Liberty Global Ltd (LBTYK) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Liberty Global's third quarter 2025 investor call. This call on the associated webcast are the property of Liberty Global and any redistribution, re-transmission, or rebroadcast of this call or webcast in any form without the express written consent of Liberty Global is strictly prohibited.

各位女士、先生，早安，感謝您的耐心等待。歡迎參加Liberty Global 2025年第三季投資者電話會議。本次電話會議及相關網路直播內容均為Libe​​rty Global所有，未經Liberty Global明確書面許可，嚴禁以任何形式轉載、轉送或重播。

(Operator Instructions) Today's formal presentation materials can be found under the Investor Relations section of Liberty Global's website at libertyglobal.com. After today's formal presentation, instructions will be given for a question-and-answer session.

（操作說明）今天的正式簡報資料可在Liberty Global網站libertyglobal.com的「投資者關係」欄位中找到。今天的正式演示結束後，將進行問答環節。

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. These forward-looking statements involve certain risks that could cause actual results to the different material from those expressed or implied by these statements.

幻燈片第二頁詳細說明了公司關於前瞻性陳述的安全港聲明。今天的演示可能包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述，包括公司對其前景和未來成長預期以及其他非歷史事實的資訊和陳述。這些前瞻性陳述涉及某些風險，可能導致實際結果與這些陳述明示或暗示的結果有差異。

These risks include those detailed in Liberty Global's filings with the Securities and Exchange Commission, including its most recently filed forms 10Q and 10k 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.

這些風險包括Liberty Global向美國證券交易委員會提交的文件中詳述的風險，包括其最近提交的經修訂的10-Q表和10-K表。 Liberty Global不承擔任何義務更新任何前瞻性陳述，以反映其預期或任何此類陳述所依據的條件的任何變化。

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

現在我將把通話交給麥克·弗里斯先生。

All right, welcome everyone, and thanks for dialing in to our Q3 results call today. After Charlie and I run through our prepared remarks, we'll open it up for what we hope is a lively Q&A. And as usual, I've got my core leadership team on the call with me.

好的，歡迎各位，感謝大家撥入我們今天的第三季業績電話會議。我和查理會先發言，之後我們會進入問答環節，希望大家能踴躍提問。像往常一樣，我的核心領導團隊也和我一起參加了這次電話會議。

And before I jump into the presentation, I just want to acknowledge and be sure that everybody has seen the press release we put out yesterday regarding John Malone, who has decided to step off the Board and move to a Chairman Emeritus role at the end of the year. Of course he's making a similar move at Liberty Media. I won't repeat all the key messages that we put in the public statement. You can read that and I encourage you to do that, except perhaps emphasize how important, impactful, and enjoyable my relationship with John has been over the last 25 to 30 years.

在正式開始演講之前，我想先說明一下，並確保大家都已經看到了我們昨天發布的關於約翰馬龍的新聞稿。馬龍先生決定卸任董事會職務，並在年底轉任名譽主席。當然，他在自由派媒體集團也採取了類似的措施。我不會重複我們在公開聲明中提到的所有要點，您可以自行閱讀，我也鼓勵您這樣做。不過，我可能會著重強調，在過去的25到30年裡，我與約翰的合作關係是多麼重要、意義深遠且令人愉快。

And how pleased I am that as he implies in the release he intends to stay very engaged with me and the Board as we execute our strategic plans, and knowing John as I do, he will surely do just that. And of course I'm happy to take any questions on this as well at the end.

我很高興他如聲明所述，打算與我和董事會保持密切合作，共同執行我們的策略計畫。以我對約翰的了解，他一定會做到這一點。當然，我也很樂意在最後回答大家關於這方面的任何問題。

Now getting back to our results, let me kick it off with some key highlights from the quarter. If you're going to breeze through these slides later, these first two are perhaps the most critical in my opinion. I believe everyone's familiar with how we're organized today in order to create greater transparency around strategy, capital allocation, and value creation. Everything we do falls into one of three core platforms at Liberty Global.

現在回到我們的業績報告，首先讓我介紹本季的一些關鍵亮點。如果您稍後打算快速瀏覽這些投影片，我認為前兩點最為重要。我相信大家都很了解我們目前的組織架構，我們這樣做是為了提高策略、資本配置和價值創造的透明度。 Liberty Global 的所有業務都圍繞著三大核心平台。

These include, of course, Liberty Telecom, where we're focused on driving commercial momentum in our broadband and mobile businesses, and most importantly finding ways to unlock the intrinsic value of these companies for the benefit of shareholders, and I'll get into that a bit more in the next slide.

當然，這其中就包括 Liberty Telecom，我們專注於推動寬頻和行動業務的商業發展，最重要的是，找到釋放這些公司內在價值的方法，以造福股東，我將在下一張投影片中更詳細地介紹這一點。

Of course, that starts with operating performance, and as you'll see despite intense competition, we had a strong third quarter with sequential improvement in broadband that ads across all four markets, for example.

當然，這一切都始於營運業績，正如您將看到的，儘管競爭激烈，但我們第三季業績強勁，例如，所有四個市場的寬頻廣告業務均實現了環比增長。

Importantly, our networks are proving to be critical sources of both competitive differentiation, like our 5G expansion in the UK that's being fueled by the recent spectrum purchases, and value creation like our agreement with Proximus to rationalize fixed networks in Belgium, which I'll cover off in just a moment.

重要的是，我們的網絡正成為競爭差異化的關鍵來源，例如我們在英國的 5G 擴展，這得益於最近的頻譜購買；同時，它們也成為價值創造的關鍵來源，例如我們與 Proximus 達成的協議，以合理化比利時的固定網絡，我稍後會詳細介紹。

A theme you'll hear a few times today is lowering leverage and strengthening our balance sheet at Liberty Telecom. And Charlie and his team have worked tirelessly this year to strengthen the balance sheet, beginning with refinancing over $9 billion of 2028 maturities, particularly in the UK and then now, at very reasonable credit spreads, and that includes the debt financing we just announced that funds the fiber rollout in Belgium while the leveraging Telenet or Servco in the market, and Charlie, we'll dig into that.

今天你會多次聽到我們強調降低槓桿率和強化Liberty Telecom資產負債表的重要性。查理和他的團隊今年一直在不懈地努力強化資產負債表，首先是對超過90億美元的2028年到期債務進行再融資，尤其是在英國。現在，我們以非常合理的信用利差完成了這些再融資，其中包括我們剛剛宣布的比利時光纖網路建設的債務融資。此外，我們也利用了市場上的Telenet或Servco等公司的槓桿。查理，我們稍後會詳細探討這一點。

At Turing to Liberty growth, which includes our investments in Media Infrastructure and Tech, that today total $3.4 billion, and by the way provide a source of capital to drive future value creation. This is a highly concentrated portfolio where the top six investments comprise over 80% of the value. We're still targeting $500 million to 750 million of non-core asset sales from the portfolio, and as I mentioned in our last call, we're not going to rush this and price bad deals in the process.

圖靈至自由成長計畫涵蓋了我們在媒體基礎設施和科技領域的投資，目前總額達34億美元，這些投資也為我們未來的價值創造提供了資金來源。這是一個高度集中的投資組合，其中前六大投資佔比超過80%。我們仍計劃從該投資組合中出售5億至7.5億美元的非核心資產，正如我在上次電話會議中提到的，我們不會操之過急，以免在過程中做出不合理的交易。

But we have generated proceeds of $300 million year-to-date when you include the partial sale of our ITV stake last week. So we are well on our way. Of course, one of the bigger portfolio companies is Formula E, which heads into Season 12 in December with significant tailwinds, including double-digit growth in revenue, fans and viewers last year, a knockout calendar of 18 races, and the public reveal of the Gen 4 car, which debuts a year from now and doubles the max power of what is rapidly becoming the coolest car in racing.

但算上上週出售的ITV部分股份，我們今年迄今已實現3億美元的收益。所以我們進展順利。當然，我們投資組合中規模較大的公司之一是電動方程式錦標賽（Formula E），該賽事將於12月進入第12賽季，並擁有諸多利好因素，包括去年收入、粉絲和觀眾人數的兩位數增長，18場淘汰賽的賽程安排，以及即將於一年後亮相的第四代賽車。這款賽車的最大功率是目前正迅速成為賽車界最酷炫賽車的第四代賽車的兩倍。

And we'll highlight in just a few slides our data center investments with the boom in AI infrastructure, we believe we have a tiger by the tail, as I say, with over $1 billion in assets today and growing. And finally, the quarter brought some great progress at Liberty Services, where we manage large and profitable tech and financial platforms and at our corporate level, where we are in the midst of reshaping the operating model. I think the big news here is that we are improving for the second time this year our guidance for net corporate cost in 2025.

接下來，我們將用幾張投影片重點介紹我們在資料中心的投資。隨著人工智慧基礎設施的蓬勃發展，我們相信我們已經掌握了致勝法寶，正如我所說，我們目前擁有超過10億美元的資產，並且還在不斷增長。最後，本季Liberty Services取得了顯著進展，我們負責管理大型且獲利的科技和金融平台；同時，在公司層面，我們也正在重塑營運模式。我認為最重要的消息是，我們今年第二次調漲了2025年淨公司成本預期。

We started the year forecasting around $200 million of net corporate costs. In the second quarter, we improved that to $175 million and now we're improving it further to $150 million for this year. Perhaps even more importantly, we see visibility in 2026 to just $100 million of net corporate costs.

