AI, where Telecom continues to be perceived rightly.

As critical infrastructure for consumers for businesses, and for governments.

Speaker #2: But the goal here is simple. The first goal is to create the second largest fiber network after BT open reach. When you combine Nathania's $3.4 million fiber homes with Next Fiber's existing $2.6 million fiber homes, and then you add $2.1 million VMO2 homes that would be made available to Next Fiber for upgrade, the platform will ultimately reach $8 million fiber homes by 2027.

Secondly, just as we are seeing in our own operations like telenet where 5G capex is largely behind us now, or Ireland, where our fiber build is coming to an end. There is light at the end of the capex tunnel.

Speaker #2: As I'll outline in a moment, there are significant benefits to VMO2 stakeholders here. This is a fantastic outcome for VMO2. It's also a strong vote of confidence in the UK generally.

Speaker #2: We want the UK government to know that we, together with our partners, are willing to commit significant capital to the UK based upon their pro-growth policies.

Mike Fries: It's hard to find an industry more ready to benefit from AI-driven efficiencies, customer improvements, network automation than the telecom sector. In addition, as AI permeates every aspect of our lives, our role, telco's role as foundational connectivity and data transport providers, I think, continues to increase. And then lastly, there appears to be, and this is an area you're experts in more than me, but there appears to be a rotation going on here. Investors growing a bit sour on capital-light, software-driven industries and rotating capital into more infrastructure-based or defensive sectors, where AI is a net-net positive and quite frankly, unlikely to be as disruptive over time. I think the impact of AI, if you ask me, on our industry, will be positively transformational.

Speaker #2: Now, this next slide is one that you'll probably want to print out and tuck away somewhere. As I said, this is a complicated transaction.

Speaker #2: They often are. And this is an attempt to simplify it as best we can. On the left-hand side, you'll see the money and asset flows.

Speaker #2: The green numbers, when you take a look at the slide—if you aren't looking at it now—the green numbers simply show the cash and how it moves from and to the various parties here.

Speaker #2: Approximately $1 billion of equity will be injected into Next Fiber. The acquisition vehicle. And that's our 50-50 JV with InfraVia, of course. And this will consist of 850 million pounds of cash from InfraVia.

Mike Fries: And the changes they've made to the CMA, or if you look at the recently published draft of the EU's Digital Networks Act, we believe there's a good chance regulators continue to loosen rules around consolidation and spectrum policies, especially in the age of AI, where telecom continues to be perceived rightly as critical infrastructure for consumers, for businesses, and for governments. Secondly, just as we are seeing in our own operations like Telenet, where 5G CapEx is largely behind us now, or Ireland, where our fiber build is coming to an end, there is light at the end of the CapEx tunnel. When you combine declining CapEx intensity with telecom's high margins and stable revenues, you've got a strong recipe for improving free cash flow. Then finally, there is the AI thesis.

And when you combine declining capex intensity with telecoms, high margins and stable revenues, you got a strong recipe for improving, free cash flow. And then finally, there is the AI thesis. It's hard to find an industry more ready to benefit from AI driven efficiencies, customer improvements Network automation. Then the Telecom sector in addition, as AI permeates every aspect of our lives. Our role telcos role as foundational connectivity and data transport providers. I think continues to increase. And then, lastly, there appears to be and this is an area, your experts in more than me, but there appears to be a rotation going on here. Investors growing a bit sour on Capital light software, driven Industries and rotating Capital into more infrastructure based or defensive sectors where AI is a net-net positive and quite frankly, unlikely to be as disruptive over time, having the impact of AI. If you ask me on our industry will be positively transformational.

Speaker #2: And 150 million from Liberty and Telefonica. So the first point to make is that Liberty Global directly will be responsible for 75 million pounds of cash in order to complete this transaction.

Speaker #2: The $1 billion, together with a new debt facility—I think it's about $2.7 billion—will fully fund both this transaction and the longer-term strategic plans for Next Fiber 2.0.

Mike Fries: Now, I recently asked the CEO of one of the big tech companies, "Okay, how do I go from spending $14 billion a year on OpEx to $7 billion? That's what I want to do." He said, "Bring me your P&L, and we'll go through it." The point is, we're just scratching the surface today. I think the upside for us from AI is massive, and it's massive for our entire industry. Now, so with that as background, on this call, last year and the year before, we laid out two very specific goals related to our telecom businesses, and they're summarized here on slide 16. The first was to prepare each of our Benelux operating companies, this was last year, for the next phase of value creation, and I'd, I'd say we achieved that goal.

Now recently asked the CEO of 1 of the big tech companies. Look at how do I go from spending 14 billion a year on Opex to 7 billion? That's what I want to do. He said, bring your p&l and we'll go through it. The point is we're just scratching the surface today. I think the upside for us from AI is massive and it's massive for our entire industry now. So with that, as background

Speaker #2: Now, once capitalized, Next Fiber distributes a little over $2 billion of cash: £950 million to Substantial Group for the Nathania Fiber assets, and $1.1 billion to VMO2.

Speaker #2: Of course, VMO2 will use that capital to both acquire the broadband subscribers, for 150 million, and reduce leverage. The vast majority of the $1.1 billion going to VMO2 is in exchange for a significant commitment to utilize the Next Fiber network on a wholesale basis.

On this call know last year. And the year, before we laid out, 2 very specific goals related to our Telecom business, isn't there summarized here on slide 16? The first was to prepare each of our Benelux, operating companies, this was last year for the next phase of value creation. And I'd I'd say we achieved that goal, bringing it, Steven venroy, and a CEO has been a game changer for voter phones. They go.

Mike Fries: It's hard to find an industry more ready to benefit from AI-driven efficiencies, customer improvements, network automation than the telecom sector. In addition, as AI permeates every aspect of our lives, our role, telco's role as foundational connectivity and data transport providers, I think, continues to increase. And then lastly, there appears to be, and this is an area you're experts in more than me, but there appears to be a rotation going on here. Investors growing a bit sour on capital-light, software-driven industries and rotating capital into more infrastructure-based or defensive sectors where AI is a net-net positive and quite frankly, unlikely to be as disruptive over time. I think the impact of AI, if you ask me, on our industry, will be positively transformational.

And of course, today we're announcing the acquisition of Vodafone 50% stake in Moto phones that go in order to advance our plans.

Company, that combines reduction Belgian operations, more on that, of course in a second.

Speaker #2: That's how these deals work. Specifically, VMO2 will provide access to 2.1 million of its own homes and will agree to pay Next Fiber wholesale access fee on those homes, once they're upgraded to fiber.

Mike Fries: Bringing in Stephen van Rooyen as CEO has been a game changer for VodafoneZiggo. Of course, today we're announcing the acquisition of Vodafone's 50% stake in VodafoneZiggo in order to advance our plans to spin off a new company that combines our Dutch and Belgian operations. More on that, of course, in a second. In the UK, we committed last year to advance our plans to monetize our fixed network infrastructure for both financial and strategic reasons. Early last year, we pivoted away from a pure Net co, as you know. But together with Telefónica, we continued to evaluate accretive ways to grow and finance fiber infrastructure in the UK. Today, of course, we announced the acquisition of UK's second-largest Alt-net, creating what will ultimately be an 8 million home fiber platform with the opportunity to further consolidate a fragmented market.

Speaker #2: And additionally, VMO2 will pay wholesale access fees day one on another $2.5 million homes that overlap Next Fiber's footprint. So there's substantial value being contributed to the Next Fiber 2.0 plan by VMO2.

In the UK we committed last year to advance our plans to monetize our fixed Network. Infrastructure for both financial and strategic reasons. Now early last year, we pivoted away from a pure netco as you know, but together with telefonica we continue to evaluate a creative ways to grow and finance, fiber infrastructure in the UK.

Speaker #2: And that's why it's being paid. Now, as I mentioned, the benefits to VMO2 are substantial here. To begin with, VMO2 gets cash to reduce leverage.

Today of course we announced the acquisition of UK's second largest altnet. Creating what will ultimately be an 8 million home? Fiber platform with the opportunity to further consolidate a fragmented market. So let's get into these deals. Beginning with the Vodafone acquisition on slide 17,

Speaker #2: This is necessary, of course, given the increased wholesale fees paid out to Next Fiber. Second, it'll end up with $500,000 additional broadband customers. Third, there'll be substantial CAPEX avoidance here, both in terms of the cost to build and the cost to connect.

After what can only be described as a very successful. And I mean, seriously, I mean rewarding partnership with Vodafone and the Netherlands.

Speaker #2: Millions of premises that would no longer be the responsibility of VMO2. We think the MPV of that is around $800 million. Fourth, VMO2 will be able to continue providing construction and managed services to Next Fiber in exchange for revenue and positive EBITDA margin.

Mike Fries: So let's get into these deals. Beginning with the Vodafone acquisition on slide 17. After what can only be described as a very successful, and I mean, seriously, I mean rewarding partnership with Vodafone in the Netherlands, we're pleased to announce an agreement to acquire their 50% stake in exchange for EUR 1 billion of cash, plus a 10% equity interest in a new company called Ziggo Group, which will own 100% of VodafoneZiggo and 100% of Telenet in Belgium. Now, there's 3 primary reasons we're doing this, 3 primary benefits from this deal. To begin with, we believe the net present value of both operational synergies and incremental service revenues from this transaction and combination total about EUR 1 billion alone, and of course, pretty much all that accrues to us.

We're pleased to announce an agreement to acquire their 50%. Stake in exchange for 1 billion euros of Cash, Plus a 10% Equity interest in a new company called ziggo Group, which will Own 100% of Vodafone zigo and 100% of telenet. In Belgium. Now there's 3 primary reasons. We're doing this 3 primary benefits from this deal to begin with,

Speaker #2: The MPV of that contract, we think, is around $400 million. And then finally, in addition to having access to the second largest fiber footprint in the UK, VMO2 will also receive a direct stake in Next Fiber 2.0.

we believe the net present value of both, operational synergies and incremental service revenues from this transaction and combination, total about 1 billion euros alone and of course,

Pretty much all that a cruise to us.

Speaker #2: Now, looking ahead I think this transaction also opens up the market for further consolidation, something that we have talked about for a long time.

Mike Fries: Bringing in Stephen van Rooyen as CEO has been a game changer for VodafoneZiggo. And of course, today we're announcing the acquisition of Vodafone's 50% stake in VodafoneZiggo in order to advance our plans to spin off a new company that combines our Dutch and Belgian operations. More on that, of course, in a second. And in the UK, we committed last year to advance our plans to monetize our fixed network infrastructure for both financial and strategic reasons. Now, early last year, we pivoted away from a pure Net Co, as you know. But together with Telefónica, we continued to evaluate accretive ways to grow and finance fiber infrastructure in the UK. Today, of course, we announced the acquisition of UK's second-largest Altnet, creating what will ultimately be an 8 million home fiber platform with the opportunity to further consolidate a fragmented market.

Second, we think the combination of Holland and Belgium is a financial winner.

Speaker #2: And may just be on the horizon. One quick slide here. Providing additional context on VMO2's operational outlook, as I promised. On the left-hand side of slide 23, the point that despite a highly competitive market, VMO2 has delivered pretty good financial results, especially in comparison to its peers.

As a chart on the right shows together, the 2 operations serve 7 million mobile subs and over 5 million Broadband. Subs with total revenue of 6.6 billion euros and over 2.5 billion euros of ibitta

Mike Fries: Second, we think the combination of Holland and Belgium is a financial winner. As the chart on the right shows, together, the two operations serve 7 million mobile subs and over 5 million broadband subs, with total revenue of EUR 6.6 billion and over EUR 2.5 billion of EBITDA. Combination also creates a clear roadmap to reduce leverage to what we're estimating will be about 4.5x, through a combination of synergies and improving operational performance. In fact, we think we'll generate EUR 500 million of free cash flow by 2028. And then third, and perhaps most importantly, we are announcing today our intention to list Ziggo on the Euronext exchange in 2027 and to simultaneously spin off our 90% interest to Liberty Global shareholders, as we did in Switzerland. Interestingly, similar to Sunrise, there is a strong equity story here.

Speaker #2: While revenue has been largely flat over the last four fiscal years—and you know that—EBITDA has grown annually at around 1.5%. During the same timeframe, VMO2 has generated $2.6 billion of cumulative free cash flow and distributed $5.2 billion to Liberty and Telefónica in the form of dividends.

Combination also creates a clear roadmap to reduce leverage to what we're estimating will be about 4.5 times to a combination of synergies and improving operational performance.

In fact, we think we'll generate 500 million of free cash flow by 2028.

Speaker #2: We are happy shareholders here. That's clear. Now, the rest of the slide identifies the main drivers of growth moving forward. And why we're confident in the VMO2 story including three powerful brands, Virgin Media O2 and GiftGap, that reach every segment and help drive fixed mobile convergence.

Then third. And perhaps most importantly, we are announcing today. Our intention to list ziggo on the Euro. Next Exchange in 2027 and is simultaneously spin off. Our 90% interest to Liberty Global shares as we did in Switzerland.

Interestingly, similar to Sunrise, there is a strong Equity story here. The Belgium and Holland are rational markets, just like Switzerland.

We have a clear Network strategy in each country like we had in Switzerland.

Speaker #2: There's also synergies in B2B growth from the recently completed O2 Daisy merger. There's strong wholesale position as the number one MVNO provider, and now a key partner in the second largest fiber footprint.

Mike Fries: Belgium and Holland are rational markets, just like Switzerland. We have a clear network strategy in each country, like we had in Switzerland. Our plans to reduce leverage are front and center and actionable like they were and are in Switzerland, and the financial profile should support both free cash flow and dividends in the future. Interestingly, this is more anecdotal. Just as Sunrise was once a very successful public company that we took private and then relisted, Ziggo was also a very successful public company that we took private. So we will be reintroducing Ziggo to the public markets as we did with Sunrise. Now, just a quick update on slide 18 of VodafoneZiggo's recent performance. There's no question that Stephen's How We Win plan is driving clear operational turnaround. Combination of OpEx savings, repositioned broadband pricing, speed upgrades, and a multi-brand strategy are delivering materially lower churn.

Our plans to reduce leverage are front and center and actionable. Like they were and are in Switzerland and the financial profile should support. Both free cash flow and dividends in the future.

Speaker #2: And in the loots in the team, we believe a pretty good head start in AI-driven innovation and efficiency as well. And on top of that, there's the opportunity to drive growth off-net to the $10 million homes we don't reach today.

Speaker #2: So, a lot of really good things happening in the UK market for us. Finally, these are the key takeaways here on the final slide—what we'd like you to bring home, if you will, from the second half of this call, right?

Interestingly this is more anecdotal, just as Sunrise, was once a very successful public company that we took private and then relisted ziggo was also a very successful public company that we took private. So we will be reintroducing zigo to the public markets as we did with Sunrise. Now, just a quick update on slide 18, a voter phone ziggo, recent performance, there's no question.

That Stevens how we win. Plant is driving clear operational turnaround.

Speaker #2: Number one, we think the telecom sector broadly and equity values in Europe more specifically are poised for continued appreciation in the eyes of investors.

Combination of Opex savings. Reposition Broadband pricing speed upgrades and a multi-brand strategy are delivering materially lower churn.

Speaker #2: Tailwinds from consolidation stable cash flows and what appears to be a rotation into stocks that will be net beneficiaries of AI as opposed to roadkill are drivers here.

You can see that on the bottom right of this slide or Q4 25 was the best Broadband performance. I think, in 10 quarters,

And things continue to look good into 2026.

Speaker #2: Hopefully by now you're convinced that we are serious about delivering value to shareholders. The summarized spinoff was always step one. We told you that.

Mike Fries: You can see that on the bottom right of this slide, where Q4 2025 was the best broadband performance, I think, in 10 quarters, and things continue to look good into 2026. We've also provided a medium-term outlook for VodafoneZiggo on slide 19, and while 2025 EBITDA was in line with our plan, 2026 guidance, strongly indicated, shows a decline impacted in part by our large one-off investment we're making in network resilience and service reliability. In 2028, however, we expect EBITDA growth to rebound. We're not giving you actual numbers here, but we are confident in that trajectory. That EBITDA growth, combined with a very stable CapEx envelope, should generate the meaningful free cash flow I just referenced.

Speaker #2: And the transactions we announced today, in particular the Vodafone stake acquisition and our intention to list and spin off the new Ziggo Group, will be step two.

We've also provided a medium-term outlook for Votto on slide. 19. And well 2025, I was in line with our plan 2026 guidance. It's Charlie indicated shows a decline impacted in part by our allows you 1-off investment. We're making in network resilience and service reliability.

Speaker #2: In the meantime, we've worked extremely hard to reshape our corporate operating model. This is not just a cost-saving exercise, even though it did save considerable costs.

In 2020. However, we expect EB dog growth to rebound. We're not giving you actual numbers here, but we are confident in that trajectory

That Eva dog. Growth combined with a very stable. Capex envelope should generate the meaningful, free cash flow. I just referenced

Speaker #2: We believe that our structure today is fit for purpose, both to continue operating and investing in the TMT sector as we've done for the last 20-plus years, but also to provide our unique form of expertise to existing and future affiliates.

