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See the Appendix for additional information and reconciliations.\n(2) VMO2 growth rates presented on a rebased IFRS basis.\n(3) Non-consolidated 50% owned JVs. Reflects 100% of VodafoneZiggo and VMO2.\n(4) Total revenue growth rate and other revenue growth rate includes all construction and service revenue from nexfibre. Excluding nexfibre construction revenue, the rebased total revenue growth rate is (0.1)%. IFRS results as reported by the VMO2 JV and US GAAP results may differ significantly and are not comparable. See the Appendix for additional information and reconciliations.\n(5) VMO2 data presented with B2B including both fixed and mobile and Consumer Fixed excluding SOHO, consistent with LG definition and approach. Other revenue presented consistent with LG definition and approach.\n(6) Telenet B2B growth rate presented excluding Regulated Wholesale. 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"seconds": null, "promptVersion": null }, "componentId": "8d8efbab-084c-49ea-9097-c768fad99688", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.43, "x": 0.05, "y": 0.599 }, "kind": "list", "text": "VODAFONEZIGGO: Stable revenue in Q1 as mobile service revenue offsets weakness in consumer fixed; Fixed price rise of 8.5% from July expected to support revenue trends in H2.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:13.08+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14d6a601-17c3-4a0e-900e-961e1ba6ef75", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.43, "x": 0.05, "y": 0.399 }, "kind": "list", "text": "SUNRISE: Revenue decline in Q1 driven by ongoing pressure on consumer fixed revenues despite continued growth in B2B and stable mobile revenues; Continued rightpricing activity related to UPC brand phase out impacting consumer ARPU and volumes, price rise to support from H2.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:13.08+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "934167b4-7c16-450e-94de-b839c66998cc", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.43, "x": 0.05, "y": 0.78 }, "kind": "list", "text": "TELENET: Strong revenue growth supported by price rises and higher advertising and production revenue coupled with strong B2B revenue growth; Mid-June price rise in 2022 continues to support fixed ARPU trends and subscription revenue growth.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:13.08+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab386148-bc45-4d9b-b1b0-51c8ff8fa633", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.43, "x": 0.05, "y": 0.183 }, "kind": "list", "text": "VMO2: Stable revenue in Q1 (excluding impact of nexfibre construction revenues) driven by mobile service revenue growth and handset revenues, offset by declining fixed; Q1 fixed revenue impacted by later price rises relative to 2022 but mobile service revenue growth remained strong after inflecting in 2022.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": 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See the Appendix for additional information and reconciliations.\n(2) VMO2 growth rates presented on a rebased IFRS basis. Q1'23 VMO2 rebase growth rate of 3.9% includes construction revenues from nexfibre. Rebase growth rate of (0.1)% excludes construction revenues from nexfibre. VMO2 rebase growth rates include other service-related benefits attributable to the nexfibre agreement. IFRS results as reported by the VMO2 JV and US GAAP results may differ significantly and are not comparable. See the Appendix for additional information and reconciliations.\n(3) Non-consolidated 50% owned JVs. Reflects 100% of VodafoneZiggo and VMO2.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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EBITDA GROWTH (%) FY'21 Q1'22 Q2'22 Q3'22 Q4'22 FY'22 Q1'23 1.2% (1.7)% (3.9)% 4.8% 4.7% 0.9% (4.0)% Includes $2M CTC", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:13.201+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cd43976-da89-4d84-8ddf-acfada9c1af8", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.21, "x": 0.738, "y": 0.17 }, "kind": "chart", "text": "SUNRISE ADJ. EBITDA GROWTH (%) FY'21 Q1'22 Q2'22 Q3'22 Q4'22 FY'22 Q1'23 (1.8)% 9.6% 0.5% (2.3)% (8.1)% (0.3)% (9.2)% Includes $4M CTC", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:13.201+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2024648-8017-457d-ab7f-9899c79ad155", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.21, "x": 0.509, "y": 0.55 }, "kind": "chart", "text": "VODAFONEZIGGO(3) ADJ. 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EBITDA in Q1 impacted by phasing including delayed fixed price rise, synergy comparative and opex inflation\nAdj. EBITDA trends expected to be supported by price adjustments and synergy execution through remainder of 2023\nSUNRISE\nHeadwinds from UPC rightpricing activity continue to impact Adj. EBITDA trends in Q1 given fixed ARPU declines\nTaken action on pricing to help offset inflationary pressures from H2 and volumes recovering post UPC phase out\nVODAFONEZIGGO(3)\nMajority of decline in Adj. EBITDA in Q1 driven by cost inflation in energy and wages\nCost inflation impacts expected to continue through 2023, slightly offset by fixed price adjustment in July\nTELENET\nDecline in Adj. EBITDA in Q1 driven by cost inflation impacts, particularly 11% automatic wage indexation as of January 2023\nPrice adjustments of 6% in June expected to support Adj. EBITDA trends in H2", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:13.201+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca8bcce7-67e0-4af4-aab3-3b3a3b690e4c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.909, "x": 0.042, "y": 0.909 }, "kind": "source-note", "text": "(1) YoY growth rates presented on a rebased basis for VodafoneZiggo, Telenet and Sunrise. See the Appendix for additional information and reconciliations.\n(2) VMO2 growth rates presented on a rebased IFRS basis. Q1'23 VMO2 rebase growth rate of 0.9% includes construction revenues from nexfibre. Rebase growth rate of (0.2)% excludes construction revenues from nexfibre. VMO2 rebase growth rates\ninclude other service-related benefits attributable to the nexfibre agreement. IFRS results as reported by the VMO2 JV and US GAAP results may differ significantly and are not comparable. See the Appendix for additional information and reconciliations.\n(3) Non-consolidated 50% owned JVs. Reflects 100% of VodafoneZiggo and VMO2.