年初我們預測淨企業成本約2億美元。第二季度，我們將預測值下調至1.75億美元，現在我們進一步下調至今年全年1.5億美元。更重要的是，我們預計到2026年，淨企業成本將僅為1億美元。

Now this is a hot button for us, as most analysts reduce their target price for our stock by, I think, $8 to $10 per share, just related to that $200 million net corporate spend. These announcements today should dramatically improve our valuation narrative, and you can bet we'll be pounding the table on it starting right after this call. I think Charlie will also address it.

現在這對我們來說是個棘手的問題，因為大多數分析師都因為我們公司2億美元的淨支出而將我們的目標股價下調了8到10美元。今天的這些公告應該會大大改善我們的估值，而且可以肯定的是，我們會在電話會議結束後立即大力宣傳這一點。我想查理也會談到這個問題。

Lastly on this slide, we know that we're forecasting $2.2 billion of cash at the holding company at year end, assuming just the $300 million of asset sales year-to-date.

最後，根據這張投影片，我們預測，截至年底，控股公司將擁有 22 億美元的現金，假設今年迄今的資產出售額僅為 3 億美元。

And the next slide provides an update on our strategic plan to unlock value for shareholders, and I guess this is the key takeaway today. First, let me reiterate what we laid out on our second quarter call back in August.

下一張投影片將介紹我們為股東創造價值的策略計畫的最新進展，我想這才是今天最重要的訊息。首先，讓我重申一下我們在8月第二季電話會議上提出的內容。

Following the continued success of the Sunrise spinoff about a year ago, we remain committed to pursuing similar transactions that would further unlock value for shareholders. This may include the separation of one or a combination of core operating businesses you see on this slide actually. Do a spinoff tracking stock listing, or similar equity capital markets transaction.

繼大約一年前Sunrise分拆取得成功後，我們將繼續致力於尋求類似的交易，以進一步釋放股東價值。這可能包括分拆您在這張投影片中看到的一個或多個核心營運業務。進行分拆上市，或進行類似的股權資本市場交易。

Imagine many of you still own or follow Sunrise. The stock has performed well and trades around 8 times EBITDA with an 8% dividend yield today. And looking back on that deal, I think four key factors laid the groundwork for its success. Number one, Switzerland is a largely rational telecom market.

想像一下，你們當中許多人仍然持有或關注Sunrise的股票。該股表現良好，目前的本益比約為8倍，股息殖利率為8%。回顧當初的交易，我認為有四個關鍵因素為其成功奠定了基礎。首先，瑞士是一個相對理性的電信市場。

Number 2, Sunrise had a less levered balance sheet thanks to our capital contribution at around 4.5 times on the date of the spinoff. Number 3, Sunrise has a clear network strategy and CapEx profile. And number 4, Sunrise has a solid free cash flow story that it supports a progressive dividend policy.

第二，由於我們在分拆日投入了約4.5倍的資本，Sunrise的資產負債表槓桿率較低。第三，Sunrise擁有清晰的網路策略和資本支出計畫。第四，Sunrise擁有穩健的自由現金流，足以支撐其穩定成長的股利政策。

That was the formula strong balance sheet, a rational market, and a predictable path to stable or growing free cash flow. That won't surprise you to learn that this looks a lot like the things we are working on in the Benelux. For example, VodafoneZiggo, we've installed a new team with a winning plan that is built around generating long-term free cash flow in a largely three player market. And we have now refinanced something like 80% of the 2028 maturities with the remainder targeted for this quarter or early next year.

這就是成功的秘訣：穩健的資產負債表、理性的市場環境以及可預測的穩定或成長的自由現金流路徑。您或許不會感到意外，這與我們在比荷盧經濟聯盟正在進行的工作非常相似。例如，我們為 VodafoneZiggo 組建了一支新團隊，制定了一項旨在在主要由三家運營商組成的市場中創造長期自由現金流的獲勝計劃。目前，我們已經完成了約 80% 的 2028 年到期債務的再融資，剩餘部分計劃在本季或明年初完成。

In Belgium we are even farther along. Our recently announced agreement with Proximus, which is currently being market tested by the regulator, rationalizes the build out and wholesale monetization of fiber in a large part of Flanders, with really only one network in 65% of the market.

在比利時，我們進展更進一步。我們近期與Proximus公司達成的協議（目前正在接受監管機構的市場測試）將規範弗蘭德斯大部分地區的光纖建設和批發商業化，使該地區65%的市場份額實際上僅由一個網絡覆蓋。

On the back of this, we just announced a EUR4.35 billion financing for our Netco there, which we call Wyre. Which fully funds to build out of fiber and allows us to reduce leverage at the Telenet Servco, including all 2028 maturities. Even more exciting, we're in the early marketing stages of selling a significant stake in Wyre. This is an increasingly common value creation strategy in Europe, as with the proceeds used to further deleverage our Telenet Servco to about 4.5 times.

在此基礎上，我們剛剛宣佈為我們在當地的網路公司Wyre提供43.5億歐元的融資。這筆資金將用於光纖網路建設，並使我們能夠降低Telenet Servco的槓桿率，包括所有2028年到期的債務。更令人振奮的是，我們正處於出售Wyre大量股權的早期行銷階段。這在歐洲是一種日益普遍的價值創造策略，所得款項將用於進一步降低Telenet Servco的槓桿率至約4.5倍。

That's going to take a quarter or two to finalize all of these steps. But we're feeling more and more encouraged about the possibilities in this region for a value unlock in a time frame that we articulated. Now, of course, we continue to work on other ideas, which we'll update you on in time and as I said last quarter, all of the operating businesses or assets you see on this slide, and some that aren't even shown can be singled out or combined with one another to achieve a value unlocked transactions. So stay tuned.

完成所有這些步驟需要一到兩個季度的時間。但我們越來越有信心，在這個地區，我們能夠在既定的時間範圍內釋放價值。當然，我們也持續研究其他方案，我們會及時向您報告進度。正如我上個季度所說，您在這張投影片上看到的所有營運業務或資產，以及一些甚至沒有展示出來的業務或資產，都可以單獨進行或相互組合，以實現價值釋放型交易。敬請期待。

Now, as I said, a key enabler of that strategic road map, is ensuring that our operating companies are driving commercial momentum in what are increasingly competitive markets, right? And the long-term goal here is generating meaningful free cash flow.

正如我所說，實現這一策略路線圖的關鍵在於確保我們的營運公司在競爭日益激烈的市場中保持商業成長勢頭，對吧？而長遠目標是創造可觀的自由現金流。

To that end, each outgo has been implementing a series of commercial initiatives and network improvements that are starting to impact results positively. This next slide summarizes a handful of those initiatives which provide important context for the results that follow.

為此，各出境部門都實施了一系列商業措施和網路改進措施，這些措施和改進措施已開始對業績產生正面影響。下一張投影片概述了其中幾項舉措，這些舉措為接下來的業績分析提供了重要的背景資訊。

Starting in the UK, where Lutz and the team have been busy across a number of fronts, including the recent rollout of our new pay TV and broadband bundles, which now include Netflix for free, that further differentiates us from the competition, in particular Altnets. Now BMS2 is also redefining the flanker brand segment with the introduction of Giffgaff broadband services that complement Giffgaff's mobile leadership.

從英國開始，Lutz 和他的團隊在多個方面都忙碌不已，包括最近推出的全新付費電視和寬頻套餐，這些套餐現在包含免費的 Netflix，這進一步增強了我們與競爭對手（尤其是 Altnets）的差異化優勢。現在，BMS2 也透過推出 Giffgaff 寬頻服務，重新定義了輔助品牌細分市場，從而鞏固了 Giffgaff 在行動領域的領先地位。

And we're rapidly transforming the VMO2 mobile network using the recently acquired spectrum to launch our first 5G giga site. Plus we announced the UK's first direct to sell satellite service with Starlink for what we call rural notspot, so a lot happening in the UK.

我們正利用近期收購的頻譜快速改造VMO2行動網絡，以推出首個5G千兆基地台。此外，我們也宣布與Starlink合作，推出英國首個直接銷售的衛星服務，涵蓋我們所謂的鄉村訊號盲點。總之，英國近期動作頻頻。

Stephen and the VodafoneZiggo team have completely reversed trends in the Dutch market, delivering the lowest broadband churn we've seen since early 2023 and positive moblie net ads in the quarter. Now lots of things are working right here. Including being the first to roll out 2 gigabit speeds nationwide, with upgrades underway for a DOCSIS 48 gig launch next year. We're also investing in the Vodafone brand on the back of the iPhone 17 launch.

Stephen 和 VodafoneZiggo 團隊徹底扭轉了荷蘭市場的頹勢，實現了自 2023 年初以來最低的寬頻用戶流失率，而本季行動網路廣告也取得了積極進展。現在，很多方面都進展順利。包括率先在全國推出 2Gbps 的高速網絡，並且正在升級，計劃明年推出 DOCSIS 48Gbps 的高速網路。此外，我們也在 iPhone 17 發布後加大 Vodafone 品牌的投資。

So the how we will win plan that Stevens developed is quickly becoming the why we are winning plan, which is exactly what we needed in this otherwise rational telecom market. John Porter and the Telenet team have gone from strength to strength in Belgium in the last three quarters, supported by doubling of broadband speeds for nearly a million customers. Their rollout in the South and a multi-brand strategy in mobile.

因此，史蒂文斯制定的「如何取勝」計劃正迅速轉變為「為何取勝」計劃，這正是我們在這個原本理性的電信市場中所需要的。在過去三個季度裡，約翰·波特和Telenet團隊在比利時取得了長足的進步，這要歸功於近百萬用戶的寬頻速度翻倍。他們在南部地區的業務拓展以及行動領域的多品牌策略也功不可沒。

And the fiber upgrade in Ireland is proceeding at pace with over 650,000 premises built now, and Tony and the Virgin team are ramping up our wholesale business with Vodafone and Sky and expanding their own reach to do off footprint territories with fiber.

