LBTYA - Earnings call transcript Q3 2024

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Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Liberty Global's Third Quarter 2024 Investor Call. This call and the associated webcast are the property of Liberty Global, and any redistribution, retransmission or rebroadcast of this call or webcast in any form without the expressed written consent of Liberty Global is strictly prohibited. [Operator Instructions] 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. slides company's the regarding harbor of statements. forward-looking X details safe the statement Page include within that including forward-looking the may other outlook presentation Today's statements prospects growth historical Litigation with to and Act facts. and expectations future Private and the Reform of not company's XXXX, statements the information respect its are Securities of meaning could or These forward-looking those to expressed implied differ these results statements involve cause certain materially actual risks by that statements. from with amended. the those its detailed in filings Commission, Forms Liberty These and risks including Securities Global's most XX-Q include Exchange and filed recently XX-K as Liberty update its statements expectations forward-looking any based. any Global in conditions to any is disclaims which on obligation any of or change such to reflect any statement these

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

Michael Fries

us thanks and joining everyone, for today. Hello,

lot off turn and we've discuss plans strategic results. of to in cover positive our review going a to it slides to with usual, handful pretty financial got then to ground and developments it some As over kick Charlie our to I'm with you. a of

course, to as and full got the chime with your team who needed. that, get online Of I've management in me questions, today we'll after will

start QX with first the highlights. me slide let So on some

billion share this focuses we're pending Swiss doing which we to while most on scheduled all Sunrise. impactful November X.X we've sure a think you'll of I'm is By after now but valuation the work week. is the of substantial underpinned value is XX each really to right XX% you'd for reduced now debt price. intention roughly an as billion advantaged following is $X.X After our all than today results per the sure has progress a CHF since them. I February, our in see, the you're nothing agree. do drive transaction of entirely just strategic dividend EGM a analyst there's of value, not policy I'm In CHF recognition made is good spinoff enterprise that, subsidiary, levels, Liberty approval and that and equity average X.X announced which this, billion at initiatives last for adjustments progressive the update $XX operational we the in a which plans our dividend or tax million handful mid-XXXX far, had by our Sunrise, $XXX of factors, least quarter, today the to thereafter. several here on share. on more in important pay value That the

theoretically XX% and to also point of our before in that value analysts, call It's our Sunrise to stock this out today, a of portfolio. only despite balance our to our attributed is important our cash and what in more represents growth we any now EBITDA representing of price Telecom And Group, proportionate all nearly moment. that's XX% according on

X.X and fueled continue In U.K., million the existing or footprint fiber. homes, of million XX.X by make create fixed we of largest an company, are on network our full the to finance U.K.'s plans NetCo, X-gig which already progress second to

U.K. either An networks. beginning I that increasing are slowly or know number fixed altnets market think anyone the rationalizing and seek on following things today to both mobile quarter-by-quarter, down. shut recapitalization of are would consolidate,

and quarter OX fixed on Virgin Media this in added subs its continues ARPU to context, base. grow broadband Importantly, in the

additional to everyone should between the positive network likely that and in the market market. merger and Vodafone spectrum remain mobile Virgin which will more stable CMA mobile said approve on OX. while the believe the also We result U.K. benefits have will and We Three deal, for in publicly yielding Media and a

helm BXC the Netherlands. market have to strong drive have. key a you have brought some a focus to across and Welcome, market region. share He's tell now to Benelux been you Stephen developments I'm any pleased the at determination Stephen. on can product BXB. very He's available and sharpened the and consumer the might there for in van already with in Now questions the Rooyen call today

our with on Belgium review Now the in the are fiber cooperate rollout arrangement under is to by there. regulator Proximus

going at a XXX% to portion having approved XX%. would is from without XX% sources. market interest wholesale is reminder, Wyre a the a the As the acceptable financing market business network we this infrastructure in share agreement, large if share wholesale terms roughly our that to on is world-class Even unprecedented. PE with significant and deal of us, really and attract which result balance That's believe across footprint,

of like clear, value we to of telecom all the multiples attractive are the be road if investments. we this down our exiting of putting idea point, optimizing operational investment are returns the high time tax forecast, towards both we believe Benelux, businesses asset work intrigued to these and what and businesses our and continue putting demonstrating remain at to more that from in million the to asset sales, long-term some synergies In at both capture we we've to opportunities. Sunrise substantial dubbed see and $XXX months pay these lower-growth ability the businesses last debt to at have or we portfolio end about in With as XX realized down the our generate capital our financial respect sales, alone, Liberty promised, happen. into what together And were

EBITDA, now sold XX% sold for stake roughly AllXMedia, few IRR leading million We a and debt values appropriate are our for which think for tower we in IRR. portfolio point. a at a of in aware tranches implies around XXx on X data over XX% million of for to recently netting value global marketplace Global. Sunrise. our premier XX% XXx cloud I And of examples million a to a residual $XX pay sold will EBITDA, business, interest help million the total used and We've procuring down an make VMOX's here of on to proportionate a in Liberty portion XXx We're $XXX managing at $XXX with investment. proceeds $XX our applications, was realizing already sold PaxX, EdgeConneX, and investment center interest our just which of

our positions it strategic growth we when ability just comes prove clearly, as profitable and in manner. a So to but continue to adjacencies, those timely invest portfolio, out importantly, our exit to in

up this committed February Liberty year, also shareholder together, with to for repurchase achieving a record year put it we finally, in then year-to-date. you Global. we end acquired remuneration when on goal, XX% and our all our And are this of And at shares that way to X% being will

that will buyback complete. nearly billion, on the Sunrise $XXX And around dividend up add Our billion. to million of $X.X to it's analysts, at according shareholder remuneration a billion $X cap totals market of when with $X.X

