Liberty Global Ltd (LBTYA) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Liberty Global's first quarter 2026 investor call. This call and the associated webcast are the property of Liberty Global and any redistribution, retransmission or rebroadcast of this call or webcast in any form without the expressed written consent of Liberty Global is strictly prohibited.

各位女士、先生，早安，感謝各位撥冗等候。歡迎參加 Liberty Global 2026 年第一季投資人電話會議。本次電話會議及相關網路直播為 Liberty Global 之財產，未經 Liberty Global 明確書面同意，嚴禁以任何形式重新散布、轉傳或再廣播本次電話會議或網路直播。

At this time, all participants are in a listen-only mode. Today's formal presentation materials can be found under the Investor Relations section of Liberty Global's website at libertyglobal.com. (Operator Instructions)

此刻，所有與會者皆處於僅收聽模式。今日正式簡報資料可於 Liberty Global 官網 libertyglobal.com 的投資人關係（Investor Relations）專區取得。（接線員指示）

Page 2 of the slides details the company's Safe Harbor statement regarding forward-looking statements. Today's presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not historical fact.

投影片第 2 頁載明公司就前瞻性陳述之「安全港」聲明。今日簡報可能包含《1995 年私人證券訴訟改革法》所定義之前瞻性陳述，包括公司對其展望與未來成長前景之預期，以及其他非屬歷史事實之資訊與陳述。

These forward-looking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements. These risks include those detailed in Liberty Global's filings with the Securities and Exchange Commission, including its most recently filed forms 10-Q and 10-K as amended. Liberty Global disclaims any obligation to update any of these forward-looking statements to reflect any change in its expectations or in the conditions on which any such statement is based.

上述前瞻性陳述涉及若干風險，可能導致實際結果與該等陳述所明示或暗示者存在重大差異。該等風險包括 Liberty Global 向美國證券交易委員會（SEC）提交之文件中所詳述者，包括其最近提交並經修訂之 10-Q 與 10-K 表格。Liberty Global 不承擔更新任何前瞻性陳述之義務，以反映其預期之任何變化或該等陳述所依據之條件之任何變化。

I would now like to turn the call over to Mr. Mike Fries.

現在我想把電話會議交給 Mike Fries 先生。

All right. Thanks, operator. Hello, everyone. I appreciate you joining the call today. As usual, Charlie and I will handle the prepared remarks and the presentation, and then I have my core leadership team on the call with me and on standby for Q&A as needed. We've got a lot of ground to cover, so I'm just going to jump right in on the first slide, which provides some key takeaways from the quarter.

好的。謝謝，接線員。各位好。感謝各位今天加入電話會議。如同往常，我和 Charlie 會負責事先準備的發言與簡報；之後我的核心領導團隊也會在線上，並視需要待命進行問答。我們要談的內容很多，所以我就直接從第一張投影片開始，該頁提供本季的一些重點摘要。

To begin with, we delivered strong operational performance and we'll go through it all in a moment. But one big headline here. This was our fourth straight quarter of steady broadband improvement across each of our big 3 markets with fixed to mobile ARPUs remaining largely stable. Now Charlie will walk through how this translates into our financial results, but the punch line is, we will be confirming all of our 2026 guidance today.

首先，我們交出強勁的營運表現，稍後會逐一說明。但這裡有一個重要標題。這是我們在三大主要市場中，寬頻表現連續第四季穩步改善，同時固網轉行動（fixed-to-mobile）的 ARPU 大致維持穩定。Charlie 會說明這如何反映在財務結果上，但結論是：我們今天將確認 2026 年的所有財測指引不變。

There are lots of reasons for this commercial momentum, including our multi-brand strategies, our network investments, AI implementations around personalization and churn and call centers. And we'll talk about all that a bit today, but really what we'll do in our second quarter call is do a deeper dive on our AI initiatives. So stay tuned for that.

推動這股商業動能的原因很多，包括我們的多品牌策略、網路投資、在個人化、流失（churn）與客服中心方面導入 AI。我們今天會稍微談到這些，但在第二季電話會議上，我們會更深入說明 AI 計畫。敬請期待。

Equally important for this audience is the fact that we are making real progress on the value unlock initiatives announced this past February. The acquisition of Vodafone's 50% stake in our Dutch JV is on track to close this summer, and we see no obstacles to getting that deal done on time. And that, of course, is just one of the main building blocks underlying our strategy to spin off our Benelux assets in the second half of the next year. And I'll walk you through each of those building blocks in just a moment, as well as the value we could and should create for you all by spinning off the Ziggo Group.

對在座各位同樣重要的是：我們在今年 2 月宣布的價值釋放（value unlock）計畫上，正取得實質進展。收購 Vodafone 持有之我們荷蘭合資企業（JV）50% 股權，預計將於今年夏天如期完成交割，我們看不到任何會阻礙交易按時完成的障礙。當然，這只是我們策略中的主要基石之一：在明年下半年分拆（spin off）我們的比荷盧（Benelux）資產。我稍後會逐一說明這些基石，以及透過分拆 Ziggo Group 我們可能、也應該為各位創造的價值。

Quickly on Netomnia, that transaction in the UK is now officially in the regulatory process. And while the noise from one or two competitors has escalated recently, we're pretty confident this deal will be approved. It's a very positive development for the UK fiber market, which is in desperate need of rationalization, as you all know, and it's a great outcome for VMO2 for all the reasons we reviewed on the last call.

簡要談一下 Netomnia：我們在英國的這筆交易目前已正式進入監管審查程序。雖然近期來自一兩家競爭對手的雜音有所升高，但我們相當有信心此交易將獲得核准。這對英國光纖市場是非常正面的發展；如各位所知，該市場迫切需要更趨理性化（rationalization），而且就我們在上次電話會議所回顧的各項原因而言，這對 VMO2 也是很好的結果。

And then finally, you won't be surprised to hear that we are highly focused on capital allocation at the corporate level. Over the last two years, we brought our net corporate costs down by 75%. We talked about that on the last call. And we've articulated what we believe is a clear investment strategy around telecom and growth, and we've strengthened our balance sheet.

最後，各位不會意外，我們在集團層級高度聚焦資本配置。過去兩年，我們將公司層級的淨成本降低了 75%。我們在上次電話會議已談過。我們也闡述了我們認為清晰的電信與成長投資策略，並強化了資產負債表。

After funding the $1.2 billion needed to close the Vodafone transaction and are now executing on around $700 million of asset sales from our growth portfolio, we should end the year with around $1.5 billion of corporate cash. And as noted here on the slide, through April, we've generated around $300 million in proceeds. So we're sort of on our way.

在籌措完成 Vodafone 交易交割所需的 12 億美元資金後，並且目前正執行我們成長投資組合中約 7 億美元的資產出售，我們預期年底公司層級現金約為 15 億美元。如投影片所示，截至 4 月我們已產生約 3 億美元的處分收入。因此我們算是正在按計畫推進。

And finally, just one quick remark on the broader telecom environment in Europe. As you would know, the sector has performed well in the last 12 months or so. That's driven in part by improved operational performance, reduced CapEx and general rotation out of software and into industrials. You're all familiar with those trends. I would add to the list, what appears to be an improving regulatory climate in Europe.

最後，簡短談一下歐洲更廣泛的電信環境。如各位所知，該產業在過去約 12 個月表現良好。部分原因來自營運表現改善、資本支出（CapEx）下降，以及資金從軟體板塊輪動至工業類股的整體趨勢。各位對這些趨勢都很熟悉。我還想補充一點：歐洲的監管環境似乎正在改善。

When it comes to telecom broadly and more specifically when it comes to consolidation. We await the formal release of the EU merger guidelines, for example, but these changes are expected to redefine the rules, and that's going to be a big positive together with an increasing commitment to sovereignty to our sector in the broader telecom industry. So I'm sure you're aware of that, but important to note.

無論是就整體電信產業而言，或更具體地就產業整併而言。例如，我們仍在等待歐盟併購指引（EU merger guidelines）的正式發布，但預期這些變化將重新定義規則；再加上對主權（sovereignty）承諾的提升，對我們這個產業以及更廣泛的電信領域都將是重大利多。我相信各位都已注意到，但仍值得一提。

Now moving on to the next slide, let me start by saying that there will come a point in time when I don't need to put this chart in the deck. But for now, I think it's helpful. To summarize our operating structure, specifically our three core pillars of value creation: Liberty Telecom, Liberty Growth and then the central, Liberty Global itself. And to highlight the strategies we're executing to create and deliver that value.

接著看下一張投影片，我先說：總有一天我不需要再把這張圖放進簡報裡。但目前我認為它仍然有幫助。用來概述我們的營運架構，特別是三大核心價值創造支柱：Liberty Telecom、Liberty Growth，以及中間的核心控股層 Liberty Global 本身。並凸顯我們正在執行、用以創造並交付該等價值的策略。

Liberty Growth, on the far right, houses our portfolio of media infra-end tech investments totaling $3.4 billion today. And here, we're focused on rotating capital, investing in high-growth sectors with scale and tailwinds. We'll try to spotlight a few of those in each quarter and today, we'll lay out the thesis for the experience economy.

最右側的 Liberty Growth，涵蓋我們在媒體、基礎設施與終端科技（media infra-end tech）的投資組合，目前合計為 34 億美元。在這裡，我們聚焦於資本輪動，投資於具規模與順風（tailwinds）的高成長領域。我們會嘗試在每一季聚焦其中幾項；而今天，我們將闡述「體驗經濟」（experience economy）的投資論點。

In the center system, Liberty Global itself, with $1.9 billion of cash and a team with decades of experience operating and investing in these businesses. And as we reported last quarter, we've restructured our operating model and reduced net corporate costs by 75% since 2024 to around $50 million this year. And these two asset pools alone, by the way, our cash and the market value of our growth investments, exceed the current price of our stock by around 30%.

在中間的系統，也就是 Liberty Global 本身，擁有 19 億美元現金，以及一支在這些業務營運與投資方面具數十年經驗的團隊。如同我們上季所報告，我們已重整營運模式，並自 2024 年以來將公司層級淨成本降低 75%，今年約降至 5,000 萬美元。順帶一提，僅這兩個資產池——我們的現金與成長投資的市值——合計就比我們目前股價高出約 30%。

Which means, of course, that everything in our core, Liberty Telecom business on the left, (inaudible) $22 billion of revenue, $8 billion of EBITDA and four incredible converged telecom champions are receiving no value at all in our stock. In fact, negative value, if you give us credit for our substantial reduction in corporate costs.

這當然意味著：左側我們的核心 Liberty Telecom 業務——（聽不清）——220 億美元營收、80 億美元 EBITDA，以及四家卓越的融合電信領導者，在我們的股價中完全沒有被賦予任何價值。事實上，如果你們將我們大幅降低公司成本的成果納入評價，那甚至是負價值。

Now as we set over and over and over, our primary goal here in telecom is to drive commercial momentum and importantly, to unlock value for shareholders. And that was the impetus behind our Sunrise spin-off, which you all know about, and which we believe has worked extremely well for investors. And that's why in the last call, we described the information of the Ziggo Group, combination of our Benelux assets in Holland and Belgium, and our intention to spin off our interest tax free to shareholders in the second half of 2027.

正如我們一再強調的，我們在電信業務這裡的首要目標，是推動商業動能，更重要的是，為股東釋放價值。這正是我們推動 Sunrise 分拆上市的初衷，各位都很清楚，而我們也相信這項交易對投資人而言運作得非常成功。因此在上一次電話會議中，我們說明了 Ziggo Group 的相關資訊——也就是我們在荷蘭與比利時的 Benelux 資產的整合——以及我們計畫在 2027 年下半年以免稅方式將我們的持股分拆給股東。

So where are we on that specific initiative? I referenced earlier the building blocks that form the foundation of our expected value unlock for the Ziggo Group. And you can see, the most significant ones outlined on the left-hand side of the next slide. Let me just say that each of these steps, each of these blocks, if you will, are centered around strategic catalysts, free cash flow growth and deleveraging. And they each represent a foundational element of the value creation plan here. This is the primary blueprint we've been executing. Of course, with dozens of overlays and work streams, but it should give you greater confidence and awareness of our plans here.

