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Vodafone Group Plc. FY25 Q&A Transcript JP Morgan
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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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