Reconfirming commitment to create and deliver value to shareholders

Liberty Global Ltd. announces its Q1 2025 financial results.

CEO Mike Fries stated, "In our year-end investor call we outlined the core strategies we are undertaking to create and deliver value to shareholders following the successful spin-off of our Swiss subsidiary Sunrise. We made good progress on these plans in the first quarter of 2025.

Our Liberty Telecom operations demonstrated resilience in competitive markets, with Virgin Media O2 returning to growth in revenue and Adjusted EBITDA¹, and VodafoneZiggo launching the first of a series of initiatives to regain commercial momentum.
Financing and monetizing our network infrastructure remains a key priority, with Virgin Media Ireland expected to reach 80% of homes with fiber by year-end, and Telenet advancing discussions on rationalizing the fiber market in Flanders with Proximus. In the UK, we have decided to pause VMO2's potential NetCo stake sale process to align with our JV partner, but remain opportunistic on both network upgrade and development opportunities.
In our Liberty Growth portfolio, we remain committed to realizing $500-$750 million of asset disposals and to prioritizing our scale-based investments, including Formula E which has had a successful launch to Season 11 of the global racing championship.
The FMV of the portfolio increased to $3.3 billion², with the top seven investments still comprising ~75% of the value.
And our Liberty Services platforms in finance and tech continue to scale and generate positive Adj. EBITDA and Adj. EBITDA less P&E Additions, with Liberty Blume officially launching its B2B marketing campaign.

Across the group, our clear focus on unlocking shareholder value remains, as we resumed buybacks during the quarter towards our 'up to 10% of shares' target for 2025. The balance sheets of our core operating businesses are strong with no maturities until 2028³, and low borrowing costs. Finally, it's worth noting that Sunrise continues to trade well in the current macro environment following the spin-off, at over $10 per share of implied value to Liberty Global shareholders.

Our guidance at the Liberty Global corporate level remains unchanged, as does the guidance for all of our Liberty Telecom operations with the exception of VodafoneZiggo where we have revised guidance to align with management's new long-term growth strategy."

Key Summary of Operating and Financial Highlights^4,5

	Three months ended March 31,						Increase/(decrease)
	2025			2024			Reported %		Rebased %
	in millions, except % amounts

Revenue
Telenet	$	759.7		$	762.6		(0.4	)	2.7
VM Ireland		115.8			123.0		(5.9	)	(2.9	)
Consolidated Liberty Telecom		875.5			885.6		(1.1	)
Liberty Growth		96.6			14.3		575.5		(32.8	)
Liberty Services & Corporate		234.5			255.5		(8.2	)	(11.3	)
Consolidated intercompany eliminations		(35.4	)		(64.1	)	N.M.		N.M.
Total consolidated	$	1,171.2		$	1,091.3		7.3		(5.3	)

Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV	$	3,126.3		$	3,282.8		(4.8	)	(4.2	)
VodafoneZiggo JV	$	1,052.0		$	1,114.0		(5.6	)	(2.6	)

Earnings (loss) from continuing operations
Liberty Global Consolidated	$	(1,323.3	)	$	634.5		(308.6	)
Liberty Growth	$	(13.3	)	$	(4.7	)	(183.0	)
Liberty Services & Corporate	$	(1,406.2	)	$	717.0		(296.1	)

Adjusted EBITDA
Telenet	$	301.6		$	308.4		(2.2	)	0.8
VM Ireland		37.2			40.0		(7.0	)	(4.1	)
Consolidated Liberty Telecom		338.8			348.4		(2.8	)
Liberty Growth		8.4			(0.4	)	2,200.0		(36.3	)
Liberty Services & Corporate		(12.6	)		(30.3	)	58.4		44.9
Consolidated intercompany eliminations		(10.0	)		(34.7	)	N.M.		N.M.
Total consolidated	$	324.6		$	283.0		14.7		2.0

Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV	$	1,073.4		$	1,073.6		—		0.6
VodafoneZiggo JV	$	463.1		$	519.0		(10.8	)	(8.0	)

	Subscriber Variance Table — March 31, 2025 vs. December 31, 2024
	Fixed-Line Customer Relationships		Broadband Subscribers		Total RGUs		Postpaid Mobile Subscribers
	Fixed-Line Customer Relationships		Broadband Subscribers		Total RGUs		Postpaid Mobile Subscribers

Consolidated Reportable Segments:
Telenet	(11,800	)	(2,100	)	(43,900	)	(3,700	)
VM Ireland	(2,000	)	(1,000	)	(11,500	)	900
Total Consolidated Reportable Segments	(13,800	)	(3,100	)	(55,400	)	(2,800	)

Nonconsolidated Reportable Segments:
VMO2 JV	(46,000	)	(44,000	)	(286,500	)	(122,800	)
VodafoneZiggo JV	(40,500	)	(31,000	)	(135,900	)	29,100

VMO2

VMO2 delivers growth in guided revenue and Adjusted EBITDA metrics and reaffirms all 2025 guidance

VMO2's first quarter results saw a return to growth in both revenue and Adj. EBITDA on a guidance basis, representing a sequential improvement versus Q4. Despite a highly competitive environment, VMO2 continues to drive more value across the fixed base, maintaining ARPU growth. In mobile, the planned acquisition of spectrum from the VOD/3 merger will further strengthen VMO2's network position, alongside customer and digital initiatives to improve commercial momentum.