那麼，這項具體計畫目前進展到哪裡了？我先前提到，Ziggo Group 預期價值釋放的基石由多個構成要素組成。各位可以在下一張投影片左側看到其中最重要的幾項。我想強調的是，這些步驟、這些「積木」（如果你願意這麼稱呼），都圍繞著策略性催化劑、自由現金流成長與去槓桿化。而它們各自都代表了本次價值創造計畫的基礎要素。這就是我們一直在執行的主要藍圖。當然，還有數十個疊加的工作項目與工作流，但這應能讓各位對我們的計畫更有信心、也更清楚。

Let's start with Belgium. The first step was, of course, separating Telenet from its fixed network, which is now a 2/3, 1/3 JV called Wyre. This restructuring accomplishes or accomplished four key things. First, it isolates a significant fiber CapEx and debt capital needed to upgrade the HFC network in Flanders into an off-balance sheet vehicle.

先從比利時談起。第一步當然是將 Telenet 與其固定網路分離，該固定網路目前是一個 2/3、1/3 的合資企業（JV），名為 Wyre。這次重組達成（或已達成）四個關鍵目標。第一，它把在法蘭德斯（Flanders）將 HFC 網路升級所需的大量光纖資本支出（CapEx）與債務資金，隔離到一個表外載體中。

Second, it precipitated a comprehensive network cooperation agreement, which in Wyre and Telenet on one hand and Proximus and its fiber asset, Fiberklaar, on the other hand, which I'm pleased to say was just signed yesterday and will result in a single network ours or theirs and about 75% of Flanders, that's a great, great outcome.

第二，它促成了一項全面性的網路合作協議：一方是 Wyre 與 Telenet，另一方是 Proximus 及其光纖資產 Fiberklaar。

Third, it creates a cleaner, more consumer and B2B focused Telenet, ServCo, with a significant free cash flow turnaround story, supported by declining mobile CapEx and mostly AI-driven OpEx reductions.

第三，它打造出一個更乾淨、更加聚焦消費者與 B2B 的 Telenet 服務公司（ServCo），並具備顯著的自由現金流扭轉故事，這將由行動網路 CapEx 下降以及主要由 AI 驅動的營運費用（OpEx）降低所支撐。

And then fourth, it facilitates a reduction in Telenet's leverage from both a rebalancing of debt between Wyre and Telenet and the sale of a portion of our stake in Wyre, at a premium, by the way, which will be used to repay debt at Telenet. Some really critical steps to getting where we want to be.

第四，它有助於降低 Telenet 的槓桿：一方面透過 Wyre 與 Telenet 之間的債務再平衡，另一方面透過出售我們在 Wyre 的部分持股——順帶一提，是以溢價出售——所得將用於償還 Telenet 的債務。這些都是讓我們達成目標的關鍵步驟。

Moving to the Netherlands, for me, the first strategic catalyst here was bringing in a new management team, one that could set the tone for a return to growth and for winning results in the Dutch market, and Stephen and his team have delivered exactly that. And the second strategic catalyst was, of course, reaching an agreement with Vodafone to buy their 50% stake in our Dutch JV. This deal, as I just said, is scheduled to close in less than three months.

再看荷蘭。對我而言，第一個策略性催化劑是引進新的管理團隊，一個能為重返成長、並在荷蘭市場取得勝利成果定調的團隊，而 Stephen 與他的團隊確實做到了。第二個策略性催化劑當然是與 Vodafone 達成協議，收購其在我們荷蘭合資企業中 50% 的持股。正如我剛才所說，這筆交易預計在不到三個月內完成交割。

Now not only is that deal accretive from a financial point of view, but it strategically unlocks about EUR1 billion in synergies we referenced, and provides the structural elements necessary to complete a tax-free spin-off next year. Each of these steps accelerates our commitment to reducing leverage at Vodafone Ziggo, which will accomplish through asset sales, a return to EBITDA and free cash flow growth and synergies.

這筆交易不僅從財務角度具有增益（accretive），在策略上也釋放了我們先前提到約 10 億歐元的協同效益，並提供完成明年免稅分拆所需的結構性要素。這些步驟都加速了我們降低 Vodafone Ziggo 槓桿的承諾；我們將透過資產出售、EBITDA 與自由現金流恢復成長，以及協同效益來達成。

Now on the top right of this slide, you can see a side-by-side of Sunrise and the combined Ziggo Group. If you look at 2025, the Ziggo Group is bigger. It's about 2 to 2.5x larger in revenue and EBITDA and a bit more profitable. But importantly, you'll see that in 2028, we're estimating free cash flow of around EUR500 million and leverage of 4.5x, which presents a comparable financial profile to Sunrise when we spun it off in Q4 '24.

在這張投影片右上角，各位可以看到 Sunrise 與整合後 Ziggo Group 的並列比較。如果看 2025 年，Ziggo Group 規模更大。其營收與 EBITDA 約為 2 到 2.5 倍，且獲利能力略高。但更重要的是，你會看到我們在 2028 年預估自由現金流約 5 億歐元、槓桿為 4.5 倍，這與我們在 2024 年第四季分拆 Sunrise 時的財務輪廓相當。

On the chart on the bottom right provides an illustrative bridge to the EUR500 million of free cash flow, which is estimated to be EUR120 million this year. And the biggest component of that, as you can see, are the nonrecurring nature of some costs this year in Holland, combined synergies, Telenet's mobile CapEx reduction and organic EBITDA growth.

右下角的圖表提供了一個示意性的橋接，說明自由現金流如何達到 5 億歐元；而今年預估約為 1.2 億歐元。如各位所見，其中最大的構成因素，是今年荷蘭部分成本的非經常性特質、協同效益、Telenet 行動網路 CapEx 的下降，以及有機 EBITDA 成長。

We think the Ziggo Group represents a compelling equity story and it's anchored around four selling points. Number one, this is a strong regional business with two of Europe's most rational telecom markets that are best-in-class brands.

我們認為 Ziggo Group 是一個很有吸引力的股權投資故事，並以四個賣點為核心。第一，這是一個強健的區域型業務，所在的兩個歐洲電信市場都相當理性，且品牌屬於同業最佳。

Number two, we have clear network strategies here, with declining CapEx as 5G investments subside and fiber costs are moved off balance sheet in Belgium, and a cost-efficient DOCSIS 4.0 rollout in Holland. So declining CapEx and great visibility to the network strategy.

第二，我們在此有清晰的網路策略：隨著 5G 投資趨緩，CapEx 下降；比利時的光纖成本移至表外；荷蘭則以具成本效率的 DOCSIS 4.0 進行部署。因此 CapEx 下降，且網路策略的可視性非常高。

Number three, rising free cash flow and declining leverage, and that's supported by organic growth, synergies and EUR1.2 billion to EUR1.4 billion of local asset sales have already described, towers, property, et cetera.

第三，自由現金流上升、槓桿下降；這由有機成長、協同效益，以及我們已說明的 12 億至 14 億歐元在地資產出售所支撐，例如基地台、房地產等等。

And then number four, a commitment to pay dividends from free cash flow as we've done with Sunrise. So we have lots of work to do. But this plan and this path forward is clear for us, and we look forward to updating you each quarter on our progress.

第四，承諾如同 Sunrise 一樣，以自由現金流支付股利。所以我們還有很多工作要做。但對我們而言，這個計畫與前進路徑很清楚，我們也期待每一季向各位更新進度。

Now what does it all add up to? I'm sure many of you are wondering what sort of value creation do we think is achievable here? The chart on the next slide is actually simpler than it looks, but it moves left to right, and it demonstrates how we have and how we intend to create value through this unlocked strategy.

那麼，整體加總起來代表什麼？我相信許多人都在想：我們認為在這裡可達成的價值創造會是什麼程度？下一張投影片的圖表其實比看起來更簡單，它由左至右，展示我們如何以及打算如何透過這項價值釋放策略來創造價值。

Let's start on the far left. The day we announced our intention to spin off Sunrise in February 2024, our stock closed at $18. Of course, 9 months later, we completed the spin-off, and using Sunrise's current stock price, we feel we delivered a tax-free dividend that's valued today at $13 per Liberty share. So together with our $12 stock, you get to $25 or about a 40% value appreciation in the last 14 months or so. So far so good.

先從最左邊開始。在我們於 2024 年 2 月宣布擬分拆 Sunrise 的那一天，我們的股價收在 18 美元。當然，9 個月後我們完成分拆；以 Sunrise 目前的股價計算，我們認為我們交付了一筆免稅股利，以今日價值計約等同於每股 Liberty 13 美元。因此，搭配我們 12 美元的股價，加總為 25 美元，約等於過去 14 個月左右 40% 的價值增長。到目前為止，一切順利。

About 2 months ago, we announced the second step in our value unlock strategy to -- with our intention to consolidate Benelux and spin off the Ziggo Group in the second half of next year. So what might that be worth? And these numbers are illustrative, lawyers maybe say that, of course. But if we -- if you move to the right on the third column, I think you'll see the answer. We believe a publicly listed Ziggo Group, if it were to trade at, let's say, the same implicit valuation of Sunrise today, an essentially an 11.5% free cash flow yield could be worth up to $14 per Liberty share based upon the 2028 free cash flow estimate of EUR500 million that we just discussed.

大約兩個月前，我們宣布價值釋放策略的第二步——我們打算整合 Benelux，並在明年下半年分拆 Ziggo Group。那可能值多少？這些數字僅為示意，律師大概都會這麼說，當然。但如果我們——如果你往右看第三欄，我想你會看到答案。我們相信，若上市的 Ziggo Group 以例如與 Sunrise 今日相同的隱含估值交易——也就是約 11.5% 的自由現金流殖利率——則基於我們剛討論的 2028 年 5 億歐元自由現金流估計，其價值最高可達每股 Liberty 14 美元。

Without debating the point, we believe this could be conservative. As you would know, many of our peers, KPN, Swisscom, Orange (inaudible), they trade at free cash flow yields of 5% to 7%, albeit with different leverage profiles. So let's stick with the 11.5% free cash flow yield.

不去爭論細節，我們認為這可能偏保守。如各位所知，我們許多同業如 KPN、Swisscom、Orange（聽不清）等，其自由現金流殖利率約在 5% 到 7% 之間交易，儘管槓桿結構不同。所以我們就先以 11.5% 的自由現金流殖利率為基準。

The primary question then is where will Liberty itself trade post spin? Remember, we believe that the entire Liberty Telecom Group has negative value on our stock today of around $4 per share. And despite our announced intentions regarding Ziggo, with our cash and growth assets worth $16 and our stock at 12, that's the only conclusion we can reach.

那麼，首要問題是：分拆後 Liberty 本身將在什麼價位交易？請記住，我們認為整個 Liberty Telecom Group 目前在我們股價中的隱含價值約為每股負 4 美元。而且，儘管我們已宣布對 Ziggo 的意向，但在我們的現金與成長型資產價值為 16 美元、而股價在 12 美元的情況下，這是我們唯一能得出的結論。

Now to arrive at $14 post the Ziggo Group spin, we simply added our pro forma cash balance after the Vodafone deal and asset sales, together with the value of our remaining growth assets, including our residual stake in Wyre, and we get to $14. By the way, these numbers assume that the market continues to assign no equity value, that's 0 equity value to our remaining telecom businesses in the UK and Ireland. Of course, we think there's substantial equity value in these businesses, but we don't need to agree on that to get to these numbers.

要在 Ziggo Group 分拆後推導出 14 美元，我們只是把 Vodafone 交易與資產出售後的備考現金餘額，加上我們剩餘成長型資產的價值（包括我們在 Wyre 的剩餘持股）相加，結果就是 14 美元。順帶一提，這些數字假設市場仍然不給我們在英國與愛爾蘭的剩餘電信業務任何股權價值，也就是 0 的股權價值。當然，我們認為這些業務具有可觀的股權價值，但即使不認同這一點，也不影響我們得到上述數字。

So to recap. If you follow the light blue boxes, from February '24, the day we announced our plans to spin off Sunrise, to today, we created $7 on what was an $18 stock. So that's 40%. And we believe for those who had held on to the Liberty stock and the Sunrise stock, that number gets to 41 with the Ziggo Group spin.

