Vodafone Group PLC (VOD) 2025 Q4 法說會逐字稿

Good morning, everyone, and thank you for joining us today. As you will have seen from our results, our performance in FY25 has been in line with expectations. But before we move to Q&A, I want to provide an update on what has driven the results, the actions we have taken and the key priorities for FY26 and beyond.

大家早安，感謝大家今天加入我們。正如您從我們的業績中看到的，我們在 25 財年的表現符合預期。但在進入問答環節之前，我想先介紹一下推動這些成果的因素、我們採取的行動以及 2026 財年及以後的關鍵優先事項。

Two years ago, I set out a transformation agenda centered around 3 key pillars: customers, simplicity and growth. Whilst we still have much more to do, 2 years on, Vodafone today has changed. We have reshaped the structure of the group, simplified how we operate and improved our customer experience. Therefore, not only changing where we operate, but more crucially how we operate.

兩年前，我制定了以三大支柱為中心的轉型議程：客戶、簡化和成長。雖然我們還有很多工作要做，但兩年過去了，今天的沃達豐已經改變了。我們重塑了集團結構，簡化了營運方式並改善了客戶體驗。因此，不僅要改變我們的經營地點，更重要的是改變我們的經營方式。

Looking closer at each of these 3 areas, we have rightsized our portfolio with the sales of Spain and Italy and the merger of Vodafone and Three UK. We've also taken actions in a number of areas within our investments portfolio, including the further monetization of Vantage Towers and a simpler ownership structure in India.

仔細研究這三個領域，我們透過西班牙和義大利的銷售以及沃達豐與英國Three的合併調整了我們的投資組合。我們還在投資組合的多個領域採取了行動，包括進一步將 Vantage Towers 貨幣化以及簡化印度的所有權結構。

With these actions, we have reset our capital structure, strengthened our balance sheet and returned EUR2 billion to shareholders through buybacks on top of EUR1.8 billion of dividends over the last year. And the first tranche of the next EUR2 billion buyback program is starting today.

透過這些行動，我們重置了資本結構，加強了資產負債表，並在去年18億歐元的股息基礎上，透過回購向股東返還了20億歐元。下一輪 20 億歐元回購計畫的第一階段將於今日啟動。

On customers, we have refocused the culture of Vodafone on delivering the seamless and consistent experience our customers expect. And we have changed. Just 2 examples. In the UK and Germany, we have achieved a number of best evers on customer experience. In the UK, our market-leading NPS has been driving the lowest ever levels of churn for both mobile and broadband. And in Germany, where there is clearly more to do, we've made a real step change, delivering our best ever Net Promoter Scores and halving the gap to the incumbent in the market.

對於客戶，我們重新調整了沃達豐的文化，致力於提供客戶期望的無縫、一致的體驗。我們已經改變了。僅舉兩個例子。在英國和德國，我們在客戶體驗方面取得了許多優異成績。在英國，我們市場領先的 NPS 一直推動行動和寬頻客戶流失率達到歷史最低水準。在德國，我們顯然還有更多工作要做，但我們取得了真正的進步，實現了有史以來最好的淨推薦值，並將與市場上現有企業的差距縮小了一半。

At the same time, we are becoming a leaner organization. We have actioned the planned 10,000 role reductions and the introduction of commercial models in our shared operations will now enable us to accelerate productivity and efficiency gains. Financially, we have delivered our transformation and the MDU transition within the adjusted free cash flow outlook communicated in May '23.

同時，我們正在成為一個更精簡的組織。我們已經實施了計劃中的 10,000 個職位的裁減，並且在共享營運中引入商業模式，這將使我們能夠加快生產力和效率的提高。從財務角度來看，我們已經在 2023 年 5 月公佈的調整後自由現金流展望範圍內實現了轉型和 MDU 轉型。

As a result of the transformation done in the last 2 years, we are now well positioned to grow our adjusted free cash flow over the medium term with two-thirds of our adjusted free cash flow coming from growing assets, while the remaining one-third is generated from Germany, which we are turning around. Let me start with Germany. Over the last 2 years, we have faced a number of challenges with a declining broadband base, the massive task of implementing the MDU transition and more recently, heightened competition in mobile.

由於過去兩年的轉型，我們現在有能力在中期內增加調整後的自由現金流，其中三分之二的調整後自由現金流來自不斷增長的資產，而剩餘的三分之一來自德國，我們正在扭轉這一局面。我先從德國說起。在過去的兩年裡，我們面臨著許多挑戰，包括寬頻基礎的下降、實施 MDU 轉型的艱鉅任務以及最近的行動領域競爭加劇。

Against this backdrop, we have been single-mindedly focused on driving a structural reset of our operations centered around delivering a better service to our customers. Two years on with the new management team, investments in our networks and customer experience and the company-wide restructuring heading towards completion, we are looking at a number of positive trends in our structural leading indicators.

在此背景下，我們一心一意地致力於推動營運結構調整，以便為客戶提供更好的服務。兩年過去了，隨著新管理團隊的組建、對網路和客戶體驗的投資以及全公司重組即將完成，我們看到了結構領先指標中的一些積極趨勢。

Reversing the inertial decline in our customer satisfaction, we have now delivered our best Net Promoter Scores with dramatic improvements across all products. And whilst we are still far from where we want to be, we're already seeing the benefits in terms of increased loyalty. We will continue to invest in our operational transformation throughout FY26. And whilst we expect market conditions to remain challenging, our results will benefit from our now stable customer base and from the growing contribution of the 1&1 customer base migrating onto our network.

