Vodafone Group PLC (VOD) 2025 Q2 法說會逐字稿

Good morning, everyone, and thank you for joining us today. Before going to Q&A, I'd like to outline the key highlights of our half one results, as well as the progress we have made on our strategic priorities.

大家早安，感謝大家今天加入我們。在進入問答環節之前，我想先概述我們上半年業績的重點，以及我們在策略重點方面取得的進展。

Overall, our results are in line with our expectations and consistent with our full year guidance, which we have reiterated today. Group EBITDAaL grew by 3.8% in the first half despite the impact of the MDU transition and our decision to invest more commercially in Germany. This was supported by strong EBITDAaL growth the rest of our footprint, with the UK growing at over 8%, other Europe at over 3% and with Turkey growing by circa 50% in euro terms. As expected, service revenue trends slowed in Q2, reflecting the big impact from the MDU transition in Germany.

總體而言，我們的業績符合預期，並與我們今天重申的全年指引一致。儘管受到 MDU 轉型的影響以及我們決定在德國進行更多商業投資，但集團 EBITDAaL 在上半年仍成長了 3.8%。這得益於我們其餘業務的強勁 EBITDAaL 成長，其中英國成長超過 8%，歐洲其他地區成長超過 3%，土耳其以歐元計算成長約 50%。正如預期的那樣，第二季服務收入趨勢放緩，反映了德國 MDU 轉型帶來的巨大影響。

Moving on to our strategic priorities of Customers, Simplicity and Growth, I'm pleased by the progress we are making to deliver the transformation of Vodafone. Our main area of operational focus this year is, of course, Germany. We have now completed the formation of our new management team, with new directors for business, consumer and IT.

談到我們的策略重點：客戶、簡化和成長，我對我們在實現沃達豐轉型方面取得的進展感到高興。我們今年的重點營運地區當然是德國。我們現在已經完成了新管理團隊的組建，包括業務、消費者和 IT 部門的新主管。

With an experienced team in place and having successfully navigated the MDU transition, we now need to make even faster progress with our number one priority, our customers. Our commercial KPIs are gradually improving and the investments we have made in our networks have delivered what is consistently recognized as the best fixed network in Germany.

憑藉著經驗豐富的團隊和成功完成 MDU 轉型的經驗，我們現在需要更快地實現我們的首要任務——客戶。我們的商業 KPI 正在逐步改善，我們在網路上的投資使我們的固定網路一直被公認為德國最好的網路。

Together with our new wholesale agreements, we are now delivering gigabit-capable broadband to 75% of German households. This will underpin our ability to start delivering on our target of taking at least our fair share of market growth.

結合我們的新批發協議，我們現在為 75% 的德國家庭提供千兆寬頻。這將鞏固我們開始實現至少佔據公平市佔率的目標的能力。

Looking at our other main areas of focus, in business, we have seen a good re-acceleration in trends in Q2 with the drag from project phasing unwinding. Growth in digital services was particularly strong at 18%, and this is where we continue to expand our capabilities and product set. We are also continuing to take significant steps to simplify our business.

縱觀我們關注的其他主要業務領域，我們看到，由於專案分階段推進的拖累，第二季的趨勢出現了良好的重新加速。數位服務的成長尤其強勁，達到 18%，我們將在此領域繼續擴展我們的能力和產品組合。我們也將繼續採取重大措施來簡化我們的業務。

We've now actioned and communicated over 80% of our role reduction program and have also commercialized our shared operations, having finalized our partnership with Accenture.

我們現在已經採取行動並傳達了 80% 以上的職位削減計劃，並且已經將我們的共享業務商業化，並最終與埃森哲達成了合作關係。

On our portfolio actions, we are close to completing the reorganization of the group as we work towards securing in Italy and the UK in the next few weeks. And finally, in our newly created Vodafone Investments division, there has been a significant amount of activity, with us most notably selling down a further stake in Vantage Towers for EUR1.3 billion, in order to deliver the co-control structure we originally planned.

在我們的投資組合行動方面，我們即將完成集團重組，並將在未來幾週內努力確保在義大利和英國的安全。最後，在我們新成立的沃達豐投資部門，我們開展了大量活動，其中最引人注目的是，我們以 13 億歐元的價格出售了 Vantage Towers 的更多股份，以實現我們最初計劃的共同控制結構。

In summary, our performance is in line with expectations as we move through this year of transition. The actions we have been taking will deliver growth for Vodafone this year and support a further acceleration into FY26.

總而言之，在過渡的這一年裡，我們的表現符合預期。我們採取的行動將為沃達豐今年帶來成長，並支持其在 2026 財年進一步加速發展。

With that, Luka and I are looking forward to your questions.

因此，盧卡和我期待您的提問。

(Operator Instructions) Maurice Patrick, Barclays.

（操作員指示）巴克萊銀行的莫里斯·帕特里克。

Good morning, guys. Hopefully, you can hear and see me well. Maybe just to start off with a question on Germany, please. Hardly a surprise, given the size. Clearly, a lot of moving parts in the German business. I mean your results, as you show in the presentation, they're clearly impacted by the MDU TV migration, to a lesser degree, the lapping of the price increases from a year ago.

大家早安。希望您能聽見我、看見我。也許我先想問一個關於德國的問題。考慮到其規模，這並不奇怪。顯然，德國業務中有很多變動因素。我的意思是，正如您在簡報中所展示的，您的結果顯然受到了 MDU 電視遷移的影響，在較小程度上，也受到了一年前價格上漲的影響。

Your historic comments suggest a U-shape recovery, I think, in Germany, and you talked about the market being healthy overall. I know you've got the 1&1 wholesale coming, I think, from the third quarter, sort of EUR100 million a year run rate once it's fully there, and you still have broadband that has negative.

我認為，您的歷史評論表明德國將出現 U 型復甦，而且您還談到了市場整體健康。我知道你們已經獲得了 1&1 批發業務，我認為，從第三季度開始，一旦全面投入使用，每年的運行率將達到 1 億歐元，而且你們的寬頻仍然有負值。

So curious to understand trajectory in phasing, specifically of broadband net adds service revenues and EBITDA over the next couple of quarters in this next year. That would be helpful. Thank you.

因此我很好奇想了解分階段的發展軌跡，特別是明年接下來幾季寬頻淨增服務收入和 EBITDA 的軌跡。那將會很有幫助。謝謝。

Thank you, Maurice. I'll take the net adds and then hand over to Luka for service revenue and EBITDA.

謝謝你，莫里斯。我將獲得淨增值，然後將服務收入和 EBITDA 移交給 Luka。

As you will have seen in the results today, we have seen an improvement in our net adds performance in fixed. And this is because the overhang that we had been suffering from the price increases we've done on our base is now behind us.

正如您在今天的結果中所看到的，我們的固定淨增加值表現有所改善。這是因為我們因基地價格上漲而遭受的困擾現在已經過去了。

In the quarter, you will have seen that the cable net adds are only marginally negative. DSL on the other hand, is still negative. And there, we are starting that within the markets, there are some first signs, I would say, of migration towards fiber.

