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Vodafone Group Plc
Morgan Stanley
Goldman Sachs
BNP Paribas Exane
New Street Research
Bank of America Merrill Lynch
Bernstein SocGen UBS
Deutsche Numis
Forward-looking statements
JP Morgan
Citigroup HSBC
Margherita Della Valle Vodafone
Yes. But everything is attributed fairly. There is no extra interest or other things. It is EBITDAaL minus CAPEX with then an attribution of interest across the markets irrespective of if you want specific technical elements. It is what you would expect to do. What is in there, just to be clear, is indeed the Vodafone Investments dividends, of course, and all the dividends that the Group received because it is a breakdown of free cash flow. It is not a breakdown of EBITDAaL. The full perimeter, including the Vodafone Investments division which is 9% in the slides, comes into play. There, maybe if I can just add then on the Vantage Towers results. Actually, this is underpinned by the performance of Vantage Towers, which has been growing, both revenues as well as profits quite reliably, and if I can add that, obviously, has their own investments as well, which includes INWIT, for example, which is doing very well and will actually provide a special dividend in FY26 that will provide support as well. So, in that respect, this is just a reflection of the strong performance of Vantage Towers that allows us to distribute dividends, not only to us, by the way, but also to our co-shareholders from the consortium.
Luka Mucic Vodafone
Ottavio Adorisio Bernstein
So, you would expect to extract around €300 million of dividends from Vantage going forward annually?
Luka Mucic Vodafone Polo Tang UBS
There is no reason to not expect the same dividend levels from Vantage.
It is on Germany but specifically fibre and MDUs. Can you maybe talk through what impact your fibre upgrades are having in terms of your German broadband net adds and NPS? Can you give an update in terms of how the OXG joint venture is doing in terms of upgrading the footprint of seven million MDU homes? Do you think you need to upgrade the remaining 19 million homes in your cable footprint to fibre? Just related to this point, about MDUs, Deutsche Telekom last week on its call highlighted it now has access to 5.7 million MDU homes. Are you seeing any signs of increased competition in the MDU space? And longer term, do you think that there will be one or two fibre infrastructures in each MDU longer term? Sure. I will start from, if you want, the impact of fibre in our numbers, in our customer satisfaction. There is no impact of fibre on that. You know that we have just opened our sales footprint to wholesale agreements that do include fibre, for example, from Deutsche Telekom and Deutsche Glasfaser because we want to give our customers in the DSL area access to fibre, which is why today we effectively offer gigabit products to three out of four of German households. This is our strategy, I would say, pretty much everywhere. You see we have the same approach in the UK. Now these connections are immaterial at the moment. We are talking about single-digit gross adds in a quarter. The results that you see in our numbers and the results in terms of customer satisfaction are actually a product of quite significant churn reduction in our cable estate because, obviously, this is the very vast majority of our customers.
Margherita Della Valle Vodafone
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