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Vodafone Group Plc. FY25 Q&A Transcript JP Morgan
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Robert Grindle Deutsche Numis
Alongside all the changes at Vodafone, the world has changed a fair bit too since we last met. You mentioned the opportunity on sovereign data as a result of geopolitical change. Perhaps German stimulus plans are good news there, too. On the less helpful side, are you expecting any impact on the trade tariffs on equipment pricing or equipment availability at this stage? Maybe we should not be worried about CAPEX though as mobile data in Q4 is growing at less than half the rate of a year ago. Is this more Wi-Fi offload or lower growth in demand? Perhaps I can cover quickly the CAPEX question and general cost question here, where I believe we are pretty well covered overall. We have mostly multi-year agreements with fixed terms, which essentially put the onus of any tariff-driven changes on our partners and suppliers. From that perspective, I think we are as well covered as one can be. I would add perhaps all of that also the strong balance sheet position that we are in now. Also from a financial inflow perspective, I think we are now substantially deleveraged. We have a very long maturity of our outstanding debt, which is very helpful. We had sit on €16 billion of liquidity, which gives us a lot of optionality in that respect as well. While obviously we are monitoring situations carefully, I think on the cost and CAPEX side, we are well covered. From a financial stability perspective, we are also very, very well covered. Yes, I would say for the general tariff and macro, I mean, you know where we stand. Relatively insulated from these dynamics. On the Mobile data front, let me add, Robert, that it is not necessarily a bad thing, what we are describing. It really depends on where and how data grows. I think some of the reshaping of the Group in Europe that we have done in the last couple of years is also impacting the volumes of data growth because there have been markets that had very, very low prices for what were essentially unlimited offers becoming the standards that are not part of the Group anymore. I think do not always see it negatively. Thank you, everyone, for your time again today. See you in July.
Luka Mucic Vodafone
Margherita Della Valle Vodafone
Luka Mucic Vodafone
See you then. Bye-bye.
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