在本季度，你會發現有線電視網絡的增幅僅略有下降。另一方面，DSL 仍然為負。並且，我們開始在市場中看到一些遷移到光纖的初步跡象。

So at our end, what you should expect is two things. First of all, we have, as I was just mentioning, changed perimeter of what we sell in Germany. In addition to our 25 million cable households, we have now opened to fiber wholesale, which is bringing on board with Vodafone another 5 million households of footprint today.

因此，從我們的角度來看，您應該期待兩件事。首先，正如我剛才提到的，我們改變了在德國銷售的產品範圍。除了我們現有的 2500 萬戶有線電視家庭之外，我們現在還開放了光纖批發業務，這將為沃達豐帶來另外 500 萬戶家庭的覆蓋範圍。

Obviously, this will continue to grow as the rollouts grow and OXG grows. But call it now 30 million households, so it's 75% of German households to which we will now be able to market gigabit products. And obviously, this is a very good level of penetration ahead of any other player.

顯然，隨著推廣的擴大和 OXG 的發展，這一數字還將繼續增長。但現在有 3,000 萬個家庭，也就是說，75% 的德國家庭現在都可以購買千兆產品。顯然，這是一個比其他任何參與者都更高的滲透水平。

And you should expect us, that's the second point on your sort of forecast trends, you should expect us to see net adds continuing to improve through the course of this year. We have seen this already in October. And stepping back, obviously, our target is our fair share of market growth.

您應該期待我們，這是您預測趨勢的第二點，您應該期待我們在今年看到淨增值持續改善。我們在十月就已經看到了這種情況。退一步來說，顯然我們的目標是在市場成長中佔據公平的份額。

And we have now in place, I think, all the tools to deliver on our target with the well-invested and fiberized cable network and the footprint fiber that will allow our customers in the DSL areas to get also gigabit products. But on the very important service revenue and EBITDA trends.

我認為，我們現在已經具備了實現目標的所有工具，包括投資充足、光纖化的有線網路和覆蓋光纖，這將使我們在 DSL 地區的客戶也能獲得千兆產品。但非常重要的一點是服務收入和 EBITDA 趨勢。

Yeah. So obviously, that is quite a rich question, so -- but I'll try to give you a comprehensive answer. First of all, indeed, we've talked from the beginning of this year about Q2 being at the bottom of a U-shape of our performance in Germany and actually also beyond, honestly speaking, as a result of the weight of Germany.

是的。顯然，這是一個相當豐富的問題，所以——但我會盡力給你一個全面的答案。首先，事實上，從今年年初開始我們就一直在談論第二季度我們在德國的業績處於 U 型底部，而且說實話，由於德國的影響力，我們的業績實際上已經超出了這一範圍。

And what we have seen in Q2 is indeed that we have reached the peak of the MDU transition impact with a 3.8% year-over-year headwind, 2.6% quarter over quarter. And in addition to that, as you rightfully mentioned as well, the lapping impact of our broadband price increases has contributed another 1.5% from a quarter-over-quarter perspective.

我們在第二季度看到的情況確實達到了 MDU 轉型影響的頂峰，年減 3.8%，環比下降 2.6%。除此之外，正如您所正確提到的，從季度環比來看，寬頻價格上漲的疊加效應又貢獻了 1.5%。

So what to expect now from here onwards? First of all, in Q3, you should expect a broadly similar performance in Germany as the one that you have seen in Q2 for a variety of reasons. One, the run rate of the MDU transition will obviously also stay with us in Q3, before we start to lap it in Q4, where we had last year the first smaller impact of the transition.

那麼從現在開始我們能期待什麼呢？首先，由於各種原因，在第三季度，您應該預期德國的表現與第二季度大致相似。首先，MDU 轉型的運作率顯然也會在第三季保持不變，然後在第四季開始超越它，去年第四季我們首次感受到了轉型帶來的較小影響。

In addition to that, we will have another smaller cohort from last year that has been going through the price increase in broadband being added. On the flip side, we will see first smaller positive effects from our commercial performance improvement as well as an admittedly small impact in the quarter from 1&1.

除此之外，我們還將增加另一批規模較小的用戶，去年也經歷了寬頻價格上漲。另一方面，我們將首先看到商業業績改善帶來的較小正面影響，以及 1&1 在本季帶來的較小影響。

Then in Q4, we will start to see an improvement in the performance as 1&1 is becoming a bigger part of the pie. In total, I would estimate a roughly EUR50 million benefit from 1&1 for this year, and most of it is going to actually land in Q4. And then again, the MDU impact will start to fade away, and therefore, Q4 will be better in Germany.

然後在第四季度，我們將開始看到業績的改善，因為 1&1 正在佔據更大的份額。總體而言，我估計今年 1&1 的利潤約為 5000 萬歐元，其中大部分將在第四季度到達。然後，MDU 的影響將開始消退，因此，德國第四季的表現將會更好。

And then as we move into next year with, of course, the 1&1 effect coming to the full ramp from the second half year and the MDU impact fully lapping. That's, of course, where we expect Germany then to be back on a positive trajectory, as we had always talked about, together with the improved commercial trends that Margherita has also been highlighting.

然後，隨著我們進入明年，當然，1&1 效應將從下半年開始全面顯現，MDU 的影響也將全面疊加。當然，正如我們一直在談論的那樣，我們預計德國將重回積極的軌道，同時瑪格麗塔也一直強調商業趨勢的改善。

We then take a look at the EBITDA performance, I would expect the second half year to also be broadly similar to the performance that we have seen in the first half year, because the MDU impact will be also pretty much the same. We will have less impact from the investment into the program because this is now fading off.

然後我們來看看 EBITDA 的表現，我預計下半年的表現也會與上半年大致相似，因為 MDU 的影響也大致相同。我們對該計劃的投資影響將會減小，因為現在投資正逐漸消失。

But on the flip side, we will have a higher absolute revenue drag in the second half year as we were just reaching the full run rate in the second quarter. So the impact from the MDUs will be pretty much the same. We will also have a slightly lower benefit from the energy expense unwind, which was bigger in the first half year against that, and we will have the increasing benefit from the 1&1 program.

但另一方面，由於我們在第二季才剛達到滿載運轉率，因此下半年我們的絕對收入拖累將會更大。因此，MDU 的影響幾乎是一樣的。我們從能源費用減少中獲得的收益也將略有減少，而上半年的收益則更大，而且我們從 1&1 計劃中獲得的收益將不斷增加。

And we will continue, frankly, to invest into our commercial performance, into our brand recognition in the market, as we have done in the first half as well. That aside, as we move into FY26, basically the same applies as on the revenue front, we will see Germany back as a positive contributor to EBITDA growth, also because we will have additional help on the cost side from the ongoing workforce transformation program that will then reach its run rate contribution that we're expecting from it, plus, of course, some of the investments that we are taking this year, for example, into GenAI-driven productivity will actually pay off.