愛爾蘭的光纖升級正在快速推進，目前已建成超過 65 萬個場所，Tony 和 Virgin 團隊正在加強與 Vodafone 和 Sky 的批發業務，並擴大自身的光纖覆蓋範圍，以服務未覆蓋地區。

And just put a marker out there with CapEx set to fall by 50% in the coming two years, we're planning for significant free cash flow out of the Irish business as well. Now, the results on the following slide illustrate this improvement. Don't get me wrong, we are in a dogfight everywhere, but we are fighting right back and differentiating our products and services, attacking vulnerable competitors and driving better results each quarter.

需要指出的是，未來兩年資本支出將下降50%，我們預期愛爾蘭業務也將帶來可觀的自由現金流。下一頁的業績數據就反映了這項改善。當然，我們面臨著激烈的競爭，但我們正在積極反擊，透過產品和服務差異化，攻擊那些實力較弱的競爭對手，並力爭每季都取得更好的業績。

In fact, three out of our four markets, we've demonstrated improved sequential fixed and mobile subscriber results throughout the year and in Holland over the last two quarters. Again, at BMO 2, our fixed churn initiatives, things like proactive management of the base and one touch switching activity, are gaining traction and improving broadband performance in a very competitive market.

事實上，在我們涵蓋的四個市場中，有三個市場全年固定和行動用戶數量均實現了環比增長，荷蘭市場更是在過去兩個季度取得了顯著進展。此外，在BMO 2，我們針對固定用戶流失的各項舉措，例如主動用戶群管理和一鍵切換服務，正在逐步取得成效，並在競爭激烈的市場中提升寬頻效能。

Meanwhile, Postpaid mobile subscriber performance has consistently improved quarter after quarter this year, including ARPU growth supported by pre to postpay migrations and our loyalty plans. VodafoneZiggo reported its third straight quarterly improvement in broadband losses with another strong ARPU result, and postpaid mobile ads were positive again, driven by the initiative described just a moment ago.

同時，今年以來，後付費行動用戶的表現持續改善，ARPU值成長主要得益於預付費用戶向後付費用戶的遷移以及我們的忠誠度計畫。 VodafoneZiggo的寬頻用戶流失連續第三個季度改善，ARPU值也再次強勁增長；後付費行動廣告收入也再次實現正增長，這主要得益於我們剛才提到的那項舉措。

Telenet maintained positive broadband net a momentum for the second quarter running, driven by successful cross-sell campaigns, including back to school, while fixed ARPU growth was supported by the price adjustments that they implemented during the second quarter.

Telenet 連續第二季度保持了寬頻淨增長的良好勢頭，這主要得益於成功的交叉銷售活動，包括返校季促銷；同時，固定 ARPU 的增長也得益於他們在第二季度實施的價格調整。

Postpay net ads in Belgium were negative, despite a strong performance on the base brand. While mobile postmate ARPU continues to show pressure from the competitive environment, and in Ireland, Virgin Media's broadband base was largely flat with aggressive fiber offers in the market, driving higher churn and impacting fixed ARPU.

儘管比利時基礎品牌表現強勁，但其後付費淨廣告收入卻為負。行動端外送服務 (Postmate) 的平均每用戶收入 (ARPU) 持續受到競爭環境的影響；而在愛爾蘭，維珍傳媒的寬頻用戶基礎基本上持平，市場上充斥著極具競爭力的光纖套餐，導致用戶流失率上升，進而影響了固定寬頻的平均每用戶收入。

Postpay net ads, on the other hand, remained strong, and that's supported by a EUR15 for life offer launched in May, boosting gross ads. So Charlie will walk through our financial results that are tied to these numbers in just a moment.

另一方面，後付費廣告淨收入依然強勁，這得益於5月推出的終身15歐元優惠活動，該活動提振了廣告總收入。查理稍後將詳細介紹與這些數據相關的財務表現。

Let me first in Liberty growth, and by now you're hopefully more familiar with the components of our portfolio, which as I mentioned, increased in value to $3.4 billion at Q3, that's around $10 per share. As you can see here, 45% of the value, or about $1.5 billion consists of premium media sports and live events businesses, which we and most everyone else these days see as great long-term investment strategies.

首先，讓我談談Liberty的成長情況。希望您現在對我們投資組合的組成有了更深入的了解。正如我之前提到的，我們的投資組合在第三季成長至34億美元，約合每股10美元。正如您所看到的，其中45%的價值，約15億美元，來自高端媒體體育和現場活動業務。我們和大多數人一樣，認為這些都是極佳的長期投資策略。

Another 40% is in Digital Infrastructure, which I'll dig into a bit more in the next slide. And then most of the balance resides in our tech portfolio, which consists largely of venture capital investments and companies, many that are leading the way in AI, cloud, and cybersecurity.

另有40%投資於數位基礎設施，我將在下一張投影片中詳細介紹。剩餘的大部分資金則集中在我們的科技投資組合中，該組合主要由風險投資和公司組成，其中許多公司在人工智慧、雲端運算和網路安全領域處於領先地位。

Now, while it might appear like a complicated and diversified mix of investments from the outside, as I said earlier, it's important to remember that six of these deals comprise over 80% of the portfolio's value today. You can see them listed at the bottom of the page. Things like controlling interest in Formula E, which I spoke about, and our remaining 5% of ITV, for example, and the two largest assets in our Digital Infrastructure vertical, which I'm going to highlight on the next slide.

現在，雖然從表面上看，這似乎是一個複雜且多元化的投資組合，但正如我之前所說，重要的是要記住，其中六項交易就佔了目前投資組合價值的80%以上。您可以在頁面底部看到它們的清單。例如，我之前提到的Formula E控股權，以及我們剩餘的5%的ITV股份，還有我們在數位基礎設施垂直領域最大的兩項資產，我將在下一張投影片中重點介紹。

Now both of these infrastructure investments are substantial, adding up to over $1 billion of value for us today, and they've performed extremely well, especially in the current environment where the development of AI infrastructure seems to have exploded.

這兩項基礎設施投資規模都相當可觀，如今為我們帶來了超過 10 億美元的價值，而且它們的表現非常出色，尤其是在當前人工智慧基礎設施發展似乎呈爆炸式增長的環境下。

We're thrilled to own a minority interest in edgeconnex. It's a global data center platform controlled by EQT and focused on hyper scales across over 60 tier one markets in 20 countries around the world. And we first invested in this company back in 2015. It was much smaller. And we have a net $150 million invested today, and the good news is that we've already taken $50 million off the table, and our residual stake is conservatively valued at over $500 million. That equates to a 30% IRR over the last decade.

我們很高興持有 edgeconnex 的少數股權。 edgeconnex 是一家全球資料中心平台，由 EQT 控股，專注於為全球 20 個國家/地區的 60 多個一級市場提供超大規模資料中心服務。我們早在 2015 年就投資了這家公司，當時它的規模遠小於現在。如今，我們的淨投資額已達 1.5 億美元，好消息是我們已經收回了 5,000 萬美元，剩餘股份的保守估值超過 5 億美元。這意味著過去十年我們的內部報酬率 (IRR) 達到了 30%。

On the right you'll see our 50/50 JV called AtlasEdge, which is a regional data center provider focused on tier two markets. The company has strong positions in Germany, Austria, and Liberia and is seeking to expand capacity to 180 megawatts.

右側是我們的合資企業 AtlasEdge，雙方各持股 50%，該公司是一家專注於二線市場的區域性資料中心供應商。 AtlasEdge 在德國、奧地利和賴比瑞亞擁有強大的市場地位，並計劃將容量擴展至 180 兆瓦。

We have a net investment here of about $345 million and we've had our interest valued by third parties at around $600 million today again. Both of these companies find themselves in the middle of multiple AI infrastructure and data sovereignty projects, and we are focused on driving continued growth right now in what is an increasingly hot space. So I look forward to your questions on all of this, but let me first turn it over to Charlie to walk through Liberty Services and our numbers. Charlie.

我們在這裡的淨投資約為3.45億美元，今天第三方對我們的權益估值約為6億美元。這兩家公司都參與了多個人工智慧基礎設施和數據主權項目，我們目前專注於在這個日益火熱的領域推動持續成長。我很期待大家就此提出問題，但首先請查理介紹Liberty Services及其財務數據。查理。

Thanks, Mike. Turning now to Liberty Services Incorporate, on the left hand side of the slide is an overview of our central services, which focus on three core activities. Our corporate group provides Strategic Management and Advisory Services in operating and managing financial and human capital, as well as Technology Strategies and Investment.

謝謝，麥克。現在我們來看看Liberty Services Incorporated，幻燈片左側概述了我們的核心服務，這些服務主要集中在三個方面。我們的企業集團提供策略管理和諮詢服務，涵蓋財務和人力資本的營運和管理，以及技術策略和投資。

Liberty Tech focuses on the delivery of scale Tech solutions, particularly in entertainment and connectivity platforms, as well as cybersecurity for our telecoms companies. And Liberty Blume develops and provides tech-enabled back office solutions not just to companies within the Liberty Global family but also increasingly to third parties. We are reinvesting these tech-enabled efficiencies within Liberty Blume to drive 20% plus organic revenue growth in 2025.

