VMEDO2

The acquisition of Neomnia by Nexfibre will result in a cash inflow of GBP950m for VMED, leading to a reduction in leverage of 0.3x. It is a net positive for creditors. The £150m of net cash being injected into Nexfibre by Telefonica and Liberty Global is less than the GBP200m that VMED expects to pay them as a dividend this year (as revealed in the VMED 2025 results today). Infravia is contributing GBP850m in cash to Nexfibre as part of the acquisition. The purchase of The Substantial Group by Nexfibre will create the #2 fibre company after BT Openreach.