Highlights for Q1

Fixed strategy update: Announcing pause of NetCo stake sale process to align with JV partner's strategic review; also adjusting nexfibre's build ambition to 2.5 million cumulative premises (currently at 2.2 million) by year-end 2025, retaining capital discipline in an increasingly irrational altnet environment and remaining opportunistic around M&A
Fibre UP: Progressing with the upgrade of existing network to fiber, with a combined fiber footprint now at 6.8 million⁶ premises and launched trials of giffgaff broadband to increase reach and leverage VMO2's wholesale capabilities
On track to acquire spectrum: Plan to acquire spectrum licenses from VOD/3 merger remains on track and will strengthen VMO2's network position considerably

Q1 Financial Highlights (in U.S. GAAP, as reported by Liberty Global)⁷

Revenue of $3,126.3 million, -4.8% YoY on a reported basis and -4.2% on a rebased⁸ basis
- Primarily driven by the net effect of (i) lower construction revenue from nexfibre and (ii) lower handset sales, partially offset by (a) higher fixed ARPU and (b) an increase in mobile service revenue, with each revenue category as defined and reported by the VMO2 JV
Adjusted EBITDA⁹ of $1,073.4 million, flat YoY on a reported basis and +0.6% on a rebased basis
- Primarily driven by cost efficiencies, partially offset by a decrease in the nexfibre construction impact to Adjusted EBITDA
Property and equipment additions of $594.2 million, -13.4% YoY on a reported basis and -12.8% on a rebased basis
Adjusted EBITDA less P&E additions⁹ of $479.2 million, +23.6% YoY on a reported basis and +24.3% on a rebased basis
Cash flows from operating activities of -$81.0 million, cash flows from investing activities of -$692.0 million, and cash flows from financing activities of -$773.0 million

Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)¹⁰

Revenue of £2,480.1 million, -4.2% YoY on a reported and rebased basis
Revenue excluding handsets and the impact of nexfibre construction of £2,111.5 million, +0.4% YoY on a reported and rebased basis
Adjusted EBITDA of £914.1 million, -1.3% YoY on a reported and rebased basis
- Q1 2025 included the benefit of £62.6 million of U.S. GAAP/IFRS differences, primarily related to (i) the VMO2 JV's investment in CTIL and (ii) leases
Adjusted EBITDA excluding the impact of nexfibre construction of £921.7 million, +0.8% YoY on a reported and rebased basis
The drivers of these IFRS changes are largely consistent with those under U.S. GAAP as detailed above

Q1 Operating Highlights

Broadband net losses of 44,000, primarily driven by elevated churn following a high level of market discounting during Q1
Postpaid net losses of 122,800, primarily driven by lower value B2B customer disconnections, while consumer performance improved compared to Q1 2024
Fixed ARPU maintained positive growth supported by value focus and improved retention, with a 1.6% YoY increase in Q1 ahead of price rise implementation in Q2

2025 VMO2 guidance (in IFRS)⁽ⁱ⁾

We are confirming¹¹:
- Growth in revenue excluding handsets and the impact of nexfibre construction
- Growth in Adjusted EBITDA excluding the impact of nexfibre construction
- P&E additions of £2.0 to £2.2 billion
- Adjusted FCF and cash distributions to shareholders both in the range of £350 to £400 million

(i)

Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) and cash flow from operating activities for Adjusted EBITDA, Adjusted EBITDAaL and Adjusted FCF guidance for Liberty Global and each of its OpCos cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including: the components of non-operating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/loss from continuing operations, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly from period to period.

VodafoneZiggo

VodafoneZiggo launches new strategic plan and revises 2025 guidance

VodafoneZiggo's first quarter results were heavily impacted by the intensely competitive environment, particularly in the fixed market. During the quarter, we launched new front book propositions which are the first part of a wider strategic plan to regain commercial momentum. While the new strategic plan and market environment will impact VodafoneZiggo's 2025 guidance, notably driving a steeper than expected Adj. EBITDA decline, it will position the company for growth and future-proof the network through an accelerated DOCSIS 4.0 upgrade plan.

