Europe ⫶ Growing in 8 out of 10 markets
Service revenue growth
Organic service revenue growth (%)
Key drivers
-1.0% -1.3%
-1.6%
• Strong Business growth with further public sector contract wins • Growth in FWA customers balancing fixed broadband losses • Mobile Consumer market remains competitive
-2.7%
Italy 11% of Group service revenue
-3.3%
-1.3%
Q3 FY23
Q4 FY23
Q1 FY24
Q2 FY24
Q3 FY24
5.7% 5.5%
5.3%
5.2%
• Strong service revenue growth in both Consumer and Business • Mobile and fixed customer growth, supported by Black Friday promos • Progressing merger with Three UK with CMA notification filed
3.8%
UK 15% of Group service revenue
+5.2%
Q3 FY23
Q4 FY23
Q1 FY24
Q2 FY24
Q3 FY24
4.1% 3.8%
• Service revenue growth in all markets, supported by broad based pricing actions & good commercial momentum • Further acceleration in Business growth to 7.8% (Q2: 5.2%), driven by digital services and public sector contract wins • Business driving service revenue trend improvement • Business service revenue returned to growth, supported by strong digital services demand, ERF 1 and public sector contract wins • Low-end Consumer segment competition remains intense
3.6%
3.6%
Other Europe 13% of Group service revenue
2.1%
+3.6%
Q3 FY23
Q4 FY23
Q1 FY24
Q2 FY24
Q3 FY24
-1.1%
-2.7%
-3.7% -3.0%
Spain 9% of Group service revenue
-1.1%
-8.7%
Q3 FY23
Q4 FY23
Q1 FY24
Q2 FY24
Q3 FY24
Q3 FY24 Trading Update ⫶ February 2024
5
1 European Recovery Funds
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