我們扭轉了客戶滿意度的慣性下降趨勢，目前已達到最佳淨推薦值，所有產品均有顯著改善。儘管我們距離目標還很遠，但我們已經看到了忠誠度提高的好處。我們將在26財年繼續投資營運轉型。雖然我們預計市場環境仍將充滿挑戰，但我們的業績將受益於我們目前穩定的客戶群以及遷移到我們網路的 1&1 客戶群的不斷增長的貢獻。

But whilst Germany is our priority market, we should not lose sight of the fact that two-thirds of our adjusted free cash flow is generated across what we can call our growth footprint. In the UK, we have had a strong performance in FY25, both in terms of KPIs and financials. We delivered strong EBITDA growth of 8% and are now the NPS leader in the market across both mobile and fixed, resulting in record low level of customer churn.

儘管德國是我們的重點市場，但我們不應忽視這樣一個事實：我們三分之二的調整後自由現金流是在我們所謂的成長足跡中產生的。在英國，我們在 25 財年的表現非常出色，無論是 KPI 還是財務方面。我們的 EBITDA 實現了 8% 的強勁成長，目前已成為行動和固定市場上的 NPS 領導者，客戶流失率創歷史新低。

Looking ahead, through our merger with Three, which will complete soon, we will be uniquely positioned for EBITDA and adjusted free cash flow growth as leaders on all dimensions in mobile and leading challenger in fixed broadband.

展望未來，透過即將完成的與 Three 的合併，我們將在 EBITDA 和調整後自由現金流成長方面佔據獨特地位，成為行動領域各個方面的領導者和固定寬頻領域的領先挑戰者。

As you know, we will also benefit from our integration with EUR700 million annual cost and CapEx synergies and additional revenue synergies, for example, in FWA.

如您所知，我們還將受益於每年 7 億歐元的成本和資本支出協同效應以及額外的收入協同效應，例如在 FWA 方面。

Across Africa and Turkey, we have strong local positions in each market and significant growth opportunities beyond core connectivity. We will continue to grow cash flows in euros through the cycle alongside delivering good returns. And finally, we should not forget our Vodafone Investments division and its operational infrastructure and innovation businesses. This provides a mix of dividend flows to us and the potential for value realization when appropriate.

在非洲和土耳其，我們在每個市場都擁有強大的本地地位，並且在核心連結之外擁有巨大的成長機會。我們將在整個週期中繼續增加歐元現金流，同時實現良好的回報。最後，我們不應忘記沃達豐投資部門及其營運基礎設施和創新業務。這為我們提供了多種股息流和在適當的時候實現價值的潛力。

And with that, I'll pass over to Luka to discuss our financials.

接下來，我將把主題交給盧卡來討論我們的財務狀況。

Yes. Thank you very much, Margherita. So first off, I'm obviously pleased to report that we delivered our FY25 group guidance for both EBITDAaL and adjusted free cash flow. Looking forward then, our guidance for FY26, which is on a pre UK merger basis, is that we expect to deliver continued underlying growth, both for adjusted EBITDAaL and adjusted free cash flow. We expect adjusted EBITDAaL for the group to be between EUR11 billion and EUR11.3 billion. Within this, we are targeting between EUR7.2 billion and EUR7.4 billion for Europe. We also expect to deliver an acceleration in group adjusted free cash flow growth to a range between EUR2.6 billion and EUR2.8 billion.

是的。非常感謝，瑪格麗塔。首先，我很高興地報告，我們為 EBITDAaL 和調整後的自由現金流提供了 FY25 集團指導。展望未來，我們對 26 財年的指導（基於英國合併前的基礎）是，我們預計調整後的 EBITDAaL 和調整後的自由現金流都將持續成長。我們預計該集團調整後的 EBITDAaL 將在 110 億歐元至 113 億歐元之間。其中，我們為歐洲設定的融資目標為72億歐元至74億歐元。我們也預期集團調整後的自由現金流成長將加速至 26 億歐元至 28 億歐元之間。

As far as the UK merger is concerned, we expect the pro forma FY26 impact to be around about EUR400 million of EBITDAaL contribution and around about EUR200 million of an adjusted free cash flow drag on a full year basis due to front-loaded investments into the committed post-merger network build-out, integration investments and interest payments on the debt of Three UK that we will consolidate post merger.

就英國合併而言，我們預計，由於對承諾的合併後網絡建設、整合投資和合併後將合併的 Three UK 債務利息支付的前期投資，預計 26 財年合併的影響約為 4 億歐元的 EBITDAaL 貢獻和全年約 2 億歐元的調整後自由現金流拖累。

And last, but certainly not least, I'm happy to say that our detailed work with Hutchison around the validation of our joint business plan for the merger in the last few months has reconfirmed our expectations from the time when we agreed the original deal. We still expect, as Margherita has said, to reach a full run rate of GBP700 million of annual cost and CapEx synergies by the fifth year and free cash flow accretion of the merger by the fourth year.

最後，但同樣重要的一點是，我很高興地說，過去幾個月我們與和記黃埔圍繞合併聯合業務計劃的驗證進行的詳細工作再次證實了我們自最初達成協議以來的預期。正如 Margherita 所說，我們仍然預計到第五年將實現 7 億英鎊的年度成本和資本支出協同效應，到第四年將實現合併的自由現金流增長。

And with that, back to you, Margherita, to close us out.

現在，回到你這裡，瑪格麗塔，來結束我們的討論。

Thank you, Luka. So to summarize, alongside delivering on our financial commitments in the last 2 years, Vodafone has changed. We can now look forward to a new market mix. Across two-thirds of our portfolio, we have a solid growth track record, strong assets in good positions and significant potential for further growth with clear execution plans.