Highlights for Q1

Customer experience: Launched a new fixed front book portfolio with a focus on reliable connectivity through Wifi Guarantee, a first in the Dutch market
Strategy evolution under new CEO: VodafoneZiggo continues to implement the new strategy with a focus on regaining commercial momentum and creating a leaner and more agile organization
Guidance update: To support the key investments needed to drive long-term commercial momentum, VodafoneZiggo is revising 2025 guidance as outlined below

Q1 Financial Highlights (in U.S. GAAP)

Revenue of $1,052.0 million, -5.6% YoY on a reported basis and -2.6% on a rebased basis
- Primarily driven by (i) a decline in the consumer fixed base, (ii) lower handset sales and (iii) lower B2B mobile revenue, partially offset by (a) price indexation, (b) strong growth in Ziggo Sport Totaal revenue and (c) continued growth in B2B fixed revenue
Adjusted EBITDA of $463.1 million, -10.8% YoY on a reported basis and -8.0% on a rebased basis
- Primarily driven by (i) the aforementioned decrease in revenue, (ii) higher programming costs related to the UEFA broadcast and (iii) higher labor costs related to the collective labor agreement, partially offset by (a) cost control measures in areas such as customer service, IT and procurement and (b) lower energy costs
Cash flows from operating activities of $192.3 million, cash flows from investing activities of -$142.4 million and cash flows from financing activities of -$667.2 million

Q1 Financial Highlights (in U.S. GAAP) in local currency

Revenue of €999.1 million, -2.6% YoY on both a reported and rebased basis
Adjusted EBITDA of €439.7 million, -8.0% on both a reported and rebased basis

Q1 Operating Highlights

Broadband net losses of 31,000, primarily driven by continued promotional intensity, despite early signs of improvement in churn following the migration of existing customers to the new front book
Postpaid net adds of 29,100, primarily driven by growth in B2B
Fixed ARPU increased 1.5% YoY, supported by the prior year's price adjustment
Implemented an increase in download speeds across the existing broadband portfolio in March

2025 VodafoneZiggo guidance (in U.S. GAAP)

We are confirming:
- P&E Additions to sales: 20-22%
We are updating:
- Low-single digit decline in revenue growth (updated from broadly stable)
- Mid to high-single digit decline in Adjusted EBITDA growth (updated from low-single digit decline)
- Adjusted FCFof €200-€250 million (updated from around €300 million)¹²
- Cash distributions to shareholders of €200-€250 million (updated from around €300 million)

Telenet

Telenet delivered strong fixed ARPU and revenue growth, on track to deliver full-year guidance

Telenet's first quarter results demonstrated resilience in the face of a competitive environment, with growth in revenue and Adj. EBITDAaL. Telenet continues to leverage the BASE brand to drive growth in the South of Belgium and BASE's status as a challenger brand means it is well positioned to defend in the mobile-only segment. Elsewhere, Wyre continues to advance the FTTH build while also making progress with Proximus and Belgian regulators on the FTTH-sharing agreement announced last year.

Highlights for Q1

Competitive environment: An intensely competitive environment in Belgium remains, resulting in pressure on the Telenet brand with BASE partly compensating
Price adjustment: Announced a price adjustment of ~3% on the Telenet brand which took effect from April
FTTH: Wyre is on track to build an additional 375,000 FTTH homes passed by year-end 2025 and continued to make progress with Proximus and regulators regarding FTTH-sharing agreement

Q1 Financial Highlights (in U.S. GAAP, as consolidated by Liberty Global)

Revenue of $759.7 million, -0.4% YoY on a reported basis and +2.7% on a rebased basis
- Primarily driven by (i) higher programming revenue and (ii) the benefit of the June 2024 price indexation, partially offset by (a) lower handset revenue and (b) lower interconnect revenue
Adjusted EBITDA of $301.6 million, -2.2% YoY on a reported basis and +0.8% on a rebased basis
Adjusted EBITDAaL of $301.3 million, -2.2% YoY on a reported basis and +0.8% on a rebased basis
- Primarily driven by (i) the increase in revenue, (ii) lower network operating costs and (iii) cost control measures, partially offset by (a) an increase in programming costs, (b) higher staff-related expenses following the mandatory 3.6% wage indexation as of January and (c) increased sales and marketing costs
Property and equipment additions of $246.7 million, +34.3% YoY on a reported basis and +32.4% on a rebased basis
Adjusted EBITDA less P&E Additions of $54.9 million, -56.0% YoY on a reported basis and -54.1% on a rebased basis
Cash flows from operating activities of $185.0 million, cash flows from investing activities of -$198.9 million and cash flows from financing activities of -$21.8 million

Q1 Financial Highlights (in IFRS, as guided to and aligned with bondholder covenants)¹⁰

Revenue of €721.2 million, +2.7% YoY on both a reported and rebased basis
Adjusted EBITDA of €323.8 million, +2.8% YoY on both a reported and rebased basis
- Q1 2025 included the benefit of €37.4 million of U.S. GAAP/IFRS differences, primarily related to (i) sports and film broadcasting rights and (ii) leases
Adjusted EBITDAaL of €304.0 million, +2.6% YoY on both a reported and rebased basis
The drivers of these IFRS changes are largely consistent with those under U.S. GAAP as detailed above

