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Vodafone Group Plc. FY25 Q&A Transcript JP Morgan
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James Ratzer New Street Research
I had a bigger picture question, which I think a lot of people would like to understand your longer-term financial outlook for the company. I mean, I know there are a lot of moving parts in Vodafone at the moment. But when I look at your major peers, they also have a lot of moving parts and uncertainties, and yet pretty much all of them provide detailed quantified three-year financial targets. I mean, actually, even one of your own largest businesses, Vodacom, provides three-year quantified financial outlook. Now I do see you are now stating some medium-term free cash flow growth expectations, but that is fairly vague. Would Vodafone consider providing detailed three-year financial guidance so we can get more visibility on your longer-term outlook? If not, what is holding you back? I think that, James, you are coming from a very valid angle in terms of forgetting the numbers for a second, painting the picture of what we are targeting to achieve in the mid-term, I think is going to be important. You know that we have gone through two years of significant transformation. This is actually the first time that I can look forward and say we are where we wanted to be in terms of shape. Hopefully, that will also simplify everyone's life in terms of the numbers and the moving parts. We have the shape of the Group that we want to have, which is why what you find in the presentation today is a clear outline of how this looks like, what are the growth opportunity and why we have the confidence to now state that we are moving from the base to grow from of two years ago to proper growth. We will now go through the UK integration. As soon as we close, we will start off very, very quickly. We will bring this shape back to life in our results. I think you should expect to see more from us in the future in terms of talking to the vision in the mid to long-term, but we first needed to get the building site closed, which is what we are doing now. I suppose now the business is in the kind of right-sized for all the big picture M&A. Can we expect that maybe in the H1 guidance or the results you would actually be willing then to give some three-year detailed, let us say, revenue, EBITDAaL, free cash flow trends? Because let us say, the major peers in Europe and, let us say, even Vodacom are doing the same. In various different ways. But I would refrain for now to give guidance on guidance. It is definitely a consideration to give a more cohesive outlook. Wha is really important for us is now to move to this gradual, sustainable free cash flow generation and give you the confidence of what are the moving parts for that.
Margherita Della Valle Vodafone
James Ratzer New Street Research Margherita Della Valle Vodafone
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