所以總結一下。如果你沿著淺藍色方框看，從 2024 年 2 月（我們宣布分拆 Sunrise 計畫的那一天）到今天，我們在原本 18 美元的股價基礎上創造了 7 美元的價值。也就是 40%。而我們相信，對於同時持有 Liberty 股票與 Sunrise 股票的人來說，隨著 Ziggo Group 分拆，這個數字將達到 41%。

If you do the same thing with the dark blue boxes, for those who bought their shares after the Sunrise spin-off, we think we can take $12 today to as much as $28 by the second half of next year when we spin the Ziggo Group. Now while there are no sure things in life, and plenty to do between now and then, trust me, the building blocks we think are in place, and we feel good about the plans and these estimates here.

如果你用同樣方式看深藍色方框，對於在 Sunrise 分拆後買入股票的人，我們認為可以把今天的 12 美元提升到明年下半年分拆 Ziggo Group 時的最高約 28 美元。當然，人生沒有十拿九穩的事，從現在到那時也還有很多工作要做；但相信我，我們認為所需的基礎構件已經到位，我們對這些計畫與此處的估算感到樂觀。

Now one of the reasons for that good feeling is the progress Stephen and his team have made over the last five quarters. This next slide summarizes some of those initiatives and some of the progress beginning early last year when we repositioned broadband pricing, changed the operating model or rejuvenated our campaigns, even expanded our footprint through the deal of Delta Fiber. As a result of that, we saw steady improvements right away in broadband, where we've been losing over 30,000 subscribers every quarter.

我們之所以有這種良好感受，其中一個原因是 Stephen 與其團隊在過去五個季度取得的進展。下一張投影片總結了其中一些舉措與進展：從去年年初開始，我們重新調整寬頻定價、改變營運模式或重振行銷活動，甚至透過收購 Delta Fiber 擴大覆蓋範圍。因此，我們立刻看到寬頻表現穩步改善；此前我們每季流失超過 30,000 名用戶。

Those changes continued into '26 when we rejuvenated the Ziggo brand with a new campaign, the everything network, that was supported by our (inaudible), by the way, which we just extended. We also launched broadband into our no-frills Flanker brand, bringing a simple and value-driven connectivity product to that critical segment.

這些變革延續到 2026 年：我們以全新行銷活動「everything network」重振 Ziggo 品牌；順帶一提，該活動由我們的（聽不清）支持，而我們剛剛也延長了這項支持。我們也在我們的平價副品牌（Flanker brand）推出寬頻服務，為該關鍵客群帶來更簡單、以價值為導向的連線產品。

You can see at the bottom right, the broadband net adds have been moving in the right direction for four straight quarters. In fact, our first quarter result was the best in three years, driven by all the initiatives I just referenced, pricing adjustments, new campaigns, product expansion, network improvements. And by the way, we have the largest reach of 2 gig broadband services in the country. And we just launched field trials with DOCSIS 4.0 in anticipation of launching 4 and 8 gig products later this year. So operationally, VodafoneZiggo is in great shape and improving, exactly what you want to see as we plan for a public listing next year.

你可以在右下角看到，寬頻淨增用戶已連續四個季度朝正確方向發展。事實上，我們第一季的結果是三年來最佳，動能來自我剛提到的所有舉措：價格調整、新行銷活動、產品擴張、網路改善。另外，我們在全國擁有覆蓋最廣的 2Gb 寬頻服務。我們也剛啟動 DOCSIS 4.0 的外場測試，為今年稍晚推出 4Gb 與 8Gb 產品做準備。因此，在營運面上，VodafoneZiggo 狀態非常好且持續改善——這正是我們在規劃明年公開上市時希望看到的。

The next few slides summarize Q1 operating performance across our 4 markets. I'm going to do this quickly since the CEOs are on the call, and they can provide color if needed. I think the main headline here is that we continue to see good broadband trends pretty much across the board and stable fixed and mobile ARPUs.

接下來幾張投影片將總結我們四個市場的第一季營運表現。我會快速帶過，因為各位執行長都在線上，如有需要他們可以補充說明。我認為這裡的主要重點是：我們幾乎在各市場都持續看到良好的寬頻趨勢，以及穩定的固網與行動 ARPU。

Starting with VodafoneZiggo, like I just talked about, our broadband performance improved for the fourth consecutive quarter and postpaid mobile net adds also improved sequentially. We continue to invest in our fixed to mobile markets in Holland, with both the Vodafone and Ziggo Networks receiving outstanding awards in the (inaudible) test, with ARPUs of nearly EUR57 in fixed and EUR18 in mobile staying steady, that's been a good outcome.

先從 VodafoneZiggo 開始，如同我剛才提到的，我們的寬頻表現已連續第四個季度改善，而後付費行動淨增也較前一季提升。我們持續在荷蘭的固移融合市場投資；Vodafone 與 Ziggo 兩張網路在（聽不清）測試中都獲得傑出獎項；固網 ARPU 接近 57 歐元、行動 ARPU 約 18 歐元並維持穩定，這是很好的成果。

Turning to Belgium, Telenet delivered its highest quarterly broadband result in 10 years, driven by successful cross-sell campaigns and strong performance with our base, our Flanker brand there. Postpaid mobile results remain subdued in Belgium as the market is pretty competitive. And here too, our base brand is outperforming, while both mobile ARPU at EUR16 and fixed ARPU at EUR63 remained largely stable, ahead of upcoming price adjustments in Q2.

再看比利時，Telenet 交出 10 年來最高的單季寬頻成績，主要由成功的交叉銷售活動，以及我們基礎品牌與當地 Flanker 副品牌的強勁表現所帶動。由於市場競爭相當激烈，比利時的後付費行動表現仍偏疲弱。在這裡也是，我們的基礎品牌表現優於同業；同時行動 ARPU 為 16 歐元、固網 ARPU 為 63 歐元，整體大致維持穩定，並領先於第二季即將進行的價格調整。

Now turning to the UK on the next slide. Despite a market that remains highly competitive, Virgin Media O2 delivered a third straight quarter of broadband improvement, with just 6,000 losses compared to 43,000 losses a year ago. And this was supported by strong commercial and retention initiatives and of course, lower churn. Importantly, despite pressure on the overall market pricing, here, our fixed ARPU remained relatively stable at GBP46.50, supported by more and more personalized and AI-driven pricing. And within the Netomnia deal working its way through the regulatory process, we continue our fiber-to-the-home expansion with 8.7 million fiber homes available today.

接著看下一張投影片的英國市場。儘管市場仍高度競爭，Virgin Media O2 的寬頻表現已連續第三個季度改善，僅流失 6,000 戶，相較一年前流失 43,000 戶大幅收斂。這得益於強勁的商務推廣與留存措施，當然也包括較低的流失率。重要的是，儘管整體市場定價承壓，我們的固網 ARPU 仍相對穩定在 46.50 英鎊，並由越來越個人化、AI 驅動的定價所支撐。此外，隨著 Netomnia 交易持續推進監管程序，我們也持續擴大 FTTH（光纖到府）覆蓋，目前可用的光纖住戶數達 870 萬戶。

In UK mobile, we launched O2 satellite. You might have seen that making us the first operator in the UK to switch on direct device satellite connectivity. In addition, our mobile network transformation is progressing with new RAN upgrade agreements and the transfer of the second tranche of spectrum from VodafoneThree, that's usually important to us.

在英國行動業務方面，我們推出了 O2 satellite。你可能已看到相關消息，這使我們成為英國第一家啟用「直連裝置」衛星連線的營運商。此外，我們的行動網路轉型也在推進，包括新的 RAN 升級協議，以及從 VodafoneThree 轉移第二批頻譜——這通常對我們非常重要。

O2 now has the largest 5G stand-alone footprint in the UK. Net postpaid losses of 60,000 were materially better than last quarter as churn from the Q4 price adjustment, we've talked about that, subsided, and ARPU of around GBP17 was broadly stable.

O2 現在擁有英國最大規模的 5G SA（獨立組網）覆蓋。後付費淨流失 60,000 戶，明顯優於上一季；因為我們先前提到的第四季價格調整所帶來的流失影響已趨緩；ARPU 約 17 英鎊也大致維持穩定。

In Ireland, lastly, we continue to execute strategically, with growth in wholesale and off-net traffic more than compensating for retail pressure. On net, fixed retail ARPU of EUR61 remained stable despite no price rise in '25. And importantly, our fiber rollout, this is critical, remains on track to be substantially complete in 2026, with nearly 20% of the retail base now taking a fiber product, and that will also drive free cash flow in 2027 and beyond.

最後是愛爾蘭，我們持續以策略方式執行；批發與 off-net 流量的成長，已足以抵消零售端的壓力。整體而言，固網零售 ARPU 為 61 歐元，儘管 2025 年未調漲價格，仍維持穩定。更重要的是，我們的光纖鋪設（這點至關重要）仍按計畫推進，預計在 2026 年大致完成；目前零售用戶基礎中已有近 20% 採用光纖產品，而這也將在 2027 年及之後推動自由現金流。

Now just one slide on our limited growth portfolio currently valued at $3.4 billion and centered around four key verticals you know and love: infrastructure and energy, technology and AI, services and, of course, media and sports. Our strategy here has been consistent for some time. We are exiting positions that are no longer strategic in using that capital to both invest in new opportunities as they arise and as needed, provide capital for transactions that will unlock value in our telecom assets. That second point is really important. Historically, we've divested investment positions totaling something like 1.6 billion since 2019, and we've targeted another 700 million in sale proceeds this year, which, as I said, 300 million is already accounted for.

接著用一張投影片說明我們目前估值 34 億美元的有限成長型投資組合，聚焦於你們熟悉且喜愛的四大垂直領域：基礎建設與能源、科技與 AI、服務，以及當然還有媒體與體育。我們在這裡的策略一段時間以來都很一致。我們正退出不再具策略性的持倉，並運用該資本一方面在新機會出現時進行投資，另一方面在需要時為能釋放我們電信資產價值的交易提供資金。第二點非常重要。歷史上，自 2019 年以來我們已處分合計約 16 億美元的投資部位；而今年我們目標再取得 7 億美元的出售收益——如我所說，其中 3 億美元已經入帳。

Now a few comments on sports and live events. Of course, we're already invested heavily here through Formula E, but we also believe there are significant structural tailwinds that warrant us evaluating additional opportunities, and we're doing that. These points are probably well known to all of you, I'm sure, but there's clearly a generational shift, from physical goods to experiences, that's live events, sports, travel and entertainment. And many of these markets are fragmented and most are protected from AI disruption. So it's an interesting space.

現在談幾點關於體育與現場活動的看法。當然，我們已透過 Formula E 在這個領域投入甚深，但我們也相信存在顯著的結構性順風，值得我們評估更多機會，而我們也正在這麼做。我想這些觀點大家應該都很熟悉，但很明顯正出現世代轉移：從實體商品轉向體驗，也就是現場活動、體育、旅遊與娛樂。而且這些市場中有許多相當分散，多數也相對不易受到 AI 顛覆。所以這是一個很有意思的領域。

It's also a clear momentum in the sector, right? Just look at sports, global revenue and sports growing well in excess of GDP over the last 10 years, and by almost everybody's estimation, poised to increase and accelerate from here. What's our right to play, you might be asking, well, we know how to consolidated fragmented industries, both in telecom, but also we've been doing that for decades and recently with all 3 media before exiting at a premium. We've got strong relationships across these sectors. Really, the deal flow is the easy part.

