Comcast Holdings Corp - FR DB REDEEM 15/10/2029 USD 71.52

Separation of NBCUniversal & Sky on track (big milestone, transition risks) - Comcast reiterated it remains on track to complete the transaction by mid-next year, with execution well underway (including building standalone public-company infrastructure). - Confidence but still “significant work ahead”: expects structural readiness for both companies to compete/grow independently. - New finance leadership for NBCU: Chris Halpin joined as CFO (supporting execution into independence).

Connectivity & Platforms (core broadband) — near-term pressure, modest improvement signals - Q3 pro forma revenue flat; adjusted EBITDA +~1%; but Connectivity & Platforms reflected go-to-market investment pressure: revenue -2.6% YoY, EBITDA -4.4% YoY. - Early improvements as they lap prior investments: - Convergence ARPA and broadband ARPU declines narrowed sequentially (reported: -190 bps and -190 bps), and Connectivity & Platforms EBITDA decline narrowed (~140 bps). - Operational/customer signals: NPS improved; ~45% of broadband base on gig+ tiers (up ~10 pp YoY). - Q4 expectation: management expects further slight improvement in underlying trends even while continuing migrations to new pricing/packaging and ongoing wireless free-line offerings.

Wireless strategy (convergence growth engine) — strong momentum, but churn pressure still present - Competition remains intense (including fiber promotions and aggressive pricing pockets), plus higher-than-typical customers undergoing legacy pricing transitions, contributing to churn. - Q3 subscriber/line metrics: - Lost 144k broadband subscribers; added 368k net wireless lines - Convergence revenue -2%; convergence ARPA -0.5%, partially offset by ~15% wireless service revenue growth - ~70% of “free wireless lines” converting to paying relationships (key validation) - Premium unlimited share ~40% of postpaid phone connects (up from ~30% last quarter); ~25% of phone base premium - Ending wireless scale: 10.6m total wireless lines (+18% YoY, +40% over two years), ~18% penetration of residential broadband base - Management viewed “irrational competition” primarily as fiber pricing vs known cost to deploy (~$1,500+/home); they argue free-line economics are rational due to capital-light MVNO model (no spectrum/towers, mostly on Wi‑Fi).