Virgin Media O2 has reported a 2.4 per cent year-on-year decrease in revenues to £2.7 billion in Q3 2024.
The company also suffered a 4.1 per cent fall in adjusted EBITDA to just over £1 billion. During the quarter, the operator lost 15,300 mobile contract customers and 221,300 IoT “very low value connections” after introducing minimum charge pricing.
However, its fixed-line customer base rose to 5.8 million – more than a 40 per cent increase in gross additions in nexfibre’s expanded footprint compared to Q2.
Nexfibre is a joint venture between InfraVia Capital Partners, Liberty Global and Telefónica – the latter two are Virgin Media O2’s parent companies. nexfibre is financed by £4.5 billion of equity and debt investment.
As of September 2024, nexfibre had passed almost 1.6 million premises, primarily in Cheshire, Derbyshire, Durham, Kent and Lancashire.
Lutz Schüler, chief executive officer of Virgin Media 02, said, "During Q3 we have continued to make progress against our core strategy as we invest in the foundations for future growth.
“We delivered on both volume and value in consumer fixed, with a return to customer growth coupled with an increase in fixed-line ARPU. In mobile, we saw a quarterly trend improvement in key metrics, supported by a reduction in O2 churn during a summer of key campaigns for our loyalty programme Priority and inclusive EU roaming.
“Our 5G and fibre rollout continues at pace, and we have invested more than £1.5 billion so far this year as we focus on delivering a great customer experience with fast, reliable connectivity in more areas, increased loyalty benefits and improvements in our customer service performance.
“In the first nine months we are tracking well against EBITDA guidance, enabling us to reiterate all guidance metrics with confidence, as we keep our foot on the gas with targeted investments in the salient final quarter."