坦白說，我們將繼續投資於我們的商業表現和市場品牌認知度，就像我們上半年所做的那樣。除此之外，隨著我們進入 26 財年，基本上與收入方面的情況相同，我們將看到德國重新成為 EBITDA 增長的積極貢獻者，這也是因為我們將從正在進行的勞動力轉型計劃中獲得成本方面的額外幫助，該計劃隨後將達到我們預期的運行率貢獻，當然，還有我們今年進行的一些投資，例如對 GenAI 驅動的生產力。

So from that perspective, Germany will certainly be back in positive growth territory on the EBITDA front.

因此從這個角度來看，德國的 EBITDA 肯定會重回正向成長區間。

Thank you for that.

謝謝你。

Thank you, Maurice.

謝謝你，莫里斯。

Emmet Kelly, Morgan Stanley.

埃米特凱利，摩根士丹利。

Yes. Good morning, everyone. And thank you for taking my question relates to the service revenue trajectory for the remainder of the year, please. So as you flagged in Q1, there would be a slowdown in the group driven by Germany. You've obviously given the main moving parts there, Luka, on the German business. Can you maybe say a little bit about how do you see the rest of the group on service revenues, in particular what's happening in Vodacom UK and Turkey? Thank you very much.

是的。大家早安。非常感謝您回答我今年剩餘時間服務收入走勢的問題。因此，正如您在第一季指出的那樣，以德國為首的整個集團將出現經濟放緩。盧卡，你顯然已經給出了德國業務的主要動向。您能否稍微談談您如何看待集團其他公司的服務收入，特別是英國沃達康和土耳其的情況？非常感謝。

Yeah. That's probably all mine, I guess. So if I start from the group perspective, also there, we have said in the past that Q2 would see us at bottom, and that's indeed true and remains true. So we would actually expect a slightly better growth in the second half year from a group perspective compared to what we have seen now in Q2. The main components of that will be, as I said, Germany in a broadly similar shape in Q3 and then with an acceleration into Q4.

是的。我想，這可能都是我的。因此，如果我從集團的角度出發，我們過去也曾說過，第二季我們將會處於底部，這確實是事實，現在仍然如此。因此，從集團角度來看，我們實際上預計下半年的成長會比第二季略好。正如我所說，其中的主要因素是德國，其第三季度的情況大致相似，然後在第四季度加速。

In the UK, we would expect a continued small improvement in growth trends. You have seen that we moved from flat to plus 1.2% in the UK. In Q2, I would expect that we can continue to do slightly better than that. Our consumer business is doing very, very well. We expect a better second half in business as well.

在英國，我們預期成長趨勢將繼續小幅改善。你已經看到，英國的成長率從持平轉為成長 1.2%。在第二季度，我預計我們可以繼續做得更好。我們的消費者業務表現非常非常好。我們預計下半年的業務也會更好。

So the UK should actually be quite positive for us in the second half. The rest of the European markets, they are, I would say, solid and predictable as they always are with similar growth profile, as you have seen it in the first half year.

因此，英國下半年的表現實際上對我們來說應該是相當正面的。我想說，歐洲其他市場一如既往地穩健且可預測，具有類似的成長態勢，正如您在上半年所看到的那樣。

And then between our emerging markets, in Africa, I would certainly expect an additional opportunity to drive for higher growth, in particular in South Africa, where we had a more difficult first half year from also a year-over-year comparison perspective. So Africa should do slightly better than in the first half.

然後，在我們的新興市場中，在非洲，我當然期望有額外的機會來推動更高的成長，特別是在南非，從同比角度來看，我們上半年經歷了更困難的時期。因此，非洲的表現應該會比上半年略好。

Turkey, obviously, has been firing on all cylinders and has had a tremendous performance by the way, also in real euro terms and including the fact that they have been gaining market share. I think they will continue to do very well, but at some point, obviously, this growth rates will have to start to moderate. So when you then make the marks against all of the moving parts, I think we should see a moderate step-up in growth in the second half year for the group.

顯然，土耳其一直開足馬力，取得了巨大的業績，以歐元實際價值計算，其市場份額也在擴大。我認為他們會繼續做得很好，但顯然在某個時候，這種成長率必須開始放緩。因此，當你對所有活動部件進行標記時，我認為我們應該會看到該集團在下半年實現適度的成長。

Yes, I take the opportunity to shout out to our Turkish team because we have just achieved the highest-ever market share of Vodafone in Turkey, so really excellent execution there.

是的，我藉此機會向我們的土耳其團隊致敬，因為我們剛剛在土耳其實現了沃達豐有史以來最高的市場份額，所以在那裡的執行非常出色。

Super, thank you very much.

非常好，非常感謝。

Akhil Dattani, JPMorgan.

摩根大通的阿希爾·達塔尼 (Akhil Dattani)。

Great morning. Thanks so much for taking the question. If I could maybe just ask a question around the outlook, and there's two bits to it. One is just operationally. I guess the challenge with Germany has been tricky to understand really commercially what's going in the market and really how we should think about what that means for that U-shape recovery that you've talked about.

早安.非常感謝您回答這個問題。如果我可以問一個有關前景的問題，那麼有兩點。一是操作層面。我認為德國面臨的挑戰是很難從商業角度真正理解市場正在發生什麼，以及我們應該如何看待這對您所說的 U 型復甦意味著什麼。

So could you maybe just unpack for us a little bit commercially what you've done already? Maybe what you need to do still? Just to give us a bit more comfort around the turnaround that you're talking to here.

那麼，您能否從商業角度向我們稍微解釋一下您已經做過的事情？也許您還需要做什麼？只是為了讓我們對您在這裡談論的轉變感到更加安心。

And the second bit of it is, if I guess, I think more strategically, you've reshaped the group quite materially over the last 12 months. If we think going forward, how should we think about your priorities as a group? Is it about top line growth? Is it about cost cutting? Is it about return on capital?

第二點是，如果我猜的話，從策略角度來看，你們在過去 12 個月裡對集團進行了相當實質的重塑。如果我們展望未來，作為一個團隊，我們該如何考慮你們的優先事項？這與營業額成長有關嗎？是為了削減成本嗎？這與資本報酬率有關嗎？

Just if you could maybe frame for us really what are you looking for as you think about the group going forward? Thanks a lot.

如果您能為我們解釋一下，當您考慮團隊未來發展時，您真正在尋找什麼嗎？多謝。

Thank you, Akhil. Maybe I will start from the end first because my temptation to your question would be to say all of the above, but let me maybe frame for you a little bit how we are thinking about the future. As you said, there is a big transformation going on.

謝謝你，阿基爾。也許我會先從結尾開始，因為對於您的問題，我很想說出以上所有內容，但請允許我稍微為您概括一下我們對未來的看法。正如您所說，一場巨大的變革正在發生。

And Vodafone is changing in its shape, which is obviously very visible, but it's changing as deeply into its operations. We'll come to Germany in a minute, which tends to be obviously less transparently visible externally.

沃達豐的形態正在發生變化，這顯然非常明顯，但其運作方式的變化同樣深刻。我們馬上就要談到德國了，從外部來看，德國的透明度顯然較差。

If I start from the portfolio side, we are now effectively in the home stretch of completing the reshaping of Europe. We are weeks away from the end of the approval processes in Italy and the UK. You will have seen that today we are talking about completion in early 2025.

