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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
continuing to beat record levels, for us, in fixed and stepping up in mobile. In some sub-segments, we are now actually leading in the market. Clearly, there is more to do, but all this is playing in our numbers to churn. I talk to the work we are doing on ARPU and supporting value in the market. We are really focused there on all what is in our control. And this is going to, again, help us. In fixed, you will have seen, for example, us gradually moving up front book ARPU in the last six months. The last moves were only three weeks ago, and we are seeing the benefits of that in mobile, we have upselling. Finally, actually, Luka mentioned B2B. B2B is perhaps one of our biggest growth opportunities in Germany. We are investing in digital services, again you have heard the Skaylink acquisition, it’s growing double-digit. We see this as supporting growth going forward. So all this, as a package, is really the result of the actions we have taken supporting the long-term health of the business as we go into FY27. I wanted to ask about the UK. You touched in the presentation on making a fast start on integration. Can you provide a bit more colour on your early actions and synergy delivery? And also comment on in what ways the commercial performance in Q2 and revenue has been a bit better than the decline you had suggested we could expect when you spoke at last quarter's results. Yes, happy to. I mean normally, CFOs do not like surprises, but in this case, I will make an exception. Because indeed we saw, obviously coming into the merger, a combination of a slowdown in Three that we have discussed at our last earnings call plus we had the underlying challenge in our own business, so to say, before the merger with the B2B managed services terminations that we had to fight against. So that was underpinning, I would say, a cautious stance. Also if you take into account that the team, of course, was to be very busy on all of the integration steps. But I have to say [inaudible] the teams together and driving for very, very positive actions in terms of rolling out our base management practices to Three, making early wins on the network quality and improvement front with the sharing of spectrum, and now increasingly the activation of MOCN which obviously is positive, in particular, also helping the performance on the Three network. In that sense, we have seen a combination of improving churn trends, very good consumer performance, in particular in home broadband, which I think had the biggest net adds jump in the quarter that we have ever seen in a Q2 in the UK. Then also initial cross-selling benefits and successes. FWA was a very positive story for us. And that in combination has outweighed the underlying decline in B2B legacy managed services to an extent that, frankly, was a bit better than what we would have expected. So very positive. I should perhaps add as a last point, that the good actual current commercial trading performance was not only in consumer, but we had actually also a good performance in B2B, not enough of course to change the trends from the managed services side for this year, but of course, encouraging if we move further beyond that. Maybe, again, I will let Luka start with the outperformance on the revenue front, and then I will pick up on the integration.
Carl Murdock-Smith Citigroup Margherita Della Valle Vodafone
Luka Mucic Vodafone
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