Mike Fries: Belgium and Holland are rational markets, just like Switzerland. We have a clear network strategy in each country, like we had in Switzerland. Our plans to reduce leverage are front and center and actionable, like they were and are in Switzerland, and the financial profile should support both free cash flow and dividends in the future. Interestingly, this is more anecdotal. Just as Sunrise was once a very successful public company that we took private and then relisted, Ziggo was also a very successful public company that we took private. So we will be reintroducing Ziggo to the public markets, as we did with Sunrise. Now, just a quick update on slide 18 of VodafoneZiggo's recent performance. There's no question that Stephen's How We Win plan is driving clear operational turnaround.

Speaker #2: Now, why we were only marginally successful in convincing analysts to look at our corporate costs differently, we have been spectacularly successful at reducing those net corporate costs as I said by 75%.

And it's Charlie indicated. The Leverage will peak in 2026 but should decline thereafter, both organically. That's of course, from Eva, dog growth and through asset sales like our Tower portfolio, the proceeds of which we intend to use to reduce debt, and then a quick strategic update on telenet on slide 20, we can't underestimate

Mike Fries: As Charlie indicated, leverage will peak in 2026, but should decline thereafter, both organically, that's of course, from EBITDA growth and through asset sales like our tower portfolio, the proceeds of which we intend to use to reduce debt. Then a quick strategic update on Telenet on slide 20. We can't underestimate the importance of the steps we've taken over the last 24 months in Belgium to both rationalize the market structure and create a clear operating roadmap for both of our businesses there. As you know, this is the first time we've completely carved out a fixed net co, which we call Wire, and I've even gone one step further by entering into a network sharing arrangement with the incumbent telco, Proximus. That will create arguably the most attractive fiber wholesale market in Europe.

Speaker #2: That is going to accrue to the benefit of our stock price. And we're excited about our growth platform. We have a great track record here.

Speaker #2: And we're focused on the right sectors. But we have a clear right to play, as they say, and where there are tailwinds and scale-based opportunities that I think we're uniquely qualified to pursue.

The importance of the steps we've taken over the last 24 months in Belgium, to both rationalize the market structure, and create a clear operating roadmap for both of our businesses there. As you know, this is the first time we've completely carved out a fixed netco which we call wire.

Speaker #2: So stay tuned to see what we do there. And then finally, in our world, capital allocation is everything. Now, where you choose to invest your capital, especially in a capital-intensive business, has never mattered more.

And I've even gone 1 step further by entering into a network sharing arrangement, with the incumbent Telco proximus, that will create arguably the most attractive fiber, wholesale Market in Europe.

Mike Fries: The combination of OpEx savings, repositioned broadband pricing, speed upgrades, and a multi-brand strategy are delivering materially lower churn. You can see that on the bottom right of this slide, where Q4 2025 was the best broadband performance, I think, in 10 quarters, and things continue to look good into 2026. We've also provided a medium-term outlook for VodafoneZiggo on slide 19, and while 2025 EBITDA was in line with our plan, 2026 guidance, strongly indicated, shows a decline impacted in part by a largely one-off investment we're making in network resilience and service reliability. In 2028, however, we expect EBITDA growth to rebound. We're not giving you actual numbers here, but we are confident in that trajectory. That EBITDA growth, combined with a very stable CapEx envelope, should generate the meaningful free cash flow I just referenced.

At a facilitate the carveout we secured 4.35 billion euros of new capital, to both fund the wire build and reduce leverage at telenet.

Speaker #2: We've always run our telecom businesses as if we're going to own them forever. And even in that context, they generally have not required any cash from us to achieve their strategic and operating objectives.

And as we've discussed, we're in the process of selling a stake in wire, with the proceeds earmarked for further deleveraging a telnet, the goal here is to bring telenet midterm, leverage down to the 4.5 times level.

Mike Fries: Now, to facilitate the carve-out, we secured EUR 4.35 billion of new capital to both fund the Wire build and reduce leverage at Telenet. And as we've discussed, we're in the process of selling a stake in Wire, with the proceeds earmarked for further deleveraging in Telenet. The goal here is to bring Telenet's midterm leverage down to the 4.5x level. And Telenet, as part of the new Ziggo Group, I think, represents a very strong equity story itself, with outstanding retail brands, significant B2B growth, an upgraded 5G network, and long-term access to fiber. Perhaps even more importantly, though, with CapEx declining significantly this year, Telenet's free cash flow is at that inflection point and poised for continued growth.

Speaker #2: We will invest in a telecom business when it unlocks value for shareholders. We've said that many times. Like we did with Sunrise, the levering the company pre-spin, and like we're doing with the acquisition of Vodafone stake in Holland.

Speaker #2: We have been significant buyers of our own stock. $15 billion over the last nine years to be exact, reducing the number of shares outstanding by 63% and ensuring that those who stuck around with us end up with a bigger piece of the pie.

Significant B2B growth and upgraded 5G Network, and long-term access to fiber. Perhaps even more, importantly, though with capex declining significantly This Year telenet free cash, flow is at that inflection point and poised for continued growth. Now, let's switch gears to the UK.

Speaker #2: If you owned 1% of our company in 2017, you ended up with over $2.5% of Sunrise, for example. And finally, we do believe there will be opportunities in tech, infrastructure, energy, media, sports, and live entertainment.

Mike Fries: As Charlie indicated, leverage will peak in 2026, but should decline thereafter, both organically, that's of course from EBITDA growth, and through asset sales like our tower portfolio, the proceeds of which we intend to use to reduce debt. Then a quick strategic update on Telenet on slide 20. We can't underestimate the importance of the steps we've taken over the last 24 months in Belgium to both rationalize the market structure and create a clear operating roadmap for both of our businesses there. As you know, this is the first time we've completely carved out a fixed NetCo, which we call Wire, and have even gone one step further by entering into a network sharing arrangement with the incumbent telco, Proximus, that will create arguably the most attractive fiber wholesale market in Europe.

And our announcements today to use our fiber JV. Next, fiber, to acquire substantial Group, which consists of the netomnia fiber Network and a 500,000 subscriber.

Broadband. Customer base.

Speaker #2: These are areas where we have significant deal flow. Great partnerships lined up. $10 per share of value. And importantly, strategic flexibility to deliver that value to shareholders.

Mike Fries: Now, let's switch gears to the UK and our announcement today to use our fiber JV, Next Fiber, to acquire Substantial Group, which consists of the Netomnia Fiber network and a 500,000 subscriber broadband customer base, for a total enterprise value of GBP 2 billion and a net payment of GBP 1.1 billion at closing. Now, I'll walk through the various transaction steps on the next slide, but the goal here is simple. The first goal is to create the second-largest fiber network after BT Openreach. When you combine Netomnia's 3.4 million fiber homes with Next Fiber's existing 2.6 million fiber homes, and then you add 2.1 million VMO2 homes that would be made available to Next Fiber for upgrade, the platform will ultimately reach 8 million fiber homes by 2027.

For a total Enterprise value of 2 billion pounds and a net payment of 1.1 billion pounds at closing.

Now, walk through the various transactions steps on the next slide, but the goal here is simple.

Speaker #2: So hopefully that update was helpful for you, especially on the recent announcements of the two deals this morning. So with that operator, we'll get to questions.

The first goal is to create the second largest fiber Network after BT open reach.

Speaker #2: The question and the answer session will be conducted electronically. If you would like to ask a question, please do so by pressing the star or asterisk key followed by the digit one on your phone.

When you combine that tomnas 3.4 million fiber homes with next fibers existing 2.6 million fiber homes and then you add 2.1 million vmo2 homes that would be made available to the next fiber. For upgrade the platform will ultimately reach 8 million fiber homes by 2027.

Speaker #2: In order to accommodate everyone, we request that you only ask one question. If you are using a speakerphone, please ensure your mute function is turned off to allow your signal to reach our equipment.

Mike Fries: Now, to facilitate the carve-out, we secured EUR 4.35 billion of new capital to both fund the Wire build and reduce leverage at Telenet. As we've discussed, we're in the process of selling a stake in Wire, with the proceeds earmarked for further deleveraging at Telenet. The goal here is to bring Telenet's midterm leverage down to the 4.5x level. Telenet, as part of the new Ziggo Group, I think represents a very strong equity story itself, with outstanding retail brands, significant B2B growth, an upgraded 5G network, and long-term access to fiber. Perhaps even more importantly, though, with CapEx declining significantly this year, Telenet's free cash flow is at that inflection point and poised for continued growth.

Speaker #2: We'll pause for just a moment to give everyone an opportunity to join the queue. The first question will go to the line of Robert Grindle with Deutsche Bank.

Mike Fries: As I'll outline in a moment, there are significant benefits to VMO2 stakeholders here. This is a fantastic outcome for VMO2. It's also a strong vote of confidence in the UK. Generally, we want the UK government to know that we, together with our partners, are willing to commit significant capital to the UK based upon their pro-growth policies. Now, this next slide is one that you'll probably want to print out and tuck away somewhere. As I said, this is a complicated transaction. They often are, and this is an attempt to simplify it as best we can. On the left-hand side, you'll see the money and asset flows. The green numbers, when you take a look at the slide, if you aren't looking at it now, the green numbers simply show the cash and how it moves from and to the various parties here.

As our outline in a moment, there are significant benefits to vmo2 stakeholders here, this is a fantastic outcome for vmo2. It's also a strong vote of confidence in the UK. Generally, we want the UK government to know that we together with our partners are willing to commit, significant Capital to the UK based upon their Pro growth policies. Now, this next slide is 1 that you'll probably want to print out and tuck away somewhere.

Speaker #2: Robert, your line is open.

Speaker #3: Yeah, hi everyone. I had spinning with all the news you guys have provided. So I'll ask one question about the UK deal. $8 million next fiber homes post-deal completion and the $2.1 million HFC home upgrade.

As I said, This is complicated transaction, they often are and this is an attempt to simplify it as best we can. On the left hand side, you'll see the money and asset flows.

The green numbers when you take a look at the slide if you aren't looking at it. Now, the green number simply show the cash and how it moves from into the various parties here.

Mike Fries: Now, let's switch gears to the UK and our announcement today to use our fiber JV, nexfibre, to acquire Substantial Group, which consists of the Netomnia fiber network and a 500,000 subscriber broadband customer base, for a total enterprise value of GBP 2 billion and a net payment of GBP 1.1 billion at closing. Now, I'll walk through the various transaction steps on the next slide, but the goal here is simple. The first goal is to create the second-largest fiber network after BT Openreach. When you combine Netomnia's 3.4 million fiber homes with nexfibre's existing 2.6 million fiber homes, and then you add 2.1 million VMO2 homes that wouldn't be made available to nexfibre for upgrade, the platform will ultimately reach 8 million fiber homes by 2027.

Speaker #3: Do you think that definitively unlocks the UK wholesale opportunity in a major way? Do you think you have to wait to get to the full 8 million, or are you on a course before you get to that point to get more wholesale business in?

Approximately 1 billion pounds of equity will be injected into next fiber, the acquisition vehicle. And that's our 50/50 JV within for B, of course, and this will consist of 850 million pounds of cash from infa.

Mike Fries: Approximately GBP 1 billion of equity will be injected into Next Fiber, the acquisition vehicle, and that's our 50/50 JV with Infravia, of course. This will consist of GBP 850 million of cash from Infravia and GBP 150 million from Liberty and Telefónica. The first point to make is that Liberty Global directly will be responsible for GBP 75 million of cash in order to complete this transaction. The GBP 1 billion, together with a new debt facility, I think it's about GBP 2.7 billion, will fully fund both this transaction and the longer-term strategic plans for Next Fiber 2.0. Now, once capitalized, Next Fiber distributes a little over GBP 2 billion of cash, GBP 950 million to Substantial Group for the Netomnia Fiber assets and GBP 1.1 billion to VMO2.

Speaker #3: Thanks.

Speaker #4: I'll take a crack at it, Robert. Thanks for the question. And Lutz or others, or Andrea, can chime in here. But the 8 million will be achieved relatively quickly—end of '27, probably.

And a 100 150 million from Liberty and telefonica. So the first point to make is that Liberty Global directly will be responsible for 75 million pounds of cash in order to complete this transaction.

Speaker #4: So, that's a good fiber number. For Next Fiber 2.0, both, as you say, from the contribution of the three entities. And VMO2 will be a significant wholesale buy partner for that 8 million home footprint.

The 1 billion together with a new debt facility, I think it's about 2.7 billion. Will fully fund both this transaction and the longer term strategic plans for next 5 or 2.0. Now, once capitalized,

Next fiber, distributes a little over 2 billion of cash 950 million pounds to substantial group for the netomnia fiber assets.

And 1.1 billion to vmo2, of course, vmo2 will use that capital.

Speaker #4: And remember that Lutz and VMO2 continue to upgrade their network. So they'll be another 12 million homes on the VMO2 network that continue to be upgraded.

Mike Fries: As I'll outline in a moment, there are significant benefits to VMO2 stakeholders here. This is a fantastic outcome for VMO2. It's also a strong vote of confidence in the UK generally. We want the UK government to know that we, together with our partners, are willing to commit significant capital to the UK based upon their pro-growth policies. Now, this next slide is one that you'll probably want to print out and tuck away somewhere. As I said, this is a complicated transaction. They often are, and this is an attempt to simplify it as best we can. On the left-hand side, you'll see the money and asset flows. The green numbers, when you take a look at the slide, if you're not looking at it now, the green numbers simply show the cash and how it moves from and to the various parties here.

To both acquire, the Broadband subscribers for 150 million, and reduce Leverage.

Speaker #4: So we believe you're looking at what is effectively a 20 million home footprint in the end, the vast majority of which will be fiber.

The vast majority of the 1.1 billion pounds going to vmo2 is in exchange for a significant commitment to utilize the next fiber Network on a wholesale basis. That's how these deals work.

Mike Fries: Of course, Virgin Media O2 will use that capital to both acquire the broadband subscribers for GBP 150 million and reduce leverage. The vast majority of the GBP 1.1 billion going to Virgin Media O2 is in exchange for a significant commitment to utilize the Next Fiber network on a wholesale basis. That's how these deals work. Specifically, Virgin Media O2 will provide access to 2.1 million of its own homes and will agree to pay Next Fiber wholesale access fee on those homes once they're upgraded to fiber. And additionally, Virgin Media O2 will pay wholesale access fees day one on another 2.5 million homes that overlap Next Fiber's footprint. So there's substantial value being contributed to the Next Fiber 2.0 plan by Virgin Media O2, and that's why it's being paid. Now, as I mentioned, the benefits to Virgin Media O2 are substantial.

Specifically.

Speaker #4: So obviously, first order of business is to grow and manage our own customer base on that 20 million home network, but also very much so to provide wholesale opportunity for the market, which is much needed for reasons that you understand very well.

Vmo2 will provide access to 2.1 million of its own homes and will agree to pay next. Fiber, wholesale access fee on those homes. Once they're upgraded to fiber and additionally vmo2 will pay wholesale access fees day 1.

Speaker #4: Does that answer your question?

Speaker #3: It does, Mike. Is there a timeline on getting the rest of the VMO2 network upgraded?

On another 2.5 million homes that overlap next 5%. So there's substantial value being contributed to the next 5 or 2.0 plan by vmo2 and that's why it's being paid.

Mike Fries: Approximately GBP 1 billion of equity will be injected into nexfibre, the acquisition vehicle, and that's our 50/50 JV with InfraVia, of course. This will consist of GBP 850 million of cash from InfraVia and GBP 150 million from Liberty and Telefónica. So the first point to make is that Liberty Global directly will be responsible for GBP 75 million of cash in order to complete this transaction. The GBP 1 billion, together with a new debt facility, I think it's about GBP 2.7 billion, will fully fund both this transaction and the longer-term strategic plans for nexfibre 2.0. Now, once capitalized, nexfibre distributes a little over GBP 2 billion of cash, GBP 950 million to Substantial Group for the Netomnia fiber assets and GBP 1.1 billion to VMO2.

Now, as I mentioned, the benefits to vmo2 are substantial here to begin with.

Speaker #4: Well, I don't know if we've disclosed that timeline. Lutz, if you want to reference that, let me know if you think we've disclosed that or not.

Speaker #3: I would add only that we have already upgraded 5 million homes to fiber out of the 13 we are having. So you Robert, you can add these five to the eight.

The mo2 gets cached to reduce leverage. This is necessary. Of course, given the increased wholesale fees paid out to next fiber. Second, it'll end up with 500,000 additional Broadband customers.

Mike Fries: Here, to begin with, VMO2 gets cash to reduce leverage. This is necessary, of course, given the increased wholesale fees paid out to Next Fiber. Second, it'll end up with 500,000 additional broadband customers. Third, there'll be substantial CapEx avoidance here, both in terms of the cost to build and the cost to connect millions of premises that will no longer be the responsibility of VMO2. We think the NPV of that is around GBP 800 million. Fourth, VMO2 will be able to continue providing construction and managed services to Next Fiber in exchange for revenue and positive EBITDA margin. The NPV of that contract, we think, is around GBP 400 million. And then finally, in addition to having access to the second largest fiber footprint in the UK, VMO2 will also receive a direct stake in Next Fiber 2.0.

