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Vodafone Group Plc. FY25 Q&A Transcript JP Morgan
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May 20, 2025/10:00am, Vodafone – FY25 Q&A VODAFONE PARTICIPANTS Margherita Della Valle Vodafone Group - Chief Executive Officer Luka Mucic Vodafone Group - Chief Financial Officer
Margherita Della Valle, CEO Vodafone Group Good morning, everyone, and thank you for joining us today. As you will have seen from our results, our performance in FY25 has been in line with expectations. Before we move to Q&A, I want to provide an update on what has driven the results, the actions we have taken, and the key priorities for FY26 and beyond. Highlights Two years ago, I set out a transformation agenda centred around three key pillars: • Customers; • Simplicity; and • Growth. Whilst we still have much more to do, two years on, Vodafone today has changed. We have: • Reshaped the structure of the Group; • Simplified how we operate; and • Improved our customers’ experience. Therefore, not only changing where we operate, but more crucially, how we operate. Looking closer at each of these three areas, we have right-sized our portfolio for growth, with the sales of Spain and Italy and the merger of Vodafone and Three UK. We have also taken actions in a number of areas within our Investments portfolio, including the further monetisation of Vantage Towers and a simpler ownership structure in India. With these actions, we have reset our capital structure, strengthened our balance sheet and returned €2 billion to shareholders through buybacks, on top of €1.8 billion of dividends over the last year. And the first tranche of the next €2 billion buyback programme is starting today.
ANALYST PARTICIPANTS Akhil Dattani JP Morgan
Emmet Kelly Morgan Stanley Andrew Lee Goldman Sachs Joshua Mills Exane Carl Murdock-Smith Citigroup Adam Fox-Rumley HSBC James Ratzer New Street Research David Wright Bank of America Merrill Lynch Ottavio Adorisio Bernstein Polo Tang UBS Robert Grindle Deutsche Numis
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