Liberty Global Plc (LBTYA): Strong Dutch commercial traction a key positive despite mixed financials

研报英文原文证据摘录

Liberty Global Plc (LBTYA): Strong Dutch commercial traction a key positive despite mixed financials

Equity Research

24 July 2026 | 2:43PM BST

Liberty Global Plc (LBTYA): Strong Dutch commercial traction a key

positive despite mixed financials

Although Liberty’s 2Q26 results were mixed on financials, they evidence clear Andrew Lee

+44(20)7774-1383 |

commercial traction particularly in its key Dutch market. Despite andrew.j.lee@gs.com

Goldman Sachs International

revenue/EBITDA misses, management reiterated all FY guidance, suggesting the

Halima Elyas

shortfall was likely driven by phasing. Within results, we highlight evidence of +44(20)7774-6503 |

strong execution of the Dutch turnaround strategy: VodafoneZiggo returned to halima.elyas@gs.comGoldman Sachs International

positive broadband net adds (+7k vs. -10k consensus) for the first time in six years Mollie Witcombe

while maintaining positive ARPU growth. Mobile was similarly strong with postpaid +44(20)7051-6252mollie.witcombe@gs.com|

net adds of +32k, the highest since 2023 and ahead of consensus expectations of Goldman Sachs International

Rakicevic+10k. Across the rest of the Group, Telenet continues to benefit from strong Sofija | +44(20)7774-6556

execution of its dual-brand strategy. Telenet EBITDAaL was supported by slightly sofija.rakicevic@gs.com Goldman Sachs International

lower wholesale fees under the new Wyre pricing model and lower programming

Mridul Agrawal

costs, but partly offset by a $13mn one-off adjustment linked to a copyright dispute. +1(332)245-7969 |

mridul.y.agrawal@gs.com

Goldman Sachs India SPL

Strategically, Liberty noted that it remains on track to acquire Vodafone’s 50% stake

in VodafoneZiggo by the end of July and continues to prepare for the planned Ziggo

Group spin-off in 2027.