Liberty said it was “on track” to meet its 2024 financial targets as it prepares to implement a series of price increases.The company is exploiting Fixed Mobile Convergence, the new take on triple-play, while its European affiliates are deal with significant subscriber erosion across the network.CEO Mike Fries says the balance sheet is in “great shape” and that the value of its FMC assets is being delivered directly to shareholders.Losses were particularly felt in the Benelux countries; in the Netherlands VodafoneZiggo was able to increase its FMC net adds by 22,700 to almost 2.7 million, though penetration remained stable at 2.7 million, though 35,200 subscribers slipped away. In neighbouring Belgium another 14,900 lost as the net subscriber trend in the first quarter continued to be impacted by higher annualised churn in the highly competitive market.VMO2’s fixed customer base declined by 2,000 in Q1, as a slowdown in customer activity offset the growth in the network’s nexfibre areas. The Liberty Global-Telefónica project, which is also being backed by Infravia Capital Partners, is investing £1 billion in the UK’s broadband infrastructure and intends to have reached 5 million premises by 2026.Sunrise, which will be spun off in the fourth quarter produced 6,200 broadband net adds with FMC penetration remaining high at 59% across the Swiss operator’s broadband base.Liberty Global’s Q1 revenue increased by 4.1% year-on-year on a reported basis and 1.9% on a rebased basis to $1.95 billion. Net earnings increased 173.9% year-on-year on a reported basis to $527 million. Adjusted EBITDA decreased 6.9% year-on-year on a reported basis and 6.8% on a rebased basis to $581.4 million.
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