And done. today, as we're not cover we'll

assume on Global transaction, have moment update is our slide key last progress closely you including all Nonetheless, dates on Sunrise months. the X we most to the of shareholders, and over on following followed spin Now significant for Liberty a the trading the This the the least. an say that we provide details.

In briefing Friday, this between November this and up of ramping the ADS and X management distribution the tell this shares. itself hard X, address morning, to investor QX all transaction road be And cover very sort closer today week-long remaining from investor the the particular, we date will of So XX:XX SIX our is We'll distribution communications on dry draw At hosting results mechanics. any for own trading on date. that followed elements Liberty Sunrise are show. their second be date call I and you, as November team by record a call, [ also key of can hosting of run, XX. Sunrise November to to conversion working we management you. will ] questions and another starting then

please. or you your this to attend encourage we proxy session, So

It's On simply with messages with days worth moment. Swiss the on flow the compelling SIX. cash Sunrise operating pointing a challenger a attractive important the on in that that an repeat Sunrise market analysts trading in That's shareholders free included that index and be Europe's to following the is out telecom right network fact scale-based the world-class far, optionality we brands, are listing shares significant particular expect we story. resonating and performance compelling most X thus side, A investor also

Understandably, what creation. outlines slide now focus and there's Liberty next after Global happens on following value the Sunrise a what's of been phase quite bit to of And the this spinoff. next

focus One February a on distributing pivots announced was the for unlock renewed assets time is to shareholders big right. when value of the strategic in

and CapEx generation, profile cash first free obvious Given the candidate. it was flow Sunrise

also transactions Telecom, we continue for on other we Moving forward, remaining positions makes managing when call that manner. rotate sense. in strategic focused We'll of our telecom out telecom now capital benefit that shareholders into the Liberty of squarely assets, to what remain

of despite proportionate small of on I've as is revenue of this and is aggregate RGUs, why already to our Liberty And of closer our a Now on to XX% exciting revenue perspective? said, as EBITDA First EBITDA all, today, representing an Sunrise Telecom mentioned, basis. cap around basis. piece XX% analysts, and market a according representing of XX% from I

Telecom billion of the EBITDA. still over post mobile broadband revenue billion $XX and an XX aggregate and million adjusted spin, Liberty represents, $X Sunrise So on basis, of connections,

interest believe little, value we in stock As to very with for spin, prior our any, our to these in assets. Sunrise, we today our intention are if getting

you a crystallization spin going and these and but in infrastructure the creation not and becomes markets, pipeline. strategic As Sunrise that's in All where timing result, as address commercial going are types to a opportunities. of transactions momentum, development U.K. value X keep business updated we're Holland intended drive the today strategy for of that and clear. detail, deleverage into to to any monetize Telecom Liberty Belgium, pursuing opportunities shape the we are other each or like I'm possible structure, Ireland, each

network the and picture we describe sure, an increasing though, towards clearer competitors, would for know with telecom thing is moving as regulatory is sector that rational and a European choices support technology I among behavior of investment. more what for One

brands investing on marquee as did accurately assets Liberty become into premium of businesses which flow, of more here more you'll even Telecom, All as we've X For successful most the assets, both data Liberty investors great in in owned in infrastructure that create this what as and is that? to notice for as over to starters, in more tech, growth previously that media, which E, represent the have that our cash Europe market unique global valuable do of only means infrastructure is or this of Why another should with we described reflects AtlasEdge believe And example, play scale-based meaningful digital sustainable we tailwinds and championship time. the today center a value. Growth. we business. poised examples Formula Ventures goal rebranded massive the portfolio Great opportunities focused racing. well sports together the with include

know, portfolio going you focus is we and value and billion story our as time. think with significant add record Growth, and today, track strategic $X Liberty over our it's on to opportunities, a disciplined to

on also our growing of within This there's and Liberty firms, of formation call internal of another slide, $XXX in is in-house Finally, businesses these IP organization excellent revenue professional contracts, long-term the the time. this separate to our source and to provide we over million story. $XXX platform, yet value provides opportunity see other technology today, Similarly, businesses and the Global has over which contracts. central each partnering monetizing you with services other of businesses within units services and talent on to of creation and technology financial Charlie's underappreciated these ultimately We've million Services. We capital what Liberty third-party and believe past Telecom by pursuant build service which Liberty to talked an IP these family.