謝謝你，盧卡。總而言之，除了在過去兩年履行財務承諾之外，沃達豐也發生了變化。我們現在可以期待新的市場組合。在我們三分之二的投資組合中，我們擁有穩健的成長記錄、狀況良好的強大資產、巨大的進一步成長潛力以及明確的執行計劃。

Within this, the UK business, which will now represent one-fourth of our service revenue is well positioned for growth as we roll out our best-in-class 5G network and deliver our merger synergies. Separately, in Germany, we will continue to drive our turnaround in what is fundamentally a good market, delivering better financial performance.

其中，英國業務目前將占我們服務收入的四分之一，隨著我們推出一流的 5G 網路並實現合併協同效應，英國業務將處於良好的成長位置。另外，在德國，我們將繼續推動市場復甦，以實現更好的財務表現。

This all adds up to good growth in adjusted free cash flow for FY26 and of course, even stronger growth on a per share basis. But most importantly, puts us on a new growth trajectory for the years ahead.

所有這些都使得 26 財年的調整後自由現金流實現了良好的成長，當然，每股盈餘的成長也更為強勁。但最重要的是，這將使我們在未來幾年走上新的成長軌道。

And with that, let me open to you all for questions.

現在，請容許我回答大家的提問。

(Operator Instructions)

（操作員指示）

Akhil Dattani, JPMorgan.

摩根大通的阿希爾·達塔尼 (Akhil Dattani)。

Hi, good morning, Margita Luka. Thanks for taking the question. My question is really around the guidance and the German outlook. I guess, first, if we look at the comments you've given us for Europe, you've guided to EUR7.2 billion to EUR7.4 billion of EBITDA. And as you said, Margherita, most of your markets are now growing. So if I try and back out what that means, it would imply probably sort of a mid-single-digit decline for Germany.

嗨，早上好，瑪吉塔·盧卡。感謝您回答這個問題。我的問題實際上是關於指導和德國的展望。我想，首先，如果我們看一下您對歐洲的評論，您預測的 EBITDA 為 72 億歐元至 74 億歐元。正如你所說，瑪格麗塔，你們的大多數市場現在都在成長。因此，如果我嘗試解釋一下這意味著什麼，那可能意味著德國的經濟成長將出現中等個位數的下滑。

So I just wondered if you could help us understand, is that the right starting point for what you're thinking? And I guess more concretely, what I'd love to understand is really how I should think about the pace and timing of that German recovery you talked about. You talked about significant improvements in NPS. Maybe you could talk us through what you've done to get there. Maybe some comments on [underlying] to what you're assuming there. And finally, the big topic that people really seem focused on is German pricing. Do you see a need within your guidance to respond to what your peers are doing? Thanks a lot.

所以我只是想知道您是否可以幫助我們理解，這是您所思考的正確起點嗎？我想更具體地說，我真正想了解的是我應該如何看待您談到的德國經濟復甦的速度和時機。您談到了 NPS 的顯著改進。也許您可以向我們講述您為實現這一目標所付出的努力。也許可以對您所假設的內容提出一些評論。最後，人們真正關注的焦點似乎是德國的定價。您是否認為您的指導有必要對同行的所作所為做出回應？多謝。

Thank you, Akhil. I think you've done a catchall question, which probably is anticipating some of the other question we will get later. So maybe I suggest I take the pricing point first, and then Luka can build on the guidance. Market pricing in mobile is clearly a very important topic after we touched on it last time in February. We have seen a few positive moves in the market. But whilst it's fair to say there were some positive moves, definitely not as much as we would have liked, as you know, better than most.

謝謝你，阿希爾。我認為您問了一個包羅萬象的問題，這可能預示了我們稍後會遇到的一些其他問題。所以也許我建議我先考慮定價點，然後 Luka 可以在此基礎上進行製定。我們在二月討論過行動市場定價，現在它顯然是一個非常重要的主題。我們看到市場出現了一些正面跡象。但儘管公平地說有一些積極的舉措，但肯定沒有我們所希望的那麼多，正如你所知，比大多數人都要好。

And we've assumed in our guidance for reference, in our forecast that the environment now stays where we are. I think it's the appropriate set of expectations for financial reasons, which means that we will continue to see ARPU pressure in mobile within our numbers for the remainder of the year.

在我們的參考指導和預測中，我們假設環境目前保持不變。我認為，出於財務原因，這是合理的預期，這意味著在今年剩餘時間內，我們將繼續看到行動領域的 ARPU 壓力。

This is coming mainly from the fact that whilst there were some positive moves, I think, as again, you know very well, particularly in the mid to high end of the market, the price points are still very aggressive, and therefore, we will continue to have pressure from that.

這主要是因為，雖然有一些積極的舉措，但我認為，正如你們所知道的，特別是在中高端市場，價格點仍然非常激進，因此，我們將繼續面臨壓力。

I can talk to what we are doing. And of course, I mean, I've majored on the most important step change in Germany for us earlier in my introduction, which is the results on customer experience because, as I said just now, this is really something which we are single-mindedly focused on. But we have also taken action in mobile, as you may have noticed, to reshape our propositions in the last few months. And in particular, we have now introduced new handset bundles with device financing, which is really important for us in terms of the range of proposition we have in the market.

我可以談談我們正在做的事情。當然，我的意思是，我在之前的介紹中重點介紹了德國對我們來說最重要的一步變化，即客戶體驗的成果，因為正如我剛才所說，這確實是我們一心一意關注的事情。但正如您可能已經注意到的，我們在行動領域也採取了行動，在過去幾個月中重塑了我們的主張。特別是，我們現在推出了帶有設備融資的新手機捆綁套餐，這對於我們在市場上提供的產品範圍而言非常重要。

But just concluding on pricing before handing over to Luka on the moving parts of the guidance, I'd say that one thing is certain, which is, as I said in February, with all operators in Germany having big customer bases and big back books, the current situation is certainly damaging for each and every one of us. Luka?

