Telenet says it is well-positioned to weather economic turmoil

Belgium-based Telenet Group has reported revenues of €1.95bn for the first nine months of 2022, up 1% year-on-year. Net profit for the same period was €996.1m, a 230% year-on-year increase which the company attributes to the disposal of assets related to its TowerCo transaction. At the same time, the company also reported “inflationary headwinds on our staff-related expenses and higher energy prices.”

Commenting on the results, John Porter, Telenet’s CEO, stated: “The past three months marked yet another very eventful period for us if you take a look back at all the strategic initiatives we announced, paving the way

John Porter

for the next wave of value creation. Mid-July, we announced a final binding agreement with Fluvius to jointly realise the ‘data network of the future’, creating a fully funded infrastructure company (NetCo) which is pending regulatory approval. We also finalised the mobile spectrum auction by obtaining 15 MHz in the 1400 MHz band for an amount of €38 million, in addition to the frequencies acquired already in June for €264 million.”

Underlining the company’s strategy, he said: “We intend to transform Telenet from the leading broadband, media and entertainment company in our footprint into a leading customer-centric provider of connectivity, entertainment and digital services, and drive sustainable growth. We plan substantial investments in our fixed and mobile network infrastructure over the next few years as well as in our digital and data platforms.”

Regarding the economic climate, Porter said: “With a robust balance sheet and liquidity profile, Telenet is well positioned to weather the macro-economic turmoil.”