VodafoneZiggo Q2 First Take: Dutch Broadband Volumes Inflect; EBITDA Remains Under Pressure

研报英文原文证据摘录

VodafoneZiggo Q2 First Take: Dutch Broadband Volumes Inflect; EBITDA Remains Under Pressure

J P M O R G A N Europe Credit Research

24 July 2026

Neutral

VodafoneZiggo ZIGGO

Q2 First Take: Dutch Broadband Volumes Inflect;

EBITDA Remains Under Pressure

Europe Corporate Credit -

Technology, Media &

Telecommunications

Andrew Webb AC

(44-20) 7134-0121

andrew.x.webb@jpmorgan.com

VodafoneZiggo reported a modest revenue miss, with broadband returning to Alvaro Calero Fernandez

growth and mobile trends improving, offset by continued EBITDA pressure. (44-20) 7134-3000

Total revenues decreased 1.5% y/y to €975m (JPMe €981m); Adj. EBITDA alvaro.calerofernandez@jpmorgan.com

declined 7.6% to €405m (JPMe €411m), reflecting the lower revenue base, Dihan D Udugampola, CFA

investment in network resilience and service reliability, higher programming costs (44-20) 3493-6714

and increased marketing spend, partly offset by lower labour costs and cost dihan.udugampola@jpmorgan.com

J.P. Morgan Securities plc

initiatives. Broadband net adds turned positive at 7k (JPMe -5k; Q126: -9k),

marking the best quarterly broadband performance in over six years and the fifth

consecutive quarter of improvement since the implementation of the "How We VodafoneZiggo (LGE HOLDCO VI): CDS,

Win" plan. Fixed ARPU remained stable at €56 (+0.6% y/y), despite ongoing re- z+578bps

contracting and new front-book pricing. We look for incremental commentary on

Pricing as at 13:30pm July 24th 2026

mix, following the hollandsnieuwe broadband launch and promotional activities

(see our KPN Q226 recap note here). The operator reported residential mobile

revenue growth of 0.3% y/y, with postpaid subscribers increasing 32k (JPMe +10k;

Q1: +25k), the strongest quarterly performance since 2023, supported by