CEO Mike Fries stated, “First, our thoughts go out to all those impacted by the war in Ukraine. I’m very proud of our operations and employees across Liberty Global for their devoted efforts to support those in need. While we all hope for an end to the violence, we are prepared to manage through the continued impact the war is having on inflation. We are largely hedged on energy costs and have been able to manage our pricing strategies to minimize the net effect of higher costs. At the same time, our first-quarter financial results were stable.

Revenue was flat to up in all markets versus last year, with strong Adjusted EBITDA growth in the U.K.1, Switzerland and the Netherlands. Operationally, we delivered 100,000 aggregate broadband and postpaid mobile subscribers during the quarter driven by our converged bundles, our market-leading broadband speeds and increasing 5G coverage.

Demand for connectivity remains high across our European markets and, as noted above, we are seeing improved pricing power as inflation picks up, competition rationalizes and the regulatory environment eases.

Product innovation ramped up in the first quarter. In Switzerland, we recently launched the Sunrise Moments loyalty program, available to all customers, which provides reward packages and exclusive experiences. Moreover, Sunrise UPC won the Mobile Network Hotline Test 2022 demonstrating a consistent track record in delivering best-in-class customer service. In the U.K., Stream by Virgin Media was launched in April, offering customers an IP-based entertainment service to aggregate TV channels, video apps and streaming subscription services. 1

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