Improved fixed revenue performance following price rises; return to positive U.K. broadband net adds and continued postpaid momentum

Successfully completed the acquisition of 100% of Telenet; shares fully delisted mid-October

Redomiciliation to Bermuda on track for completion in late November

Repurchased ~$1.3 billion of stock YTD¹ representing 15% of shares outstanding; buyback plan increased by $300 million to a target of 18-19% by end of January

Updating full-year revenue guidance at VMO2 to 'stable' vs 'growth'; on track for all remaining 2023 OpCo and Group guidance² targets

Liberty Global plc today announced its Q3 2023 financial results.

CEO Mike Fries stated, “Strategically, we achieved a number of recent milestones to drive future value creation. On our next results call we anticipate providing a longer update on these and other core initiatives that will reduce the significant value gap we perceive in our stock price.

• Earlier today we announced the sale of a minority stake in VMO2's tower joint venture (Cornerstone Telecommunications Infrastructure Limited) for 18.7x Adjusted EBITDA which, upon closing, will deliver ~$435 million of cash proceeds to VMO2.

• In October, we successfully completed the Telenet tender offer and fully delisted the shares. Under full ownership, Telenet will be on a stronger footing by leveraging Liberty Global's scale and expertise as well as our substantial balance sheet.

• We continue executing well on our U.K. fiber strategies and during the quarter we announced the acquisition of Upp, which will ultimately increase the nexfibre JV's 500,000 home footprint by 175,000 premises following integration work by VMO2. Total fiber homes in the U.K., including VMO2's upgrade plans, will approach ~1.5 million by year-end.

• In Ireland, the recent wholesale network access deal with Sky will enhance returns on our upgrade project to deliver over 1 million FTTH homes by the end of 2025.

• In Q3 we also expanded our strategic partnership with Infosys whereby they will assume responsibility for the operational delivery of Liberty Global's entertainment and connectivity platforms, leading to over $100 million of annual run-rate savings in our technology spend.

• Following strong shareholder support for our redomiciliation to Bermuda, we remain on track to complete the move in late November which will enhance agile capital allocation and strategic value creation initiatives going forward.

• And finally, as of October 30 we had repurchased ~$1.3 billion worth of stock, completing our buyback target of 15%. We are announcing today an increase to our buyback program in an amount of ~$300 million to an aggregate of $1.6 billion. When completed, we anticipate that we will have retired 18-19% of our shares outstanding from the beginning of 2023 to the end of January 2024.

Operationally in Q3 we delivered an improved fixed revenue performance across all of our core FMC operations, supported by recent price rises and a return to broadband net adds at VMO2. Postpaid mobile momentum continued with positive or broadly stable net adds across the group and over 100,000 aggregate³ net additions in the quarter. We are confirming today all 2023 OpCo guidance metrics with the exception of VMO2 revenue which moves from 'growth' to 'stable'. We are also confirming the $1.6 billion of Distributable Cash Flow⁽ⁱ⁾ at Liberty Global. Our balance sheet remains robust, with over $5.0 billion of total liquidity⁴, including $3.5 billion in cash⁽ⁱⁱ⁾, and no material debt maturities⁵ until 2028. During Q3, we proactively completed over $1.2 billion of refinancing at VMO2 which will extend the tenor of its long-term debt previously maturing in 2027 out to 2031."

Q3 Operating Company Highlights

Sunrise (Consolidated)

Sunrise continues to drive momentum in mobile despite continued headwinds in fixed as a result of the competitive landscape and UPC migration

Operating highlights: In Q3, Sunrise continued to drive commercial momentum in mobile, delivering 29,200 postpaid net adds. On the fixed side, the broadband base contracted by 7,400 net adds in Q3, due to reduced promotions and marketing activity following the price adjustment in July and broader lower market liquidity. FMC penetration remains high at 58% across the Sunrise broadband base.

