UPC Holding Reports Preliminary Q3 2021 Results

Q3 2021 Fixed Income Release

Denver, Colorado November 3, 2021: 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 ("Q3") ended September 30, 2021 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 September 30, 2021 unaudited condensed consolidated financial statements for each of our fixed-income borrowing groups prior to the end of November 2021, 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 September 30, 2021. Effective with the release of our third quarter earnings we have stopped using the term Operating Free Cash Flow ("OFCF") and now use the term "Adjusted EBITDA less P&E Additions". As we define the term, Adjusted EBITDA less P&E Additions has the same meaning as OFCF had previously, and therefore does not impact any previously reported amounts.

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VM Ireland Reports Preliminary Q3 2021 Results

Strong recovery in TV advertising market underpins Q3 financial performance

Good commercial traction with top tier video & connectivity products

VM Ireland announcing full fibre upgrade plan

VM Ireland is the leading connected entertainment fixed-line and broadband business in Ireland, delivering connectivity services to 433k fixed-line customers and mobile services to 127k subscribers at September 30, 2021

Tony Hanway, CEO of VM Ireland, commented:

"Today's announcement of our full fibre upgrade underpins our commitment to be the number one choice for converged connectivity and entertainment in the Irish market. We are currently the largest gigabit network and will take advantage of our favourable network topology to execute a cost-effective full fibre to the premise upgrade of nearly 1 million homes. This full fibre upgrade, coupled with our robust financial performance and ongoing operational focus, will strategically position us to drive long-term sustainable growth."

Operating highlights:

• We are announcing our intention to upgrade our fixed network to full fibre to the premises (FTTH) by 2025. The upgrade plan will cover our full network across our existing 952,000 homes
• Total upgrade costs over the estimated 3-year life of the plan will amount to approximately €200 million, excluding success-based customer connection costs. The network will be an open model, enabling wholesale access for other service providers
• The value accretive decision has been taken following recent fibre upgrade trials and will deliver speeds of up to 10Gbps and beyond as we look to bolster our long-term network strategy and build on our existing speed leadership position
• Our broadband base continues to grow, with our highest speed tiers growing fastest and delivering greater value to our base
• We continue to see strong demand for higher tier TV packages through the acceleration of our TV360 base, delivering superior viewing experiences for our customers
• We generated 3,000 mobile net adds in Q3 as we continue to organically grow our mobile base through the introduction of compelling propositions in the marketplace
• Following the price rise executed in Q3, Customer Relationships were broadly stable, down 1,100 as compared to a loss of 300 in Q3 2020

Financial highlights:

• Q3 Revenue of €115.4 million increased 6.9% in Q3, predominantly driven by a strong recovery in the TV advertising market
• Q3 residential fixed revenue decreased 0.4%

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• • Fixed subscription revenue decreased 0.7% due to the net effect of a reduction in premium subscriber volumes, partially offset by the implementation of a price rise during Q3 2021. These factors contributed to a stabilization in fixed-line customer ARPU YoY
• Residential mobile revenue increased 9.4% in Q3
• • Q3 mobile subscription revenue increased 15.3%, fueled by organic customer growth underpinned by competitive propositions, offsetting a small decline in Postpay ARPU
• B2B revenue decreased 10.8% in Q3, primarily due to a 17% decline in low margin wholesale voice, with the remainder mostly attributable to Covid impacts on our SME segment
• Net earnings increased to €12.1 million in Q3 driven by the net effect of (i) a decrease in interest expense, (ii) a change in realized and unrealized gains (losses) on derivative instruments, (iii) a reduction in depreciation and amortization and (iv) an increase in Adjusted EBITDA, as described below
• Q3 Adjusted EBITDA(i) increased 17.6% with the aforementioned revenue increase compounded by (i) lower commercial opex due to reduced spend on sales and field operations, and (ii) cost discipline across the fixed-line business, slightly offset by increased advertising commission costs
• Q3 property and equipment ("P&E") additions were down 4.8% YoY to €15.7 million, primarily due to timing factors related to the delivery of customer premises equipment
• • P&E additions as a percentage of revenue decreased to 13.6% compared to 15.3% in the prior year period
• Adjusted EBITDA less P&E Additions of €34.4 million in Q3 represents an increase of 31.8% the increase to Adjusted EBITDA being supported by the reduction in P&E additions in Q3
• At September 30, 2021, our fully-swappedthird-party debt borrowing cost was 4.0% and the average tenor of our third-party debt was 7.8 years
• At September 30, 2021, 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 4.56x, 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
• • Vendor financing obligations are not included in the calculation of our leverage covenants. If we were to include these obligations in our leverage ratio calculation, and not reflect the exclusion of the Credit Facility Excluded Amounts, the ratio of Total Net Debt to Annualized EBITDA would have been 4.83x at September 30, 2021
• At September 30, 2021, we had €100.0 million of undrawn commitments available to borrow, with no amounts available to upstream. When our Q3 compliance reporting requirements have been completed and assuming no change from September 30, 2021 borrowing levels, we anticipate the full €100.0 million of borrowing capacity will be available, with €81.6 million available to upstream

