Germany ⫶ Customer trends improving, challenging mobile market Germany 34% of Group service revenue 1 -6.4% Service revenue growth MDU TV transition • Broadly similar performance to Q2, drag from MDU transition (-3.8pp) • H2 FY25 EBITDAaL will be lower than H1: • Further sequential improvement in broadband net additions • Migration now largely complete • 49% of basic TV customer base secured (in-line with c.50% expected)
- Gigabit base now stable (Q3: +1k) • Better Branded performance despite increased mobile competition • Partially offset by reseller channel losses
- continued investment in turnaround - challenging mobile market conditions - one-off items
• Continue to engage with remaining households affected to further drive penetration • In-line with c.€400m EBITDAaL impact for FY25
Service revenue growth (%)
Net additions (‘000)
MDU transition
2
Secured household retentions
Uncertain outcome
Organic
Organic excl. MDU transition impact
DSL
Gigabit broadband
Mobile contract
8.5m households Households not using service
95
1.5%
0.3%
(0.3%)
51
34
18
4.1m households
Around 50% households
0.6%
1
(9)
(32) (23) Q1 FY25
(6.2%) (2.4%)
(1.5%)
(45) (17) Q4 FY24
(6.4%) (2.6%) Q3 FY25
(48) (28) Q3 FY24
(8)
1.9m households
(39)
49% penetration
(24) Q2 FY25
Households using service
3
Q3 FY25
Q3 FY24
Q4 FY24
Q1 FY25
Q2 FY25
Pre-transition
Mar'24
Dec'24
Post-transition
Q3 FY25 Trading Update ⫶ February 2025
1. Based on Q3 FY25 service revenue contribution. 2. Fibre customer additions included in Gigabit broadband from Q1 FY25. 3. Based on TV Connect survey, May 2022.
4
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