Q1 Operating Highlights

Broadband net losses of 2,100, primarily due to continued elevated churn on the Telenet brand, which was only partially offset by growth in BASE
Postpaid net losses of 3,700, primarily due to the intensely competitive market environment following the Digi launch, despite better performance from BASE following portfolio adjustments during Q1
Fixed ARPU in Q1 saw continued growth of 2.8% supported by the June 2024 price rise, ahead of a ~3% adjustment which took effect from April

2025 Telenet guidance (in IFRS)¹³

We are confirming:
- Broadly stable revenue (FY 2024: €2,851.4 million)
- Low to mid-single digit decline in Adjusted EBITDAaL (FY 2024: €1,279.9 million)
- P&E Additions as a percentage of revenue of around 38%
- Adjusted FCF between -€180.0 and -€150.0 million

Virgin Media Ireland

Virgin Media Ireland continues to drive transformation into full fiber operator

Virgin Media Ireland's first quarter results were impacted by the competitive environment in Ireland which remains intense, driving modest revenue and Adj. EBITDA declines. Despite the market dynamics, Virgin Media Ireland continues to make strong progress against its key strategic priorities including FTTH rollout, wholesale penetration and offnet footprint expansion.

Highlights for Q1

Network upgrade: Continued to deliver on full fiber upgrade project, with over half of premises upgraded to full fiber at the end of Q1
Fiber momentum: Almost 60k fiber customers on Virgin Media Ireland's network at the end of Q1, including Wholesale customers

Q1 Financial Highlights (in U.S. GAAP)

Revenue of $115.8 million, -5.9% YoY on a reported basis and -2.9% on a rebased basis
- Primarily driven by (i) lower fixed and mobile revenue resulting from the intense competitive environment and (ii) lower advertising revenues at VMTV, partially offset by continued strong growth in B2B wholesale revenue
Adjusted EBITDA of $37.2 million, -7.0% YoY on a reported basis and -4.1% on a rebased basis
- Primarily due to (i) the aforementioned revenue decline, (ii) the parallel running of IT systems and (iii) higher labor costs following annual salary increase
Cash flows from operating activities of $12.2 million, cash flows from investing activities of -$41.2 million, and cash flows from financing activities of $29.1 million

Q1 Financial Highlights (in U.S. GAAP) in local currency

Revenue of €110.0 million, -2.9% YoY on both a reported and rebased basis
Adjusted EBITDA of €35.3 million, -4.1% YoY on both a reported and rebased basis

Q1 Operating Highlights

Broadband net losses of 1,000, primarily due to continued competitive intensity in the market
Postpaid net adds of 900, a sequential and YoY improvement, primarily due to reduced churn
Over 1.4 million addressable homes, including offnet footprint

Consolidated Leverage & Liquidity

Total principal amount of debt and finance leases: $9.4 billion
Average debt tenor¹⁴: 3.5 years, with ~32% not due until 2029 or thereafter
Borrowing costs: Blended, fully-swapped cost of debt was 3.7%

The following table⁽ⁱ⁾ details the U.S. dollar equivalents of our liquidity¹⁵ position at March 31, 2025, which includes our (i) cash and cash equivalents, (ii) investments held under SMAs and (iii) unused borrowing capacity:

	Cash				Unused
	and Cash				Borrowing		Total
	Equivalents		SMAs⁽ⁱⁱ⁾		Capacity⁽ⁱⁱⁱ⁾		Liquidity
	in millions

Liberty Global and unrestricted subsidiaries	$	849.8	$	77.9	$	—	$	927.7
Telenet		1,119.9		—		664.9		1,784.8
VM Ireland		12.9		—		108.1		121.0
Total	$	1,982.6	$	77.9	$	773.0	$	2,833.5

_______________
(i)		Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.
(ii)		Represents our SMA in a leveraged structured note issued by a third-party investment bank.
(iii)		Our aggregate unused borrowing capacity of $0.8 billion¹⁶ represents maximum undrawn commitments under the applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing.

The following table⁽ⁱ⁾ details the March 31, 2025 U.S. dollar equivalents of the (i) outstanding principal amounts of our debt and finance lease obligations, (ii) expected principal-related derivative cash payments or receipts and (iii) swapped principal amounts of our debt and finance lease obligations:

			Finance		Total Debt		Principal Related			Swapped Debt
			Lease		& Finance Lease		Derivative			& Finance Lease
	Debt		Obligations		Obligations		Cash Payments			Obligations
	in millions

Telenet	$	7,070.7	$	2.5	$	7,073.2	$	(133.3	)	$	6,939.9
VM Ireland		973.0		—		973.0		—			973.0
Other⁽ⁱⁱ⁾		1,360.7		31.6		1,392.3		—			1,392.3
Total	$	9,404.4	$	34.1	$	9,438.5	$	(133.3	)	$	9,305.2

_______________
(i)		Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.
(ii)		Debt amount includes a loan of $1,360.1 million backed by the shares we hold in Vodafone Group plc.

