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    Stephen Malcolm • Redburn

    Stephen Malcolm's questions to Liberty Global Ltd (LBTYA) leadership

    Stephen Malcolm's questions to Liberty Global Ltd (LBTYA) leadership • Q1 2025

    Question

    Stephen Malcolm of Redburn questioned the VodafoneZiggo plan, asking where savings would come from to fund the DOCSIS 4 rollout within the stated CapEx, the upgrade timeline, and whether Champions League rights are essential.

    Answer

    CEO Stephen van Rooyen explained that funds for the DOCSIS 4 upgrade will be freed up as the mobile network upgrade and certain IT projects conclude. He sees a path to multi-gig speeds over the next 18 months. On sports rights, he noted it's too early for a long-term plan but sees the content as a valuable brand differentiator for Ziggo Sport. Executive Chairman Michael Fries added that some DOCSIS CapEx was already in the original budget.

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    Stephen Malcolm's questions to Liberty Global Ltd (LBTYA) leadership • Q3 2024

    Question

    Stephen Malcolm from Redburn asked for an update on shareholder distribution plans for the post-spin company, particularly regarding the pace of buybacks, and inquired about the potential for intense U.K. altnet consolidation in 2025.

    Answer

    Michael Fries, Executive, outlined a value creation strategy for the remaining telecom assets similar to Sunrise, focusing on commercial momentum and strategic transactions. On buybacks, he noted they could become easier with a smaller market cap but gave no specific guidance. Lutz Schüler, Executive, described the U.K. altnet situation as unsustainable for many players and confirmed that while VMO2 is in conversations, valuation remains the key hurdle to consolidation.

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