FY25_Results_Q&A_Transcript

Deutsche Numis

New Street Research

Bank of America Merrill Lynch

Morgan Stanley

Goldman Sachs

Vodafone Group Plc. FY25 Q&A Transcript JP Morgan

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Bernstein

UBS

Exane

Citigroup

HSBC

Luka Mucic Vodafone

The £500 million across five years, absolutely, yes.

David Wright Bank of America Merrill Lynch

Across five years?

Margherita Della Valle Vodafone

Yes, but heavily faced upfront. But in year one, to be clear, the €200 million are the same at AFCF and full FCF level. There is not any additional drag below the line.

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