Slides
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INVESTOR CALL Q3 2025 LIBERTY GLOBAL OCTOBER 30, 2025
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SAFE HARBOR 2 Forward-Looking Statements + Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our and our affiliates’ and joint ventures’ strategies, ambitions, strategic goals, future growth prospects and opportunities, including by driving commercial momentum, capital allocation decisions and optimization of service platforms and corporate costs, including the timeframes on which our objectives can be achieved; expectations regarding our, our affiliates’ and our joint ventures’ financial performance, including reported and guided revenue, Adjusted EBITDA, Adjusted EBITDA Less P&E Additions, Adjusted Free Cash Flow, Distributable Cash Flow and ARPU, as well as the 2025 financial guidance (as updated) provided by us, our operating companies and our joint ventures, including underlying assumptions of such guidance, such as the impact of VMO2’s joint venture with Daisy Communications and the cost savings expected to be achieved at Liberty Services; our future strategies for maximizing and creating value for our shareholders, including any potential separations of our business or capital market or private transactions that we may undertake with respect to any of our businesses, including the companies to be affected, as well as the timing, costs and benefits to be derived from such transactions; our value creation initiatives, including with respect to our three-platform strategy; our or our operating companies’ plans to monetize or finance our or our operating companies’ network or tower infrastructure, deleverage certain of our assets or reduce our corporate costs; the planned fiber upgrade in Ireland and any wholesale partners that may be onboarded, including the timing, cost and benefit thereof; the planned update of our Dutch infrastructure to DOCSIS 4.0, including the steps needed to finalize such an update, and the deployment of 2 Gbps speeds to VodafoneZiggo’s customers, including the timing of such deployment; our new strategic plan at VodafoneZiggo, including each the drivers we intend to pursue and the factors underlying such plan, as well as the anticipated timing, cost and benefits to be received from such strategic plan; the expected benefits to be received from AI Infrastructure demand; the benefits to be received from changes to our corporate operating model; our ambitions and expectations with respect to Liberty Tech, Liberty Blume and our corporate operations, including the ways in which revenue is generated; any agreement between Wyre and Proximus, including the timing, costs and benefits to be derived from such agreement; expectations regarding the separation of Wyre from Telenet and any potential stake sale of Wyre, including the planned use of the proceeds from such potential sale; expectations with respect to the amount and timing of distributions to be received from our joint ventures; our Liberty Growth portfolio strategy and focus, including guidance and expectations with respect to the acquisition and disposal of our equity interests in venture investments and non-core assets, as well as the anticipated uses of proceeds from such disposals; our share buyback program, including our intention to repurchase approximately 5% of our outstanding shares during 2025; planned uses of corporate cash; expectations with respect to the underwriting of approximately €4.35 billion in debt for Wyre, including the use of proceeds from such underwriting; the strength of our, our affiliates' and our joint ventures’ respective balance sheets, including with respect to our recent and planned future refinancings across our credit silos and our expected year end cash position; the amount and tenor of our third-party debt and anticipated borrowing capacity; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as the continued use by subscribers and potential subscribers of our and our affiliates’ and joint ventures' services and their willingness to upgrade to our more advanced offerings; our, our affiliates’ and our joint ventures' ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to subscribers or to pass through increased costs to subscribers; the potential impact of pandemics and epidemics on us and our businesses as well as our customers; the effects of changes in laws or regulations, including as a result of the U.K.'s exit from the E.U.; trade wars or the threat of such trade wars; general economic factors; our, our affiliates’ and our joint ventures' ability to obtain regulatory approval and satisfy regulatory conditions associated with acquisitions and dispositions; our, our affiliates’ and our joint ventures' ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our, our affiliates’ and our joint ventures' video services and the costs associated with such programming; our, our affiliates’ and our joint ventures' ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies and affiliates and joint ventures to access the cash of their respective subsidiaries, whether in a tax-efficient manner or at all; the impact of our operating companies', affiliates’ and joint ventures' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers, vendors and contractors to timely deliver quality products, equipment, software, services and access; our, our affiliates’ and our joint ventures' ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions and upgrades; and other factors detailed from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including our most recently filed Form 10-K, Form 10-K/A and Form 10-Qs. These forward-looking statements speak only as of the date of this release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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3 LIBERTY GLOBAL | Q3 HIGHLIGHTS STRONG PROGRESS ON STRATEGIC GOALS ACROSS ALL THREE PLATFORMS OF VALUE CREATION LIBERTY SVCS & CORP LIBERTY GROWTH Growing profitability of service platforms and reshaping corporate Rotating capital into higher return assets and/or Liberty Telecom ✓ $3.4 billion(1) fair market value at Q3 ✓ Top six investments(2) comprise >80% ✓ Still targeting $500-$750 million in non- core asset disposals; ~$300m(3) achieved YTD including partial ITV disposal ✓ Formula E heading into Season 12 with significant tailwinds ✓ Data center assets now valued at >$1B(4) and benefiting from AI infrastructure demand ✓ Further improvement to 2025 guidance for net corporate costs (originally <$200m, then ~$175m at Q2, now reduced to ~$150m)(5) ✓ Reshaped corporate operating model expected to further reduce 2026 net corporate costs to ~$100m(5) ✓ Liberty Blume and Liberty Tech continue to drive revenue and positive cash flow(6) ✓ Strong YE cash position of $2.2 billion(7) expected, including ~$300m of non-core asset disposals YTD Driving commercial momentum and unlocking value for shareholders LIBERTY TELECOM ✓ Sequential improvement in commercial performance, despite intense competition ✓ Strengthening mobile and fixed networks underscores both competitive posture and value unlock ✓ Further improving balance sheet with successful refinancing of 2028 maturities in the UK and the Netherlands ✓ Significant milestones in Belgium with rationalized fiber market and underwriting of netco/servco debt rebalancing