Liberty Tech專注於提供規模化技術解決方案，尤其是在娛樂和連接平台以及電信公司的網路安全領域。 Liberty Blume則開發並提供技術賦能的後台辦公室解決方案，不僅服務Liberty Global集團旗下的公司，也越來越多地服務第三方客戶。我們將把這些技術賦能帶來的效率提升再投資於Liberty Blume，以期在2025年實現20%以上的內生性收入成長。

During the third quarter, we undertook a significant reshaping exercise around both Liberty Corporate and Liberty Tech to drive cost efficiencies going forward and make both organizations more agile and well positioned for the future. Starting with Liberty Corporate, we undertook both voluntary and involuntary redundancy schemes, which have reduced headcount by around 40%, with 90% of those leaving by year end.

第三季度，我們對Liberty Corporate和Liberty Tech兩大部門進行了重大重組，旨在提高成本效益，並使兩部門更加靈活，更好地適應未來發展。首先從Liberty Corporate入手，我們實施了自願和非自願裁員計劃，員工人數減少了約40%，其中90%的員工將在年底前離職。

And in Liberty Tech we can continue to leverage our successful emphasis partnership with four years of proven track record to help secure additional efficiencies and simplification savings. We expect both the corporate and Liberty Tech initiatives to drive around $100 million of annualized cost savings.

在 Liberty Tech，我們可以繼續利用過去四年來行之有效的合作關係，進一步提高效率並簡化流程，從而節省成本。我們預計公司和 Liberty Tech 的各項舉措每年將帶來約 1 億美元的成本節約。

Bringing all this together, you will recall that we began the year guiding to less than $200 million of negative adjusted EBITDA and we've already upgraded this to around $175 million of EBITDA at Q2. Now we're pleased to reduce this further for 2025 to around $150 million of negative adjusted EBITDA supported by the in-year benefits of our corporate reshaping programs.

綜上所述，您可能還記得，我們​​年初的預期是調整後EBITDA為負值，低於2億美元，而第二季我們已經將預期上調至約1.75億美元。現在，我們很高興地宣布，在公司重組計畫的年度效益支持下，2025年的預期將進一步下調至約1.5億美元的調整後EBITDA為負值。

Now, perhaps more importantly, turning to the fully annualized impact, once we see the benefits of this reshaping annualized from 2026, we expect our corporate adjusted EBITDA to broadly halve to around $100 million.

現在，或許更重要的是，轉向完全年度化的影響，一旦我們看到從 2026 年開始的這種重塑帶來的年度化收益，我們預計公司調整後的 EBITDA 將大致減半至 1 億美元左右。

And from there we still see scope for further improvement as we evolve our operating model through additional third-party revenues, advisory fees, and management services agreements alongside the scope for further cost optimization.

由此，我們仍然看到進一步改進的空間，因為我們將透過增加第三方收入、諮詢費和管理服務協議來發展我們的營運模式，同時還有進一步優化成本的空間。

So to put this in context, at the beginning of the year and the average analyst some of the parts valuation, there was around $10 per share negative impact based on the capitalization of these corporate costs, which was typically at around 12 times to 14 times enterprise value to operating free cash flow.

因此，為了更好地理解這一點，年初時，分析師平均認為，由於這些公司成本的資本化，每股收益將受到約 10 美元的負面影響，而這些成本通常是企業價值與營運自由現金流之比的 12 到 14 倍左右。

We now expect the run rate of negative corporate costs to essentially halve versus the start of the year going forward, which would drive a significant reduction, around half of this discount in our analyst valuation. And we would also argue that an EBITDA multiple more in line with the Telco comparables, which is much lower, is the right way to value these costs, which would further reduce the impact.

我們現在預計，未來負企業成本的運行速度將比年初基本減半，這將顯著降低我們分析師估值中的折讓幅度，約為目前折讓幅度的一半。此外，我們認為，採用與電信業可比公司更接近的EBITDA倍數（該倍數遠低於我們目前的水平）才是評估這些成本的正確方法，這將進一步降低其影響。

Moving to the Treasury slide, we've been extremely proactive year-to-date and through Q3 in dealing with our 2028 maturities in what has been a favorable overall high yield market, in particular in the bond market. Overall, we've successfully refinanced close to $6 billion across our credit silos year-to-date, and this actually increases to $9 billion if you include the underwritten wire financing that Mike has already discussed.

接下來談談國債部分。今年以來，尤其是在第三季末，我們一直積極主動地處理2028年到期的債務，因為整體高收益債券市場，特別是債券市場，都對我們有利。今年以來，我們已成功完成了近60億美元的再融資，涵蓋了我們各個信貸業務部門。如果算上Mike之前提到的承銷電匯融資，這數字實際上會達到90億美元。

At Virgin Media O2 using existing benchmark financings, we were able to complete mainly private tap transactions amounting to $1.4 billion bringing to total refinancing year-to-date at Virgin Media O2 to over $3 billion which leaves us only with around $100 million of outstanding 2028 maturities.

在 Virgin Media O2，我們利用現有的基準融資，完成了總額達 14 億美元的私募融資交易，使 Virgin Media O2 今年迄今的再融資總額超過 30 億美元，僅剩下約 1 億美元的未償 2028 年到期債務。

VodafoneZiggo, we issued just under $1 billion of senior secured notes during Q3, leaving us with around $500 million of outstanding 2028 maturities. And at Telenet we've already completed $600 million of financing year-to-date and have recently secured a EUR4.35 billion underwritten facility for Wyre.

在第三季度，我們為 VodafoneZiggo 發行了近 10 億美元的優先擔保票據，目前仍有約 5 億美元將於 2028 年到期。此外，我們今年迄今已為 Telenet 完成了 6 億美元的融資，並於近期為 Wyre 獲得了一筆 43.5 億歐元的承銷貸款。

Now this will allow us to significantly refinance Telenet overall and formally separate the Wyre and Telenet ServCo capital structures and in the process repay all the 2028 maturities. Now, all of this proactive refinancing activity has significantly reduced our 2028 maturities and has actually maintained our average life of our debt at close to five years and a broadly comparable credit spreads versus our historic levels.

這將使我們能夠對 Telenet 進行大規模的整體再融資，正式拆分 Wyre 和 Telenet ServCo 的資本結構，並在此過程中償還所有 2028 年到期的債務。所有這些積極的再融資活動已顯著減少了我們 2028 年到期的債務，並實際上將我們債務的平均期限維持在接近五年的水平，同時使信用利差與歷史水平基本持平。

Turning to the next slide, we remain committed to our capital allocation model and strategy to both replenish our cash balance while also rotating capital into high growth investments and strategic transactions. Starting with cash generation, we continue to see free cash flow in line with our expectations as set out for the year across our OPCOS and JV's.

接下來，我們將繼續堅持既定的資本配置模式和策略，在補充現金餘額的同時，將資金輪調投入高成長投資和策略交易。首先來看現金流方面，我們旗下所有營運公司和合資企業的自由現金流均符合年度預期。

As has been the case in previous years, we expect the JV dividends to be largely paid in Q4, given the free cash flow phasing of Virgin Media O2 and VodafoneZiggo. Across all the OPCO, CapEx remains elevated, primarily driven by extensive 5G rollout in the UK, Belgium, and Holland. And also fiber investment is ramping in Belgium, and we continue to invest in Virgin Media O2's fiber up and Virgin Media Island's fiber to the home program. And this is it along with our DOCSIS upgrade path in Holland.

與往年一樣，鑑於Virgin Media O2和VodafoneZiggo的自由現金流分期，我們預計合資企業的股利將在第四季大部分支付。在所有營運公司中，資本支出仍居高不下，主要原因是英國、比利時和荷蘭的5G網路大規模部署。此外，我們在比利時的光纖投資也正在加速推進，我們將繼續投資Virgin Media O2的光纖上行計畫和Virgin Media Island的光纖到戶計畫。以上就是我們在荷蘭的DOCSIS升級計畫。

Turning to our cash walk in the bottom right, our consolidated cash balance was $1.8 billion at the end of Q3, with an additional $180 million received since then with a partial IT stake disposal in October. During Q3, we saw modest investments into Liberty growth of $77 million which was primarily Formula E and AtlasEdge, and spent $56 million on our buyback program. We're currently tracking towards a buyback of around 5% of shares outstanding for 2025.

回到右下角的現金流情況，截至第三季末，我們的合併現金餘額為18億美元，此後10月份出售部分IT股權後又獲得了1.8億美元。第三季度，我們對Liberty Growth進行了7,700萬美元的適度投資，主要用於Formula E和AtlasEdge，並花費了5,600萬美元用於股票回購計畫。我們目前正按計畫推進，力爭在2025年完成約5%的流通股回購。

Moving to the Liberty Growth Walk, the fair market value of our Liberty Growth portfolio remains stable versus Q2 at $3.4 billion. This was primarily driven by the investments in Formula E and AtlasEdge, offset by the partial disposal of our Airalo stake and a small fair market value reduction in our Liberty Tech portfolio.

接下來是Liberty Growth投資組合，其公允市值與第二季相比保持穩定，為34億美元。這主要得益於對Formula E和AtlasEdge的投資，但部分被出售Airalo股份以及Liberty Tech投資組合公允市值的小幅下降所抵消。

Turning to the key financials on the next slide, Virgin Media O2 delivered a modest revenue decline of 1%, excluding the impact of handset sales, next fiber construction revenues, and two months of daisy contribution. This was driven by declines in our B2B revenues which were offset by growth in our consumer businesses. Adjusted EBITDA and Virgin Media O2 continued to grow at 2.7%, supported by cost discipline and lower cost to capture year on year.

