Eric Race's questions to Liberty Global Ltd (LBTYA) leadership • Q1 2025
Question
Eric Race of Bernstein inquired about the competitive risk of structurally higher operating costs for DOCSIS versus full fiber in the Netherlands and asked for a specific time frame for the paused U.K. NetCo plan.
Answer
Executive Chairman Michael Fries addressed the NetCo pause by pointing to the second half of the year as the likely timeframe for Telefonica to share its strategic views. On network costs, he argued that the prohibitively high capital cost to build fiber in the Netherlands 'dwarfs any potential long-term OpEx efficiencies,' making DOCSIS the clear financial choice. Executive Enrique Rodriguez added that their modern HFC network is highly efficient to operate.