Well, Liberty trade where trade transparency valuation In you of our is an Liberty that Sunrise will capital. the right Global for cash to Sunrise Telecom is you to argument, where returns we to can our opinion, to our after if continue complexity, today, you ability it you do. off? get make spin Now $XX math as and need post there, don't Liberty heroic with assign valuations and assets, reduce significant especially to generate demonstrating create growth the

going I'm the to operating Before quickly results slide. on over Charlie, handing our to through walk next it

by positive last positive with postpaid including premium another think the operations management's of broadband quarter and in improvement programs adds, churn Sunrise of to U.K. postpaid in main positioning, continued including Switzerland. cross-selling a is at make sequential the to left, together, in and I mobile Starting And quarter broadband we loyalty quarter, achieved here net all the broadband taken the first into the that top particularly initiatives see FMC. brand. supported improvement a includes adds over commercial third in X quarters, our the more that strong and mobile point adds with return

fixed Meanwhile, the of price by the slowdown ARPU last impacted lapping year's rise. in was

As the XX,XXX postpaid the Capital negative about at ] lower-priced customers Day, result expected very UPC the with And of in we mobile, ARPU usage, substantially out-of-bundle to mobile neutral. remaining brand team flanker indicated growth, drive Markets feel while migrations migration and to dual be the at value net [ continues brand adds. positive Sunrise, we've growth lower completed still that business. reflects In strategy with our

product, to customers new Device-as-a-Service Moments loyalty help to service like Key Sunrise a Now partnerships AI business customer supports brands hero tool, seamlessly. benefit also continues more [ program. the Swiss languages including innovations, Sunrise's strong of ] allows a which X with from access and and handful

So that call learn and follow. roadshow things happening at their you'll more their and to on positive of Sunrise, a lot today about

BASE Telenet And by And this you'll the our expect XX,XXX, XX,XXX broadband a to small market. supported the losses fixed That's year. over competitive part in was improvements the of reach the quarters, we above in this forecast. to moving by South already over in on the the X over improvement well at summer. commercial stand despite last BASE top launch an in past net this see including results of end and customers continued very right,

promotional able postpaid of out, been there of price fixed a another reflect mobile, adds the rise It's return growth growth promotional ARPU by an in supported quarter has market, In 'XX pointing of June modest net worth to X,XXX X.X%. also in including increasingly is we're -- price lower launch, postpaid And seeing positioned anticipating us. despite And price, year-over-year. discounting, that is ARPU value while well brand a keep context. where to BASE we're everyone our packages higher stable DIGI's at

the sequential price-led both the promotions. with at VodafoneZiggo in on bottom right, mobile modest broadband clockwise you'll remains market see losses broadband competitive The moving And and improvement in quarter. very

believe sales Ziggo the While focus back the differentiator of of higher in on ARPU growth our engine Go ] and important marketplace an UEFA strategy, in We the we we see last X fixed a football rights, also our in that's activity over did which [ sales continue to provides resulted through X consistent on given this app. distribution quarters. volume fixed our value

sales nexfibre better we additions much by the was ramp build than Gross quarter. strong. sequentially. base improved performance postpaid a rise BXB some left but supported the Media price a outs despite government was at port to sequentially, up bottom footprint. in higher to a Virgin by Growth postpaid And That marketing local in still And over impacted XX,XXX. year quarter the on related on had nexfibre Mobile contracts. as footprint then broadband second XX% were mobile That's the was new ARPU finally, growth ago. XX% OX was continue

the to the footprint, some to as penetration, BAU see build put market we pressure continue We on AltNets expected. heavy which has which discounting in

due that initiatives have mobile, allow $XX,XXX In much that's churn negative competitive the in ability retain at the losses of improvement investments to quarter, as on the continue deliver over as price we personalized net rise primarily XX% X.X% a the the our supported reduced pricing rises by more capabilities. April, volume was This ARPU well, here more was second our Despite OX. with strategy value environment, us price in experience well today growth to quarter. an fixed over digital these of better to X.X% customer in but of as through to and importantly, our postpaid

activity across at well see to less but end. of lower we're to the our premium whole the at market, deliver ] market, with continue brands Mobile the Tesco end Giffgaff positioned [ the We and

By of and with customer number loyalty ARPU, OX inflation was to higher handset see FMC And ] Christmas successful, VMOX higher including our continued that continues been NPS Postpaid improve Volt businesses, will Friday the by in from building quarter very as rise our And period product QX, launches, Black broadly given trading. price very OX key team our has mix. way, performance initiatives in we impact ARPU [ linked of offset in same and be be and trading for churn. major stable a some to the has switch place with as a all The cohort, customer the QX lower capabilities particular, fixed. digital up, in successful.

needed. back as today after your here on is the I'm Lutz Fortunately, in take a and related he's call questions health to office short the thrilled matter,

