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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
The £500 million across five years (…). (…) heavily faced upfront. But in year one, to be clear, the €200 million are the same at AFCF and full FCF level. (…) in FY25 (…). We were at around about €250 million, I believe, of restructuring expenses. There will be a moderate step- up as we go into FY26 on the restructuring, not only from the UK, but also from the fact that in Germany, we still have to fully complete the second wave of our restructuring programme that we have there. Page 12
Restructuring costs
FY26
Group
FY26 & beyond Group
Capital allocation The current programme will probably take us roundabout through the end of the current fiscal year. Then we will reassess together as well, obviously, on the appropriate dividend levels.
Page 11
We exited with 5.1% growth in Q4, and we continue to believe into that potential and actually would expect this good growth at the Group level to continue. From a go-forward perspective, yes, we have outlined that we are losing a couple of pretty old, I have to say, and also relatively low-margin managed services contracts in the UK. (…) So yes, UK will be challenged in FY26 from a B2B perspective. But in the broader sense, we continue to expect positive growth in B2B from a Group perspective and certainly see the strength of our portfolio, in particular in what we call beyond connectivity as a strong underpinning of that where we have much higher growth rates than in core
Vodafone Business
FY26
Group
Page 8
We will continue to invest in our operational transformation throughout FY26, and whilst we expect market conditions to remain challenging, our results will benefit from our now stable customer base and from the growing contribution of the 1&1 customer base migrating on to our network Page 2 (…) we expect to return to growth in service revenues during FY26. A major component of that will be the 1&1 contribution, obviously. The rest is essentially going to be a function of the competitive intensity in mobile. This plays a significant role. In terms of the rest of the performance there, from a service revenue perspective, keep in mind, we have just talked and discussed about broadband. We are actually very happy that we have stabilised the base. (…) ARPU actually also quite in a reasonable shape. (…) we have also constant underlying TV drag, as I would call it. Because TV has been, for a while, even outside of the MDUs, in a structural decline. I think that will continue into the mid-term. Page 7
Revenue & Adj. EBITDAaL
FY26
Germany
FY26
Germany
Revenue
In terms of 2027 then, so much better exit, of course, in Germany in 2026. Overall results, much better than in 2025 but in particular, second half with a better exit as we go into 2027 then. (…) lots of new moving parts because there will be more of 1&1. (…) no more MDUs. (…) full annualisation (…) of the commercial investments that we have made, including the A&R (…).
FY27
Germany
Revenue
Page 7
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