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

important step. However, specifically for us, in Germany, our focus is on completing our turnaround. Our focus is growing in Germany on the back of increased operational excellence and all the elements I was talking about before. Structural, strong customer experience. Structural, strong position of the brand in the market. That is really what we are focussing our efforts on. And as far as 1&1 is concerned, after two years since we first concluded the agreement on wholesale, our focus is now on completing our transition and making sure that 1&1 can now benefit from our overall network nationwide. That is what we are focused on. I would say this is true more broadly, by the way, beyond Germany. I mean, on consolidation, you have seen us in the last two years really taking the matter in our own hands. And therefore, really, it is all about operational excellence now.

Andrew Lee

Thank you.

Goldman Sachs

James Ratzer

Yes, good morning. And thank you very much indeed for taking the question. A broader question, please, around your technology roadmap in Germany, especially on the cable infrastructure. If I look at your cable partnership in the Netherlands with Liberty Global, they have announced they are going to be stepping up their speeds to 2-4 Gbps with DOCSIS 4.0 coming in by end 2026, going to 8 Gbps. I think in Germany at the moment on cable, your maximum speed is 1 Gbps. I would just love to hear your latest thinking on the kind of technology path ahead for your cable infrastructure. And as we are discussing it, I see in the release you mentioned OXG passed 100,000 homes this quarter. Can you give us an update just there on what is the total number they have passed and how many subscribers you now have on the OXG network? Thank you.

New Street Research

Margherita Della Valle

Well, maybe I start with OXG. The pace is accelerating. We are now at 230,000 home pasts.

Vodafone Group

As you mentioned, the current run-rate is 100,000 households per quarter, more or less. And of course, we are working to build on that further acceleration. By the year-end, we will be some way above the half a million homes past. We are building across 31 cities. We have engaged 30 construction companies, and the orders out are already for 2.5 million households. So, now progressing well, I need to say we are pleased with the execution. It is early days for the commercial side. We are in testing now, and we will go commercial in the second half of the year. And so, we will start sharing customer numbers with you once it will become material, but certainly a good direction of travel there.

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