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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
lose the year-over-year drag from the MDUs from the second quarter. In parallel, we are progressing with the ramp-up of the 1&1 migration. That was off to a slow start when we came together the last time. But I have to say, since then it has picked up. So, we have now a better line of sight, and I think can expect that from the second half year on, we will operate at the full run rate there and therefore this will of course be a big benefit to the second half performance. Outside of those mechanical impacts, we are obviously happy that we have now stabilised our commercial performance in broadband. We believe in the potential of our overarching transformation efforts for the German market. I think as we progress through the year, this will more and more gradually add to the strength of our results in Germany.
Akhil Dattani JP Morgan Luka Mucic Vodafone
Just an aside, Luka, congratulations on a new role, and best of luck for the future as well.
Well, thank you very much. But you will still be with me for a couple of more occasions in this, but thank you.
Emmet Kelly Morgan Stanley
My question is on the customer experience and infrastructure in the UK market. Margherita, when you presented your strategy before, you mentioned that improving the customer experience is probably your number one aim going forward. The UK market seems to be the market where perhaps you are having amongst the greatest success. There is obviously a big push to develop infrastructure across Europe, especially you see this in Germany at the moment. Just tying all these thoughts together, can you say a few words on what customers can expect to see in the UK from the merger, in particular, from a network perspective? This has clearly been a pain point in the UK, I know. If I look at OpenSignal, the UK networks rank so far behind other developed markets. Can you maybe just say a few words on what is going to happen in the network as a frustrated UK network user? I do remember sitting in a presentation in the late '90s with the former CEO of when the telco companies talked about bringing, for example, service to the tube in London, and that still is a pain point. Can you maybe just say how the MergeCo will progress on the network side? Sure. Maybe I will start with that and then broaden up to the more general point on customer experience, which I think is really, really important. The most important number on the UK for you, Emmet, today, as part of our guidance slide, we have given as much detail as possible around the merger. There is one number you will like, which is €1.5 billion of CAPEX invested in the U.K. market in this fiscal year. We are really excited and the teams are really ready to hit the ground running on the merger because it really gives us a unique opportunity. From an infrastructure perspective, you know everything about the £11 billion network plan.
Margherita Della Valle Vodafone
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