Ziggo - comment - 26Q3

Q3 was modestly ahead of us on the numbers. Revenue was c.EUR 1,003m against our EUR 977m, a return to YoY growth (+1.4% rebased). Adj. EBITDA was c.EUR 416m against our EUR 408m (-6.9% rebased, in line with the guided decline). P&E additions were in line with our forecast, and broadband and postpaid net adds were ahead. Management reiterated that the Ziggo Group spin remains on track for 2Q27, with lead banks appointed, the full leadership team named and initial confidential filings due in December, and it reaffirmed the ~4.5x 2028E leverage target. Management reaffirmed they would not deploy any topco cash to assist and deleveraging has to come from the EUR 669m tower sale, further disposals, synergies and free cash flow. We still see 4.5x as a stretch, as our model gets to c.4.7x in 2028 on those levers but management promised the bridge to 4.5x closer to their capital markets day at the start of 2027. With the results in line with our expectations, our focus is back onto the EUR 2033 SSNs.