Tear Sheet: VodafoneZiggo Group B.V.

We expect VodafoneZiggo Group B.V. to generate steady earnings and cash flow over the next few years, supported by revenue growth of 2%-4% and stable EBITDA margins. S&P Global Ratings-adjusted debt to EBITDA was 6.0x as of the end of 2023, indicating limited headroom in the rating in the near term. In line with VodafoneZiggo's financial policy, we expect it to continue to distribute most of its free cash flow to shareholders. However, EBITDA growth should support a gradual decline in S&P Global Ratings-adjusted debt to EBITDA to about 5.6x by the end of 2025 from 6.0x at the end of 2023. This improvement in adjusted leverage should increase rating headroom. The results for full-year 2023 were largely in line

...May 8, 2024 S&P Global Ratings expects steady earnings and cash flow growth over the next few years, affording more headroom in the rating. We expect VodafoneZiggo Group B.V. to generate steady earnings and cash flow over the next few years, supported by revenue growth of 2%-4% and stable EBITDA margins. S&P Global Ratings-adjusted debt to EBITDA was 6.0x as of the end of 2023, indicating limited headroom in the rating in the near term. In line with VodafoneZiggo's financial policy, we expect it to continue to distribute most of its free cash flow to shareholders. However, EBITDA growth should support a gradual decline in S&P Global Ratings-adjusted debt to EBITDA to about 5.6x by the end of 2025 from 6.0x at the end of 2023. This improvement in adjusted leverage should increase rating headroom. The consumer mobile segment should drive modest growth in the coming years. The results for full-year 2023 were largely in line with our expectations, including revenue of 4.115 million, which represents...

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