Liberty Global announces Q3 2023 results
CEO Mike Fries stated, “Strategically, we achieved a number of recent milestones to drive future value creation. On our next results call we anticipate providing a longer update on these and other core initiatives that will reduce the significant value gap we perceive in our stock price.
Operationally in Q3 we delivered an improved fixed revenue performance across all of our core FMC operations, supported by recent price rises and a return to broadband net adds at VMO2. Postpaid mobile momentum continued with positive or broadly stable net adds across the group and over 100,000 aggregate net additions in the quarter. We are confirming today all 2023 OpCo guidance metrics with the exception of VMO2 revenue which moves from ‘growth’ to ‘stable’. We are also confirming the $1.6 billion of Distributable Cash Flow(i) at Liberty Global. Our balance sheet remains robust, with over $5.0 billion of total liquidity, including $3.5 billion in cash, and no material debt maturities until 2028. During Q3, we proactively completed over $1.2 billion of refinancing at VMO2, which will extend the tenor of its long-term debt previously maturing in 2027 out to 2031.”
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