如果我從投資組合方面開始，我們現在實際上已經進入了重塑歐洲的最後階段。距離義大利和英國的審批程序結束還有幾週時間。您可能已經看到，今天我們談論的是 2025 年初竣工。

So obviously, we look very much forward to FY26 when the strategy will come into action in terms of operating in growth markets, and in markets in which in each and every one of them, we will have good local scale to deliver growth and returns. In terms of priority, I think the, if you want, most important aspect for me is the definition of timing.

因此，顯然，我們非常期待 26 財年，屆時該策略將在成長型市場中付諸實施，並且在每個市場中，我們都將擁有良好的本地規模，從而實現成長和回報。就優先順序而言，我認為，如果你願意的話，對我來說最重要的方面是時間的定義。

We need to create good, strong, long-term growth to drive returns. And obviously, growth starts with the top line inevitably, but what drives return is growth into EBITDA and mostly cash flows at the end of the day. And that's the overarching objective.

我們需要創造良好、強勁、長期的成長來推動回報。顯然，成長不可避免地從營業收入開始，但最終推動回報的是 EBITDA 的成長以及現金流的成長。這就是總體目標。

And again, as we probably discussed at some point in the past, what we look at when we do our planning with our markets is always the evolution of return on capital over time. And this has been at the heart of the transformation we have just executed -- we are in the process of completing.

再說一次，正如我們過去可能討論過的那樣，我們在製定市場規劃時關注的始終是資本回報率隨時間的演變。這正是我們剛實施的轉型的核心——我們正在完成這項轉型。

I'm talking about the time lines because if you think about the mantra we follow in Vodafone now, it's Customer, Simplicity and Growth, because for me, it's fundamental to have healthy, solid long-term growth based on the back of the customers choosing us.

我之所以談論時間線，是因為如果你想想我們現在在沃達豐遵循的口號，那就是客戶、簡單和成長，因為對我來說，在客戶選擇我們的基礎上實現健康、穩固的長期成長至關重要。

And I think I need to make that answer shorter because, otherwise, I could go on for hours. But as you have seen, we report now our customer KPIs together with our financial KPIs, proud achievers of leadership in NPS in 9 out of 15 markets, the UK beating record after record. You see in the UK.

我認為我需要簡短地回答這個問題，否則我可能會說上幾個小時。但如您所見，我們現在將客戶 KPI 與財務 KPI 一起報告，在 15 個市場中的 9 個市場中，我們自豪地取得了 NPS 的領先地位，英國更是打破了多項紀錄。你在英國就可以看到。

results what improving customer satisfaction means because we are delivering our highest-ever NPS in parallel with our lowest ever churn and a strong commercial momentum in the market.

結果提高了客戶滿意度，因為我們在提供有史以來最高的 NPS 的同時，也實現了有史以來最低的客戶流失率，並且在市場上保持著強勁的商業勢頭。

And I think beyond the fluctuations quarter after quarter keep driving this fundamental of customer relationship, whilst managing the group simply, which is the Simplicity, is essential to create long-term value. So that leads me to Germany then and your question on -- so what's changing in Germany?

我認為，除了季度波動之外，繼續推動客戶關係這一基本原則，同時簡單地管理團隊，即簡單性，對於創造長期價值至關重要。那麼這讓我想到了德國，以及你的問題──德國正在發生什麼變化？

And I'll give you -- try to keep it like a quick snapshot of what's changing. But in Germany as well as elsewhere, what we are driving is structural change. And within our operations, I think it's good to see the momentum that is building.

我會給你——嘗試讓它像一個正在發生的變化的快照一樣。但在德國以及其他地方，我們正在推動的是結構性變革。在我們的營運中，我很高興看到這種勢頭正在增強。

Clearly, it's a transformation that will take time. But you will have noticed that in the last 18 months, we've made step changes in a number of areas.

顯然，這是一個需要時間的轉變。但你會注意到，在過去的 18 個月裡，我們在許多領域做出了重大改變。

Now you're asking commercially, we have now onboarded a new leadership team with a new director for consumer, a new director for business. These are all people which have deep industry expertise. It takes time to hire the right people, but now we have the right team in place in the commercial areas.

現在您從商業角度詢問，我們現在已經加入了一個新的領導團隊，其中包括一位新的消費者總監和一位新的業務總監。這些人都擁有深厚的行業專業知識。聘請合適的人才需要時間，但現在我們在商業領域已經擁有合適的團隊。

Two other commercial examples that will underpin our performance going forward. I mean, we are now putting to bed the MDU transition, which I need to say is a good thing for us, of course, even if the financial impact will continue.

另外兩個商業案例將支撐我們未來的業績。我的意思是，我們現在正在結束 MDU 轉型，當然，我必須說這對我們來說是一件好事，即使財務影響會持續下去。

But it wasn't necessarily the easiest task. Yes, we had to set up a massive sales machine to secure 4 million customer contract changes in the space of a few months. The team has done that successfully, which is why today we say nothing to see here.

但這不一定是最容易的任務。是的，我們必須建立一個龐大的銷售機器，以確保在幾個月的時間內實現 400 萬客戶的合約變更。球隊已經成功地做到了這一點，這就是為什麼今天我們在這裡說什麼也看不見。

It's in line with our expectation. And this, at the same time, as we are simplifying the company with 20% roles reduction, we are already midway through, which is also, I think, significant change in a country like Germany.

這符合我們的預期。同時，我們正在精簡公司，減少 20% 的職位，目前我們已經完成了一半，我認為這對德國這樣的國家來說也是一個重大的變化。

And then finally, I think I explained it enough in my previous answer. I think our approach to fixed broadband is fundamental for our commercial performance. And here, the changes in the last quarters have been keeping up the fiberization, which is why the network -- the cable network is well invested and being able to offer to all our customers wherever they are gigabit speeds, if cable is not there, with fiber so that we give them the best possible experience and don't get stuck into the DSL commercialization side.

最後，我認為我在之前的回答中已經解釋得足夠多了。我認為我們對固定寬頻的態度對我們的商業表現至關重要。在這裡，過去幾季的變化一直在保持光纖化，這就是為什麼網路——有線網路投資良好，能夠為所有客戶提供千兆速度，無論他們身在何處，如果沒有有線，則使用光纖，以便我們為他們提供最好的體驗，而不會陷入 DSL 商業化方面。

Clearly, you will see more changes. I said this is a transformation that takes time. You will continue to see action in Germany. And we really look forward to move beyond this year of transition into FY26.

顯然，你會看到更多變化。我說這是一個需要時間的轉變。您將繼續在德國看到行動。我們真誠地期待著度過今年的過渡期，進入 26 財年。

Sorry, a bit long-winded, Akhil, but an important question.

抱歉，阿希爾，說得有點冗長，但這是一個重要的問題。

That's very helpful. Thanks very much.

這非常有幫助。非常感謝。

Siyi He, Citigroup.

何思怡，花旗集團。

Hello. And thank you very much for taking my questions. I just have a question on the UK. I was wondering if you can talk about the competitive intensities that you're seeing in the UK, because I think, especially in B2B, you are still seeing that UK. B2B service revenue is still in decline. And also following up on that, I understand that the first half of UK EBITDA growth is helped by the cost benefits and energy tailwinds.

