CEO Mike Fries has outlined a strategic shift during our recent extended fourth-quarter results call. Our focus now extends beyond maximizing the long-term value of our core FMC assets to actively delivering that value to shareholders over time. Progress in Q1 has been significant, particularly in executing initiatives such as the planned spin-off of Sunrise, which remains on schedule for Q4 this year.
Our financial position remains robust, boasting $3.9 billion in cash and liquid securities. This strength is reinforced by robust Adjusted Free Cash Flow (FCF) generation and the potential to bolster liquidity through asset sales. Recently, we completed a proactive $2.4 billion refinancing for VMO2, extending the average life of our total U.K. debt stack with minimal impact on VMO2’s Weighted Average Cost of Debt (WACD). Shareholder remuneration remains a priority, with approximately 3% of shares repurchased as of April 26th, aligning with our target of up to 10% of shares by year-end. Furthermore, our Ventures portfolio, valued at $3.4 billion, serves as a promising platform to support FMC operations, drive returns, and cultivate substantial long-term value.
Investments persist in our fiber-rich, fixed, and 5G mobile networks, essential for fortifying the long-term asset values of our Operating Companies (OpCos). Notably, fiber upgrade projects in the U.K., Belgium, and Ireland are progressing as planned, with nexfibre achieving the milestone of one million premises built in the U.K. VMO2’s fiber build capacity continues to escalate. Additionally, investments in digital and AI initiatives are ongoing to bolster commercial momentum and operational efficiencies.
Financial performance in Q1 met expectations, with notable achievements such as strong Adjusted EBITDA growth in the Netherlands and positive broadband net adds in Switzerland. Improvements in Fixed Average Revenue Per User (ARPU) trends were observed in the U.K. and Switzerland, while Belgium and the Netherlands experienced continued fixed ARPU growth. We remain on course to achieve our full-year 2024 guidance metrics across all OpCos, supported by recent price adjustments in the U.K., the Netherlands, and Belgium aimed at fulfilling our financial targets.