Financial highlights: Revenue of $859.3 million in Q3 2023 increased 8.8% YoY on a reported basis and decreased 0.8% on a rebased⁶ basis. The rebased decrease was largely driven by lower handset and roaming revenue that was only partially offset by the July price rise benefit and strong trading momentum in flanker brands. Adjusted EBITDA increased 6.2% YoY on a reported basis and decreased 3.4% on a rebased basis to $311.0 million in Q3 2023, including $2 million of costs to capture⁷. The rebased decrease was mainly due to (i) the aforementioned decline in revenue and (ii) an increase in hardware costs, partially offset by lower costs to capture. Adjusted EBITDA less P&E Additions of $175.6 million in Q3 increased 19.6% YoY on a reported basis and 9.4% on a rebased basis, including $14 million of opex and capex costs to capture.

Telenet (Consolidated)

Telenet tender offer successfully completed and shares delisted October 13, intend to align capital structure with Liberty Global at ~4-5x Adjusted EBITDAaL going forward

Operating highlights: Telenet's base contracted by 13,500 broadband net adds and 4,000 postpaid mobile net adds in Q3, largely driven by the implementation of the June price increase and a temporary halt to marketing campaigns following IT platform migration issues. FMC penetration remains high at 48% of the broadband base.

Financial highlights: Revenue of $775.2 million in Q3 2023 increased 16.6% YoY on a reported basis and decreased 0.3% on a rebased basis. The rebased decrease was primarily driven by lower production and advertising revenue due to the macro-economic backdrop, partially offset by (i) higher subscription revenue following the June price increase and (ii) an increase in B2B revenue. Adjusted EBITDA increased 7.3% on a reported basis and decreased 2.6% on a rebased basis to $339.8 million in Q3. The rebased decrease was primarily driven by (a) higher staff-related expenses following the mandatory 11% wage indexation and (b) higher costs for outsourced call centers linked to IT platform migration issues. Reported and rebased Adjusted EBITDA less P&E Additions decreased 3.0% and 12.3%, respectively, to $162.7 million in Q3.

VMO2 (Non-consolidated Joint Venture)

VMO2 delivers customer growth, advances network rollout and improves Adjusted EBITDA growth

Operating highlights: VMO2's fixed customer base returned to positive growth, with 32,500 net adds in Q3, while continued demand for fast, high-quality connectivity drove 40,800 broadband net adds. Postpaid mobile also returned to growth, delivering 50,000 net adds in Q3. The average download speed across the company's broadband base increased 34% YoY to 349Mbps, approximately 5x higher than the national average. During Q3, VMO2 built 250,800 premises, the majority of which were FTTH homes built for the nexfibre JV. Integration is underway following the acquisition of fiber altnet, Upp, in September and its ~175,000 premises will be transferred to the nexfibre JV within the next year. In mobile, VMO2's 5G connectivity expanded to more than 3,200 towns and cities and remains on track to deliver 5G services to more than 50% of the entire U.K. population this year.

Financial highlights (in U.S. GAAP)⁸: Revenue¹³ of $3,503.8 million in Q3 2023 increased 15.2% YoY on a reported basis and 1.2% YoY on a rebased basis, primarily due to the net effect of (i) an overall increase in mobile revenue driven by higher service revenue that was partially offset by lower handset revenue, (ii) a decrease in consumer fixed revenue and (iii) a one-time increase of $48 million due to a change in the contract terms with a related-party supplier, with each revenue category as defined and reported by the VMO2 JV. Adjusted EBITDA¹³ increased 10.4% YoY on a reported basis and 2.4% YoY on a rebased basis to $1,170.9 million, including $27 million of opex costs to capture. The YoY increase in Adjusted EBITDA was primarily due to (a) the realization of synergies, (b) the implementation of price rises and (c) the aforementioned one-time revenue increase, partially offset by higher energy costs and the impact of a Q3 2022 benefit of $35 million related to the resolution of a legal matter. Adjusted EBITDA less P&E Additions¹³ increased 36.0% YoY on a reported basis and decreased 14.6% YoY on a rebased basis to $483.2 million, including $61 million of opex and capex costs to capture.

Financial highlights (in IFRS): Revenue of £2,769.1 million ($3,503.8 million) on a reported basis in Q3 2023 increased 7.2% YoY on an FX neutral basis and 1.2% YoY on a rebased basis. Q3 Adjusted EBITDA of £1,023.3 million ($1,294.4 million) on a reported basis, including costs to capture, increased 4.4% YoY on an FX neutral basis and 4.5% YoY on a rebased basis. Q3 Adjusted EBITDA less P&E Additions of £423.9 million ($536.4 million) on a reported basis increased 21.6% YoY on an FX neutral basis and decreased 11.7% YoY on a rebased basis. The drivers of these IFRS changes are largely consistent with those under U.S. GAAP detailed above.