Liberty Global Consolidated Q1 Cash Flows

	Three months ended March 31,				Increase/(decrease)
	2025		2024		Reported %
	$ in millions, except % amounts

Liberty Global Consolidated Cash Flows:
Cash provided by operating activities of continuing operations	129.2		91.3		41.5	%
Cash provided (used) by investing activities of continuing operations	52.5		(63.9	)	182.2	%
Cash used by financing activities of continuing operations	(66.2	)	(240.7	)	72.5	%

Adjusted FCF from continuing operations	(141.2	)	(151.8	)	7.0	%
Distributable Cash Flow from continuing operations	(141.2	)	(151.8	)	7.0	%

Financial Highlights (in U.S. GAAP)^4,5

The following tables present (i) selected financial information for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis. Adjusted EBITDA and Adjusted EBITDA less P&E Additions for Consolidated Continuing Operations, Liberty Growth and Liberty Services & Corporate are non-GAAP measures. For reconciliations, additional information on how these measures are defined and why we believe they are meaningful, see the Glossary and Reconciliations sections of the Appendix.

	Three months ended						Increase/(decrease)
	March 31,						Increase/(decrease)
Revenue	2025			2024			Reported %		Rebased %
	in millions, except % amounts

Telenet	$	759.7		$	762.6		(0.4	)	2.7
VM Ireland		115.8			123.0		(5.9	)	(2.9	)
Consolidated Liberty Telecom		875.5			885.6		(1.1	)
Liberty Growth		96.6			14.3		575.5		(32.8	)
Liberty Services & Corporate		234.5			255.5		(8.2	)	(11.3	)
Consolidated intercompany eliminations		(35.4	)		(64.1	)	N.M.		N.M.
Total consolidated	$	1,171.2		$	1,091.3		7.3		(5.3	)

Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV	$	3,126.3		$	3,282.8		(4.8	)	(4.2	)
VodafoneZiggo JV	$	1,052.0		$	1,114.0		(5.6	)	(2.6	)

_______________

N.M. - Not Meaningful

	Three months ended						Increase/(decrease)
	March 31,						Increase/(decrease)
Adjusted EBITDA	2025			2024			Reported %		Rebased %
	in millions, except % amounts

Telenet	$	301.6		$	308.4		(2.2	)	0.8
VM Ireland		37.2			40.0		(7.0	)	(4.1	)
Consolidated Liberty Telecom		338.8			348.4		(2.8	)
Liberty Growth		8.4			(0.4	)	2,200.0		(36.3	)
Liberty Services & Corporate		(12.6	)		(30.3	)	58.4		44.9
Consolidated intercompany eliminations		(10.0	)		(34.7	)	N.M.		N.M.
Total consolidated	$	324.6		$	283.0		14.7		2.0

Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV	$	1,073.4		$	1,073.6		—		0.6
VodafoneZiggo JV	$	463.1		$	519.0		(10.8	)	(8.0	)

_______________

N.M. - Not Meaningful

	Three months ended						Increase/(decrease)
Adjusted EBITDA less P&E Additions	March 31,						Increase/(decrease)
Adjusted EBITDA less P&E Additions	2025			2024			Reported %		Rebased %
	in millions, except % amounts

Telenet	$	54.9		$	124.7		(56.0	)	(54.1	)
VM Ireland		(5.7	)		0.6		(1,050.0	)	(1,160.0	)
Consolidated Liberty Telecom		49.2			125.3		(60.7	)
Liberty Growth		6.6			(1.9	)	447.4		81.1
Liberty Services & Corporate		(16.8	)		(36.2	)	53.6		41.5
Consolidated intercompany eliminations		—			(25.2	)	N.M.		N.M.
Total consolidated	$	39.0		$	62.0		(37.1	)	(59.6	)

Nonconsolidated 50% owned Liberty Telecom:
VMO2 JV	$	479.2		$	387.8		23.6		24.3
VodafoneZiggo JV	$	256.2		$	274.3		(6.6	)	(3.8	)

_______________

N.M. - Not Meaningful

	Operating Data — March 31, 2025
	Homes Passed	Fixed-Line Customer Relationships	Broadband Subscribers	Total RGUs	Postpaid Mobile Subscribers	Total Mobile Subscribers⁽ⁱ⁾
	Homes Passed	Fixed-Line Customer Relationships	Broadband Subscribers	Total RGUs	Postpaid Mobile Subscribers	Total Mobile Subscribers⁽ⁱ⁾

Consolidated Reportable Segments:
Telenet	4,216,600	1,955,400	1,716,700	4,111,900	2,671,300	2,853,700
VM Ireland	1,005,200	391,300	362,200	718,700	137,600	137,600
Total Consolidated Reportable Segments	5,221,800	2,346,700	2,078,900	4,830,600	2,808,900	2,991,300

Nonconsolidated Reportable Segments:
VMO2 JV	16,244,500	5,790,100	5,694,900	11,942,300	15,713,200	35,618,400
VodafoneZiggo JV⁽ⁱⁱ⁾	7,590,400	3,375,400	3,076,400	7,620,300	5,328,300	5,602,900