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "setup", "function": "quantify_opportunity", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 83, "componentCount": 6, "textChars": 1737, "nDataPoints": 26, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:41:12.092+00", "seconds": 6.851, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de515-b88b-7442-9936-6241eabf711e/13", "deck": "/decks/019de515-b88b-7442-9936-6241eabf711e", "deckAnchor": "/decks/019de515-b88b-7442-9936-6241eabf711e#slide-13", "deckJson": "/decks/019de515-b88b-7442-9936-6241eabf711e.json" }, "components": [ { "bbox": { "h": 0.36, "w": 0.45, "x": 0.045, "y": 0.18 }, "kind": "chart", "text": "Q1 CAPITAL INTENSITY IN LINE WITH GUIDANCE (1)\nIncludes ROU Additions\n25%\n20%\n15%\n10%\n5%\n0%", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:12.092+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33bf38ad-75bd-40c0-aa96-925e0adbf6b6", "parentComponentId": null }, { "bbox": { "h": 0.27, "w": 0.29, "x": 0.045, "y": 0.58 }, "kind": "chart", "text": "Q1 LIQUIDITY\n$1.5B Revolving Credit Facilities\n$5.3B TOTAL LIQUIDITY\n$3.8B Cash/SMAs", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Donut chart", "slug": "donut", "status": "active", "canonId": "019de52d-0006-752c-9528-0fef476b8004", "version": 1, "description": null }, "framework": null }, "subkind": "donut", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:12.092+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8451e6d-6ad0-4ca2-be86-adfc087b4304", "parentComponentId": null }, { "bbox": { "h": 0.17, "w": 0.18, "x": 0.31, "y": 0.58 }, "kind": "list", "text": "KEY DRIVERS Q1\nBuyback $240m\nVodafone stake $270m\nAE acquisition $110m\nCH acquisition $80m", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:12.092+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78db6411-f506-4896-bc68-7311114c0186", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.91, "x": 0.045, "y": 0.89 }, "kind": "source-note", "text": "(1) VMO2 and VodafoneZiggo represent non-consolidated 50% owned JVs. Reflects 100% of VMO2 and VodafoneZiggo. VMO2 based on IFRS results as reported by the VMO2 JV and US GAAP results may differ significantly and are not comparable. See the Appendix for additional information and reconciliations.\n(2) FY 2022 includes (i) $321 million of dividends and interest from the VodafoneZiggo JV and (ii) $455 million of dividends from the VMO2 JV. Q1 2023 includes $14 million of interest from the VodafoneZiggo JV.\n(3) Includes working capital, operational finance (vendor finance) and restructuring.\n(4) We define Distributable Cash Flow as Adjusted FCF plus any dividends received from our equity affiliates that are funded by activities outside of their normal course of operations, including, for example, those funded by recapitalizations (referred to as \"Other Affiliate Dividends\"). YTD 2022 Other Affiliate Dividends includes $478 million of dividends from the VMO2 JV. 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EBITDA decline\nP&E additions to sales 21% - 23%\nCash distributions to shareholders of €300m - €400m", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:12.143+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a7de469-62a5-4b12-819d-dda3db0085b4", "parentComponentId": null }, { "bbox": { "h": 0.17, "w": 0.4, "x": 0.53, "y": 0.56 }, "kind": "list", "text": "Revenue growth between 1-2%\nAdjusted EBITDAaL: broadly stable\nP&E additions to sales: ~26%\nAdj. FCF: ~€250m", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:12.143+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fb0e5b9-1e5c-4e2e-9b42-5f5264f9fb39", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.4, "x": 0.53, "y": 0.21 }, "kind": "list", "text": "Low-single digit revenue decline\nLow to Mid-single digit Adj. EBITDA decline (incl. CTC)\nOpex and Capex CTC ~CHF50m (~CHF 10m in opex)\nP&E additions to sales (incl. CTC) 15% -17%\nAdj. FCF: CHF320-350m (growth vs 2022)", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:12.143+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a339b077-a496-47e9-901c-0a6398bbce27", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.4, "x": 0.06, "y": 0.21 }, "kind": "list", "text": "Revenue growth\nMid-single digit Adj. EBITDA growth (excl. CTC)\nOpex and Capex CTC ~£150m\nP&E additions of around £2.0B\nCash distributions to shareholders of £1.8 - £2.0B", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:12.143+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b663e02e-4069-47f8-a3a6-e390bdd5ea15", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.91, "x": 0.04, "y": 0.88 }, "kind": "source-note", "text": "(1) Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) and cash flow from operating activities for Adj EBITDA, Adjusted EBITDAaL, Adjusted FCF and Distributable CF guidance cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges\nincluding; the components of nonoperating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/loss from continuing operations, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not\nforecast may vary significantly form period to period.\n(2) VMO2 guidance on an IFRS basis. During Q1, VMO2 concluded the accounting treatment of nexfibre resulting in construction revenues being reported on a gross basis. VMO2's guidance of revenue growth excludes the impact of nexfibre construction revenue. VMO2's Adj. EBITDA guidance of mid-single digit growth\nalso excludes construction contribution. IFRS guidance based on transaction adjusted revenue and Adj EBITDA. US GAAP guidance for the VMO2 JV is not provided as this cannot be provided without unreasonable efforts given US GAAP information is not forecast by the JV since they report under IFRS.\n(3) Telenet guidance on an IFRS basis. US GAAP guidance for Telenet is broadly the same as their separate IFRS guidance.\n(4) Non-consolidated 50% owned JVs. 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"62ca68fc-44a4-419c-85eb-3917d4d7ceaa", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.469, "x": 0.085, "y": 0.846 }, "kind": "image", "text": "Virgin Media, O2, UPC, Sunrise, O2, Virgin Media logos", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo grid", "slug": "logo-grid", "status": "active", "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215", "version": 1, "description": null }, "framework": null }, "subkind": "logo-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:09.385+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8666455-e7ee-4997-a567-691f4f7d6882", "parentComponentId": null }, { "bbox": { "h": 1, "w": 0.35, "x": 0.65, "y": 0 }, "kind": "image", "text": "Two people holding tablets covering their faces", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:09.385+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "569562d5-d657-474f-b389-1a43c13cf8cb", "parentComponentId": null }, { "bbox": { "h": 0.023, "w": 0.269, "x": 0.085, "y": 0.34 }, "kind": "paragraph", "text": "INVESTOR CALL Q1 2023", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:09.385+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ca04406-a7c6-41a0-bb4b-2cbe03a069a3", "parentComponentId": null }, { "bbox": { "h": 0.089, "w": 0.32, "x": 0.085, "y": 0.386 }, "kind": "title", "text": "APPENDIX", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", 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We have revised the definition of our ventures portfolio to now exclude venture investments held by Sunrise and Telenet and have updated our Q4'22 fair value above to reflect these changes. The change in our ventures portfolio from December 31, 2022 includes a net increase from investments and disposals of ~$390 million and a net increase from changes in fair value and FX of ~$25 million.\n(2) Per share amounts based on shares outstanding at the respective dates.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The table above provides a summary of the impact on the revenue, Adjusted EBITDA and property and equipment additions to Central for Q1 22.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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These adjustments result in an equal amount of fees in both the 2023 and 2022 periods for those services that are deemed to be temporary in nature.