Liberty Global : Virgin Media Ireland Reports Preliminary Q2 2022 Results

Q2 2022 Fixed Income Release

Denver, Colorado July 28, 2022: Liberty Global plc ("Liberty Global") (NASDAQ: LBTYA, LBTYB,

LBTYK) is today providing selected, preliminary unaudited financial and operating information for its fixed-incomeborrowing groups for the three months ("Q2") ended June 30, 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 June 30, 2022 unaudited financial statements for each of our fixed-income borrowing groups prior to the end of August

2022, at which time they will be posted to the investor relations section of our website (www.libertyglobal.com) under the "Fixed Income" heading. Convenience translations provided herein are

calculated as of June 30, 2022.

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VM Ireland Reports Preliminary Q2 2022 Results

Sustained commercial momentum in mobile, growth in TV, and cost control underpins solid Q2 financial performance

Demand for top-tier video & connectivity products continues with TV360 now surpassing the 100k customer mark

Full fiber upgrade accelerates, with ~100,000 premises passed YTD

VM Ireland is the leading connected entertainment fixed-line and broadband business in Ireland, delivering connectivity services to 426k fixed-line customers and mobile services to 134k subscribers at June 30, 2022.

Tony Hanway, CEO of VM Ireland, commented:

"After a positive start to the year, we maintain our focus on being the number one choice for converged connectivity and entertainment in the Irish market. Disciplined programming spend and consistent momentum in mobile and SOHO underpins our performance this quarter. We reiterate our commitment to

connectivity leadership and position our business for long term sustainable growth by making solid progress on our full fiber (FTTP) upgrade plan."

Operating highlights:

• We continue to deliver on our full fiber upgrade project in line with plan, having passed ~100,000 premises YTD
• Maintained commercial traction in mobile, generating 2,700 net adds in Q2, as we organically1 grow our base and provide great value for our customers
• Fixed customer net adds softened this quarter in line with seasonal trends (annual price rise was communicated in Q2)
• Continued recovery in B2B post-pandemic, with particular strength in SOHO
• Maintained focus on high-speed upsell, with 30% of our base adopting 1GB and 500Mb speeds as our fastest tiers lead amongst our broadband offerings
• Demand for our top-tier video products continues to grow this quarter, as our TV360 base reaches over 100k customers
• Virgin Media Television confirmed as leading Irish sports hub, after successfully securing rights to UEFA Nations League, European Qualifiers to UEFA EURO 2024 and European Qualifiers to 2026 FIFA World Cup
• Launched our Connecting 4 Good manifesto, demonstrating how we're connecting for the good of communities, the environment, and our employees

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Financial highlights:

• Q2 revenue of €114.1 million increased 2.5% YoY, predominantly driven by growth in mobile, TV advertising and B2B subscription revenue
• Q2 residential fixed revenue remained unchanged YoY
• • Fixed subscription revenue remained largely unchanged YoY
• Q2 residential mobile revenue increased 9.2% YoY
• • Mobile subscription revenue increased 12.5%, as a result of organic customer growth underpinned by promotional activity and an increase in ARPU
  • Mobile non-subscription revenue remained unchanged YoY
• Q2 B2B revenue increased 2.3% YoY, primarily due to the continued recovery of market demand post-COVID and higher installation fees, with particular strength in SOHO
• Q2 net earnings increased to €45.6 million, primarily driven by (i) an increase in realized and unrealized gains on derivative instruments and (ii) an increase in Adjusted EBITDA, as further described below
• Q2 Adjusted EBITDA increased 8.9%, driven by the aforementioned revenue increase and continued cost savings across our programming portfolio
• Q2 property and equipment ("P&E") additions of €22.3 million were up 11.5% YoY, primarily due to increased spend on (i) new build and upgrade activity and (ii) product and enablers, partially offset by a decrease in customer premises equipment
• • P&E additions as a percentage of revenue increased to 19.5% in Q2 2022, compared to 18.0% in the prior year period
• Q2 Adjusted EBITDA less P&E Additions of €26.5 million represents an increase of 6.9% YoY, as the increase in P&E additions was offset by a larger increase in Adjusted EBITDA
• At June 30, 2022, our fully-swappedthird-party debt borrowing cost was 3.9% and the average tenor of our third-party debt was 7.0 years
• At June 30, 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 4.48x, 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
• • Were we to not reflect the exclusion of the Credit Facility Excluded Amounts, the ratio of Total Net Debt to Annualized EBITDA would have been 4.75x at June 30, 2022
• At June 30, 2022, we had maximum undrawn commitments of €100.0 million. When our Q2
  compliance reporting requirements have been completed and assuming no change from June 30, 2022 borrowing levels, we anticipate the full €100.0 million of borrowing capacity will be available, with €98.2 million available to upstream