So now to you, Charlie. over

Charles Bracken

decrease annualization out sets last decline delivered and rise BXB excluding momentum EBITDA and Despite revenue low-margin slide in mobile revenue the a which largely VOO in QX reported item. X a saw driven offset hardware these by and previously and in X.X%, the And next by the and that's in EBITDA. Media mobile stable across price maintained also a key stable summary X.X%, the the with markets. impact revenue deferred in year-on-year. to revenue $XX in revenues. the exception revenue Virgin construction, in performance And related service the MVNO decline revenue a to fixed year's BXB of challenges, $XX when growth in revenues revenue and headwinds was nexfibre loss broadly year-to-date. a QX mobile due soft comparison QX, of by quarterly OX this of The offset impact partially and wholesale OX, revenue. Telenet was partially ARPU Media experienced decline continued the indeed continued with XXXX, X.X% supported this stable by Media by positive OX both our was decrease remained EBITDA BXB Sunrise by Virgin around subscriptions recognition in driven one-off a million OpCos, a It QX, Virgin growth driven all the sales fixed Mike. contract. handset Thanks, July revenue and the of of million. revenues by revenue of service revenue impacted the fixed and one-off of We of was and again of and reported there

larger step VodafoneZiggo and mobile and driven a by by in customer the rises delivered from fixed price down continued the offset revenues, from growth fixed XXXX. a revenue and decline in stable BXC BXB base fixed

EBITDA by growth, driven was to reported decrease cost in driven the the performance. higher marketing the lower and on by revenue. EBITDA QX stable costs, Moving QX, this revenue sales labor in south driven partially adjusted and increase brand our continued labor but of profit a decrease capture an by offset delivered adjusted offset was in Sunrise of cost and in Telenet of adjusted country. expenses, X.X% the million on the EBITDA This in BASE by growth one-off to and the control, also $XX item. costs which the launch

excluding Media for customer reason by energy The in and Virgin IT the on one-off XXXX profit VodafoneZiggo procurement, EBITDA, as driven savings, well nexfibre particularly contracting decreased as in And adjusted business EBITDA revenue lower key a this finally, services costs. OX's and item decline. QX construction. was cost X.X%, adjusted stable reported service,

higher to agreement. partially the savings related as the increases programming costs to due cost UEFA Champions collective League bargaining offset labor broadcast, by as these However, well were

At of QX flow on next for update the the our full XXXX, of free on companies an capital free cash allocation relieve end our track guidance. ] we Turning the slide, operating [ cash remained to flow our metrics profile year key model. the each to key give supporting

XXXX. our the around be We $XXX end billion the with to of inflow was a and operations paid of continue QX $X.X from million, hold is in in to dividends QX JV to related Cash expected at balance cash substantial QX.

in in up investing We outstanding our million XXXX stock. modestly back with XX% line buybacks executed QX, buy guidance to share assets our and continued growth of approximately of in to our $XXX

market stakes whilst We of on AtlasEdge In on part in a based value our largely $XX around quarter growth around did billion, of of the nexfibre, executing performance. a Laceworks. in portfolio, disposals making ITV and investments operating we fair Televisa write-down closed of $X and our of million, Univision with $XX take million

sum we a finally, highlight parts, to drivers wanted the key of our per our the And on of share turning stock basis. to

share is the fully We still for encouraged closing We doesn't X.X this share have the gap CHF continue valuation value share value billion, the of $XX by Sunrise believe of the Liberty per implies share contribution which valuation to spin and towards price analyst believe to inherent the $XX price. business. first step Sunrise to Global been current of the the $XX a average per

remaining of is Following FMCs. execution portfolio value aim unlock to the our in indeed, cash, our the sitting growth the the spinoff, Sunrise and other

deleveraging book per growth the value The listed share implied after $XX and And combined assets value share stakes is per unlisted cash portfolio share. $XX with Sunrise, when in of Sunrise our for share. per Global equals the the $XX Liberty for each

any in indeed, retain. keep or mind, that value doesn't this remaining to we services Now businesses attribute the FMC

debt position. of our the years. our a life nearly maintain with strong X at debt Turning average to position, We

We siloed and have liquidity, stacks debt consolidated cash continue FMC the significant to at assets. with

which which silos the debt, our extensive is This underlying face attractive debt until overall remain not of lose position allows portfolio, allows us do the strategic benefit our market. debt to debt maturities and independent us term and extending swap remain swaps. bank of those we proactive and the and opportunistic facilitated out debt, our of XXXX, material to in maturities strengthens by bank Our in any not

of a million Earlier consisting successfully issued XXX due this of month, XXXX. notes senior EUR VodafoneZiggo green bond

resulted but an proceeds from of existing average refinance this used life notes, in the in in XXXX. we senior debt. VodafoneZiggo's were the net which leverage to transaction Now due This was increase the neutral,

are cash of to be coming X.Xx. remainder adjusted are flow. on balance, injection from with prior of the EBITDA to X.Xx from meet Sunrise net debt debt record free their to will Global's date Sunrise, cash they corporate the track to we the $X.X the completed cash finalizing At range that Liberty The target paydown billion so

CHF Sunrise, XXX would other our million XXX Telenet, And Media of million the September. OX XXXX refined to in I I million CHF Virgin CHF Capital remaining at like metrics guidance guidance from you wanted to Day reconfirm also our flow VodafoneZiggo. to cash all as CHF then lastly, Sunrise guidance, that Markets XXX to to million free we part and at had remind XXX

Now over that concludes and to for prepared our operator remarks I'd for like hand the to QX, Q&A.

