Liberty Global : Virgin Media Ireland Reports Preliminary Q4 2022 Results

Q4 2022 Fixed Income Release

Denver, Colorado February 22, 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 ("Q4") ended December 31, 2022 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 December 31, 2022 audited financial statements for each of our fixed-income borrowing groups prior to the end of April 2023. Convenience translations provided herein are calculated as of December 31, 2022.

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VM Ireland Reports Preliminary Q4 2022 Results

Strong performances in mobile and B2B support Revenue, net earnings and EBITDA growth in 2022

Commercial traction with continued growing demand for top-tier video & connectivity products

Delivering on network strategy, with full fiber upgrade project passing ~220,000 premises

VM Ireland is the leading connected entertainment fixed-line and broadband business in Ireland, delivering connectivity services to 421k fixed-line customers and mobile services to 144k subscribers at December 31, 2022.

Tony Hanway, CEO of VM Ireland, commented:

"In 2022 we reinforced our commitment to being the number one choice for converged connectivity and entertainment in the Irish market, executing on our network strategy as we brought fiber to over 220,000 homes. We remain focused on our target to deliver over 1 million homes by 2025, our IT transformation continues apace, and we have now reached key milestones with trialists live on both owned and partner fiber networks. Demand for our highest broadband speeds and best-in-class entertainment products remains robust despite the heated market environment, as we continue to expand our customer base adopting top-tier broadband and TV products. Energy cost headwinds will weigh on 2023 performance, but we are highly focused on delivering for our customers with key digital initiatives, an exciting content slate and converged bundles going live in the first quarter."

Operating and strategic highlights:

• Continue to drive delivery of our full fiber upgrade project, passing ~220,000 premises by 2022 with build costs in line with expectations
• Delivered our best mobile performance in nine quarters, with 6,400 net adds in Q4, as we organically1 grow our base and take market share
• Fixed customer net adds softened this quarter, with net losses of 2,900 in Q4
• B2B continues to perform well in Q4 with continued flow-through of the impact from SOHO price adjustments executed in Q3
• Customers continue to be attracted to higher speeds, with ~40% of our base adopting 1GB and 500Mb speed tier offerings
• Demand for our top-tier video products continues to grow this quarter, with ~45% of our base taking TV360 products, offsetting losses in lower tier and legacy products
• Virgin Media Television achieved record share of linear viewership for 15-44 year olds

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Financial highlights:

• FY 2022 revenue of €470.0 million increased 1.0% YoY
• Q4 revenue of €126.6 million increased 0.7% YoY, predominately driven by growth in mobile
• Q4 residential fixed revenue of €76.8 million decreased 1.8% YoY
• • Fixed subscription revenue decreased 1.6% YoY, as growth in ARPU following targeted price rises in Q3 was more than offset by lower volumes
• Q4 residential mobile revenue increased 18.8% YoY
• • Mobile subscription revenue increased 10.0%, primarily driven by organic customer growth underpinned by competitive offers in the marketplace
  • Mobile non-subscription revenue increased 42.3% YoY, primarily due to an increase in low margin handset sales
• Q4 B2B revenue increased 3.3% YoY, primarily due to strength in SOHO following the implementation of a price rise, along with the continued recovery of market demand post-pandemic
• FY 2022 net earnings increased to €174.8 million
• Q4 net earnings decreased 2.0% YoY to €19.2 million, primarily driven by the net effect of (i) an increase in income tax benefit, (ii) a decrease in realized and unrealized gains on derivative instruments and (iii) an increase in interest expense
• FY 2022 Adjusted EBITDA increased 1.5% YoY
• Q4 Adjusted EBITDA decreased 12.3% driven by (i) higher operating costs related to the ongoing FTTH upgrade program and (ii) an increase in energy costs
• Q4 property and equipment ("P&E") additions of €52.5 million were up 83.6% YoY, primarily due to
• 1. higher new build and upgrade activity and (ii) increased spend on product and enablers
  • P&E additions as a percentage of revenue increased to 41.5% in Q4 2022, as compared to 22.8% in the prior year period
• FY 2022 Adjusted EBITDA less P&E Additions of €56.2 million represents a decrease of 46.4% YoY
• Q4 Adjusted EBITDA less P&E Additions of (€8.1 million) represents a decrease of 136.8% YoY
• At December 31, 2022, our fully-swappedthird-party debt borrowing cost was 3.9% and the average tenor of our third-party debt was 6.5 years
• At December 31, 2022, 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 4.67x, 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 4.95x at December 31, 2022
• At December 31, 2022, we had €100.0 million of undrawn commitments available to borrow, with €89.1 million available to upstream. When our Q4 compliance reporting requirements have been completed and assuming no change from December 31, 2022 borrowing levels, we anticipate the full €100.0 million of borrowing capacity will continue to be available, with €60.0 million available to upstream

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Operating Statistics Summary

As of and for the

three months ended

December 31,

			2022			2021
Footprint
Homes Passed		965,000			954,000
Fixed-Line Customer Relationships
Fixed-LineCustomer Relationships		421,100			431,800
Q4	Organic1 Fixed-Line Customer Relationship net losses		(2,900)			(1,600)
Q4	Monthly ARPU per Fixed-Line Customer Relationship	€	62.20		€	61.47
Mobile Subscribers
Total Mobile subscribers		143,800			129,400
Total Organic Mobile net additions		6,400			2,700
Q4	Monthly ARPU per Mobile Subscriber:
Including interconnect revenue	€	20.35		€	20.50
Excluding interconnect revenue	€	18.64		€	18.23

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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 months and year ended December 31, 2022 and 2021:

		Three months ended						Year ended
		December 31,			Increase/		December 31,		Increase/
		2022			2021			(decrease)			2022				2021		(decrease)
						in millions, except % amounts
Revenue
Residential fixed revenue:
Subscription	€	76.0		€	77.2	(1.6%)		€	304.4			€	306.0	(0.5%)
Non-subscription		0.8			1.0			(20.0%)			2.9				3.4		(14.7%)
Total residential fixed revenue		76.8			78.2	(1.8%)			307.3				309.4	(0.7%)
Residential mobile revenue:
Subscription		7.7			7.0	10.0%			29.5				26.4	11.7%
Non-subscription		3.7			2.6			42.3%			10.7				9.8		9.2%
Total residential mobile revenue		11.4			9.6	18.8%			40.2				36.2	11.0%
B2B revenue:
Subscription		2.8			2.6	7.7%			11.0				10.1	8.9%
Non-subscription		6.5			6.4			1.6%			26.2				25.2		4.0%
Total B2B revenue		9.3			9.0	3.3%			37.2				35.3	5.4%
Other revenue		29.1			28.9			0.7%			85.3				84.4		1.1%
Total revenue	€	126.6		€	125.7	0.7%		€	470.0			€	465.3	1.0%
Adjusted EBITDA	€	44.4		€	50.6	(12.3%)		€	187.7			€	185.0	1.5%

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