Vodafone Group Plc Q1FY26 Q&A Transcript
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Goldman Sachs
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Bank of America Merrill Lynch
Bernstein Societe Generale
Kepler Cheuvreux
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Barclays
Citigroup
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JP Morgan
BNPP Exane
Now, in the numbers or the outlook that Luka will share, you should consider though two elements of mitigation. The consumer pressure is expected to continue. On the other hand, we have a third of the revenues in B2B, which is performing quite well in Portugal. And also, if you move EBITDAaL level, we have a range of, I would say, mitigations that can be put in place in terms of trend lines. And in terms of what that means for Other Europe, we fully expect that service here of the revenue growth at the regional level will remain in growth territory for the year. In particular, we expect a better performance in the second half-year, actually, as we expect that in particular in B2B the growth trends will accelerate in the second half-year. Greece, because you have mentioned, that will be actually part of that story with an expected much stronger second half performance, also partly driven by what you outlined before. And from an EBITDAaL perspective, we also continue to expect a good performance and contribution from Other Europe for our full-year results. From that perspective, we have a lot of very well-performing markets there. And in Portugal, we have the resilience of our strong convergent position, plus the strength in B2B that will actually balance things out despite the Consumer pressure.
Luka Mucic
Vodafone Group
Carl Murdock-Smith
That is great. Thanks very much.
Citigroup
Margherita Della Valle
Thank you, Carl.
Vodafone Group
Andrew Lee
Good morning. I am just going to bring us back to Germany. One of the things that investors are getting excited about, and companies to an extent too, is the scope for in-market consolidation. I think I am right in saying that you still cannot yet commit to German top-line growth without the boost from 1&1 over the next two years, which is obviously a meaningful lag versus some of the growth that other countries are posting now already and could do post-consolidation. It would be good just to clarify that, but the question is, is German consolidation something that you could actively lead on in any scenario, or do you see yourselves more likely an indirect beneficiary if German consolidation were to happen? Thank you. Thank you, Andrew. I need to say for the underlying growth point it will very much depend really on the competitive conditions in the market, particularly in mobile. What we said previously is if conditions remain as they are today, this is unlikely to happen this year. However, of course, we will have to see. Specifically, on consolidation in Germany, obviously there is a flurry of speculation at the moment around consolidation all across Europe. And I need to say I could discuss extensively why that is important, as you know, and why we are pushing regulators for a change in the merger guidelines there and bringing the UK example to the fore. I think it has really an
Goldman Sachs
Margherita Della Valle
Vodafone Group
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