\n(ii) Amounts reflect 100% of the adjustments made related to the VMO2 JV's and the VodafoneZiggo JV's revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions, which we do not consolidate, as we hold a 50% noncontrolling interest in the VMO2 JV and the VodafoneZiggo JV.\n(iii) Relates to the exclusion of certain handset securitization transactions in Q1 2022, including approximately £32 million ($44 million at the applicable rate) of revenue and £174 million ($233 million at the applicable rate) of Adjusted EBITDA related to restructuring of the legacy O2 securitization structure.\n(iv) Relates to the VMO2 JV's construction agreement with the nexfibre JV. Amounts exclude adjustments for other service-related benefits attributable to the overall agreement between the VMO2 JV and the nexfibre JV.", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:16.279+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9cc32a9-8545-47f0-9b9e-d88837b0c779", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.93, "x": 0.05, "y": 0.45 }, "kind": "paragraph", "text": "The following table provides adjustments made to the 2022 amounts (i) in aggregate for our consolidated reportable segments and (ii) for the non-consolidated VMO2 JV and VodafoneZiggo JV to derive our rebased growth rates:", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:16.279+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3fcb8d6d-76c2-4fb8-84e0-0dadf17c7419", "parentComponentId": null }, { "bbox": { "h": 0.37, "w": 0.93, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For purposes of calculating rebase growth rates on a comparable basis for all businesses that we owned during 2023, we have adjusted our historical revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for the three months ended March 31, 2022 to (i) include the pre-acquisition revenue, Adjusted EBITDA and P&E additions to the same extent these entities are included in our results for the three months ended March 31, 2023, (ii) exclude from our rebased amounts the revenue, Adjusted EBITDA and P&E additions of entities disposed of to the same extent these entities are excluded in our results for the three months ended March 31, 2023, (iii) include in our rebased amounts the revenue and costs for the temporary elements of transitional and other services provided to iliad, Vodafone, Deutsche Telekom and M7 Group, to reflect amounts related to these services equal to those included in our results for the three months ended March 31, 2023 and (iv) reflect the translation of our rebased amounts at the applicable average foreign currency exchange rates that were used to translate our results for the three months ended March 31, 2023. We have reflected the revenue, Adjusted EBITDA and P&E additions of these acquired entities in our 2022 rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired businesses during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions of these entities on a basis that is comparable to the corresponding post-acquisition amounts that are included in our results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebase growth percentages are not necessarily indicative of the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions that will occur in the future. Investors should view rebase growth as a supplement to, and not a substitute for, U.S. GAAP measures of performance included in our condensed consolidated statements of operations.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:16.279+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aee6a9b0-9ac9-4fbd-beed-f33e90dc1d79", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.02, "x": 0.95, "y": 0.95 }, "kind": "source-note", "text": "20", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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(320.9) (115.3) (52.8)\nTotal increase. $ (232.8) $ (352.1) $ (204.7)\nVodafoneZiggo JV (ii)\nForeign Currency. 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Net cash provided by operating activities includes cash paid for third-party costs directly associated with successful and unsuccessful acquisition and dispositions of $11.6 million and $13.4 million during the three months ended March 31, 2023 and 2022, respectively.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.121+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "294a2ea1-3f82-4fb9-9889-9f67baddf0b0", "parentComponentId": null }, { "bbox": { "h": 0.249, "w": 0.89, "x": 0.047, "y": 0.202 }, "kind": "list", "text": "Adjusted EBITDA: Adjusted EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, Adjusted EBITDA is defined as earnings (loss) from continuing operations before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on debt extinguishment, net realized and unrealized gains (losses) due to changes in fair values of certain investments, net foreign currency transaction gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate. We believe our consolidated Adjusted EBITDA measure, which is a non-GAAP measure, is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Consolidated Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, U.S. GAAP measures of income included in our condensed consolidated statements of operations.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.121+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c244fa6-7923-4edf-8d5d-7a20c609e204", "parentComponentId": null }, { "bbox": { "h": 0.029, "w": 0.89, "x": 0.047, "y": 0.589 }, "kind": "list", "text": "Property and Equipment Additions (P&E additions): Includes capital expenditures on an accrual basis, amounts financed under vendor financing or finance lease arrangements and other non-cash additions.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.121+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "339ea413-ab83-48c4-8884-425166f2b267", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.89, "x": 0.047, "y": 0.465 }, "kind": "list", "text": "Adjusted EBITDA less P&E Additions: We define Adjusted EBITDA less P&E Additions, which is a non-GAAP measure, as Adjusted EBITDA less property and equipment additions on an accrual basis. Adjusted EBITDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted EBITDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted EBITDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted EBITDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, U.S. GAAP measures of income included in our condensed consolidated statements of operations.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.121+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64f8da38-84ab-4156-85b8-46a0923cda2e", "parentComponentId": null }, { "bbox": { "h": 0.029, "w": 0.84, "x": 0.047, "y": 0.125 }, "kind": "paragraph", "text": "10-Q or 10-K: As used herein, the terms 10-Q and 10-K refer to our most recent quarterly or annual report as filed with the Securities and Exchange Commission on Form 10-Q or Form 10-K, as applicable.