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4 LIBERTY GLOBAL | STRATEGIC UPDATE COMMITTED TO EXPLORING THE SEPARATION OF ONE OR MORE OPERATING BUSINESSES FOR STRATEGIC CLARITY AND VALUE UNLOCK ✓ Agreement announced with Proximus Oct. 15 to rationalize fiber market; BCA “market test” underway ✓ Secured underwritten €4.35b(9) debt facility which fully funds Wyre build-out and reduces debt at Telenet servco ✓ Wyre stake sale in early marketing stages, with net proceeds used to further delever Telenet servco ✓ Refinanced nearly 80%(8) of 2028 maturities YTD with remainder targeted for Q4 ’25 and Q1 ’26 ✓ NL tower sale underway, proceeds used to delever SUNRISE RECAP Key factors supporting successful spin- off (Nov ‘24) and current trading ❖ Rational market ❖ Deleveraged balance sheet ❖ Clear network strategy and predictable capex ❖ Solid FCF and dividend policy RECENT STRATEGIC UPDATES IN THE BENELUX: Spin-off Completed Nov. 2024 LIBERTY Growth LIBERTY Svcs & Corp LIBERTY Shareholders NEARING DECISION ON POTENTIAL ECM TRANSACTIONS IN THIS REGION
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LIBERTY TELECOM | KEY OPERATING HIGHLIGHTS EXECUTING ON GROWTH INITIATIVES ACROSS ALL MARKETS 5 • Netflix now offered in all pay TV and high-speed broadband bundles • Giffgaff broadband launched with strong initial results • Proactive base management and ‘OTS’ messaging beginning to contain churn • Mobile spectrum acquired enabling improved capacity; UK-first Starlink direct-to-cell deal announced • ‘How we win’ strategic plan driving consistent improvement in broadband • Lowest fixed churn levels since 2023 driven by proactive migrations, recontracting and WiFi guarantee program • 2 Gbps to almost entire footprint by year end; started 1.8GHz upgrade in preparation for DOCSIS 4.0 • ‘Oh Yeah’ boosts Vodafone brand; + iPhone 17 offers • Doubled broadband speeds for >900k customers supporting brand positioning and churn improvement • ‘Base’ brand executing well on broadband and mobile; strong regional sales momentum in the South • Fixed customer churn improving despite price rise and competitive pressure • Mobile leveraging multi- brand strategy and cross-sell activities • Biggest quarter for fiber build and on track to complete ~73% of roll-out by end of 2025 • Wholesale and off-net expansion progressing well with anticipated new partner in Q1 2026 • Strong focus on base management paying off with the number of subs on 1Gbps+ speeds best in LG • Good mobile performance driven by €15 offer
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6 LIBERTY TELECOM | Q3 SUBSCRIBER RESULTS SEQUENTIAL IMPROVEMENT ACROSS ALL OPCOS OPERATING COMMENTARY Fixed ARPU(13) Broadband Net Adds (k) Postpaid Net Adds (k) -0.1% -0.6% 2.6% 1.4% 1.3% 2.2% 2.0% 1.6% 0.0% -1.2% -3.5% -8.3% -8.3% -7.2% -10.3% -2.0% -2.5% -1.6% -1.6% -1.3% 2.6% -2.3% -1.5% -1.4% -1.0% -0.2% 0.6% 1.5% 0.9% 1.1% Postpaid Mobile ARPU(13) Fixed ARPU(13) 2 (1) Q3’24 0 (1) Q4’24 1 (1) Q1’25 2 (4) Q2’25 5 (1) Q3’25 0 (1) 0 (2) 4 (15) 16 Q3’24 16 12 Q4’24 (123) (44) Q1’25 (74) (51) Q2’25 (36) (26) Q3’25 1 28 (167) (125) (63) 2 (20) Q3’24 1 (30) Q4’24 29 (31) Q1’25 (8) (28) Q2’25 17 (19) Q3’25 (18) (29) (2) (36) (1) (7) -2.9% -2.6% -3.9% -4.0% -3.2% 2.2% 2.7% 2.8% 3.1% 0.2% 1 (4) Q3’24 (2) 3 Q4’24 (4) (2) Q1’25 1 1 Q2’25 (2) 4 Q3’25 (4) 1 (6) 2 2 % change Postpaid Mobile ARPU(13) % change ▪ Broadband net losses improve despite continued elevated churn due to ongoing intense competition and the impact of One Touch Switch ▪ Postpaid net losses improved in Q3 due to migrations & decreased churn, but competition remains intense with increased MVNO activity ▪ Fixed ARPU modestly declined reflecting pricing pressure ▪ Best quarter for improvement in broadband net losses since Q1 2023, driven by commercial repositioning ▪ Postpaid net adds positive in Q3, driven by performance of consumer including hollandsnieuwe and a new Vodafone brand campaign ▪ Fixed ARPU driven by price adjustment implemented from July ▪ Broadband net add growth for the second consecutive quarter, driven by the success of targeted cross-sell and acquisition campaigns ▪ Postpaid net losses driven by competition intensifying in the mobile market, partly offset by strong performance on the BASE brand ▪ Fixed ARPU supported by price adjustment implemented across Telenet products in April ▪ Broadband net losses driven by persistent on-net competition in the market causing elevated churn but sequential improvement ▪ Postpaid net adds continued performance driven by €15/month offering boosting acquisition and retention ▪ Fixed ARPU decline was driven by the impact of retention discounts (10)(11) (10)(12)
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7 LIBERTY GROWTH | PORTFOLIO UPDATE CONCENTRATED PORTFOLIO WITH SIX INVESTMENTS (2) REPRESENTING >80% OF $3.4B (1) FMV ~$0.4B~$1.5B ~$1.4B Building a portfolio of tech leaders, focused on AI, Cloud and Cybersecurity Investing in premium media, sports and live event assets that drive engagement and deliver sustainable growth Strategically positioned in fast-growing digital infrastructure space, currently commanding investor attention and premium valuations TECH Tech Portfolio MEDIA INFRA Note: Figures above exclude $0.1B of strategic holdings
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LIBERTY GROWTH | DIGITAL INFRASTRUCTURE STRATEGIC DATA CENTER INVESTMENTS WITH COMBINED FMV >$1B (4) 8 Global data center platform focused on hyperscalers in 20 countries ✓ LG Ownership: Minority stake alongside EQT ✓ Focused on “Tier 1” markets primarily serving hyperscale customers in need of cloud capacity ✓ Tripled build capacity to 80+ data centers in 60+ markets, increasing total contracted capacity by >400% ✓ Successfully worked with customers on AI data center deployments providing new wave of growth Regional data center provider focused on secondary markets ✓ LG Ownership: 50/50 JV with DigitalBridge(29) ✓ Focused on “Tier 2+” cities where demand driven by cloud, data sovereignty and AI compute requirements ✓ Strong positions in DACH region and Iberia with total capacity expandable to 180MW (including 50MW IT built, 60MW IT in development, 70MW of additional landbanking) ✓ Flagship projects with most hyperscalers and strong customer base including major integrators for German govt Value of LG investment ($m) $71 71 71 71 7145 191 334 396 173 228 198 267 -122 -122 -122 -122 2018 2021 2023 2024 Q3 2025 $167 $368 $481 $612 Value of LG investment ($m) 8 8 8 8 31 82 106 149 349 407 94 -48 -48 Q1 2015 36 2020 2022 2024 Q3 2025 $8 $75 $184 $415 $516 LG initial investment Additional invesment Stake sold Value appreciationLG initial investment Additional investment Stake sold Value appreciation
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LIBERTY SERVICES | CORPORATE FUTURE PROOFING LIBERTY CORPORATE AHEAD OF FURTHER VALUE UNLOCK 9 Significant improvement in Adj. EBITDA (14) going forward Advisory Fees MSAs3rd Party revenue Original 2025 Guidance 2025 FX Impacts Corporate Reshaping LG Tech Savings 2026E(5) -$200m -$100m >50% Drivers for further improvement in 2026 and beyond Corporate Incl. Tech Corp Liberty Tech Services (30) Financial holding company compensated for advice through MSAs Profitable technology unit delivering best-in- class Entertainment and Connectivity platforms, driving value creation through long-term Tech Services and Commercial agreements Self-funded, AI and tech-enabled, back-office solutions company delivering high- growth through organic and inorganic activity Up to ~$10 drag in analysts’ target price at start of 2025 Liberty Services and Corporate We are further improving our 2025 Services and Corporate Adj. EBITDA guidance to -$150m (from -$175m at Q2)(5)
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2025 2026 2027 2028 2029 2030 2031 2032 2033 $0.1B $10.6B $5.1B $10.8B $10.8B $6.7B $9.3B* $6.6B $7.7B $4.3B $6.2B $3.3B 10 LIBERTY GLOBAL | TREASURY UPDATE SUCCESSFULLY REFINANCED ~$5.7 BILLION YTD ACROSS CREDIT SILOS VMO2 ▪ $1.8B of refinancings completed in Q3, including private taps of €1,210 million and $200 million into EUR and USD SSNs, respectively ▪ $3.2B of refinancings completed since Q4 2024, including $850 million SSN issued in October Jan 2025 view Virgin Media Ireland Telenet VodafoneZiggo VMO2 Today VodafoneZiggo ▪ $0.9B of refinancings completed in Q3, including €650 million 5.25% notes issuance ▪ $1.9B of refinancings completed since Q4 2024, including new SSN and Term Loan B issued in October Telenet ▪ $0.6B of refinancings completed since Q4 2024 ▪ Fully underwritten financing for Wyre secured (€4.35B)(9); business plan now fully funded Key transactions in Q3 and YTD(15) *Includes $1.2B incremental debt from O2 Daisy Underwritten Wyre facility to refinance ~$2.8B+ Telenet ’28/29 debt