而且這個產業的動能也很明確，對吧？看看體育就知道了：過去 10 年全球體育收入的成長遠高於 GDP，而且幾乎所有人的估計都認為，從現在起將持續上升並加速。你可能會問，我們憑什麼參與？我們懂得如何整合分散的產業，不僅在電信領域如此，我們也做了幾十年，最近更是在退出前三大媒體資產時以溢價出場。我們在這些領域都有很強的關係網。坦白說，案源（deal flow）是最容易的部分。

And when you factor in our expertise in things like treasury, operations and technology, it's a pretty strong combination. And we have a good track record in sports, specifically with Formula E, the fastest-growing motor sport globally and 1 of only 8 global sports leagues, which is a great segue to my last slide. I always get excited when I talk about Formula E, sometimes too excited. But I think this moment is perhaps our biggest yet.

再加上我們在資金管理、營運與科技等方面的專長，這是一個相當強的組合。而且我們在體育方面也有良好戰績，特別是 Formula E——全球成長最快的賽車運動，也是僅有的 8 個全球性體育聯盟之一；這也正好銜接到我最後一張投影片。每次談到 Formula E 我都會很興奮，有時候甚至太興奮。但我認為此刻可能是我們迄今為止最重要的一次。

Like over the last 10 years, and you've been following this, we have constantly innovated, investing significant energy and time in the car, the technology and the racing. Well, the wait is over. Last week at the Power Car Circuit in France formally unleashed the next-generation race car, GEN4, we call it, and the motor sports world is still reverberating.

就像過去 10 年一樣，你們也一直在關注，我們持續創新，在車輛、技術與賽事上投入大量精力與時間。而現在，等待結束了。上週在法國的 Power Car Circuit，我們正式釋出下一代賽車——我們稱之為 GEN4——整個賽車運動界仍在回響。

First of all, you have to see it in person. Yes, it is a beast, but it's a beautiful, beautiful racecar. The step-up in power performance is incredible. 600 kilowatts of power represents a 71% increase in base output over the current GEN3 Evocar. The acceleration is insane, 0 to 100 kilometers in 1.8 second. That's meaningfully faster than an F1 car, and top speeds in excess of 335 kilometers an hour, nearly 210 miles per hour. And we estimate -- it's an estimate at this point that lap times will decrease 10 seconds on average from the current generation car. That's a lifetime in racing.

首先，你一定要親眼看過。沒錯，它很兇猛，但也是一台非常、非常漂亮的賽車。動力性能的躍升令人難以置信。600 千瓦的功率，相較於現行 GEN3 Evocar 的基礎輸出提升了 71%。加速表現瘋狂：0 到 100 公里只要 1.8 秒。這明顯比 F1 更快，最高時速超過 335 公里，接近每小時 210 英里。我們估計——目前仍是估計——單圈時間平均將比現行世代車款縮短 10 秒。在賽車裡，這等於是一輩子那麼長。

It's also the first single seater racecar with active all-wheel drive all the time, which will provide incredible acceleration in torque, kind of it turns. And of course, it meets all of our expectations from a sustainability point of view to make for at least 20% recyclable materials. It's 98.5% recycle itself, and allows us to continue claiming that our race-related carbon footprint for the entire championship will fit into one F1 team, by the way.

它也是第一台全程採用主動式四輪驅動的單座賽車，將在扭力與過彎等方面帶來驚人的加速表現。當然，從永續角度來看，它也符合我們所有的期待：至少 20% 的材料可回收。整車可回收率達 98.5%，並讓我們得以持續主張：整個錦標賽的賽事相關碳足跡，順帶一提，能控制在一支 F1 車隊的範圍內。

Speaking of F1, yes, we might have taken a few shots at them since the GEN4 launch. Might be deserved also, you're obviously aware of the issues they're dealing with currently and that they're going through with the hybrid engine. And it just reinforces our view that going halfway on anything does not make history, and we love the position that we're in technologically, competitively from an entertainment and motor sports point of view.

說到 F1，是的，自 GEN4 發表以來，我們可能對他們開了幾槍。也許也算應得——你們顯然知道他們目前在混合動力引擎上所面臨與經歷的問題。這也更強化了我們的看法：任何事情只做一半，無法寫下歷史；而我們很喜歡自己在技術上、競爭上，以及從娛樂與賽車運動角度所處的位置。

But hey, just don't take my word for it. In the next slide, you can see -- go ahead and scan social media, the motor sports press, there is widespread consensus. I know I'm quoting. This GEN4 car is a monster. It's quoted, ushering in the most extreme era of electric cars, and it's expected to change perceptions of Formula E forever. Even Max gives it a thumbs up, as you can see on the bottom right. So I'm super excited about GEN4 car and Formula E.

不過，別只聽我說。下一張投影片你可以看到——去掃一下社群媒體、賽車媒體報導，幾乎有廣泛共識。我知道我是在引用。這台 GEN4 車是一頭怪物。有人形容它將開啟電動車最極致的時代，並預期會永遠改變外界對 Formula E 的看法。甚至 Max 也給了它一個讚，如你在右下角所見。所以我對 GEN4 與 Formula E 非常興奮。

And with that, Charlie, I'll turn it over to you.

那麼，Charlie，接下來交給你。

Thanks, Mike. My first slide sets out the Q1 financial results for our Benelux companies. Now as you can see on this slide, we're now presenting Wyre's financial performance for the first time separate to Telenet to give investors clarity on their respective financials before we complete the full separation of the two companies and their capital structures later this year.

謝謝，Mike。我的第一張投影片列示我們 Benelux 公司第一季的財務結果。如你在這張投影片所見，我們現在首次將 Wyre 的財務表現與 Telenet 分開呈現，讓投資人能在今年稍晚完成兩家公司及其資本結構的全面分拆之前，更清楚各自的財務狀況。

VodafoneZiggo reported a revenue decline of 1.8% in Q1, driven by a lower customer base and ongoing repricing impact. Now this was partially offset by the price indexation and higher revenue from Ziggo Sports, and adjusted EBITDA declined 6.4%, driven by higher marketing costs and some incremental investments in network resilience and service reliability in line with our guidance in March.

VodafoneZiggo 第一季營收下滑 1.8%，主因是客戶基礎較低以及持續的重新定價影響。這部分被價格指數化以及 Ziggo Sports 較高的收入部分抵銷；調整後 EBITDA 下滑 6.4%，主要由較高的行銷成本，以及為提升網路韌性與服務可靠性所做的一些增量投資所致，符合我們 3 月提供的指引。

At Telenet, revenue was broadly stable in Q1, reflecting our strategic decision not to renew Belgium football rights, which was partly offset by a strong broadband performance, which was driven by effective cross-selling into the video customer base. Adjusted EBITDA grew 8.9%, driven by lower content costs following the exit from the football broadcasting rights.

在 Telenet，第一季營收大致持平，反映我們策略性決定不續約比利時足球轉播權；這部分被寬頻的強勁表現部分抵銷，而寬頻表現主要來自對影音客戶群的有效交叉銷售。調整後 EBITDA 成長 8.9%，主要受惠於退出足球轉播權後內容成本下降。

And at Wyre, revenue declined by 1%, impacted by the implementation of a new pricing model, which was partially offset by strength in wholesale growth. Adjusted EBITDA declined by 4.6%, and this was driven by an investment in build capability as we start to accelerate Wyre's fiber build-out capability.

在 Wyre，營收下滑 1%，受到新定價模式導入的影響，但部分被批發業務成長的強勁表現所抵銷。調整後 EBITDA 下滑 4.6%，主要因為我們投資建置能力，以開始加速 Wyre 的光纖建設（fiber build-out）能力。

Turning to the UK and Ireland, Virgin Media O2 delivered a total service revenue decline of 3% on a guidance basis. Now this was impacted by competitive pressure in the consumer fixed market and lower B2B revenue as the newly rebranded O2 business rationalizes its product portfolio to support its long-term growth in the mobile segment. This was partially offset by wholesale revenue growth, which was supported by growth in MVNO revenue, and adjusted EBITDA declined by 3.4% as a result of the lower total service revenues and a noncash provision for legal matters recorded in the quarter. This was partially offset by cost reduction initiatives.

轉到英國與愛爾蘭，Virgin Media O2 以指引口徑計算的總服務收入下滑 3%。這受到消費者固網市場競爭壓力，以及 B2B 收入下降的影響；後者是因為新近重新品牌化的 O2 業務正在精簡其產品組合，以支持其在行動業務領域的長期成長。這部分被批發收入成長部分抵銷，而批發收入成長受 MVNO 收入成長所支撐；調整後 EBITDA 下滑 3.4%，原因是總服務收入較低，以及本季認列一筆與法律事項相關的非現金準備。這部分被成本削減措施部分抵銷。

At Virgin Media Ireland, revenues declined by 1.4% in Q1, impacted by intense competition in the consumer fixed and mobile markets as well as a decline in advertising revenues at VM TV. This was partially offset by a strong wholesale performance. Meanwhile, adjusted EBITDA declined by 7.1%, driven by these top line pressures, and was also impacted by a one-off benefit in Q1 last year.

在 Virgin Media Ireland，第一季營收下滑 1.4%，受到消費者固網與行動市場激烈競爭的影響，此外 VM TV 的廣告收入也下滑。這部分被批發業務的強勁表現部分抵銷。同時，調整後 EBITDA 下滑 7.1%，主要由上述營收端壓力所致，且也受到去年第一季一次性利益的影響。

Turning to the next slide. We remain committed to our disciplined capital allocation model as we retake capital into higher growth investments and strategic transactions. Starting on the top left, Telenet reported EUR10 million of free cash flow during the quarter and is expected to deliver at least EUR20 million of free cash flow for the full year. Additionally, Liberty Corporate delivered adjusted EBITDA of negative $2 million, putting us firmly on track to achieve our full year 2026 guidance of negative $50 million.

接著看下一張投影片。我們仍致力於嚴謹的資本配置模型，將資本回收並投入到更高成長的投資與策略性交易中。從左上角開始，Telenet 本季自由現金流為 1,000 萬歐元，預期全年至少可達 2,000 萬歐元自由現金流。此外，Liberty Corporate 的調整後 EBITDA 為負 200 萬美元，使我們穩健地朝向達成 2026 全年指引（負 5,000 萬美元）前進。

Turning to the bottom left. CapEx has meaningfully stepped down at Telenet in Q1 on a guidance basis, driven by the 5G upgrade nearing completion at the end of 2025 and lower spend on digital platforms. Capital intensity remains elevated at the other OpCos, reflecting investments in our fixed networks and also 5G upgrades.

接著看左下角。在指引口徑下，Telenet 在第一季的資本支出（CapEx）已明顯下滑，主要因為 5G 升級接近於 2025 年底完成，以及數位平台支出降低。其他營運公司（OpCos）的資本強度仍維持在較高水準，反映我們對固定網路的投資以及 5G 升級。

Moving to the Liberty Growth walk in the top right. The fair market value of our growth portfolio remained broadly stable versus 2025 year-end at $3.4 billion. This was driven by modest investments in AtlasEdge, Egg Power, Nexfibre and EdgeConneX, offset by the partial disposals of our ITB and some of our EdgeConneX stake as well as a positive fair market value adjustment at EdgeConneX, along with the recent decision to move Liberty Blume out of our Corporate & Services segment and into the growth portfolio.

再看右上角的 Liberty Growth 變動橋。我們成長型投資組合的公允市值相較 2025 年底大致持平，為 34 億美元。這主要來自對 AtlasEdge、Egg Power、Nexfibre 與 EdgeConneX 的小幅投資，並由部分處分 ITB 以及部分 EdgeConneX 持股所抵銷；同時 EdgeConneX 的公允市值調整為正，另加上近期決定將 Liberty Blume 自企業與服務（Corporate & Services）部門移出並納入成長型投資組合。

Turning to our cash walk on the bottom right. We ended the quarter with a consolidated cash balance of $1.9 billion. Q1 distributable free cash flow was impacted by high CapEx levels related to the fiber-to-the-home rollouts at Wyre and Virgin Media Ireland.