Speaker #3: So you have, very quickly, an access to 13 million fiber homes. And the second part, right, I think we always said that we will enter the consumer wholesale market.

Third, there will be substantial capex avoidance here both in terms of the cost to build and the cost of connect millions of premises that will no longer be the responsibility of the mo2. We think the MPV of that is around 800 million pounds.

Speaker #3: And obviously, the more homes in fiber we are able to offer, the more interested it is. Further, guidance on how quickly we will upgrade the remaining homes we haven't given, and we don't want to give.

Mike Fries: Of course, VMO2 will use that capital to both acquire the broadband subscribers for GBP 150 million and reduce leverage. The vast majority of the GBP 1.1 billion going to VMO2 is in exchange for a significant commitment to utilize the nexfibre network on a wholesale basis. That's how these deals work. Specifically, VMO2 will provide access to 2.1 million of its own homes and will agree to pay nexfibre wholesale access fee on those homes once they're upgraded to fiber. And additionally, VMO2 will pay wholesale access fees day one on another 2.5 million homes that overlap nexfibre's footprint. So there's substantial value being contributed to the nexfibre 2.0 plan by VMO2, and that's why it's being paid. Now, as I mentioned, the benefits to VMO2 are substantial here.

Fourth VMA 2 will be able to continue providing construction and managed services to next fiber in exchange for revenue and positive vital margins. The MPV of that contract we think is around 400 million pounds. And then, finally, in addition to having access to the second, largest fiber footprint, in the UK vmo2, will also receive a direct stake in next 5 or 2. Now, looking ahead, I think this transaction also opens up the market for further consolidation some

Speaker #5: Okay, many thanks. That's great.

Something that we have talked about for a long time and may just be on the horizon.

Speaker #3: Okay.

Speaker #4: Thanks. Thanks, Robert.

Speaker #2: Thank you, Robert. Our next question will go to the line of Josh Mills with BNP Paribas. Josh, your line is open.

Mike Fries: Now, looking ahead, I think this transaction also opens up the market for further consolidation, something that we have talked about for a long time and may just be on the horizon. One quick slide here, providing additional context on VMO2's operational outlook, as I promised. On the left-hand side of slide 23, we make the point that despite a highly competitive market, VMO2 has delivered pretty good financial results, especially in comparison to its peers. While revenue has been largely flat over the last 4 fiscal years, and you know that, EBITDA has grown annually at around 1.5%. During the same time frame, VMO2 has generated GBP 2.6 billion of cumulative free cash flow and distributed GBP 5.2 billion to Liberty and Telefónica in the form of dividends. We are happy shareholders here. That's clear.

1 quick, slide here uh providing additional context on V2s operational Outlook. As I promised on the left hand side of slide 23, we make the point that despite a highly competitive market.

Speaker #6: Thanks, guys. Maybe I'll take my questions on the Vodafone Ziggo transaction. I think you're still talking about a stable CapEx envelope over the guidance period.

Vmo2 is delivered pretty good Financial results, especially in comparison to its peers. While Revenue has been largely flat over the last 4, fiscal years, and you know, that EBA has grown annually at around 1.5%.

Speaker #6: But now that you're creating this new Ciggo group with more scale, does it change your appetite or opportunity to invest more on the cable to the fiber grade strategy?

Speaker #6: Are there any synergies that you can take from your learnings in the Telnet business and bring them over to the Netherlands? It would be very helpful.

Mike Fries: To begin with, VMO2 gets cash to reduce leverage. This is necessary, of course, given the increased wholesale fees paid out to nexfibre. Second, it'll end up with 500,000 additional broadband customers. Third, there'll be substantial CapEx avoidance here, both in terms of the cost to build and the cost to connect millions of premises that will no longer be the responsibility of VMO2. We think the NPV of that is around GBP 800 million. Fourth, VMO2 will be able to continue providing construction and managed services to nexfibre in exchange for revenue and positive EBITDA margins. The NPV of that contract, we think, is around GBP 400 million. And then finally, in addition to having access to the second-largest fiber footprint in the UK, VMO2 will also receive a direct stake in nexfibre 2.0.

Speaker #6: And then secondly, I think on slide 17, where you talk about the clear roadmap of bringing CiggO Group leverage to 4.5 times.

Speaker #6: Is that all organic leveraging? Or would you be willing to inject cash into this business prior to a spin-off as you did with Sunrise?

Mike Fries: Now, the rest of the slide identifies the main drivers of growth moving forward and why we're confident in the VMO2 story, including three powerful brands, Virgin Media, O2, and giffgaff, that reach every segment and help drive fixed mobile convergence. There's also synergies and B2B growth from the recently completed O2 Daisy merger, a strong wholesale position as the number one MVNO provider, and now a key partner in the second largest fiber footprint. With Lutz and the team, we believe a pretty good head start in AI-driven innovation and efficiency as well. And on top of that, there's the opportunity to drive growth off net to the 10 million homes we don't reach today. So a lot of really good things happening in the UK market for us. Finally, this is, you know, the key takeaways here on the final slide.

Forward. And why we're confident in the vmo2 story, including 3 powerful Brands, Virgin Media 02, and gift Gap that reach every segment and help Drive fixed mobile convergence. There's also synergies and B2B growth from the recently completed O2 Daisy merger.

Speaker #6: Thank you.

Speaker #4: Great questions. Listen, I think on the network strategy, for Holland and Belgium, those plans are set. So we have made a definitive assessment of the CapEx strategy and network strategy for fixed business in Vodafone Ciggos.

Strong wholesale position as the number 1 MB. Oh provider and now a key partner in the second largest fiber footprint.

Speaker #4: Market, and we are going with DOCSIS 4. The team has already done a great job of getting 2 gig rolled out nationwide with the largest 2 gig provider.

In the loops in the team, we believe how pretty good Head Start in AI driven Innovation and efficiency as well. And on top of that, there's the opportunity to drive growth offnet to the 10 million homes. We don't reach today so a lot of really good things happening in the UK market for us.

Speaker #4: And they'll be at 4 gig and 8 gig right around the corner. So there is no strategy or plan to build fiber in the Netherlands.

Finally, this is, you know, the key takeaways here on the final slide. What we'd like you to bring home if you will from the second half of this call. Right number 1, we think the Telecom sector broadly,

Speaker #4: And we don't believe it's necessary, either from a commercial and certainly not attractive from a capital point of view. So the CapEx profile does not change as a result of this or any announcements that we're making today.

And Equity values in Europe, more specifically are poised for continued appreciation. In the eyes of investors,

Mike Fries: What we'd like you to bring home, if you will, from the second half of this call, right? Number one, we think the telecom sector broadly, and equity values in Europe more specifically, are poised for continued appreciation in the eyes of investors. Tailwinds from consolidation, stable cash flows, and what appears to be a rotation into stocks that will be net beneficiaries of AI, as opposed to roadkill, are drivers here. Hopefully, by now you're convinced that we are serious about delivering value to shareholders. The Sunrise spin-off was always step one. We told you that. The transactions we announced today, in particular, the Vodafone stake acquisition and our attention to list and spin off the new Ziggo Group, will be step two. In the meantime, we've worked extremely hard to reshape our corporate operating model.

Tailwind from consolidation stable cash flows and what appears to be a rotation into stocks that will be net. Beneficiaries of AI as opposed to roadkill our drivers here.

Speaker #4: On the leverage, I think as we mentioned, there's two very clear sources of deleveraging. One is organic growth. The second or three, I guess.

Hopefully by now you're convinced that we are serious about delivering value to shareholders.

The samurai spin-off was always Step 1. We told you that and the transactions we announced today, in particular, the Vodafone steak acquisition and our attention to lists and spin-off. The new ziggo group will be step 2.

Speaker #4: The second is free cash flow and paying down debt, as we're doing in Sunrise. And then three is asset sales. So in the case of Holland, we have Propco, a Towerco; in the case of Belgium, we have the WireStake.

Mike Fries: The rest of the slide identifies the main drivers of growth moving forward and why we're confident in the Virgin Media O2 story, including three powerful brands, Virgin Media, O2, and Giffgaff, that reach every segment and help drive fixed mobile convergence. There's also synergies and B2B growth from the recently completed O2 Daisy merger, a strong wholesale position as the number one MVNO provider, and now a key partner in the second largest fiber footprint. In Lutz and the team, we believe a pretty good head start in AI-driven innovation and efficiency as well. And on top of that, there's the opportunity to drive growth off net to the 10 million homes we don't reach today. So a lot of really good things happening in the UK market for us. Finally, this is, you know, the key takeaways here on the final slide.

Speaker #4: So, there will be asset sales. With those proceeds used to delever, there will be growth in EBITDA, organic. And there will be free cash to organically delever.

In the meantime, we've worked extremely hard to reshape our corporate operating model. This was not just a cost-saving exercise. Even though it did save considerable costs. We believe that our structures today is fit for purpose both to continue operating and investing in the TMT sector as we've done the last 20 plus years, but also to provide our unique form of expertise to existing in future affiliates.

Speaker #4: And that is the plan at this stage. We don't anticipate putting any capital or cash into the Ciggo group to get the plans launched in 2027.

Mike Fries: This was not just a cost saving exercise, even though it did save considerable costs. We believe that our structure today is fit for purpose, both to continue operating and investing in the TMT sector as we've done for the last 20+ years, but also to provide our unique form of expertise to existing and future affiliates. Now, while we were only marginally successful in convincing analysts to look at our corporate costs differently, we have been spectacularly successful at reducing those net corporate costs, as I said, by 75%. That is going to accrue to the benefit of our stock price. And we're excited about our growth platform.

Speaker #4: And Charlie, do you want to add anything to that?

Now why we were only marginally successful in convincing analysts to look at our corporate costs differently. We have been spectacularly, successful at reducing those net. Corporate costs. As I said by 75%, that is going to accrue to the benefit of our stock price.

Speaker #3: No, I absolutely endorse what it is. I mean, remember, there are some pretty material financial synergies that we get, which obviously give us strong free cash flow.

Speaker #3: And I should clarify that 500 million is the annual target. It's not a cumulative target. I also think that there's Stephen has performed and his team, by the way, have performed fantastically and as they give us every day a turnaround, I think you can do the maths and figure out how that contributes to getting towards this four and a half target, which we think works based on what we saw in Sunrise.

And we're excited about our growth platform. We have a great track record here, and we're focused on the right sectors or we have a clear, right to play as they say and, and whether our tailwind and Scale based opportunities. But I think we're uniquely qualified to pursue. So stay tuned to see what we do there.

Mike Fries: What we'd like you to bring home, if you will, from the second half of this call, right? Number one, we think the telecom sector broadly, and equity values in Europe more specifically, are poised for continued appreciation in the eyes of investors. Tailwinds from consolidation, stable cash flows, and what appears to be a rotation into stocks that will be net beneficiaries of AI, as opposed to roadkill, are drivers here. Hopefully, by now you're convinced that we are serious about delivering value to shareholders. The Sunrise spin-off was always step one. We told you that. And the transactions we announced today, in particular, the Vodafone stake acquisition and our intention to list and spin off the new Ziggo Group, will be step two. In the meantime, we've worked extremely hard to reshape our corporate operating model.

And then finally in our world Capital, allocation is everything.

Mike Fries: We have a great track record here, and we're focused on the right sectors, where we have a clear right to play, as they say, and where there are tailwinds and scale-based opportunities that I think we're uniquely qualified to pursue. So stay tuned to see what we do there. And then finally, in our world, capital allocation is everything. Now, where you choose to invest your capital, especially in a capital-intensive business, has never mattered more. We've always run our telecom businesses as if we're going to own them forever, and even in that context, they generally have not required any cash from us to achieve their strategic and operating objectives. We will invest in a telecom business when it unlocks value for shareholders. We've said that many times.

Now, where you choose to invest your Capital specially in the capital intensive. Business has never mattered more.

Speaker #4: Hi, Brady.

Speaker #2: Thank you, Joshua. Yes, my apologies. The next question will go to the line of Matthew Harrigan with Stonex. Matthew, your line is open.

Speaker #5: Thanks. Thank you, since I'm the last American, left in the draw again. When I talk to your US peers on AI, they don't expect you to see too much, quantifiable benefit.

We've always run our Telecom businesses as if we're going to own them forever. And even in that context, they generally have not required any cash from us to achieve their strategic and operating objectives, we will invest in a telecom business. When it unlocks value for shareholders, we've said that many times like we did with Sunrise, delivering, the company pres Spin, and like we're doing with the acquisition of Vodafone steak, and Holland,

Now, we have been significant buyers of our own stock.

Speaker #5: This year, but pretty substantially. But by 28, is that something that you layer into your numbers? Somewhat? And clearly, the market's not remotely assigning the value of the ventures plus cash.

Mike Fries: Like we did with Sunrise, delevering the company pre-spin and like we're doing with the acquisition of Vodafone stake in Holland. Now, we have been significant buyers of our own stock, $15 billion over the last 9 years, to be exact, reducing the number of shares outstanding by 63% and ensuring that those who stuck around with us end up with a bigger piece of the pie. If you owned 1% of our company in 2017, you ended up with over 2.5% of Sunrise, for example. And finally, we do believe there will be opportunities in tech, infrastructure, energy, media, sports, and live entertainment. These are areas where we have significant deal flow, great partnerships lined up, $10 per share of value, and importantly, strategic flexibility to deliver that value to shareholders.

Mike Fries: This was not just a cost-saving exercise, even though it did save considerable costs. We believe that our structure today is fit for purpose, both to continue operating and investing in the TMT sector as we've done for the last 20+ years, but also to provide our unique form of expertise to existing and future affiliates. Now, while we were only marginally successful in convincing analysts to look at our corporate costs differently, we have been spectacularly successful at reducing those net corporate costs, as I said, by 75%. That is going to accrue to the benefit of our stock price. We're excited about our growth platform.

15 billion over the last 9 years, to be exact reducing the number of shares outstanding by 63%, and ensuring that those who stuck around with us and the, the bigger piece of the pie. If you owned, 1% of our company in 2017, we ended up with over 2.5% of sunrise, for example.

Speaker #5: So they're not going to give you anything for halving your telecom OPEX. But what are your thoughts on really seeing that discernible in the numbers?

And finally, we do believe there will be opportunities in Tech. Infrastructure, energy Media, Sports and live entertainment. These are areas where we have significant deal flow.

Speaker #5: And when you look at AI, is that something I mean, clearly, a lot of the value in your network has been appropriated by Silicon Valley and other tech companies.

Great Partnerships lined up ten dollars per share of value and importantly, strategic flexibility to deliver that value to shareholders so hopefully that update was helpful for you specially on the recent announcements uh of the 2 deals this morning so with that operator, we'll get to questions.

Speaker #5: But when AI really sticks in, are you going to see 85% of the benefit on the cost side? Or do you expect to see some revenue enhancements that actually attach to you as well?

Mike Fries: We have a great track record here, and we're focused on the right sectors, where we have a clear right to play, as they say, and where there are tailwinds and scale-based opportunities that I think we're uniquely qualified to pursue. So stay tuned to see what we do there. Then finally, in our world, capital allocation is everything. Now, where you choose to invest your capital, especially in a capital-intensive business, has never mattered more. We've always run our telecom businesses as if we're gonna own them forever, and even in that context, they generally have not required any cash from us to achieve their strategic and operating objectives. We will invest in a telecom business when it unlocks value for shareholders. We've said that many times.

Mike Fries: So hopefully that update was helpful for you, especially on the recent announcements, of the two deals this morning. So with that, operator, we'll get to questions.

Speaker #5: I know it's a fairly big question, but obviously, for people, it will be very transformative if you can have your OPEX, even if it's in 8 to 10 years.

No question and answer session will be conducted electronically. If you would like to ask a question, please, do so by pressing the star or asterisk key followed by the digit 1 on your phone. In order to accommodate everyone, we request that. You only ask 1 question. If you are using a speaker-phone, please ensure your mute function.

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

Speaker #5: Thank you.

Is turned off to allow your signal to reach our equipment.

Speaker #4: Yeah, look, I'll address that generally, and I'll ask Enrique to step in and provide a bit more color. But three things are really driving—for any telco—driving the benefits from AI, right?

We'll pause for just a moment to give everyone an opportunity to join the queue.

Speaker #4: Beginning with customer acquisition and retention, which we're all seeing marginal improvements from—the investment in our call centers and things like that. The second is fraud, credit, things like that.

The first question will go to the line of Robert grindle with Deutsche Bank, Robert. Your line is open.

Speaker #4: That can really drive down OPEX and inefficiencies. And then, as you mentioned, the network and operations. And I don't know, roughly, those are each going to contribute about a third, let's say, of the demonstrable benefits we expect to see in the next one to three years.

Robert Grindle: Yeah. Hi. Hi, everyone. My head's spinning with all the news you guys have provided. So I'll ask 1 question about the UK deal. 8 million Next Fiber homes, post-deal completion and the 2.1 million HFC home upgrade. Do you think that definitively unlocks the UK wholesale opportunity in a major way? Do you think you have to wait to get to the full 8 million, or are you on a course before you get to that point to get more wholesale business in? Thanks.