For more information regarding the VMO2 JV, including full IFRS disclosures, please visit its investor relations page to access the Q3 earnings release.

VodafoneZiggo (Non-consolidated Joint Venture)

VodafoneZiggo drives financial improvement in Q3 supported by commercial actions and reiterates 2023 guidance

Operating highlights: VodafoneZiggo continues to drive momentum in mobile and convergence, as FMC households⁹ remained stable at 1.5 million and FMC net adds increased by 13,000 in Q3 to more than 2.6 million, delivering significant Net Promoter Scores along with customer loyalty benefits. Mobile postpaid net adds grew 28,600 to 5.3 million, while mobile postpaid ARPU declined 3.1% YoY, primarily driven by ARPU decline in B2B. The broadband base contracted by 33,900 net adds in the quarter, as a 39,200 decline in Consumer was only partially offset by a 5,300 increase in B2B. Consumer fixed ARPU increased 4.4% YoY as a result of the price increase implemented in July. VodafoneZiggo announced a mobile price indexation of 10% from October to support from Q4.

Financial highlights: Revenue increased 8.0% YoY on a reported basis and 0.1% YoY on a rebased basis to $1,125.2 million in Q3. The stable rebased result was primarily driven by the July price increase in consumer fixed and customer growth in mobile postpaid and B2B fixed, fully offsetting the decline in the consumer fixed base. Adjusted EBITDA increased 3.4% YoY on a reported basis and decreased 4.1% on a rebased basis to $518.3 million in Q3. The rebased decrease was primarily driven by higher energy and wage costs related to inflation. Reported and rebased Adjusted EBITDA less P&E Additions decreased 0.9% and 7.8%, respectively, to $287.5 million in Q3.

Q3 ESG Highlights

In Q3 we continued to advance the priorities underpinning our People Planet Progress strategy.

One such priority is to bring better transparency across our value chain, to mitigate indirect carbon emissions, as well as to ensure responsible business practices that align with those of our own. In September, we joined the Joint Alliance for Corporate Social Responsibility (JAC), the international association of telecom operators dedicated to developing and assessing Corporate Social Responsibility (CSR) standards across the industry's supply chain. As part of JAC, we will collaborate alongside the world's largest telecom providers, conducting and sharing CSR audit reports of our major suppliers. This membership will focus on driving improvements in the different layers of the supply chain through risk mitigation, issue identification, and promoting universal sustainability standards across the sector.

Our focus remains to champion diversity, equity, inclusion and a culture of Belonging. We are committed to enhancing digital equity and engaging with our communities to create positive change for the generations to come. In Q3 we have continued to work with our Employee Resource Groups, providing educational moments for our people to take meaningful action to create a world where everyone belongs. We have also launched our Youth Council, a new body harnessing youth insight and diversifying the perspectives of the business.

Our group companies have also been active throughout the quarter across various social and environmental initiatives contributing to our People Planet Progress agenda:

• VodafoneZiggo demonstrated commitment to inclusivity and our People priorities with its new trial program to tackle the digital divide alongside a number of local NGOs and municipalities in the Netherlands. The offer provides a Digital Participation Package, which will supply financially vulnerable households with internet, a device, and digital guidance

• VMO2 stepped up its support to communities by providing free connectivity to those in need. In partnership with technology charity Jangala, 5,000 WiFi-enabled boxes will be distributed to households, community centers, refuges and homeless shelters across the U.K. This is in addition to their existing commitment to donate 61 million gigabytes of O2 mobile data to the National Databank by the end of 2025

• Telenet and Virgin Media Ireland have progressed their Planet agenda, enhancing renewable energy and efficiency solutions. Both are increasing their number of installed solar panels, with Telenet set to increase fivefold to nearly 700 solar panels at its office headquarters. Virgin Media Ireland is also installing battery storage and moving all large-scale cooling to ‘free-cooling’ for its data centers

