Liberty Global : Virgin Media Ireland Reports Preliminary Q3 2023 Results

Q3 2023 Fixed Income Release

Denver, Colorado October 31, 2023: Liberty Global plc ("Liberty Global") (NASDAQ: LBTYA, LBTYB, LBTYK) is today providing selected, preliminary unaudited financial and operating information for its fixed- income borrowing groups for the three months ("Q3") ended September 30, 2023 as compared to the results for the same period in the prior year (unless otherwise noted). The financial and operating information contained herein is preliminary and subject to change. We expect to issue the September 30, 2023 unaudited financial statements for each of our fixed-income borrowing groups prior to the end of November 2023. Convenience translations provided herein are calculated as of September 30, 2023.

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VM Ireland Reports Preliminary Q3 2023 Results

Announced landmark wholesale network access deal with Sky

Continued to deliver on full fiber upgrade project, passing ~300,000 premises at the end of Q3

Revenue improvement in Q3 driven by TV advertising and continued strength in mobile

VM Ireland is the leading connected entertainment fixed-line and broadband business in Ireland, delivering connectivity services to 406,700 fixed-line customers and mobile services to 136,600 subscribers at September 30, 2023.

Tony Hanway, CEO of VM Ireland, commented:

"Our recent wholesale deal with Sky underscores our commitment to Ireland's digital infrastructure and will support increased competition and customer experience for consumers and businesses nationwide. The deal bolsters our fiber upgrade project which will see us delivering over 1 million full fiber homes by the end of 2025, enabling the launch of up to 10 GB speeds to every customer on the Virgin Media network. The program continued apace in Q3, as premises passed through our fiber upgrade project reached ~300,000. We continue to see higher IT costs and elevated capex related to our fiber upgrade, wholesale and off-net programs, as well as energy cost headwinds weighing on our financial performance. During the quarter, we took pricing action to mitigate against the aforementioned inflationary pressures which, combined with continued momentum in mobile, supported stable revenues."

Operating and strategic highlights:

• Announced landmark wholesale network access agreement with Sky, giving Sky consumers, businesses and communities access to Virgin Media's superfast fiber network
• Continued to deliver on our full fiber upgrade project, passing ~300,000 premises at the end of Q3, with build costs in line with expectations
• Q3 mobile postpaid net losses of 3,200 in line with Q2, as we continue to pivot to FMC bundles from low value SIMs
• Fixed customer net losses were 5,100 in Q3, mainly driven by lower acquisitions due to weaker demand and overbuild losses, partially offset by lower churn

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Financial highlights:

• Q3 revenue of €115.4 million remained stable YoY, as growth in TV advertising and mobile was offset by lower fixed revenue
• Q3 residential fixed revenue of €75.0 million decreased 3.0% YoY
• • Fixed subscription revenue decreased 2.9% YoY, primarily driven by lower volumes and higher churn
• Q3 residential mobile revenue increased 4.0% YoY
• • Mobile subscription revenue increased 9.3%, primarily driven by strong mobile ARPU growth
  • Mobile non-subscription revenue decreased 12.5% YoY, primarily due to lower handset revenue
• Q3 B2B revenue increased 2.1% YoY, primarily due to strength in SOHO and Large Enterprise fixed revenue
• Q3 net earnings decreased 76.4% YoY to €13.0 million, primarily driven by (i) a decrease in realized and unrealized gains on derivative instruments and (ii) an increase in interest expense
• Q3 Adjusted EBITDA decreased 14.1% YoY on a reported basis and 7.8% on a rebased1 basis, driven by (i) an increase in programming costs, (ii) higher IT & Systems costs related to FTTH, Off- net and Wholesale programs and (iii) an increase in energy costs
• Q3 property and equipment ("P&E") additions of €39.9 million were up 20.9% YoY, primarily due to investment in fiber upgrade, Wholesale and Off-Net programs
• • P&E additions as a percentage of revenue increased to 34.6% in Q3 2023, as compared to 28.6% in the prior year period
• Q3 Adjusted EBITDA less P&E Additions of €2.3 million represents a decrease of 85.7% YoY on a reported basis and 78.0% on a rebased basis
• At September 30, 2023, our fully-swappedthird-party debt borrowing cost was 3.9% and the average tenor of our third-party debt was 5.8 years
• At September 30, 2023, and subject to the completion of our corresponding compliance reporting requirements, the ratios of Net Senior Debt and Net Total Debt to Annualized EBITDA (last two quarters annualized) were both 5.09x, each as calculated in accordance with our most restrictive covenants and reflecting the exclusion of the Credit Facility Excluded Amounts as defined in our respective credit agreements
• • If we were to not reflect the exclusion of the Credit Facility Excluded Amounts, the ratio of Total Net Debt to Annualized EBITDA would have been 5.39x at September 30, 2023
• At September 30, 2023, we had €100.0 million of undrawn commitments available. When our Q3 compliance reporting requirements have been completed and assuming no change from September 30, 2023 borrowing levels, we anticipate the full €100.0 million of borrowing capacity will continue to be available