Operator

Robert, Instructions] question the open. now Our first [Operator line Deutsche Bank. with from Robert your comes Grindle of is line

Robert Grindle

both And thank you for in Upp taking takes us perhaps same away bad on effort time, But just U.K. from it a Is on the closer builds, of NetCo speed mix. U.K. tipping on your wholesale the XXX,XXX. this build? bit also fiber, to VMOX incorporate budget. my is close seems just is it question the change at Upp QX Look, many I targets. how the deal? homes point news were pending is think the and to in there's some a a Is XXX,XXX U.K. to a of that little build be ebb on fiber you momentum? upgrade incorporated. there business? depending modest homes Or And Or versus to Organic versus for flow

Michael Fries

back. Welcome

Unknown Executive

sure. Yes,

internal budget. have to Fibre think nexfibre Robert. number. premises really last So a on in meet our But disclosed absolutely XXX,XXX plan to And we Up, we are we is have the the I overall, quarter, not close built which not on slowdown,

is we way haven't year. the our And Up last Up than we Fibre on are higher overall disclosed numbers, to but implement Fibre think I that. So number

seems P&L, all or nor in So any see. there's build. NI no will it on slowdown but let's Fibre hit Neither a that yes, nexfibre. And at bit our Up,

Michael Fries

to any One customers believe of altnet a Yes. don't more and year-to-date Up QX the acquisition there's there, of you're in referring I Rob, That's the there's addition if onwards. figures. -- the

of I they've your at don't question. been the was believe integration by impacted Up. That all So

Robert Grindle

Okay, Lutz. many Welcome thanks. back,

Operator

of the Barclays. Maurice Patrick with Our question next comes from line

Maurice Patrick

XXXX understand back. dull But Also, for just one great, where me, ends have up. questions. couple is the first Lutz, the to modeling central to cash you A quite

So 'XX. sort if your gave number XQ $X.X start with that of billion you you for

Just the moving parts.

things have million got I [ like, cash that's million think you at outperformance billion a $XXX $XXX Venture buybacks. X.X Sunrise, you've presuming of more sales, ], example, E, for

that the of But CHF very to work spend I'm X.X like, for helpful. And just will be you'll the of EV. CHF a you Sunrise around topical us the out for post mean, up parts on cite So you're moving being Sunrise second time the where that doing. number I end things QX with the XX curious a X.X question, spin. It's makes analysts. help just the will obviously I to adjustments TSA consensus think understand billion just Liberty CHF pay billion that million the example, the

think adjust year, million pay million, for you $XX I a If things like $XX example. LTIP, LTIPs, will for Sunrise

Just what's billion? help us understand in the X.X CHF

Michael Fries

that is we're to looked The Listen, the know That's not analysts the that that themselves. number just telling at. it, you address I something. $XX frankly, calculating actual themselves think on may if I go think, have LTIPs the the you numbers or to if always CHF to it X.X billion, embedded. those Maurice, general well a was have you're have going on don't understood taking Michael, the analysts you We're million, comments and question, want on -- or below above how is But they're can I treating line. some quickly. to you And

Unknown Executive

Thanks, Yes. Mike.

general we analysts' parts say, most points as the in. who analysts and the CMD. out And reports after Maurice, just factored of for the largely number Sunrise a were it standalone growth of you think I CMD in the of can a of where into average brought of those published then you the and CMD I It's sum think up. valuations see summed

it's of XXX fair, to cut, be [ yield, next dividend is million to well underpinned a I pretty million a year. ], which flow ] commitment also this tax-efficient fair, ratio. XXX [ be free good cash on is a this think It's by essentially million coverage XXX to

So I think that's the key annotation.

Michael Fries

want You question? Yes. cash the get to

Unknown Executive

Yes.

stakes little that So actually. we securities, where our the cash in probably billion, liquid excess Lionsgate. a be liquid liquidity will $X higher, But doesn't bit look, Vodafone, of ITV, very I think, have include

X.X. our about and of So highlights make that -- Mike's a you a proforma nearly there's lot to on that cash case again could that point here. X, X liquidity is market cap argue can And of value unlock a

Operator

Paribas. Our Joshua with line Mills the next from comes question BNP of

Joshua Mills

I'd like VodafoneZiggo. I couple your Ziggo at to press business. network the in things about that, of your was Vod in Stephen [ you've ] through a ask made experience the the interested having that best comments you on joined business. to recently release talked first restoring going related And confidence actually in

I think and years obvious, with have fiber losing past ramped that over their and it's been the AltNets few the comments cutting builds. price KPN and also up results, from the the you've share

So DOCSIS you of just business in X? my of Do how grow base And stabilize, not fiber? do a you the do think do could need it Is second back growth? take you get to to question. invest with if I question to And order going more perhaps in to that you kind subscriber forward? part if upgrading to case need a is, what this

price than coming harder by Dutch You value the call over talked that increases But about as the to on in back lower value come market. previous now years. book in the are volume may become

front could on give your on [indiscernible]? you comments commentary with as trends customers? book to you Perhaps upsell how any plan pricing any So well

Unknown Executive

Welcome. Thanks me. hear Can for the you question.

Joshua Mills

Yes.

