Charter Communications Inc. - Ordinary Shares - Class A

Mobile momentum is strong; Spectrum Mobile lines up sharply - Added 406k Spectrum Mobile lines in the quarter; +1.7M over last 12 months for +16% YoY growth. - Now has 12.5M mobile lines and remains the fastest-growing mobile provider in its footprint. - Key investor takeaway: management sees large remaining penetration upside (mobile penetration of Internet ~20%, ~just under 2 lines per mobile; Spectrum Mobile currently ~8% penetration of footprint mobile lines).

Internet results are weak vs. last year; churn stable but top-of-funnel competition is the issue - Internet customer loss: 172k in 2Q (driven by lower connects YoY), while churn ~flat. - Revenue down 1.7% YoY, driven by lower residential revenue; 2Q adjusted EBITDA declined -3.2% (excluding Cox transition expenses). - Management attributes weakness primarily to softer gross additions from expanded competitive footprint and ongoing impacts from fixed wireless and fiber overlap competition. - Outlook/expectation: competition growth should subside, and Charter expects to stabilize and return to broadband growth over time, helped by converged product/pricing, better NPS, and speed/reliability improvements—but they stress timing is hard to predict.

Video churn is improving materially (a bright spot) - Video customer losses improved to -21k vs -80k in 2Q ’25, driven by lower downgrades, lower churn, and higher upgrades due to entertainment packaging improvements (including programmer app inclusion). - 55% of eligible video customers have activated at least one inclusion app (4+ apps on average), which management links to reduced churn. - This is one of the clearest “good” points: bundling (mobile + video with Internet) is explicitly described as churn-reducing.