Speaker #4: And they're not small numbers. There will be real benefits. And I think the nice thing that I'm seeing in the space is that whereas a year ago on this call, I would have said that we're inventing a lot of these applications, right now, we're getting bombarded with startups and third parties in Silicon Valley companies that are doing a much better job in many instances of creating these solutions for us.

Yeah, hi. Hi everyone. Um, I had spinning with all the news you guys have, uh, provided. Um, so I'll ask 1 question about the UK deal, 8 million. Next fiber, homes, post deal completion and the 2.1 million HSC home upgrade, do you think that definitively unlocks the UK wholesale opportunity in a major way? Do you think uh, you have to wait to get to the full 8 million? Or are you on a on a course? Uh, before you get to that point to get some more wholesale business in. Thanks.

Mike Fries: So hopefully that update was helpful for you, especially on the recent announcements of the two deals this morning. So with that, operator, we'll get to questions.

Speaker #4: And so the pace of integration and implementation, I think, is speeding up. And it's real. So as I said in my remarks, I don't think there's an industry better positioned to benefit from marginal improvement in CapEx, OpEx, and revenue from AI.

Mike Fries: ... I'll take a crack at it, Robert. Thanks for the question, and Lutz or others can-- Andrea can chime in here. But the eight million will be achieved relatively quickly, end of 2027, probably. So that's a good fiber number for Next Fiber 2.0, both, as you say, from the three contribution of the three entities. And VMO2 will be a significant whole buy partner for that 8 million home footprint. And remember that Lutz and VMO2 continue to upgrade their network, so there'll be another 12 million homes on the VMO2 network that continue to be upgraded. So we believe you're looking at what is effectively a 20 million home footprint in the end, the vast majority of which will be fiber.

Operator: The question and answer session will be conducted electronically. If you would like to ask a question, please do so by pressing the star or asterisk key, followed by the digit one on your phone. In order to accommodate everyone, we request that you only ask one question. If you are using a speakerphone, please ensure your mute function is turned off to allow your signal to reach our Q&A equipment. We'll pause for just a moment to give everyone an opportunity to join the queue. The first question will go to the line of Robert Grindle with Deutsche Bank. Robert, your line is open.

Luther others Drake and chime in here. But uh the 8 million will be achieved relatively quickly and the 27 probably. So that's a good fiber number. Um for next 5 or 2 as you say from the 3 contributions,

U and vmo2 will be a significant.

Hole buy partner for that 8 million home footprint.

Speaker #4: But I would emphasize the word 'marginal' there. That's really all we're doing at this stage as an industry—finding marginal benefits. I think the real home run is to think more broadly and bigger about how we kind of disrupt our own supply chain, our own software stacks, our own operating models. And to do that could be material.

And remember that loots and vmo2 continue to upgrade their Network. So they'll be another 12 million homes on the vmo2 network that continue to be upgraded. So we believe you're looking at what is effectively a 20 million home

Footprint in the end, the vast majority of which will be fiber. So obviously,

Speaker #4: Let Enrique chime in if you want. If you're on, Enrique.

Speaker #3: Yeah, I mean, I think maybe the first thing I'll emphasize, Mike, is as you said, it is real. We have gone from a year ago exploring AI to now seeing real benefits being delivered today.

Robert Grindle: Yeah. Hi. Hi, everyone. My head's spinning with all the news you guys have provided. So I'll ask one question about the UK deal. 8 million nexfibre homes post-deal completion and the 2.1 million HFC home upgrade. Do you think that definitively unlocks the UK wholesale opportunity in a major way? Do you think you have to wait to get to the full 8 million, or are you on a course before you get to that point to get some more wholesale business in? Thanks.

First, order of business is to grow and and manage our own customer base on that, 20 million home network, but also very much. So to provide wholesale opportunity for the market, which is much needed for reasons that you understand very well.

Does that answer your question?

Mike Fries: So obviously, first order of business is to grow and manage our own customer base on that 20 million home network, but also very much so to provide a wholesale opportunity for the market, which is much needed for reasons that you understand very well. Does that answer your question?

Uh, it does. My kids are a timeline on getting the uh, the rest of the the mo2 network upgraded.

Speaker #3: And even more importantly, over the next 12 to 24 months, pretty material improvements, I would say—maybe, as most of the industry is seeing—a lot of benefits on the call center and the support part of the business first.

Charlie Bracken: It does. Mike, is there a timeline on getting the rest of the VMO2 network upgraded?

Robert Grindle: It does. Mike, is there a timeline on getting the rest of the VMO2 network upgraded?

Speaker #3: We'll see that going to operations. But we're really, really getting excited about what we're starting to see as innovation, more on the revenue side.

Mike Fries: I'll take a crack at it, Robert. Thanks for the question. Lutz or others, Andrea can chime in here. But the 8 million will be achieved relatively quickly, end of 2027, probably. So that's a good fiber number for nexfibre 2.0, both, as you say, from the contribution of the three entities. And VMO2 will be a significant wholesale buyer partner for that 8 million home footprint. And remember that Lutz and VMO2 continue to upgrade their network, so there'll be another 12 million homes on the VMO2 network that continue to be upgraded. So we believe you're looking at what is effectively a 20 million home footprint in the end, the vast majority of which will be fiber.

Mike Fries: Well, I don't know if we've disclosed that timeline. Lutz, if you want to reference that, let me know-

Speaker #3: And I think we're going to see '26. At the end of '26, we're going to look back and look at those revenue opportunities as the year where they became real.

Charlie Bracken: Mike, do you want-

Mike Fries: If we disclose that or not.

Lutz Schüler: I would add only that we have already upgraded 5 million homes to fiber out of the 13 we are having. So you, Robert, you can add these 5 to the 8. So you have very quickly an access to 13 million fiber homes. And the second part, right, I think we always said that we will enter the consumer wholesale market, and obviously, the more homes and fiber we are able to offer, the more interested it is. Further guidance on how quickly we will upgrade the remaining homes, we haven't given and we don't want to give.

Speaker #2: Thank you, Matthew.

Speaker #5: Mike, can I just have a quick plug?

Speaker #4: Sorry. I was going to say, can I have a quick plug for Liberty? Look, the other aspect of this is back office services, which is not as big as what Mike and Enrique said in the front office and middle office, but the back office still is material for telco, and it's about a billion, billion five by some definitions of spend for us.

Well, I don't know if we're if we've disclosed that timeline um loot. If you want to reference that, let me know if we disclose that or not. I would uh, I would add only that we have already upgraded, 5 million homes to fiber out of the 13. We are having. So you Robert, you can add these 5 to the 8. So you have very quickly in access to 13 million, fiber homes and the second part, right? I think we always said, uh, that we will enter the consumer, uh, uh, wholesale market and uh, obviously the more homes in fiber. We are able to offer the more interest that it is further. Uh, guidance on how quickly we will upgrade the remaining homes. We we haven't given and we don't want to give

Okay, many. Thanks. That's great. Okay, thanks. Thanks.

Thank you, Robert.

Speaker #4: And what Bloom is finding out is there's lots of tech enablement with AI tools to significantly reduce the accounting, payments, procurement, these financial products, etc., etc.

Our next question will go to the line of Josh Mills with BNP paraba. Josh, your line is open.

Speaker #4: And we're finding, actually, these are opportunities where we're getting massive savings by reducing heads, but we're able to scale our existing heads to grow revenues.

Charlie Bracken: Okay, many thanks. That's great.

Lutz Schüler: Okay.

Mike Fries: Thanks. Thanks, Robert.

Operator: Thank you, Robert. Our next question will go to the line of Josh Mills with BNP Paribas. Josh, your line is open.

Speaker #4: And that's really what's driving that 20% revenue growth that we see in Bloom. And actually, we see that continuing for many years.

Joshua Mills: Thanks, guys. Maybe I'll turn my questions on the VodafoneZiggo transaction. I think you're still talking about stable CapEx envelope over the guidance periods, but now that you're creating this new Ziggo Group with more scale, does it change your appetite or opportunity to invest more on the, the cable to the fiber upgrade strategy? Is there any synergies there you can take from your learnings in the Telenet business and bring them over to the Netherlands? That would be very helpful. And then secondly, I think on slide 17, where you talk about the clear roadmap of bringing the Ziggo Group leverage to 4.5x, is that all organic deleveraging, or would you be willing to inject cash into this business prior to a spin-off, as you did with Sunrise? Thank you.

Josh Mills: Thanks, guys. Maybe I'll turn my questions on the VodafoneZiggo transaction. I think you're still talking about stable CapEx envelope over the guidance periods, but now that you're creating this new Ziggo Group with more scale, does it change your appetite or opportunity to invest more on the, the cable to the fiber upgrade strategy? Is there any synergies there you can take from your learnings in the Telenet business and bring them over to the Netherlands? That would be very helpful. And then secondly, I think on slide 17, where you talk about the clear roadmap of bringing the Ziggo Group leverage to 4.5x, is that all organic deleveraging, or would you be willing to inject cash into this business prior to a spin-off, as you did with Sunrise? Thank you.

Speaker #2: Thank you. And thank you, Matthew. Our next question will go to Palote with UBS. Polo, your line is open.

Charlie Bracken: It does, Mike. Is there a timeline on getting the rest of the VMO2 network upgraded?

Thanks guys, maybe I'll um take my questions on the vote of friends to go transaction. Um, I think you're still talking about stable capex envelope over the guidance period, but now that you're creating this new Zeo group, with more scale, does it change your appetite or opportunity to invest more on the the cable to the Cyber race strategy? Is there any synergies there? You can take for your learnings in the telenet business.

Speaker #6: Hi. Thanks for taking the question. It's really about VMO2 guidance, because we can expect it with a 3 minus 3 to minus 5 percent decline in EBITDA.

Mike Fries: Well, I don't know if we've disclosed that timeline. Lutz, if you want to reference that, let me know if we disclose that or not.

Charlie Bracken: Oh.

Lutz Schüler: I would, I would add only that we have already upgraded 5 million homes to fiber out of the 13 we are having. So you, Robert, you can add these five to the eight, so you have very quick an access to 13 million fiber homes. And the second part, right, I think we always said, that we will enter the consumer, wholesale market. And, obviously, the more homes and fiber we are able to offer, the more interested it, it is. Further, guidance on how quickly we will upgrade the remaining homes, we, we haven't given and we don't want to give.

Speaker #6: I think consensus on the same basis was probably going for about minus 1%. Can you help us understand how much of a decline relates to the rationalization in B2B that may be specific to VMO2?

Pick the virus to the Netherlands, be very helpful. Um, and then secondly, I think on slide 17 where you talk about the clear road map of to bring zigo group, leverage to 4 and a half times is that all organic you leveraging? Um, or would you be willing to inject cash into this business prior to a spin-off as you did with Sunrise? Thank you.

Great questions. Um, listen I think on the network strategy.

Speaker #6: And separately, how much of the decline reflects weakness in the broader UK market? And can you maybe just give us some color in terms of what you're seeing in terms of UK competitive dynamics in both mobile and broadband?

For.

Holland in Belgium, those plans are set.

so, we have made a definitive

assessment of the, uh,

Speaker #6: And I also have a quick clarification in terms of the Netunia X fiber deal, because VMO2 is receiving in 1.1 billion of cash from Next Fiber.

Mike Fries: Great questions. Listen, I think on the network strategy for Holland and Belgium, those plans are set. So we have made a definitive assessment of the Epic strategy and network strategy for a fixed business in VodafoneZiggo's market, and we are going with DOCSIS 4.0. The team has already done a great job of getting 2 gig rolled out nationwide with the largest 2 gig provider, and they'll be at 4 gig and 8 gig right around the corner. So there is no strategy or plan to build fiber in the Netherlands, and we don't believe it's necessary, either from a commercial and certainly not attractive from a capital point of view. So the CapEx, you know, profile does not change as a result of this or any announcements that we're making today.

Speaker #6: Can you clarify what VMO2 is giving up? Specifically, what is the minimum commitment on the 4.6 million fiber footprint? And can you give some sense in terms of what the wholesale rate is per subscriber?

Charlie Bracken: Okay, many thanks. That's great.

Lutz Schüler: Okay.

Mike Fries: Thanks. Thanks, Robert.

Operator: Thank you, Robert. Our next question will go to the line of Josh Mills with BNP Paribas. Josh, your line is open.

Speaker #6: Thanks.

Speaker #4: Yeah, thanks, Polo. I'll let Luke address your first question around VMO2 guidance and what we're seeing in the market. And then Andrea, you can work up a good answer to the question around VMO2's commitments.

Joshua Mills: Thanks, guys. Maybe I'll take my questions on the VodafoneZiggo transaction. I think you're still talking about stable CapEx envelopes over the guidance periods, but now that you're creating this new Ziggo Group with more scale, does it change your appetite or opportunity to invest more on the cable to the fiber-based strategy? Is there any synergies there you can take from your learnings in the Telenet business and bring them over to the Netherlands? Be very helpful. And then secondly, I think on slide 17, where you talk about the clear roadmap of bringing Ziggo Group leverage to 4.5x, is that all organic deleveraging, or would you be willing to inject cash into this business prior to a spin-off, as you did with Sunrise? Thank you.

Strategy, and network strategy for a fixed business in Vodafone goes market and we are going with DOCSIS 4 and the team has already done. A great job of getting 2 gig rolled out Nationwide with the largest 2 gig provider and they'll be at 4 gig and 8 8 gig right around the corner. So there is no strategy or plan to build fiber in the Netherlands. And we don't believe it's necessary either from a commercial, and certainly not attractive from a capital point of view. So the the capex, uh, uh, you know, profile does not change as a result of this or any announcements that we're making today.

Um, on The Leverage.

Speaker #4: I don't know how specific we're being about that as we sit here now, Polo, but I'll let Andrea address that. Guys?

I I think the you know, as we mentioned there's at 2 for you know very clear sources of deleveraging 1 is is organic growth.

Speaker #5: Yeah. Hi, Polo. So you can broadly contribute 30% to the B2B restatement of numbers, including DAISY, and 70% is attributed to a cautious view on the fixed consumer market.

Uh, the second 33 I guess, the second is free cash flow and paying down debt as we're doing in Sunrise.

Mike Fries: On the leverage, I think the, you know, as we mentioned, there's two, you know, very clear sources of deleveraging. One is organic growth. The second... or three, I guess. The second is free cash flow and paying down debt, as we're doing in Sunrise. And then three is asset sales. So in the case of Holland, we have PropCo, a tower co. In the case of Belgium, we have the Wire stake. So there will be asset sales with those proceeds used to delever. There will be growth in EBITDA, organic, and there will be free cash to organically delever. And that is the plan. At this stage, we don't anticipate putting any capital or cash into the Ziggo Group to get the plans launched in 2027.

Speaker #5: So, it's not mobile; it is fixed consumer. As we all know, competition is very high. As we speak—yes, as Mike alluded to—I think we had a pretty good Q4, with very low fixed net ad losses and a pretty stable RPO.

Mike Fries: Great questions. Listen, I think on the network strategy for Holland and Belgium, those plans are set. So we have made a definitive assessment of the Epic strategy and network strategy for a fixed business in VodafoneZiggo's market, and we are going with DOCSIS 4.0. The team has already done a great job of getting 2 gig rolled out nationwide with the largest 2 gig provider, and they'll be at 4 gig and 8 gig right around the corner. So there is no strategy or plan to build fiber in the Netherlands, and we don't believe it's necessary either from a commercial and certainly not attractive from a capital point of view. So the CapEx, you know, profile does not change as a result of this or any announcements that we're making today.

Uh and and then 3 is asset sales. So in the case of Holland, we have propco a tower Co in the case of Belgium, we have the wire stake, so there will be asset sales. With those proceeds used to deliver, there will be growth and even to all organic. And there will be free cash to organically de-lever. And that is the plan at this stage. We don't anticipate, uh, putting any Capital, uh, or cash into the ziggo group, uh, to get the plans launched in 2027 and Charlie, you want to add anything to that.

Speaker #5: But so far, right, the market is even more competitive. There's a fixed telecom access revenue outstanding from Ofcom, and therefore, we have factored this in a cautious guidance.

Mike Fries: Charlie, you want to add anything to that?

Charlie Bracken: No, I would absolutely endorse what it is. I mean, remember, there are some pretty material financial synergies that we get, which obviously give us strong free cash flow. I should clarify that, that $500 million is the annual target. It's not a cumulative target. I also think that, you know, there's, you know, Stephen has performed, and his team, by the way, have performed fantastically. As they, you know, give us every day a turnaround, I think you can do the math and figure out how that contributes to getting towards this $4.5 billion target, which we think works based on what we saw in Sunrise.

Speaker #5: The reason why you see a similar number on EBITDA is simply that we are also paying more and more wholesale fees to Next Fiber.

And you'll Target, it's not a cumulative Target. I also think that, you know, there's, you know, steam has performed at his team, by the way, a perform a fantastically. And as they, you know, get this every day turnaround, I think you can do the maths and figure out how that contributes to getting towards this, uh, 4 and a half Target, which we think works based on what we saw in in summarize.

