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Vodafone Group Plc H1 FY27 Q&A Transcript
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The process will last well into 2027, the core process. But we said it's small. It's worth saying that when you look at the EBITDAaL trends in H1 in Germany, it's worth 2 percentage points. So, we've done -3.2% and -2pp of that was this provision.
Margherita Della Valle Vodafone Group
Really sorry. So, just to confirm that the EBITDAaL is adjusted for the €100 million or so?
David Wright Bank of America Merrill Lynch
Yes.
Margherita Della Valle Vodafone Group
But the cash flow guidance is only adjusted for the derecognition, which is more like €60 – 65 million.
David Wright Bank of America Merrill Lynch Pilar López Vodafone Group David Wright Bank of America Merrill Lynch
Correct.
Okay. Thank you. And then on to the infrastructure, Margherita.
Yes, on to the capex. I would say, David, I wouldn't guide to any material reduction of our capital intensity in Germany. And this is because if you think about you were going on our fixed line strategy, obviously, we will continue to invest on mobile, digital services and the like. But specifically, as a recap of our strategy in fixed in Germany, we have three pillars, as you know. One is continuing to invest in our cable network. And our cable network performance will continue to grow for years to come. Within our capex envelope, we are continuing to fiberize the cable network. And it's getting closer and closer to the buildings in Germany, meter by meter. On top of that, as you know, we reallocate frequencies and all the things that are
Margherita Della Valle Vodafone Group
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