Liberty Global outlines Ziggo Group spin-off and targets $1.5B corporate cash by 2026 amid major UK/Netherlands transactions

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• There is no strategy or plan to build fiber in the Netherlands and we don't believe it's necessary from commercial or capital perspective

  80% confidence

• $500 million synergy target is annual, not cumulative

  80% confidence

• Liberty Telecom's four national FMC champions generated $22 billion revenue and $8 billion EBITDA on aggregate basis

  80% confidence

• VMO2 adjusted free cash flow guidance for 2026 is around GBP 200 million supporting cash distributions to shareholders of same amount

  80% confidence

• 30% of VMO2 guidance impact attributed to B2B restatement including Daisy, 70% to cautious view on fixed consumer market

  80% confidence

• 8 million Nexfibre homes will be achieved relatively quickly by end of 2027, with first priority to grow own customer base on 20 million home network and provide wholesale opportunity

  80% confidence

• VMO2 revenue declined 5.9% on reported basis impacted by lower Nexfibre construction revenues and sustained competitive pressure

  80% confidence

• Liberty Global anticipates ending 2026 with $1.5 billion in cash pro forma for announced transactions and expected asset sales

  80% confidence

• All 3 large operating companies hit their guidance targets last year

  80% confidence

• Liberty Corporate expected to have around $50 million negative adjusted EBITDA in 2026

  80% confidence

• Net corporate spend reduced by 75% over last 12 months

  80% confidence

• There are no minimum penetration or migration commitments in the Netomnia Nexfibre transaction

  80% confidence

• We are serious about delivering value to shareholders and our structure today is fit for purpose

  80% confidence

• Ziggo spin-off storyline comparable to Sunrise with deleveraging from free cash flow, EBITDA growth and asset sales expected to be visible by 2027

  80% confidence

• Operating companies in UK, Netherlands and Belgium delivered on full year guidance metrics despite challenging market conditions

  80% confidence

• Liberty Global announced 2 significant transactions and this is exactly what we said we would do on our call last year and the year before

  80% confidence

• Liberty Global fully refinanced all 2028 maturities following successful term loan refinancings, senior secured note issuances and private taps

  80% confidence

• Still have plenty of time for Telenet refinancing and can reprice debt and extend maturity as steps unfold

  80% confidence

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