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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
But let me say that from the very first year of operations, our customers across the country and Three customers, of course, will see immediate benefits from just a simple fact that as we combine two networks, we will have more coverage and more capacity. We will have to see exactly where you are on that roadmap, but we will start to see the impact straightaway. Then as the year move on and the £11 billion gets fully deployed, we will see even more benefits. In terms of what it means for us more broadly, it is really transformative because, first of all, as a Group, we expand our exposure to the UK 25% of our service revenues will be in the UK. Second, in the UK, we will have a unique set of assets. If you look at it from whichever angle, in spectrum, in the network, in the customer bases, we will be really structurally positioned to drive EBITDAaL and free cash flow growth even before you take into consideration the £700 million of cost & CAPEX synergies, which have now been fully detailed and validated into the agreed joint business plan, and on top of that, revenue synergies, for example, from the network on FWA. It is a step change that cannot be underestimated for us in the UK. And it happens in a market where we have consistently outperformed. As you mentioned, we now are firm leaders in customer satisfaction. We come from number three a few years ago. Now this leads me to the importance of customer experience and why we have done this journey. You have heard me talking about this since two years ago really, when I thought we had a unique opportunity on this front for two reasons. One is, as you heard me say, telco is not good enough on customer experience. That can be changed. But second, which is important for today, is it is the most important leading indicator for customer loyalty, and therefore, then our performance more broadly. We have seen how the recipe is working in the UK, but anywhere in the Group, having happy and loyal customers is the number one priority that we have. I need to tell you, one of my biggest satisfactions in the last two years has been to see how the culture of the company has really rallied around giving our customers the service that they deserve and winning our customers' trust every day. It has generated a lot of energy. The other thing that is really important is there are no quick fixes for customer experience. It is long, hard work, which is why we are so happy after two years, and you asked what have you done, of investing in the network, investing in customer journey, investing in processes to see that we have across Europe five million less detractors. Obviously, the most important place where we are working is Germany, where we are not done by any stretch of the imagination. But it is good to see the trajectory and the results I was mentioning earlier as a function of what we have invested in the market and also seeing how this then translates, but I am sure this can be another type of conversation, on lower churn in areas such as fixed broadband. A very important leading indicator. You will always see it living in our scorecard as well. I just had one question, the German recovery, following on from Akhil's question, and the improvement through FY26 specifically. Are you in a position yet where you can see strong potential to grow the ex 1&1 underlying revenues and EBITDAaL in Germany in the third or fourth quarter of this year? And if not, why not?
Andrew Lee Goldman Sachs
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