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The call conveyed clear operational momentum (fourth consecutive quarter of broadband improvement, improved net-add trends, product innovation and cost discipline) and strong strategic progress on the Ziggo Group value-unlock and financing. Management reaffirmed 2026 guidance, reduced corporate costs materially and expects a healthy corporate cash position by year-end. Offsetting these positives are near-term top-line and EBITDA declines at several OpCos, elevated fiber-related CapEx that pressured Q1 free cash flow, ongoing mobile subscriber losses in some markets, and dependence on asset sales and regulatory approvals to meet deleveraging targets. On balance the positives — sustained commercial improvement, cost reduction, strategic deal progress and solid financing — outweigh the operational and execution challenges noted.
The company reconfirmed its full-year 2026 guidance across VMO2, VodafoneZiggo and Telenet (VMO2 guidance previously signposted as a ~3–5% total service revenue decline) and for corporate costs, noting Q1 corporate adjusted EBITDA was negative $2m and the full-year corporate target remains about negative $50m; Telenet reported Q1 free cash flow of EUR 10m and is expected to deliver at least EUR 20m in FY2026. Balance-sheet and portfolio targets were reiterated: consolidated cash of $1.9bn at quarter end, a target to end 2026 with ~ $1.5bn of corporate cash after funding the ~EUR 1.2bn Vodafone stake and executing roughly $700m of growth-portfolio asset sales (about $300m realized through April), a Liberty Growth portfolio fair value of $3.4bn, and Ziggo Group medium-term targets including ~EUR 120m FCF in 2026 rising to ~EUR 500m in 2028 with ~4.5x leverage and ~EUR 1bn of synergies plus EUR 1.2–1.4bn of local asset sales anticipated.
Fourth consecutive quarter of broadband improvement across the three core markets; VodafoneZiggo reported its best quarterly broadband net adds in 3 years and Telenet delivered its highest quarterly broadband result in 10 years. Virgin Media O2 reduced broadband losses to 6,000 in Q1 versus 43,000 a year ago.
Management reconfirmed all 2026 guidance metrics for VMO2, VodafoneZiggo, Telenet and corporate costs, signaling confidence in outlook despite near-term pressures.
Net corporate costs reduced by ~75% since 2024 to around $50 million in 2026; Liberty Corporate delivered adjusted EBITDA of negative $2 million in Q1 and is on track for full-year guidance of negative $50 million.
Acquisition of Vodafone's 50% stake in the Dutch JV expected to close this summer; management targets a tax-free spin-off of the Ziggo Group in H2 2027 with an estimated 2028 free cash flow of ~EUR 500 million and target leverage of ~4.5x by 2028.
Consolidated cash ended the quarter at $1.9 billion. After funding the €1.2 billion Vodafone transaction and targeted asset sales (~$700 million), management expects to end 2026 with about $1.5 billion of corporate cash; ~$300 million of asset-sale proceeds realized through April.
Growth portfolio fair market value remained broadly stable at $3.4 billion, with modest investments (AtlasEdge, egg Power, NextFibre, EdgeConneX) offset by partial disposals of ITV and part of EdgeConneX.
VodafoneZiggo capitalized on multi-brand strategy, network awards (Umlaut), DOCSIS4 field trials and plans for 4- and 8-gig products; O2 launched direct-to-device O2 Satellite and expanded 5G standalone footprint (largest SA footprint in the U.K.).
Telenet delivered broadly stable revenue in Q1 and adjusted EBITDA growth of 8.9% year-over-year, driven by lower content costs after exiting football rights and strong cross-sell performance.
Underwritten $4.35 billion syndicated financing in place to support separations and transactions; continued focus on rotating capital into higher-growth investments and value-unlocking transactions.
Formula E unveiled the GEN4 car: ~600 kW (71% increase in base output), 0–100 km/h in 1.8s, >335 km/h top speed, ~10s lap time improvement and strong sustainability credentials; notable commercial/brand achievement for Liberty Growth.
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Liberty Global's First Quarter 2026 Investor Call. This call and the associated webcast are the property of Liberty Global, and any redistribution, retransmission or rebroadcast of this call or webcast in any form without the express written consent of Liberty Global is strictly prohibited. [Operator Instructions] Today's formal presentation materials can be found under the Investor Relations section of Liberty Global's website at libertyglobal.com. [Operator Instructions] Page 2 of the slides details the company's safe harbor statement regarding forward-looking statements. Today's presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not historical facts. These forward-looking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements. These risks include those detailed in Liberty Global's filings with the Securities and Exchange Commission, including its most recently filed Forms 10-Q and 10-K as amended.
Liberty Global disclaims any obligation to update any of these forward-looking statements to reflect any change in its expectation or in the conditions on which any such statement is based. I would now like to turn the call over to Mr. Mike Fries.
All right. Thanks, operator. Hello, everyone. I appreciate yo...