但在將指導方針的變動部分移交給 Luka 之前，我只是就定價問題做出結論，我想說，有一件事是肯定的，那就是，正如我在二月份所說的那樣，由於德國所有運營商都擁有龐大的客戶群和大量的庫存，因此當前的情況對我們每個人來說肯定都是有害的。盧卡？

Yes. Thank you. So first of all, on the implied assumptions on the EBITDAaL evolution in Germany, I mean, these are new numbers, obviously. I think we have done our best to provide a pretty clear range for Europe as a whole, and I would add a relatively narrow one. Within that, there can be puts and takes across all of the markets. So what I can talk about is more than the momentum that we see for the German EBITDAaL recovery. Obviously, as Margherita has said as well, there is going to be an unknown in all of that, and that's the further evolution of the market surrounding us.

是的。謝謝。因此，首先，關於德國 EBITDAaL 演變的隱含假設，這些顯然是新數字。我認為我們已經盡力為整個歐洲提供一個相當清晰的範圍，並且我想補充一個相對較窄的範圍。其中，所有市場都可能存在看跌和看漲的情況。因此，我能談論的不僅僅是我們看到的德國 EBITDAaL 復甦的勢頭。顯然，正如瑪格麗塔所說的那樣，所有這一切都將充滿未知數，這就是我們周圍市場的進一步演變。

What I can say with confidence, though, is that we are looking at a significant improvement of EBITDA as we move through the year that is partially somewhat mechanical in nature. As you know, we are going to 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.

不過，我可以自信地說，隨著今年的推進，我們將看到 EBITDA 出現顯著改善，這在一定程度上是機械性的。如您所知，從第二季開始，我們將擺脫 MDU 帶來的同比拖累。同時，我們正在推動 1&1 遷移。上次我們聚在一起時，情況開始緩慢，但我不得不說，從那以後，情況開始好轉。因此，我們現在有了更好的視野，我認為可以預期，從下半年開始，我們將在那裡全力運作。因此，這當然會對下半年的表現有很大的幫助。

Outside of those mechanical impacts, we are obviously happy that we have now stabilized our commercial performance in broadband. We believe in the potential of our overarching transformation efforts for the German market. And I think as we progress through the year, this will more and more gradually add to the strength of our results in Germany.

除了這些機械影響之外，我們顯然很高興我們現在已經穩定了寬頻的商業表現。我們相信，我們的全面轉型努力對德國市場具有巨大的潛力。我認為，隨著我們今年的進展，這將逐漸增強我們在德國的表現。

Great. And Luka, congratulations on your role and best of luck for the future as well.

偉大的。盧卡，祝賀你擔任這一職務，並祝你未來好運。

Thank you very much, but you will still be with me for a couple of more occasions in this. But thank you.

非常感謝，但你還會和我一起度過更多這樣的時光。但謝謝你。

Emmet Kelly, Morgan Stanley.

摩根士丹利的埃米特凱利。

Yes, thank you very much for taking the question. My question is on the customer experience and infrastructure in the UK market. So Margherita, when you presented your strategy before, you mentioned that improving the customer experience is probably your number 1 aim going forward. The UK market seems to be the market where perhaps you're having amongst the greatest success. There's obviously a big push to develop infrastructure across Europe, especially you see this in Germany at the moment.

是的，非常感謝您回答這個問題。我的問題是關於英國市場的客戶體驗和基礎設施。所以 Margherita，當您之前介紹您的策略時，您提到改善客戶體驗可能是您未來的首要目標。英國市場似乎是你們最大成功的市場之一。顯然，歐洲正在大力發展基礎設施，尤其是目前的德國。

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. So can you maybe just say a few words on what's 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 one of the telco companies talked about bringing, for example, service to the tube in London, and that still is a pain point. So can you maybe just say how the MergeCo will progress on the network side? Thank you.

綜合以上這些想法，您能否從網路角度談談英國客戶對此次合併的期望？這顯然是英國的一個痛點。我知道如果我看一下 Opensignal，英國的網路排名遠遠落後於其他已開發市場。那麼，作為一名沮喪的英國網路用戶，您能否簡單談談網路將會發生什麼情況？我確實記得在 90 年代末與一家電信公司的前首席執行官一起參加過一次演講，談到了為倫敦地鐵提供服務等問題，而這仍然是一個痛點。那麼，您能否說一下 MergeCo 在網路方面將如何發展？謝謝。

Sure. And 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, you're finding -- as part of our guidance slide, we have given as much detail as possible around the merger. And there is one number you will like, which is EUR1.5 billion of CapEx invested in the UK 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.

當然。也許我會從這個開始，然後擴展到更普遍的客戶體驗觀點，我認為這非常非常重要。埃米特，今天對您來說，英國最重要的數字是——作為我們指導幻燈片的一部分，我們盡可能詳細地介紹了合併的情況。有一個數字你會喜歡，那就是本財年在英國市場投資的資本支出為15億歐元。我們真的非常興奮，團隊也已經準備好全力以赴進行合併，因為它確實給了我們一個獨特的機會。

From an infrastructure perspective, you know everything about the EUR11 billion network plan. 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 the simple fact that as we combine 2 networks, we will have more coverage and more capacity. We'll have to see exactly where you are on that road map, but we will start to see the impact straight away. And then as the year move on and the EUR11 billion gets fully deployed, we will see even more benefits.

從基礎設施的角度來看，您了解有關 110 億歐元網路計畫的一切。但我要說的是，從營運的第一年開始，我們遍布全國的客戶，當然還有 Three 的客戶，都將立即受益，因為我們合併了兩個網絡，將擁有更大的覆蓋範圍和更大的容量。我們必須確切地了解您在路線圖上的位置，但我們會立即看到其影響。隨著時間的推移和這 110 億歐元資金的全面部署，我們將看到更多的好處。

In terms of what it means for us more broadly, it's 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 EBITDA and free cash flow growth even before you take into consideration the EUR700 million of cost and 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.