• Also on Planet, Sunrise launched a Flex Upgrade Option that promotes the circular economy. With clear benefits for customers, including affordable prices for new devices, the program will help extend the life cycle of a smartphone or tablet through its innovative repair, refurbishment and recycling approach

Liberty Global Consolidated Q3 Highlights

• Q3 revenue⁽ⁱ⁾ increased 6.2% YoY on a reported basis and decreased 4.3% on a rebased basis to $1,854.5 million
• Q3 earnings (loss) from continuing operations decreased 66.2% YoY on a reported basis to $822.7 million
• Q3 Adjusted EBITDA⁽ⁱ⁾ decreased 10.0% YoY on a reported basis and 16.9% on a rebased basis to $597.7 million
• Q3 property & equipment additions⁽ⁱ⁾ were 19.7% of revenue, as compared to 21.3% in Q3 2022
• Balance sheet with over $5.0 billion of total liquidity
  • Comprised of $1.7 billion of cash, $1.8 billion of investments held under SMAs and $1.5 billion of unused borrowing capacity¹⁰
• Blended, fully-swapped borrowing cost of 3.5% on a debt balance of $15.3 billion

Customer Growth

Earnings (Loss) from Continuing Operations

Earnings (loss) from continuing operations was $822.7 million and $2,431.7 million for the three months ended September 30, 2023 and 2022, respectively, and ($402.1 million) and $5,789.6 million for the nine months ended September 30, 2023 and 2022, respectively.

Financial Highlights

The following tables present (i) Revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for each of our reportable segments, including the non-consolidated VMO2 JV and VodafoneZiggo JV, for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis. During the first quarter of 2023, we changed the terms related to, and approach to how we reflect the allocation of, charges for certain products and services that our centrally-managed technology and innovation function provides to our consolidated reportable segments (the Tech Framework). For additional information, see the Appendix. Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA less P&E Additions are non-GAAP measures. For additional information on how these measures are defined and why we believe they are meaningful, see the Glossary.

______________________

N.M. - Not Meaningful

______________________

N.M. - Not Meaningful

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N.M. - Not Meaningful

Leverage and Liquidity

• Total principal amount of debt and finance leases: $15.3 billion
• Average debt tenor¹²: 5.0 years, with ~48% not due until 2029 or thereafter
• Borrowing costs: Blended, fully-swapped cost of debt was 3.5%
• Liquidity: $5.0 billion, including (i) $1.7 billion of cash at September 30, 2023, (ii) $1.8 billion of investments held under SMAs and (iii) $1.5 billion of aggregate unused borrowing capacity under our credit facilities

Forward-Looking Statements and Disclaimer

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our strategies, future growth prospects and opportunities; expectations regarding our and our businesses' financial performance, including Revenue and Rebased Revenue, Adjusted EBITDA, Adjusted EBITDA less P&E Additions, Adjusted Free Cash Flow and Distributable Cash Flow, as well as the 2023 financial guidance provided by us and our operating companies and joint ventures; expectations of any macroeconomic dynamics that may be beneficial or detrimental to the company; expectations with respect to the integration and synergy plans at Virgin Media O2, including the timing, costs and anticipated benefits thereof; our and our affiliates' and joint ventures' plans with respect to network products and services, including with respect to 5G expansion; our proposed redomiciliation from the U.K. to Bermuda, including the timing and anticipated benefits resulting from such a move; our anticipated pricing adjustments in our various markets and the effect that such adjustments will have on our operational and financial results; our, and our operating companies'; the benefits to be realized from the acquisition of Upp by our nexfibre joint venture, including the amount and timing thereof; the benefits to be realized by Virgin Media Ireland following its wholesale network access deal with Sky, including the amount and timing thereof; the savings to be realized from the Company's partnership with Infosys; the aligning of Telenet's capital structure with that of the Company group going forward; commitments and aspirations with respect to ESG, including work to be completed through charities with whom we partner; our share buyback program, including the amount we anticipate spending on such program, as well as the anticipated number of shares to be repurchased, expressed as either a percentage of outstanding shares or in whole numbers; our anticipated investments in our infrastructure and networks; the strength of our and our affiliates' respective balance sheets (including cash and liquidity position); the tenor and cost of our third-party debt and anticipated borrowing capacity; anticipated distributions to be received from our subsidiaries and joint ventures; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as the continued use by subscribers and potential subscribers of our and our affiliates’ and joint ventures' services and their willingness to upgrade to our more advanced offerings; our and our affiliates’ ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to subscribers or to pass through increased costs to subscribers; the potential impact of pandemics and epidemics on us and our businesses as well as our customers; the effects of changes in laws or regulations; the effects of the U.K.'s exit from the E.U.; general economic factors; our, our affiliates’ and our joint ventures' ability to obtain regulatory approval and satisfy regulatory conditions associated with acquisitions and dispositions; our, our affiliates’ and our joint ventures' ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our, our affiliates’ and our joint ventures' video services and the costs associated with such programming; our, our affiliates’ and our joint ventures' ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies and affiliates and joint ventures to access the cash of their respective subsidiaries; the impact of our operating companies', affiliates’ and joint ventures' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers, vendors and contractors to timely deliver quality products, equipment, software, services and access; our, our affiliates’ and our joint ventures' ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including our most recently filed Form 10-K, Form 10-K/A and Form 10-Qs. These forward-looking statements speak only as of the date of this release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Share Repurchase Program