Speaker #5: And that is to some extent eating up some of our efficiencies.

Thank you, Joshua.

Speaker #4: But just to be clear—and Charlie, you keep me honest here—the guidance we've provided today for VMO2 does not pro forma into that guidance the transaction with Substantial Group.

Yes, my apologies. The next question will go to the line of Matthew here again with stonex

Mike Fries: On the leverage, I think, you know, as we mentioned, there's two, you know, very clear sources of deleveraging. One is organic growth. The second is free cash flow and paying down debt as we're doing in Sunrise, or three, I guess. And then three is asset sales. So in the case of Holland, we have PropCo, a Tower Co. In the case of Belgium, we have the Wire stake. So there will be asset sales with those proceeds used to delever. There will be growth in EBITDA, organic, and there will be free cash to organically delever. And that is the plan. At this stage, we don't anticipate putting any capital or cash into the Ziggo Group to get the plans launched in 2027. And, Charlie, you want to add anything to that?

Matthew, your line is open.

Oh, thank

Mike Fries: Operator?

Operator: Thank you, Joshua. Yes, my apologies. The next question will go to the line of Matthew Harrigan with StoneX. Matthew, your line is open.

Speaker #4: So it's not happening real-time.

Speaker #5: We're going to have to amend it.

Speaker #4: So whatever

Lutz Schüler: Thank you. Since I'm the last American left in the draw again, you know, when I talk to your US peers on AI, they, they don't expect to see too much quantifiable benefit, you know, this year, but, you know, pretty substantially, but by 2028. Is that something that you layer into your numbers, you know, somewhat? And clearly, the market's not remotely assigning the value of the ventures plus cash.

Speaker #5: It completely excludes it. Also, I think, Mike, the reason I mentioned Next Fiber is that we have a growing customer base in the existing Next Fiber coverage.

Matthew Harrigan: Thank you. Since I'm the last American left in the draw again, you know, when I talk to your US peers on AI, they, they don't expect to see too much quantifiable benefit, you know, this year, but, you know, pretty substantially, but by 2028. Is that something that you layer into your numbers, you know, somewhat? And clearly, the market's not remotely assigning the value of the ventures plus cash.

Speaker #5: Yeah. Okay. Sorry. Yeah.

Speaker #4: I know why you said it. I just wanted to clarify. Andrea?

Speaker #5: Hi, Polo. I think there were three questions there. One was, are we giving any sort of minimum penetration commitments? No, there's an adjustment at closing, depending upon how many subs get transferred over.

[Analyst] (StoneX): ... so they're not going to give you anything for, you know, having your telecom OpEx. But what are your thoughts on really seeing that, you know, discernible in the numbers? And when you look at AI, is that something, you know, I mean, clearly a lot of the value in your network has been appropriated by Silicon Valley and other, you know, tech companies. But when AI really sticks in, are you going to see, you know, 85% of the benefit on the cost side, or do you expect to see some revenue enhancements that actually attach to you as well? I know it's a fairly big question, but obviously, people are - it will be very transformative if you can have your OpEx, even if it's in 8 to 10 years. Thank you.

Matthew Harrigan: ... so they're not going to give you anything for, you know, having your telecom OpEx. But what are your thoughts on really seeing that, you know, discernible in the numbers? And when you look at AI, is that something, you know, I mean, clearly a lot of the value in your network has been appropriated by Silicon Valley and other, you know, tech companies. But when AI really sticks in, are you going to see, you know, 85% of the benefit on the cost side, or do you expect to see some revenue enhancements that actually attach to you as well? I know it's a fairly big question, but obviously, people are - it will be very transformative if you can have your OpEx, even if it's in 8 to 10 years. Thank you.

Charlie Bracken: No, I absolutely endorse what it is. I mean, remember, there are some pretty material financial synergies, that we get, which obviously give a strong free cash flow. I should clarify that, that $500 million is the annual target. It's not a cumulative target. I also think that, you know, there's, you know, Stephen has performed, and his team, by the way, performed fantastically. And as they, you know, give this EBITDA turnaround, I think you can do the math and figure out how that contributes to getting towards this, 4.5 target, which we think works based on what we saw in, in summary.

Speaker #5: But that's very manageable. But going forward, is there a minimum commitment? There's also no migration commitments. The transaction's being designed to give lots of full flexibility in terms of managing the migration from HFC to fiber, which we obviously thought was very important in the overall market context.

Uh, thank you, uh, since I'm the last American, uh, left in the draw again. Uh, you know, when I talked to your users on AI, they don't expect to see too much quantifiable benefit, you know this year, but, you know, pretty substantially but by 28 is that something that you layer into your numbers, you know, somewhat and clearly the Market's not remotely assigning. The value of the ventures plus cash, so they're not going to give you anything for, you know, having your Telecom Opex. But what are your thoughts on on? Really seeing that, you know, discernable in in the numbers and when you look at AI is that something, you know, I mean, clearly a lot of the value in your network has been appropriated, but by Silicon Valley, and and other, you know, tech companies, but when AI really sticks in are, are you going to see, you know, 8?

Speaker #5: I think the second question was just a clarification on what is getting. And I think if you break it down, VMO2 is getting 1.1 billion in cash and is getting a 15% stake in Next Fiber.

85% of the benefit on the cost side or do you expect to see some Revenue enhancements that actually uh attached to you as well? I know it's a fairly big question but obviously people are it will be very transformative if you can have your Opex even if it's in 8 to 10 years, thank you.

Speaker #5: In return for that, it's going to spend 150 million to buy approximately 500,000 subscribers at closings. We think is the estimate that the substantial group will have.

Yeah, look at all all address that uh, generally in Alaskan RK to step in and provide a bit more color, but 3 things are really driving.

Mike Fries: Now, Bernie?

Operator: Thank you, Joshua. Yes, my apologies. The next question will go to the line of Matthew Harrigan with StoneX. Matthew, your line is open.

Mike Fries: Yeah, look, and I'll, I'll address that, generally, and I'll ask Enrique to step in and provide a, a bit more color. But 3 things are really driving, for any telco, driving, the, the benefits from AI, right? It begins with customer acquisition and retention, which we're all seeing, you know, marginal improvements from, the investment in, in our call centers and things like that. The second is, you know, fraud, credit, things like that, that can really drive down, OpEx and, and inefficiencies. And then, as you mentioned, the network and operations. And I don't know, roughly, those are each going to contribute about 1/3, let's say, of the demonstrable benefits we expect to see in the next, let's say, one to 3 years. And they're not small numbers. They will be real benefits.

Speaker #5: And it's also committing. It's traffic on 4.6 million homes. 2.4 million in the overlapping net omni-area and then 2.1 are in these new homes that we're contributing into the Next Fiber 2.0.

Matthew Harrigan: Thank you. Since I'm the last American left in the draw again, you know, when I talk to your US peers on AI, they don't expect to see too much quantifiable benefit, you know, this year, but, you know, pretty substantially bought by 2028. Is that something that you layer into your numbers, you know, somewhat? And clearly, the market's not remotely assigning the value of the ventures plus cash, so they're not going to give you anything for, you know, having your telecom OpEx. But what are your thoughts on really seeing that, you know, discernible in the numbers? And when you look at AI, is that you know, I mean, clearly a lot of the value in your network has been appropriated by Silicon Valley and other tech companies.

Speaker #5: Which have been carefully selected to make it a contiguous complete network. So it's not going to be a sort of Swiss cheese. And I think what was the there was a third point.

Speaker #5: I'm sorry. I'm just.

Speaker #4: The third question was, are we providing any—yeah, the third question is, are we providing any detail in wholesale rates and things of that nature?

Speaker #4: And the answer is no.

Speaker #5: No. Yeah. Thank you, Mike. Yeah. Thank you. We're not today, but it's a competitive wholesale rate.

Speaker #4: Thanks.

Speaker #2: Thank you, Polo.

Speaker #4: Operator?

Speaker #2: Our next question will go to a line of Ulrich Grace with Bernstein Society Journal Group. Ulrich, your line is open.

Mike Fries: I think the nice thing that I'm seeing in the space is that, whereas a year ago on this call, I would have said that we're inventing a lot of these applications, right now, we're getting bombarded with startups and third parties and Silicon Valley companies that are doing a much better job, in many instances, of creating these solutions for us. And so the pace of integration and implementation, I think, is speeding up, and it's real. So as I said in my remarks, I don't think there's an industry better positioned to benefit from marginal improvement in CapEx, OpEx, and revenue from AI. But I would emphasize the word marginal there. That's really all we're doing at this stage as an industry, is finding marginal benefits.

For any Telco driving, uh, the the benefits from AI, write it beginning with customer acquisition and retention. Which we're all seeing, you know, marginal improvements from the investment in, uh, you know, our call centers and things like that. The second is, you know, fraud credit things like that, that can really drive down, uh, Opex and, uh, and inefficiencies and then, as you mentioned, the network and operations, and I don't know, roughly, those are each going to contribute about a third, let's say, of the demonstrable benefits, we expect to see. And the next, let's say, 1 to 3 years and they're not small numbers, they will be real benefits. And I think the nice thing that I'm seeing in the space is that whereas a year ago on this call, I would have said that we're inventing a lot of these applications. Right now, we're getting bombarded with startups and third parties, and Silicon Valley companies that are doing a much better job in many instances of creating these solutions for us. And so the pace of integration

Matthew Harrigan: But when AI really sticks in, are you gonna see, you know, 85% of the benefit on the cost side, or do you expect to see some revenue enhancements that actually attach to you as well? I know it's a fairly big question, but obviously it will be very transformative if you can have your OpEx, even if it's in 8 to 10 years. Thank you.

Speaker #7: Thanks very much. On the Belgian deal, you mentioned a synergy figure there. Could you talk a little bit about what kind of synergies these are?

Speaker #7: Because this is a cross-border deal, where the story in European telecoms has always been that it's harder to create synergies. And specifically on the synergies, would the financial synergies that Charlie sort of alluded to be included in that $1 billion figure?

Mike Fries: Yeah, look, I'll address that generally, and I'll ask Enrique to step in and provide a bit more color. But three things are really driving, for any telco, the benefits from AI, right? Beginning with customer acquisition and retention, which we're all seeing, you know, marginal improvements from the investment in our call centers and things like that. The second is, you know, fraud, credit, things like that, that can really drive down OpEx and inefficiencies. And then, as you mentioned, the network and operations. And I don't know, roughly, those are each gonna contribute about 1/3, let's say, of the demonstrable benefits we expect to see in the next, let's say, 1 to 3 years. And they're not small numbers. They will be real benefits.

Ation and implementation, I think is speeding up and it's real. So as I said in my remarks, I don't think there's an industry better position to benefit uh from marginal Improvement in capex, Opex and revenue from AI, but I would emphasize the word marginal there. That's really all we're doing at this stage. As an industry, is finding marginal benefits. I think the real home run is to think more broadly and bigger about how we kind of disrupt our own.

Speaker #7: And if I may just add a clarification, there were some Bloomberg headlines about Telenet deferring a refinancing because of difficult markets. Could you comment on that, if that is appropriate at this time?

Supply chain, our own software Stacks our own operating models. And to do that, could be material. I'll let them reach you chime in, if you want, if you're on

Mike Fries: I think the real home run is to think more broadly and bigger about how we kind of disrupt our own supply chain, our own software stacks, our own operating models, and to do that could be material. I'll, I'll let Enrique chime in if you want. If you're on, Enrique.

Speaker #7: Thank you.

Speaker #4: Charlie?

Speaker #5: Yeah. Let me just comment on the Telenet refinancing. I think we felt that the market fully understood the number of steps we were taking in Belgium, which were essentially to pay down debt to 4.5 times on Telenet.

Enrique Rodriguez: Yeah, I mean, I think, I think maybe the first thing I'll emphasize, Mike, is, as you said, it, it is real. We have gone from a year ago exploring AI, to now seeing real benefits, being delivered today, and even more importantly, over the next 12 to 24 months. Pretty material improvements, I would say, maybe as most of the industry is seeing a lot of benefits on the call center and the support part of the business first. We see that going to operations, but we're really, really getting excited about what we're starting to see as innovation more on the revenue side. I think, you know, we're going to see 2026. At the end of 2026, we're going to look back and, look at those revenue opportunities as the, as the year where they became real.

Speaker #5: Through the YSL, and the fact that we docked in the refinancing to separate out wire at the €4.35 billion, we thought had been well understood.

Yeah, I mean I think I think maybe the first thing I'll emphasize Mike is, as you said it it is real. We have gone from a year ago. Exploring AI to now seeing real benefits uh being delivered today and even more importantly over the next 12 to 24 months, pretty material improvements. I would say, uh,

Speaker #5: I think it probably was in hindsight too much for the credit market to digest in one go. And that's fine. I mean, it was an opportunistic transaction as we always do.

Mike Fries: And I think the nice thing that I'm seeing in the space is that whereas a year ago on this call, I would have said that we're inventing a lot of these applications, right now, we're getting bombarded with startups and third parties and Silicon Valley companies that are doing a much better job, in many instances, of creating these solutions for us. And so the pace of integration and implementation, I think, is speeding up, and it's real. So as I said in my remarks, I don't think there's an industry better positioned to benefit from marginal improvement in CapEx, OPEX, and revenue from AI. But I would emphasize the word marginal there. That's really all we're doing at this stage as an industry, is finding marginal benefits.

Speaker #5: We thought that by halving the amount of available Belgian debt, there'd be a lot more demand than we felt. And it was a pretty choppy market.

Speaker #5: If you may recall, it was a softer market that we had a few weeks ago. So I think discretion is the better part of balance.

Maybe, as most of the industry, seeing a lot of benefits on the call center and the support part of the business. First, we see that going to operations, uh, but we're really, really getting excited about what we starting to see as Innovation more on the revenue side. And I think it's, you know, we're going to see 26 at the end of 26, we're going to look back and um, look at those Revenue opportunities as as the year where they became real

Speaker #5: And Nick and I felt that the right thing to do was take a pause. We will let these transactions settle. We'll prove out the various steps.

Thank you. Matthew. Mike, can I just have a can I have a quick plug?

Speaker #5: And at the right time, we'll go away and do what we usually do, which is, in these $500 million to $1 billion tranches, refinance.

Speaker #5: We still have plenty of time. I think, as we tried to show in the results call, we actually don't have any material debt maturities, including our revolver.

Operator: Thank you, Matthew.

Charlie Bracken: Mike, can I just have a quick plug? Sorry. I was going to say, can I have a quick plug for Liberty Bloom?

Speaker #5: Until 2029 in Telenet. But we're very confident and I hope that the credit markets will support this that as these steps unfold, we can essentially reprice the debt.

Mike Fries: Yes, go ahead.

Charlie Bracken: Look, the other aspect of this is back office services, you know, which is not as big as what Mike and Enrique said in the front office and middle office, but the back office still is material for Telco, and it's about $1 billion, $1.5 billion, by some definitions of spend, you know, for us. What Bloom is finding out is there's lots of tech enablement with AI tools to significantly reduce the accounting, of payments, of procurement, of, you know, these financial products, et cetera, et cetera. We're finding actually that these are opportunities where we're getting, you know, massive savings by reducing heads, but we're able to scale our existing heads to grow revenues. That's really what's driving that 20% revenue growth that we see in Bloom. Actually, we see that continuing for many years.

Speaker #5: And extend the maturity. And it's interesting, actually, the debt still trades at a very tight level despite this transaction last week, which perhaps is a bit bewildering.

Speaker #5: Look, I think in terms of the synergies, I think I slightly disagreed. I think there are cross-border synergies. Enrique has proved that with the incredible work he's been doing on technology.

[CTO] (Liberty Global): Yeah, I mean, I think maybe the first thing I'll emphasize, Mike, is, as you said, it is real. We have gone from a year ago exploring AI, to now seeing real benefits being delivered today, and even more importantly, over the next 12 to 24 months. Pretty material improvements, I would say, maybe as most of the industry is seeing a lot of benefits on the call center and the support part of the business first. We see that going to operations, but we're really, really getting excited about what we're starting to see as innovation more on the revenue side. I think, you know, we're gonna see 2026. At the end of 2026, we're gonna look back and look at those revenue opportunities as the year where they became real.

AI tools to significantly reduce the accounting of payments. A procurement of you know these Financial products, etc etc. And we're finding actually these are opportunities where we're getting, you know, massive savings by reducing heads, but we're able to scale our existing heads to grow revenues and that's really what's driving? That 20% Revenue growth that we see In Bloom and actually we see that continuing for many years

Speaker #5: I mean, there are an awful lot of scale benefits. And national technology doesn’t really have a difference market to market. And I think also, as you rightly point out, the ability to drive financial synergies will come because we are able to use the platform that we are creating in VodafoneZiggo and Telenet to really drive the technology across the broader footprint, which obviously has some benefits to us.

Thank you, and thank you Matthew. Our next question will go to the line of polote with UBS. Hello, your line is open.

Operator: Thank you, and thank you, Matthew. Our next question will go to the line of Paulo Teh with UBS. Paulo, your line is open.

Speaker #5: So I think we felt pretty good about the synergies. And actually, to be honest with you, we might have undercooked them because we were obviously operating on a clean team basis in this transaction.