你好。非常感謝您回答我的問題。我只是想問一個關於英國的問題。我想知道您是否可以談談您在英國看到的競爭強度，因為我認為，特別是在 B2B 領域，您仍然可以看到英國的競爭強度。B2B服務收入仍在下滑。此外，據我了解，英國上半年 EBITDA 成長得益於成本效益和能源順風。

I'm just wondering if you could kind of help us to understand what will be the moving factors that we should consider on the cost side in the UK when we think about the EBITDA trajectory in the second half? Thank you.

我只是想知道，當我們考慮下半年的 EBITDA 軌跡時，您是否可以幫助我們了解英國成本方面應該考慮哪些變動因素？謝謝。

Thank you, Siyi. I'll take the competitive intensities, and then hand over EBITDA to Luka.

謝謝你，思怡。我會考慮競爭強度，然後將 EBITDA 交給 Luka。

The UK is a competitive market. That's very clear. I think you see it in everyday numbers. Typically, it's a market that steps up with inflation on the front book, and the back book with the main operators, but there is continued competition triggered by the many brands that are now operating in the market.

英國是一個競爭激烈的市場。這很清楚。我想你可以在日常數字中看到它。通常情況下，這個市場前端帳簿會隨著通貨膨脹而成長，後端帳簿會隨著主要營運商而成長，但目前市場上營運的眾多品牌會引發持續的競爭。

I wouldn't be particularly concerned about B2B. You raised B2B, rightfully so, it was flat in the quarter. But we -- this is an area where we still have project phasing in play, and you should rest assure that you will see the growth rate stepping up into positive in the second half and overall for the year, B2B contributing to positive growth in our UK operations. More broadly, I'd say that it's a competitive market in which we compete very effectively.

我不會特別擔心 B2B。您提高了 B2B 水平，這是理所當然的，本季 B2B 水平保持平穩。但是我們 - 這是一個我們仍在分階段實施專案的領域，您應該放心，您將看到下半年和全年的成長率上升為正值，B2B 將為我們英國業務的正成長做出貢獻。更廣泛地說，我想說這是一個競爭激烈的市場，我們在其中的競爭非常有效。

I talked earlier about the benefits that we are seeing of our engagement with our customers and our record level of customer satisfaction. This translates into our commercial momentum. We have -- we are growing 50,000 net adds in broadband typically in a quarter, one of the fastest-growing operator in the market.

我之前談到了我們與客戶互動所帶來的好處以及創紀錄的客戶滿意度。這轉化為我們的商業動力。我們—我們通常每季增加 50,000 個寬頻淨用戶，是市場上成長最快的營運商之一。

Slightly hidden because of some reclass, but the same is true actually this quarter in consumer mobile, yes? So we compete effectively and the focus is really, again, talking about structural support for our long-term growth is really about maintaining a strong brand and a strong engagement with our customers, and I think it's playing out pretty well.

由於重新分類而略有隱藏，但本季在消費移動領域實際上也是如此，是嗎？因此，我們有效地競爭，重點實際上是再次談論對我們長期成長的結構性支持，實際上是為了保持強大的品牌和與客戶的緊密聯繫，我認為效果很好。

But Luka, you can talk EBITDA.

但是盧卡，你可以談談 EBITDA。

Yeah, absolutely. And just to note as well as both of our primary competitors in the UK have already reported, I think you can also easily compare our performance in the UK with theirs, which I think should give you a good frame of reference of how competitive we are, both in consumer, but also in B2B. But on the EBITDA front, this was obviously a very good news story in half year one.

是的，絕對是。需要注意的是，正如我們在英國的兩個主要競爭對手已經報告的那樣，我認為您也可以輕鬆地將我們在英國的表現與他們的表現進行比較，我認為這應該可以為您提供一個很好的參考框架，讓您了解我們在消費者和 B2B 領域的競爭力。但從 EBITDA 方面來看，這顯然是第一半年的一個非常好的消息。

But I had flagged actually already at our Q1 results that there was also some level of OpEx phasing part of that mix. So in the second half year, you should not assume that the UK is operating at the same level of EBITDA growth. We should see a step-down in that growth due to two reasons.

但實際上，我已經在我們的第一季業績中指出，其中還存在一定程度的營運支出分階段變動。因此，在下半年，你不應該假設英國的 EBITDA 成長水準保持不變。由於兩個原因，我們應該會看到這種增長放緩。

First of all, the positive energy impact in first half year, which was contributing 2.7% to EBITDA growth in the half year, actually, is going to fade in the second half year, as we were seeing already a reduction in cost in last year's H2.

首先，上半年能源的正面影響實際上將在下半年消退，因為我們已經看到去年下半年成本下降，而上半年能源對 EBITDA 成長的貢獻為 2.7%。

And there is also going to be some degree of OpEx phasing going into the second half year that was not around in the first half year. But still, the UK will end the year at a very solid and good performance in EBITDA growth. So think about it in terms of mid single-digit growth that should be a safe bet for you to rely on.

下半年的營運支出也將出現一定程度的下降，而上半年則沒有出現這種情況。但英國今年的 EBITDA 成長仍將非常穩健且良好。因此，從中等個位數成長的角度來考慮，這應該是值得您信賴的安全選擇。

Robert Grindle, Deutsche Numis.

羅伯特‧格林德爾，德國努米斯。

Good morning and thank you. My question is on the JVs, which is a big chunk of value on your balance sheet. You mentioned in the pre-comments that you are down to 50-50 in towers, and that's been a successful journey of monetization. Have we reached the end of that road? Or can you imagine further sell-downs or towers consolidation? With your balance sheet improving, has that seen the necessity to co-control towers dropped away. Thank you.

早安，謝謝。我的問題是關於合資企業的，這在您的資產負債表上佔了很大一部分價值。您在預先評論中提到，您的塔的比例已降至 50-50，這是一次成功的貨幣化之旅。我們走到那條路的盡頭了嗎？或者您能想像進一步的拋售或塔樓合併嗎？隨著資產負債表的改善，共同控制塔的必要性是否已經消失。謝謝。

Sure. In a nutshell -- actually, sorry, you said something about the Dutch JV, there seems to be?

當然。簡而言之——實際上，抱歉，您說了一些有關荷蘭合資企業的事情，好像有？

A proposal. Yes, the proposal with Liberty Global to combine VodafoneZiggo with Telenet, or perhaps by your mysterious look --

一個提議。是的，與 Liberty Global 合作提出的將 VodafoneZiggo 與 Telenet 合併的提議，或者也許從你神秘的眼神來看，--

I see what you mean. I was trying to work out, yes, this is -- yes, an old discussion. I was trying to understand where you were coming from. I would say, no news. On VodafoneZiggo, you've heard me say, I think, a number of times before, a bit in the same vein that 50-50 JVs may not last forever.