從更廣泛的意義上來說，這對我們來說意義重大，因為它確實具有變革性，因為首先，作為一個集團，我們擴大了對英國的影響力，我們 25% 的服務收入將來自英國。其次，在英國，我們將擁有一套獨特的資產。無論從頻譜、網路還是客戶群的角度來看，即使在考慮 7 億歐元的成本和資本支出協同效應之前，我們都將在結構上真正定位於推動 EBITDA 和自由現金流的成長，這些協同效應現已在商定的聯合業務計劃中得到詳細說明和驗證。除此之外，還有例如來自 FWA 網路的所得綜效。

So it's a step change that cannot be underestimated for us in the UK, and it happens in a market where we have consistently outperformed. And as you mentioned, we now are firm leaders in customer satisfaction. We come from number 3 a few years ago.

因此，對我們英國來說，這是一個不可低估的重大變化，而且它發生在我們一直表現優異的市場中。正如您所說，我們現在在客戶滿意度方面處於領先地位。幾年前，我們來自 3 號。

Now this leads me to the importance of customer experience and why we have done this journey. And you have heard me talking about this since 2 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. So that can be changed. But second, which is important for today is it's 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 1 priority that we have. And I need to tell you one of my biggest satisfaction in the last 2 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.

現在，這讓我意識到客戶體驗的重要性以及我們為什麼要進行這趟旅程。事實上，自從兩年前我就一直在談論這個問題，當時我認為我們在這方面有一個獨特的機會，原因有二。一是，正如你聽到我說的，電信公司在客戶體驗方面做得不夠好。所以這是可以改變的。其次，對今天來說重要的是，它是客戶忠誠度最重要的領先指標，因此，也是我們更廣泛的業績表現最重要的領先指標。我們已經看到了這個方法在英國的效果，但在集團的任何地方，擁有快樂和忠誠的客戶都是我們的首要任務。我要告訴你們的是，過去兩年來我最大的滿足之一就是看到公司文化如何真正團結在為客戶提供他們應得的服務並每天贏得客戶的信任上。它產生了大量能量。

And the other thing that is really important is there are no quick fixes for customer experience. It's long hard work, which is why we are so happy after 2 years and you ask what have you done of investing in the network, investing in customer journey, investing in processes to see that we have across Europe, 5 million less detractors. And obviously, the most important place where we are working is Germany, where we are not done by any stretch of the imagination, but it's 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'm sure this can be another type of conversation on lower churn in areas such as fixed broadband. So a very important leading indicator. You will always see it leading in our scorecards as well.

另一件真正重要的事情是，沒有快速解決客戶體驗問題的方法。這是一項長期艱苦的工作，這就是為什麼我們在兩年後如此高興，當你問到你們在網路投資、客戶旅程投資、流程投資方面做了哪些工作，以確保我們在整個歐洲減少了 500 萬批評者時。顯然，我們工作的最重要的地方是德國，無論如何我們都不會停止在那裡的工作，但很高興看到我之前提到的軌跡和結果，這是我們在市場上投資的結果，同時也看到了這些投資如何轉化，但我相信這可以成為另一種關於固定寬頻等領域降低客戶流失率的討論。這是一個非常重要的領先指標。您還會在我們的記分卡上一直看到它領先。

Super. Thank you very much.

極好的。非常感謝。

Andrew Lee, Goldman Sachs.

高盛的 Andrew Lee。

Good morning, Margarita and Luka. I just had one question, the German recovery, just 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 by underlying revenues and EBITDAaL in Germany in the third or fourth quarter of this year? And if not, why not? And the follow-up to that really is you highlighted broadband customers are flat at the moment in Germany. But with those ARPU pressures that you're assuming through FY26, if you can't grow in the second half of this year at some point, what needs to change for you to grow in FY27? And do you think either execution needs to continue to get better? Or do you think the growth is out of your hands? Thank you.

早安，瑪格麗塔和盧卡。我只有一個問題，德國的經濟復甦，緊接著阿基爾的問題，特別是到 26 財年的經濟改善。您是否已經能夠預見今年第三季或第四季德國除 1&1 以外的基礎營收和 EBITDAaL 具有強勁的成長潛力？如果不是，為什麼？隨後您強調，目前德國的寬頻用戶數量持平。但是，考慮到您認為到 2026 財年 ARPU 壓力會有多大，如果您無法在今年下半年實現成長，那麼需要做出哪些改變才能在 2027 財年實現成長？您認為執行情況是否需要繼續改善？還是您認為成長不受您控制？謝謝。

Thank you, Andrew. I may build on FY27 and what we need. But first, Luka, on the service revenue trajectory during the year.

謝謝你，安德魯。我可能會根據 FY27 和我們的需求進行構建。但首先，盧卡，請談談今年服務收入的走勢。

Yes. I mean, as we have said, we expect to return to growth in service revenues during FY26. A major component of that will be the 1&1 contribution, obviously. And again, I think we had this conversation before. I would always argue that this is a commercial agreement as you would also see other agreements in the wholesale space with MVNOs and others that contribute simply to the results. And so from that perspective, it's for me really a bit hard to disentangle this from the overarching performance of the country.

是的。我的意思是，正如我們所說的，我們預計服務收入將在 26 財年恢復成長。顯然，其中一個主要組成部分是 1&1 的貢獻。再次強調，我認為我們之前進行過這樣的對話。我一直認為這是一項商業協議，因為你還會看到批發領域與 MVNO 和其他機構達成的其他協議，這些協議只是為了實現結果。因此，從這個角度來看，對我來說，將此事與國家整體表現區分開來確實有點困難。

The rest is essentially going to be a function of competitive intensity in mobile. This plays a significant role.