Polo Tang: Hi. Thanks for taking the question. It's really about VMO2 guidance. It was weaker than expected, with a -3% to -5% decline in EBITDA. I think consensus on the same basis was probably going for about -1%. Can you help us understand how much of the decline relates to the rationalization in B2B that may be specific to VMO2? And separately, how much of the decline reflects weakness in the broader UK market? And can you maybe just give us some color in terms of what you're seeing in terms of UK competitive dynamics in both mobile and broadband? I also have a quick clarification in terms of the Netomnia Next Fiber deal, because VMO2 is receiving GBP 1.1 billion of cash from Next Fiber. But can you clarify what VMO2 is giving up?

Speaker #5: So, stay tuned. Let's see what we can come up with.

Speaker #4: Yeah. Our track record on synergies is pretty good. And I would agree with Charlie's comment that we've probably undercooked them. Especially on the OPEX and potential revenue side.

Operator: Thank you, Matthew.

Charlie Bracken: Mike, sorry, can I have a quick plug? Sorry. I was gonna say, can I have a quick plug for Liberty Bloom?

Speaker #4: Does that answer all your questions, Ulrich?

Mike Fries: Yes, go ahead.

Charlie Bracken: Look, the other aspect of this is back office services, you know, which is not as big as what Mike and Enrique said in the front office and middle office. But the back office still is material for Telco, and it's about $1 billion to $1.5 billion by some definitions of spend and, you know, for us. And what Bloom is finding out is there's lots of tech enablement with AI tools to significantly reduce the accounting, of payments, of procurement, of, you know, these financial products, et cetera, et cetera. And we're finding actually these are opportunities where we're getting, you know, massive savings by reducing heads, but we're able to scale our existing heads to grow revenues. And that's really what's driving that 20% revenue growth that we see in Bloom. Actually, we see that continuing for many years.

Speaker #7: Yeah, I was just wondering, so are the financial synergies included, or is the $1 billion just the operational bit?

Speaker #4: They are included.

Speaker #5: No, yeah, they are included. Yes, thanks.

Um, hi thanks for taking the question. Um, it's really about uh vmo2 guidance. It was weaker than expected with a 3, minus 3 to minus 5% decline in ebit da. I think consensus on the same basis, was probably going for about minus 1%. But can you help us understand how much of a decline relates to the rationalization in B2B? That may be specific to vmo2 and separately, how much of the decline reflects weakness and the broader UK market? And can you maybe just give us some color in terms of what you're seeing in terms of UK compared to Dynamics in both mobile and broadband? And they also have a quick clarification in terms of the the term year next vibrate deal because vmo2 is receiving in 1.1 billion of cash from next fiber. But can you clarify what vmo2 is giving up so specifically, what is the minimum commitment on the 4.6 million? Uh, 5

Speaker #2: Thank you, Ulrich. Our next question goes to David Wright with Bank of America. David, your line is open.

Footprint and can you give some sense in terms of what the wholesale rate is? Our subscriber? Thanks.

Speaker #8: Yeah, hi, guys. Again, so much to absorb here. I guess when we're thinking about the Ziggo spin, Mike, it says strong equity story, similar to Sunrise.

Polo Tang: So specifically, what is the minimum commitment on the 4.6 million fiber footprint, and can you give some sense in terms of what the wholesale rate is per subscriber? Thanks.

Yeah thanks Paulo. I'll let loot address your first question around vmo2 guidance and what we're seeing in the market and then Andrea uh you can work up. A good answer to the question around VMO 2's commitments. I don't know.

Speaker #8: But that does ignore what I think you flagged at the time, which was, Sunrise was a very clear and strong dividend payer, obviously in a very low-rate market.

Mike Fries: Yeah. Thanks, Paulo. I'll let Lutz address your first question around VMO2 guidance and what we're seeing in the market. And then, Andrea, you can work up a good answer to the question around VMO2's commitments. I don't know how specific we're being about that as we sit here now, Paulo, but I'll let Andrea address that. Guys?

How specific we're being about that as we sit here now Polo, but I'll let Andrea address that guys.

Operator: Thank you, and thank you, Matthew. Our next question will go to the line of Paulo Teh with UBS. Paulo, your line is open.

Speaker #8: And we've seen that dividend growth just today in the Sunrise share price work so well. There's no dividend story here in Ziggo. And I guess my other question is, what's the sort of run-rate of synergy you guys sort of need to hit in the short term to really commit to the spin?

Polo Tang: Hi. Thanks for taking the question. It's really about VMO2 guidance. It was weaker than expected, with a -3% to -5% decline in EBITDA. I think consensus on the same basis was probably going for about -1%. Can you help us understand how much of the decline relates to the rationalization in B2B that may be specific to VMO2? And separately, how much of the decline reflects weakness in the broader UK market? And can you maybe just give us some color in terms of what you're seeing in terms of UK competitive dynamics in both mobile and broadband? I also have a quick clarification in terms of the Netomnia nexfibre deal, because VMO2 is receiving GBP 1.1 billion of cash from nexfibre. But can you clarify what VMO2 is giving up?

Yeah, um, hypo. Um, so you can broadly contribute 30% to the, uh, B2B. Uh, a real statement of numbers, including Daisy.

Lutz Schüler: Yeah. Hi, Paulo. So you can broadly contribute 30% to the B2B restatement of numbers, including Daisy, and 70% is attributed to a cautious view on the fixed consumer market. So it's not mobile, it is fixed consumer. As we all know, competition is very high as we speak. Yes, as Mike alluded to, I think we had a pretty good Q4 with very low fixed net add losses and a pretty stable ARPU. But so far, right, the market is even more competitive. There's some fixed telecom access review outstanding from Ofcom, and therefore, we have factored this in a cautious guidance.

Andrea Salvato: Yeah. Hi, Paulo. So you can broadly contribute 30% to the B2B restatement of numbers, including Daisy, and 70% is attributed to a cautious view on the fixed consumer market. So it's not mobile, it is fixed consumer. As we all know, competition is very high as we speak. Yes, as Mike alluded to, I think we had a pretty good Q4 with very low fixed net add losses and a pretty stable ARPU. But so far, right, the market is even more competitive. There's some fixed telecom access review outstanding from Ofcom, and therefore, we have factored this in a cautious guidance.

Speaker #8: Is that date really set in stone there? And I guess my sort of associated question is, I think the VOD Ziggo guidance was also quite a lot weaker than most of us had forecast, alongside VMO2.

Speaker #8: I'm just wondering, as you sort of re-stack this business, is there a sense that you're—I don't want to use the phrase 'kitchen sinking'—but you are guiding to find a level you can absolutely deliver on, and maybe put a little bit more investment into 2026 to grow from?

Speaker #8: Thanks.

Speaker #7: Yeah, David, that's a lot of good questions there. I'll try to address them, and Stephen can jump in here as well. With respect to timing, I mean, we were purposely general about timing.

Polo Tang: So specifically, what is the minimum commitment on the 4.6 million fiber footprint, and can you give some sense in terms of what the wholesale rate is per subscriber? Thanks.

And 70% is, uh, attributed to a cautious view on the fixed, uh, consumer Market. Um, so it's not mobile. It is fixed consumer. Um, as we all know, competition is very high as we speak. Um, yes. Uh, as Mike, it is a to, I think we had a pretty good Q4 with, uh, very low fixed. Uh, net at losses and they're pretty stable to help you but um, so far, um, right, uh, the market is even more competitive. There's some fixed Telecom access rev outstanding from ofcom. And therefore, we have factored this in, in a, in a cautious guidance. Um, the reason why you

Speaker #7: We believe 2027, as we especially get into the second half of that, of next year, we are going to be able to see or forecast the kind of storyline here that the market will want to see.

See, a similar number on dbta is simply that we are also paying, uh, um, more more wholesale fees to next fiber. And that is, uh, to some extent, uh, eating up some of our efficiency.

Lutz Schüler: The reason why you see a similar number on EBITDA is simply that we are also paying more and more wholesale fees to Next Fiber, and that is, to some extent, eating up some of our efficiencies.

Andrea Salvato: The reason why you see a similar number on EBITDA is simply that we are also paying more and more wholesale fees to Next Fiber, and that is, to some extent, eating up some of our efficiencies.

just to be clear uh and Charlie you you get me honest here the guidance we've provided today for vmo2 does not

Speaker #7: That does reflect and has comparison to Sunrise. Namely, a deleveraging story from free cash flow, EBITDA growth, and asset sales. Secondly, the ability to project or forecast a free cash flow number.

Pro-forma into that guidance.

The transaction with substantial group.

Lutz Schüler: Yeah. Hi, Paulo. So you can broadly contribute 30% to the B2B restatement of numbers, including Daisy, and 70% is attributed to a cautious view on the fixed consumer market. So it's not mobile, it is fixed consumer. As we all know, competition is very high as we speak. Yes, as Mike alluded to, I think we had a pretty good Q4 with very low fixed net ad losses and a pretty stable ARPU. But so far, right, the market is even more competitive. There's some fixed telecom access review outstanding from Ofcom, and therefore, we have factored this in a cautious guidance.

Mike Fries: But just to be clear, and Charlie, you, you keep me honest here. But the guidance we've provided today for VMO2 does not pro forma into that guidance, the transaction with Substantial Group. So we'll have-

So, we'll have correct that is not happening in real time. We're gonna have to amend it. So, whatever the original cost,

Speaker #7: We gave you a number today, 500 million euros. That's 50% more free cash flow than Sunrise generates. It's not coming this year. Or next year, but we're going to be we believe we'll be able to forecast that kind of free cash flow story when it's time to get to the market.

Charlie Bracken: Correct. That is correct.

Mike Fries: It's all happening in real time.

Charlie Bracken: We're gonna have to amend it.

Mike Fries: So, whatever amendment cost. Yeah.

Completely excludes it. Also I think Mike why, why? I sat next fiber is, we have a growing customer base in the existing fiber coverage. Yeah. Okay, sorry. Yeah. I know why you said it, I just wanted to clarify Andrea.

Lutz Schüler: Completely excludes it. Also, I think, Mike, why I said Next Fiber is we have a growing customer base in the existing-

Andrea Salvato: Completely excludes it. Also, I think, Mike, why I said Next Fiber is we have a growing customer base in the existing-

Speaker #7: And I think the growth—we've talked quite a bit about the 'How We Win' plan, and I even showed you some visuals on the slides about how 2026 is an investment year.

Mike Fries: I know

Lutz Schüler: ... Next Fiber, coverage.

Andrea Salvato: ... Next Fiber, coverage.

Mike Fries: Yeah.

Lutz Schüler: Okay. Sorry. Yeah.

Andrea Salvato: Okay. Sorry. Yeah.

Mike Fries: I know why you said it. I just wanted to clarify it. Andrea?

Speaker #7: In 2027 and 2028, we start to see a rebound. So it's our view that all those things, when they come together, will tell a compelling equity story.

Andrea Salvato: Hi, Paulo. I think there were three questions there. One was, you know, are we giving any sort of minimum penetration commitments? No, there's an adjustment at closing, depending upon how many subs get transferred over, but that's very manageable. Going forward, there's no minimum commitments. There's also no migration commitments. The transaction's been designed to give full flexibility in terms of managing the migration from HFC to fiber, which we obviously thought very important in the overall market context. I think the second question was, you know, just a clarification on what is VMO2 getting. I think if you break it down, VMO2 is getting GBP 1.1 billion in cash and is getting a 15% stake in Next Fiber.

Speaker #7: But here's the other thing to point out—which is, unlike, say, Odido, we're not listing this company through an initial public offering. We're not waiting to build a book.

Hi Paulo, I think there were 3 questions. There 1 was, you know, are we are we giving any as any sort of minimum penetration? Uh, commitments know there's an adjustment uh, at closing depending upon how many Subs get transferred over but that's very manageable, but going forward, there's no minimum commitments. There's also no migration commitments. The transactions being designed to give lots full flexibility in terms of managing um the migration from hfc to fiber which we obviously thought very important in the overall Market context.

Lutz Schüler: The reason why you see a similar number on EBITDA is simply that we are also paying more and more wholesale fees to nexfibre, and that is, to some extent, eating up some of our efficiency.

I think the second question was, you know, just a clarification on. What is my 2 getting? I think if you break it down.

Speaker #7: We're not looking for a minimum price. We're not going to raise primary capital, so we don't have any of those strikes against us.

The other 2 is getting 1.1 billion in cash.

And is getting a um is getting a 15% stake in the next 5.

Speaker #7: We're listening to shares and spinning them up to shareholders, exactly as we did with Sunrise. The market will find a value—we believe a healthy, good value, well above the negative $5 we're getting in our stock today.

Mike Fries: ... But just to be clear, and Charlie, you keep me honest here, but the guidance we've provided today for VMO2 does not pro forma into that guidance, the transaction with Substantial Group. So we'll have-

In return for that, it's going to spend 150 million to buy, you know, approximately 500,000 subscribers at closings. We think is the estimate that these substantial group will have

Speaker #7: That's all—you got to believe. That's it. You got to believe that there's good equity value in this story. That, in the hands of our shareholders, that equity value will trade well on a year-on-next exchange with a compelling operating and brand-driven storyline.

It's traffic on 4.6 million homes.

Andrea Salvato: In return for that, it's gonna spend $150 billion to buy, you know, approximately 500,000 subscribers at closing, what we think is the estimate that the Substantial Group will have. It's also committing its traffic on 4.6 million homes. 2.4 million are in the overlapping Netomnia area, and then 2.1 million are in these new homes that we're contributing into the Next Fiber 2.0, which have been carefully selected to make it a contiguous, you know, complete network. It's not gonna be a sort of Swiss cheese. I think, what was the... There was a third point. I'm sorry, I'm just-

2.4 million in the overlapping net on the area and then 2.1 are in these new homes that were contributing into the next 5 to 2.0.

Charlie Bracken: Correct.

Mike Fries: It's all happening in real time.

Speaker #7: And it'll be less than zero. It'll be more than zero. That's all you got to believe. And so I think we have lots of flexibility here tons of freedom to plan how and when and what we do, which is which to me is very exciting.

Charlie Bracken: We're gonna have to amend it.

Mike Fries: So whatever amendment cost. Yeah.

[Company Representative] (Virgin Media O2): Completely excludes it also. I think, Mike, why I said nexfibre is we have a growing customer base in the existing-

Which has been carefully selected to make it a contiguous you know uh complete Network. So it's not going to be sort of Swiss cheese.

Speaker #7: Stephen, do you want to add anything to that on the VodafoneZiggo side?

Mike Fries: I know

[Company Representative] (Virgin Media O2): ... nexfibre, coverage.

Mike Fries: Yeah.

[Company Representative] (Virgin Media O2): Okay. So yeah.

Mike Fries: I know why you said it. I just wanted to clarify it. Andrea?

Speaker #5: Well, I think the only component I'd add to that, as you said, can you hear me, Mike?

And I think, um, what was that? There was a third point. I'm sorry, I'm is there. A question was? Are we providing any? Yeah, the third question is, are we providing any details on wholesale rates and things of that nature? And the answer is no, no, yes, thank you, Mike. Yeah, thank you, we're not today, but it's a it's a competitive wholesale rate.

Charlie Bracken: Hi, Paulo. I think there were three questions there. One was, you know, are we, are we giving any, any sort of minimum penetration commitments? No, there's an adjustment at closing, depending upon how many subs get transferred over, but that's very manageable. But going forward, there's no minimum commitments. There's also no migration commitments. The transaction's been designed to give lots full flexibility in terms of managing the migration from HFC to fiber, which we obviously thought very important in the overall market context. I think the second question was, you know, just a clarification on what is VMO2 getting. I think if you break it down, VMO2 is getting GBP 1.1 billion in cash, and is getting a, is getting a 15% stake in nexfibre.

Thank you. Polo operator.

Speaker #4: Gotcha.

Speaker #5: Hello.

Speaker #7: Hi. Yeah, Mike. So, as you said, I think the core of it is that we have an unfolding story of a business improvement, so the underlying value of the core VodafoneZiggo business.

Mike Fries: The third question was, are we providing any? Yeah, the third question is, are we providing any detail on wholesale rates and things of that nature, and the answer is no.

Our next question, goes to the line of all requests with Bernstein. Society, your neural group, or your line is open.

Andrea Salvato: No. Yeah. Thank you, Mike. Yeah, thank you. We're not today, but it's a competitive wholesale rate.

Speaker #7: I think we'll come through as we get through the investment in 2026 and into 2027. We've shown a track record so far in the last 12 months.

Mike Fries: Thanks.

Operator: Thank you, Paulo.

Mike Fries: Operator?

Operator: Our next question will go to the line of Ulrich Rathe with Bernstein Societe Generale Group. Ulrich, your line is open.

Speaker #7: And we've got high confidence, given what we're seeing today and given the plans we have ahead of us, that 2026 will be another step forward in the plan.

Speaker #7: And as you say, 2027 will show those return on investments. And we'll accelerate out of that. So I think the core business, if you value the core business, will look slightly different in 12 months from now.