Our original share buyback plan for 2023 authorized the repurchase of 10% of our outstanding shares as of December 31, 2022, and this was increased to a minimum of 15% in July 2023. As of October 30, 2023, we completed our 15% buyback target and today announced we are now targeting a further repurchase of shares through the end of January 2024 in the amount of approximately $300.0 million. Under the program, Liberty Global may acquire from time to time its Class A ordinary shares, Class C ordinary shares, or any combination of Class A and Class C ordinary shares. The program may be effected through open market transactions and/or privately negotiated transactions, which may include derivative transactions. The timing of the repurchase of shares pursuant to the program will depend on a variety of factors, including market conditions and applicable law. The program may be implemented in conjunction with brokers for the Company and other financial institutions with whom the Company has relationships within certain pre-set parameters, and purchases may continue during closed periods in accordance with applicable restrictions. The program may be suspended or discontinued at any time and will terminate upon repurchasing the authorized limits unless further repurchase authorization is provided for.

About Liberty Global

Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is a world leader in converged broadband, video and mobile communications services. We deliver next-generation products through advanced fiber and 5G networks, and currently provide over 85 million connections* across Europe and the United Kingdom. Our businesses operate under some of the best-known consumer brands, including Virgin Media-O2 in the U.K., VodafoneZiggo in The Netherlands, Telenet in Belgium, Sunrise in Switzerland, Virgin Media in Ireland and UPC in Slovakia. Through our substantial scale and commitment to innovation, we are building Tomorrow’s Connections Today, investing in the infrastructure and platforms that empower our customers to make the most of the digital revolution, while deploying the advanced technologies that nations and economies need to thrive.

Our consolidated businesses generate annual revenue of more than $7 billion, while the VMO2 JV and VodafoneZiggo JV generate combined annual revenue of more than $17 billion.**

Liberty Global Ventures, our global investment arm, has a portfolio of more than 75 companies across content, technology and infrastructure, including strategic stakes in companies like ITV, Televisa Univision, Plume, AtlasEdge and the Formula E racing series.

* Represents aggregate consolidated and 50% owned non-consolidated fixed and mobile subscribers. Includes wholesale mobile connections of the VMO2 JV and B2B fixed subscribers of the VodafoneZiggo JV.

** Revenue figures above are provided based on full year 2022 Liberty Global consolidated results (excluding revenue from Poland) and the combined as reported full year 2022 results for the VodafoneZiggo JV and full year 2022 U.S. GAAP results for the VMO2 JV. For more information, please visit www.libertyglobal.com.

Balance Sheets, Statements of Operations and Statements of Cash Flows

The condensed consolidated balance sheets, statements of operations and statements of cash flows of Liberty Global are in our 10-Q.

Rebase Information

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 and nine months ended September 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 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.