其餘部分基本上將取決於移動領域的競爭強度。這起著重要作用。

And in terms of the rest of the performance there, from a service revenue perspective, keep in mind, we have just talked and discussed about broadband. We're actually very happy that we have stabilized the base. This was a significant part of the underlying performance outside of the MDUs in FY25. This is now stable. ARPU actually also quite in a reasonable shape. But what you should not forget is that we have also a constant underlying TV drag, as I would call it, because TV has been for a while, even outside of the MDUs, in a structural decline. And I think that will continue into the midterm.

至於其餘的表現，從服務收入的角度來看，請記住，我們剛剛談論過寬頻。事實上，我們很高興我們已經穩定了基礎。這是 2025 財年 MDU 之外基本業績的重要組成部分。現在已經穩定了。ARPU 其實也處於相當合理的狀態。但您不應忘記的是，我們也一直面臨著我所說的電視拖累，因為即使在 MDU 之外，電視也已經處於結構性衰退之中。我認為這種情況將持續到中期選舉。

So if you make the math out of that, then you will obviously understand that 1&1 is an important contributor that will materially help to bring us back to growth.

因此，如果你算一下，那麼你顯然會明白 1&1 是一個重要的貢獻者，它將在實質上幫助我們恢復成長。

Just going straight actually to the point, Andrew, you made around the ex 1&1 growth rate. I think the final answer will very much depend on the pricing conditions in mobile. And the jury is still out on that one. But let me say upfront that I think in the current market environment that we just discussed with Akhil, I think it is unlikely that ex 1&1, which I agree with Luka, shouldn't be taken in isolation. You could talk about like and others. But that's where we are.

直接說重點吧，安德魯，你提出的是前 1&1 成長率。我認為最終答案很大程度上取決於行動領域的定價條件。目前對此還沒有定論。但讓我先說一下，我認為在我們剛剛與 Akhil 討論的當前市場環境下，我認為不太可能單獨考慮 ex 1&1（我同意 Luka 的觀點）。您可以談論類似的事情和其他事情。但這就是我們的現狀。

In terms of '27 then, so much better exit, of course, in Germany in '26. Overall results, much better than in '25 but, in particular, second half with a better exit. As we go into '27 then, I mean, Luka could also give you lots of new moving parts because there will be more of 1&1. There will be no more MDUs. There will be full annualization at that point of the commercial investments that we have made, including the A&R, which as you know, transitions through the years or all sorts of mechanical support like this. But you are spot on, on the fact that we count on also the improvement we are making structurally in the loyalty of our base and in the fact that, by then, we will have had a full run rate or a fully stable based on all front to, of course, support us for the longer term in growing Germany.

那麼，就 27 年而言，當然，26 年在德國退出要好得多。整體結果比 25 年好得多，尤其是下半年的表現更好。那麼，當我們進入 27 年時，我的意思是，盧卡還可以為你帶來很多新的活動部件，因為 1&1 會更多。不會再有 MDU 了。屆時，我們所做的商業投資將完全實現年度化，包括 A&R（如你所知，它會隨著時間的推移而轉變）或各種類似的機械支援。但您說得對，我們也依賴我們在基礎忠誠度方面所取得的結構性改善，而且到那時，我們將擁有一個全面運轉率或一個在各個方面都完全穩定的基礎，當然，這將支持我們長期發展德國。

Okay. Yes. I mean, I won't spend the time now to debate the underlying -- what concedes underlying, but I guess that's what investors need to see kind of the growth in FY27. And it sounds like we need a supportive price environment to achieve that if you're assuming stable customer base into FY27 as a kind of basis case.

好的。是的。我的意思是，我現在不會花時間去討論潛在的——什麼是潛在的讓步，但我想這就是投資者需要看到的 27 財年的成長。如果您假設 2027 財年的客戶群穩定作為一種基本情況，那麼聽起來我們需要一個支持性的價格環境來實現這一目標。

I think everyone can make its judgments. I was really keen for this year to be quite specific on our expectations for Europe to allow you to center. But beyond Europe and Germany, what I think is really important in the discussion today, and we may have a chance to pick it up later, is the guidance of the group growth just for FY26, where the numbers are on the page and also for the midterm. But I leave that to other questions.

我想每個人都能做出自己的判斷。我非常希望今年我們對歐洲的期望能更具體，以便讓您成為中心。但除了歐洲和德國之外，我認為今天討論中真正重要的是，我們稍後可能有機會討論，那就是針對 26 財年的集團增長指導，其中的數字已在紙面上，也包括中期增長指導。但我把這個問題留給其他問題去解決。

Joshua Mills, BNP Paribas Exane.

約書亞·米爾斯，法國巴黎銀行 Exane。

Hi guys, hopefully you can hear me. I wanted to shift back slightly and move to the B2B segment. I think in the report, you called out some headwinds from the UK B2B market and specifically managed services and also some ARPU pressure in the mobile space. I wondered if you could give us a bit more color on what's happening there and maybe broaden the question into how you're seeing the B2B landscape more broadly across your different geographies and what you're assuming about the B2B growth in your FY26 guidance. And then perhaps just more specifically, could you remind us now what percentage of Vodafone Group service revenue and also group EBITDAaL is coming from the B2B segment? Thank you.

大家好，希望你們能聽到我的聲音。我想稍微退後一步，轉向 B2B 領域。我認為在報告中，您指出了英國 B2B 市場和特定管理服務面臨的一些阻力，以及行動領域的一些 ARPU 壓力。我想知道您是否可以向我們詳細介紹那裡發生的事情，並可能將問題擴展到您如何看待不同地區的 B2B 格局，以及您對 FY26 指導中 B2B 增長的假設。然後也許更具體地說，您能否提醒我們沃達豐集團服務收入和集團 EBITDAaL 中有多少百分比來自 B2B 部門？謝謝。

Yes. I guess, if you don't mind, I will take those questions. So first of all, we are actually very happy about the growth trajectory that we have achieved with our B2B business during FY25. You have seen that we have shown quarterly acceleration every quarter as we had expected at the Q1 earnings call. We exited with 5.1% growth in Q4, and we continue to believe into that potential and actually would expect this good growth at the group level to continue.