接著看右下角的現金變動橋。本季末我們的合併現金餘額為 19 億美元。第一季可分配自由現金流受到較高資本支出水準影響，主要與 Wyre 與 Virgin Media Ireland 的光纖到府（FTTH）建設推進有關。

In addition to working capital movements at Telenet, now it's worth noting, we continue to anticipate that Wyre will draw on its stand-alone facility following BCA approval, and will fully repay the short-term funding provided by Liberty Global consolidated cash by Telenet. As a reminder, we are aiming to end 2026 with around $1.5 billion of corporate cash despite the expected outflows associated with the incremental Vodafone stake and also, to a lesser extent, the Netomnia acquisition.

除了 Telenet 的營運資金變動之外，另外值得注意的是，我們仍預期 Wyre 在取得 BCA 核准後將動用其獨立融資額度，並將由 Liberty Global 合併現金透過 Telenet 提供的短期資金全數償還。提醒一下，儘管預期會有與增持 Vodafone 持股相關的資金流出，以及在較小程度上與收購 Netomnia 相關的資金流出，我們仍以在 2026 年底維持約 15 億美元的公司現金為目標。

And finally, turning to our full year guidance targets for 2026. We are reconfirming all guidance metrics of VMO2, VodafoneZiggo and Telenet as well as our guidance for corporate costs. Now that concludes our prepared remarks for Q1, and I'd like to hand over to the operator for Q&A.

最後，談到我們 2026 年全年指引目標。我們重申 VMO2、VodafoneZiggo 與 Telenet 的所有指引指標，以及公司成本的指引。以上為我們第一季的事先準備發言，接下來我想把時間交給接線員進行問答。

(Operator Instructions) Carl Murdock-Smith, Citigroup.

(接線員指示) Carl Murdock-Smith，花旗集團。

That's great. Thank you very much. Three questions, please. Firstly, I wanted to ask on Virgin Media O2 about the wholesale service revenue growth. In the release, you said that that included GBP15 million of fixed reenablement and installation income. Am I right in saying that that increase was due to a change in accounting treatment, meaning that it's now recognized as revenue whereas previously it wasn't?

很好。非常感謝。我有三個問題。第一個想請教 Virgin Media O2 的批發服務營收成長。在新聞稿中你們提到其中包含 1,500 萬英鎊的固定網路重新啟用與安裝收入。我理解這項增加是因為會計處理方式改變，意思是現在認列為營收，而以前不會認列，這樣說對嗎？

I recognize that it's low margin, but that has provided almost a 1% boost to service revenue overall in Q1. So my question is, did you know about that change in treatment when you issued the guidance in February? Or does it provide potential upside to the revenue guide of 3% to 5% decline, particularly as you've come in at the very high end of that range in Q1?

我知道這部分毛利率不高，但它在第一季讓整體服務營收幾乎增加了 1%。所以我的問題是：你們在 2 月發布指引時，是否已經知道這項處理方式的變更？或者它是否可能為「營收下滑 3% 到 5%」的指引帶來上行空間，尤其你們第一季的表現已落在該區間的高端？

And then secondly, I just wondered if you could expand slightly on the O2 satellite news and your kind of level of excitement around that, how much customer interest are you anticipating? And more broadly, just what is your view on the role of satellite in telecom as a complement or competitor going forward? Thank you.

第二個問題，我想請你們再多談一點 O2 的衛星相關消息，以及你們對此的興奮程度、預期會有多少客戶興趣。更廣泛來說，你們如何看待未來衛星在電信產業中作為互補或競爭者的角色？謝謝。

I go over to Lutz first, but let me just say that as we look at the satellite space, generally, we think, of course, satellite broadband, Starlink Broadband, has a role to play on the planet. There will be plenty of people who will utilize that broadband service and need that broadband service.

我先請 Lutz 回答，不過我先說一下：就衛星領域而言，我們普遍認為，當然，衛星寬頻、Starlink 寬頻在全球有其角色。會有很多人使用並且需要那樣的寬頻服務。

We believe the direct advice mobile opportunity is far more limited by technology, by market access, but we do like the idea of having a satellite service attached to our mobile network. We think it adds just another level of service and commitment to customers. And of course, the UK is the first market to where we have done that.

我們認為「直連手機」（direct-to-device）的行動機會在技術與市場准入上限制更大，但我們確實喜歡把衛星服務附加在我們行動網路上的概念。我們認為這能為客戶增加另一層服務與承諾。當然，英國是我們第一個這麼做的市場。

So Lutz, I'll turn over to you for satellite and then someone, Charlie, I guess, will answer the wholesale question.

所以 Lutz，我把衛星的部分交給你；然後批發的問題我想會由其他人，可能是 Charlie，來回答。

So we are very satisfied with the launch of (inaudible), not disclosing numbers. But the fact that we have at the moment, not the iPhone available. We will have it available in a week from now. And we have already quite a high demand is leading us to the assumption that this is really a reliable service, an interesting and attractive service for customers.

我們對（聽不清）這次的推出非常滿意，但不會披露數字。不過目前 iPhone 還未支援。我們會在一週後提供支援。而我們已經看到相當高的需求，這讓我們推測這確實是一項可靠、有趣且對客戶具吸引力的服務。

And also, in combination with our improved mobile network, our 5G stand-alone coverage, we are really creating the right perception for customers, which means we have the most reliable mobile network from everybody in terms of coverage and data speed. And so therefore, we are very happy with that.

此外，結合我們改善後的行動網路、5G SA（獨立組網）覆蓋，我們確實正在為客戶建立正確的認知，也就是：就覆蓋與數據速度而言，我們擁有最可靠的行動網路。因此我們對此非常滿意。

Charlie, you want to adjust the wholesale revenue?

Charlie，你要補充一下批發營收的調整嗎？

Just on the wholesale revenue. I mean, I think it was basically in budget, and that is a very difficult business to forecast by its very nature because it's -- but I think it was a pretty strong quarter. But do you have anything to add on that?

就批發營收而言。我的意思是，我認為基本上符合預算，而這門生意本質上很難預測，因為它——但我認為這是一個相當強勁的季度。不過你還有什麼要補充的嗎？

I mean, I can give some color, right? I mean this -- I think Carl, you're right, it was not -- we didn't account it the same way before. The reason for that was not to beef up our service revenue. As you see, right, we are coming currently more at the upper end of the guidance.

我可以補充一些背景，對吧？Carl，我想你說得對，我們之前的會計認列方式確實不同。但原因並不是為了拉高我們的服務營收。如你所見，我們目前的表現確實更接近指引區間的上緣。

The reason for that is that will be a growing and a continuous service revenue stream because we will more and more connect customers, either from other networks or from other ISPs. So therefore, when you look at that way, I think that makes a change makes sense. But as you said yourself, right, we are coming in at the upper end of our guidance. And you could track that number a little bit. It is 0.7% of it, if you want to accrue for it, but it won't change anything in the guidance. And I mean we wouldn't change it. It's only one quarter, but so far, we are happy with what we have.

原因在於，這會是一個成長且持續的服務營收來源，因為我們會越來越多地連接客戶，不論是來自其他網路或其他 ISP。因此從這個角度看，我認為這樣的變更是合理的。但如你自己所說，我們目前落在指引的上緣。你也可以稍微追蹤那個數字。如果你要把它調整回去，大約是 0.7%，但不會改變指引。而且我們也不會去改指引。這只是單一季度，但到目前為止，我們對現況感到滿意。

Polo Tang, UBS.

Polo Tang，瑞銀。

Thanks for taking questions. I have two. The first one is just on UK competitive dynamics for Lutz. So can you maybe talk through how the recent price rises in April have landed because the percentage increase is quite large, and I think it's double digit for most subscribers. So I'm just wondering if there's been any change in terms of churn? Separately, your postpaid mobile losses are continuing. So how optimistic are you that this can stabilize for the year?

謝謝讓我提問。我有兩個問題。第一個是給 Lutz，關於英國的競爭態勢。你能否談談 4 月近期的漲價落地情況？因為漲幅百分比相當大，我想對大多數用戶來說是雙位數。所以我想了解在流失率（churn）方面是否有任何變化？另外，你們的後付費行動用戶流失仍在持續。你們對今年能夠趨於穩定的信心有多高？

Second question is just a broader question on use of cash going forward. So you've talked a lot in this -- in the prepared remarks about ventures and the focus on sports and media. I think press reports suggested you were considering buying a European NBA franchise. So are you pivoting the group more towards media and sports? Or is the plan still to break up the group and return cash to shareholders? So any color on that would be great. Thanks.

第二個問題是更廣泛地關於未來現金運用。你們在這次——在事先準備發言中談了很多關於創投，以及對體育與媒體的聚焦。我看到媒體報導稱你們在考慮收購一支歐洲的 NBA 球隊。所以你們是否正在把集團更偏向媒體與體育？還是計畫仍是拆分集團並把現金回饋給股東？如果能提供一些背景說明就太好了。謝謝。

Sure. I'll start with that, Polo. They're not mutually exclusive, that's point one. Point two is our primary commitment, and I think it should be clear, but I'll repeat it here, is to create value for shareholders, and we believe, as I've said a few different times, the biggest opportunity to do that is to highlight and find ways to illuminate value in our telecom business. So that is our priority. That is number one.

當然。我先從這點開始，Polo。兩者並非互斥，這是第一點。第二點是我們的首要承諾——我想這應該很清楚，但我在這裡再重申一次——是為股東創造價值；而且我們相信，正如我之前多次提到的，做到這一點的最大機會，是凸顯並找到方法去釋放、照亮我們電信業務中的價值。所以那就是我們的優先事項。那是第一順位。

And as I mentioned a moment ago, in my remarks, when we look at the use of capital, that factors in squarely to that to the strategy. So as I said, we will use capital and rotate capital into growth opportunities should they be presented to us, but also into the telecom business, if it helps to unlock value for shareholders, and then I think it went on to say that second one is an important point. So that's the first part of the answer.

而且如我剛才在發言中提到的，當我們看資本的運用時，這會直接納入該策略之中。所以如我所說，如果有成長機會出現，我們會運用資本並進行資本輪動投入成長機會；同時也會投入電信業務——如果這有助於為股東解鎖價值——然後我想我也提到第二點是很重要的一點。所以這是答案的第一部分。

I'd say secondly, we are opportunistically looking at and being presented with sort of opportunities. Sorry, somebody has got this -- somebody's ringing. Anyway, with opportunities in the sports space and in the media space generally. And there's a reason why the portfolio was 3.4 billion large because we have been very active as an investor. And maybe it's been quiet and we don't spend as much time on our earnings calls doing it, but it's -- it's arguably the biggest component of our stock price today are the investments that we've assembled strategically and purposely over the last, let's say, five to seven years.

第二點，我會說我們正以機會主義的方式在看、也有人向我們提出各式各樣的機會。抱歉，有人——有人在打來。總之，在體育領域以及更廣泛的媒體領域都有一些機會。而投資組合之所以有34億那麼大，是因為我們一直非常積極地扮演投資人角色。也許外界覺得最近比較安靜，而且我們在財報電話會議上不會花那麼多時間談這些，但——可以說——今天我們股價中最大的組成部分，就是我們在過去大概五到七年有策略、有目的地累積起來的投資。

And we're divesting ourselves of a huge chunk of those investments. And rightly so because we need cash to do the things we've been talking about today. And then we will opportunistically look at new investments if they make sense. But don't get me wrong. We are committed to the unlock strategy, and that is priority number one.

而我們正在處分其中很大一部分投資。這樣做是對的，因為我們需要現金來做我們今天一直在談的事情。之後如果合理，我們也會以機會主義方式尋找新的投資。但別誤會。我們致力於解鎖策略，而那是第一優先。

Lutz, do you want to talk about the competitive nature of the UK?

Lutz，你要談談英國市場的競爭態勢嗎？

Good afternoon, Polo. So in mobile, you see in our numbers that we have been tracking in service revenue around 3%, but this is before the price rise, right? The reason for the net losses in Q1 was the higher price rise we decided for. Now we are seeing this landing very well. We have the first month of the second quarter behind us, Polo.