Unknown Executive

focusing. it's in first the couple Look, give the I'll to I I've for and But give question, I a you, I'll been our going a remind and think of less Look, business spend observations you a months. it we're than go about where think -- Thank my big time question. you great.

driven familiar So the promotionally marketplace with fiber. I much they those market been rollout foremost, this at is the that and very of think has moment started the a since know first will and

actually aggressiveness I in not the considering well pretty on think we've the pricing we've promotions. done seen on of level marketplace that but fumble

point. focus My much short at how in the looking will this manage has been at very remain and term, churn we

I of have think consumers, part your fabulous second to to answer a we take proposition question. our

UEFA, to our we customers broader of DOCSIS we which confidence marketplace. today, the the the us faster in Beyond you gives compete. bring We've have we only and we which network the with have with our but the not today, added portfolio. to we also speeds know, in map differentiation part But think to as speed road the bring that reiterate

platform, a But and is which we We headroom on FMC. brilliant VodafoneZiggo we in think, we when together, incredible still We really have competitive have, TV brought for to box the And valuable packages service customers, have I experience. fantastic still our prices. shipped with of mini so business have a an for great a in makes a fantastic our which also, customers. think Vodafone, we increasingly and set

more [ Holland flanker ], which allows that meters. with have sort also takes is the us to a directly price We compete price, the brand Vivo of

I that. think do with more we can

term. value things more we our in the don't rolls said a plan more with sort phase everywhere focus evolves. flanker by hear the it to changing my on and -- bringing high of I before, short they bit can. you'll in coming more In where through brands go I drive out, we part pricing, customers of the as of that quarters our networks. terms of using proposition. But just to is see our on, VodafoneZiggo We managing as try fiber And where a volume as churn see priority fill But competitiveness specifically Wyre for in volume the

Operator

with question of Steve Malcolm comes next Our Redburn. line from the

Stephen Malcolm

for I'll I X can. if Yes. go

you cash upstream update of kind back when back growing remain might low sort press thinking an and of spin to And sort you thoughts on and of is augment number on of stories distributions on. TalkTalk clearer of on or how you then and coming Can a your in the the distress sort you come us shareholder mentioned where give just of done? volumes the view Just to just on sort U.K., want and on give us us kind maybe co an companies trading of is XXs. up, to when the giving the return almost got that

year hasn't kind be we're feels market of you're consolidation, kind yet, and seeing but a it that we but whether it on certainly would on of of storm Because should great. for Just front? to fairly what companies a intense whether the knocking sense more from be of that quite maybe where we sort activity hit, expect your XXXX happened to door, are like waiting

Michael Fries

word math, chuckle because I is co our the everybody question, first co co. the you big they're on do the XX% in current Listen, told company as because the when have actually, remain to use not allowed remain as

is the I talk we the small in when but to that driving I look getting So value What It's going Sunrise to free to of business, forward, that? which indicated businesses foremost, EBITDA need by about like Liberty minus to relatively and scheme the the remarks, the ultimately. things. flow going the Global first mean businesses be, is around going respect do momentum which my prepared with perform we're to in a a and revenue, Sunrise Well, telecom way exactly business, cash is they in as perform creation the fantastic strategy lot strategy. commercial and

operations, U.K. we very I and the building, partnering, in to Ireland, but story to businesses about look doing a Belgium we're these going games go as is infrastructure be, deleveraging lastly, thing then like. transactions, the a those even tell And we're in into and both whatever mentioned think, how positive might when and thing I end in matters, going for arrive. about networks positive for Secondly, and the financing also they strategic the

Nobody be has could price back putting I Sunrise. we each today on think $XX would other from X listed years was case, value stock go just as as the bell, in a opportunity to whether it offs I ago. where with it's become report our describe in spin or create, every see transactions companies, analyst and unrecognized Sunrise. clear

too sense is have people valuation that and to we of that the pursue Yes, month week where benefit for around excited commitment be can because be ahead. I to to a create something I So part transparency the my opportunities quarter. don't part number next price. and think But continue or on or to to can happening on patient, is management going get these we the I types of of you promise one, next there go and urgency next stock hand, want other of the on

Stephen Malcolm

because going more liquidity my description of a organic the of post-Sunrise, be is of less just of to a out to pace Just the cash XXX% Global co, lower. back excuse smaller we company. about Liberty of is remain to shares? stock bit that, buybacks. sort million out be Should Obviously, flow be expect you've back there. to still a There's thinking clarify, I'm it's Mike, clearly, sort the little but be around bit be to just going thinking going a return buying to got used there, opportunity liquidity harder to buy going

be on thoughts Just great. would that

Michael Fries

harder hope stock buying little market may it's we smaller be be a Sure. because than cap Well, might the not.

smaller if the putting hand, the work capital other cap results. achieve market On to to is less the we're than same

buyback historically piece So I think us range. an that we've important for remains And of the the been in equation. XX%

cash requirement of at because what see continuing XXXX company then becomes same to the requirement, smaller obviously a value, our real a Let's present. stock less to that. the buyer dividending we guidance to shareholders time, as But becomes smaller are be do cash a

argue say perhaps the except or cap intend I even to So when much, I make. be to think allocation the you be should allocation that here about you smaller, cash about specific we with to given be and easier buyback would when I'm distributions because smaller market think going that becomes not could capital how the

want you to heard you remarks but call, jump on you U.K. that the there? anything do On add want. to the my AltNets, You Lutz, can in