是的。我想，如果您不介意的話，我會回答這些問題。首先，我們對 2025 財年 B2B 業務所取得的成長軌跡感到非常高興。您已經看到，正如我們在第一季財報電話會議上所預期的那樣，我們每季都顯示出季度加速成長。我們在第四季度實現了 5.1% 的成長率，我們繼續相信這一潛力，並且實際上預計集團層面的良好成長將會持續下去。

Now in terms of the market performance, it was obviously differing by market. In the UK, we had a decline in the full year. Q4 was actually positive, but for the full year, it was slightly negative. And there are a couple of reasons for that. One is that the same actually year-over-year price increase pressures applied to B2B that we also saw a bit in Consumer, where essentially the annual price increases came in due to the lower inflation at lower rates. That has been weighing on the growth in B2B.

現在就市場表現而言，顯然每個市場都有差異。在英國，我們全年的業績都出現了下滑。第四季其實是正成長，但全年則略微出現負成長。造成這種情況的原因有幾個。一是，B2B 領域實際上面臨著與去年同期相同的價格上漲壓力，我們在消費者領域也看到了類似的情況，而消費者領域的年度價格上漲主要是由於較低的通貨膨脹率造成的。這對 B2B 業務的成長造成了壓力。

From a go-forward perspective, yes, we have outlined that we are losing a couple of pretty old, I have to say, and also relatively low-margin managed services contracts in the UK. Otherwise, the kind of performance in the UK as elsewhere in Europe will clearly differ between a core connectivity business, which will be lower growth and then additional support from our digital services business that we are investing into where we have been adding additional agents where we continue to build out our product portfolio and where we're clearly expecting continued growth opportunities.

從未來的角度來看，是的，我們已經概述了我們正在失去一些相當老的，而且我不得不說，英國的託管服務合約利潤率也相對較低。否則，英國和歐洲其他地區的表現將明顯不同，核心連接業務的成長速度將較低，而我們正在投資的數位服務業務將提供額外支持，我們一直在增加額外的代理商，我們將繼續擴大我們的產品組合，我們顯然期待持續的成長機會。

So yes, UK will be challenged in FY26 from a B2B perspective. But in the broader sense, we continue to expect positive growth in B2B from a group perspective and certainly see the strength of our portfolio, in particular, in what we call beyond connectivity as a strong underpinning of that where we have much higher growth rates than in core.

所以是的，從 B2B 的角度來看，英國將在 2026 財年面臨挑戰。但從更廣泛的角度來看，從集團的角度來看，我們仍然預計 B2B 業務將實現正成長，並且肯定會看到我們產品組合的優勢，特別是我們所說的超越連接的業務，這是我們業務的強大基礎，在這一領域，我們的成長率遠高於核心業務。

Just maybe a quick build on this point of the digital services. I'd say the way that our demand is moving, we've always had strong demand across Europe and Africa for digital services. The recent sort of geopolitical-induced focus on sovereign technology services on defense areas is also something that will be supportive for continued good digital services growth for us.

也許只是快速建構數位服務的這一點。我想說的是，我們的需求正在改變，歐洲和非洲對數位服務的需求一直很強勁。近期地緣政治引發的對國防領域主權技術服務的關注也將有助於我們繼續實現良好的數位服務成長。

And maybe just to follow up, if we can get a ballpark figure on the revenue and EBITDAaL exposure to the B2B segment, that would be helpful.

也許只是為了跟進，如果我們可以得到 B2B 部門的收入和 EBITDAaL 曝險的大概數字，那將會很有幫助。

Yes, absolutely. So sorry for that. Yes, we are approaching 30%. We're still slightly below that, but it's becoming -- it's a decent piece of business for us, close to 30%. In terms of the EBITDAaL performance, the structural margins in the B2B business are slightly lower because digital services comes with a lower EBITDA margin than core connectivity. However, and that's the more important point for me and what I'm really excited about, obviously, the capital intensity of this business is very low. We have an asset-light business in this space.

是的，絕對是。對此我深感抱歉。是的，我們接近30%。我們仍略低於這個數字，但對我們來說，這是一筆不錯的業務，接近 30%。從 EBITDAaL 表現來看，B2B 業務的結構性利潤率略低，因為數位服務的 EBITDA 利潤率低於核心連結。然而，對我來說更重要的一點，也是我真正興奮的地方，顯然，這項業務的資本密集度非常低。我們在這個領域擁有輕資產業務。

We're relying in addition to some own capabilities also on our strong strategic partnerships to bring the solution capabilities to the market. And this is actually from a returns and from a cash flow perspective, very positive for us. So this business is not only measured in my eyes, at least from an EBITDAaL perspective, but in particular, from a cash flow contribution perspective.

除了自身的能力之外，我們還依靠強大的策略合作夥伴關係將解決方案推向市場。從回報和現金流的角度來看，這對我們來說非常有利。因此，在我看來，這項業務不僅要從 EBITDAaL 的角度來衡量，而且尤其要從現金流貢獻的角度來衡量。

Great, thank you.

太好了，謝謝。

Carl Murdock-Smith, Citigroup.