接下來看下一張投影片上的關鍵財務數據。維珍傳媒O2的收入小幅下降了1%，這其中不計入手機銷售、光纖網路建設收入以及兩個月的「雛菊計畫」（daisy）收入的影響。收入下降的主要原因是B2B收入下滑，但卻被消費者業務的成長所抵銷。經調整後的EBITDA和維珍傳媒O2持續維持2.7%的成長，這得益於成本控制和較低的成本取得成本。

Moving to VodafoneZiggo, we saw revenue decline of 4%, largely driven by the decline and ongoing repricing of our fixed customer base. Adjusted EBITDA was impacted by the revenue declines and commercial initiatives supporting the new strategic plan.

遷移至 VodafoneZiggo 後，我們的收入下降了 4%，這主要是由於固定客戶群的減少以及持續的價格調整。調整後的 EBITDA 也受到收入下降以及支持新戰略計劃的商業舉措的影響。

Telenet revenue and adjusted EBITDA growth were both impacted by a positive deferred revenue benefit in the prior year of $18 million. In addition, revenue growth was also impacted by the decision not to renew Belgian sports rights, which was more than offset by associated lower programming costs.

Telenet 的營收和調整後 EBITDA 成長均受到上年度 1,800 萬美元遞延收入收益的影響。此外，由於決定不再續簽比利時體育賽事轉播權，收入成長也受到影響，但由此帶來的節目製作成本降低足以抵消這一影響。

Turning to our guidance slide, we're updating two items of guidance. Firstly, Virgin Media O2 revenue guidance, where we are confirming growth in the consumer and wholesale revenues. But given the Daisy transaction was completed during the third quarter and the creation of O2 Daisy, we're currently reviewing the impact of Daisy on B2B reporting, but can confirm a previous guided M&A impact from Daisy of around GBP125 million of revenue in 2025.

關於我們的績效指引，我們更新了兩項指引。首先是Virgin Media O2的營收指引，我們確認消費者和批發營收都將成長。但鑑於Daisy交易已於第三季完成，並成立了O2 Daisy，我們目前正在評估Daisy對B2B業績報告的影響，但可以確認先前對Daisy併購帶來的營收影響的預測，即2025年Daisy將帶來約1.25億英鎊的營收成長。

And secondly, as discussed previously, we're improving our Liberty Global Services and corporate adjusted EBITDA guide to $150 million in 2025. All other OPCO guidance remains unchanged.

其次，如同先前討論過的，我們將 Liberty Global Services 和公司調整後 EBITDA 預期提高至 2025 年 1.5 億美元。所有其他營運公司預期保持不變。

Now that concludes our prepared remarks for Q3, and I'd like to hand over to the operator both the questions and answers.

現在，我們關於第三季的演講稿到此結束，接下來我將把問答環節交給接線員。

(Operator Instructions)

（操作說明）

Maurice Patrick, Barclays.

莫里斯·帕特里克，巴克萊銀行。

Just like maybe a question given the topical FT article this morning around Netomnia, in the UK. I wouldn't expect you to comment on that transaction, but maybe a good opportunity might get ahead of Telefonicas CMD next week to talk a little bit about your outlook and view on investments in the UK specifically around the fiber side, whether you the Netco sale plan could still be resurrected.

就像今天早上《金融時報》關於英國Netomnia公司的專題報導一樣，或許可以問您一個問題。我並不指望您對這筆交易發表評論，但或許在下週西班牙電信董事長兼總經理會議之前，您可以藉此機會談談您對英國投資，特別是光纖領域的投資前景和看法，以及Netco的出售計劃是否有可能重啟。

Your view around buy versus build and the cost you've always said you'd consider buying if the cost was comparable to your own build cost, how your thoughts are evolving there would be very helpful.

關於購買還是建造，以及您一直表示如果購買成本與建造成本相當，您會考慮購買的成本，您對此有何看法？您的想法是如何演變的？這將非常有幫助。

Sure, and we're not sure what Telefonica will be addressing next week, obviously, we'll find out, but I think we've been consistent on the fiber point at least through the course of this year, which is that you know we'll continue to upgrade our own fiber, and we're now reaching, Lutz and his team have access to 8 million fiber homes through a combination of our own upgrade of the Virgin Media network and of course the next fiber footprint.

當然，我們還不確定西班牙電信下週會討論什麼，顯然我們會知道的，但我認為至少在今年，我們在光纖方面一直保持一致，那就是我們將繼續升級我們自己的光纖，現在，通過我們自己對維珍傳媒網絡的升級以及當然還有下一個光纖覆蓋範圍，盧茨和他的團隊已經能夠接入 800 萬個光纖家庭。

So we continue to, at least with our own homes and the Virgin Media site, continue to upgrade fiber and increase the footprint and the reach of that technology. That's point one.

因此，我們至少在我們自己的家庭和維珍傳媒的站點上，將繼續升級光纖網絡，擴大這項技術的覆蓋範圍和影響力。這是第一點。

Point two is we've always stated, and if we are actually now one deal down with the up deal we did about a year or so ago, we've always stated that the market requires rationalization, that Alts, most of them will find it difficult to continue doing what they're doing in the manner in which they're doing it, and we're supportive of opportunities to consolidate and rationalize the the fixed network environment period. So I'm not commenting as you suggested on any particular deal.

第二點是，我們一直都強調，即便現在我們確實比大約一年前完成的那筆交易少了一筆，我們也一直強調，市場需要合理化，大多數另類加密貨幣運營商會發現很難繼續以目前的方式運營，我們支持對固定網絡環境進行整合和合理化的機會。所以，正如你所暗示的，我不會對任何具體的交易發表評論。

I would simply say if you look at our history where we use next fiber in the case of up to begin the process of rationalizing, we're open-minded and open for business. If you will, for opportunities that would achieve just that, so I think it's still a bit of a moving target everywhere, but we're hopeful that, in the next six months things will start to settle and we may or may not be part of those transactions that precipitate that settling.

我想簡單地說，回顧我們的發展歷程，例如我們之前就採用了下一代光纖技術來啟動業務整合流程，我們始終保持開放的心態，並積極尋求各種合作機會。當然，目前情況仍然瞬息萬變，但我們希望未來六個月內情況能夠趨於穩定，而我們或許會參與到促成這一局面的交易中，也或許不會。

Polo Tang, UBS.

Polo Tang，瑞銀集團。

I've got a question about the Dutch market and the improvement in terms of broadband that you're seeing there. So can you maybe just talk about competitive dynamics both in the broadband market but also in terms of mobile and how confident are you that you can stabilize the broadband base in 2026, and will this come at the expense of further declines in terms of ARPU and can you maybe also comment in terms of whether FWA is having any impact on the broadband.

我有一個關於荷蘭市場以及您觀察到的寬頻改善情況的問題。您能否談談寬頻市場和行動市場的競爭格局，以及您對2026年穩定寬頻用戶基數的信心如何？這是否會導致ARPU（每位使用者平均收入）進一步下降？您能否也談談FWA（固定無線接取）是否對寬頻市場產生影響？

Market? Sure, that's a great question for you, Steven.

市場？當然，史蒂文，這個問題問你很好。

Yeah, thank you, Mike.

謝謝你，麥克。

So I think, three questions. So first is stabilizing broadband ads. We see the market is pretty competitive, although rational. We've set out a plan which we've spoken to about at length over the last 12 months, which is working. The heart of the plan is to get us back to broadband growth. That will take us, I think, the balance of next year but that's what we're pushing towards.

所以我想問三個問題。首先是穩定寬頻廣告市場。我們看到市場競爭相當激烈，但總體上是理性的。在過去12個月裡，我們制定了一項計劃，並就此進行了深入討論，目前進展順利。該計劃的核心是恢復寬頻成長。我認為這將需要明年剩餘的時間，但這正是我們努力的方向。

It's an uncertain journey because we can't predict what the competition will do but certainly we are pushing our plan forward. The heart of that plan is about bringing down churn. You'll have seen and we're pleased with how much we've been able to deal with the churn in our base, and we'll continue to push on with that through through the next year.

這是一段充滿不確定性的旅程，因為我們無法預測競爭對手的動向，但我們肯定會繼續推進我們的計劃。該計劃的核心是降低客戶流失率。正如您所看到的，我們對目前在控制客戶流失方面所取得的成效感到滿意，我們將繼續努力，並在未來一年中繼續推進這項工作。

In mobile, I think it's as she was. I think there's a lot of activity like most European markets in the value segment. We're well positioned there with [Hollandsnva], which has done pretty well for us. We think that there's more we can do in that space and we'll continue to pursue that through 2026.

我覺得行動端的情況和她之前差不多。我認為像大多數歐洲市場一樣，價值型產品市場非常活躍。我們憑藉[Hollandsnva]在這個領域佔據了有利地位，而且它的表現相當不錯。我們認為在這個領域還有更大的發展空間，我們將繼續努力，直到2026年。

And then, on fixed wireless, look, I think it's a variable in the marketplace. It's probably a question more for Adidas than for us. We're focusing on our plan, reducing our broadband losses, getting our broadband back to growth and we've accommodated for that within our plan. So I don't really have much to say about what's happening on fixed wireless there.

至於固定無線網絡，我認為這是市場上的變數。這可能更多是阿迪達斯需要考慮的問題，而不是我們。我們目前專注於我們的計劃，減少寬頻損耗，恢復寬頻成長，這些都已納入我們的計劃之中。所以，關於固定無線網路的情況，我沒什麼好說的。

Joshua Mills, BNP Paribas.

Joshua Mills，法國巴黎銀行。

My question is on the UK market and the competitiveness we're seeing. So I wonder if you could give us a bit more color on what you're seeing on the grounds. I note that the ARPU development this quarter for fixed line was negative, which may be expected but perhaps disappointing following the 7.5% price increase in April.