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11 LIBERTY GLOBAL | CAPITAL ALLOCATION AND CASH GENERATION STRONG CASH POSITION AND $3.4B (1) FMV LIBERTY GROWTH PORTFOLIO YTD Capital Allocation vs FY’25 Guidance(14) YTD 2025 FY 2025 Guidance Telenet adj. FCF €(74m) €(180-150m) Liberty Services & Corporate adj. EBITDA $(68m) ~$(150m) VMO2 cash distributions to S/H - ~£350-400m VZ cash distributions to S/H €76m €200-250m CAPITAL ALLOCATION & CAPEX SPEND Capex as a % of revenue(10)(17) 20.6% 20-22% 20.2% 20-22% 36.9% ~38% 44.2% ~39% YTD FY25E Q3 Liberty Growth Walk ($m) 79 180 Opening Consol. Cash (85) Adjusted FCF (77) Liberty Growth Net Investments (56) Buyback Other Closing Consol. Cash $1,899 $1,760 Q3 Cash Walk(16) ($m) Upstreamed cash and JV dividends are typically received in Q4 84 Q2 25 FMV Investments (7) Disposals (25) FMV Adjustment (13) FX impact Q3 25 FMV $3,395 $3,434 Driven by investments in FE and AE LIBERTY GROWTH WALK & CASH GENERATION Partial disposal of Airalo stake ITV stake sale proceeds (Oct) Tracking to 5% buyback in ‘25 Tech Portfolio
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12 LIBERTY TELECOM | Q3 FINANCIAL HIGHLIGHTS (18) VMO2 MAINTAINS ADJ. EBITDA GROWTH 785 782 760 801 805 Q3 ’24 Q4 Q1 ’25 Q2 Q3 (13)(16) (13) REVENUE ($m) 1,131 1,114 1,052 1,123 1,157 Q3 ’24 Q4 Q1 ’25 Q2 Q3 361 311 302 338 359 Q3 ’24 Q4 Q1 ’25 Q2 Q3 528 468 463 497 522 Q3 ’24 Q4 Q1 ’25 Q2 Q3 REVENUE ($m)REVENUE ($m) ADJ. EBITDA ($m)ADJ. EBITDA ($m) ADJ. EBITDA ($m) FINANCIAL COMMENTARY ▪ Revenue decline primarily driven by impact of deferred revenue one-off in prior year ($18m) and impact from strategic decision not to renew Belgian sports rights ▪ Adj. EBITDA decline also reflects $18m impact in prior year, despite lower programming costs and gross margin uplift following non-renewal of sports rights ▪ Revenue saw continued pressure on B2B fixed. Combined consumer & wholesale stable (-0.1%) ▪ Adj. EBITDA supported by cost efficiencies & lower CTC opex, an inventory-related insurance recovery ($27m) was substantially offset by a provision for legal matters in the quarter ▪ Revenue decline driven by fixed base decline and ongoing repricing impact coupled with MSR pressure in B2B ▪ Adj. EBITDA impacted by revenue declines and commercial initiatives related to new strategy impact -2.4% -4.0% -4.2% -5.5% -5.6% -0.5% -2.5% -2.6% -2.4% -3.9% 0.3% -0.4% 2.7% 0.6% -3.6% -2.9% -7.0% -1.3% -0.4% 2.2% 0.8% -4.8% -8.0% -9.1% -6.9% 5.2% -3.9% 0.8% 2.8% -6.5% 0.4% -0.4% -1.1% 0.8% 1.1% 2.7% 3,513 3,479 3,126 3,374 3,436 Q3 ’24 Q4 Q1 ’25 Q2 Q3 1,292 1,267 1,152 1,315 1,370 Q3 ’24 Q4 Q1 ’25 Q2 Q3 As reported basis % change Guidance basis As reported basis % change Guidance basis (10)(19) (10)
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LIBERTY GLOBAL | 2025 GUIDANCE (5) IMPROVING SERVICES & CORPORATE OUTLOOK AND CONFIRMING ALL OTHER GUIDANCE 13 (20) (21) (22) ▪ Revenue growth: Confirming expected growth in combined consumer and wholesale revenue (excl. handsets & nexfibre construction). Reviewing impact of the Daisy Group M&A transaction on B2B ▪ Adj. EBITDA growth: Growth (excl. nexfibre construction, impact of O2 Daisy transaction) ▪ P&E additions: £2.0-2.2B excluding ROU Additions ▪ Adj. FCF: £350-400m ▪ Cash distributions to shareholders: £350-400m ▪ Revenue growth: Broadly stable ▪ Adj. EBITDAaL growth: Low single-digit decline ▪ P&E additions to sales: Around 38% ▪ Adj. FCF: Negative €180m to €150m; Wyre to be debt funded ▪ LG Services & Corporate Adj. EBITDA: Now expected to be ~$150m negative Adj. EBITDA (Previously updated to ~$175m negative Adj. EBITDA at Q2; original guidance for <$200m negative Adj. EBITDA) ▪ Revenue growth: Low-single digit decline ▪ Adj. EBITDA growth: Mid- to high-single digit decline ▪ P&E additions to sales: 20-22% ▪ Adj. FCF: €200-250m ▪ Cash distributions to shareholders: €200-250m
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Q&A
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APPENDIX
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LIBERTY GROWTH PORTFOLIO: FMV $3.4B (1) , CONTINUED CAPITAL ROTATION TO MAXIMIZE GROWTH 16 TECH ~$0.4B 46 COMPANIES 13 COMPANIES 5 COMPANIES MEDIA ~$1.5B INFRA ~$1.4B STRATEGIC ~$0.1B 2 COMPANIES 9 395 Q2’25 FMV (12) FMV Adj Investments (7) Disposals 385 Q3’25 FMV 36 1,502 Q2’25 FMV (9) FMV Adj Investments (9) FX 1,520 Q3’25 FMV 40 1,409 Q2’25 FMV (5) FMV Adj Investments (4) FX 1,440 Q3’25 FMV 90 90 Q2’25 FMV (1) FX Q3’25 FMV Including:Including: Including: Including:
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REVENUE GROWTH (18) ON TRACK TO ACHIEVE GUIDANCE 17 Other Consumer Mobile Consumer Fixed B2B (Fixed & Mobile, incl. WHS) 31% 44% 23% 2% $3.4B Revenue Q3 25 48% 24% 27% 1% $1.2B Revenue Q3 25 45% 20% 27% 8% $0.8B Revenue Q3 25 65%8% 11% 16% $0.1B Revenue Q3 25 (10)(23) (10) Growth (%) Q2 25 Q3 25 Q2 25 Q3 25 Q2 25 Q3 25 Q2 25 Q3 25 Total Revenue (0.4%) (1.1%) (2.4%) (3.9%) +0.6% (3.6%) (3.0%) (3.9%) Consumer Fixed (0.8%) (2.1%) (4.7%) (4.2%) +1.6% (1.1%) (4.6%) (4.2%) Consumer Mobile (2.2%) (1.2%) (1.3%) (5.4%) (5.8%) (1.3%) (6.1%) (9.2%) - Service revenue (3.2%) +0.4% (1.0%) (0.6%) (5.6%) (3.4%) (6.2%) (6.8%) B2B (Fixed & Mobile) +1.4% +7.5% (0.7%) (3.1%) +0.5% +1.6% +8.6% +14.9%
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$M VM IRELAND TELENET LIBERTY GROWTH LIBERTY SERVICES & CORPORATE (24) LIBERTY GLOBAL CONTINUING OPS 50-50 VODAFONEZIGGO JV (10)(25) 50-50 VMO2 JV IFRS BASIS (10)(25)(26) ADJUSTED EBITDA $120 $998 $(24) $(98) $996 $1,482 $3,837 P&E ADDITIONS (160) (766) (30) 18 (938) (674) (2,185) ADJUSTED EBITDA LESS P&E ADDITIONS $(40) $232 $(54) $(80) $58 $808 $1,652 NET INTEREST (39) (231) (2) 21 (251) (369) (1,234) CASH TAX - (84) (1) (112) (197) (99) (17) VMO2 JV (DIVIDEND) - - - - - - - VODAFONEZIGGO JV (DIVIDEND & INTEREST) - - - 43 43 - - OTHER DIVIDENDS - - - 44 44 - - $(79) $(83) $(57) $(84) $(303) $340 $401 WORKING CAPITAL (27) (10) 4 7 (125) (124) (217) (788) ADJUSTED ATTRIBUTED FCF $(89) $(79) $(50) $(209) $(427) $123 $(387) OTHER AFFILIATE DIVIDENDS (28) - - - - - - - DISTRIBUTABLE CF (28) $(89) $(79) $(50) $(209) $(427) $123 $(387) Q3 2025: YTD ADJUSTED ATTRIBUTED FCF & DISTRIBUTABLE CF 18
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$M VM IRELAND TELENET LIBERTY GROWTH LIBERTY SERVICES & CORPORATE (24) LIBERTY GLOBAL CONTINUING OPS 50-50 VODAFONEZIGGO JV (10)(25) 50-50 VMO2 JV IFRS BASIS (10)(25)(26) ADJUSTED EBITDA $120 $998 $(24) $(98) $996 $1,482 $3,837 FINANCE LEASE ADJUSTMENTS - (1) (5) (2) (8) (10) (231) ADJUSTED EBITDAaL $120 $997 $(29) $(100) $988 $1,472 $3,606 Q3 2025: YTD ADJ EBITDA & ADJ EBITDAAL 19
