Liberty Global // Telefonica: VM02 delivers 2Q26 in-line with FY guidance

Research evidence excerpt

Liberty Global // Telefonica: VM02 delivers 2Q26 in-line with FY guidance

Equity Research

24 July 2026 | 8:38AM BST

Liberty Global // Telefonica: VMO2 delivers 2Q26 in-line with FY

guidance

VMO2 reported 2Q26 service revenue/EBITDA -2%/+2% vs. consensus Andrew Lee

+44(20)7774-1383 |

expectations. Weaker 2Q service revenue growth was in line with reiterated andrew.j.lee@gs.com

Goldman Sachs International

guidance and, despite slightly softer KPIs, VMO2 stated that there has been no

Halima Elyas

fundamental change in either the broadband or mobile market. Broadband ARPU +44(20)7774-6503 |

remained pressured as VMO2 continued to defend its base, driving softer volume halima.elyas@gs.comGoldman Sachs International

declines of 28k in 2Q26 vs. >50k 2Q25. Although this is still weaker than consensus Sofija Rakicevic

expectations for 13k declines, it is likely analysts did not accurately reflect +44(20)7774-6556sofija.rakicevic@gs.com|

seasonality effects which typically drive a weaker 2Q. In mobile, stronger price Goldman Sachs International

Witcombeincreases are expected to support improving trends through the year. EBITDA beat Mollie | +44(20)7051-6252

expectations, driven by continued efficiency gains across the business. The company mollie.witcombe@gs.com Goldman Sachs International

also remains optimistic that the Netomnia deal will deliver broadband consolidation

Mridul Agrawal

benefits. Given heightened credit investor concerns, we expect management to +1(332)245-7969 |

mridul.y.agrawal@gs.com

address the credit market on the call today. Goldman Sachs India SPL

Select KPIs:

n 2Q26 broadband net adds of -28k (vs. -5k/-17k/-26k/-51k in

1Q26/4Q25/3Q25/2Q25) came in worse than consensus expectations of -13k,

remaining affected by continued competitiveness in the market.