Germany ⫶ Delivering expected service revenue improvements
-3.2% Q1 Service revenue growth
Germany 34% of Group service revenue 1
Operational improvements
• -2.9pp impact from MDU drag (Q4: -3.3pp) • Quarterly revenue trends improved - higher wholesale revenue (+1.1pp QoQ) - Business digital services project phasing • High competitive intensity in mobile continues, putting pressure on ARPU
• Value focus step-up on front-book, impacting broadband customer wins - reduced discounts - direct sales channel focus • Mobile customer additions negative due to low ARPU Business customer losses & downsizing of reseller channels
• Continued improvement in customer experience driving branded Consumer contract churn to lowest level in 4 years • Enhanced brand awareness through Borussia Dortmund football team sponsorship • Updated Unlimited FamilyCards propositions • Organisational transformation continued with progress in FTE efficiencies & company structure simplification • OXG fibre build gaining momentum with c.100k additional homes passed in the quarter
Service revenue growth (%)
Net additions (‘000)
Organic
Organic excl. MDU transition impact
Gigabit broadband
DSL
Mobile contract
(0.3%)
(0.3%)
34
(2.4%)
(2.6%)
18
(2.7%)
12
(1.5%)
(8)
1
(23)
(24)
(3)
(8)
(15)
(4)
(3.2%)
(32)
(9)
(36)
(39)
(6.0%)
(6.2%)
(6.4%)
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
1. Based on Q1 FY26 service revenue contribution.
Q1 FY26 Trading Update ⫶ July 2025
4
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