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Note: Certain amounts in this presentation may not sum due to rounding. 1. Amounts exclude SMAs and include our consolidated investments in Slovakia, Egg and Formula E. Amounts also reflect fair value adjustments for certain investments that have a higher estimated fair value than reported book value. Includes listed stakes in ITV and Lionsgate. 2. Includes our top five investments and Tech portfolio. 3. Primarily includes (i) net proceeds of $82m from the exit of our Vodafone position and (ii) estimated proceeds of $181m from the disposal of approximately one-half of our interest in ITV, which occurred subsequent to September 30, 2025. 4. Includes our investments in AtlasEdge and Edgeconnex. 5. 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 cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including: the components of nonoperating 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. 6. Substantially all of these revenues are derived from our consolidated operations and nonconsolidated JVs. In this context, positive cash flow refers to Adjusted EBITDA less P&E Additions. 7. Includes cash and SMAs. Reflects our expected cash position at December 31, 2025. 8. Based on the outstanding 2028 maturities as of December 31, 2024. Includes $1.1B that occurred subsequent to September 30, 2025. 9. Occurred subsequent to September 30, 2025. 10. VMO2 and VodafoneZiggo represent nonconsolidated 50% owned JVs. Reflects 100% of VMO2 and VodafoneZiggo. 11. Organic movements for the periods presented exclude the incremental impact of Daisy, as a result of the O2 Daisy transaction. All net additions (losses) reflect changes in the underlying business performance, independent of transaction-related activity at the VMO2 JV. 12. Broadband additions include certain B2B as defined by VodafoneZiggo. 13. ARPU growth rates presented on a rebased basis, as applicable. Postpaid mobile ARPU represents residential postpaid ARPU growth. VMO2 results have not been rebased for the incremental impact of the O2 Daisy transaction. See the Glossary for additional information. 14. Adjusted Free Cash Flow and Adjusted EBITDA for Liberty Services & Corporate are non-GAAP measures. See the Glossary and Reconciliations for additional information. 15. Long-term debt profile represents borrowings under notes and bank facilities. Includes consolidated and non-consolidated VMO2 and VodafoneZiggo JVs. Reflects 100% of VMO2 and VodafoneZiggo. 16. Includes cash and SMAs. 17. Capex represents capital expenditures, including capitalized software, on an accrual basis, amounts financed under vendor financing or finance lease arrangements and other non-cash additions. VMO2 and Telenet presented on an IFRS basis, excluding ROU asset additions. IFRS results are not comparable to US GAAP results. See the Glossary for Reconciliations and additional information. 18. YoY growth rates presented on a rebased basis for VMO2, VodafoneZiggo and Telenet as applicable. As of September 30, 2025, the VMO2 JV, the VodafoneZiggo JV and Telenet are only rebased for the impact of FX. The VMO2 results have not been rebased for the incremental impact of the O2 Daisy transaction. See the Rebase Information section for more information on rebased growth. Rebase is a non-GAAP measure, see the Glossary and Reconciliations for additional information. FOOTNOTES 20
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19. VMO2 reported amounts and growth rates presented on an IFRS basis. Guidance basis revenues presented excluding handset revenue, nexfibre construction revenue and the incremental impact of Daisy Group revenue as a result of the O2 Daisy transaction. Guidance basis Adjusted EBITDA presented excluding nexfibre construction impacts and the incremental impact of the O2 Daisy transaction. VMO2 guidance basis growth rates include other service-related benefits attributable to the nexfibre agreement. IFRS results as reported by the VMO2 JV and US GAAP results may differ significantly and are not comparable. See the Glossary and Reconciliations for additional information. 20. VMO2 guidance on an IFRS basis as guided by the VMO2 JV. US GAAP guidance for the VMO2 JV is not provided as this cannot be provided without unreasonable efforts given US GAAP information is not forecast by the JV since they report under IFRS. 21. VodafoneZiggo Adjusted FCF excludes financing and investing cash flows related to potential acquisitions and mobile spectrum auction fees. 22. Telenet guidance on an IFRS basis. US GAAP guidance for Telenet is broadly the same as their separate IFRS guidance. 23. VMO2 total revenue presented on an as guided basis excluding nexfibre construction revenue, handset revenue and the incremental impact of Daisy Group revenue as a result of the O2 Daisy transaction, but including other service-related benefits attributable to nexfibre construction. VMO2 Consumer Fixed presented excluding SOHO, consistent with LG definition and approach. Other revenue presented consistent with LG definition and approach. VMO2 growth rates presented on a rebased IFRS basis. As of September 30, 2025, the VMO2 JV results are only rebased for the impact of FX. The VMO2 results have not been rebased for the incremental impact of the O2 Daisy transaction. IFRS results as reported by the VMO2 JV and US GAAP results may differ significantly and are not comparable. See the Glossary and Reconciliations for additional information. 24. Amounts include (i) Liberty Services and certain corporate activities and (ii) intercompany eliminations. 25. Adjusted EBITDA for the VodafoneZiggo JV and VMO2 JV include $84 million and $208 million, respectively, of FSA charges from Liberty Global with the corresponding amount recognized within our Liberty Services & Corporate strategic platform. 26. VMO2 JV results presented on an IFRS basis which are not comparable to US GAAP results. See the Glossary and Reconciliations for additional information. 27. Includes working capital, operational finance (vendor finance) and restructuring. 50% owned VodafoneZiggo JV figure excludes the interest paid on loans to shareholders. 28. We define Distributable Cash Flow as Adjusted FCF plus any dividends received from our equity affiliates that are funded by activities outside of their normal course of operations, including, for example, those funded by recapitalizations (referred to as “Other Affiliate Dividends”). 29. We own a 50% noncontrolling voting interest in the AtlasEdge JV. 30. In this context, profitability is a reference to Adjusted EBITDA. FOOTNOTES 21
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GLOSSARY 10-Q or 10-K: As used herein, the terms 10-Q and 10-K refer to our most recent quarterly or annual report as filed with the Securities and Exchange Commission on Form 10-Q or Form 10-K, as applicable. Adjusted EBITDA, Adjusted EBITDA less P&E Additions and Property and Equipment Additions (P&E Additions): • Adjusted EBITDA: Adjusted EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, Adjusted EBITDA is defined as earnings (loss) from continuing operations before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on debt extinguishment, net realized and unrealized gains (losses) due to changes in fair values of certain investments, net foreign currency transaction gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate. We believe our consolidated Adjusted EBITDA measure, which is a non-GAAP measure, is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted EBITDA of our Liberty Growth strategic platform and our Liberty Services strategic platform, together with our corporate functions, are each non-GAAP measures. These non-GAAP measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP measures of income included in our condensed consolidated statements of operations. • Adjusted EBITDA less P&E Additions: We define Adjusted EBITDA less P&E Additions, which is a non-GAAP measure, as Adjusted EBITDA less P&E Additions on an accrual basis. Adjusted EBITDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted EBITDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted EBITDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted EBITDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, U.S. GAAP measures of income included in our condensed consolidated statements of operations. • P&E Additions: Includes capital expenditures, including capitalized software, on an accrual basis, amounts financed under vendor financing or finance lease arrangements and other non-cash additions. Adjusted EBITDA after leases (Adjusted EBITDAaL): We define Adjusted EBITDAaL as Adjusted EBITDA as