First Quarter 2021 Results

First Quarter 2021 Results

  • Continued robust operational performance in Q1 2021 with 9,000 net new broadband internet RGUs, 18,700 net new FMC customers and customer ARPU up 3% yoy.
  • Solid financial quarterly performance with reported and rebased subscription revenue up 1% and rebased Adjusted EBITDA up 4%, notwithstanding a 27% net profit decline.
  • On track to deliver on both our FY 2021 guidance and our 3-year Operating Free Cash Flow CAGR ambition.

​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. Inside information.

​Mechelen, April 29, 2021
– 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, 2021.


  • Continued robust commercial momentum in Q1 2021 notwithstanding a competitive market, having added 18,700 net new FMC customers to our "WIGO", "YUGO" and "KLIK" bundles, 9,000 net new broadband internet RGUs and 15,300 net organic mobile postpaid subscribers.
  • The fixed monthly ARPU per customer relationship reached €59.8 in Q1 2021, up 3% yoy, driven by a higher share of both higher-tier broadband and multiple-play customers in our overall customer mix and the benefit of certain price adjustments.
  • Launch of our new tailored FMC offers "ONE" and 'ONEup" during April 2021, breaking down the barriers between mobile and fixed data usage and replacing our former "WIGO" and "YUGO" bundles.
  • Q1 2021 revenue of €645.9 million, -1% yoy on both a reported and rebased(1) basis, reflecting a 9% decrease in our other revenue compared to the prior year period driven by significantly lower interconnect revenue following the COVID-19 pandemic. Excluding our other revenue, our rebased revenue grew moderately by just over 1% yoy and reflected a solid 2% growth in our cable subscription revenue, partly offset by lower usage-related mobile telephony revenue.
  • Net profit of €112.5 million in Q1 2021, -27% yoy, driven by significantly higher income tax expense relative the same period of last year.
  • Q1 2021 Adjusted EBITDA(2) of €334.2 million, -3% yoy, including changes to the IFRS accounting treatment of certain content-related costs for our premium entertainment packages and the Belgian football broadcasting rights because of changes related to the underlying contracts as of Q3 2020. On a rebased basis, our Q1 2021 Adjusted EBITDA increased almost 4% yoy driven by significantly lower direct costs as our Q1 2020 direct costs reflected the accelerated write-down of broadcasting rights due to the global COVID-19 pandemic.
  • Accrued capital expenditures(3) of €143.1 million in Q1 2021, -17% versus Q1 last year and approximately 22% of revenue. Excluding the recognition of certain football broadcasting rights and the temporary extension of both our 2G and 3G mobile spectrum licenses, our Q1 2021 accrued capital expenditures were €132.3 million, equivalent to approximately 20% of revenue.
  • Operating Free Cash Flow(4) of €201.9 million in Q1 2021, +15% yoy, mainly driven by substantially lower investments in Q1 2021. On a rebased basis and excluding the recognition of both football broadcasting rights and mobile spectrum licenses, as well as the impact of certain lease-related capital additions on our accrued capital expenditures, our Q1 2021 Operating Free Cash Flow was up just over 16% yoy.
  • Net cash from operating activities, net cash used in investing activities and net cash used in financing activities of €274.0 million, €120.1 million and €35.9 million, respectively, in Q1 2021. Our Adjusted Free Cash Flow(5) grew 49% yoy in Q1 2021 to €124.0 million. The strong growth in our Adjusted Free Cash Flow was driven by €9.7 million lower cash interest and derivative expenses following last year's refinancings and included a €1.7 million positive contribution from our vendor financing program.
  • FY 2021 outlook reiterated, despite an anticipated different year-on-year phasing in Q2 2021 versus the preceding quarter due to the year-on-year COVID-related impact on our (other) revenue, Adjusted EBITDA and accrued capital expenditures. In 2021, we expect both our revenue and Adjusted EBITDA(b) to return back to growth with a targeted rebased(a) growth of up to 1% and between 1-2%, respectively. We will also deliver healthy Adjusted Free Cash Flow(b, d) between €420.0 and €440.0 million for the FY 2021 despite a modest contraction in rebased Operating Free Cash Flow(b,c) in 2021 of around 1% on the back of higher targeted investments. With that, we still expect to deliver on the lower end of our 2018-2021 Operating Free Cash Flow(b, c) CAGR of between 6.5% to 8.0%. ​
  • The April 2021 Annual Shareholders' Meeting approved the payment of a gross dividend of €1.3750 per share. This dividend will be paid in early May and complements the intermediate dividend of the same size, which was paid in December 2020. With that, we will have returned a total gross dividend of €2.75 per share to shareholders (€300.2 million in aggregate), which is in line with our earlier communicated dividend floor and represents an increase of 47% compared to last year.
Press release Earnings Release Q1 2021 ENG_vFINAL.pdf - 316 KB


About Telenet 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 a 100% owned subsidiary of Liberty Global. Liberty Global is 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. For more information, we refer to

The Telenet newsroom can be found at

Telenet SA
Liersesteenweg 4
2800 Mechelen
BTW BE 0473.416.418
RPR Antwerpen, afd. Mechelen