Ulrich Rathe: Thanks very much. On the Belgian deal, you mentioned a synergy figure there. Could you talk a little bit about what kind of synergies these are? Because this is a cross-border deal, where the story in European telecoms has always been that it's harder to create synergies. And specifically on the synergies, would the financial synergies that Charlie sort of alluded to be included in that EUR 1 billion figure? And if I may just add a clarification, there was some Bloomberg sort of headlines about Telenet deferring a refinancing because of difficult markets. Could you comment on that if that is appropriate at this time? Thank you.

Thanks very much. Um, on the Belgian deal. Um, you mentioned a Synergy figure there. Um, could you, um, talk a little bit about what kind of synergies these are, because this is a cross border deal. Where the story in European Telecom, has always been that it's harder to create synergies and specifically on the synergies with the financial

Charlie Bracken: In return for that, it's gonna spend GBP 150 million to buy, you know, approximately 500,000 subscribers at closings, we think is the estimate that the Substantial Group will have. And it's also committing its traffic on 4.6 million homes. 2.4 million are in the overlapping Netomnia area, and then 2.1 are in these new homes that we're contributing into the nexfibre 2.0, which have been carefully selected to make it a contiguous, you know, complete network. So it's not gonna be a sort of Swiss cheese. And I think there was a third point. I'm sorry, I'm just-

Speaker #2: Thank you, David. Our next question goes to a line of James Ratter with New Street Research. James, your line is open.

Um, synergies, and Charlie sort of alluded to be included in that 1 billion figure. And if I may just add a clarification, there was some Bloomberg um, sort of headlines about, um, telling that deferring a refinancing because of, um, difficult markets. Could you comment on that? If, if that is appropriate at this time, thank you.

Speaker #8: Yes. Good afternoon, everyone. Thank you for taking the question. So I was interested in following up on the slide you had to discuss the kind of net omnivergence transaction in a bit more detail on slide 22.

Johnny.

Speaker #8: So you've got a very kind of helpful chart there, showing all the cash movements. Could you just run me through also what the debt movements are, business net omni, or I think we'll have around maybe a bit over a billion pounds of debt on closing?

Mike Fries: Charlie?

Charlie Bracken: Yeah, let me just comment on the Telenet refinancing. I think we felt that the market fully understood the number of steps we were taking in Belgium, which we essentially were to pay down debt to 4.5x on Telenet through the Wire sale. And the fact that we locked in the refinancing to separate out Wire at EUR 4.35 billion, we thought had been well understood. I think it probably was, in hindsight, too much for the credit market to digest in one go. And that's fine. I mean, it was an opportunistic transaction, as we always do. We thought that by halving the amount of available Belgian debt, there'd be a lot more demand than we felt. And it was a pretty choppy market.

Mike Fries: The third question was, are we providing any? Yeah. The third question is, are we providing any detail on wholesale rates and things of that nature? The answer is no.

Speaker #8: Does that all go to next fiber? Or does some of it go to VMO2? And then of the subscribers or the homes, sorry, you've got the 2.5 million homes where VMO2 is going to pay committed wholesale fees on closing.

Charlie Bracken: No. Yeah, thank you, Mike. Yeah, thank you. We're not today, but it's a competitive wholesale rate.

Mike Fries: Thanks.

Operator: Thank you, Paulo.

Mike Fries: Operator?

Yeah, let me uh, let me just come on on their and refinancing I think uh we felt that the market fully understood. The number of steps we were taking in in Belgium, which were essentially were to to pay down debt to 4 and a half times on telnet through the white wire sale and the fact that we docked in the refinancing to separate out while, uh, at the 4.35%. I think it probably was in hindsight too much for the for the credit Market to digest in, in, in 1 go. Uh, and that's fine. I mean, it was an opportunistic transaction as we always do. We thought that by having the amount of available Belgian debt, uh, there'll be a lot more demand than

Operator: Our next question will go to the line of Ulrich Rathe with Bernstein Société Générale Group. Ulrich, your line is open.

Speaker #8: How many subscribers does VMO2 have in that footprint, please? And then secondly, on the 2.1 million homes that then next fiber will be upgrading, what's VMO2's customer volume in that footprint?

Ulrich Rathe: Thanks very much. On the Belgian deal, you mentioned a synergy figure there. Could you talk a little bit about what kind of synergies these are? Because this is a cross-border deal where the story in European telecoms has always been that it's harder to create synergies. And specifically on the synergies, would the financial synergies that Charlie sort of alluded to be included in that EUR 1 billion figure? And if I may just add a clarification, there was some Bloomberg sort of headlines about Telenet deferring a refinancing because of difficult markets. Could you comment on that if that is appropriate at this time? Thank you.

Charlie Bracken: If you may recall, it was a softer market than we had a few weeks ago. So I think, you know, discretion is the better part of valor. Nick and I felt that the right thing to do was to take a pause. We will let these transactions settle. We'll prove out the various steps. And at the right time, you know, we'll go away and do what we usually do, which is in these $500 million to $1 billion dollar tranches, refinance. We still have plenty of time. I think, as we try to show in the results call, we actually don't have any material debt maturities, particularly include our revolver, until 2029 in Telenet.

Speaker #8: And to give us an idea of kind of looks as incentive to migrate customers over to FTTH, can you let us know, please, how many customers today within VMO2 have been upgraded from HFC to FTTH where VMO2 has done that upgrade itself as a result of the overlay?

When we felt and it was a pretty choppy Market. Have you ever called it was a it was a software Market that we had a few a few weeks ago. So I think, you know, with discretion of the better part of that, uh, Nick and I felt that the right thing to do is take a pause. Uh, we will let these transactions settle. We'll prove out the the various steps uh, and at the right time, you know, we'll go away and and uh, do what we usually do which is in these 500 to a billion dollar, uh, charges a refinance. We still have plenty of time. I think as we try to show in the results, call, we actually don't have any material debt maturity.

Speaker #8: Thank you.

Speaker #4: Thanks, James. Charlie, you hit the debt question, please.

Charlie Bracken: But we're very confident, and I hope the credit markets will support this, that as these steps unfold, we can essentially reprice the debt and extend the maturity. And it's interesting, actually, the debt still trades at a very tight level, despite this transaction last week, which perhaps is a bit bewildering. But I think in terms of the synergies, I think I slightly disagree, though. I think there are cross-border synergies. Enrique has proved that, you know, with the incredible work he's been doing on technology. I mean, there's an awful lot of scale benefits, and national technology doesn't really have a difference market to market. And I think also, as you rightly point out, the ability to drive financial synergies-

Speaker #5: Yeah, so first of all, there’s no incremental debt going onto VMO2. I’m not sure how much we’re disclosing, but I would underline that Nexfibre will have a fully financed business plan to get to 8 million fiber homes.

Mike Fries: Charlie?

Charlie Bracken: Yeah, let me just comment on the Telenet refinancing. I think we felt that the market fully understood the number of steps we were taking in Belgium, which were essentially to pay down debt to 4.5 times on Telenet through the Wire sale, and the fact that we locked in the refinancing to separate out Wire at EUR 4.35 billion, we thought had been well understood. I think it probably was, in hindsight, too much for the credit market to digest in one go. And that's fine. I mean, it was an opportunistic transaction, as we always do. We thought that by halving the amount of available Belgian debt, there'd be a lot more demand than we felt. And it was a pretty choppy market.

Speaker #5: A combination of existing debt, but also the undrawn facilities. So this is a fully financed cash flow positive AltNet, which I don't think we can say about all of them.

Speaker #5: And I think in terms of the details of the numbers, let's say that offline because I'm not entirely sure what we've agreed to disclose or not disclose.

Speaker #5: But that is the key message: fully financed and no debt into VMO2.

Is received include a revolver, uh, until 2029 in Turner but we're very confident. And I hope for the credit markets will support this. That, as these steps unfold, we can essentially reprice the, the, the debt, um, and extend the maturity. And it's interesting, actually, the debt, still trades at a very tight level despite, uh, this transaction last week which perhaps is a bit bewildering. Look, I think in terms of the synergies, I think I I started disagreeing. I think there are cross border synergies. Enrique has proved that, you know with the incredible work he's been doing on on technology and there's an awful lot of scale benefits and and national uh technology doesn't really have a difference Market to Market. Um, and I think also, as you rightly point out, the ability to drive Financial synergies will come because we are able to use the platform that we will create in in both Zig and telnet to really drive the technology across the the broader footprint, which obviously has some benefits to us. So, uh, I think we feel pretty good about the sooner it is, and actually, to be honest with you, we might have want to cook them because we uh, we we're obviously operating on a

Stephen van Rooyen: ... will come because we are able to use the platform that we will create in VodafoneZiggo and Telenet to really drive the technology across the broader footprint, which obviously has some benefits to us. So, I think we feel pretty good about the synergies. And actually, to be honest with you, we might have undercooked them because we were obviously operating on a clean team basis in this transaction. So, you know, stay tuned. Let's see what we can come up with.

Charlie Bracken: ... will come because we are able to use the platform that we will create in VodafoneZiggo and Telenet to really drive the technology across the broader footprint, which obviously has some benefits to us. So, I think we feel pretty good about the synergies. And actually, to be honest with you, we might have undercooked them because we were obviously operating on a clean team basis in this transaction. So, you know, stay tuned. Let's see what we can come up with.

Speaker #4: And on the 4.6 million homes, Andrea, keep me honest. I think you could we're not disclosing the number of customers. Today, but you could read across from our broad penetration rates to those areas.

Clean team basis in this transaction, so, you know, stay tuned. Let's see what we can come up with.

Charlie Bracken: If you may recall, it was a softer market than we had a few weeks ago. So I think, you know, discretion is the better part of valor. Nick and I felt that the right thing to do was to take a pause. We will let these transactions settle. We'll prove out the various steps. And at the right time, you know, we'll go away and do what we usually do, which is in these $500 million to $1 billion tranches, refinance. We still have plenty of time. I think, as we try to show in the results call, we actually don't have any material debt maturities, particularly include our revolver, until 2029 in Telenet.

Speaker #4: It's going to roughly equal our current penetration rates. I think it's a safe bet. Lutz, do you want to address the fiber question?

Yeah, that track record on synergies is pretty good and I would agree with Charlie's comment that we've probably undercooked them especially on the Opex and

Potential revenue, revenue side.

Does that answer all your questions over?

Speaker #3: Yeah. So far, we're in a very low number on fiber in our existing Virgin Media O2 cable coverage, right? The majority of our customers in fiber are coming from the fiber network next fiber homes.

Mike Fries: Yeah. Our track record on synergies is pretty good, and I would agree with Charlie's comment that we've probably undercooked them, especially on the OpEx and potential revenue side, revenue side. Does that answer all your questions, Ulrich?

Yeah, it was just funding. So the Financial Centers included or is the 1 billion just the operation a bit.

They are included know the answer to it. Yes.

Charlie Bracken: But we're very confident, and I hope the credit markets will support this, that as these steps unfold, we can essentially reprice the debt and extend the maturity. And it's interesting, actually, the debt still trades at a very tight level despite this transaction last week, which perhaps is a bit bewildering. But I think in terms of the synergies, I think I slightly disagree, though. I think there are cross-border synergies. Enrique has proved that, you know, with the incredible work he's been doing on technology, and there's an awful lot of scale benefits, and national technology doesn't really have a different market to market.

Speaker #3: And so we still know customers are leaving us because of technology. Also, we are able to acquire exactly the same number of customers in the cable network as well as in fiber.

Ulrich Rathe: Yeah, I was just wondering, so are the financial synergies included, or is the $1 billion just the operational bit?

Thank you. All right, our next question. Goes to the line of David Wright, with Bank of America, David, your line is open.

Mike Fries: They are included.

Stephen van Rooyen: No, the financials. Yeah, they are included. Yes, fine.

Charlie Bracken: No, the financials. Yeah, they are included. Yes, fine.

Yeah, hi guys, again, so much to her um, absorbed here. Um, I guess when we're thinking about the zig,

Speaker #3: So therefore, commercially, we don't have at the moment an incentive to put customers on fiber. And therefore, we have a low number for now.

Operator: Thank you, Ulrich. Our next question goes to the line of David Wright with Bank of America. David, your line is open.

Speaker #4: Yeah, but in this, you should assume in the deal we just announced there will be some incentives. For example, cost to connect, wholesale rates.

David Wright: Yeah. Hi, guys. Again, so much to absorb here. I guess when we're thinking about the Ziggo spin, Mike, you know, it says strong equity story similar to Sunrise, but it... That does ignore what I think you flagged at the time, which was Sunrise was a very clear and strong dividend payer, obviously, in a very low-rate market, and we've seen that dividend growth just today in the Sunrise share price work so well. There's no dividend story here in Ziggo. And I guess my other question is: what, what's the sort of run rate of synergy you guys sort of need to hit in the short term to really commit to the spin? Is that date, you know, really in stone there?

Charlie Bracken: I think also, as you rightly point out, the ability to drive financial synergies will come because we are able to use the platform that we will create in VodafoneZiggo and Telenet to really drive the technology across the border footprint, which obviously has some benefits to us. So, I think we feel pretty good about the synergies. And actually, to be honest with you, we might have undercooked them because we were obviously operating on a clean team basis in this transaction. So, you know, stay tuned. Let's see what we can come up with.

Speaker #4: But we're not disclosing those details today.

Story here.

Speaker #2: Thank you, James. That would conclude the formal question and the answer session. I would now like to turn our call over to you, Mr. Fries, for closing remarks.

Speaker #8: Sure. Thanks for sticking with us, guys. Sorry we went a little bit over. We had a lot, as you said, to disclose. I just want to say quickly, thank you to everybody on the call today from my team because this has been a Herculean effort in just about everybody on this call was involved in these transactions.

Um in ziggo. Um and I guess my other question is, you know what what's the sort of run rate of synergy you guys sort of need to hit in the short term to really commit to the spin is is that date?

Speaker #8: And of course, delivering these results. So thank you to each of you for the great work. And terrific, terrific outcomes. And look, at the deals we think we're announcing today, I'm excited about.

You know, really in stone there. Um and I and I guess my sort of associated question is, I think the vods ego Gardens was also quite a lot weaker than most of us would forecast alongside vmo2. I'm just wondering, you know, is is there a sense as you sort of restack this business that you're

I don't want to use the phrase kitchen sinking but you know, you are guiding

David Wright: And I guess my sort of associated question is, I think the VodafoneZiggo guidance was also quite a lot weaker than most of us had forecast, alongside VMO2. I'm just wondering, you know, is there a sense as you sort of restack this business that you're... I don't want to use the phrase kitchen sinking, but, you know, you are guiding to find a level you can absolutely deliver on and maybe puts a little bit more investment into 2026 to grow from. Thanks.

Speaker #8: I think they unlock both value, but also give us a tactical runway to control our destiny here, specifically in the Benelux region, but also, I think, increasingly in the UK market.

Ulrich Rathe: Yeah, I was just wondering, so are the financial synergies included or is the $1 billion just the operational bit?

To find a level you can absolutely deliver on and and maybe puts a little bit more investment into 2026 to grow from. Thanks.

Mike Fries: They are included.

Speaker #8: So they're the right kind of deals with exactly what we told you we would do a year ago. I think you can trust us when we tell you where we're focused, what we're focused on, and how we intend to create value.

Charlie Bracken: No, the financial... They are included. Yes, fine.

Yeah, David. That's a lot of good questions there. Um, that's I'll try to address and and Stephen can jump in here as well.

Operator: Thank you, Ulrich. Our next question goes to the line of David Wright with Bank of America. David, your line is open.

Speaker #8: We so appreciate you joining us. I know there will be a lot of questions, and for follow-up, you know where to find us. So, thank you, everybody.

Mike Fries: Yeah, David, that's a lot of good questions there, which I'll try to address, and Stephen can jump in here as well. With respect to timing, I mean, we were purposely general about timing. We believe 2027, as we especially get into the second half of that year of next year, we are going to be able to see or forecast the kind of storyline here that the market will want to see. That does reflect and has comparisons to Sunrise, namely a deleveraging story from free cash flow, EBITDA growth, and asset sales. Secondly, the ability to project or forecast a free cash flow number. We gave you a number today, EUR 500 million. That's 50% more free cash flow than Sunrise generates. It's not coming this year or next year, but we're going to be...

David Wright: ... Yeah. Hi, guys. Again, so much to absorb here. I guess when we're thinking about the Ziggo spin, Mike, you know, it says strong equity story similar to Sunrise, but that does ignore what I think you flagged at the time, which was Sunrise. It was a very clear and strong dividend payer, obviously in a very low rate market, and we've seen that dividend growth just today in the Sunrise share price work so well. There's no dividend story here in Ziggo. I guess my other question is: what, what's the sort of run rate of synergy you guys sort of need to hit in the short term to really commit to the spin? Is that date, you know, really in stone there?

Speaker #2: Ladies and gentlemen, this concludes Liberty Global's fourth quarter 2025 investor call. As a reminder, a replay of the call will be available in the Investor Relations section of Liberty Global's website.