further adjusted to include finance lease related depreciation and interest expense. Our internal decision makers believe Adjusted EBITDAaL is a meaningful measure because it represents a transparent view of our recurring operating performance that includes recurring lease expenses necessary to operate our business. We believe Adjusted EBITDAaL, which is a non-GAAP measure, is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted EBITDAaL should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, U.S. GAAP measures of income included in our condensed consolidated statements of operations. Adjusted Free Cash Flow (Adjusted FCF) & Distributable Cash Flow: • Adjusted FCF: We define Adjusted FCF as net cash provided by operating activities of our continuing operations, plus operating-related vendor financed expenses (which represents an increase in the period to our actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities), less (i) cash payments in the period for capital expenditures, (ii) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to our actual cash available as a result of paying amounts to vendors and intermediaries where we previously had extended vendor payments beyond the normal payment terms), and (iii) principal payments on finance leases (which represents a decrease in the period to our actual cash available), each as reported in our condensed consolidated statements of cash flows with each item excluding any cash provided or used by our discontinued operations. Net cash provided by operating activities of our continuing operations includes cash paid for third-party costs directly associated with successful and unsuccessful acquisition and dispositions of $2.2 million and $7.6 million during the nine months ended September 30, 2025 and 2024, respectively. 22
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GLOSSARY For purposes of the statements of cash flows, operating-related vendor financing additions represent operating-related expenses financed by an intermediary that are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor. When the financing intermediary is paid, a financing cash outflow is recorded in the statements of cash flows. For purposes of Adjusted FCF, we (i) add in the constructive financing cash inflow when the intermediary settles the liability with the vendor as our actual net cash available at that time is not affected and (ii) subsequently deduct the related financing cash outflow when we actually pay the financing intermediary, reflecting the actual reduction to our cash available to service debt or fund new investment opportunities. • Distributable Cash Flow: We define Distributable Cash Flow as Adjusted FCF plus any dividends received from our equity affiliates that are funded by activities outside of their normal course of operations, including, for example, those funded by recapitalizations (referred to as “Other Affiliate Dividends”). • VodafoneZiggo Adjusted FCF: VodafoneZiggo defines Adjusted FCF as net cash provided by operating activities, plus (i) operating-related vendor financed expenses (which represents an increase in the period to actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities) and (ii) interest payments on shareholder loans, less (a) cash payments in the period for capital expenditures (excluding spectrum payments), (b) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to actual cash available as a result of paying amounts to vendors and intermediaries where we previously had extended vendor payments beyond the normal payment terms), and (c) principal payments on finance leases (which represents a decrease in the period to actual cash available). • We believe our presentation of Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF, each of which is a non-GAAP measure, provides useful information to our investors because these measures can be used to gauge our ability to (i) service debt and (ii) fund new investment opportunities after consideration of all actual cash payments related to our working capital activities and expenses that are capital in nature, whether paid inside normal vendor payment terms or paid later outside normal vendor payment terms (in which case we typically pay in less than 365 days). Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at these amounts. Investors should view Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF as supplements to, and not substitutes for, U.S. GAAP measures of liquidity included in our condensed consolidated statements of cash flows. Further, our Adjusted FCF, Distributable Cash Flow and VodafoneZiggo Adjusted FCF may differ from how other companies define and apply their definition of Adjusted FCF or other similar measures. ARPU: Average Revenue Per Unit is the average monthly subscription revenue per average fixed customer relationship or mobile subscriber, as applicable. ARPU per average fixed-line customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO services by the average number of fixed-line customer relationships for the period. ARPU per average mobile subscriber is calculated by dividing mobile subscription revenue for the indicated period by the average number of mobile subscribers for the period. Unless otherwise indicated, ARPU per fixed customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per RGU refers to average monthly revenue per average RGU, which is calculated by dividing the average monthly subscription revenue from residential and SOHO services for the indicated period, by the average number of the applicable RGUs for the period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average fixed customer relationship or mobile subscriber, as applicable. Fixed-line customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. In addition, for purposes of calculating the percentage change in ARPU on a rebased basis, which is a non-GAAP measure, we adjust the prior-year subscription revenue, fixed-line customer relationships, mobile subscribers and RGUs, as applicable, to reflect acquisitions, dispositions and FX on a comparable basis with the current year, consistent with how we calculate our rebased growth for revenue and Adjusted EBITDA, as further described in the body of this release. ARPU per Consumer Postpaid Mobile Subscriber: Our ARPU per consumer postpaid mobile subscriber calculation refers to the average monthly postpaid mobile subscription revenue per average consumer postpaid mobile subscriber and is calculated by dividing the average monthly postpaid mobile subscription revenue (excluding handset sales and late fees) for the indicated period, by the monthly average of the opening and closing balances of consumer postpaid mobile subscribers in service for the period. 23