我的問題是關於英國市場以及我們目前看到的競爭狀況。所以我想請您詳細介紹一下您在現場觀察到的情況。我注意到本季固定線路的平均每用戶收入（ARPU）為負值，這或許在意料之中，但考慮到4月7.5%的價格上漲，這或許令人失望。

And then, on B2B, I understand that there's some moving parts of the the Daisy acquisition? But could you just give us an idea of what the underlying B2B growth would have been this quarter and whether that's running ahead, below, in line with expectations, that'd be great.

然後，關於B2B業務，我了解到Daisy的收購案還有一些變數？您能否簡要介紹本季B2B業務的潛在成長情況，以及是否超出預期、低於預期或符合預期？非常感謝。

[Lois], why don't you take the broadband and ARPU question and Charlie, you can address the B2B question.

[Lois]，你來回答寬頻和 ARPU 的問題，Charlie，你可以回答 B2B 的問題。

Yeah. I mean, the broadband market is very competitive as we speak. On one hand side, you see offers already around GBP20 for 1 gig from [all nets] in the market per month. And then, Openreach came with two promotions. I don't know if you're aware, but for copper to fiber migrated customer, you are paying to Openreach for the next 24 months, GBP16 for 1 gig.

是的。我的意思是，現在寬頻市場競爭非常激烈。一方面，市面上所有業者都提供每月約 20 英鎊的 1GB 套餐。另一方面，Openreach 又推出了兩場促銷活動。我不知道您是否了解，對於從銅纜升級到光纖的用戶，未來 24 個月只需向 Openreach 支付 16 英鎊即可享受 1GB 的流量。

So this is one promotion. The other one is you don't pay anything when you migrate and fix wireless access customer onto the fiber network of Openreach, which leads to the fact that you see a very price driven market. You see, in the affiliate market, which is the most price sensitive market prices from Sky also and Vodafone around GBP21 for 1 gig.

這是其中一項促銷活動。另一項是，當您將固定無線接取使用者遷移到 Openreach 的光纖網路時，無需支付任何費用。這導致市場對價格非常敏感。在聯盟行銷市場（這是對價格最敏感的市場），Sky 和 ​​Vodafone 的價格也都在 1GB 左右，約 21 英鎊。

How are we doing in this? I think we are doing pretty well here because as you all know, we have the highest [] here in the market. We have the customers who have the demand for the highest speed in the market. And yes, on one hand side to now lower churn of our customers, we have offered prevention offers with some dip ARPU and also obviously, we have to get our fair share of acquisition which leads to lower ARPU. But in this scheme of things, losing only 28,000 customers and having only a dip of 1% of ARPU, we personally think it's pretty good outcome within a pretty competitive market. But let's wait for the announcements of our competitors.

我們目前的情況如何？我認為我們做得相當不錯，因為大家都知道，我們在市場上擁有最高的[]。我們的客戶對市場最高速度有著極高的需求。是的，一方面，為了降低客戶流失率，我們推出了一些預防性優惠，導致ARPU值下降；另一方面，我們顯然也需要獲得應有的獲客份額，這會導致ARPU值下降。但就目前的情況來看，僅流失28,000名客戶，ARPU值僅下降1%，我們認為在競爭如此激烈的市場中，這已經是一個相當不錯的結果了。不過，讓我們拭目以待競爭對手的公告吧。

Charlie, do you just want to --

查理，你是不是只想──

Yes. So look, as you know, we [close] Daisy in the courtroom. We got a lot of work to do to try and reconcile accounting policies, the revised plans because things like a clean room. So what we've been trying to do is say, look, the businesses that remain outside that perimeter, we still expect to see growth and have had growth here to date. The business that we've actually contributed into 02 and Daisy, which is our fixed mobile B2B connectivity business, that has declined this year. You're right.

是的。你看，正如你所知，我們在法庭上關閉了Daisy公司。我們有很多工作要做，例如協調會計政策和修訂後的計劃，因為像無塵室這樣的流程都需要調整。所以我們一直在努力做的是，對於那些仍在關閉範圍之外的業務，我們仍然預期它們會成長，而且迄今為止也確實實現了成長。我們實際注入O2和Daisy的業務，也就是我們的固定行動B2B連接業務，今年有所下滑。你說得對。

We haven't actually broken that out and haven't taken that offline. But I think what we need to do is, now we've got this not joint venture, a partnership but in the Q4 results, we'll give you the separate financials and obviously explain how the impact of that business is and how we think it's going to grow in the future as we finalize the integration plans.

我們還沒有正式公佈這部分內容，也沒有將其下線。但我認為我們現在需要做的是，既然我們已經建立了合作關係（而不是合資企業），那麼在第四季度財報中，我們將提供單獨的財務數據，並解釋這項業務的影響，以及隨著我們最終確定整合計劃，我們認為它未來將如何發展。

Robert Grindle, Deutsche Bank.

羅伯特‧格林德爾，德意志銀行。

Congratulations, John as well as Mike for his new position. I'd like to pick up on the central costs and valuation point, if I may. I suppose that's for Charlie. What would you say the costs are to drive the GBP100 million annualized savings at the center? Do you reckon it's like a one year payback period or longer? Is there any stock impact at all from all these redundancies? And any CapEx which goes to offset the savings or is effectively the GBP100 million a straight drop through?

祝賀約翰和麥克榮升新職。我想就中心成本和估值問題談談我的看法，如果可以的話。我想這應該是查理的職責吧。您認為實現中心每年節省1億英鎊的成本是多少？您覺得投資回收期是一年還是更長？這些裁員會對股價產生任何影響嗎？是否有任何資本支出用於抵消節省的成本，還是說這1億英鎊實際上直接計入了成本？

Sorry, it's a pretty good payback. I mean, it's de minimis cap. -- yeah, sorry, it's a it's a pretty good payback. It's de minimis CapEx, which is one of the reasons why I think [ADA] multiple is perhaps a more appropriate way to look at it. If you do take the view that these are costs necessary to run a telco and we just scale them across a portfolio and indeed across our growth assets. So I think whether it's the telco multiple, what that is, but it's certainly along those lines in my mind.

抱歉，這回報相當不錯。我的意思是，這是最低限度的資本支出。 ——是的，抱歉，這回報相當不錯。這是最低限度的資本支出，這也是我認為[ADA]倍數或許更適合的原因之一。如果你認為這些是經營電信公司所必需的成本，而我們只是將它們分攤到整個投資組合，甚至我們的成長型資產。所以我認為，無論是電信倍數，還是其他什麼倍數，在我看來，這肯定與此有關。

And in terms of the cost to achieve it, there is some degree of restructuring, but broadly speaking, pays back within, I would say, less than 12 months. So very little frictional cost.

至於實現這一目標所需的成本，雖然需要進行一定程度的重組，但總的來說，我認為不到12個月就能收回成本。因此，摩擦成本非常低。

Nick Lyall, Berenberg.

Nick Lyall，貝倫貝格。

Just a very quick one, please, Mike. On slide 4, I'm just interested why you've picked the Benelux markets first and maybe not VM O2 in the UK market. Is it simply just because of size or are there any one of those four criteria that you just don't think it ticks the box on yet and maybe the others are far closer to? Could you just maybe describe why that might be, please?

麥克，請問一個很簡短的問題。關於第四張投影片，我很好奇你為什麼先選擇比荷盧經濟聯盟市場，而不是英國市場的VM O2。只是因為市場規模嗎？還是說你覺得VM O2在四個標準中還未完全符合，而其他標準可能更接近？你能解釋一下原因嗎？

Sure. Yeah, I think we want to trend towards a sunrise type framework everywhere we operate. And I think there is a pathway to do that everywhere we operate. We seem to be making and are making meaningful progress in the Benelux for all kinds of reasons. The both Dutch market and the Belgian market are highly rational markets closer to Switzerland than anything else, I would say. They have their own unique peculiarities around competition but largely rational three-player markets.

當然。是的，我認為我們希望在所有營運區域都朝著朝陽區模式發展。而且我認為在所有營運區域都有實現這一目標的途徑。出於各種原因，我們在比荷盧經濟聯盟似乎正在取得並將繼續取得顯著進展。荷蘭市場和比利時市場都是高度理性的市場，我認為它們比其他任何市場都更接近瑞士市場。它們在競爭方面有其獨特的特點，但總體而言都是理性的三方市場。

We've been able to attack the balance sheet. It's specifically in Belgium where we've successfully created the NetCo and the ServCo there. And I've done the -- in the process of executing the classic move of putting more debt on the NetCo as it builds out. It's a higher quality credit. I'm not allowed to tell you what the credit rating is of this EUR4.35 billion financing, but it's the first time we've ever seen one, I can promise you that.

我們已經成功改善了資產負債表。尤其是在比利時，我們已成功創建了NetCo和ServCo。在NetCo發展壯大的過程中，我採取了增加其債務的經典策略。這是一筆更高品質的信貸。我不能透露這筆43.5億歐元融資的信用評級，但我可以向你保證，這是我們第一次遇到這種情況。

And using the proceeds and the and the financing capabilities of a NetCo to delever the ServCo, which is the remaining core commercial business. And those combination of steps have been in the works for quite some time. And now we did and have attempted to do similar things in the UK as somebody mentioned just a moment ago. And not suggesting we can't get to the same place in the UK at some point. But it does appear like in particular in Belgium, we are on our way to executing on those four key measures.

