Liberty Global today announced its Q2 2021 financial results:
- U.K. JV with Telefónica‘s O2 closed in June, integration underway
- Converged national champions now complete in our four key markets
- FMC strategy added ~140K broadband & postpaid mobile subscribers in Q2
- Announcing full fibre upgrade plan for existing U.K. footprint to extend speed leadership position
- Received non-binding offer to acquire 100% of UPC Poland at 9.3x 2021EAdjusted EBITDA
- Committed to repurchasing 10% of market capitalization annually for next three years, 2021 buyback authorization increased by $400m
Our advanced fibre and 5G networks connected 87 million subscribers across Europe as of June 30, currently generating a consolidated annual revenue of more than $7 billion, while our joint-ventures in the U.K. and the Netherlands produce combined annual revenue of more than $17 billion.
Virgin Media O2 also announced its intention to upgrade its fixed network to full fibre-to-the-premise (FTTP) with completion in 2028, building on its leadership position as the U.K.’s largest gigabit broadband provider. The investment will bolster the operator’s long-term network strategy, fuel future connectivity innovation for consumers and businesses, and create options to potentially pursue the broadband wholesale market in the U.K. We, along with our partner Telefónica, are fully supportive of this value accretive project. The upgrade will be one of the U.K.’s most efficient fibre rollouts, costing marginally more than our previously planned Docsis 4 migration, and only a modest annual increase to
our current capital expenditure budget.
CEO Mike Fries stated, “With the closing of the Virgin Media O2 joint venture during the second quarter, the converged national champions in our four key markets are collectively positioned to deliver unparalleled scale, competitive strength, and strategic optionality across the footprint. Virgin Media O2 is a powerful combination, bringing together two iconic brands, two world-class networks, and a combined customer base of 54 million subscribers, all of whom are just beginning to find out how committed we are to powering the U.K.’s recovery and creating unbeatable choice for data-hungry consumers.”
Read the full Q2 2021 earnings release here.