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Blended, fully-swapped debt borrowing cost (or WACD): The weighted average interest rate on our aggregate variable- and fixed-rate indebtedness (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings. Broadband Subscriber: A home, residential multiple dwelling unit or commercial unit that receives internet services over our networks, or that we service through a partner network. B2B: Business-to-Business. Cost to capture: Costs to capture generally include incremental, third-party operating and capital related costs that are directly associated with integration activities, restructuring activities and certain other costs associated with aligning an acquiree to our business processes to derive synergies. These costs are necessary to combine the operations of a business being acquired (or joint venture being formed) with ours or are incidental to the acquisition. As a result, costs to capture may include certain (i) operating costs that are included in Adjusted EBITDA, (ii) capital-related costs that are included in property and equipment additions and Adjusted EBITDA less P&E Additions and (iii) certain integration-related restructuring expenses that are not included within Adjusted EBITDA or Adjusted EBITDA less P&E Additions. Given the achievement of synergies occurs over time, certain of our costs to capture are recurring by nature, and generally incurred within a few years of completing the transaction. Customer Churn: The rate at which customers relinquish their subscriptions. The annual rolling average basis is calculated by dividing the number of disconnects during the preceding 12 months by the average number of customer relationships. For the purpose of computing churn, a disconnect is deemed to have occurred if the customer no longer receives any level of service from us and is required to return our equipment. A partial product downgrade, typically used to encourage customers to pay an outstanding bill and avoid complete service disconnection, is not considered to be disconnected for purposes of our churn calculations. Customers who move within our footprint and upgrades and downgrades between services are also excluded from the disconnect figures used in the churn calculation. Fixed-Line Customer Relationships: The number of customers who receive at least one of our broadband, video or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. Fixed-Line Customer Relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two Fixed-Line Customer Relationships. We exclude mobile-only customers from Fixed-Line Customer Relationships. Fixed-Mobile Convergence (FMC): Fixed-mobile convergence penetration represents the number of customers who subscribe to both a fixed broadband service and postpaid mobile telephony service, divided by the total number of customers who subscribe to our fixed broadband service. Homes Passed: Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our Homes Passed counts are based on census data that can change based on either revisions to the data or from new census results. Homes Serviceable: As defined by VMO2, this includes homes, residential multiple dwelling units or commercial units that can be connected to VMO2's networks that are technologically capable of providing two- way services (including broadband, video and telephony services) or partner networks with which VMO2 has a service agreement, where customers can request and receive services, without materially extending the distribution plant. Certain of VMO2's Homes Serviceable counts are based on census data that can change based on either revisions to the data or from new census results. Liberty Growth: Represents certain investments in technology, media, sports and digital infrastructure companies that we view as scalable businesses. Our Liberty Growth strategic platform is included in the "all other category" in the 10-Q. Liberty Services & Corporate: Includes our Liberty Services strategic platform and certain corporate activities, each of which is included in the “all other category” in the 10-Q. While certain of these functions provide services to investments included in our Liberty Growth strategic platform, we have not allocated these costs or cash flows in our internal management reporting or external disclosures. GLOSSARY 24
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Mobile Subscriber Count: For residential and business subscribers, the number of active SIM cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop would be counted as two mobile subscribers. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. Prepaid mobile customers are excluded from the VMO2 JV's and the VodafoneZiggo JV's mobile subscriber counts after a period of inactivity of three months and nine months, respectively. MVNO: Mobile Virtual Network Operator. RGU: A Revenue Generating Unit is separately a Broadband Subscriber, Video Subscriber or Telephony Subscriber. A home, residential multiple dwelling unit or commercial unit may contain one or more RGUs. For example, if a residential customer subscribed to our broadband service, video service and fixed-line telephony service, the customer would constitute three RGUs. Total RGUs is the sum of Broadband, Video and Telephony Subscribers. RGUs generally are counted on a unique premises basis such that a given premise does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled broadband, video or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers. SIM: Subscriber Identification Module. SOHO: Small or Home Office Subscribers. Tech Framework: Our centrally-managed technology and innovation function (our T&I Function) provides, and allocates charges for, certain products and services to our consolidated reportable segments (the Tech Framework). These products and services include CPE hardware and related essential software, maintenance, hosting and other services. Our consolidated reportable segments capitalize the combined cost of the CPE hardware and essential software as property and equipment additions and the corresponding amounts charged by our T&I Function are reflected as revenue when earned. Telephony Subscriber: A home, residential multiple dwelling unit or commercial unit that receives voice services over our networks, or that we service through a partner network. Telephony Subscribers exclude mobile telephony subscribers. Video Subscriber: A home, residential multiple dwelling unit or commercial unit that receives our video service over our broadband network or through a partner network. GLOSSARY 25
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Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For purposes of calculating rebase growth rates on a comparable basis for all businesses that we owned during 2025, we have adjusted our historical revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for the three and nine months ended September 30, 2024 to (i) include the pre-acquisition revenue, Adjusted EBITDA and P&E Additions to the same extent these entities are included in our results for the three and nine months ended September 30, 2025, (ii) exclude from our rebased amounts the revenue, Adjusted EBITDA and P&E Additions of entities disposed of to the same extent these entities are excluded in our results for the three and nine months ended September 30, 2025, (iii) include in our rebased amounts the impact to revenue and Adjusted EBITDA of activity between our continuing and discontinued operations related to the Tech Framework that previously eliminated within our consolidated results, (iv) include in our rebased amounts the revenue and costs for the temporary elements of transitional and other services provided to iliad, Vodafone, Deutsche Telekom and Sunrise, to reflect amounts related to these services equal to those included in our results for the three and nine months ended September 30, 2025 and (v) reflect the translation of our rebased amounts at the applicable average foreign currency exchange rates that were used to translate our results for the three and nine months ended September 30, 2025. For entities we have acquired during 2024, we have reflected the revenue, Adjusted EBITDA and P&E Additions of these acquired entities in our 2024 rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre- acquisition financial statements), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired businesses during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions of these entities on a basis that is comparable to the corresponding post-acquisition amounts that are included in our results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebase growth percentages are not necessarily indicative of the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions that will occur in the future. Investors should view rebase growth as a supplement to, and not a substitute for, U.S. GAAP measures of performance included in our condensed consolidated statements of operations. REBASE INFORMATION 26