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Operating Statistics Summary

As of and for the

three months ended

September 30,

		2023			2022
Footprint
Homes Passed		971,000			961,900
Fixed-Line Customer Relationships
Fixed-LineCustomer Relationships		406,700			424,000
Q3 Organic2 Fixed-Line Customer Relationship net losses		(5,100)			(1,900)
Q3 Monthly ARPU per Fixed-Line Customer Relationship	€	63.03		€	62.28
Mobile Subscribers
Total Mobile subscribers		136,600			137,400
Total Organic Mobile net additions (losses)		(3,200)			3,100
Q3 Monthly ARPU per Mobile Subscriber:
Including interconnect revenue	€	21.60		€	20.33
Excluding interconnect revenue	€	20.06		€	18.64

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Selected Financial Results, Adjusted EBITDA Reconciliation, Property and Equipment Additions

The following table reflects preliminary unaudited selected financial results for the three and nine months ended September 30, 2023 and 2022:

	Three months ended							Nine months ended
		September 30,		Increase/(decrease)			September 30,		Increase/(decrease)
		2023			2022		Reported	Rebased			2023			2022		Reported	Rebased
							in millions, except % amounts
Revenue
Residential fixed revenue:
Subscription	€	74.4		€	76.6	(2.9%)		(2.9%)		€	223.7		€	228.4	(2.1%)		(2.1%)
Non-subscription		0.6			0.7		(14.3%)		(14.3%)			1.8			2.1		(14.3%)		(14.3%)
Total residential fixed revenue		75.0			77.3	(3.0%)		(3.0%)			225.5			230.5	(2.2%)		(2.2%)
Residential mobile revenue:
Subscription		8.2			7.5	9.3%		9.3%			23.9			21.8	9.6%		9.6%
Non-subscription		2.1			2.4		(12.5%)		(12.5%)			6.6			7.0		(5.7%)		(5.7%)
Total residential mobile revenue ....		10.3			9.9	4.0%		4.0%			30.5			28.8	5.9%		5.9%
B2B revenue:
Subscription		3.0			2.9	3.4%		3.4%			8.7			8.2	6.1%		6.1%
Non-subscription		6.6			6.5		1.5%		1.5%			19.3			19.7		(2.0%)		(2.0%)
Total B2B revenue		9.6			9.4	2.1%		2.1%			28.0			27.9	0.4%		0.4%
Other revenue		20.5			18.8		9.0%		9.0%			59.8			56.2		6.4%		6.4%
Total revenue	€	115.4		€	115.4		-%	-%		€	343.8		€	343.4	0.1%		0.1%
Adjusted EBITDA	€	42.2		€	49.1	(14.1%)		(7.8%)		€	124.3		€	143.3	(13.3%)		(6.7%)
Adjusted EBITDA less P&E	€	2.3		€	16.1	(85.7%)		(78.0%)		€	6.2		€	64.3	(90.4%)		(86.8%)
Additions

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The following table provides a reconciliation of net earnings to Adjusted EBITDA for the three and nine months ended September 30, 2023 and 2022:

		Three months ended			Nine months ended
		September 30,			September 30,
		2023			2022			2023			2022
		in millions, except % amounts
Net earnings	€	13.0		€	55.0		€	25.6		€	155.6
Income tax expense		1.0			2.4			1.4			2.4
Other income, net		(0.2)			(0.3)			(0.8)			(1.1)
Foreign currency transaction losses, net		0.1			0.1			-			0.4
Realized and unrealized gains on derivative instruments, net		(10.7)			(45.6)			(11.3)			(128.4)
Interest expense		16.7			8.5			44.6			25.3
Operating income		19.9			20.1			59.5			54.2
Impairment, restructuring and other operating items, net		(0.1)			(0.1)			(0.6)			3.6
Depreciation and amortization		18.1			16.5			52.9			49.0
Related-partyfees and allocations, net		2.9			11.6			7.8			33.1
Share-basedcompensation expense		1.4			1.0			4.7			3.4
Adjusted EBITDA	€	42.2		€	49.1		€	124.3		€	143.3
Adjusted EBITDA as a percentage of revenue		36.6%			42.5%			36.2%			41.7%

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The following table details the categories of our property and equipment additions and reconciles those additions to the capital expenditures that we present in our consolidated statements of cash flows:

