Q1 FY26 Q&A Transcript

Vodafone Group Plc Q1FY26 Q&A Transcript

Deutsche Numis

Goldman Sachs

New Street Research

Bank of America Merrill Lynch

Bernstein Societe Generale

Kepler Cheuvreux

1

Barclays

Citigroup

Berenberg

JP Morgan

BNPP Exane

Margherita Della Valle

You are right. This is something we have done in the past in Germany, but in a very different context. I think what you should expect is us to always be very mindful of the evolution of inflation and cost.

Vodafone Group

What shape this will take in terms of intervention is, I would say, too early to tell, but it certainly is a consideration. Thank you.

Joshua Mills

Thank you.

BNP Paribas Exane

Ottavio Adorisio

Morning, and thanks for taking the question. It is a follow-up from previous questions on the investments in Germany, and also about what you share with us about OXG.

Bernstein Societe Generale

Now, you look to be relatively comfortable with the current pace of 100K a quarter. However, given the business plan, is 7 million. It will take you 17 years to cover that one, considering that you were looking for six years, and that was announced three years ago. You are very late in that rollout. I was just wondering if you can share with us the hurdle you are finding on the build-out. It is a lot to do with your partner? There is no way to invest and potentially willing to exit? Is Deutsche potentially overbuilding your network? Is the fact that the business plan has changed? And then what we should expect the pace in the run-rate should be? Thank you. If you think back to what I was saying earlier, Ottavio, I called out the word acceleration very, very clearly. And this is our ambition, of course. As you said, we have 7 million households to complete. The focus is accelerating. We closed last year with 130,000. And we discussed in the past, I think, the reason why in the beginning some of the construction was not starting as planned. However, now it does. We are in catch-up mode with over 30 construction partners in the country. And we are pleased with how it has going. However, as you said, we are looking forward to further acceleration. And yes, this is the ambition. However, how can we achieve that one? It is, frankly, the build-out is just the fact that you can find construction power or because your partner is not really willing to invest? Hence, the structure, OXG is going to remain like that over the next 12-24 months, or you are relatively happy about the situation?

Margherita Della Valle

Vodafone Group

Ottavio Adorisio

Bernstein Societe Generale

Margherita Della Valle

OXG is fully funded. There are no investment constraints of any kind. And again, we are working to keep accelerating as per the original business case. No change there.

Vodafone Group

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