我明白你的意思。我試著弄清楚，是的，這是——是的，一個老討論。我試著了解你來自哪裡。我想說，沒有消息。關於 VodafoneZiggo，我想您之前已經聽我說過很多次了，有點像 50-50 合資企業可能不會永遠存在下去。

But at the same time, I need to say we are very happy with being in a good market, with a strong asset, very good partnership with Liberty. So our focus now is to manage it for growth. It's managed under Vodafone Investments now. We have just onboarded a new CEO that you have perhaps met. So it's all about how do we accelerate our performance there.

但同時，我需要說的是，我們很高興能處於一個好的市場，擁有強大的資產，並與 Liberty 建立了非常好的合作關係。因此我們現在的重點是管理它以實現成長。目前由沃達豐投資公司管理。我們剛剛任命了一位您可能見過的新執行長。所以，關鍵在於我們如何提升我們的績效。

We don't have any new plans on towers. We are now happily at this 50-50 position, and we have a lockup, which was set up at the time of combining the joint venture, which lasts until March '26. And then over time beyond that, I think we will always have to look at what's in the best interest of Vodafone, also considering the evolution of the tower market in Europe.

我們沒有任何關於塔的新計劃。我們現在很高興能擁有 50-50 的股權，並且我們有一個鎖定期，該鎖定期是在合併合資企業時設立的，有效期至 2026 年 3 月。隨著時間的推移，我認為我們必須始終考慮什麼最符合沃達豐的利益，同時也要考慮歐洲塔市場的發展。

If I may just add, there is nevertheless one very visible opportunity for further value creation and that is increasing dividends over time, in particular, from Vantage Towers. We have seen already in the first half year a very nice step-up in dividends. So I would expect that, for this year, we will probably see EUR100 million more in dividends from Vantage Towers than we have seen in FY24. And as this business continues to develop in a solid state, I think that is certainly not the end of the possibilities.

如果我可以補充的話，仍然有一個非常明顯的進一步創造價值的機會，那就是隨著時間的推移增加股息，特別是來自 Vantage Towers 的股息。我們在上半年已經看到股息大幅成長。因此，我預計今年 Vantage Towers 的股息可能會比 24 財年多 1 億歐元。隨著這項業務繼續穩步發展，我認為這絕不是可能性的終結。

Thank you.

謝謝。

James Ratzer, New Street.

詹姆斯·拉澤 (James Ratzer)，新街。

Yes, good morning. Thank you very much. So I would like to ask a question, please, on Germany, maybe no surprise there, but this time actually on the mobile market rather than fixed line. In particular, if I look at the pricing environment in Germany, we've seen some more aggressive moves from Deutsche Telekom on some of their promotional offers.

是的，早安。非常感謝。所以我想問一個關於德國的問題，這也許並不令人意外，但這次實際上是在行動市場而不是固定電話市場。特別是，如果我看一下德國的定價環境，我們會看到德國電信在一些促銷活動上採取了更激進的舉措。

We've seen more aggression, I think, from Telefonica. And then just today, 1&1 were saying that they see the need to be more aggressive on some of their pricing in the fourth quarter because of increased level of competitive intensity in the German mobile market.

我認為，我們看到了西​​班牙電信公司更激進的舉動。就在今天，1&1 表示，由於德國行動市場的競爭加劇，他們認為第四季有必要在部分定價上採取更激進的措施。

So it seems like you're one of the few carriers at the moment that is actually holding firm on pricing in the market. But I would just love to get your views on how you're seeing the competitive environment in German mobile, some of these price moves from your competitors, something that worries you, do you think you need to respond. Thank you.

因此看起來，你們是目前少數幾家在市場上堅持定價的業者之一。但我很想聽聽您對德國行動市場競爭環境的看法，您的競爭對手的一些價格變動，讓您擔心的事情，您認為您需要做出回應嗎？謝謝。

Thank you, James. If you go back to last May, I did flag that we were seeing the market in Germany becoming more competitive at the low end of the mobile spectrum. In those days, we were talking about competition on resellers.

謝謝你，詹姆斯。如果回顧去年五月，我確實注意到，我們看到德國市場在低階行動領域的競爭變得更加激烈。當時，我們正在談論經銷商的競爭。

We were talking about second brands, prepaid, that part of the market. Now it's fair to say that in the last month instead, we have seen one operator choosing to do a substantial more-for-less, I would say, move across the spectrum of its -- all the lineup, including on the main brands. So obviously, this means also the mid- to high-end side of the market.

我們談論的是第二品牌、預付費以及這部分市場。現在可以公平地說，在上個月，我們看到一家營運商選擇大幅降低價格，我想說，這涉及其所有產品線，包括主要品牌。顯然，這也意味著中高端市場。

Now this is very recent. I need to say, I struggle to rationalize it myself. This would be a question for other people. But from our side of the equation, I would say that we need to follow closely this evolution. We have seen the German market in the past as orders sort of going up, going down, and it's very, very early days in that respect, but it's something that you should expect us to follow very closely.

這已經是最近的事了。我需要說的是，我自己也很難合理化這一點。這可能是其他人的問題。但從我們的角度來看，我想說我們需要密切關注這一演變。我們過去曾看到德國市場的訂單上升、下降，從這個角度來看現在還為時過早，但我們應該密切關注這一點。

But you don't think that would lead to any deterioration at all in your German mobile service revenues in the second half.

但您認為這不會導致下半年德國行動服務收入出現任何下滑。

I think what you should expect us to do is, as always, remain disciplined. You have called it out now yourselves. In terms of broader impacts on the market, I think it's a bit early to call it out, and it will really depend on the choices that will be made.

我認為您應該期望我們所做的是一如既往地保持紀律。現在你們自己已經說出來了。就對市場更廣泛的影響而言，我認為現在下結論還為時過早，這實際上取決於將要做出的選擇。

Great. Thank you.

偉大的。謝謝。

David Wright, Bank of America Merrill Lynch.

美銀美林的戴維·賴特。

Hopefully, I'm unmuted here. Thank you for taking the questions. So a question on German fixed. And I did notice your release a couple of weeks back when you stated you had the biggest fiber footprint in Germany.

希望我在這裡沒有被靜音。感謝您回答這些問題。因此，關於德語的問題已解決。我確實注意到了你們幾週前發布的消息，當時你們聲稱你們擁有德國最大的光纖足跡。

But there was a very curious German -- comment in German in the release that said footprint without senseless overbuild. And I did wonder, Margherita, I feel like you've tried to introduce this strategy a little bit more on the call. Is the wholesale purely for the areas where you don't have cable?

但在新聞稿中有一個非常奇怪的德語評論說，足跡沒有無意義的過度建設。我確實想知道，瑪格麗塔，我覺得你在電話中嘗試更多地介紹這一策略。批發是否僅針對沒有有線電視的地區？

Or could it be that you start to consider the likes of Deutsche Glasfaser, the more sort of rural and suburban areas, where the overlap with you is now building with your SDUs and where the cost to build is likely much higher?

或者您是否開始考慮像德國玻璃公司這樣的公司，更多的是農村和郊區，這些地區與您現在使用 SDU 進行建設的重疊區域，而且建設成本可能要高得多？

Could we start to see this Vodafone fixed strategy in Germany now start to evolve a little more, and maybe a little bit more wholesale, maybe some JVs, maybe some own build. I do feel like you're trying to introduce a bit of a narrative here, so I'm keen to explore. Thank you.

