Featured MEdia
Supply Chains

Denver, Colorado – July 29, 2024 – Liberty Global, a leading international telecommunications and television company, today announced its financial results for the second quarter of 2024, highlighting significant progress in strategic initiatives and financial performance across various markets.

Mike Fries, CEO of Liberty Global, stated:

“Q2 has been another active quarter as we’ve continued to drive our strategic priorities; maximizing the value of our FMCs, leveraging our Ventures portfolio, and taking steps to deliver that value directly to shareholders over time.”

• Sunrise Spin-Off on Track:
  The plan to spin off Sunrise remains on track for Q4 this year. The Sunrise management team will host a Capital Markets Day in Zurich on September 9, 2024. Liberty Global has confirmed its intention to pay a CHF 240 million dividend in 2025.
• U.K. Expansion with Vodafone:
  In the U.K., Liberty Global announced a new, long-term mobile network sharing and spectrum acquisition agreement with Vodafone. The company’s fiber reach now extends over 5 million homes and is rapidly increasing. Preparations for the formation of the fixed NetCo are progressing well.
• Strategic Moves in Europe:
  • Reached a fixed network sharing MOU with Proximus in Belgium.
  • Secured 5G spectrum in the Netherlands at an attractive price.
  • Welcomed Stephen van Rooyen, formerly of Sky, as CEO at VodafoneZiggo.
• Ventures Portfolio Growth:
  Liberty Global continues to rotate capital in its Ventures portfolio, which is independently valued at $3.0 billion. This follows the ~$420 million in proceeds from the sale of its stake in All3Media. The company also announced its intention to take a controlling position in Formula E, the world’s fastest-growing motorsport.
• Robust Financial Strategy:
  Liberty Global’s value creation strategy is supported by a robust balance sheet and disciplined capital allocation model. The company has $3.5 billion in cash and a long-term, fixed-rate debt profile with no material maturities until 2028. As part of its ongoing commitment to shareholder remuneration, Liberty Global has repurchased approximately 5% of its shares outstanding through July 19th, against a target of up to 10% by year-end.

• United Kingdom:
  In a highly competitive market, Liberty Global’s strategy of focusing on value over volume, along with the successful implementation of a price rise, supported a recovery in fixed ARPU.
• Switzerland:
  The company is building operating momentum in both main and flanker brands, driving continued growth in broadband net additions and strong growth in mobile postpaid.
• Netherlands:
  Liberty Global delivered a standout performance, supported by a fixed price rise and solid growth in mobile and B2B segments.
• Belgium:
  As anticipated, financial performance was impacted by a tough comparison from the prior year. However, Liberty Global continues to drive strong fixed ARPU growth and sees positive trading performance following the nationwide launch of the BASE FMC offering.

Liberty Global confirms all 2024 guidance metrics, with the exception of VMO2 revenue, which has been adjusted from “stable to decline” to “low to mid-single-digit decline,” reflecting continued pressure on low-margin mobile hardware revenues.

Liberty Global is a world leader in converged broadband, video, and mobile communications services, with operations in seven countries across Europe under the consumer brands Virgin Media, Telenet, UPC, and VodafoneZiggo. The company’s businesses connect over 10 million subscribers, with annual revenues exceeding $10 billion.