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Operating Statistics Summary

As of and for the

three months ended

June 30,

				2022			2021
	Footprint
	.....................................................................................................................Homes Passed		958,700			949,700
	Fixed-Line Customer Relationships
	..................................................................................Fixed-LineCustomer Relationships		425,900			434,500
	Q2	Organic Fixed-Line Customer Relationship net losses............................................		(4,500)			(3,300)
	Q2	Monthly ARPU per Fixed-Line Customer Relationship ............................................	€	60.62		€	59.33
	Mobile Subscribers
	.....................................................................................................Total Mobile subscribers		134,300			123,700
	.....................................................................................Total organic Mobile net additions		2,700			1,300
	Q2	Monthly ARPU per Mobile Subscriber:
	......................................................................................Including interconnect revenue	€	19.79		€	19.83
	.....................................................................................Excluding interconnect revenue	€	18.04		€	17.62

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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 and six months ended June 30, 2022 and 2021:

Three months ended				Six months ended
	June 30,					June 30,
					Change						Change
2022	2021		2022	2021

in millions, except % amounts

Revenue
Residential fixed revenue:
Subscription ............................................................	€	75.4		€
Non-subscription ....................................................		0.7
Total residential fixed revenue ...........................		76.1
Residential mobile revenue:
Subscription ............................................................		7.2

Non-subscription ....................................................	2.3
Total residential mobile revenue ........................	9.5
Business revenue:

75.3		0.1%		€	151.8		€	152.4		(0.4%)
0.8	(12.5%)			1.4			1.6	(12.5%)
76.1		-%			153.2			154.0		(0.5%)
6.4		12.5%			14.3			12.6		13.5%
2.3		-%		4.6			4.7	(2.1%)
8.7		9.2%			18.9			17.3		9.2%

Subscription ............................................................		2.6
Non-subscription ....................................................		6.4
Total business revenue .......................................		9.0
Other revenue ............................................................		19.5
Total revenue ........................................................	€	114.1		€

Adjusted EBITDA .....................................................	€	48.8		€

2.4	8.3%
6.4	-%
8.8	2.3%
17.7	10.2%
111.3	2.5%	€
44.8	8.9%	€

5.3		4.9	8.2%
13.2		13.1	0.8%
18.5		18.0	2.8%
37.4		34.9	7.2%
228.0	€	224.2	1.7%
94.2	€	84.3	11.7%

The following table provides a reconciliation of net earnings to Adjusted EBITDA for the three and six months ended June 30, 2022 and 2021:

Three months ended		Six months ended
	June 30,		June 30,
2022	2021	2022			2021
	in millions, except % amounts

Net earnings ............................................................................................................	€	45.6	€	0.4	€	100.6
Other income, net .................................................................................................		(0.4)		-		(0.8)
Foreign currency transaction losses, net...........................................................		-		-		0.3
Realized and unrealized gains on derivative instruments, net .......................		(34.2)		2.4		(82.8)
Interest expense ...................................................................................................		8.4		8.3		16.8
Operating income................................................................................................		19.4		11.1		34.1
Impairment, restructuring and other operating items, net ...............................		3.4		3.0		3.7
Depreciation and amortization ............................................................................		16.4		16.9		32.5
Related-partyfees and allocations, net .............................................................		8.4		12.4		21.5
Share-basedcompensation expense ................................................................		1.2		1.4		2.4
Adjusted EBITDA ..............................................................................................	€	48.8	€	44.8	€	94.2

€	1.4
	-
	0.2
	1.6
	16.8
	20.0
	3.5
	34.9
	23.4
	2.5
€	84.3

Adjusted EBITDA as a percentage of revenue ...................................................	42.8 %		40.3 %		41.3 %		37.6 %
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