First Half 2019 Results

The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market.

  • Accelerated uptake of our fixed-mobile converged "WIGO" and "YUGO" bundles in Q2 (+38,700) to 467,800 subscribers at June 30, 2019, being our best result since Q3 2017.
  • Continued improvement in our operational performance in Q2, driven by our revamped offers and the completed SFR customer migration in Brussels at the end of Q1 2019.
  • Lower accrued capital expenditures (excluding the recognition of football broadcasting rights) drove a robust 16% increase in Operating Free Cash Flow(4) to €398.3 million.

Brussels, August 1, 2019 – 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 six months ended June 30, 2019.


  • Improved operational performance in Q2 2019, including (i) a robust net uptake of our fixed-mobile converged ("FMC") bundles, (ii) solid net broadband internet subscriber growth and (iii) an accelerated net mobile postpaid subscriber trend, driven by our revamped product portfolio and attractive fixed-term promotions.
  • Accelerated net mobile postpaid subscriber growth in Q2 2019 (+53,900) driven by (i) the aforementioned product enhancements, (ii) attractive fixed-term promotions, (iii) the accelerated growth of our FMC subscriber base and (iv) an improved churn trend in our BASE standalone mobile business.
  • H1 2019 revenue of €1,261.6 million, +1% yoy and reflecting an incremental five-month contribution from Nextel and a one-month contribution from De Vijver Media, following regulatory approval end-May 2019. On a rebased(1) basis, our top line showed a 1% decrease as higher cable subscription revenue was more than offset by (i) lower wholesale revenue from the loss of the MEDIALAAN MVNO contract, (ii) lower usage-related revenue and (iii) lower non-coax B2B revenue given seasonality in our security and ICT integrator businesses. Q2 2019 revenue of €635.6 million, +1% yoy on a reported basis and just over -1% yoy on a rebased basis.
  • Net profit of €56.0 million for H1 2019 (Q2 2019: €42.0 million), driven by the net effect of higher Adjusted EBITDA(2), as referred to below, and a €78.7 million non-cash loss on our interest rate derivatives.
  • Adjusted EBITDA of €664.8 million for H1 2019, +3% yoy on a reported basis, including the Nextel and De Vijver Media acquisition impacts and the application of IFRS 16 as of January 1, 2019. On a rebased basis, our Adjusted EBITDA for H1 2019 modestly contracted by 1% yoy, reflecting the loss of the MEDIALAAN MVNO contract and certain regulatory headwinds. Q2 2019 Adjusted EBITDA amounted to €345.3 million, representing a nearly 2% decrease yoy on a rebased basis and reflecting the aforementioned wholesale contract loss. On a rebased basis, we succeeded in maintaining our underlying Adjusted EBITDA margin at 52.7% in H1 2019, driven by continued cost control.
  • Accrued capital expenditures(3) of €307.8 million for H1 2019, +2% yoy as Q1 2019 reflected the recognition of the UK Premier League broadcasting rights for the upcoming three seasons. Excluding this impact, accrued capital expenditures fell 12% yoy to 21.1% of revenue in the period.
  • Net cash from operating activities, net cash used in investing activities and net cash used in financing activities of €499.2 million, €206.6 million and €241.3 million, respectively, for H1 2019. Adjusted Free Cash Flow(5) of €206.7 million for H1 2019, -23% yoy, reflecting a €66.8 million lower contribution from our vendor financing program as compared to H1 2018 and higher cash tax and semi-annual cash interest payments. Robust Adjusted Free Cash Flow of €187.1 million in Q2 2019.
  • Having delivered a solid financial performance in H1 2019, we reconfirm our FY 2019 outlook as presented mid-February, which includes a softer rebased revenue and Adjusted EBITDA trend in H2 following the loss of the MEDIALAAN MVNO contract.
  • Committed to deliver a 6.5-8.0% rebased Operating Free Cash Flow CAGR(a) over the 2018- 2021 period, with top line and Adjusted EBITDA declines in 2019 resulting from certain challenges and headwinds.
Press release Earnings Release Q2 2019 ENG_vFINAL.pdf - 1 MB


About Telenet Group NV/SA

As a provider of entertainment and telecommunication services in Belgium, Telenet Group is always looking for the perfect experience in the digital world for its customers. Under the brand name Telenet, the company focuses on offering digital television, high-speed Internet and fixed and mobile telephony services to residential customers in Flanders and Brussels.

Under the brand name BASE, it supplies mobile telephony in Belgium. The Telenet Business department serves the business market in Belgium and Luxembourg with connectivity, hosting and security solutions. More than 3,000 employees have one aim in mind: making living and working easier and more pleasant.

Telenet Group is part of Telenet Group Holding NV and is quoted on Euronext Brussel under ticker symbol TNET. For more information, visit Liberty Global - one of the world’s leading converged video, broadband and communications companies, innovating and empowering people in six countries across Europe to make the most of the digital revolution – owns a direct stake of 58.28% in Telenet Group Holding SA/NV (excluding any treasury shares held by the latter from time to time).

The BASE newsroom can be found at

Telenet Group NV/SA
Liersesteenweg 4
2800 Mechelen