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We also think that, I would say, our biggest opportunity, segment-wise, are in the SME space on all these services. So middle-sized company. Why? Because these are the companies that are used to buy technology from Vodafone. We have been serving connectivity to them, we have strong partnerships. They look at us to help them. In these days, for example, sovereign cloud is a super big topic of conversations. We are well placed to help them with that. The more you go in the value chain, especially in Europe towards things like gigafactories and other areas, I think you will see us prioritising in a very clear way. Because in some areas, the economics are still to be proven, the capacity utilisation needs to be proven and therefore, we are very rigorous in the way we go about the opportunity to serve the demand by starting to address the areas which really, for us, are low-hanging fruits. To your question, yes, there will be more activity in this space in terms of building capabilities and sometimes this may continue to involve small bolt-on M&A. Great to see your stock get its mojo back. I hope that translates to Italy and Germany, especially before Luka moves on. Margherita, the footprints reshaped, you have merged the UK, not to mention all the operational stuff. This was a large in-tray. So what do you look forward to spending more time on with your new CFO colleague? We have the capital allocation question. You addressed that. More capabilities in digital seem to be underway. Do you see any footprint infill need, any more consolidation opportunity? And conversely, do you see that the Vodafone balance sheet needs further simplification? As you indicated, we are really pleased to have, I call it, completed the building site after the last couple of years and get the Group we wanted and see our position today being at scale with strong brands in all the markets in which we operate, and these markets being markets where we have sustainable structure. This is all the foundations we needed for good growth. Looking forward, there is obviously much more to go for, but you should expect that, not to make the headlines through M&A, you should expect that to be our continued execution of our transformation. And really, all we need today to make the most of our growth opportunities, be it in Germany, be it in the UK, be it in Africa, is disciplined execution focused on operational excellence to make the most of what we have. I mentioned earlier, customer simplicity and growth. Our priorities have not changed. Our opportunities have not changed. It is great that today, we are in a completely different position on customer experience, but lead and co-lead in 11 out of 15 markets is not enough. So my number one priority will continue to be to push on that. Group simplification, we have made lots of inroads. I mean we are completing this year, for example, roles reduction that we talked about to simplify the Group when we announced the strategy. There is always more to do, and we have the opportunity to become much more simpler. I mean one of the slides, by the way, in our PowerPoint today is about AI because there is a lot to go for to make us faster, more agile. Then you mentioned B2B. It has been a feature of this call, which I really appreciate, because I believe it is a strong opportunity for us. If you think about it, we have a really strong competitive position there. We are trusted by businesses and governments across Europe and Africa. So it is a fantastic growth opportunities. In all the areas we operate in, we have strong demand for our services., so it is about really accelerating the growth in the years ahead now. And it is in our hands. I would really like to take the opportunity to thank Luka. Last call. Luka has been great support on all the things we have talked about in this call. Thank you for your time, as always, today, and look forward to see you all in the next quarters. Thank you. [END OF TRANSCRIPT]
Robert Grindle Deutsche Numis
Margherita Della Valle Vodafone
Margherita Della Valle Vodafone
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