利用淨資產公司（NetCo）的收益和融資能力來降低服務公司（ServCo，即剩餘的核心商業業務）的槓桿率。這些措施組合已經醞釀了相當長一段時間。正如剛才有人提到的，我們之前也在英國嘗試過類似的措施。我並不是說我們以後在英國無法達到同樣的目標。但就目前來看，尤其是在比利時，我們正在穩步推進這四項關鍵措施的實施。

And so that, to us, is worthy of highlighting and letting you know we're busy, very busy in this part of the of the platform and portfolio. And that if we made a commitment to make some decisions around these things and I think more likely than not, we'll be making some decisions around this part of our business in the relatively near term, certainly within the timeframe that we've outlined.

因此，我們認為有必要強調這一點，並讓大家知道我們在平台和產品組合的這一部分非常忙碌。如果我們承諾就這些事項做出一些決定，而且我認為很有可能，我們會在相對較短的時間內，肯定會在我們概述的時間範圍內，就我們業務的這一部分做出一些決定。

We hope, in all of these markets, Ireland I mentioned is going to have a massive reduction in CapEx. It's going to start generating free cash, but it's small but certainly Virgin Media Ireland looks and will tick the box on many of these particular metrics.

我們希望，在所有這些市場中，我提到的愛爾蘭市場都能大幅削減資本支出。它將開始產生自由現金流，雖然數額不大，但維珍傳媒愛爾蘭公司看起來確實能夠，而且也必將在許多特定指標上達到目標。

The UK is looking at a trophy business for us, certainly something we are committed to for the long-term and is an increasingly important investment. And we are by no means suggesting that we can't achieve similar results or benefits in the UK. We're simply saying there, we have a partner and we have to align with our partner on the best next move. We have a market that's a bit fragmented today. And as we discussed a moment ago, it's going to require some form of rationalization.

英國市場對我們來說是一個極具吸引力的業務，我們當然會長期致力於此，而且這項投資的重要性也日益凸顯。我們絕非暗示我們在英國無法取得類似的成果或利益。我們只是想說，我們在英國有合作夥伴，我們需要與合作夥伴就下一步的最佳行動達成協議。目前英國市場有些分散，正如我們剛才討論的那樣，需要某種形式的整合。

And so these are things that we work on with our partner. So I'm not suggesting for a second we can't achieve similar things in the other assets or markets identified on that, so I'm simply saying we're making good progress here, we'd like you to know about it.

所以這些都是我們和合作夥伴共同努力的方向。我絲毫沒有暗示我們無法在其他已確定的資產或市場中取得類似成果，我只是想說我們在這方面取得了良好進展，希望您能了解一下。

David Wright, Bank of America.

大衛·賴特，美國銀行。

Congratulations, Mike on the new role. It's obviously quite a significant event to see John stepping away after such a significant impact on the industry.

恭喜麥克榮任新職。約翰對產業產生瞭如此巨大的影響，如今選擇離開，這無疑是一件意義重大的事件。

A couple of questions, please. And the first is just on the UK guidance and maybe my colleagues are better at this than me but I'm trying to understand whether there seems to be a change in perimeter here. And I'm looking at the numbers, I'm inclined to think that the same perimeter with the shift in B2B could have forced you to possibly push the revenue guidance lower. This is like-for-like without Daisy. It does feel like you could have had to push the revenue guidance slower. I'm just wondering if that's the case. I'm just struggling to reconcile that.

請容許我問幾個問題。第一個問題是關於英國的業績指引，也許我的同事比我更了解這方面，但我試著弄清楚這裡的範圍似乎改變了。我看了看數據，傾向認為，在B2B業務調整的情況下，同樣的範圍可能迫使你們下調了營收指引。這裡指的是不考慮Daisy的影響。感覺你們可能需要放慢營收指引的調整速度。我只是想知道是否真是如此。我對此感到困惑。

And then the second question I had is, it's just your language used before, Mike, which I just found a little surprising which was you sort of said, we'll have to see what Telefonica wants to do. Now, I might have expected you to sort of say we'll announce our plans jointly next week. Does Telefonica have any sort of strategic rights or priority around the UK business in the shareholder agreement? Maybe I've just read this incorrectly, that might be the case. I'd appreciate that.

第二個問題是，麥克，你之前用的措詞讓我有點意外，你說「我們得看看西班牙電信（Telefonica）想怎麼做」。我原本以為你會說「我們下週會共同宣布計畫」。西班牙電信在股東協議中是否擁有任何關於英國業務的戰略權利或優先權？也許是我理解錯了，有可能是這樣。如果可以的話，請告訴我。

David, I'm glad you asked that question. Yeah, no, I appreciate that second question because as I spoke those words, it occurred to me those probably didn't come out very clearly. First of all, no, this is a 50/50 joint venture. We make decisions jointly and I have a very good dialogue and working relationship with Mark. We are 100% aligned on everything that's happening in the UK, so that is not what I intended to say.

大衛，很高興你問了這個問題。是的，我很感謝你的第二個問題，因為我剛才說那些話的時候，意識到我可能表達得不夠清楚。首先，不，這是一個各佔50%股份的合資企業。我們共同做決定，我和馬克保持著非常好的溝通和工作關係。我們在英國的所有事務上都完全一致，所以這不是我原本想表達的意思。

There was a reference to the Capital Markets Day, and I'm just pointing out that we're not part of that. They have a lot of things to talk about to the market and they will surely talk about those. But we don't expect any surprises, if you will, around the UK market. We're aligned and talk every week about what we're going to do together. So thank you for asking that. I'm glad I could clarify that.

剛才提到了資本市場日，我只是想說明我們不參與其中。他們有很多事情要跟市場溝通，他們一定會談到這些。但我們預期英國市場不會有任何意外。我們與對方保持一致，每週都會討論共同的行動計劃。所以，謝謝你的提問。很高興我能解釋清楚。

On the guidance, listen, I'll let Charlie dig into it. The way I see it is we're providing greater transparency at a time where it's probably needed for analysts to understand what's growing and what's not and what are we getting our arms around.

關於指導意見，聽著，我請查理深入分析。我的理解是，我們正在提高透明度，而分析師可能也需要這種透明度來了解哪些領域正在成長，哪些領域正在停滯，以及我們正在著手處理哪些問題。

So Charlie, do you want to address that?

查理，你想談談這件事嗎？

Yeah, so, look, I'm sorry if it's confusing and you're right. The difficulty is that we've now got this company called 02 Daisy and we are 70% of it, so 30% of it we don't own. And therefore, at some point, hopefully very soon at the end of Q4, we're going to give you the key financials of that.

是的，所以，你看，如果我解釋得讓你困惑了，我很抱歉，你說得對。問題在於，我們現在有一家叫02 Daisy的公司，我們持有70%的股份，也就是說，我們不持有剩餘的30%。因此，在某個時候，希望很快就能在第四季末，我們會向你提供這家公司的關鍵財務數據。

And as we align that company, it is tricky because there's different accounting policies, as I'm sure you'd realize and blah blah blah. So what we're trying to do is confirm what we can tell you, so we can tell you that the businesses excluding the ones that we didn't know are growing and we expect to grow. And we have told you that to date, the B2B connectivity business, mobile and fixed that we have put into 02 Daisy, is in decline.

正如您所了解的，由於會計政策不同，我們在調整公司架構時遇到了一些棘手的問題。因此，我們正在努力確認我們能夠告知您的訊息，例如，除我們之前未知的業務外，其他業務都在成長，並且我們預計未來將繼續成長。我們也曾告知您，迄今為止，我們已併入 O2 Daisy 的 B2B 連接業務（包括行動和固定網路）正處於下滑狀態。

Now, if that means you would interpret that as the combination of no Daisy would have meant that the business would have not been growing, maybe that's right but it's somewhat academic because we've got to work through what the 02 Daisy combination is going to develop. And the whole idea was two companies are very synergistic, not just in costs, there's a material cost saving there, but also there's some revenue growth. So I mean, probably that's not clear enough and have to take it offline, but that's certainly how we see it.

如果你的理解是，如果沒有Daisy，公司就不會成長，那也許沒錯，但這在某種程度上只是理論上的探討，因為我們還需要分析Daisy合併後的發展前景。我們的想法是，兩家公司具有強大的綜效，不僅體現在成本方面——合併後可以大幅降低成本——還能帶來一定的營收成長。所以，我可能表達得不夠清楚，需要另行解釋，但這確實是我們目前的看法。

Super, Charlie. Could I just add a quick one? Are there any puts and calls around that 30% or is that just the ownership, ad infinitum right now?

太好了，查理。我可以再問一個問題嗎？目前圍繞這30%的股份有看跌期權和看漲期權嗎？還是說這只是所有權的問題，沒有其他選擇？

Charlie, do you want me to say.

查理，你想讓我說什麼？

Yeah, sorry, I was --

是的，抱歉，我當時——

You should answer.

你應該回答。

Yeah, no, they're on puts and calls, David.

不，他們持有的是看跌期權和看漲期權，大衛。

Ulrich Rathe, Bernstein Societe Generale Group.

烏爾里希·拉特（Ulrich Rathe），伯恩斯坦興業銀行集團。

My question is about the refinancing, very impressive. Question to Charlie. Are all of these financing, can you confirm, fully swapped and the usual policies that you used to have in terms of into the local currencies of the operating units and also in terms of fixed rate swaps? Because I do think -- I do remember you you did some refinancing where you actually didn't implement these older policies. So just wanted to confirm that the [P5] is now up and back to the old policies.

