Germany ⫶ Underlying improvement offset by first MDU impact Germany 46% of Group EBITDAaL 1 +0.2% Service revenue growth
-5.8% Adj. EBITDAaL growth
• Broadly stable Q4 service revenue trend with underlying acceleration • Mobile accelerating with both customer base & ARPU growth • Vodafone Business back to growth supported by IoT • Fixed slowdown due to MDU impact
• Successfully completed price reset across 7.5 million broadband customers, last churn impact in January • Mobile customer additions with greater focus on branded channels, supporting ARPU • Secured 1.9m TV households ahead of MDU single billing transition
• Adjusted EBITDAaL decline from higher energy costs (-2.7pp) & higher wage and inflation-linked lease costs • Also reflects increased commercial investment incl. MDUs • Further 2,000 role reductions announced in March 2024
Service revenue growth (%)
Net additions (‘000)
Adj. EBITDAaL ( € billion)
DSL
Cable
Mobile contract
Organic
Organic excl. MDU transition impact
0.1
1.5%
95
1.1%
69
(0.1)
(0.1)
51
€ 5.3bn
0.3%
(0.2)
€ 5.0bn
24
(35) (49) (11) Q4 FY23
(1.3%)
0.6%
(17) (45)
(28) (48)
(46) (87) Q2 FY24
(51) (70) Q1 FY24
(2.8%)
Q4 FY23
Q1 FY24
Q2 FY24
Q3 FY24
Q4 FY24
Q3 FY24
Q4 FY24
FY23 EBITDAaL
Direct margin
Net A&R Opex incl. MDU investment
Energy & extra inflation
FY24 EBITDAaL
FY24 results ⫶ May 2024
7
1. Based on FY24 Adjusted EBITDAaL contribution
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