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The following table provides adjustments made to 2024 amounts (i) for our consolidated continuing operations and (ii) for the nonconsolidated VMO2 JV and VodafoneZiggo JV to derive our rebased growth rates: (i) In addition to our acquisitions and dispositions, these rebase adjustments include amounts related to agreements to provide transitional and other services to iliad, Vodafone, Deutsche Telekom and Sunrise. These adjustments result in an equal amount of fees in both the 2025 and 2024 periods for those services that are deemed to be temporary in nature. (ii) Amounts reflect 100% of the adjustments made related to the VMO2 JV's and the VodafoneZiggo JV's revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions, which we do not consolidate, as we hold a 50% noncontrolling interest in the VMO2 JV and the VodafoneZiggo JV. REBASE INFORMATION (CONTINUED) 27
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RECONCILIATIONS REBASE ADJUSTMENTS Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For further details on adjustments made to arrive at our rebase growth rates for the periods below, refer to our previously issued earnings releases which can be found on our website at www.libertyglobal.com, as well as the Rebase Information section included earlier in this presentation. 28
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RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) 29
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RECONCILIATIONS REBASE ADJUSTMENTS (CONTINUED) 30
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RECONCILIATIONS ADJ EBITDA & ADJ EBITDA LESS P&E – CONTINUING OPERATIONS 31 A reconciliation of consolidated loss from continuing operations to consolidated Adjusted EBITDA less P&E Additions is presented in the following table:
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RECONCILIATIONS ADJ EBITDA & ADJ EBITDA LESS P&E – LIBERTY GROWTH 32 A reconciliation of Liberty Growth loss from continuing operations to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Growth does not meet the reportable segment quantitative thresholds and is included in the "all other category" in the 10-Q.
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RECONCILIATIONS ADJ EBITDA & ADJ EBITDA LESS P&E – LIBERTY SERVICES AND CORPORATE 33 A reconciliation of Liberty Services, together with our corporate functions, loss from continuing operations to Adjusted EBITDA less P&E Additions is presented in the following table. Liberty Services and our corporate functions do not meet the reportable segment quantitative thresholds and are each included in the "all other category" in the 10-Q.
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RECONCILIATIONS LIBERTY GLOBAL ADJUSTED FCF & DISTRIBUTABLE CF 34 Adjusted Free Cash Flow (Adjusted FCF) & Distributable Cash Flow: • Adjusted FCF: We define Adjusted FCF as net cash provided by operating activities of our continuing operations, plus operating-related vendor financed expenses (which represents an increase in the period to our actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities), less (i) cash payments in the period for capital expenditures, (ii) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to our actual cash available as a result of paying amounts to vendors and intermediaries where we previously had extended vendor payments beyond the normal payment terms), and (iii) principal payments on finance leases (which represents a decrease in the period to our actual cash available), each as reported in our condensed consolidated statements of cash flows with each item excluding any cash provided or used by our discontinued operations. Net cash provided by operating activities of our continuing operations includes cash paid for third-party costs directly associated with successful and unsuccessful acquisition and dispositions of $2.2 million and $7.6 million during the nine months ended September 30, 2025 and 2024, respectively. • Distributable Cash Flow: We define Distributable Cash Flow as Adjusted FCF plus any dividends received from our equity affiliates that are funded by activities outside of their normal course of operations, including, for example, those funded by recapitalizations (referred to as “Other Affiliate Dividends”).
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RECONCILIATIONS LIBERTY GLOBAL ADJUSTED FCF & DISTRIBUTABLE CF (CONTINUED) 35
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RECONCILIATIONS SUPPLEMENTAL ADJUSTED ATTRIBUTED FREE CASH FLOW & ATTRIBUTED DISTRIBUTABLE CASH FLOW 36 We define Adjusted FCF as net cash provided by the operating activities of our continuing operations, plus operating-related vendor financed expenses (which represents an increase in the period to our actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities), less (i) cash payments in the period for capital expenditures, (ii) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to our actual cash available as a result of paying amounts to vendors and intermediaries where we previously had extended vendor payments beyond the normal payment terms), and (iii) principal payments on finance leases (which represents a decrease in the period to our actual cash available), each as reported in our consolidated statements of cash flows with each item excluding any cash provided or used by our discontinued operations. Net cash provided by operating activities includes cash paid for third-party costs directly associated with successful and unsuccessful acquisition and dispositions of $2.2 million and $7.6 million during the nine months ended September 30, 2025 and 2024, respectively. We define Distributable Cash Flow as Adjusted FCF plus any dividends received from our equity affiliates that are funded by activities outside of their normal course of operations, including, for example, those funded by recapitalizations (referred to as “Other Affiliate Dividends”). The following table provides a reconciliation of our net cash provided by operating activities of our continuing operations to Adjusted Free Cash Flow for the indicated period. In addition, in order to provide information regarding our Adjusted Attributed Free Cash Flow and Attributed Distributable Cash Flow, which are used for internal management reporting and capital allocation purposes and are consistent with the way in which our chief operating decision maker evaluates our operating segments, we have provided a reconciliation of our Adjusted Free Cash Flow to our Adjusted Attributed Free Cash Flow and Attributed Distributable Cash Flow, which incorporate adjustments related to (i) the Centrally-held Operating Cost Allocation and (ii) the Centrally-held Property and Equipment Attribution, each as further described below. We believe our presentation of Adjusted FCF and Distributable Cash Flow, each of which is a non- GAAP measure, provides useful information to our investors because these measure can be used to gauge our ability to (a) service debt and (b) fund new investment opportunities after consideration of all actual cash payments related to our working capital activities and expenses that are capital in nature whether paid inside normal vendor payment terms or paid later outside normal vendor payment terms (in which case we typically pay in less than 365 days). Adjusted FCF and Distributable Cash Flow should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at these amounts. Investors should view Adjusted FCF and Distributable Cash Flow as supplements to, and not substitutes for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows. Further, our Adjusted FCF and Distributable Cash Flow may differ from how other companies define and apply their definition of Adjusted FCF or other similar measures.
