Mechelen, Belgium – Telenet Group Holding (“Telenet”) today announced its intention to refinance the majority of its 2028/2029 debt maturities for a total amount of €1,950 million. This represents a next step in Telenet’s strategy to separate the capital structures of Telenet ServCo and Wyre. Telenet ServCo comprises Telenet’s fully owned telecommunications and entertainment businesses in Belgium and Luxembourg. Telenet ServCo uses Wyre’s hybrid fiber-coaxial cable (“HFC”) and fiber-to-the-home (“FTTH”) networks on a wholesale basis to provide fixed services to its residential and business customers in Flanders and parts of Brussels. Wyre, established in July 2023, owns the aforementioned fixed network infrastructure and is 66.8% owned by Telenet and 33.2% owned by Fluvius.

Wyre Refinancing was a first major milestone
In October of last year, Telenet reached a significant milestone when Wyre secured €4,350 million in committed financing (the "Wyre Refinancing"). The Wyre Refinancing is contingent upon approval of the proposed fiber collaboration between Wyre, Telenet, Fiberklaar, and Proximus by the Belgian Competition Authority ("BCA"), which we expect during Q1 2026.

Following BMA approval, Wyre will be designated an Unrestricted Subsidiary [ ^1] under the Telenet Senior Credit Facility, effectively completing the separation of the capital structures. Shortly thereafter, Wyre will use the net proceeds from the Wyre Refinancing to, among other things, repay the outstanding €1,975 million under the intercompany loan with Telenet ServCo and to finance the fibre rollout in Flanders and parts of Brussels in the coming years.

Commitment to reduce the gross/net debt ratio to 4.5x
Telenet ServCo intends to use the net proceeds from the Wyre Refinancing to repay a portion of its 2028/2029 credit facilities. As a result, Telenet ServCo's pro forma debt ^[2] is expected to decrease from €5,343 million to €3,123 million. Telenet ServCo intends to issue new EUR/USD-denominated senior secured debt totaling €1,950 million, extending the maturity and locking in attractive interest rates.

Telenet ServCo is committed to a gross/net total leverage ^[3] of 4.5x over the short to medium term, compared to a gross total leverage of 5.4x at the end of September 2025 on an adjusted basis. ^[4] This debt reduction path is supported by a partial sale of its equity interest in Wyre, as previously communicated in Liberty Global Ltd’s Q3 2025 earnings call.

To support the Telenet ServCo refinancing, Telenet has published its 9M 2025 Interim Financial Statements and FY 2024 and FY 2023 Condensed Consolidated Financial Information on its investor website, which contains certain financial information about Telenet ServCo.

Three-year extension of the revolving credit facility at unchanged conditions
As part of the refinancing, Telenet ServCo, through its financing subsidiary Telenet International Finance S.à rl, intends to extend the maturity of its €580 million revolving credit facility ("RCF") by three years, from May 2029 to May 2032. Aside from its maturity, the extended RCF will have the same features as the current RCF, including (i) a margin of 2.25% over EURIBOR (with a 0% floor) and (ii) a commitment fee of 40% of the margin. The RCF may be used for general corporate purposes, including acquisitions, shareholder distributions, and general working capital needs. The extension is progressing well and underscores the broad support of Telenet ServCo's key relationship banks for Telenet ServCo's future growth path, further strengthening Telenet ServCo's liquidity position upon completion.

Improved operating climate expected for 2026
Telenet will publish its Q4 2025 results on February 18, 2026, as part of the Liberty Global results release. At the end of October, Telenet reconfirmed its external consolidated market outlook (including Wyre), which assumes, among other things, largely stable revenue and a low single-digit decline in Adjusted EBITDAaL for the full year 2025. Telenet confirms that Telenet ServCo's performance for the full year 2025 is expected to be in line with the consolidated market outlook.

For 2026, Telenet ServCo expects an improved operating environment ^[5] , translating into largely stable revenue with operating leverage resulting in low single-digit growth in Adjusted EBITDAaL. Telenet ServCo expects its Adjusted Free Cash Flow to turn positive in 2026, in line with previous statements. This is supported by lower capital intensity of approximately 20% of revenue, as Telenet ServCo has largely completed the €500.0 million investments in its 5G mobile network and digital platforms, in line with the outlook provided during the September 2022 Capital Markets Day.