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Vodafone Group Plc. FY25 Q&A Transcript JP Morgan
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But you are spot on, on the fact that we count on also the improvement we are making structurally in the loyalty of our base and in the fact that by then, we will have had a full run rate or a fully stable base on all fronts to, of course, support us for the longer term in growing Germany. Okay. Yes. I mean, I would not spend the time now to debate what constitutes underlying. But I guess that is what investors need to see, the growth in FY27. It sounds like we need a supportive price environment to achieve that if you are assuming a stable customer base into FY27 as a basis case. I think everyone can make its judgment. I was really keen for this year to be quite specific on our expectations for Europe to allow you to centre. But beyond Europe and Germany, what I think is really important in the discussion today, and we may have a chance to pick it up later, is the guidance of the Group growth just for FY26, where the numbers are on the page and also for the mid-term. But I leave that to other questions.
Andrew Lee Goldman Sachs
Margherita Della Valle Vodafone
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