Uh with respect to timing. I mean we were purposely um General about timing We Believe 2027 as we specially get into the second half of that year of next year, we are going to be able to see or forecast.

kind of,

story line here that the market will want to see that does reflect

and has comparisons to Sunrise, namely a a deleveraging story from free cash flow ebit dog growth and

Asset sales.

Secondly, uh, the ability to project or forecast, a free cash flow number, we gave you a number today, 500 million euros.

David Wright: And I guess my sort of associated question is, I think the VodafoneZiggo guidance was also quite a lot weaker than most of us had forecast alongside Virgin Media O2. I'm just wondering, you know, is there a sense as you sort of restack this business that you're... I don't want to use the phrase kitchen sinking, but, you know, you are guiding to find a level you can absolutely deliver on and maybe puts a little bit more investment into 2026 to grow from. Thanks.

Mike Fries: We believe we'll be able to forecast that kind of free cash flow story when it's time to get to the market. I think the growth, you know, we've talked quite a bit about how we win plan and how we even showed you some visuals on the slides about how 2026 is an investment year, but 2027 and 2028, we start to see a rebound. So it's our view that all those things, when they come together, will tell a compelling equity story. But here's the other thing to point out, which is, unlike, say, Odido, or we're not listing this company through an initial public offering. We're not waiting to build a book. We're not looking for a minimum price. We're not going to raise primary capitals. So those, we don't have any of those strikes against us.

Um, that's 50%, morphe castle and sunrise. Generates, it's not coming this year or next year, but we're going to be. We believe, we'll be able to to forecast that kind of free cash flow story when it's time to get to the market. Um, and I think the growth, you know, you you we've talked quite a bit about how we win plan and how it, we even showed you some visuals on the slides about how 26 is an investment year for 2027 and 2028. We start to see a rebound. So it's our view that all those things, when they come together will tell a compelling Equity story. But here's the other thing to point out, which is unlike say Odo or we're not

listing this company through an initial public offering.

Mike Fries: Yeah, David, that's a lot of good questions there, which I'll try to address, and, and Stephen can jump in here as well. With respect to timing, I mean, we were purposely general about timing. We believe 2027, as we especially get into the second half of that year, we are going to be able to see or forecast the kind of storyline here that the market will want to see. That does reflect and has comparisons to Sunrise, namely a deleveraging story from free cash flow, EBITDA growth, and asset sales. Secondly, the ability to project or forecast a free cash flow number. We gave you a number today, EUR 500 million. That's 50% more free cash flow than Sunrise generates.

We're not waiting to build a book or not looking for a minimum price.

Mike Fries: We're listing the shares and spinning them off to shareholders exactly as we did with Sunrise, and the market will find a value, we believe, a healthy, good value, well above the -$5 we're getting in our stock today. That's all you got to believe. That's it. You've got to believe that there's good equity value in this story, that in the hands of our shareholders, that equity value will trade well on a Euronext exchange with a compelling operating and end-driven storyline, and it'll be less than zero. It'll be more than zero. That's all you got to believe. And so I think we have lots of flexibility here, tons of freedom to plan how and when and what we do, which is, which to me is very exciting. Stephen, you want to add anything to that on the VodafoneZiggo side?

Mike Fries: It's not coming this year or next year, but we're going to be, we believe we'll be able to forecast that kind of free cash flow story when it's time to get to the market. And I think the growth, you know, we've talked quite a bit about how we win plan and how it... We even showed you some visuals on the slides about how 2026 is an investment year, 2027 and 2028, we start to see a rebound. So it's our view that all those things, when they come together, will tell a compelling equity story. But here's the other thing to point out, which is, unlike, say, Odido or, we're not listing this company through an initial public offering. We're not waiting to build a book. We're not looking for a minimum price. We're not going to raise primary capitals.

We're not going to raise primary capitals. So those we don't have any of those strikes against us. We're listing, the shares and spinning them off the shareholders exactly. As we did with sunrise and the market will find a value. We believe a healthy good value. Well, above the negative 5, we're getting in our stock today. That's all you got to believe. That's it. You got to believe that there's good Equity value in this story that in the hands of our shareholders, that Equity value will trade well, on a gyro next exchange. With a compelling operating and brand driven story line and it'll be less than zero. It'll be more than zero. That's all you got to believe. And so, I think we have lots of flexibility here, tons of freedom to plan how and when, and what we do, uh, which is, uh, which means very exciting. Stephen, you want to add anything to that on the bottom side?

well, I think the only component I use that as you said,

Can you hear me, Mike?

Got you, hello.

Hi. So, so as you said, I think the the core of it is that we have an unfolding story of a business Improvement. So the underlying

Stephen van Rooyen: Well, I think the only component I'd add to it is that, as you said... Can you hear me, Mike?

Value of the core voter phone take a business. I think will come through as we get through the investment in 2026 and into 2027.

Mike Fries: Gotcha.

Stephen van Rooyen: Hello. Hi, yeah, Mike. So, so as you said, I think the, the core of it is that we have an unfolding story of business improvement. So the underlying value of the core VodafoneZiggo business, I think, will come through as we get through the investment in 2026 and into 2027. We've shown a track record so far in the last 12 months, and we've got high confidence, given what we're seeing today and given the plans we have ahead of us, that 2026 will be another step forward in the plan. And as you say, 2027 will show those return on investments, and we'll accelerate out of that. So I think the core business, and if you value the core business, will look slightly different in 12 months from now.

We're trying to track record so far in the last 12 months, and we've got high confidence, given what we're seeing today. And given the plans, we have ahead of us

The 2026 will be another step forward in the plan. And as you say 2027, will show those return on investments.

And we'll accelerate out of that. So I think the core business

Mike Fries: So those, we don't have any of those strikes against us. We're listing the shares and spinning them off to shareholders exactly as we did with Sunrise, and the market will find a value, we believe, a healthy, good value, well above the negative $5 we're getting in our stock today. That's all you got to believe. That's it. You've got to believe that there's good equity value in this story, that in the hands of our shareholders, that equity value will trade well on a Euronext exchange with a compelling operating and driven storyline, and it'll be less than zero. It'll be more than zero. That's all you got to believe. And so I think we have lots of flexibility here, tons of freedom to plan how and when and what we do, which is, which to me is very exciting.

to Value The Core Business will look slightly different in 12 months from now.

Thank you, David.

Our next question, does the line of James ratzer with new Street research, James to your line is open.

Operator: Thank you, David.

Mike Fries: Thanks.

David Wright: Thanks.

Operator: Our next question goes to the line of James Ratzer with New Street Research. James, your line is open.

James Ratzer: Yes, good afternoon, everyone. Thank you for taking the question. I was interested in following up on the slide you had to discuss the kind of Netomnia of Virgin... transaction in a bit more detail on slide 22. You've got a very helpful chart there showing all the cash movements. Could you just run me through also what the debt movements are? Because Netomnia, I think, will have around maybe a bit over GBP 1 billion of debt on closing. Does that all go to Next Fiber, or does some of it go to VMO2? Of the subscribers or the homes, sorry, you've got the 2.5 million homes where VMO2 is gonna pay committed wholesale fees on closing. How many subscribers does VMO2 have in that footprint, please?

Mike Fries: Stephen, you want to add anything to that on the VodafoneZiggo side?

Stephen van Rooyen: Well, I think the only component I'd add is that, as you said... Can you hear me, Mike?

Mike Fries: Gotcha.

Stephen van Rooyen: Hello. Hi, yeah, Mike. So, so as you said, I think the, the core of it is that we have an unfolding story of business improvements, so the underlying value of the core VodafoneZiggo business, I think, will come through as we get through the investment in 2026 and into 2027. We've shown a track record so far in the last 12 months, and we've got high confidence, given what we're seeing today and given the plans we have ahead of us, that 2026 will be another step forward in the plan. And as you say, 2027 will show those return on investments, and we'll accelerate out of that. So I think the core business, and if you value the core business, will look slightly different in 12 months from now.

Boom. Sorry you've got the 2.5 million homes where vmo2 is going to pay um, committed wholesale fees on closing, how many subscribers does vmo2 have in that footprint, please?

James Ratzer: And then secondly, on the 2.1 million homes that then Next Fiber will be upgrading, what's VMO2's customer volume in that footprint? And to give us an idea of kind of Lutz's incentive to migrate customers over to FTTH, can you let us know, please, how many customers today within VMO2 have been upgraded from HFC to FTTH, where VMO2 has done that upgrade itself as a result of the overlay? Thank you.

David Wright: Thanks.

Operator: Thank you, David. Our next question goes to the line of James Ratzer with New Street Research. James, your line is open.

And then secondly, on the the 2.1 million homes that their next 5 will be upgrading. What's the m2's customer volume in in that footprint and to give us an idea of kind of looks as incentive to migrate customers. Over to ftth. Can you let us know, please how many customers today within vmo2 have been upgraded from, uh, hfc 2ft where vmo2 has done, that upgrade itself as a result of the overlay. Thank you.

Thanks James, Jerry hit. You hit the depth question, please.

James Ratzer: Yes, good afternoon, everyone. Thank you for taking the question. So I was interested in following up on the slide you had to discuss the kind of Netomnia Virgin transaction in a bit more detail on slide 22. So you've got a very kind of helpful chart there showing all the cash movements. Could you just run me through also what the debt movements are? Because Netomnia, I think, will have around maybe a bit over GBP 1 billion of debt on closing. Does that all go to nexfibre, or does some of it go to VMO2? And then of the subscribers or the homes, sorry, you've got the 2.5 million homes where VMO2 is going to pay committed wholesale fees on closing. How many subscribers does VMO2 have in that footprint, please?

Mike Fries: Thanks, James. Charlie, you hit the debt question, please.

Charlie Bracken: Yeah. So, first of all, there's no incremental debt going on to VMO2. I'm not sure how much we're disclosing, but I would underline that Next Fiber will have a fully financed business plan to get to 8 million fiber homes. Yeah, with a combination of existing debt, but also the undrawn facilities. So this is a fully financed, cash flow positive Alt-net, which I don't think we can say about all of them. And I think in terms of the details of the numbers, look, let's say that offline, because I'm not entirely sure what we've agreed to disclose or not disclose. But that is the key message, fully financed and no debt into VMO2.

Yeah, so uh, first of all, uh, there's no incremental deck going on to vmo2. I'm not sure how much we're disclosing but I would underline that that next fiber will have a fully financed, uh, business plan to get to 8,500 homes. Yeah, a combination of, uh, existing debt. But also, the undrawn facilities. So this is a fully financed cash flow positive altnet, which I don't think we can say about all of them. Um, and I think in terms of the details of the numbers, let's say that offline because I'm I'm not sure sure what we've agreed to disclose or not disclosed. But uh, but that is the key message fully Finn.

and no debt into BMO to,

And on the 4.6 million homes. Um,

James Ratzer: And then secondly, on the 2.1 million homes that nexfibre will be upgrading, what's VMO2's customer volume in that footprint? And to give us an idea of kind of Lutz's incentive to migrate customers over to FTTH, can you let us know, please, how many customers today within VMO2 have been upgraded from HFC to FTTH, where VMO2 has done that upgrade itself as a result of the overlay? Thank you.

Mike Fries: And on the 4.6 million homes, Andrea, keep me honest, I think you could... We're not disclosing the number of customers today, but-

Andre keep me honest, I think you could we're not disclosing the number of customers today but you can read across from our from our broad, penetration rates to those areas. It's going to roughly equal, our current penetration rates, I think it's a safe bet. Uh Luke, do you want to address the fiber question?

Charlie Bracken: No, we're not-

Mike Fries: You can read across from our broad penetration rates to those areas. It's gonna roughly equal our current penetration rates, I think is a safe bet. Lutz, do you want to address the fiber ho- question?

Yeah. Uh so far we have very uh, a very low number on 5 in our existing uh virtual media 2 cable coverage, right? The majority of our customers in fiber are coming uh, from the fiber network, uh, next fiber owned

Lutz Schüler: Yeah. So far, we're in a very low number on fiber in our existing Virgin Media O2 cable coverage, right? The majority of our customers in fiber are coming from the fiber network Next Fiber owns. And so, we still, no customer is leaving us because of technology. Also, we are able to acquire exactly the same number of customers in the cable network as well as in fiber. So therefore, commercially, we don't have, at the moment, an incentive to put customers on fiber, and therefore we have a low number for now.

Mike Fries: Thanks, James. Charlie, you hit the debt question, please.

Charlie Bracken: Yeah. So, first of all, there's no incremental debt going on to VMO2. I, I'm not sure how much we're disclosing, but I would underline that, that nexfibre will have a fully financed business plan to get to 8 million fiber homes. Yeah, with a combination of existing debt, but also the undrawn facilities. So this is a fully financed, cash flow positive Altnet, which I, I don't think we can say about all of them. And I think in terms of the details of the numbers, look, let's say that offline, because I'm, I'm not entirely sure what we've agreed to disclose or not disclose. But, but that is the key message, fully financed and no debt into VMO2.

And so, um, we we we still know customer is leaving us because of Technology. Also, we are able to acquire exactly the same number of customers in the cable network as well as in fiber. So, therefore commercially we don't have at the moment, an incentive to put customers on fiber and therefore we have a low number for now.

But in this, you should assume in the deal, we've just announced there will be some incentives.

For in, for example, cost to connect wholesale rates, but we're not disclosing those details today.

Thank you, James.

Mike Fries: Yeah, but in this, you should assume in the deal we just announced, there will be some incentives. For example, cost to connect, wholesale rates, but we're not disclosing those details today.

That will conclude the formal question and answer session. I would now like to turn our call over to you Mr. Freeze for closing remarks

Operator: Thank you, James. That will conclude the formal question and answer session. I would now like to turn the call over to you, Mr. Fries, for closing remarks.

Mike Fries: And on the 4.6 million homes, Andrea, keep me honest, I think you could-- we're not disclosing the number of customers today, but you-

Mike Fries: Sure. Thanks for sticking with us, guys. Sorry, we went a little bit over. We had a lot, as you said, to disclose. I just wanna say quickly thank you to everybody on the call today from my team, because this has been a herculean effort, and just about everybody on this call is involved in these transactions and, of course, delivering these results. So thank you to each of you for the great work and, you know, terrific, terrific outcomes. And, look, at the deals we think we're announced today, I'm excited about. I think they unlock both value, but also give us a tactical runway to control our destiny here, specifically in the Benelux region, but also, I think, increasingly in the UK market.

Charlie Bracken: No, we're not trying to.

Mike Fries: Read across from our broadband penetration rates to those areas. It's gonna roughly equal our current penetration rates, I think is a safe bet. Lutz, do you want to address the fiber how question?

Lutz Schüler: Yeah. So far, we have a very low number on fiber in our existing Virgin Media O2 cable coverage, right? The majority of our customers in fiber are coming from the fiber network nexfibre owns. And so, we still, no customer is leaving us because of technology. Also, we are able to acquire exactly the same number of customers in the cable network as well as in fiber. So therefore, commercially, we don't have, at the moment, an incentive to put customers on fiber, and therefore, we have a low number for now.

Sure. Thanks for sticking with us guys. Sorry, we went a little bit over. We had a lot as you said to disclose, I just want to say quickly. Thank you to everybody on the call today from my team because this has been a, a Herculean effort and just about everybody on this call was involved in these transactions and, of course, delivering these results. So thank you to each of you for the great work and and uh, you know terrific, terrific outcomes and look at the deals. We think we're now today, I'm excited about. I think they unlock both value but also give us a tactical Runway to control our destiny here specifically in the Battle of region but also I think increasingly in the UK market. So they're the right kind of deals are exactly what we told you we would do a year ago. I think you can trust us when we tell you where we're focused what we're focused on and how we intend to create value so appreciate you joining us. I know there'll be a lot of questions and follow up, you know where to find us. So thank you everybody.

Mike Fries: So, they're the right kind of deals with exactly what we told you we would do a year ago. I think you can trust us when we tell you where we're focused, what we're focused on, and how we intend to create value. So, appreciate you joining us. I know there'll be a lot of questions and follow up. You know where to find us, so thank you, everybody.

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

Operator: Ladies and gentlemen, this concludes Liberty Global's Q4 2025 investor call. As a reminder, a replay of the call will be available in our investor relations section of Liberty Global's website. There, you can also find a copy of today's presentation materials.

Operator: Thank you, James. That will conclude the formal question and answer session. I would now like to turn the call over to you, Mr. Fries, for closing remarks.

Mike Fries: Sure. Thanks for sticking with us, guys. Sorry, we went a little bit over. We had a lot, as you said, to disclose. I just wanna say quickly thank you to everybody on the call today from my team, because this has been a Herculean effort, and just about everybody on this call is involved in these transactions and, of course, delivering these results. So thank you to each of you for the great work and you know, terrific, terrific outcomes. And look, at the deals we think we're announced today, I'm excited about. I think they unlock both value, but also give us a tactical runway to control our destiny here, specifically in the Benelux region, but also, I think, increasingly in the UK market. So they're the right kind of deals. They're exactly what we told you we would do a year ago.

Mike Fries: I think you can trust us when we tell you where we're focused, what we're focused on, and how we intend to create value. So, appreciate you joining us. I know there'll be a lot of questions and follow-up. You know where to find us. So, thank you, everybody.

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