	Subscriber Variance Table — March 31, 2025 vs. December 31, 2024
	Homes Passed	Fixed-Line Customer Relationships	Broadband Subscribers	Total RGUs	Postpaid Mobile Subscribers	Total Mobile Subscribers⁽ⁱ⁾
	Homes Passed	Fixed-Line Customer Relationships	Broadband Subscribers	Total RGUs	Postpaid Mobile Subscribers	Total Mobile Subscribers⁽ⁱ⁾

Organic Change Summary

Consolidated Reportable Segments:
Telenet	42,900	(11,800)	(2,100)	(43,900)	(3,700)	(16,400)
VM Ireland	2,500	(2,000)	(1,000)	(11,500)	900	900
Total Consolidated Reportable Segments	45,400	(13,800)	(3,100)	(55,400)	(2,800)	(15,500)

Q1 2025 Consolidated Reportable Segments Adjustments:
Telenet	13,200	—	—	—	—	—

Nonconsolidated Reportable Segments:
VMO2 JV	400	(46,000)	(44,000)	(286,500)	(122,800)	(34,100)
VodafoneZiggo JV⁽ⁱⁱ⁾	10,200	(40,500)	(31,000)	(135,900)	29,100	19,200

	Subscriber Variance Table — March 31, 2025 vs. March 31, 2024
	Homes Passed	Fixed-Line Customer Relationships	Broadband Subscribers	Total RGUs	Postpaid Mobile Subscribers	Total Mobile Subscribers⁽ⁱ⁾
	Homes Passed	Fixed-Line Customer Relationships	Broadband Subscribers	Total RGUs	Postpaid Mobile Subscribers	Total Mobile Subscribers⁽ⁱ⁾

Organic Change Summary

Consolidated Reportable Segments:
Telenet	91,700	(37,200)	(7,700)	(162,500)	(5,200)	(45,400)
VM Ireland	18,100	(10,200)	(6,000)	(63,300)	3,400	3,400
Total Consolidated Reportable Segments	109,800	(47,400)	(13,700)	(225,800)	(1,800)	(42,000)

Consolidated Reportable Segments Adjustments:
Telenet	(75,700)	—	—	—	—	—

Nonconsolidated Reportable Segments:
VMO2 JV	18,900	(34,700)	(28,000)	(686,700)	(226,800)	293,500
VodafoneZiggo JV⁽ⁱⁱ⁾	57,200	(142,400)	(104,200)	(486,700)	13,800	(39,100)

Nonconsolidated Reportable Segments Adjustments:
VMO2 JV	—	—	—	—	(34,500)	(34,500)
VodafoneZiggo JV	—	—	(3,000)	(3,000)	(9,600)	(9,600)

Footnotes for Operating Data and Subscriber Variance Tables:

(i)		In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. The mobile subscriber count for the VMO2 JV includes IoT connections, which are Machine-to-Machine contract mobile connections, including Smart Metering contract connections. The mobile subscriber count presented above for the VMO2 JV excludes wholesale mobile connections of approximately 10,066,600 that are included in the total mobile subscriber count as defined and presented by the VMO2 JV.
(ii)		Fixed-line counts for the VodafoneZiggo JV include certain B2B customers and subscribers.

Additional General Notes to Tables:

Most of our broadband communications subsidiaries provide broadband, telephony, data, video or other B2B services. Certain of our B2B revenue is derived from SOHO subscribers that pay a premium price to receive enhanced service levels along with broadband, video or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHOs, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our broadband communications operations, with only those services provided at premium prices considered to be "SOHO RGUs" or "SOHO customers". To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs or SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO subscribers and mobile subscribers at medium and large enterprises, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.

While we take appropriate steps to ensure that subscriber statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber counting process. We periodically review our subscriber counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber statistics based on those reviews.

Bond Update by Credit Silo

VMO2 Credit Update

Operating Statistics Summary

	As of and for the three months ended
	March 31,
	2025			2024

Footprint
Homes Serviceable		18,420,900			17,193,700
Homes Serviceable net additions (QoQ)		165,300			194,000

Fixed
Fixed-Line Customer Relationships		5,790,100			5,824,800
Organic Fixed-Line Customer Relationship net losses (QoQ)		(46,000	)		(2,000	)
Organic Fixed-Line Customer Relationship net additions (losses) (YoY)		(34,700	)		8,400

Broadband Subscribers		5,694,900			5,722,900
Organic Broadband net additions (losses) (QoQ)		(44,000	)		5,300
Organic Broadband net additions (losses) (YoY)		(28,000	)		40,300

Q1 Monthly ARPU per Fixed-Line Customer Relationship	£	47.00		£	46.25

Mobile
Postpaid Mobile Subscribers⁽ⁱ⁾		15,713,200			15,974,500
Organic Postpaid Mobile net losses (QoQ)⁽ⁱ⁾		(122,800	)		(77,800	)
Organic Postpaid Mobile net losses (YoY)⁽ⁱ⁾		(226,800	)		(21,100	)

Q1 Monthly Consumer Postpaid ARPU	£	17		£	17

Convergence
Converged Households as % of Broadband RGUs		42.1	%		43.7	%

_______________
(i)		Previously reported postpaid mobile subscribers figures have been restated. For more information regarding the VMO2 JV and the restatement, please visit its investor relations page.

