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In terms of more broadly, as I said, it is a dynamic market. From my perspective, what you should always expect Vodafone to be doing is really maximise for overall service revenue trajectory, and that remains the absolute principle. Perhaps taking a more Group-wide holistic than a single country view. In Q3, we saw OSR growth firmly positive in Europe for a second quarter despite the tough comp in the UK and well into double-digit EM growth continuing. What can you say, if anything, and we are already a chunk through Q4, on your overall prospects for full year 2027 and beyond? Are you feeling more or less optimistic based on the nine months to-date? Thank you, Robert. Once more it is going to be about moving parts, because, of course, this is a quarterly update. But Pilar will tell you the direction of travel on these moving parts. To your question, what you will find is that it is all very consistent with our multi-year growth trajectory that we have been discussing since May. Maybe Pilar, you can take those? Yes, Robert, thanks for the question. Yes, as Margherita was saying, early days to provide exact detail. We will come back in May. But at a high level, we remain very confident on the multi-year outlook for adjusted free cash flow growth for 2027. Several components there that we need to take into account. From an EBITDAaL perspective, we expect continued good growth for the Group overall. Margherita spoke in detail about the German trends. We also expect in UK the first meaningful cost synergies to be delivered in 2027, which is a very relevant fact. From an EBITDAaL perspective, emerging markets, typically with lower inflation is likely to slow down. That is something again that you need to take into account in terms of EBITDAaL. But as I said, continued good growth for the Group overall into fiscal 2027. Then in adjusted free cash flow, you obviously have CAPEX. On that one, I'm happy to say that we remain very confident with the level of capital intensity that we have at the moment. In fiscal 2027, there will be a step up in the UK in line with that year being the peak of the investment programme in the UK. But again, all EBITDAaL and CAPEX consistent with the multiyear growth trajectory that we have been sharing with you. Then you also need to take into account below adjusted free cash flow. There are a number of moving parts. The main ones for me to flag right now have to do again with the UK in terms of integration costs. Fiscal 2027 will be a full year of integration, and we guided before on the size of the integration and restructuring costs in the UK overall and the fact that it was going to be front-loaded. So you have to take that into account into fiscal 2027. Then in terms of the spectrum, it is worth reminding everyone there will be the second instalment of the Turkey spectrum. Potentially, there could be some more spectrum in Egypt
Robert Grindle Deutsche Numis
Margherita Della Valle Vodafone
Pilar López Vodafone
where we have ongoing conversations. Beyond that, early to provide exact levels. We will come back in May. If you need any more in terms of the mechanics, Investor Relations can provide you more details if you need to.
Margherita Della Valle Vodafone
Thank you, Robert.
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