我們是否可以開始看到沃達豐在德國的固定網路策略開始進一步發展，或者是批發業務，也許是合資企業，也許是自建業務。我確實覺得你試圖在這裡引入一些敘述，所以我很想探索一下。謝謝。

Thank you, David. I would say we always start from the customers, and want to give our customers what's best for them. And with that in mind, we will ask our customers, what do they need, what type of service they will need.

謝謝你，大衛。我想說我們總是從客戶出發，並希望為客戶提供最適合他們的服務。考慮到這一點，我們會詢問客戶，他們需要什麼，需要什麼類型的服務。

And in the cable area, as you know, cable satisfies any customer need, so it will be cable. In the DSL areas, we are now in the position to actually offer them higher speed and not keep them contained to DSL, which is going to improve our service to them.

在有線電視領域，如您所知，有線電視可以滿足任何客戶的需求，因此它就是有線電視。在 DSL 區域，我們現在能夠真正為他們提供更高的速度，而不是將他們限制在 DSL 上，這將改善我們為他們提供的服務。

And that's -- it's on the back of that, that I was calling out the fact that we will give, in 3 quarters of German households, all the customers that want to be converged with us, we will have the opportunity to have gigabit products.

正是基於此，我才呼籲，我們將為四分之三的德國家庭，所有想要與我們融合的客戶，提供千兆產品的機會。

That's the starting point of what mostly matters to us. I was calling out the fact that in the DSL areas, the market is starting to see beginning of fiber churn. So we will clearly be there to allow our customers to choose fiber, and they have the best possible service. So that's in terms of the commercial offers and what will impact our net adds.

這就是我們最關心的事情的起點。我指出的事實是，在 DSL 領域，市場開始出現光纖流失的現象。因此，我們顯然會允許我們的客戶選擇光纖，並為他們提供最好的服務。這就是商業報價以及對我們的淨增值產生影響的因素。

In terms of then our machines and how we will satisfy customer needs from an infrastructure perspective, our focus remains the same. The combination of continuing to fiberize the cable network as we discussed in the past, and, in parallel, driving the build where it makes sense to us through OXG and its 7 million households program. So that's our focus today.

就我們的機器以及我們如何從基礎設施角度滿足客戶需求而言，我們的重點保持不變。正如我們過去所討論的那樣，繼續對有線網路進行光纖化，同時透過 OXG 及其 700 萬戶家庭計劃推動對我們有意義的建設。這就是我們今天的重點。

So the current plan is the 7 million in the joint venture, right?

那麼目前的計劃是合資的700萬是嗎？

That's correct.

沒錯。

And that's -- there's maybe a little bit of greenfield in that. So what about the plan for the rest of the fiber footprint -- the cable footprint? Is there any ambitions today to fiberize any targets, any CapEx given?

那就是——其中可能存在一些未開發的地方。那麼其餘光纖覆蓋範圍－電纜覆蓋範圍的計畫如何？今天是否有任何雄心壯志來將任何目標、任何資本支出光纖化？

Yes, you are correct. On the 7 million, there is 1 million which is also greenfield. And beyond that, we will be happy wholesalers of a range of providers, as we are doing now with Deutsche Telekom and Deutsche Glasfaser. Over time, this range could also change depending on where there are good business cases for us.

是的，你說得對。在這 700 萬中，有 100 萬也是未開發的。除此之外，我們也樂意成為一系列供應商的批發商，就像我們現在與德國電信和德國玻璃公司合作一樣。隨著時間的推移，這個範圍也可能發生變化，這取決於哪裡有對我們有利的商業案例。

Okay. Thank you very much.

好的。非常感謝。

Javier Borrachero, Kepler Cheuvreux.

哈維爾·博拉切羅，開普勒·舍弗勒。

Good morning. Good morning, Margarita and Luca. My question is on regulation, let's change gears a little bit. At the European level, we have now a new commission, a new parliament. I'd like to have your thoughts on what we could expect from -- in this regulatory period, particularly in light of the report by Mario Draghi, the Future of European Competitiveness, he made a lot of proposals, single market harmonization, in-country consolidation, cross-border consolidation, cross-border services, networks, level playing field. So some may be more controversial, other may be more consensual. So maybe if we can have your thoughts.

早安.早安，瑪格麗塔和盧卡。我的問題是關於監管的，讓我們稍微換個話題。在歐洲層面，我們現在有了新的委員會、新的議會。我想聽聽您對我們能期待什麼的看法——在這個監管時期，特別是考慮到馬裡奧·德拉吉的報告《歐洲競爭力的未來》，他提出了很多建議，包括單一市場協調、國內整合、跨境整合、跨境服務、網絡、公平競爭環境。因此，有些觀點可能更具爭議性，而其他觀點可能更容易獲得共識。所以也許我們可以聽聽您的想法。

And related to this regulatory point, I guess on UK, Italy, there's probably nothing new to report. You mentioned something in your press release about the -- your expectation that these two deals will be closed soon. But on Romania, I mean, maybe a question on Romania. This agreement with Digi leading also potentially to in-country consolidation, what do you expect in terms of regulatory review remedies in Romania? Thank you very much.

關於這個監管點，我猜英國、義大利可能沒有什麼新消息要報告。您在新聞稿中提到了—您預計這兩筆交易將很快完成。但關於羅馬尼亞，我的意思是，也許是關於羅馬尼亞的問題。與 Digi 達成的這項協議也有可能促成國內合併，您對羅馬尼亞的監管審查補救措施有何期待？非常感謝。

Thank you. I could go on regulatory for a while. So I start from Romania. Romania is a good opportunity for us to gain good returns by effectively driving synergies. There is one operator that needs to leave the market in mobile, and we have just done an MOU for a three-way deal where we would buy Deutsche Telekom Mobile together with Digi.

謝謝。我可以繼續監管一段時間。所以我從羅馬尼亞開始。羅馬尼亞為我們提供了透過有效發揮協同效應獲得良好回報的良好機會。有一家業者需要退出行動市場，我們剛簽署了一份三方交易的諒解備忘錄，我們將與 Digi 共同收購德國電信行動。

It's still an MOU at this stage, so early days. And it was the gate into detailed due diligence. In terms of then the execution and how it's going to play out, our expectation is actually, subject to the final structure of the deal, that the review should be in Romania because of the size we are talking about.

目前這仍只是一份諒解備忘錄，因此仍處於早期階段。這是進行詳細盡職調查的大門。就執行情況和結果而言，我們的預期實際上是，根據協議的最終結構，由於我們討論的規模，審查應該在羅馬尼亞進行。

And it's also a deal that is quite immaterial, I would say, in the general context of the group. On the regulatory front, we have worked a lot, as you would expect, in the last year, and we'll continue to work and engage with European regulators.

我想說，從集團的整體情況來看，這也是一筆無關緊要的交易。在監管方面，正如您所期望的那樣，我們在過去一年中做了很多工作，我們將繼續與歐洲監管機構合作和接觸。

Because Europe has been starved of investment in telcos for far too long. It was very good to see that the reports from Draghi and Letta, which had important recommendations for the telco industry, has been translated into the mission statement of the new commissioners that are now at work in Europe.