Financial Results (in IFRS)¹⁰

	Three months ended
	March 31,						Increase/(decrease)
	2025			2024			Increase/(decrease)
	in millions, except % amounts

Revenue
Mobile	£	1,347.8		£	1,362.7		(1.1	%)
Handset		272.7			291.9		(6.6	%)
Fixed		938.5			931.6		0.7	%
Consumer Fixed		838.4			822.9		1.9	%
Subscription		819.8			807.7		1.5	%
Other		18.6			15.2		22.4	%
B2B Fixed		100.1			108.7		(7.9	%)
Other		193.8			294.5		(34.2	%)
Total revenue	£	2,480.1		£	2,588.8		(4.2	%)

Adjusted EBITDA	£	914.1		£	925.7		(1.3	%)

P&E Additions	£	498.3		£	571.4
ROU asset additions		30.5			76.1
Total P&E Additions including ROU asset additions	£	528.8		£	647.5		(18.3	%)
P&E Additions as a % of revenue		20.1	%		22.1	%

Adjusted EBITDA less P&E Additions	£	385.3		£	278.2		38.5	%

Adjusted FCF	£	(885.4	)	£	(738.7	)

Third-Party Debt, Lease Obligations and Cash and Cash Equivalents

The borrowing currency and pound sterling equivalent of the nominal amounts of VMED O2's consolidated third-party debt, lease obligations and cash and cash equivalents is set forth below:

		March 31,					December 31,
		2025					2024
		Borrowing currency		£ equivalent
		in millions
Senior and Senior Secured Credit Facilities:
Term Loan N (Term SOFR + 2.50%) due 2028		$	2,804.5	£	2,172.9		£	2,635.9
Term Loan O (EURIBOR + 2.50%) due 2029		€	750.0		628.2			620.0
Term Loan Q (Term SOFR + 3.25%) due 2029		$	1,300.0		1,007.2			1,038.4
Term Loan R (EURIBOR + 3.25%) due 2029		€	750.0		628.2			620.0
Term Loan X1 (SONIA + 3.25%) due 2029		£	750.0		750.0			750.0
Term Loan Y (Term SOFR + 3.25%) due 2031		$	1,250.0		968.4			998.5
Term Loan Y1 (Term SOFR + 3.25%) due 2031	.	$	500.0		387.4			—
Term Loan Z (EURIBOR + 3.50%) due 2031		€	720.0		603.1			595.2
£54 million (equivalent) RCF (SONIA + 2.75%) due 2026		£ —			—			—
£1,324 million (equivalent) RCF (SONIA + 2.75%) due 2029		£ —			—			—
VM Financing Facilities (GBP equivalent)		£	420.3		420.3			413.6
Total Senior and Senior Secured Credit Facilities					7,565.7			7,671.6
Senior Secured Notes:
5.00% GBP Senior Secured Notes due 2027		£	90.4		90.4			121.8
5.50% USD Senior Secured Notes due 2029		$	1,425.0		1,104.0			1,138.3
5.25% GBP Senior Secured Notes due 2029		£	340.0		340.0			340.0
4.00% GBP Senior Secured Notes due 2029		£	600.0		600.0			600.0
4.25% GBP Senior Secured Notes due 2030		£	635.0		635.0			635.0
4.50% USD Senior Secured Notes due 2030		$	915.0		708.9			730.9
4.125% GBP Senior Secured Notes due 2030		£	480.0		480.0			480.0
3.25% EUR Senior Secured Notes due 2031		€	950.0		795.7			785.3
4.25% USD Senior Secured Notes due 2031		$	1,350.0		1,045.9			1,078.4
4.75% USD Senior Secured Notes due 2031		$	1,400.0		1,084.6			1,118.3
4.50% GBP Senior Secured Notes due 2031		£	675.0		675.0			675.0
7.75% USD Senior Secured Notes due 2032		$	750.0		581.1			599.1
5.625% EUR Senior Secured Notes due 2032		€	600.0		502.6			496.0
Total Senior Secured Notes					8,643.2			8,798.1
Senior Notes:
5.00% USD Senior Notes due 2030		$	925.0		716.6			738.9
3.75% EUR Senior Notes due 2030		€	500.0		418.8			413.3
Total Senior Notes					1,135.4			1,152.2
Vendor financing⁽ⁱ⁾					2,999.8			2,984.2
Share of CTIL debt⁽ⁱ⁾					202.5			194.5
Other debt					318.3			320.3
Lease obligations⁽ⁱ⁾					920.6			950.8
Total third-party debt and lease obligations					21,785.5			22,071.7
Unamortized premiums, discounts, deferred financing costs and fair value adjustments, net					(11.2	)		(8.5	)
Total carrying amount of third-party debt and lease obligations					21,774.3			22,063.2
Less: cash and cash equivalents					294.3			1,128.3
Net carrying amount of third-party debt and lease obligations				£	21,480.0		£	20,934.9
Exchange rate (€ to £)					1.1939			1.2097
Exchange rate ($ to £)					1.2908			1.2519

