15 Vodafone Group Plc
Morgan Stanley
BNP Paribas Exane
Bank of America Merrill Lynch
New Street Research
Deutsche Numis
Forward-looking statements
Barclays
JP Morgan
Citigroup
UBS
Berenberg
As you can see, the first things we are excited about at the moment are the revenue synergies, and these come, of course, on top of the £700 million cost and CAPEX synergies that are, of course, part of our business case. Good momentum in the UK, and you will see this continuing ahead of us. Page 7 The combination of these revenue synergies with our £700 million cost and CAPEX synergies gives us a strong growth trajectory in the UK. We will leverage our unique assets in the market to extend our customer experience leadership; monetise our improved mobile network quality; and continue to drive fixed service growth. Page 3
Synergies & Integration Synergies & Integration
FY26 & beyond FY26 & beyond FY26 & beyond Mid-term guidance
UK
UK
Service Revenue Adjusted EBITDAaL
(…) certainly, the inflationary trends will continue to recede and therefore, growth may come down (…)
Türkiye
Page 10
Africa, of course, also growing strongly, double-digit EBITDAaL growth, which is in line with our upgraded guidance there. First of all, digital services are now over a quarter of our B2B revenue. So it starts to become quite material and it is growing really well. (…) I think it is really important for us to assess where there is demand, where this demand is best served by Vodafone as opposed to other areas, and where there are also good returns. We certainly see big opportunities to continue to grow in IoT. (…) We see equally very good growth for us, already today, in cloud, where Skaylink operates. Cloud is a big contributor to our double-digit growth, and also security with cyber in mind. 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. (…) In these days, for example, sovereign cloud is a super big topic of conversations. (…)
Africa
Page 10
Digital services & capabilities
FY26 & beyond
Business
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. Page 12
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