3
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
UK: Good commercial momentum and fast integration Now on to the UK. We are the largest mobile operator in the country, serving almost 30 million mobile customers, and we are also the fastest growing broadband provider, with the largest gigabit footprint of any operator, just like in Germany, as we are able to sell fibre to about 22 million UK households. Vodafone UK is already the market leader in customer satisfaction, and we are now extending our customer experience standards to Three customers. All of our customers are set to benefit from our £11 billion network investment as we build the best-in-class 5G network for the UK. We have made a very fast start. Independent tests are already confirming noticeably better speeds than coverage in less than six months. In terms of growth, as you know, we have good commercial momentum in the UK, which is now being supported by our cross-selling opportunities, with Vodafone broadband offers now open to Three customers and FWA open to Vodafone customers. Our multi-brand approach is proving effective in making the most of the market demand opportunities. 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. This is just our two largest markets. Africa: Growth across all markets We hold leadership positions across our African markets, where yesterday, the team reported another strong set of results, in line with their medium term double-digit EBITDAaL growth guidance. We are excited about the future in Africa as it combines structural opportunities across all our services, from core connectivity, to financial services, to B2B. Our objectives & outlook Coming back to Group. In closing, our objectives continue to be the same: • To improve our customer experience across our markets; • Further simplify our business; and • Deliver sustainable cash flow growth in FY26 and beyond. The turnaround of Germany, the UK integration and our strong positions in growing markets across Europe and Africa, all give me confidence in our growth outlook. With the reshaping of the Group behind us, now is the right time to deliver on our ambition to grow our dividend over time. We announced today that we are moving to a progressive dividend policy. Now, Luka and I are looking forward to your questions.
Powered by FlippingBook