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.121+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27cabd31-267f-4a62-aa16-ad36991ee7f9", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.84, "x": 0.047, "y": 0.168 }, "kind": "paragraph", "text": "Adjusted EBITDA, Adjusted EBITDA less P&E Additions and Property and Equipment Additions (P&E Additions):", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.121+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d96e59a-fd58-4ba4-bfe8-377066d32c54", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.84, "x": 0.047, "y": 0.77 }, "kind": "paragraph", "text": "Adjusted Free Cash Flow (Adjusted FCF) & Distributable Cash Flow:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.121+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6680812f-ca16-4986-beea-9fe7c9623fdc", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.89, "x": 0.047, "y": 0.632 }, "kind": "paragraph", "text": "Adjusted EBITDA After Leases (Adjusted EBITDAaL): We define Adjusted EBITDAaL as Adjusted EBITDA as further adjusted to include finance lease related depreciation and interest expense. Our internal decision makers believe Adjusted EBITDAaL is a meaningful measure because it represents a transparent view of our recurring operating performance that includes recurring lease expenses necessary to operate our business. We believe Adjusted EBITDAaL, which is a non-GAAP measure, is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted EBITDAaL should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, U.S. GAAP measures of income included in our condensed consolidated statements of operations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.121+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f57cdfda-d389-4db7-a87c-f10fa2f31191", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.019, "x": 0.953, "y": 0.954 }, "kind": "source-note", "text": "21", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.121+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "273b7163-c537-4744-8efe-68be8b805824", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.26, "x": 0.025, "y": 0.047 }, "kind": "title", "text": "GLOSSARY", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.121+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "869aa201-c572-456a-b50e-f372cdb3a7d2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 40, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 15, "name": "Visualization", "beatId": "141d89ed-74b6-46a3-a97c-ad28206051cb", "matchId": "1c57dde5-5190-49b5-a307-cdbee02cd3ca", "beatType": { "name": "Visualization", "slug": "monroes-sequence-visualization", "status": "active", "canonId": "019dd9b8-1786-777e-b185-480585cc47fd", "version": 1, "description": null }, "evidence": "The document provides detailed reconciliations and appendix data", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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Adjusted FCF and Distributable Cash Flow should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at these amounts. Investors should view Adjusted FCF and Distributable Cash Flow as supplements to, and not substitutes for, U.S. GAAP measures of liquidity included in our condensed consolidated statements of cash flows. Further, our Adjusted FCF and Distributable Cash Flow may differ from how other companies define and apply their definition of Adjusted FCF or other similar measures.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:20.418+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0fa35222-7c45-425e-a814-c89752101bdf", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.896, "x": 0.038, "y": 0.76 }, "kind": "paragraph", "text": "Costs to Capture (CTC): Costs to capture generally include incremental, third-party operating and capital related costs that are directly associated with integration activities, restructuring activities and certain other costs associated with aligning an acquiree to our business processes to derive synergies. These costs are necessary to combine the operations of a business being acquired (or joint venture being formed) with ours or are incidental to the acquisition. As a result, costs to capture may include certain (i) operating costs that are included in Adjusted EBITDA, (ii) capital related costs that are included in property and equipment additions and Adjusted EBITDA less P&E Additions and (iii) certain integration related restructuring expenses that are not included within Adjusted EBITDA or Adjusted EBITDA less P&E Additions. 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Our ARPU per mobile subscriber calculation that includes interconnect revenue increases the numerator in the above-described calculation by the amount of mobile interconnect revenue during the period.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:20.418+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50407750-9367-410f-b640-86aeeb7a9870", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.896, "x": 0.038, "y": 0.61 }, "kind": "paragraph", "text": "Average Tenor of Debt: For purposes of calculating our average tenor, total third-party debt excludes vendor financing, certain debt obligations that we assumed in connection with various acquisitions, and liabilities related to Telenet's acquisition of mobile spectrum licenses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:20.418+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bb24748-6822-4759-9ae9-79d99b1625b9", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.21, "x": 0.038, "y": 0.73 }, "kind": "paragraph", "text": "B2B: Business-to-Business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:20.418+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c60b467-a3ce-4e9e-9d92-fcce9d2dd0e5", "parentComponentId": null }, { "bbox": { "h": 0.179, "w": 0.896, "x": 0.038, "y": 0.324 }, "kind": "paragraph", "text": "ARPU: Average Revenue Per Unit is the average monthly subscription revenue per average fixed customer relationship or mobile subscriber, as applicable. ARPU per average fixed-line customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO services by the average number of fixed-line customer relationships for the period. ARPU per average mobile subscriber is calculated by dividing mobile subscription revenue for the indicated period by the average number of mobile subscribers for the period. Unless otherwise indicated, ARPU per fixed customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per RGU refers to average monthly revenue per average RGU, which is calculated by dividing the average monthly subscription revenue from residential and SOHO services for the indicated period, by the average number of the applicable RGUs for the period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average fixed customer relationship or mobile subscriber, as applicable. Fixed-line customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. In addition, for purposes of calculating the percentage change in ARPU on a rebased basis, which is a non-GAAP measure, we adjust the prior-year subscription revenue, fixed-line customer relationships, mobile subscribers and RGUs, as applicable, to reflect acquisitions, dispositions and FX on a comparable basis with the current year, consistent with how we calculate our rebased growth for revenue and Adjusted EBITDA, as further described in the body of this release.