_______________
(i)		Amounts presented on an IFRS basis, consistent with bondholder covenants.

Capital Structure

At March 31, 2025, the blended fully-swapped debt borrowing cost was 5.2% and the average tenor of third-party debt (excluding vendor financing and certain other obligations) was 5.0 years.
In January, VMO2 entered into a $500 million sustainability-linked term loan facility (Term Loan Y1, previously termed Y3). Term Loan Y1 matures on March 31, 2031 and bears interest at a rate of the Term SOFR plus credit adjustment spread plus 3.25% per annum (subject to adjustment based on the achievement or otherwise of certain ESG metrics). $495 million of the loan will be an exchange of Term Loan N due 2028 into a new tranche of Term Loan Y due 2031, which became fungible with Term Loan Y in April.
In April, VMO2 redeemed all of its outstanding 5.00% GBP Senior Secured Notes due 2027 in the total amount of £90.4 million.
At March 31, 2025, VMO2 had maximum undrawn commitments of £1,378.0 million equivalent.

Covenant Debt Information

The following table details the pound sterling equivalents of the reconciliation from VMO2's consolidated third-party debt and lease obligations to the total covenant amount of third-party gross and net debt and includes information regarding the projected principal-related cash flows of cross-currency derivative instruments. The pound sterling equivalents presented below are based on exchange rates that were in effect as of March 31, 2025 and December 31, 2024. These amounts are based on IFRS covenants and presented for illustrative purposes only, and will likely differ from the actual cash payments or receipts in future periods.

	March 31,			December 31,
	2025			2024
	in millions

Total third-party debt and lease obligations (£ equivalent)	£	21,785.5		£	22,071.7
Vendor financing		(2,917.5	)		(2,893.2	)
Other debt		(318.3	)		(320.3	)
CTIL debt		(202.5	)		(194.5	)
Credit Facility Excluded Amount		(997.6	)		(1,043.2	)
Lease obligations		(920.6	)		(950.8	)
Projected principal-related cash payments associated with our cross-currency derivative instruments		373.8			98.6
Total covenant amount of third-party gross debt		16,802.8			16,768.3
Less: cash and cash equivalents⁽ⁱ⁾		(257.7	)		(591.8	)
Total covenant amount of third-party net debt	£	16,545.1		£	16,176.5

_______________
(i)		Excludes cash and cash equivalents that are held outside the covenant group.

Leverage ratios are set forth below. These ratios calculate Adjusted EBITDA, as defined under covenants, on a last two quarters annualized basis as of March 31, 2025.

Net Senior Debt to Annualized Adjusted EBITDA	3.84x
Net Total Debt to Annualized Adjusted EBITDA	4.15x
Net Total Debt (excluding Credit Facility Excluded Amount and including vendor financing, CTIL net debt and lease obligations) to Annualized Adjusted EBITDA	5.52x

VodafoneZiggo Credit Update

Operating Statistics Summary
	As of and for the three months ended
	March 31,
	2025			2024

Footprint
Homes Passed		7,590,400			7,533,200
Organic Homes Passed net additions (QoQ)		10,200			16,600
Organic Homes Passed net additions (YoY)		57,200			90,100

Fixed
Fixed-Line Customer Relationships		3,375,400			3,517,800
Organic Fixed-Line Customer Relationship net losses (QoQ)		(40,500	)		(35,200	)
Organic Fixed-Line Customer Relationship net losses (YoY)		(142,400	)		(154,900	)

Broadband Subscribers		3,076,400			3,183,600
Organic Broadband net losses (QoQ)		(31,000	)		(23,500	)
Organic Broadband net losses (YoY)		(104,200	)		(114,900	)

Q1 Monthly ARPU per Fixed-Line Customer Relationship	€	56		€	55

Mobile
Postpaid Mobile Subscribers		5,328,300			5,324,100
Organic Postpaid Mobile net additions (QoQ)		29,100			22,300
Organic Postpaid Mobile net additions (YoY)		13,800			128,700

Q1 Monthly Consumer Postpaid ARPU	€	18		€	19

Convergence
Converged Households as % of Broadband RGUs		49.6	%		48.3	%

Financial Results (in U.S. GAAP)

	Three months ended
	March 31,				Increase/(decrease)
	2025		2024⁽ⁱ⁾		Increase/(decrease)
	in millions, except % amounts

Revenue
Residential fixed revenue:
Subscription	€	477.9	€	496.1	(3.7	%)
Non-subscription		1.7		3.1	(45.2	%)
Total residential fixed revenue		479.6		499.2	(3.9	%)
Residential mobile revenue:
Subscription		178.0		180.4

Liberty Global Reports Q1 2025 Results