我的問題是關於再融資的，這非常令人印象深刻。請問查理，所有這些融資，你能確認一下嗎？是否都完全按照先前的政策進行，以營運單位的當地貨幣進行結算，並且採用固定利率互換？因為我記得你之前做過一些再融資，但並沒有採用之前的政策。所以我想確認一下，[P5]現在是否已經恢復到先前的政策。

Yeah, to be honest, I don't think we've changed our policies. The bonds, we've all swapped at our fixed rate at the rate we issued at, which in some cases actually higher. So just to confirm the two questions. One is all currencies are matched, so everything in the UK is sterling. We're not taking dollar or EUR risk, so that's a tick on all the policies.

是的，說實話，我認為我們的政策沒有改變。債券方面，我們都按照發行時的固定利率進行了互換，有些情況下甚至更高。所以，為了確認這兩個問題，首先，所有貨幣都已匹配，英國的所有交易都以英鎊結算。我們不承擔美元或歐元風險，所以這方面所有政策都符合要求。

On the interest rates, all bonds are fixed by nature and on any bank debt, we haven't done a ton of bank debt because the bond market has been so strong, to be honest. We have maintained the swaps. Remember, the swaps are independent of the original bank financings. So we are monetizing it or we're riding those low interest rates to 28, 29, 30. But thereafter, we would have to come in at higher rates and we are gradually pushing out those hedges. So we are maintaining a pretty good three, four, five-year sort of fixed profile depending on which market it is.

關於利率，所有債券本質上都是固定利率的，至於銀行債務，說實話，由於債券市場一直非常強勁，我們並沒有進行大量的銀行債務交易。我們一直維持著互換交易。請記住，互換交易與最初的銀行融資無關。因此，我們正在進行貨幣化操作，或者說，我們正在利用低利率環境，直到利率達到28%、29%甚至30%。但之後，我們就必須以更高的利率進入市場，因此我們正在逐步解除這些對沖交易。所以，根據不同的市場情況，我們維持著相當不錯的三到五年固定利率策略。

I hope that sort of answers the question.

我希望這能解答你的疑問。

James Ratzer, New Street Research.

James Ratzer，新街研究公司。

I was just going to ask one question, I have to keep it to one but on Virgin Media, in their release, they are saying they're planning to bring 4 times to 5 times in the medium term. If you can kind of talk us through the plans to get that. Does that require some inorganic steps like dividend removal, you in telephonic injecting capital into VM O2 or do you expect to get there organically through EBITDA growth?

我本來只想問一個問題，而且只能問一個。關於維珍傳媒，他們在公告中提到計劃在中期內達到4到5倍的本益比。您能否詳細介紹一下實現這目標的計畫？這是否需要採取一些非內生性措施，例如取消分紅，或您向維珍傳媒O2注資，還是您預計透過EBITDA成長實現內生性成長？

James, that was a little hard to hear. I want to be sure we got the question right. I think you're asking about leverage expectations at VM O2 of staying within the 4 times to 5 times range, and I think that is our objective, and I think that is achieved in a number of ways. The one you didn't mention, which is organic EBITDA growth, which Lutz and the team have been able to deliver consistently. So organically, the business should delever over time.

詹姆斯，剛才那句話有點讓人難以接受。我想確認一下我們是否了解你的問題。我想你是在問VM O2的槓桿預期，也就是維持在4到5倍的範圍內。我認為這正是我們的目標，而且我認為可以透過多種方式實現。你沒提到的一點是內生性EBITDA成長，盧茨和他的團隊一直都能持續實現這一點。所以，從內生性成長來看，公司應該會隨著時間的推移而降低槓桿率。

I don't think we're in a position today to talk about dividends or asset sales or things of that nature, although we do have a residual tower interests that could be used in that regard. And we're always open minded about it. But getting within the range that we've maintained historically is always our underlying goal.

我認為我們今天不宜討論分紅、資產出售或類似的事情，儘管我們確實還有一些剩餘的鐵塔權益可以用於這方面。我們對此始終持開放態度。但我們始終以維持在以往水準範圍內為根本目標。

Charlie, I don't think there's much to add to that, but go ahead if you think there is.

查理，我覺得沒什麼好補充的了，不過如果你覺得還有什麼要補充的，那就說吧。

No, I think that's absolutely right. Look, listen, we are at 4 times to 5 times. We're definitely through that in the UK. So good synergies, potentially from the 02 Daisy deal, which we've talked quite a bit about today. And as Mike said, we expect some organic growth and let's see how we go.

不，我覺得完全正確。聽著，我們現在的本益比是原來的4到5倍。在英國，我們肯定已經過了這個階段了。所以，O2 Daisy的交易可能會帶來不錯的綜效，我們今天也談了很多關於這筆交易的內容。正如麥克所說，我們預計會有一些內生成長，讓我們拭目以待。

Matthew Harrigan, The Benchmark Company.

馬修·哈里根，基準公司。

I'll just ask one question right out of the block. I mean, I think when you look at the US and the UK, it's kind of competing dysfunction on the political side but [Lutz] recently quoted on the Starmer's infrastructure tax. And I don't think there'd be any implications. This year, what might be the longer-term implications? I was on the Comcast Q&A, so I apologize if you talked about this in the main discussion, but I rather suspect you didn't get to the topic.

我開門見山地問一個問題。我的意思是，看看美國和英國，你會發現兩國在政治方面都存在著某種程度的失靈，但盧茨最近談到了史塔默的基礎設施稅。我認為這不會有什麼影響。那麼，今年的政策可能會帶來哪些長期影響呢？我參加了康卡斯特的問答環節，所以如果您在主討論中已經談到了這一點，我深表歉意，但我估計您並沒有談到這個話題。

Matt, you're asking -- that's a big question. Politics in Europe vis-a-vis our business, I mean, I'll step back a minute to say that I think we are approaching -- hopefully approaching a bit of an inflection point here where our industry, for example, the mobile industry, just put a letter out to von der Leyen, I think two days ago, three days ago; making it clear to her that change is critical, necessary, needed if Europe is to maintain any sort of path to leadership in digital, industrially really any category of productivity.

馬特，你問的這個問題──這確實是個大問題。歐洲政治與我們業務的關係，我的意思是，我先退一步說，我認為我們正接近——希望是接近——一個轉折點。例如，我們這個產業，行動產業，就在兩三天前給馮德萊恩發了一封信，明確告訴她，如果歐洲想要在數位化、工業以及任何生產力領域保持領先地位，變革至關重要、勢在必行。

So we continue to make our case as an industry, as a sector that we're not just critical infrastructure, we are necessary for pretty much every aspect of growth and productivity that regulators and politicians are searching for, so maybe get off our throats. And that is, I think, being received positively.

因此，我們繼續以行業和部門的名義闡明我們不僅是關鍵基礎設施，而且對於監管機構和政客所尋求的幾乎所有增長和生產力提升方面都至關重要，所以或許他們應該放過我們。我認為，這種觀點得到了正面的回應。

In the UK, in particular, I think the government has had a growth initiative, a growth-minded approach to regulation. Recent changes at the CMA, for example, the competition commission, there are positive in that they seem to be reflecting a much more growth-minded approach to M&A and to industry consolidation.

尤其在英國，我認為政府一直在推行成長型政策，採取以成長為導向的監管方式。例如，競爭與市場管理局（CMA）近期的一些改革體現了積極的一面，這些改革似乎反映了政府在併購和產業整合方面更加重視成長的理念。

So I think there's green shoots across the operation -- the markets we operate in. There are still pain points, broadband taxes and things of this nature that are unnecessary. And we continue to fight those on a regular basis. But I think more broadly I would say, it's more of a tailwind these days than not. And whether it's sovereignty where governments are realizing that their infrastructure -- the critical infrastructure of telco is part of the solution for broader sovereignty and independence. Or whether it's just good economics that you need healthy telecom infrastructure to compete in the global marketplace. All of those things I think are coming together a bit and I'm more encouraged now than I've been in a long time.

所以我認為，在我們營運的各個市場，都出現了復甦的跡象。當然，仍然存在一些痛點，例如寬頻稅之類的不必要的稅。我們會繼續定期與這些問題作鬥爭。但總的來說，我認為目前的發展勢頭強勁。這或許是因為各國政府逐漸意識到，電信基礎建設——尤其是電信這一關鍵基礎設施——是維護國家主權和獨立性的重要組成部分；又或許是因為健全的電信基礎設施是參與全球市場競爭的必要條件。所有這些因素都在逐漸匯聚，讓我感到前所未有的鼓舞。

Thank you for your questions. This will conclude the question-and-answer portion of today's call, and I would like to hand back to Mr. Mike Fries for any additional remarks.

謝謝大家的提問。今天的問答環節到此結束，現在我想把發言權交還給麥克‧弗里斯先生，請他補充一些內容。

Great. Well, thanks, everybody. I appreciate you joining as always and we look forward to getting back on the phone for a year-end call probably in the February timeframe, hopefully with updates on the strategic roadmap on how we're driving commercial momentum and more importantly, also, how we're reshaping or continuing to reshape our corporate operating model. So I appreciate your listening in today and we'll speak to you all very soon. Take care.

好的。謝謝大家。感謝各位一如既往的參與，我們期待在二月份左右再次與大家進行年終電話會議，屆時希望能更新戰略路線圖，闡述我們如何推動商業發展，更重要的是，如何重塑或繼續重塑我們的公司運營模式。感謝大家今天的收聽，我們很快會再見。保重。

Ladies and gentlemen, this concludes Liberty Global's third quarter 2025 Investor Call. As a reminder, a replay of the call will be available in the Investor Relations section of Liberty Global's website. There, you can also find a copy of today's presentation materials.

女士們、先生們，Liberty Global 2025年第三季投資人電話會議到此結束。提醒各位，本次電話會議的錄音回放將在Liberty Global網站的投資者關係頁面提供。您也可以在那裡找到今天會議的簡報資料。