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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
Highlights Good morning, everyone, and thank you for joining us today. Alongside me, I am pleased to be joined by Pilar, our new Group CFO. Welcome, Pilar. Overall, we continued to perform well and have maintained our good top line momentum, having grown Group service revenue by 5.4% this quarter. This was supported by growth across both Europe and Africa, with continued growth in Germany, and strong contributions from both Africa and Türkiye. Moving to profitability, Group EBITDAaL grew by 2.3% in Q3 and 5.3% year-to-date, which is fully in line with our expectations, and our trajectory to deliver the upper end of our FY26 guidance. Beyond these results, we continued to make good progress against our strategic priorities. In Germany, we continue to improve our customer experience. In mobile, our network test results have continued to improve despite having completed the migration of 12 million 1&1 customers, one of the largest in European telcos. We now have more mobile customers using our network than any other operator in the country. And in fixed, our NPS continues to grow quarter after quarter, and we have just increased upload speeds nationwide across our cable network. This has been supportive of our value strategy. Whilst our price actions have impacted gross additions in the quarter, the improvement of our inflow revenue, with new customer ARPUs now 21% higher year-on-year, has stabilised Consumer broadband revenues. However, we still have more to do in what remains a competitive market environment. Moving to the UK. Following an exceptionally fast start, our integration and network investment plan is now well underway. Our initial network upgrades have been delivered ahead of schedule, and are already enabling customers to benefit from greater mobile coverage and faster data speeds. The progress that we have made in only seven months is already visible in independent network tests and has been noted by the UK regulator. However, this is just the start of our 10-year plan to invest £11 billion to build UK’s leading 5G network. And stepping back, I remain very excited about the potential of this merger. Vodafone has more mobile assets than any other operator, is the fastest growing fixed broadband provider, and we have clear line of sight on £700 million of annual costs and CAPEX synergies, plus opportunities to realise revenue synergies on top.
05 FEBRUARY 2026 /10:00am Vodafone Q3 FY26 Q&A VODAFONE PARTICIPANTS Margherita Della Valle Vodafone Group Chief Executive Pilar López Vodafone Group Chief Financial Officer Robert Grindle Deutsche Numis Emmet Kelly Morgan Stanley Polo Tang UBS James Ratzer New Street Research Andrew Lee Goldman Sachs Joshua Mills BNP Paribas Exane David Wright Bank of America Merrill Lynch Paul Sidney Berenberg Carl Murdock-Smith Citigroup ANALYST PARTICIPANTS Maurice Patrick Barclays Akhil Dattani JP Morgan
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