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

Hello, everyone.

大家好。

I'm joined as usual by Luka for our half-year results.

像往常一樣，盧卡也和我一起分享我們的半年表現。

Hi, everyone.

大家好。

At the Group level, results are in line with our overall expectations.

在集團層面，結果符合我們的整體預期。

Luka will go into more detail on this shortly.

盧卡很快就會對此進行更詳細的介紹。

But more broadly, we are continuing to drive change across Vodafone change in our portfolio and change in our operations starting from our portfolio.

但更廣泛地說，我們正在繼續推動沃達豐產品組合的變革，以及從我們的產品組合開始的營運變革。

We are now moving towards the completion of the group preshaping initiated last year with the imminent closing of the regulatory reviews in Italy and the UK.

隨著義大利和英國監管審查即將結束，我們現在正在努力完成去年啟動的集團預整工作。

Together with our main transactions, we have also seen a good level of activity within Vodafone Investments where we have now achieved our 50/50 target position in Vantage Towers and more recently signed an MoU in Romania to support consolidation in that market.

連同我們的主要交易，我們還看到沃達豐投資公司內部的良好活動水平，我們現在已經在Vantage Towers 中實現了50/50 的目標地位，並且最近在羅馬尼亞簽署了一份諒解備忘錄，以支持該市場的整合。

We've also achieved new milestones in our strategic partnerships.

我們的策略夥伴關係也取得了新的里程碑。

Our new commercial shared operations supported by Accenture are now live.

我們由埃森哲支持的新商業共享營運現已上線。

We have formed a new API alliance with other industry players, and we have set up a new strategic partnership with Google.

我們與其他產業參與者組成了新的 API 聯盟，並與 Google 建立了新的策略合作夥伴關係。

Our main focus within our operations continues to be Germany where we have just completed the formation of a new management team of industry experts with new directors in consumer, in business and IT.

我們業務的主要重點仍然是德國，我們剛剛在德國完成了由行業專家組成的新管理團隊的組建，並任命了消費者、業務和 IT 領域的新董事。

But before diving into Germany, Luka, can you share our financial highlights?

但在深入了解德國之前，Luka，您能分享一下我們的財務亮點嗎？

Yeah, absolutely.

是的，絕對是。

So to start off, there are a few key takeaways for me here in our results.

首先，我們的結果中有一些關鍵要點。

The first and most important one is certainly that our performance in H1 is in line with expectations.

第一個也是最重要的一點當然是我們上半年的表現符合預期。

And that is despite the fact that we stepped up our investment in Germany in order to prepare ourselves for the growth opportunities in this market, post the MDU transition.

儘管事實上我們加大了在德國的投資，以便為 MDU 轉型後這個市場的成長機會做好準備。

Now, this has been possible because we had a strong performance elsewhere in the Group.

現在，這已經成為可能，因為我們在集團其他部門的表現強勁。

At the Group level, our adjusted EBITDA grew 3.8% in organic terms.

在集團層面，調整後 EBITDA 有機成長 3.8%。

And within that, we delivered good growth virtually across all of our market segments with the exception of Germany.

其中，除德國外，我們幾乎在所有細分市場都實現了良好的成長。

For example, the UK grew a very strong more than 8%.

例如，英國的成長率非常強勁，超過 8%。

The other European markets over 3%.

其他歐洲市場超過3%。

And then, of course, in our emerging markets, both in Africa and in particular in Turkey, which grew by more than 50% in EUR terms, we had a very strong showing.

當然，在我們的新興市場，無論是在非洲，特別是在土耳其，以歐元計算成長了 50% 以上，我們的表現非常強勁。

Also, as we anticipated in Q1, our B2B performance has accelerated to 4% in Q2.

此外，正如我們在第一季所預期的那樣，我們的 B2B 業績在第二季已加速至 4%。

That was mainly driven by digital services where we continue to invest both in go-to-market capabilities but also in our product portfolio and in partnerships.

這主要是由數位服務推動的，我們繼續投資於進入市場的能力，以及我們的產品組合和合作夥伴關係。

Germany, on the other hand, is facing a significant but again, anticipated pressure from the MDU transition.

