15 LIBERTY GLOBAL | MARKET TRENDS SEVERAL FACTORS SUPPORT RENEWED INVESTOR INTEREST IN THE EUROPEAN TELECOM SECTOR IMPROVING REGULATORY Draft Digital Networks Act and Cybersecurity Act should be beneficial on balance; new EU merger guidelines in H1 ‘26 Telco’s role as critical infrastructure becoming even clearer w/AI, including need for scale to support investment AI ROTATION Telcos are enablers & net beneficiaries of AI as it supports opex reduction & network automation Investors increasingly willing to pay for telco’s role as foundational connectivity and data-transport layers Broader market rotation into defensive sectors vs capital light industries at risk from AI DECLINING CAPEX 5G and fiber network upgrades are largely nearing completion in many markets Digital Networks Act proposing more supportive long term spectrum policies Falling capex intensity, combined with stable cashflows underpins sector’s “free cash flow inflection” • EU Telco index + 16% YTD (vs +5% for wider EU) • Most incumbent telcos up 20%+ YTD • Liberty Telecom assets positioned to benefit STRONG SECTOR PERFORMANCE .2
16 LIBERTY TELECOM | UPDATE ON 2025 GOALS WE ARE ON TRACK TO DELIVER ON BOTH OF OUR 2025 STRATEGIC GOALS LIBERTY TELECOM KEY 2025 GOALS CURRENT UPDATE Prepare each of the Benelux operating companies for the next phase of value creation New CEO at VodafoneZiggo Wyre & Telenet separation complete Rationalization of Belgian fiber market underway Acquisition of Vodafone’s 50% in VZ agreed Intention to spin combined Ziggo Group (NL + BE) in 2027 Drive commercial momentum and unlock value for shareholders Create UK Netco to accelerate fiber, raise capital and consolidate the market Pivoted from Netco to the acquisition of 2nd largest AltNet Creates 8m home fiber platform Substantial benefits to VMO2 Creates opportunity for further consolidation of AltNet market
LIBERTY TELECOM | ACQUISITION OF VODAFONE’S 50% STAKE IN VODAFONEZIGGO UNLOCKS SYNERGIES AND CREATES CLEAR PATH TO BENELUX LISTING 17 90% 10% 2.7m Postpaid mobile 1.9m Fixed subs €2.6B Revenue €0.7B Adj. EBITDAaL 5.3m Postpaid mobile 3.3m Fixed subs €4.0B Revenue €1.8B Adj EBITDA 100%100% 33% Vodafone’s 50% interest in Vodafone Ziggo to be acquired for: €1.0 billion in cash; plus 10% equity stake in new Ziggo Group Synergies and incremental services NPV of €1.0 billion Clear roadmap to Ziggo Group leverage of 4.5x and free cash flow of €500 million (by 2028) Intention to list ‘Ziggo’ and spin-off our 90% interest to Liberty Global shareholders in 2027 Strong equity story similar to Sunrise: National champions; rational markets Strong network strategies Plans to reduce leverage Attractive financial profile VODAFONE TRANSACTION SUMMARY NEW ZIGGO GROUP VodafoneZiggo Credit Silo22 Telenet Credit Silo23 Ziggo Group Intention to list (2027)
VODAFONE ZIGGO | RECENT PERFORMANCE NEW STRATEGIC PLAN IS DRIVING A CLEAR OPERATIONAL TURNAROUND 18 Materially lower churn intent amongst migrated customers and increased in- contract base Repositioned broadband pricing with new front book pricing and proactively right-priced the fixed base Launched ‘The Everything Network’ campaign, rejuvenating the brand -30 -31 -28 -19 -12 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Broadband net adds (k)9 Best performance since Q1 ‘23 Redesigned operating model with targeted opex savings through 2027 Leveraged multi-brand portfolio to win in premium and value segments Accelerated DOCSIS 4.0 rollout with interim speed step-ups Launched 2 Gbps across footprint in Q4 ’25 Largest operator 2Gbps speeds Sequential improvement in broadband nets adds since new front book launch during Q1 ‘25 Strong performance from hollandsnieuwe in mobile postpaid EMBEDDED ‘HOW WE WIN PLAN’ DRIVING CLEAR MOMENTUM INTO 2026
VODAFONE ZIGGO | OUTLOOK EXPECT VZ TO BE ‘BACK TO GROWTH’ AFTER ONE-OFF INVESTMENTS IN 2026 19 UPDATED MEDIUM-TERM OUTLOOK 2025 Adj. EBITDA delivered in-line with plan given anticipated impact of front book repricing and commercial initiatives 2026 Adj. EBITDA impacted by €50m investment focused on network resilience and service reliability 2027/2028 Adj. EBITDA expected to rebound supported by revenue growth and more agile operating structure HOW WE WIN PLAN ON TRACK Fixed subscriber trends turning around Stable capex envelope of ~€900m p.a. expected across the period low-cost 2-4 Gbps launches and DOCSIS 4.0 acceleration. Excludes one-time €50m impact in 202624 Attractive Adj. FCF profile over the medium-term driven by stable capex and growing EBITDA LEVERAGE IMPLICATIONS Leverage to peak in 2026 and reduce thereafter under strategic plan supported by Adj. EBITDA growth Current plans to de-lever include TowerCo & PropCo sales and future Adj. FCF generation pre/post spin. 2024A 2025A 2026E 2027E 2028E VodafoneZiggo Adj. EBITDA (US GAAP)
TELENET | UPDATE & OUTLOOK POSITIONED FOR SIGNIFICANT ADJ. FCF GROWTH 20 EXECUTING VALUE CREATION STEPS IN BELGIUM STRONG TELENET EQUITY STORY Telenet & Wyre separation complete and will create two distinct credit silos and operating businesses On track to finalize network sharing agreement with Proximus and Fiberklaar subject to BCA approval Secured underwritten €4.35b debt facility to fully fund Wyre build-out and significantly reduce 2028 debt at Telenet by €2.3B (subject to BCA approval) Wyre stake sale process underway with strong interest from Tier 1 infrastructure investors; proceeds earmarked for further de-leveraging c.€2.6b Revenue c.€0.7b Adj. EBITDAaL 2025 Telenet financials excl. Wyre 4.5x Mid-term gross leverage target Leading FMC Champion with valuable multi-brand portfolio Significant B2B growth potential in managed services and market expansion Upgraded 5G mobile network Long-term access to fiber through agreements with Wyre, Proximus and, in the South, Orange State of the art digital and IT stack supporting material mid-term cost optimization Reducing opex and capex profile supports Adj. FCF inflection in 2026 and continued growth thereafter.