Q3 FY26 Q&A Transcript

11 Vodafone Group Plc

Deutsche Numis

Morgan Stanley

New Street Research

Goldman Sachs

BNP Paribas Exane

Bank of America Merrill Lynch

Barclays

JP Morgan

UBS

Berenberg

Citigroup

Now we are only at the beginning of a very long conversation because that is in the space of security, so firmly in the remit of the Member States, but we could expect long discussion between the Commission, the Parliament, the Member States. What we will be engaged on is to make sure that actually we bring clarity, because it is really important for us to manage any change in the context of our long-term investment cycle. Then the third point, which is innovation. I would say some positive news there, less maybe in the spotlight, but of course, much more to do. Again, we will be vocal in this direction. The positive news are around single market steps because we have a proposal for passporting, which is really useful for us for our digital platforms like IoT, which work across countries. Then also satellite, again, very important for our strategy, single satellites authorisation across the EU that really simplifies our world. But I said that is really not enough. The one area which is something I keep pushing for is net neutrality in Europe, still, even in the current draft, one-size-fits-all approach, which then creates obstacles to driving innovation in B2B, in particular, through slicing and other services. Now I will go back to where I started. All of this is still very much in draft. As you know, with European processes, it will take some time until we actually know where we land. Thank you all for joining us today, as usual. In summary, as you have seen, we are performing in line with our expectation, and we will close the year at the upper end of our guidance range. Our operational progress is consistent with our multi-year growth trajectory. We look forward to see you all for our full year results in May. Thank you.

Margherita Della Valle Vodafone

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