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:20.418+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aad134db-3eb0-42d6-a0c4-262081315eba", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.896, "x": 0.038, "y": 0.67 }, "kind": "paragraph", "text": "Blended, Fully-swapped Debt Borrowing Cost: The weighted average interest rate on our aggregate variable- and fixed-rate indebtedness (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:20.418+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc242e18-eb7b-4dbf-9721-67f82573c4c4", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.896, "x": 0.038, "y": 0.89 }, "kind": "paragraph", "text": "Customer Churn: The rate at which customers relinquish their subscriptions. The annual rolling average basis is calculated by dividing the number of disconnects during the preceding 12 months by the average number of customer relationships. For the purpose of computing churn, a disconnect is deemed to have occurred if the customer no longer receives any level of service from us and is required to return our equipment. A partial product downgrade, typically used to encourage customers to pay an outstanding bill and avoid complete service disconnection, is not considered to be disconnected for purposes of our churn calculations. Customers who move within our footprint and upgrades and downgrades between services are also excluded from the disconnect figures used in the churn calculation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:20.418+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6c0a6c4-6d48-4f8c-8087-e9853eebac68", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.019, "x": 0.953, "y": 0.953 }, "kind": "source-note", "text": "22", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:18.586+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1317a5f1-40ea-4261-bccf-7f9f9334cf82", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.92, "x": 0.039, "y": 0.64 }, "kind": "paragraph", "text": "MVNO: Mobile Virtual Network Operator.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:18.586+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "291cd421-8552-46c7-bb18-019db99b468f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.039, "y": 0.47 }, "kind": "paragraph", "text": "Lightning Premises: Includes homes, residential multiple dwelling units and commercial premises that potentially could subscribe to our residential or SOHO services, which have been connected to the VMO2 JV's networks in the U.K. and Ireland as a part of the Project Lightning network extension program. Project Lightning infill build relates to construction in areas adjacent to our existing network.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:18.586+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3091a643-a1f5-4502-bdf1-0955f60b854e", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.039, "y": 0.129 }, "kind": "paragraph", "text": "Debt and Net Debt Ratios: Our debt and net debt ratios, which are non-GAAP metrics, are defined as total debt and net debt, respectively, divided by reported net loss for the last twelve months (reported LTM net loss) and Adjusted EBITDA for the last twelve months (LTM Adjusted EBITDA). Net debt is defined as total debt less cash and cash equivalents and investments held under SMAs. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:18.586+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4dcfa7c3-9de1-44a5-b32c-dc1d8cc08c70", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.039, "y": 0.334 }, "kind": "paragraph", "text": "Full Company: The term \"Full Company\" includes certain amounts that were classified as discontinued operations prior to disposal. We also present Full Company Adjusted Free Cash Flow and Full Company Distributable Cash Flow, consistent with the basis for our full year 2023 Distributable Cash Flow guidance.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:18.586+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b6a23f9-e5dc-49b9-9e2d-0ac607b25179", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.039, "y": 0.283 }, "kind": "paragraph", "text": "Fixed-Mobile Convergence (FMC): Fixed-mobile convergence penetration represents the number of customers who subscribe to both a fixed broadband internet service and postpaid mobile telephony service, divided by the total number of customers who subscribe to our fixed broadband internet service.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:18.586+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7380269f-bb2b-4576-8ca7-6d7aedd3b61b", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.039, "y": 0.206 }, "kind": "paragraph", "text": "Fixed-Line Customer Relationships: The number of customers who receive at least one of our internet, video or telephony services that we count as RGUS, without regard to which or to how many services they subscribe. Fixed-Line Customer Relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two Fixed-Line Customer Relationships. 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Certain of our Homes Passed counts are based on census data that can change based on either revisions to the data or from new census results.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:18.586+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2103832-2219-46e4-a262-fcdc65544915", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.92, "x": 0.039, "y": 0.436 }, "kind": "paragraph", "text": "Internet Subscriber: A home, residential multiple dwelling unit or commercial unit that receives internet services over our networks, or that we service through a partner network.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:18.586+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eda1d415-8dd5-48ef-8ff6-299fcf204dd7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.039, "y": 0.674 }, "kind": "paragraph", "text": "RGU: A Revenue Generating Unit is separately an Internet Subscriber, Video Subscriber or Telephony Subscriber. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUS. For example, if a residential customer subscribed to our broadband internet service, video service and fixed-line telephony service, the customer would constitute three RGUS. Total RGUs is the sum of Internet, Video and Telephony Subscribers. RGUs generally are counted on a unique premises basis such that a given premise does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled internet, video or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. 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Telephony Subscribers exclude mobile telephony subscribers.\nU.S. GAAP: Accounting principles generally accepted in the United States.\nVideo Subscriber: A home, residential multiple dwelling unit or commercial unit that receives our video service over our broadband network or through a partner network.\nYoY: Year-over-year.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:13.188+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ed09766-bac9-420a-92b4-ef8f0ec70984", "parentComponentId": null }, { "bbox": { "h": 0.049, "w": 0.22, "x": 0.022, "y": 0.05 }, "kind": "title", "text": "GLOSSARY", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:13.188+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6dc52486-2df9-4247-8a96-0995607f233b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 40, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 15, "name": "Visualization", "beatId": "141d89ed-74b6-46a3-a97c-ad28206051cb", "matchId": "1c57dde5-5190-49b5-a307-cdbee02cd3ca", "beatType": { "name": "Visualization", "slug": "monroes-sequence-visualization", "status": "active", "canonId": "019dd9b8-1786-777e-b185-480585cc47fd", "version": 1, "description": null }, "evidence": "The document provides detailed reconciliations and appendix data", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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For further details on adjustments made to arrive at our rebase growth rates for the periods below, refer to our previously issued earnings releases which can be