Telenet video RGUs down 21,800 in 1Q 2023.

MECHELEN — Telenet Group Holding NV (“Telenet” or the “Company”) (Euronext Brussels: TNET) announces its unaudited consolidated results under International Financial Reporting Standards as adopted by the European Union (“EU IFRS”) for the three months ended March 31, 2023.

Video

Our video customer base reached 1,727,800 RGUs at March 31, 2023. This includes (i) Telenet’s enhanced video subscribers, (ii) the acquired Eltrona business in Luxembourg offering both basic video and enhanced video services to its customers and (iii) the recognition of TADAAM’s off-footprint customers. Subscribers to our enhanced video service enjoy unrestricted access to a wide range of digital, HD and pay television sports, series and movies channels, a vast complementary and paid library of domestic and international video-on-demand (“VOD”) content and our over-the-top (“OTT”) video platform.

During Q1 2023, we lost 21,800 video subscribers on an organic basis. The higher net attrition compared to Q4 last year is mainly driven by the Eltrona acquisition effect, with approximately two-thirds of its video subscriber base still being basic video subscribers and to a lesser extent lower subscriber additions under our TADAAM brand given the exclusion of paused customers. In addition, the contraction in our video RGU base can be explained by a lower proportion of remaining analog TV subscribers due to demographics and product optimization within the multiple play customer base related to the current macro-economic environment. Annualized video churn reached 10.5% in Q1 2023, an increase of 150 basis points compared to last year’s first quarter.

Operating Data – Video Subscribers*

                                  March 31, 2023
                                          versus
               March 31, 2023  December 31, 2022
               --------------  -----------------
-Belgium            1,684,000           (19,600)
-Luxembourg            43,800            (2,200)
Telenet Group       1,727,800           (21,800)

* Video Subscriber is a home, residential multiple dwelling unit or commercial unit that receives Telenet’s video service over the Telenet and Partner Networks (commonly referred to as the “Combined Network”).