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:

Liquidity

The following table⁽ⁱ⁾ details the U.S. dollar equivalents of our liquidity position at September 30, 2023, which includes our (i) cash and cash equivalents, (ii) investments held under SMAs and (iii) unused borrowing capacity:

Summary of Debt & Finance Lease Obligations

The following table⁽ⁱ⁾ details the September 30, 2023 U.S. dollar equivalents of the (i) outstanding principal amounts of our debt and finance lease obligations, (ii) expected principal-related derivative cash payments or receipts and (iii) swapped principal amounts of our debt and finance lease obligations:

Property and Equipment Additions and Capital Expenditures

The table below highlights the categories of property and equipment additions of our continuing operations for the indicated periods and reconciles those additions to the capital expenditures of our continuing operations that are presented in the condensed consolidated statements of cash flows in our 10-Q.

ARPU per Fixed Customer Relationship

The following table provides ARPU per fixed customer relationship and percentage change from period to period on both a reported and rebased basis for the indicated periods:

Mobile ARPU

The following tables provide ARPU per mobile subscriber and percentage change from period to period on both a reported and rebased basis for the indicated periods:

Footnotes for Operating Data and Subscriber Variance Tables

Additional General Notes to Tables:

Most of our broadband communications subsidiaries provide broadband internet, telephony, data, video or other B2B services. Certain of our B2B revenue is derived from SOHO subscribers that pay a premium price to receive enhanced service levels along with internet, video or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHOs, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our broadband communications operations, with only those services provided at premium prices considered to be “SOHO RGUs” or “SOHO customers”. To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs or SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO subscribers and mobile subscribers at medium and large enterprises, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.

In Belgium, Telenet leases a portion of its network under a long-term finance lease arrangement. These tables include operating statistics for Telenet's owned and leased networks.

While we take appropriate steps to ensure that subscriber statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber counting process. We periodically review our subscriber counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber statistics based on those reviews.

Subscriber information for acquired entities is preliminary and subject to adjustment until we have completed our review of such information and determined that it is presented in accordance with our policies.

Footnotes

1. YTD represents stock repurchases through October 30, 2023.
2. 2023 Distributable Cash Flow guidance reflects FX rates of EUR/USD 1.07, GBP/USD 1.21, CHF/USD 1.08.
3. Represents aggregate consolidated and 50% owned non-consolidated VMO2 JV and VodafoneZiggo JV homes passed, broadband subscribers and postpaid mobile subscribers, as applicable. Aggregate subscribers also includes certain B2B fixed subscribers of the VodafoneZiggo JV.
4. Liquidity refers to cash and cash equivalents and investments held under separately managed accounts plus the maximum undrawn commitments under subsidiary borrowing facilities, without regard to covenant compliance calculations or other conditions precedent to borrowing.
5. Represents consolidated debt and non-consolidated VMO2 JV and VodafoneZiggo JV debt maturities.
6. The indicated growth rates are rebased for acquisitions, dispositions, FX and other items that impact the comparability of our year-over-year results. See the Rebase Information section for more information on rebased growth.
7. 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. Given the achievement of synergies occurs over time, certain of our costs to capture are recurring by nature, and generally incurred within a few years of completing the transaction.
8. This release includes the actual U.S. GAAP results for the VMO2 JV for the three and nine months ended September 30, 2023 and 2022. The commentary and YoY growth rates presented in this release are shown on a rebased basis. For more information regarding the VMO2 JV, including full IFRS disclosures, please visit their investor relations page to access the VMO2 JV's Q3 earnings release.
9. Converged households or converged SIMs represent customers in either our Consumer or SOHO segment that subscribe to both a fixed-line digital TV and an internet service and Vodafone and/or hollandsnieuwe postpaid mobile telephony service.
10. Our aggregate unused borrowing capacity of $1.5 billion represents the maximum undrawn commitments under the applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing. Upon completion of the relevant September 30, 2023 compliance reporting requirements for our credit facilities, and assuming no further changes from quarter-end borrowing levels, we anticipate that the full unused borrowing capacity will continue to be available under each of the respective subsidiary facilities. Our above expectations do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to September 30, 2023.
11. 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.
12. 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. The percentage of debt not due until 2029 or thereafter includes all of these amounts.
13. The U.S. GAAP YoY growth rates for the VMO2 JV are impacted by rebase adjustments and recurring U.S. GAAP to IFRS accounting differences, as further described and reconciled below.