found on our website at www.libertyglobal.com, as well as the Rebase Information section included earlier in this presentation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.869+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6f9a303-7374-4467-9f88-3f699808463f", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.022, "x": 0.936, "y": 0.94 }, "kind": "source-note", "text": "25", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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(335.1) (141.1) (524.6)\nTotal decrease. $ (300.3) $ (140.2) $ (524.6)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.869+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f11cfc2-cddf-4a38-b918-ce22439ad6e8", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.39, "x": 0.501, "y": 0.51 }, "kind": "table", "text": "Adjusted EBITDA\nThree months ended December 31, 2021\nBE CH VZ VM02\nAcquisitions & Dispositions. $ (9.5) $ (5.0) $ $ (27.5)\nForeign Currency.. (37.5) (12.6) (58.8) (143.0)\nTotal decrease. $ (47.0) $ (17.6) $ (58.8) $ (170.5)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.869+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49afc052-9187-4cde-a033-e30724ae2511", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.39, "x": 0.501, "y": 0.299 }, "kind": "table", "text": "Adjusted EBITDA\nThree months ended March 31, 2022\nBE CH VZ VMO2\nAcquisitions & Dispositions...... $ (7.5) $ (0.5) $ $ (236.8)\nForeign Currency. (15.1) (0.5) (24.0) (115.3)\nTotal decrease... $ (22.6) $ (1.0) $ (24.0) $ (352.1)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.869+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a1b84c3-5e90-4297-ad1b-4f74fb2f0b6f", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.349, "x": 0.149, "y": 0.51 }, "kind": "table", "text": "Revenue\nThree months ended December 31, 2021\nBE CH VZ VMO2\nAcquisitions & Dispositions...... $ 35.3 $ 33.1 $ $ 11.7\nForeign Currency.... 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Adjusted FCF and Distributable Cash Flow should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at these amounts. Investors should view Adjusted FCF and Distributable Cash Flow as supplements to, and not substitutes for, U.S. GAAP measures of liquidity included in our condensed consolidated statements of cash flows. Further, our Adjusted FCF and Distributable Cash Flow may differ from how other companies define and apply their definition of Adjusted FCF or other similar measures. 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When we pay the financing intermediary, we record financing cash outflows in our condensed\nconsolidated statements of cash flows. For purposes of our Adjusted FCF definition, we (i) add in the constructive financing cash inflow when the\nintermediary settles the liability with the vendor as our actual net cash available at that time is not affected and (ii) subsequently deduct the\nrelated financing cash outflow when we actually pay the financing intermediary, reflecting the actual reduction to our cash available to service debt\nor fund new investment opportunities.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 33, "type": "appendix", "function": "appendix", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 90, "componentCount": 7, "textChars": 4952, "nDataPoints": 45, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:41:23.732+00", "seconds": 10.192, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de515-b88b-7442-9936-6241eabf711e/33", "deck": "/decks/019de515-b88b-7442-9936-6241eabf711e", "deckAnchor": "/decks/019de515-b88b-7442-9936-6241eabf711e#slide-33", "deckJson": "/decks/019de515-b88b-7442-9936-6241eabf711e.json" }, "components": [ { "bbox": { "h": 0.17, "w": 0.928, "x": 0.038, "y": 0.345 }, "kind": "paragraph", "text": "The following table provides a reconciliation of our net cash provided by operating activities to Adjusted Free Cash Flow for the indicated period. In addition, in order to provide information regarding our Adjusted Attributed Free Cash Flow and Attributed Distributable Cash Flow, which are used for internal management reporting and capital allocation purposes and are consistent with the way in which our chief operating decision maker evaluates our operating segments, we have provided a reconciliation of our Adjusted Free Cash Flow to our Adjusted Attributed Free Cash Flow and Attributed Distributable Cash Flow, which incorporate adjustments related to the allocation of interest and fees within the UPC Holding borrowing group. We believe our presentation of Adjusted FCF and Distributable Cash Flow, each of which is a non-GAAP measure, provides useful information to our investors because these measure can be used to gauge our ability to (a) service debt and (b) fund new investment opportunities after consideration of all actual cash payments related to our working capital activities and expenses that are capital in nature whether paid inside normal vendor payment terms or paid later outside normal vendor payment terms (in which case we typically pay in less than 365 days). Adjusted FCF and Distributable Cash Flow should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at these amounts. Investors should view Adjusted FCF and Distributable Cash Flow as supplements to, and not substitutes for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows. Further, our Adjusted FCF and Distributable Cash Flow may differ from how other companies define and apply their definition of Adjusted FCF or other similar measures.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:23.732+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ff89a23-e139-47c7-990b-e2876a70cf58", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.928, "x": 0.038, "y": 0.289 }, "kind": "paragraph", "text": "We define Distributable Cash Flow as Adjusted FCF plus any dividends received from our equity affiliates that are funded by activities outside of their normal course of operations, including, for example, those funded by recapitalizations (referred to as \"Other Affiliate Dividends\").", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:23.732+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4afcd66-b7e4-46eb-bfef-3f864b5a0768", "parentComponentId": null }, { "bbox": { "h": 0.156, "w": 0.928, "x": 0.038, "y": 0.119 }, "kind": "paragraph", "text": "We define Adjusted FCF as net cash provided by the operating activities of our continuing operations, plus operating-related vendor financed expenses (which represents an increase in the period to our actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities), less (i) cash payments in the period for capital expenditures, (ii) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to our actual cash available as a result of paying amounts to vendors and intermediaries where we previously had extended vendor payments beyond the normal payment terms), and (iii) principal payments on finance leases (which represents a decrease in the period to our actual cash available), each as reported in our consolidated statements of cash flows with each item excluding any cash provided or used by our discontinued operations. Net cash provided by operating activities includes cash paid for third-party costs directly associated with successful and unsuccessful acquisition and dispositions of $11.6 million and $13.4 million during the three months ended March 31, 2023 and 2022, respectively.