另一方面，德國正面臨 MDU 轉型帶來的巨大但又是預料之中的壓力。

Our Q2 service revenue in Germany declined by 6.2%, but this was again in line with the guidance that we provided to the market in July.

我們第二季在德國的服務收入下降了 6.2%，但這再次符合我們 7 月向市場提供的指導。

So it is with that in mind and given the solid performance of the Group that we have increased our commercial investments in Germany, and we have indeed delivered an improved cooperational trends in Q2 with our mobile net apps up and the cable base now almost stable.

因此，正是考慮到這一點，並考慮到集團的穩健表現，我們增加了在德國的商業投資，而且我們確實在第二季度實現了更好的合作趨勢，我們的行動網路應用程式已經上線，有線電視基礎現在幾乎穩定。

So against the backdrop of our increased investment in Germany but good performance elsewhere, we are today reiterating our guidance for the full year and we're confident that we will achieve it.

因此，在我們增加對德國的投資但在其他地方表現良好的背景下，我們今天重申了全年的指導方針，並且我們有信心實現這一目標。

Vodafone is changing and Germany is changing.

沃達豐正在改變，德國也在改變。

As you would expect, the mandate of the new team is all about customer experience.

正如您所期望的，新團隊的任務就是客戶體驗。

So what is changing for our customers?

那麼我們的客戶正在發生什麼變化呢？

As you know, the step up in the pace of fiberization of our cable network has delivered what is now recognized as the best broadband network in the country by all main independent tests.

如您所知，我們的有線網路光纖化步伐的加快已經提供了目前所有主要獨立測試都公認的全國最好的寬頻網路。

We are now complementing our cable footprint with wholesale fiber so that we can offer gigabit enabled broadband to our customers in 30 million households.

我們現在正在透過批發光纖來補充我們的電纜足跡，以便我們可以為 3000 萬個家庭的客戶提供千兆位元寬頻。

This represents 75% of all German households much more than what any other operator can offer.

這佔所有德國家庭的 75%，遠高於其他任何業者所能提供的服務。

Also, the MDU transition is now substantially complete.

此外，MDU 過渡現已基本完成。

It was a major undertaking as we had to recontract 4 million customers within a few months.

這是一項艱鉅的任務，因為我們必須在幾個月內與 400 萬客戶重新簽約。

And with this behind us, we can now fully dedicate our attention to driving growth and convergence.

有了這些之後，我們現在就可以完全專注於推動成長和融合。

As Luka mentioned, our commercial KPIs have already gradually improved in Q2 but we expect further progress.

正如 Luka 所提到的，我們的商業 KPI 在第二季已經逐漸改善，但我們預計會取得進一步的進展。

We need to put Vodafone back at the top of customers preferences.

我們需要將沃達豐重新置於客戶偏好的首位。

This means investment in branding, products and channels.

這意味著對品牌、產品和通路的投資。

But most importantly, we need to continue improving the overall experience we provide to our customers and the ease with which they interact with us.

但最重要的是，我們需要繼續改善為客戶提供的整體體驗以及他們與我們互動的便利性。

We are focusing on B2B because of the significant demand for digital services from our customers.

由於客戶對數位服務的巨大需求，我們專注於 B2B。

From small businesses all the way to public sector, we are supporting our customers digital transformation by bringing them much more than connectivity.

從小型企業一直到公共部門，我們為客戶提供的不僅是連接性，還支援他們的數位轉型。

And we are continuing to broaden our capabilities in this space.

我們正在繼續擴大我們在這一領域的能力。

For example, this month, we are opening a new security operations center in Romania to serve our European customers.

例如，本月，我們將在羅馬尼亞開設一個新的安全營運中心，為我們的歐洲客戶提供服務。

On mobile private networks, we have now established a leading position across a number of sectors.

在行動專網領域，我們已經在多個領域確立了領先地位。

And we are seeing the benefits of our unique partnership with Microsoft in Software-as-a-Service.

我們看到了與 Microsoft 在軟體即服務上獨特的合作關係所帶來的好處。

But Luka, perhaps you can talk to our recent performance in B2B.

但是盧卡，也許你可以談談我們最近在 B2B 的表現。

Sure.

當然。

So first of all, overall, as I said before, our performance in B2B was good with service revenue growth accelerating to 4% in the quarter.