1. Adjusted EBITDA and Adjusted EBITDA less P&E Additions are non-GAAP measures. See the Glossary for definitions. Quantitative reconciliations to net earnings/loss (including earnings/loss growth rates) for our Adjusted EBITDA and Adjusted EBITDA less P&E Additions guidance cannot be provided without unreasonable efforts as we do not forecast certain non-cash charges including: the components of non- operating income /expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/ loss from continuing operations. The items we do not forecast may vary significantly from period to period

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Operating Statistics Summary

As of and for the

three months ended

September 30,

			2021			2020
Footprint
Homes Passed ....................................................................................................................		952,000			944,000
Fixed-Line Customer Relationships
Fixed-LineCustomer Relationships .................................................................................		433,400			436,600
Q3	Organic1 Fixed-Line Customer Relationship net losses .........................................		(1,100)			(300)
Q3	Monthly ARPU per Fixed-Line Customer Relationship...........................................	€	60.59		€	60.59
Mobile Subscribers
Total Mobile subscribers.....................................................................................................		126,700			115,200
Total organic Mobile net additions ....................................................................................		3,000			11,400
Q3	Monthly ARPU per Mobile Subscriber:
Including interconnect revenue .....................................................................................	€	20.50		€	20.55
Excluding interconnect revenue ....................................................................................	€	18.23		€	18.04

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Financial Results, Adjusted EBITDA Reconciliation, Property and Equipment Additions

The following table reflects preliminary unaudited selected financial results for the three and nine months ended September 30, 2021 and 2020:

		Three months ended					Nine months ended
		September 30,					September 30,
		2021			2020		Change			2021			2020		Change
					in millions, except % amounts
Revenue
Residential fixed revenue:
Subscription.....................................................................	€	76.4		€	76.9	(0.7%)		€	228.8		€	228.6	0.1%
Non-subscription.............................................................		0.8			0.6	33.3%			2.4			2.1	14.3%
....................................Total residential fixed revenue		77.2			77.5		(0.4%)			231.2			230.7		0.2%
Residential mobile revenue:
Subscription.....................................................................		6.8			5.9	15.3%			19.4			16.9	14.8%
Non-subscription.............................................................		2.5			2.6	(3.8%)			7.2			7.7	(6.5%)
................................Total residential mobile revenue		9.3			8.5		9.4%			26.6			24.6		8.1%
Business revenue:
Subscription.....................................................................		2.6			2.4	8.3%			7.5			7.0	7.1%
Non-subscription.............................................................		5.7			6.9	(17.4%)			18.8			21.0	(10.5%)
................................................Total business revenue		8.3			9.3		(10.8%)			26.3			28.0		(6.1%)
Other revenue .....................................................................		20.6			12.7	62.2%			55.5			42.4	30.9%
.................................................................Total revenue	€	115.4		€	108.0		6.9%		€	339.6		€	325.7		4.3%
Adjusted EBITDA..............................................................	€	50.1		€	42.6	17.6%		€	134.4		€	127.3	5.6%

The following table provides a reconciliation of net earnings (loss) to Adjusted EBITDA for the three and nine months ended September 30, 2021 and 2020:

		Three months ended			Nine months ended
		September 30,			September 30,
		2021			2020			2021			2020
			in millions, except % amounts
Net earnings (loss)...............................................................................................	€	12.1		€	(12.7)		€	13.5		€	(42.8)
Other income, net ..............................................................................................		(0.1)			-			(0.1)			-
Foreign currency transaction losses, net .......................................................		0.1			-			0.3			-
Realized and unrealized losses (gains) on derivative instruments, net ....		-			(0.4)			1.6			3.3
Interest expense.................................................................................................		8.3			19.8			25.1			59.5
.............................................................................................Operating income		20.4			6.7			40.4			20.0
Impairment, restructuring and other operating items, net............................		1.1			3.3			4.6			4.0
Depreciation and amortization .........................................................................		16.2			19.6			51.1			56.2
Related-partyfees and allocations, net..........................................................		11.1			12.0			34.5			44.1
Share-basedcompensation expense .............................................................		1.3			1.0			3.8			3.0
...........................................................................................Adjusted EBITDA	€	50.1		€	42.6		€	134.4		€	127.3
Adjusted EBITDA as a percentage of revenue................................................		43.4 %			39.4 %			39.6 %			39.1 %

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