Telenet Group Holding NV

Investor Presentation • Jan 30, 2023

Investor & Analyst presentation

January 30, 2023

Safe harbor disclaimer

Private Securities Litigation Reform Act of 1995

Various statements contained in this documents as that term is defined under the U.S. Pivate Securities Lifgation Reform Act of 1955. Words like "beleve" " should," "nterd," "will" "expects," "estimates," "positioned" "strategy" and similar expressions increase coverne statements reated to our finance and performance, including revenue, Adjusted FBTDA, relased Adjusted EBTDAL. and Adjusted EBTDA less property & equipment additions with prospects; strategies; product; network and technology curres an capabilities and expansion of our and our affiliates' respective balance sheets (including cash and lind-patty debt, anticipated borrowing capacity, the articipatel endearch gowth and the NetCo creation between Televes and Fluius, including the timing, costs and benefits to be cerved therefrom, any dividents to be paid to shipated on thing to the timing, costs and benefits to be derived the end costs and benefits to be realized as a result of the mobile tower infrastructure to Digitalbidge, and the anticipated impact of acquisitions on or ombined operations and financial performance, each of whown risks, uncertainies and other factors that may case our actual results, performance or achievents or industry results to be materially different forecased, estinated or bugged whether expressed or implied, by these for wardlooking statements. These faction and and the espect to our liguity or results of operations; potential adverse competitive, economic or regulatory developments, the potential adverse impact of the novel connexims (COVID-19) partents and other contractual commitments; or ability to fund and every our ability to generate cash sufficient to service our debt, interest rate fluctuations; the impact of new business opportunities requiring sphility to attract and retain customers and incease our overal market perentation our ability to compete against other communications and contracts our ability to maintain contracts that are critical to our operations on adequately to technological developments; our ability to develop for our crifical systems; our ability to online to design networks, install facilites, obtain and maintain any required governmental licenses or approvation and development, in a imely maner at reasonable costs and on satificals our ability to have an impact upon, or to resord effectively to registions; our ability to make value-accretive investments; and our ability to sustain or increase sharender distributions in uture periods. Ve assuments ontained herein to reflect actual results, charges in assumitions or changes in factors affecting these statements.

Adjusted EBTDA. Adjusted EBITDA less property & equipment additions (reviously referred to as Qerating Free Cash Flow and net total leverage are non-GAP nessures as contens and Exchange Commission's Regulation G. For reated definitions and reconciliations and reconciliations and reconciliations, Investor Relations section of the Liberty Global.com). Liberty Global pc is our controlling shareholder.

1

Fostering competition in the Belgian telecoms market, expanding customers' freedom of choice through at least three nationwide FMC providers. The Agreements will remain in force independently on the evolution of the current regulated open access model.

2

Telenet to access the VOO fixed network in Wallonia and the remaining one-third of Brussels, which is in the process of being acquired by Orange Belgium. Telenet will hence become a nationwide FMC provider, being able to access VOO's current HFC and future FTTH network. 3

Orange Belgium will remain/become a wholesale customer on Telenet's HFC and future FTTH network, leading to increased network penetration and improved returns on our scheduled fiber investments.

4

Commercial wholesale access to both current hybrid-fiber coaxial ("HFC") network and future fiber-to-the-home ("FTTH") deployments in both network areas, at pre-agreed terms and conditions – subject to the completion of the VOO acquisition by Orange Belgium.

Confidential - Limited

4

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• ‣ 1.8m homes passed, fully adjacent to Telenet's current fixed network
• ‣ Advanced commercial and go-to-market strategy, leveraging our digital platforms and demonstrated challenger mindset
• ‣ Targeting a regional off-footprint fixed market share of ~10% over the medium term
• ‣ Expected launch in early 2024 following certain investments in IT and product development in the course of 2023

1

Confidential - Limited

¹Source: BIPT + management estimates

² Pending regulatory approval from the European Commission

• ‣Incumbent market position with strong market shares across all segments
• ‣Gigabit DOCSIS network today with future-proof plan to reach 10 Gbps through a mix of DOCSIS and a target to cover 78% of our footprint with FTTH
• ‣Setting up NetCo with Fluvius, a unique fixed infrastructure asset with a 60% network utilization²
• ‣Agreement with Orange Belgium increases network penetration and improves the return on our targeted fiber investments

From a regulatory access model to a commercial wholesale relationship, remaining in force independently on the evolution of the regulatory framework.

1

2

Orange Belgium will get access to Telenet's future FTTH network with Orange Belgium remaining an important wholesale customer to Telenet.

3

Further increasing our network penetration and improving the return on investment of our recently announced fiber investments.

4

Upon closing of the NetCo transaction 1 , the Agreement will transfer to NetCo, hence strengthening NetCo's fundamentals and attractiveness to potential strategic and/or financial partners

Confidential - Limited

Growth opportunities across Residential, Entertainment & Media, B2B and New Business

Efficiency potential from digitization

Value creation from bringing in additional investors and increased penetration Opportunities Efficiency Value creation CAPEX efficiency

CAPEX efficiency potential from smart roll-out strategy

Telenet value upsides

NetCo value levers

‣ Expansion to the South unlocks an attractive avenue of growth for Telenet and enhances our top

‣ Welcoming Orange Belgium as a wholesale customer on our FTTH network, increasing network

• line growth profile
• penetration and improving the returns on our targeted fiber investments

‣ Wholesale agreement to transfer to NetCo upon closing of the NetCo transaction with Fluvius

Telenet Investor Relations Rob Goyens Vice-President Treasury & Investor Relations rob.goyens@telenetgroup.be

Bart Boone

Manager Investor Relations bart.boone@telenetgroup.be

Investor Relations | Telenet Group Holding NV