下午好，Polo。在行動業務方面，你從我們的數字可以看到，我們的服務營收一直維持在約3%的走勢，但這是在漲價之前，對吧？第一季的淨流失原因，是我們決定採取較高幅度的漲價。現在我們看到這個落地效果非常好。我們已經走過第二季的第一個月了，Polo。

And our explanation for that is that those who didn't want to pay it left. And therefore, that has materialized. Now we don't see any spike in churn. And obviously, we also have to wait for the May, but findings here are so far so good.

我們對此的解釋是，不願意支付的人就離開了。因此，這個影響已經反映出來。目前我們沒有看到退訂率（churn）出現任何尖峰。當然，我們也還要等5月的數據，但到目前為止的觀察結果都還不錯。

On the fixed side, the competitive situation is also unchanged, I would say. So all steps are very aggressive as we are now and also, other competitors have to follow. But here, remember, I said at the last call, we have to optimize our prevention machine as we used to do it with the retention machine, which we have done now. So therefore, we are quite proud about the fact that we have almost stabilized -- managed to stabilize our financial -- our fixed customer base in Q1. And we expect something like that in the future. And yes, it comes at the cost of some ARPU, which is 1.6%. But in the scheme of things, that is a balanced approach.

在固網方面，我會說競爭情況也沒有改變。所以我們現在採取的所有措施都非常積極，而其他競爭對手也必須跟進。但在這裡請記得，我在上次電話會議說過，我們必須優化我們的「防流失機器」，就像我們過去做「留存機器」那樣，而我們現在已經做到了。因此，我們對於第一季幾乎穩住——成功穩住我們的財務——我們的固網客戶基礎這件事感到相當自豪。而我們預期未來也會是類似的情況。是的，這會以一些ARPU為代價，降幅是1.6%。但就整體而言，這是一個平衡的做法。

And let me finish with -- remind you, when we've given the guidance, right, 70%, 80% of the service revenue decline is attributed to our expectation on the fixed consumer service revenue market. And that means that we are planning for a recovery in mobile service revenue, Polo, and we are going to see this as we speak from the price rise in Q2.

最後我補充提醒一下，當我們給出指引時，對吧，服務營收下滑的70%到80%歸因於我們對固網消費者服務營收市場的預期。這表示我們在規劃行動服務營收的復甦，Polo，而我們會在第二季因漲價而開始看到這個效果，就在此刻。

Robert Grindle, Deutsche Bank.

德意志銀行（Deutsche Bank）的Robert Grindle。

Thank you. I see the progress on the long-form agreement with Proximus. But approval for the collaboration is still outstanding. What happens if you're delayed for another six to nine months? Do you progress the build as planned? Or is the project pushed back?

謝謝。我看到你們與Proximus的長約協議有進展。但該合作的核准仍未完成。如果你們又延遲了六到九個月，會怎麼辦？你們會按計畫推進建設嗎？還是專案會往後延？

And I think Charlie said the Wyre revenues were impacted by a new pricing model. Could the Wyre Telenet ServCo financial change from here? Should there be a change in the wholesale rates associated with any approval or this financial basis you've given us now be effectively unchanged? Thanks.

另外我想Charlie提到，Wyre的營收受到新的定價模式影響。Wyre Telenet ServCo的財務狀況接下來會改變嗎？若任何核准條件導致相關批發費率變動，批發費率是否會調整，或者你們現在提供給我們的這個財務基礎會基本維持不變？謝謝。

Robert, we got [John Porter] on the line, who's worked tirelessly on this Proximus transaction to an outstanding result -- outstanding result for Telenet and for us. Do you want to speak to the regulatory process from here, John?

Robert，我們請到[John Porter]在線上，他為這筆Proximus交易不懈努力，取得了非常出色的成果——對Telenet和對我們而言都是非常出色的成果。John，你要談談接下來的監管流程嗎？

Sure. Well, we've been in lockstep with the Competition Authority and the BIPT over the last two years. They are right up to date on every aspect of the transaction between ourselves and Proximus. We have very positive inclination from them and believe that they will expedite the final review of the transaction. There is then a necessary 30-day review at the European Commission. That is not an approval process. It's just a chance for them to reflect on the transaction and see if it has broader implications.

當然。過去兩年，我們一直與競爭主管機關以及BIPT保持同步協作。他們對我們與Proximus之間交易的每個面向都完全掌握最新進度。我們從他們那裡得到非常正面的傾向，並相信他們會加速完成對該交易的最終審查。之後歐盟委員會還需要一個必要的30天審視期。那不是核准程序。只是讓他們有機會回顧這筆交易，看看是否有更廣泛的影響。

So our -- we are cautiously optimistic that we will complete this transaction over the next, say, six to eight weeks. And it's a virtual impossibility that it would go longer than that because I think we all down tools. But I think that we are -- the main critical path has been achieved between ourselves and Proximus, and everybody is ready to get going.

因此，我們——我們謹慎樂觀地認為，將在接下來大約六到八週內完成這筆交易。而它幾乎不可能拖得更久，因為我想我們大家都會停工。但我認為，我們與Proximus之間的主要關鍵路徑已經達成，所有人都已準備好開始推進。

And let me just step in on the -- I'll just say, we're separating the 2 companies. There is a little bit of tweaking. For example, there is a bit of movement on the wholesale rate to Telenet, and there's also some management fees that are being reevaluated. So I think we'll get a more stable view on the numbers in Q2, but I would say it's pretty good news for the ServCo.

我也插一句談一下——我想說，我們正在把兩家公司分開。其中會有一些微調。例如，對Telenet的批發費率會有一些變動，另外也有一些管理費正在重新評估。所以我想我們會在第二季對數字有更穩定的看法，但我會說這對ServCo來說是相當好的消息。

I'd also say on the financing side, just a real shout out to my treasury team, the 4.35 billion of underwritten financing that's clearly in place and we could draw, has now been fully syndicated, which is a great success, very successfully syndicated. With the completion of the BCA approval, we'll be drawing that down and indeed paying some of the money that we decided was more efficient to bridge from our balance sheet rather than draw revolvers to do so. So I think it's all around good news for the eventual Ziggo Group spin because I think the Telenet part of the equation is very much on track for the free cash flow target we set them in 2028.

另外在融資方面，我也要特別稱讚一下我們的財務資金（treasury）團隊：明確已到位、我們也可動用提領的43.5億承銷融資，現在已經完成全數聯貸分銷，這是很大的成功，而且分銷得非常順利。在完成BCA核准後，我們將提領該融資，並且確實會償還部分款項——我們先用資產負債表做過橋，因為相較於動用循環信貸（revolvers）更有效率。所以我認為，這對最終的Ziggo Group分拆而言整體都是好消息，因為我認為方程式中的Telenet部分，正非常符合我們為其設定的2028年自由現金流目標。

Joshua Mills, BNP Paribas.

法國巴黎銀行（BNP Paribas）的Joshua Mills。

Two from my side. One is just going back to slide 6, where you lay out the strategic plan for the new Ziggo Group. My question is around the leverage. So there's a lot of moving parts here. Can you just remind us what the pro forma leverage position of this business would be today if you put it together?

我這邊有兩個問題。第一個是回到第6頁投影片，你們在那裡列出了新Ziggo Group的策略計畫。我的問題是關於槓桿。這裡有很多變動因素。你們能否提醒我們，如果今天把它組合起來，這個業務的備考（pro forma）槓桿水位會是多少？

How much you're expecting to bring in from the Wyre stake sale and then the other asset sales to make up the EUR1.2 billion to EUR1.4 billion. I just want to understand the assumptions underpinning that. And what are you at today and then how you get down to the 4.5x? That would be the first question.

您預期從出售 Wyre 持股以及其他資產出售中，能帶來多少收入，以補足 12 億至 14 億歐元的金額。我只是想了解支撐這些假設的基礎。以及您目前的狀況是什麼，然後如何降到 4.5 倍？這是第一個問題。

And then the second question is just around the Dutch business. We've seen continued improvement in the broadband performance. Can you give a bit more color as to what's driving that on the customer side on perception? Is it people happier with price? Is it that they have noticed to change the network quality?

第二個問題是關於荷蘭業務。我們看到寬頻表現持續改善。您能否多提供一些背景，說明在客戶端、在認知/觀感上，是什麼在驅動這些改善？是大家對價格更滿意嗎？還是他們注意到網路品質有所改變？

Any detail you have would be great. And as a final add-on, your competitors have highlighted potential benefits from the data breach at [Dido]. I think in the Q1 and probably rolling into Q2, Q3 net add trends there. How much of an impact have you seen from that on your own business in Q1 and Q2?

您能提供的任何細節都會很有幫助。最後補充一點，您的競爭對手提到，可能會因[Dido] 的資料外洩事件而受益。我想在第一季，並可能延續到第二季、第三季的淨新增趨勢。您在第一季與第二季，看到這對您自身業務有多大影響？

Thanks, Joshua. Okay, Stephen will prepare answers to the Dutch questions.

謝謝你，Joshua。好的，Stephen 會準備回答關於荷蘭的問題。

On the asset sales, the EUR1.2 billion to EUR1.4 billion, those consist primarily of towers and technical facilities, et cetera, and it does -- and we're not really providing a breakdown of those numbers today because we're an active sale process. So we're not going to provide expectations or estimates of where we think guided. But we think that's the range of total combined asset sales, which would be used to pay down debt.

關於資產出售的 12 億至 14 億歐元，主要由基地台與技術設施等構成，而且——我們今天不會提供這些數字的細項拆分，因為我們正處於積極的出售流程中。因此我們不會提供我們認為可達成的指引水準之預期或估計。但我們認為，這就是合計資產出售總額的區間，將用於償還債務。

Charlie, do you want to address the pro forma leverage? It really depends on what point in time you look for that number and what's happening to the Wyre state. Do you want address that, Charlie?

Charlie，你要談一下備考槓桿嗎？這其實取決於你看的是哪個時間點，以及 Wyre 狀態的變化。你要回應一下嗎，Charlie？

Yes. I mean it's actually a very complicated question because clearly, the Belgian assets that are going to go into the Ziggo Group do not include -- because there will be a full separation of the Wyre assets, with the 4.35 billion of underwritten and now syndicated debt, we will therefore be paying down debt at Telenet or Telenet circa but Telenet will be what we'll call it going forward. And it remains that because of the investment profile, but Ziggo is relatively higher basis.

是的。我的意思是，這其實是個非常複雜的問題，因為很明顯，將併入 Ziggo Group 的比利時資產不包含——因為 Wyre 資產將會完全分拆，並配有 43.5 億的承銷且目前已完成聯貸的債務，因此我們將在 Telenet（或我們之後稱之為 Telenet 的主體）層級償還債務。而且由於投資概況的關係，Ziggo 的基礎水準相對較高。

So there's a lot of moving parts in answering that question. I would just reconfirm what Mike said is we're very confident in a path to get down to the around 4.5x by 2028. It does depend on some asset sales, but we feel pretty good about those being delivered. And with those asset sales, and that indeed continuing organic EBITDA growth, particularly in Holland, I think we should be there or thereabouts on target. Very happy to take it off-line to get some of the details because there's a lot of moving parts about why...

所以在回答這個問題時有很多變動因素。我只想再次確認 Mike 所說的：我們對於在 2028 年前降到約 4.5 倍的路徑非常有信心。這確實取決於一些資產出售，但我們對其能夠落地交付感到相當有把握。而在這些資產出售之下，再加上有機 EBITDA 持續成長，特別是在荷蘭，我認為我們應該能達到或接近目標。很樂意線下再談一些細節，因為其中有很多變動因素，關於為什麼……

Yes. But it's in the low to mid 5s -- combined year. The combined group is going to be in the low to mid-5s. Telenet itself will be in the mid-4s, VodafoneZiggo will be higher, and then we'll start layering in the various deleveraging steps, additional steps as well. So there's a clear path, but perhaps next call, Josh, we'll give you a little bit more detail. But that is the general trend.

