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Vodafone Group Plc FY26 Q&A Transcript
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BNP Paribas Exane
Bank of America Merrill Lynch
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James Ratzer New Street Research Margherita Della Valle Vodafone James Ratzer New Street Research Margherita Della Valle Vodafone James Ratzer New Street Research Margherita Della Valle Vodafone
Does that mean if I put that B2B angle together, do you think Europe as a whole can return to positive service revenue growth even as we lap the 1&1 contract?
You mean, without a defined timeline?
Yes.
Yes. Of course. Absolutely. I mean, we are growing today.
Well, that's with I was looking at excluding the 1&1 impact.
Yeah, of course.
Andrew Lee Goldman Sachs
Yeah. Good morning. I had a question on UK organic service revenue growth. Just noting your positive commentary on revenue synergies on the buy-in of Hutch Three earlier than expected. Can we break it down into the kind of two pillars of what's going to drive the improvement in growth? There's the revenue synergy side you say is accelerating, and then there's, I guess, market repair or hopefully market repair, that should boost the growth outlook in the future. I wonder if you could just talk about the scale and the timeline of each. Just thinking on, well, on the market repair side, are we just going to have to wait for the cheap MVNO deals to roll off before we get some market repair and more rational behaviour in the UK market, given we're seeing like the Revolut, Digi, all coming in to undermine that pricing rationality. Any help you can give on the UK would be really useful.
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