首先，總體而言，正如我之前所說，我們在 B2B 領域的表現良好，本季服務收入成長加速至 4%。

But it's worthwhile double clicking a little bit into these results.

但雙擊這些結果是值得的。

From a markets perspective, we had in particular, a very strong showing in our smaller European markets which grew 7.5% as well as in South Africa.

從市場角度來看，我們在規模較小的歐洲市場以及南非的表現尤其強勁，成長了 7.5%。

The UK and Germany were a bit softer than I know is possible.

英國和德國的態度比我想像的要溫和一些。

But overall, we expect for B2B further acceleration in the second half year.

但總體而言，我們預計下半年 B2B 將進一步加速。

Now, in terms of the portfolio in B2B, connectivity is still a major component of our revenue and will remain very significant for us.

現在，就 B2B 產品組合而言，連接性仍然是我們收入的主要組成部分，對我們來說仍然非常重要。

But digital services are an increasingly important part of the overall mix, with growth in digital services in Q2 at almost 18% which is a sizable step up from 6.7% in Q1.

但數位服務是整體組合中越來越重要的一部分，第二季數位服務成長近 18%，比第一季的 6.7% 大幅成長。

Within digital services, we delivered particularly strong growth in our cloud portfolio which grew at over 30% in the quarter.

在數位服務領域，我們的雲端產品組合實現了特別強勁的成長，本季成長超過 30%。

And finally, from a customer segment, view perspective, we delivered a strong step up in growth from the public sector.

最後，從客戶群的角度來看，我們在公共部門實現了強勁的成長。

Luka, any final thoughts?

盧卡，最後有什麼想法嗎？

Sure.

當然。

For me, there is two takeaways.

對我來說，有兩個要點。

One, our performance in the first half is in line with our expectations and we're confident in delivering our guidance for the full year.

第一，我們上半年的業績符合我們的預期，我們有信心實現全年的指導。

But it's also worth mentioning that we continue to make great progress on the portfolio front.

但也值得一提的是，我們在產品組合方面持續取得巨大進展。

We've just received EUR1.3 billion as we sold down our stake in Vantage Towers as planned to achieve the 50/50 co-control situation with our private equity partners.

我們剛剛收到了 13 億歐元，因為我們按計劃出售了 Vantage Towers 的股份，以實現與私募股權合作夥伴 50/50 的共同控制。

And this comes on top of the EUR4.1 billion that we have already realized from the sale of Spain.

除此之外，我們還透過出售西班牙實現了 41 億歐元的收入。

And a further EUR8 billion is expected from the sale in Italy in early 2025, so not that far down the road.

預計 2025 年初在義大利的銷售將進一步帶來 80 億歐元的收入，所以距離不會太遠。

This is important from the CFO's perspective, of course, as it gives us flexibility to really follow through on our capital allocation framework.

當然，從財務長的角度來看，這很重要，因為它使我們能夠靈活地真正遵循我們的資本配置框架。

And that is to continue to invest our businesses at the right level and ensure we operate at the right leverage and then of course fund the EUR4 billion capital return program that we are now well into.

那就是繼續以正確的水平投資我們的業務，確保我們以正確的槓桿運營，然後當然為我們現在正在進行的 40 億歐元資本回報計劃提供資金。

So Margherita, what are your priorities for us in the second half?

瑪格麗塔，下半年我們的首要任務是什麼？

We all remain focused on our priorities of customers, simplicity and growth.

我們始終專注於客戶、簡單性和成長等優先事項。

In the near term, my priority is the operational performance in Germany, particularly how we engage with existing customers and win new ones.

短期內，我的首要任務是德國的營運績效，特別是我們如何與現有客戶互動並贏得新客戶。

We're driving significant change across our operations, ensuring that we are putting all the building blocks in place for long term sustainable growth.

我們正在推動整個營運領域的重大變革，確保我們為長期永續成長奠定了所有基礎。

And for the Group more broadly, we look forward to FY26 with our new portfolio shape, positioning us in good markets with good local scale to compete effectively and drive growth.

對於更廣泛的集團而言，我們期待 2026 財年新的投資組合結構，使我們能夠在良好的市場中具有良好的本地規模，從而有效競爭並推動成長。