是的。但合併後全年會在 5 倍出頭到 5 倍中段——合併集團將在 5 倍出頭到 5 倍中段。Telenet 本身會在 4 倍中段，VodafoneZiggo 會更高，然後我們會開始逐步納入各項去槓桿措施，以及額外的步驟。所以路徑很清楚，但也許下一次電話會議，Josh，我們會給你更多一些細節。但這就是整體趨勢。

That's great. And this isn't assuming any injection of cash from the -- sorry, there's no assumption...

很好。而這並沒有假設會有來自——抱歉，沒有任何假設……

No cash from corporate, but I think it is important to note that we are putting our money where our mouth is. There's no distributions to Liberty Global in terms of equity distributions. We're reinvesting the free cash flow of Holland back in the business this year and indeed in Belgium. It is a commitment to our bondholders and also to the fact that we are very confident in this growth profile. Do you want to answer the question?

沒有來自母公司的現金注入，但我認為重要的是要指出，我們確實言行一致。不會向 Liberty Global 進行任何分配（就股權分配而言）。我們今年會把荷蘭的自由現金流再投資回業務中，並且同樣也在比利時。這是對我們債券持有人的承諾，也反映出我們對這個成長概況非常有信心。你要回答這個問題嗎？

Yes. And in terms of the operational performance of the broadband business -- yes, can you hear me? Yes. So in terms of the operational performance of the broadband business over the last 12 months, if you follow the story, we've done a number of very clear interventions. The first is we've got our pricing right for the broadband products that we're selling.

是的。就寬頻業務的營運表現而言——是的，你聽得到我嗎？是的。所以就過去 12 個月寬頻業務的營運表現而言，如果你一路追蹤我們的進展，我們做了幾項非常明確的介入措施。第一，我們把所銷售的寬頻產品定價調整到位。

We were mispriced in the marketplace. We fixed that a year ago. When we talk about the back book repricing, we're pleased with the progress we've made on that. You haven't seen that in the ARPU, so we've managed that, I think, pretty well.

我們在市場上的定價原本不正確。我們在一年前修正了這點。當我們談到存量用戶（back book）的重新定價時，我們對目前取得的進展感到滿意。你還沒有在 ARPU 上看到這點，所以我認為我們把它管理得相當好。

Second thing we've done is we've gotten top of churn. We've been much more proactive in how we manage our customer base, which I think has had an effect on bringing churn down. We're now down 3 points year-on-year. We've invested more in marketing by repositioning the business. The business was underspending on marketing and was out of sync with how, in my view, connectivity should be sold.

第二件事是，我們把流失率（churn）控制住了。我們在管理客戶基礎方面更為主動，我認為這對降低流失率有幫助。目前年對年已下降 3 個百分點。我們也透過重新定位業務而加大行銷投資。過去這項業務在行銷上的投入不足，且在我看來，與連線服務應該如何銷售的方式不同步。

We've invested, as you saw in upgrading the speeds of the network. So you've seen us launch -- were the only 2 -- we're the only national 2 gigabit service. So we've taken speed as a headwind off the table for us. And then more generally, I think we've done a pretty good job of just tightening how we take the business to market. And you've seen that flow through sequentially each quarter as each of these initiatives have landed. And we have a series of initiatives coming through the rest of 2026, which we anticipate to continue to help us with the momentum behind the story.

我們也投入資本，如你所見，用於提升網路速度。因此你看到我們推出——我們是唯一提供全國性 2Gbps 服務的業者。所以我們把速度這個不利因素從我們的議題中移除了。更廣泛來說，我認為我們也做得不錯，把我們將業務推向市場的方式收緊、做得更到位。而你也看到，隨著這些措施逐一落地，每一季都呈現出逐季改善。而在 2026 年剩餘期間，我們還有一系列措施將陸續推出，我們預期會持續幫助我們維持這個故事背後的動能。

The (inaudible) question, Stephen?

那個（聽不清楚）問題，Stephen？

Great. I'm sorry, I missed the (inaudible) question. Can you repeat that?

好的。抱歉，我漏聽了那個（聽不清楚）問題。你可以再重複一次嗎？

The question was are you seeing benefit from their cyber attack.

問題是：你們是否因為他們遭到網路攻擊而受益。

Yes. It happened late in the quarter, it happened around week 10. So we saw some impact from that, but it's -- we didn't see a lot of it in the quarter because of the size of their mobile base, we felt a bit more of it in the mobile base. But nothing that I think is material in the Q1 results because it only represented a handful of weeks.

是的。事件發生在該季末段，大約在第 10 週左右。所以我們確實看到一些影響，但——由於他們的行動用戶基礎規模，我們在行動業務上感受到的影響稍微多一些。但我認為在第一季的結果中沒有任何重大的影響，因為它只涵蓋了幾週的時間。

Great. And then the -- I mean, I was more talking about the Q2 results. Obviously, it happened later in the first quarter, but are you seeing any impact so far in Q2?

很好。然後——我的意思是，我比較是在談第二季的結果。顯然它發生在第一季較後段，但你們在第二季到目前為止有看到任何影響嗎？

No. We're happy with our progress on Q2 so far, but it's quite early. But I've to come back to you when we do the Q2 results in a couple of months.

沒有。我們對目前第二季的進展感到滿意，但現在還很早。不過等到幾個月後我們公布第二季結果時，我再回覆你。

James Ratzer, New Street Research.

James Ratzer，新街研究（New Street Research）。

Yes. I had two really both around Belgium. So in Telenet, you obviously had a very good quarter in terms of broadband net adds. And I'd love if you can just give a bit more color behind what's driving that. Is that now growth out of footprint in [Wallonia]? Is that coming on your kind of base brand within Flanders? Or is it something else? Be interested to kind of get just a bit more color on the drivers there of broadband subs growth.

是的。我有兩個問題，都是關於比利時。首先在 Telenet，你們在寬頻淨增用戶方面顯然有一個非常好的季度表現。我想請你們多補充一些背景，說明是什麼在推動這個成長。這是否是來自覆蓋範圍以外的成長，[瓦隆尼亞]（Wallonia）那邊？還是來自你們在法蘭德斯（Flanders）的主品牌基礎？或是其他因素？我想更了解一下推動寬頻訂戶成長的驅動因素。

And then secondly, just going back to the point that was raised earlier about Wyre revenue growth, which was down year-on-year in Q1. Is that a kind of one-off for this quarter? Charlie, you were mentioning around pricing, and it goes back to growth in the following quarters. So I'd just love to understand a bit more about the kind of dynamics there between kind of P and Q because I've been thinking that with kind of pricing there, we should see Wyre as a top line growth company.

第二個問題，回到先前提到的 Wyre 營收成長：Q1 年對年是下滑的。這是本季的一次性因素嗎？Charlie，你提到與定價有關，之後幾季會回到成長。所以我想更了解 P 和 Q 之間的動態（大概是指價格與數量/組合），因為我一直在想，若有定價因素，我們應該會把 Wyre 視為一家營收端（top line）成長型公司。

John, do you want to take the Belgium question?

John，你要回答比利時的問題嗎？

Yes, I can take it. So on the first -- on the broadband, the BAU has been strong, particularly in the base brand, and their growth is about 50-50 between the Telenet footprint and growth in the South. So we are steadily growing and that growth in the south is increasing incrementally.

好的，我來回答。先談第一點——寬頻方面，日常營運（BAU）表現一直很強，特別是在主品牌上；成長大約有 50-50 來自 Telenet 覆蓋區內，以及南部地區的成長。所以我們在穩定成長，而南部的成長也在逐步增加。

There is a -- what will be a year-long enhancement of that growth as we migrate out of [DVBC] and into full IP for our video distribution. So we are the last operator in the market to have DVBC, where you don't require Internet to get television, but we are shutting that down over the next year. So we're expecting to see continued strong growth. But as you can see in the last -- the quarter ending '25 and the quarter -- the first quarter of the year, very strong, and those are the main drivers.

另外，隨著我們把影像分發從 [DVBC] 遷移到全 IP，這個成長會有一個為期一年的增強效果。我們是市場上最後一家仍有 DVBC 的業者；在 DVBC 下，你不需要網路也能看電視，但我們會在接下來一年內把它關掉。因此我們預期會持續看到強勁成長。但如你在上一個——2025 年結束的那一季，以及今年第一季所看到的，表現非常強，主要驅動因素就是這些。

On the Wyre revenue. There -- we implemented a wholesale deal, a new wholesale deal on the HFC, which is making essentially structuring the higher-speed tiers to be more accessible. The wholesale price is going down a little bit. And that's what you're seeing flowing through. That is -- will be part of the overarching deal done with Proximus, and we'll be able to give you more detail on that down the road. But the drop will not continue to drop, but it is the new HFC wholesale pricing.

關於 Wyre 的營收。我們在 HFC 上實施了一個新的批發協議，基本上是讓較高速的資費層級更容易被採用。批發價格會小幅下降。你現在看到的就是這個影響反映出來。這會是與 Proximus 達成的整體協議的一部分，我們之後可以再提供更多細節。但這個下滑不會持續下去；這是新的 HFC 批發定價所致。

So from those new prices, do prices then rise with inflation from the slightly lower level looking into 2027, '28?

所以在這些新價格之下，展望 2027、2028 年，價格會從這個略低的水準隨通膨上調嗎？

There is an inflationary component to both the fiber wholesale and the HFC wholesale.

光纖批發與 HFC 批發兩者都有通膨調整的組成。

Matthew Harrigan, StoneX.

Matthew Harrigan，StoneX。

This is very much a conjectural question rather than kind of blocking tackling valuation anomalies. But you made a quick reference to more benign regulatory environment in your markets. But what's even more interesting on a macro basis is the emphasis on your industrial base and defense. And clearly, your telecom is a vital pivot in defense. Is there any possibilities for your telecom business or I guess, particularly your venture portfolio and that -- and I'm sure Charlie and (inaudible) to be manufacturing drones, but it still feels like something that could be interesting tailwind, particularly since you're involved in so many areas and verticals.

這比較像是一個推測性的問題，而不是那種針對估值異常的基本功問題。但你們快速提到你們市場的監管環境更為友善。不過從總體角度更有意思的是，對工業基礎與國防的重視。而且很明顯，電信在國防中是關鍵樞紐。你們的電信業務，或更具體地說你們的創投投資組合，是否有任何可能性——我確定 Charlie 和（聽不清）不會去製造無人機——但這仍然感覺可能是一個有趣的順風，特別是你們涉足這麼多領域與垂直產業。

Matthew, listen, the whole sovereignty debate -- it's no longer a debate, it's a verifiable conviction -- is net positive for us in the telecom space. Now we will all benefit equally, but every telecom player will benefit from the European Union and countries within the European Union's focus with their own cybersecurity, their own data protection, their own data centers, their own AI infrastructure.

Matthew，你聽我說，整個主權的討論——它已不再是討論，而是一個可被驗證的信念——對我們在電信領域是淨正面。當然大家都會同樣受益，但每一家電信業者都會因為歐盟以及歐盟各國把重點放在自身的資安、自身的資料保護、自身的資料中心、自身的 AI 基礎設施而受益。

So inevitably, whether it's AtlasEdge or investment in EdgeConneX on the infrastructure side in our (inaudible) grow portfolio, whether it's our OpCos themselves and their ability to provide services and B2B services and connectivity to governments and others. I think it's a net positive for telcos in Europe, which is why I mentioned it along with the motioning regulatory framework, which I think will also be a net positive. We may or may not be part of any of that consolidation, but we know that consolidation itself brings benefits to customers as well as operators and investors. So I think it's a real positive step.

因此不可避免地，無論是 AtlasEdge，或是在基礎設施面向我們（聽不清）的成長型投資組合中對 EdgeConneX 的投資；又或者是我們的各營運公司（OpCos）本身，以及它們向政府與其他客戶提供服務、B2B 服務與連線能力的能力。我認為這對歐洲電信業者是淨正面，這也是我把它和我認為同樣淨正面的監管框架趨勢一起提到的原因。我們可能會、也可能不會參與任何整併，但我們知道整併本身會為客戶、營運商與投資人帶來好處。所以我認為這是一個非常正面的進展。

In terms of defense itself, we're not unlike perhaps some of our peers who are more closely aligned with the government. We are not involved in any specific defense type investment opportunities or infrastructure. But if we were approached, we would certainly consider it if it was consistent with our overall strategy. I don't see us veering off, if you will, into that. Does that answer your question, Matt?

