Connecting what matters most

Message from our CEO

In 2025, we set a new direction for VodafoneZiggo and took decisive steps to return the business to growth. We made deliberate changes to who we are, what we prioritise and how we show up for our customers and in the market. Above all, we restored momentum: strengthening confidence in our organisation, clarity in our strategy and focus on doing what we do best – connecting people, businesses and communities to what matters most.

SETTING A CLEAR COURSE
In the first half of the year, we launched a renewed strategy with a simple and unambiguous ambition: to return to customer growth by delivering better experiences, more reliable connectivity and stronger value for customers. This meant sharpening our focus on making a meaningful difference in customers’ daily lives, through high-quality, resilient networks and products that are simple, secure and easy to use. In 2025, we backed up this ambition with concrete action. By the end of the year, we were well on track to becoming the first provider in the Netherlands to offer nationwide 2 Gbps internet. We also introduced a Battery Guarantee and Wifi Guarantee, strengthened our Vodafone Business cybersecurity proposition and improved self-service through AI-powered Customer Assist. Together, these initiatives reflect a clear shift in how we see the world through our customers’ eyes, solve real problems and deliver the reliable, effortless connectivity people increasingly expect.

BECOMING THE NETHERLANDS’ PREFERRED NETWORK
Network quality and products alone are not enough in a highly competitive and commoditised market. To earn customers’ choice and loyalty, we must also stand for something distinctive. In 2025, we took important steps to strengthen our brands – building trust, relevance and emotional connection. Campaigns such as Oh Yeah and Switch&Save, a closer integration of Ziggo Sport with our core business and renewed energy behind our hollandsnieuwe challenger brand all helped sharpen how we show up in the market. Our ambition is clear: to become the Netherlands’ preferred network within three years. Achieving this will not only strengthen our brands, but also create a more sustainable foundation for long-term growth.

LAYING THE FOUNDATION FOR THE FUTURE
We are beginning to see the impact of our strategic choices where it matters most. Customer momentum is improving, with churn decreasing in the second half of 2025, and this gives us confidence that our investments are starting to resonate. Over time, this progress will translate into stronger financial performance; in the meantime, our revenues declined slightly in 2025 as a result of our repricing strategy and a reduction in our customer base compared to the prior year. Just as importantly, the transformation is visible inside our organisation. A year ago, our biggest challenge was not the external environment, but the need for a fundamental mindset shift. Over the past months, it has been a source of pride to see belief in our plan grow and to watch teams take greater ownership as our strategy comes to life.

RAISING THE STANDARD
To support this shift, we reshaped VodafoneZiggo in 2025 – simplifying structures, increasing accountability and improving collaboration across teams. These changes put us in a stronger position to serve customers better and to execute our plan with greater speed and consistency. I recognise that this period of change brought uncertainty and disruption as we said goodbye to valued colleagues and introduced new ways of working. I want to thank everyone at VodafoneZiggo for their flexibility, commitment and professionalism during this transition. While our organisational framework is now in place, our cultural transformation is ongoing. In 2025, we introduced five clear standards that define how we work together – starting with our customers and ending with ourselves. These standards provide a shared reference point for behaviour, decision-making and leadership. One of our key priorities in 2026 is to embed them fully across the business.

POWERING PROGRESS AND POSSIBILITY
Fast, resilient digital infrastructure is essential to modern society. VodafoneZiggo’s networks form a critical part of the Netherlands’ digital backbone, supporting homes, businesses, schools, hospitals and communities. Beyond connectivity, we aim to make a positive contribution to society. In 2025, we expanded our societal impact initiatives, helping people to access essential services, navigate the online world safely, connect to new opportunities and stay connected during times of crisis. We also refreshed our sustainability strategy, reaffirming our commitment to responsible and caring business practices. Our second consecutive EcoVadis Platinum medal reflects our progress. More detail on our environmental, social and governance (ESG) performance can be found in the standalone sustainability statement included in this report.

CONNECTING WHAT MATTERS MOST
After a year of transformation, we entered 2026 with renewed momentum, with greater clarity on where we are heading and increased confidence in how we will get there. The launch of the new Ziggo brand identity marks another important step, and there are more to come. I would like to thank our customers, partners, shareholders and colleagues for their continued trust and support. Together, we are building a stronger VodafoneZiggo: one that is focused on growth, proud of its role in society and determined to become the preferred network in the Netherlands. In 2026, we will accelerate: strengthening our brands, delivering our growth plans and, above all, keeping our customers connected – to everything they need and everything they love.

Stephen van Rooyen
Chief Executive Officer, VodafoneZiggo