Lutz Schüler

sustainable have Thank model, too musical majority niches sitting some have that, not some right? table. me, found of round. haven't where business are get are them is like be, but to becomes more and So the you. it. the in them needs and doesn't another plays, the it high. the for Penetration of it But of more AltNets music that build certain happening clear Yes. The chairs, most place, think costs the running And I around picture right? still majority Well, funding their get of the found on what's been obviously, a

equity the and the conversations, there's keep of them and them of And knocking merged are dreaming. but of and also Some therefore question together both right? inflates is door, the on our valuation, most

to so doing something are picture, I out. the will prepared thing doing, work will And for therefore, it's what in to AltNets that. So X how it's right? is paint are happen. clear, not And think sustainable all hard they participate still to it But keep we

to AltNets, promotions X,XXX turn I ago, lost I around, quarter go aggressive which we year way that. compared customers if our X,XXX, roof, in the also mean, can't a right, impacted AltNets from churn churn are We but very small live these by massive, maybe -- from this a didn't if more through it to

how we to rational. I therefore, ultimately will out. agree the in work will participate market to Mike, So get these But think with it's more prepared predict But today, hard will it be I that.

Operator

is General Our next line comes open. with Group. your line Societe Ulrich, Bernstein now the Ulrich from question of Rathe

Ulrich Rathe

I net and in broadband Netherlands. the about quarter wanted in to adds ask Switzerland the

reduced in the at churn reduced back step about a bit on first flanker is is little main broadband comment brand. on you in question In you the the And There churn, has about release, the the you brand second moment? quarter. in by Switzerland. slight talked So Netherlands. have a but you the Switzerland qualified doing Could saying that the been in

this a marketing? I bit The about I think we this you're quarter. expect mean, the broadband. see a benefit is, really sort in like than UEFA at on is why in have marketing the slight losses think I X,XXX you comment I effect Could about it it. bigger little question really Why have release, understand you the point? I was UEFA you from what improvement talking a don't as slower no it, quarter-on-quarter started improvement? of

Michael Fries

Andre, you pick want question to Swiss up first? the

André Krause

Sure. Yes.

where more on are this change churn seen But a the it's impact flanker is as customer time we see meaningful particular. But total So have that off. into on base, fixed we any such, the young quarter-on-quarter. that. some impact on first quite brand, we not And seeing number. running the actually is they not Hence, meaningful customers also a reality the can in

inflow good also is the we absolute evolution that really drives reduction total, the overall in brands. a the in and across terms, churn see positive what So

Operator

Ratzer with Our line from the New next question Street James comes of Research.

James Ratzer

you Thank very much... Yes.

Michael Fries

awkwardly we Stephen. be Stephen, I to jumped want in sure address do ahead, there. Sorry, that to to Go that? get you want they question.

Unknown Executive

Yes, No Mike. problem. get I'll that.

and for product us. pleased the foremost, first So in UEFA we're very

timing a got question you for think issue. I

to through app, Sky go fabulous market really which who The We've Go not build. the at first games customers. only are only customers end to UEFA. the less ] we It Vodafone signed up -- time us covers of gives to free part a as on a Ziggo It the of August. of our a our some will month app, performance of started [ take than place number

of rightly And yet. mentioned, we did see through the through did the our numbers so haven't quarter, in you see, full we we just marketing force as some UEFA pickup our really but seen or

You wait have to that. for

Michael Fries

Operator? Okay.

James Ratzer

Yes. Thank Mike, can me? you hear you.

Michael Fries

Yes. you. Got

James Ratzer

showing got presentation Yes. breakdown possible, revenue trends revenue pack the some main your where Great. fixed Yes, focusing businesses. X in I'd XX really interested James if across here, for yes. be you've service consumer your for Slide in on and the helpful mobile appendix consumer

between quarter what help That's are of and notice the from this that I trends [ got across the mobile QX. And can't all X worse businesses. but of QX territory. those, the X have is X of in kind X So out sticks to And metrics ] negative there. X

turn That's last X.X%. I revenue disclosure, mobile slipped minus specifically, certainly to the rely that the consumer to that adding give do on Does quarter ancillary do you can't you this on a So turn do to price more this big into And think XXXX-XXXX, quarter. you thinking kind be ahead Does that more need I'm of trend on actually for in X.X% How Media we be but minus rises? to to now, from change products? rely looking what help notice Virgin trend around positive? quite given around positive? also

well, that Just interested bit in more digging detail as into in one a please.