就國防本身而言，我們不像某些同業那樣與政府更緊密對接。我們目前沒有參與任何特定的國防類投資機會或基礎設施。但如果有人來接洽，只要符合我們的整體策略，我們當然會考慮。但我不認為我們會偏離主軸、如果你這麼說的話，轉向那個方向。Matt，這有回答你的問題嗎？

(inaudible) absolutely.

（聽不清）完全有。

Ulrich Rathe, Bernstein Society General Group.

Ulrich Rathe，Bernstein Society General Group。

Two questions. First one is Mike, you talked about the improving regulatory climate with regards to consolidation. Other management teams in the sector have flagged mixed signals that perceived to come out of Europe. So could you talk through what specifically you have in mind there? What insights or news you have to share on but you base, there's more positive assessment.

兩個問題。第一個是 Mike，你談到在整併方面監管環境正在改善。但同業其他管理團隊指出，他們認為從歐洲傳出的訊號好壞參半。所以你能否說明你具體指的是什麼？你有哪些洞見或消息可以分享，來支持你所依據的、較為正面的評估？

And the second question is on the 1 billion synergies that you talked about in Ziggo. Can you talk about the sort of rough makeup of that in terms of operational and other sources of synergies?

第二個問題是你提到 Ziggo 的 10 億協同效益。你能否談談其大致構成，例如營運面與其他來源的協同效益？

On the synergies point, I don't know if we've been specific, so I'm going to pause, but it typically -- you would be -- you wouldn't be surprised to learn that it's consisting of 3 or 4 key line items. There's a financial synergy that's more, I would say, a free cash flow type synergy from -- that we haven't -- well, from taxes, essentially, there's operating costs that we think are achievable and create more efficiencies around this procurement and CapEx type synergies. So it's not going to be -- and when we get closer to legal day one, we'll clearly provide more detail to you.

關於協同效益，我不確定我們是否已經講得很具體，所以我先保留一下；但通常——你不會意外——它會由 3 到 4 個關鍵項目構成。其中有一項財務協同效益，我會說更像是自由現金流類型的協同效益——我們還沒有——嗯，基本上來自稅務；另外也有我們認為可達成的營運成本，以及在採購與資本支出（CapEx）方面帶來更多效率的協同效益。所以它不會是——等我們更接近法律交割日（legal day one）時，我們會很清楚地提供更多細節。

Right now, we're still in the midst of closing the deal. But there's lots of things we can be doing and we'll be doing in those 2 operations and within and among them to create those synergies. And if I had to put my team on the spot right now, they'd say that's probably a low number.

目前我們仍在完成交易交割的過程中。但在這兩個營運體內部以及彼此之間，有很多事情我們可以做、也將會做，以創造這些協同效益。如果你現在要我讓團隊立刻表態，他們會說那可能還是個偏保守的數字。

On the regulatory side, we did just get the EU merger guidelines released, and they are quite positive, at least in comparison to the kind of posture and position that your opinion would take previously when it came to in-market consolidation, right? I mean, they're looking at a much more, I guess, modern and pragmatic approach, and they're seeing that benefits could certainly accrue from mergers versus just always seeing the negative in those mergers. There's always been a structural bias against scale. And now they're saying, well, actually, scale could increase investment, it could increase innovation. And it's actually spelled out in the document that was released recently.

至於監管面，我們剛收到歐盟發布的併購指南，而它們相當正面，至少相較於過去在談到同市場整併時，你可能會認為的那種姿態與立場而言，是更正面的，對吧？我的意思是，他們採取了更現代、也更務實的方法，並且看到併購確實可能帶來好處，而不是一味只看到併購的負面。過去一直存在一種結構性偏見，反對規模化。而現在他們說，嗯，事實上規模可能提升投資、也可能提升創新。而這點在最近發布的文件中也有明確寫出來。

So that to us is when it's in writing. If it's just a speech, I don't give it much credit. But when they put it in writing, as they have with these new EU merger guidelines, that is a -- that is a positive step. Now it needs to be put to the test, and there will be plenty of deals I will put it to the test soon, I imagine. But never before, have they written down in black and white, the sort of statements that we're reading today in terms of -- which are consistent with the arguments we've been making, the consolidation in market is the first step to repair in the European telecom space.

所以對我們來說，只有白紙黑字寫下來才算數。如果只是口頭說說，我不太會當真。但當他們把它寫下來，就像他們在這些新的歐盟併購指引中所做的那樣，這——這是一個正面的進展。現在需要接受檢驗，而我想很快就會有很多交易讓我去檢驗它。但以前他們從未以黑白分明的方式寫下我們今天讀到的這類表述——就其內容而言——這些表述與我們一直提出的論點一致：市場整合是修復歐洲電信產業的第一步。

David Wright, Bank of America.

David Wright，美國銀行。

Okay. Yes, last question. So a couple, please. Just on the -- I guess it's for Ziggo. DOCSIS 4.0, I think you may have said, Mike, that there are some trials ongoing. If we could just get some estimates of maybe the sort of trajectory of commercial launch for DOC 4.0 in Holland? When do you expect the first sort of significant retail launch, et cetera? And is it something that you think you could even price a little as you move into the real sort of negatives of speed?

好的。是的，最後一個問題。所以請允許我問兩個。先就——我想是針對 Ziggo。DOCSIS 4.0，我想你可能提過，Mike，目前有一些試驗正在進行。我們能否請你們估計一下 DOC 4.0 在荷蘭商用推出的大致時程軌跡？你們預期第一波較具規模的零售上市大概會在什麼時候，等等？以及當你們進入真正那種速度的「負面」區間時，這是否是你們認為甚至可以稍微加價的東西？

And then the second question, maybe a little more conceptual. We're observing a lot of discussion around the kind of InfraCo, Servco split, and you guys have obviously sort of embraced that. And there's obviously a clear sort of capital allocation justification and the ability to separate the 2 businesses that are quite structurally different. But I just wondered, does having a separate InfraCo make a more agile Servco in terms of just day-to-day operations? Is the business just more able to respond and sort of change shape in the sort of digital age? It's a little more conceptual. Mike, if you have anything to add on that, I'd appreciate it.

然後第二個問題，可能更偏概念性一些。我們觀察到市場上對於 InfraCo、ServCo 分拆有很多討論，而你們顯然也擁抱了這個方向。而且很明顯，背後有清楚的資本配置理由，以及把兩個在結構上相當不同的業務分開的能力。但我想問的是，擁有一個獨立的 InfraCo，是否能讓 ServCo 在日常營運上更敏捷？在數位時代，這個業務是否更能快速回應並調整形態？這有點概念性。Mike，如果你能補充一下，我會很感激。

Sure, sure. Stephen, jump in here if I get it wrong, but I believe our 4 and 8 gig trials are the latter part of the year, maybe even late Q3, Q4. But what we did was get the field trials underway to demonstrate that it works. It works well. The technology we're using is really state-of-the-art even in relation to the US operators. But as we get closer to going public in the latter part of this year, then we'll have more information, but it's happening. And we think it's going to be a big positive for the market and for our business for sure.

當然，當然。Stephen，如果我說錯你再插話，但我相信我們的 4Gbps 與 8Gbps 試驗會在今年下半年，可能甚至是第三季末、第四季偏後。但我們所做的是先啟動現場試驗，以證明它可行。而且運作得很好。我們使用的技術即使相較於美國的營運商，也確實是最先進的。不過，隨著我們在今年下半年更接近對外公開相關資訊，我們會有更多細節，但它正在發生。我們確信這對市場以及我們的業務都會是很大的正面因素。

On the ServCo side, look, I mean, Belgium is the test. What does it do when you end up taking the fixed network, you still own the mobile network, but taking a fixed network and putting it into a separate entity, I think, and John will agree, I'm sure it forces you to be more efficient, more agile and your margins change. All of a sudden, there's a wholesale fee in your P&L that you have to account for.

在 ServCo 這一端，你看，我的意思是，比利時就是測試案例。當你把固網仍然保留所有權的行動網路，但把固網拿出來放進一個獨立實體時，會發生什麼？我想——而且 John 應該也會同意——這確實會迫使你更有效率、更敏捷，而你的利潤率也會改變。突然之間，你的損益表（P&L）裡會出現一筆必須認列的批發費用。

In principle, Telenet will continue to be a very competitive brand and a very competitive B2C company and B2B company. It's -- with respect to its network, its fixed network, it will be renting instead of owning that network. But the relationship that's developed with Wyre is highly integrated, highly -- with mutual benefits, both directions. And so we're on balance, I think, and this is the only place we've done it, it really is Belgium.

原則上，Telenet 仍將是一個非常具競爭力的品牌，以及非常具競爭力的 B2C 與 B2B 公司。至於——就其網路而言、其固網而言——它將改為租用而非擁有該網路。但與 Wyre 所建立的關係是高度整合、而且高度——雙向互利。因此整體而言，我認為——而且這也是我們唯一做過的地方——確實就是在比利時。

I think on balance, and John can chime in. I think it does create a bit more energy in that ServCo, a bit more focused on margins and in competition, with a little less to worry about in a slightly better CapEx profile. That CapEx profile frees up free cash. Telenet will generate significant free cash here shortly as it has, and what if you got to reinvest that free cash, whether it's deleveraging or in actually new products and services. But anything more to add to that, John?

我想整體而言——John 也可以補充——我認為這確實讓 ServCo 更有一些動能，更聚焦於利潤率與競爭，同時少了一些需要操心的事，資本支出（CapEx）結構也稍微更好。那樣的 CapEx 結構會釋放出自由現金流。Telenet 很快就會像過去一樣產生可觀的自由現金流；而如果你要再投資這些自由現金流，不論是去槓桿，或是投入新的產品與服務。John，還有什麼要補充的嗎？

Yes, a bit. I mean the CapEx we are spending, we are now concentrating on customer experience. I mean we pivoted our strategy, obviously, away from network and product differentiation because we have to into customer experience. And the timing is right because, of course, with a lot of AI initiatives around the company and a new greenfield CRM platform, the focus is well and truly on straight through digital journeys for our customers, which delivers better experience and a better bottom line. So it's been -- I think -- certainly, your hypothesis is valid.

有的，補充一點。我的意思是，我們現在投入的 CapEx，正集中在客戶體驗上。我們顯然已把策略重心從網路與產品差異化轉移——因為我們必須這麼做——轉向客戶體驗。而時機也正好，因為公司內部有許多 AI 計畫，以及一個全新的綠地（greenfield）CRM 平台，我們的重點確實放在為客戶打造端到端的數位直通旅程（straight-through digital journeys），這能帶來更好的體驗與更好的獲利表現。所以這一直——我認為——你的假設確實成立。

Listen, we appreciate everybody joining us on the call. Been a good -- Thanks, David. It's been a good start to the year. I hope you agree and really encouraged by the progress that we're making in. And trust me, we are laser-focused on value creation and value unlock, starting, of course, in the Benelux where we're not only performing well, but the strategic road map, and as I pointed out, the building blocks are all in place. So we'll keep you abreast and updated on those things. And we'll speak to you soon. Thanks, everybody. Have a good weekend.

各位，感謝大家參與這通電話會議。這是個不錯的——謝謝你，David。今年開局不錯。我希望你們也同意，而且我們對正在取得的進展感到非常鼓舞。相信我，我們高度聚焦於價值創造與價值釋放，當然首先從比荷盧開始；在那裡我們不僅表現良好，策略路線圖也很清楚，而且如我所指出的，所有基礎建設模組都已就位。所以我們會持續向各位通報並更新這些事項。我們很快再聊。謝謝大家。祝各位週末愉快。

Thank you. That will conclude today's conference call. Thank you for your participation. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話線。