Adjusted EBITDAaL & FCF ⫶ Good EBITDAaL growth (€billion) Adjusted EBITDAaL Free Cash Flow
(€billion)
Adjusted EBITDAaL (reported) Interest & tax Working capital & other Net dividends (assoc. & JV) Capital additions Adjusted free cash flow Spectrum
€5.7bn
0.6
(0.1)
€(1.0bn)
(0.0)
€5.8bn
(0.2)
€5.5bn
€(2.6bn)
€0.1bn
+6.8% Organic YoY growth 1
€(2.8bn)
€(0.6bn)
€(0.2bn)
FY25 EBITDAaL (organic) 1
Direct margin
Net A&R
Europe opex
Other Group opex
FY26 EBITDAaL (organic) 1
Restructuring & integration Free cash flow
€(0.8bn)
• Revenue growth supporting direct margin expansion • Customer acquisition & retention costs impacted by commercial investments in Germany in prior year • Opex increase at Group level primarily driven by Türkiye • Efficiencies across Europe offset by incremental investment in customer experience, brand & Business
• Adjusted Free Cash Flow improved €0.4bn YoY • H1 cash outflow reflecting usual in-year working capital phasing − c.60% of capital expenditure spend in H2 − handset receivables timing in Q4 • First €180m instalment of Turkish 5G spectrum due in H2 FY26
H1 FY26 Results ⫶ November 2025
1. Organic Adj. EBITDAaL and organic Adj. EBITDAaL growth represents performance on a comparable basis, excluding the impact of foreign exchange rates, mergers and acquisitions, and the hyperinflation comparable basis, excluding the impact of foreign exchange rates, mergers and acquisitions, and the hyperinflation adjustments in Türkiye, to improve the comparability of results between periods.
12
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