Michael Fries

Sure.

can Right? quarter. Every -- the We Lutz, we're And And piece to different still very mean, think, good the print to green number see the the this has every I you we in you historically, it's, I break deal with So VodafoneZiggo. bits. understand various market do a VMOX get ready want to it. explanation. specifically. a apart, way business

Stephen's is heard a value for equation This each and comments, You volume both a market. positive. that's

quarter prior we So years. than in taking And much -- year QX lower rises. prior in rises pretty QX, year, price big were are the from last price this

be about VMOX rather try thing. into expectation you to a in the just run, well volumes specifically. U.K. with I say, to almost in slightly long that. pretty on saw cases it's driving think is to thinking get is hope of part as different And everywhere ARPU So we're and/or high to again, to speak strong increases in always ARPU want market, In positive. up we you want as and general to volume that do do I'd of I certainly I'm the every getting it's comparator number. comments, really a this we of that And or raise. think fixed, a holding the to think positive smaller that presented storyline. pick price growing price no though, be I to really to year-over-year Switzerland, so whether I impacting back make to starting we're you of then it's do the increases, 'XX mobile positioned want that And much inevitably, volume And slide other if going year. the do I ARPU being And growth in as the broadband. some Lutz, and be to ARPU, specifically? you are in that, case cases, that going a going seeing price would

Unknown Executive

the build price the the fixed on To all, so you U.K. on X. of -- consumer first I probably mean, on quarter that, -- in apply Yes. the side rise in

chance react clear therefore, lower already it's the so in And to to and to it it. quarter X, that had customers

X because keep proud customer we this growth. X.X% look since first of years. is this in the the again the fixed the on is growth price And side, back, to the majority are rise time managed very, the Now very have you we about when

now growing in So break first in U.K. we the we that year QX -- have 'XX, since are revenue. fixed in service And fixed. absolutely a the trend again,

on service that presented the revenue Global insurance think has not I mobile handset if in it. are way Liberty I'm sales the the here mistaken, there side,

And Charlie minus I'm that so a call. mistaken. the X.X%, not to And this around you beginning revenue the mobile service one-off you is of spoke about out, the if when then at get think take I

did XX% mistaken. year's rise. reacting rise a And than so is if it I'm a very last comparator the price people worse to or QX. because price we Same something, got not tough bit thing, And of

said to the And take will term, a in we to fixed. also numbers how have customer same customer we get beginning, than of Mike in long our clear the we data the it at the green side around in customer It's base. what very on see mobile every

personal to can are We it we surprise building the packaging, for also play have think that in revenue the is retained now And and I it pricing using thing AI convergence. we that the then same we have and wouldn't helps and that a for fixed. machine anybody us optimize mobile

Michael Fries

about want [indiscernible]? Andre? you Lutz. to Yes. Thanks, Andre, Thanks. talk

André Krause

Yes.

last the on I first would fact much say by driven our was pretty year July. of So rise price that the

pricing pressure, last of migrating end numbers, we on an know, are by So full former as a with we see come and say many XXX,XXX should have have the that the UPC large. talked we this well. the the as Then side, comes alone, about I towards customers by year. fixed of why to Markets deterioration you some our would Capital the That customers in over Day That's you and portfolio that quarter-on-quarter quarter Sunrise end in annualization. a right

to I more third more have for and And seeing in included campaigns exposure important thirdly, consumption we higher been which a also think in quarter being through and note has year. the tariffs, the are past we more that roaming to larger seasonal always roaming, more the an element is of selling

as QX from the So such, components to QX. explaining numbers X the those are of evolution

Michael Fries

the yes. next to Great. Operator, get question,

Operator

] Shaw comes of with Our UBS. from the [ Druva line question next

Unknown Analyst

net into momentum postpaid Just U.K. more. a in add bit the the digging

should that expect done what improvement there showed in But to significant VMOX quarter So this change due to minimize those we in the marked then year. stay and growth into to in inflect is in QX competitive not, you forward, going And if losses those the dynamics any differently And obviously losses? a in market? XXXX?

Michael Fries

do that? you address want to Lutz,

Unknown Executive

Yes, sure.

material So in market. any we changes don't see the

so very are really we market, competitive. the the ], much hardware, ID Why And Mobile right, have, we with better? we very our doing deal and to good with think the aggressive, customers is and low of Apple, are you So are only a way. a market Samsung, optimized of right, the see levers: selling in passing we way this this end growth. very I one, good [ as such the they are we is MVNO part market where and have through the X

Virgin have we did I all optimized we OX therefore lowing mean, and who in the And the And that. upgrades now the do migrated customers thirdly, Second, it to we churn. have left how not the way all Mobile ones like them like meantime. And of customers. didn't become have

So see you impact these don't anymore.

guidance lot is put Friday have offers. believe, in I a giving mean, for not But effort are we mean, right, strong competitive And Black we I coming. a QX. we to of

campaign, have a We it. for Christmas wait great

our is grow, don't give And a This we but to guidance right? here. so ambition, we are here

absolutely the now our important trend this most of the in break quarter only but also QX, to it's see So year. ambition not in

Michael Fries

X time I've operator. right. All got for more question,

Operator

registered questions time. will answer session. no conclude this That at are There and the question

Michael Fries

a minutes, Andre mechanics November that. joining, just into reminder, And for be of on joining. Take only briefing anyone for in a we'll we could back dial X, spin you the Hoping everybody, XX the reminder team with will And focused Thanks, care. we'll And you on presentation. as earnings Sunrise and you appreciate itself. soon. a and on have the to speak

Operator

Ladies and Investor Liberty Global's Quarter concludes Third Call. XXXX gentlemen, this

find presentation a the a available Global's today's copy of of As section of Relations also be Investor a materials. reminder, There, will can Liberty in website. replay you call the

Liberty Global (LBTYK) 30 Oct 242024 Q3 Earnings call transcript