		Three months ended			Nine months ended
		September 30,			September 30,
		2023			2022			2023			2022
		in millions, except % amounts
Customer premises equipment (CPE)	€	9.3		€	10.2		€	30.2		€	22.7
New build and upgrade		13.1			10.6			37.1			26.2
Capacity		0.4			0.9			1.7			3.5
Baseline		4.4			2.4			18.6			7.3
Product and enablers		12.7			8.9			30.5			19.3
Property and equipment additions		39.9			33.0			118.1			79.0
Changes in current liabilities related to capital expenditures (including		(6.1)			(5.3)			(7.2)			(12.0)
related-partyamounts)
Total capital expenditures3	€	33.8		€	27.7		€	110.9		€	67.0
Property and equipment additions as a percentage of revenue		34.6%			28.6%			34.4%			23.0%
Adjusted EBITDA less P&E Additions
Adjusted EBITDA	€	42.2		€	49.1		€	124.3		€	143.3
Property and equipment additions		(39.9)			(33.0)			(118.1)			(79.0)
Total	€	2.3		€	16.1		€	6.2		€	64.3

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Third-Party Debt and Cash and Cash Equivalents

The following table details the borrowing currency and euro equivalent of the nominal amounts of VM Ireland's consolidated third-party debt and cash and cash equivalents:

		September 30,				June 30,
		2023				2023
	Borrowing	€ equivalent
		currency
				in millions
Credit Facilities:
Term Loan B1 (EURIBOR + 3.4625%(i)) due 2029	€	900.0 €	900.0		€	900.0
€100.0 million Revolving Facility (EURIBOR + 2.75%(i)) due 2027				-			-
Total third-partydebt				900.0			900.0
Deferred financing costs and discounts, net				(5.0)			(5.2)
Total carrying amount of third-partydebt				895.0			894.8
Less: cash and cash equivalents				1.4			0.3
Net carrying amount of third-partydebt			€	893.6		€	894.5

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1. Rates are subject to adjustment based on the achievement or otherwise of certain ESG metrics.

Covenant Debt Information

The following table details the euro equivalents of the reconciliation from VM Ireland's consolidated third- party debt to the total covenant amount of third-party gross and net debt. The euro equivalents presented below are based on exchange rates that were in effect as of September 30, 2023 and June 30, 2023. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts in future periods.

	September 30,			June 30,
		2023			2023
		in millions
Total third-partydebt	€	900.0		€	900.0
Credit Facility excluded amount		(50.0)			(50.0)
Total covenant amount of third-partygross debt		850.0			850.0
Cash and cash equivalents		(1.4)			(0.3)
Total covenant amount of third-partynet debt	€	848.6		€	849.7

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UPC Holding Reports Preliminary Q3 2023 Results

Continued growth in mobile postpaid

Fixed revenue improvement in Switzerland driven by price rise, despite continued impact from fixed rightpricing

Reiterating all 2023 financial guidance

UPC Holding Group ("UPC Holding") provides market-leading converged broadband services through next-generation networks and innovative technology platforms. The information in this release relates to our operations in Switzerland and Slovakia (within "Central and Other"). At September 30, 2023, our continuing operations connected 1.7 million customers subscribing to 3.7 million internet, video and fixed- line telephony services and served 2.8 million mobile subscribers.

André Krause, CEO of Sunrise, commented:

"Following the price increase and focus on retaining value in the customer base, Q3 was a quarter with reduced commercial activity. In mobile, Q3 saw continued momentum, as we delivered continued growth in postpaid net adds, whilst growth in consumer subscription revenue was offset by lower roaming revenue and handset sales. Broadband performance was further impacted by a broader subdued fixed market. However, we did see quarter on quarter improvement in fixed ARPU related to the price adjustment and reduced promotional intensity on the main brand, partially offsetting the continued impact of rightpricing. We are reiterating all 2023 guidance, underpinned by improved financial performance in Q4 following the July price rise, annualization of the prior year rightpricing acceleration and reduced mobile roaming headwinds. Lower costs to capture spend, capital discipline and execution of our synergy plan continue to support this full-year outlook."

Operating and strategic highlights:

Sunrise continues to drive strong momentum in mobile despite continued headwinds in fixed as a result of the competitive landscape and UPC migration

• Momentum in mobile postpaid4 continued in Q3, achieving 29,200 net adds
• Broadband net adds weakened, with a net loss of 7,400 in Q3, due to the continued reduction in promotional intensity on the main brand following the price rise and broader lower market liquidity
• FMC penetration in Switzerland remains high at 58% across our broadband base in Q3
• Swiss Q3 Customer ARPU of CHF 63.84 decreased 2.8% YoY on a reported basis and 2.0% on a rebased1 basis supported by price rise benefit despite ongoing rightpricing
• Fixed Customer Relationships decreased by 11,100 in Switzerland in Q3 2023, as compared to a loss of 3,200 in Q3 2022
• Launched a unique Device-as-a-Service offer allowing customers to exchange their handset at no additional cost or have it repaired for a moderate fee
• Recognized for the best customer service across the whole of Germany, Austria and Switzerland for the second year in a row, winning the "connect" Landline Hotline Test

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