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RECONCILIATIONS ADJUSTED ATTRIBUTED FREE CASH FLOW & ATTRIBUTED DISTRIBUTABLE CASH FLOW (CONTINUED) 37 a. Includes the impact of intersegment eliminations. b. Liberty Services & Corporate incurs certain operating costs related to our centrally-managed technology and innovation function. These costs are allocated from Liberty Services & Corporate to certain operating segments that do not have formal agreements in place under the Tech Framework, referred to as the “Centrally-held Operating Cost Allocations”. The allocation of these costs to certain of our operating segments is consistent with the way in which our chief operating decision maker evaluates the Adjusted EBITDA of these operating segments. For purposes of our Attributed Adjusted Free Cash Flow and Distributable Cash Flow presentation and consistent with our internal management reporting, we assume the allocations to these operating segments are cash settled in the period they are incurred. As a result, any working capital or other free cash flow benefit or detriment related to the actual timing of payments are reported within Liberty Services & Corporate. c. Liberty Services & Corporate incurs certain capital costs for the benefit of our operating segments. Generally, the expense associated with these capital costs is allocated and/or charged to certain of our operating segments that do not have formal agreements in place under the Tech Framework as related-party fees and allocations in their respective statements of operations over the period in which the operating segment benefits from the use of the Liberty Services & Corporate asset. These amounts are based on (i) our estimate of its share of underlying costs, (ii) our estimate of its share of the underlying costs plus a mark-up or (iii) commercially-negotiated rates. These charges and allocations differ from the attributed Adjusted EBITDA less P&E Additions approach used for internal management reporting. For internal management reporting and capital allocation purposes, we evaluate the Adjusted EBITDA less P&E Additions of certain of our operating segments on an "attributed" basis, whereby we estimate and attribute certain capital costs incurred by Liberty Services & Corporate to certain of our operating segments as if that operating segment directly incurred its estimated share of the capital costs in the same period the costs were incurred by Liberty Services & Corporate, referred to as the “Centrally-held Property and Equipment Additions”. These capital costs represent assets that are jointly used by these operating segments. The amounts attributed to each operating segment are estimated based on (a) actual costs incurred by Liberty Services & Corporate, without any mark-up, and (b) each respective operating segment's estimated use of the associated assets. For purposes of our Attributed Adjusted Free Cash Flow and Distributable Cash Flow presentation and consistent with our internal management reporting, we assume the attributions to these operating segments are cash settled in the period they are incurred. As a result, any working capital or other free cash flow benefit or detriment related to the actual timing of payments are reported within Liberty Services & Corporate.
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TELENET RECONCILIATIONS – P&E ADDITIONS 38 The following table provides a reconciliation from Telenet US GAAP P&E Additions to IFRS P&E Additions for the indicated periods:
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VODAFONEZIGGO JV RECONCILIATIONS – ADJ FCF VodafoneZiggo JV Adjusted FCF is defined as net cash provided by operating activities, plus (i) operating-related vendor financed expenses (which represents an increase in the period to actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities), and (ii) interest payments on certain Shareholder loans, less (a) cash payments in the period for capital expenditures (excluding spectrum payments), (b) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to actual cash available as a result of paying amounts to vendors and intermediaries where terms had previously been extended beyond the normal payment terms) and (c) principal payments on finance leases (which represents a decrease in the period to actual cash available). We believe that the presentation of VodafoneZiggo JV Adjusted Free Cash Flow provides useful information to our investors because this measure can be used to gauge VodafoneZiggo’s ability to service debt, distribute cash to parent entities and fund new investment opportunities after consideration of all actual cash payments related to working capital activities and expenses that are capital in nature whether paid inside normal vendor payment terms or paid later outside normal vendor payment terms (in which case amounts are typically paid in less than 365 days). VodafoneZiggo JV Adj FCF, which is a non-GAAP measure, should not be understood to represent VodafoneZiggo’s ability to fund discretionary amounts, as it has various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at this amount. Investors should view adjusted free cash flow as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in VodafoneZiggo’s consolidated statements of cash flows within its bond report. Further, VodafoneZiggo Adjusted FCF may differ from how other companies define and apply their definition of Adjusted FCF or other similar measures. For purposes of its standalone reporting obligations, VodafoneZiggo prepares its consolidated financial statements in accordance with accounting principles generally accepted in the U.S. Adjusted Free Cash Flow is a non-GAAP measure as contemplated by the U.S. Securities and Exchange Commission. A reconciliation of VodafoneZiggo JV Adjusted FCF for the indicated period is provided below 39
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VMO2 JV RECONCILIATIONS – ADJ EBITDA The following tables provide reconciliations from VMO2 JV US GAAP Adj EBITDA to Rebased IFRS Adj EBITDA for the indicated periods (in millions): 40
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VMO2 JV RECONCILIATIONS – ADJ EBITDA LESS P&E ADDITIONS The following table provides reconciliations from VMO2 JV US GAAP Adj EBITDA to IFRS Adj EBITDA and Adj EBITDA less P&E Additions for the indicated periods: 41
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VMO2 JV Adjusted FCF is defined as net cash provided or used by operating activities, plus operating-related vendor financed expenses (which represents an increase in the period to actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities), less (i) cash payments in the period for capital expenditures, (ii) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to actual cash available as a result of paying amounts to vendors and intermediaries where terms had previously been extended beyond the normal payment terms) and (iii) principal payments on finance leases (which represents a decrease in the period to actual cash available). We believe that the presentation of VMO2 Adjusted Free Cash Flow provides useful information to our investors because this measure can be used to gauge VMO2’s ability to service debt, distribute cash to parent entities and fund new investment opportunities after consideration of all actual cash payments related to working capital activities and expenses that are capital in nature whether paid inside normal vendor payment terms or paid later outside normal vendor payment terms (in which case amounts are typically paid in less than 365 days). VMO2 JV FCF, which is a non-GAAP measure, should not be understood to represent VMO2’s ability to fund discretionary amounts, as it has various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at this amount. Investors should view adjusted free cash flow as a supplement to, and not a substitute for, GAAP measures. For purposes of its standalone reporting obligations, VMO2 prepares its consolidated financial statements in accordance with IFRS. A reconciliation of VMO2 JV FCF for the indicated period is provided below. VMO2 JV RECONCILIATIONS – ADJUSTED FCF 42