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:23.732+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eee5e835-8189-44d0-8aa0-861bc5567d82", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.44, "x": 0.209, "y": 0.902 }, "kind": "source-note", "text": "a. Includes our operations in Slovakia and intersegment eliminations.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:23.732+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0678fcd-1a4c-45bc-9df5-e7468a45fa99", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.619, "x": 0.209, "y": 0.923 }, "kind": "source-note", "text": "b. Represents the third-party interest, fees and related derivative payments made by UPC Holding (a parent entity included in Central and Other) in relation to its operating entities. This interest is allocated to each of the respective operating entities based on our estimates of the composition of the underlying debt and swap portfolio and applicable interest rates within each country.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:23.732+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5c04cf7-1fc9-440f-86ae-6c5832c15da4", "parentComponentId": null }, { "bbox": { "h": 0.36, "w": 0.619, "x": 0.209, "y": 0.528 }, "kind": "table", "text": "Three months ended March 31, 2023\nIreland\nBelgium\nSwitzerland\nCentral and Other (a)\nTotal Liberty Global\nin millions\nAdjusted free cash flow:\nNet cash provided by operating activities.\n3.7\n160.2\n288.4\n(144.5)\n307.8\nOperating-related vendor financing additions.\n74.4\n66.2\n0.8\n141.4\nCash capital expenditures, net.\n(33.9)\n(134.8)\n(127.0)\n(81.5)\n(377.2)\nPrincipal payments on operating-related vendor financing.\n(114.2)\n(25.8)\n(3.5)\n(143.5)\nPrincipal payments on capital-related vendor financing.\n(23.0)\n(74.3)\n(7.2)\n(104.5)\nPrincipal payments on finance leases.\n(0.8)\n(0.7)\n(0.9)\n(2.4)\nAdjusted Free Cash Flow.\n(30.2)\n(38.2)\n126.8\n(236.8)\n(178.4)\nAdjustments to attributed adjusted free cash flow:\nInterest allocation (b).\n(104.4)\n104.4\nAdjusted Attributed Free Cash Flow\n(30.2)\n(38.2)\n22.4\n(132.4)\n(178.4)\nOther affiliate dividends.\n198.3\n198.3\nAttributed Distributable Cash Flow\n(30.2)\n(38.2)\n22.4\n65.9\n19.9", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:23.732+00", "model": "google/gemini-2.5-flash", 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40, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 15, "name": "Visualization", "beatId": "141d89ed-74b6-46a3-a97c-ad28206051cb", "matchId": "1c57dde5-5190-49b5-a307-cdbee02cd3ca", "beatType": { "name": "Visualization", "slug": "monroes-sequence-visualization", "status": "active", "canonId": "019dd9b8-1786-777e-b185-480585cc47fd", "version": 1, "description": null }, "evidence": "The document provides detailed reconciliations and appendix data", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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We believe that the presentation of VodafoneZiggo JV Adjusted Free Cash Flow provides useful information to our investors because this measure can be used to gauge VodafoneZiggo's ability to service debt, distribute cash to parent entities and fund new investment opportunities after consideration of all actual cash payments related to working capital activities and expenses that are capital in nature whether paid inside normal vendor payment terms or paid later outside normal vendor payment terms (in which case amounts are typically paid in less than 365 days). VodafoneZiggo JV Adj FCF, which is a non-GAAP measure, should not be understood to represent VodafoneZiggo's ability to fund discretionary amounts, as it has various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at this amount. Investors should view adjusted free cash flow as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in VodafoneZiggo's consolidated statements of cash flows within its bond report. Further, VodafoneZiggo Adjusted FCF may differ from how other companies define and apply their definition of Adjusted FCF or other similar measures. For purposes of its standalone reporting obligations, VodafoneZiggo prepares its consolidated financial statements in accordance with accounting principles generally accepted in the U.S.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.849+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b8cb444-2439-4e8f-893c-ba7a58824796", "parentComponentId": null }, { "bbox": { "h": 0.036, "w": 0.82, "x": 0.081, "y": 0.507 }, "kind": "paragraph", "text": "Adjusted Free Cash Flow is a non-GAAP measure as contemplated by the U.S. Securities and Exchange Commission. A reconciliation of VodafoneZiggo JV for the three months ended March 31, 2023 is provided below.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:19.849+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "728dc32d-c164-4d5a-8cdc-1ac7a434f5f7", "parentComponentId": null }, { "bbox": { "h": 0.017, "w": 0.027, "x": 0.94, "y": 0.94 }, "kind": "source-note", "text": "34", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 39, "type": "setup", "function": "decompose_segments", "rawType": "revenue_buildup", "block": null, "metadata": { "slideType": "revenue_buildup", "slideTypeCanon": { "name": "Revenue buildup", "slug": "revenue_buildup", "status": "active", "canonId": "019de52d-0acd-70b8-a81d-62d89840409b", "version": 1, "description": null }, "function": "decompose_segments", "functionCanon": { "name": "Decompose segments", "slug": "decompose_segments", "status": "active", "canonId": "019de52d-14f1-74f8-be75-beb0be1135ec", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 3, "textChars": 1536, "nDataPoints": 36, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:41:22.655+00", "seconds": 4.921, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de515-b88b-7442-9936-6241eabf711e/39", "deck": "/decks/019de515-b88b-7442-9936-6241eabf711e", "deckAnchor": "/decks/019de515-b88b-7442-9936-6241eabf711e#slide-39", "deckJson": "/decks/019de515-b88b-7442-9936-6241eabf711e.json" }, "components": [ { "bbox": { "h": 0.036, "w": 0.909, "x": 0.049, "y": 0.17 }, "kind": "paragraph", "text": "The following table provides reconciliations from VMO2 JV US GAAP Adj EBITDA to IFRS rebased Adj EBITDA and Adj EBITDA less P&E Additions for the indicated periods:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:22.655+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9189db1-cbab-47ea-8e30-1dc218d75d28", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.73, "x": 0.18, "y": 0.82 }, "kind": "source-note", "text": "(a) Adjusted EBITDA rebase adjustments relate to (i) the exclusion of certain handset securitization transactions in Q1 2022 of approximately $233 million related to restructuring of the legacy O2 securitization structure, (ii) for 2022, the VMO2 JV's construction agreement with the nexfibre JV of approximately $12 million and (iii) certain transaction adjustments made to reflect the JV's new basis of accounting, which reverse the effect of the write-off of deferred commissions, install costs and deferred revenue.\n(b) US GAAP/IFRS differences primarily relate to (i) the VMO2 JV's investment in CTIL and (ii) leases.\n(c) P&E rebase adjustments for 2022 relate to the VMO2 JV's construction agreement with the nexfibre JV of approximately $85 million.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:22.655+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7efb1b0-bfd8-4885-b0af-33cbd2028ed0", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.569, "x": 0.205, "y": 0.26 }, "kind": "table", "text": "Adjusted EBITDA:\nUS GAAP Adjusted EBITDA.