因為歐洲長期以來缺乏對電信公司的投資。很高興看到德拉吉和萊塔的報告對電信業提出了重要建議，這些建議已被轉化為目前在歐洲工作的新委員的使命宣言。

So I think that's been good progress, but I think we now need to see in the coming months how this mission statements will actually translate into action and you should expect us to continue to be on the front line of this engagement because, as I said, it's really important that investment is recognized as a force for good competition also within the EU as we are seeing at the moment in the UK.

所以我認為這是一個很好的進展，但我認為我們現在需要在接下來的幾個月裡看到這個使命宣言將如何轉化為行動，你應該期待我們繼續站在這一參與的前線，因為正如我所說的，投資被視為促進良好競爭的力量非常重要，就像我們目前在英國看到的那樣，在歐盟內部也是如此。

Thank you very much, Margherita.

非常感謝，瑪格麗塔。

Thank you.

謝謝。

Polo Tang, UBS.

瑞銀的 Polo Tang。

Hi. Thanks for taking the question. I just had a question in terms of other Europe. So it saw a solid performance in Q2, but how should we think about the impact of the Digi's launch in Portugal? If I'm not mistaken, I think that they've launched with a EUR4 per month tariff for 50 gigs of mobile data? Thanks.

你好。感謝您回答這個問題。我只是想問其他歐洲的問題。因此，它在第二季度表現穩健，但我們應該如何看待 Digi 在葡萄牙推出產品的影響？如果我沒記錯的話，我認為他們已經推出了每月 4 歐元的 50GB 行動數據資費？謝謝。

Yes, Polo, launched last week, I would say, without surprises, the usual playbook with aggressive pricing. The important point about Portugal is that it's very different from other markets where we have seen Digi operating and it's also a market in which we have a position worth calling out. From the market perspective, it's mostly quad-play, very high percentage of contracts in the base and very low churn. But perhaps most importantly, it's an interesting market in the sense that the front book in Portugal is positioned higher than the back book.

是的，Polo 於上週推出，我想說，沒有什麼意外，採用的是慣常的策略，價格也很有競爭力。關於葡萄牙的重要一點是，它與 Digi 營運的其他市場非常不同，也是我們值得關注的市場。從市場角度來看，它主要是四重播放，基礎合約比例非常高，而且客戶流失率非常低。但也許最重要的是，這是一個有趣的市場，因為葡萄牙的前書的定位高於後書。

And then as far as we are concerned, we have a very strong brand in Portugal. I was talking about customer satisfaction earlier. Our customer satisfaction in Portugal is, I don't know how to express this, but let's call it miles ahead any other player. And I think you will have seen it maybe if you ever traveled in the country. And therefore, we have very strong loyalty.

就我們而言，我們在葡萄牙擁有非常強大的品牌。我之前談到了客戶滿意度。我們在葡萄牙的客戶滿意度是，我不知道如何表達，但我們可以說它遠遠領先於其他任何參與者。我想如果你曾經去過這個國家，你也許會看到它。因此，我們有著非常強烈的忠誠。

Now of course, there is competition ahead. We already have in the market an established first brand and second brand, and we look forward to compete.

當然，現在還存在競爭。我們在市場上已經擁有成熟的第一品牌和第二品牌，我們期待參與競爭。

Andrew Lee, Goldman Sachs.

高盛的 Andrew Lee。

Okay. Good morning, everyone. I'm just going to bring us back to Germany and just thinking about FY26. So you have stated your return to growth, but clearly, in that statement, also highlighted the 1&1 contribution. So when we're just trying to think about underlying growth that you'll be delivering in Germany in FY26, will you grow without 1&1? And if not, why not? Thank you.

好的。大家早安。我只是想帶我們回到德國並考慮 FY26。因此，您已經聲明了您的恢復成長，但顯然，在該聲明中，也強調了 1&1 的貢獻。因此，當我們試圖思考您在 26 財年將在德國實現的潛在成長時，如果沒有 1&1，您會實現成長嗎？如果不是，為什麼？謝謝。

And I'll just say, I'll hand over to Luka. But it's early days to go into detailed guidance in FY26 in Germany. There are a number of factors we will have to consider, including the competitive environment. But Luka?

我只想說，我將把發言權交給盧卡。但現在德國 26 財年的詳細指導還為時過早。我們必須考慮許多因素，包括競爭環境。但是盧卡？

I will go even one step further. I would also not include or introduce yet another derivative of growth underlying agreement that is a commercial agreement that is based on an operational collaboration that has convinced the players in the market to work with us.

我還會更進一步。我也不想包括或引入另一個成長衍生協議，即基於營運合作的商業協議，這種合作已經說服了市場參與者與我們合作。

And -- because if we were to start that, then where would we end. We are also not calling out individual MVNO wholesale agreements in the different markets. So for me, the performance of 1&1, unlike the situation of an external law change that we are suffering from at the moment with the MDU transition, is one that is an intrinsic part of our overarching performance in Germany. So I would not look at breaking out an underlying performance in that sense.

而且──因為如果我們開始這樣做，那麼我們將在哪裡結束呢？我們也不會在不同的市場中呼籲單獨的 MVNO 批發協議。因此，對我來說，1&1 的表現與我們目前在 MDU 過渡期間遭遇的外部法律變化的情況不同，它是我們在德國整體表現的內在組成部分。因此，我不會從這個意義上考慮突破潛在的表現。

I couldn't agree more. Although I'm pretty sure that where we will end up doing the quarter-on-quarter movements of the next year, there will be, again, a lot of detail, but not on the headlines and far too early.

我完全同意。儘管我非常確定我們最終會公佈明年的季度環比走勢，但仍然會有很多細節，但不會在頭條新聞中出現，而且為時過早。

Yeah, I think it's another way of looking at, it is obviously to recognize that, as we onboard the 1&1 contract, there will, of course, be a step-up and the ramp. That's what we have been talking about already in the context of the second half year.

是的，我認為這是另一種看法，顯然要認識到，當我們簽訂 1&1 合約時，當然會有一個提升和上升的過程。這就是我們在下半年一直在談論的事情。

And that is obviously a valid question to us. I'm very happy to discuss this as we move into the next year. But at some point, we need to recognize that this is an operational agreement that we have won and that we will benefit from, and I wouldn't really kind of separate that from the rest of our performance.

對我們來說，這顯然是一個合理的問題。我很高興在進入新的一年之際討論這個問題。但在某種程度上，我們需要認識到這是我們贏得的營運協議，我們將從中受益，我不會將其與我們的其他表現分開。

Thank you.

謝謝。

Thank you, Andrew.

謝謝你，安德魯。

That was the last question, and I would now like to hand back to Margherita for any closing remarks.

這是最後一個問題，現在我想把發言權交還給瑪格麗塔，請她做最後的總結發言。

Just thank you very much for being with us today and look forward to the meetings in the road show and beyond. Thank you.

非常感謝您今天與我們在一起，並期待路演及以後的會議。謝謝。

Thank you very much.

非常感謝。