\nRebase Adjustments (a).\nUS GAAP Rebased Adjusted EBITDA.\nUS GAAP/IFRS Adjustments (b).\nIFRS Rebased Adjusted EBITDA.\nProperty & Equipment Additions:\nUS GAAP Property & Equipment Additions.\nRebase Adjustments (c).\nUS GAAP Rebased Property & Equipment Additions.\nUS GAAP/IFRS Adjustments (b).\nIFRS Rebased Property & Equipment Additions.\nAdjusted EBITDA less P&E Additions:\nUS GAAP Adjusted EBITDA less P&E Additions.\nRebase Adjustments (a) (c).\nUS GAAP Rebased Adjusted EBITDA less P&E Additions.\nUS GAAP/IFRS Adjustments (b).\nIFRS Rebased Adjusted EBITDA less P&E Additions.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:22.655+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46f90107-81b9-4aa4-ba11-055df2c03fe0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 40, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 15, "name": "Visualization", "beatId": "141d89ed-74b6-46a3-a97c-ad28206051cb", "matchId": "1c57dde5-5190-49b5-a307-cdbee02cd3ca", "beatType": { "name": "Visualization", "slug": "monroes-sequence-visualization", "status": "active", "canonId": "019dd9b8-1786-777e-b185-480585cc47fd", "version": 1, "description": null }, "evidence": "The document provides detailed reconciliations and appendix data", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 40, "type": "setup", "function": "decompose_segments", "rawType": "revenue_buildup", "block": null, "metadata": { "slideType": "revenue_buildup", "slideTypeCanon": { "name": "Revenue buildup", "slug": "revenue_buildup", "status": "active", "canonId": "019de52d-0acd-70b8-a81d-62d89840409b", "version": 1, "description": null }, "function": "decompose_segments", "functionCanon": { "name": "Decompose segments", "slug": "decompose_segments", "status": "active", "canonId": "019de52d-14f1-74f8-be75-beb0be1135ec", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 5, "textChars": 2545, "nDataPoints": 9, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:41:23.934+00", "seconds": 5.553, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de515-b88b-7442-9936-6241eabf711e/40", "deck": "/decks/019de515-b88b-7442-9936-6241eabf711e", "deckAnchor": "/decks/019de515-b88b-7442-9936-6241eabf711e#slide-40", "deckJson": "/decks/019de515-b88b-7442-9936-6241eabf711e.json" }, "components": [ { "bbox": { "h": 0.339, "w": 0.825, "x": 0.075, "y": 0.12 }, "kind": "paragraph", "text": "VMO2 JV Adjusted FCF is defined as net cash provided by operating activities, plus operating-related vendor financed expenses (which represents an increase in the period to actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities), less (i) cash payments in the period for capital expenditures, (ii) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to actual cash available as a result of paying amounts to vendors and intermediaries where terms had previously been extended beyond the normal payment terms) and (iii) principal payments on finance leases (which represents a decrease in the period to actual cash available). We believe that the presentation of VMO2 Adjusted Free Cash Flow provides useful information to our investors because this measure can be used to gauge VMO2's ability to service debt, distribute cash to parent entities and fund new investment opportunities after consideration of all actual cash payments related to working capital activities and expenses that are capital in nature whether paid inside normal vendor payment terms or paid later outside normal vendor payment terms (in which case amounts are typically paid in less than 365 days). VMO2 JV FCF, which is a non-GAAP measure, should not be understood to represent VMO2's ability to fund discretionary amounts, as it has various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at this amount. Investors should view adjusted free cash flow as a supplement to, and not a substitute for, GAAP measures. For purposes of its standalone reporting obligations, VMO2 prepares its consolidated financial statements in accordance with IFRS.\nA reconciliation of VMO2 JV FCF for the indicated period is provided below.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:23.934+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcd0de38-2233-4e7e-874b-072b9e18bb6e", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.104, "x": 0.621, "y": 0.49 }, "kind": "source-note", "text": "Three months ended\nMarch 31, 2023\nin millions", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:23.934+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ff9c4ec-5716-48f8-a6c0-9fe7ef7577bf", "parentComponentId": null }, { "bbox": { "h": 0.46, "w": 0.529, "x": 0.224, "y": 0.49 }, "kind": "table", "text": "Adjusted Free Cash Flow:\nUS GAAP:\nNet cash used by operating activities.\nCash capital expenditures, net..\nOperating-related vendor financing additions.\nPrincipal payments on operating-related vendor financing.\nPrincipal payments on capital-related vendor financing.\nPrincipal payments on finance leases..\nUS GAAP Adjusted FCF.\nIFRS:\nIFRS/US GAAP Adjustments (1).\nIFRS Adjusted FCF.\n(1) Adjusted FCF IFRS/US GAAP differences relate to the JV's investment in CTIL.", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:23.934+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1d94ffb-d33f-4c1f-91ab-35723343b2ec", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.709, "x": 0.075, "y": 0.05 }, "kind": "title", "text": "VMO2 JV RECONCILIATIONS – ADJUSTED FCF", "attrs": {}, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:23.934+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe2987b0-8872-4dd9-867b-ec5f3d24494d", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.56, "x": 0.075, "y": 0.09 }, "kind": "title", "text": "VMO2 JV ADJUSTED FREE CASH FLOW (VMO2JV ADJ FCF)", "attrs": {}, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:41:23.934+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6601099-7251-4864-ad3f-f4f45066b291", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 40, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 15, "name": "Visualization", "beatId": "141d89ed-74b6-46a3-a97c-ad28206051cb", "matchId": "1c57dde5-5190-49b5-a307-cdbee02cd3ca", "beatType": { "name": "Visualization", "slug": "monroes-sequence-visualization", "status": "active", "canonId": "019dd9b8-1786-777e-b185-480585cc47fd", "version": 1, "description": null }, "evidence": "The document provides detailed reconciliations and appendix data", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 2, "label": "Attention", "description": "The document starts with a cover page and disclaimer" }, { "from": 3, "to": 4, "label": "Need", "description": "The document highlights Q1 highlights and trends" }, { "from": 5, "to": 14, "label": "Satisfaction", "description": "The document provides financial results and guidance" }, { "from": 15, "to": 40, "label": "Visualization", "description": "The document provides detailed reconciliations and appendix data" } ], "loops": [ { "from": 3, "to": 9, "label": "Pattern Hunter", "description": "Identify patterns in Q1 highlights" }, { "from": 5, "to": 14, "label": "Golden Circle", "description": "Understand the company's strategy and financial performance" }, { "from": 6, "to": 10, "label": "Cost Of Inaction", "description": "Highlight the importance of a clear pricing roadmap" } ] }