花旗集團的卡爾·默多克·史密斯。

Thank you very much for the question. And Margherita, as you're kind enough to tee it up, I'll step in and ask. So one of the highlights of today's guidance was the strength at a group level, largely due to Africa and Turkey. Kind of what gives you confidence of the medium-term growth opportunity in those markets in euro terms? What has driven that step change in growth and cash flow generation? And what synergies are there across the group? And what options might you consider in the medium term if investors continue to apply different weightings to euro of free cash flow from Europe versus euro of free cash flow from elsewhere in the group? Thank you.

非常感謝您的提問。瑪格麗特，既然你願意開球，我就進去問。因此，今天指導的亮點之一就是集團層面的實力，這主要歸功於非洲和土耳其。以歐元計算，是什麼讓您對這些市場的中期成長機會充滿信心？是什麼推動了成長和現金流產生的這種重大變化？整個集團有何綜效？如果投資者繼續對來自歐洲的歐元自由現金流和來自該集團其他地區的歐元自由現金流應用不同的權重，那麼您在中期會考慮哪些選擇？謝謝。

I would call out the fact that when I talk about 66% of cash flow generated within our current growth portfolio, it's not just Turkey and Africa, but it's going to be increasingly the UK and of course, the consistent position of our other European markets for completeness. Now if I look then at Turkey and Africa and the reasons behind the performance that you have seen where we have demonstrated hard currency growth in all our geographies, I would say a 2-part answer.

我想指出的是，當我談到我們目前成長投資組合中產生的 66% 的現金流時，它不僅僅是來自土耳其和非洲，而且英國的佔比將越來越大，當然，我們其他歐洲市場的完整性也將保持穩定。現在，如果我看一下土耳其和非洲，以及你們所看到的我們在所有地區都表現出硬通貨增長的表現背後的原因，我會說答案分為兩部分。

The first is the discipline where you have high inflationary environment to grow revenue ahead of inflation and cost below inflation applied in the day-to-day execution in these markets. And this is a muscle I think we have trained quite well by now. But it's not just that. There are also two other aspects. One is the quality of our performance and the second is the actual market potential per se. So if I maybe start from the market potential, I mean, it's visible to everyone that these are markets where connectivity has still potential to grow. The population is growing. Data is growing, data is being monetized. But what is most attractive is that there are also what we would call nonlinear growth opportunities in these markets that we are exploiting, again, talking about digital services, right? Whether you are talking about financial services, of course, for Africa or whether you are talking about other digital services. For example, sovereign data centers in those territories are already making an impact.

第一個原則是，在高通膨環境下，在這些市場的日常執行中，收入成長要快於通膨，成本要低於通膨。我認為我們現在對這塊肌肉的訓練已經相當好了。但事情不僅如此。另外還有兩個面向。一是我們的業績質量，二是實際的市場潛力。因此，如果我從市場潛力開始，那麼每個人都可以看到，這些市場的連結性仍有成長潛力。人口正在成長。數據在成長，數據正在貨幣化。但最有吸引力的是，我們正在利用的這些市場中還存在著我們所謂的非線性成長機會，再次談論數位服務，對嗎？當然，無論您談論的是針對非洲的金融服務，還是其他數位服務。例如，這些地區的主權資料中心已經產生影響。

So there is a broad range of services where Vodafone in those markets is effectively the provider of choice that give us confidence on a multiyear growth. And then on top of that, we are pleased with our execution in those geographies, whether you look at Turkey, whether you look at Egypt, whether you look at Africa more broadly. I mean, we discussed, I think, a couple of calls ago about what is driving the growth in Turkey, for example. You will have seen we continue to build on our highest ever market share. We outperformed market growth. And we have really clear execution plans and strong teams in place to make the most of this potential opportunity. And then you closed with saying, okay, this is all well and good. I see the growth coming.

因此，在這些市場上，沃達豐實際上是提供廣泛服務的首選供應商，這讓我們對沃達豐多年的成長充滿信心。最重要的是，我們對在這些地區的執行感到滿意，無論是土耳其、埃及或更廣泛的非洲。我的意思是，我們在幾次通話之前討論過推動土耳其經濟成長的因素。您將會看到我們繼續鞏固我們有史以來最高的市場份額。我們的業績超越了市場的成長。我們有非常明確的執行計劃和強大的團隊來充分利用這個潛在機會。然後你最後說，好吧，一切都很好。我看到了成長的到來。

But in all the calls, we talk about Germany. And therefore, is there anything you want to change about that. And I think what you will see us doing is continuing to bring to life as we did in the results presentation today that the group is covering a number of different geographies, Europe, Africa, Germany, other countries, the UK. That's what we are going to continue to work on driving performance. And ultimately, we have a single goal, which is sustainable midterm adjusted free cash flow growth. We said back in March '23 that we had the goal to use the cash flow level of those days as a base to grow from. And I think we have proven in the last 2 years that we have executed on our financial guidance. And now it's time to go into the proper growth phase, also thank you to all these opportunities.

但在所有通話中，我們都談論德國。因此，您想對此做出什麼改變嗎？我想，你們會看到我們所做的就是繼續實現這一目標，就像我們在今天的成果介紹中所做的那樣，該集團涵蓋了許多不同的地區，包括歐洲、非洲、德國、其他國家和英國。這就是我們將繼續努力提高業績的原因。最終，我們只有一個目標，那就是可持續的中期調整後自由現金流成長。我們早在 23 年 3 月就說過，我們的目標是以當時的現金流水準作為成長的基礎。我認為，過去兩年我們已經證明，我們執行了我們的財務指導。現在是時候進入適當的成長階段了，也感謝所有這些機會。

Yes. And perhaps just briefly because you have mentioned synergies, actually, there are synergies both in terms of leveraging the scale of the group between the emerging markets and Europe. We are doing that already today on the procurement front when we acquired RAN capabilities and so on, we leveraged this.

是的。也許只是簡單地說一下，因為您提到了協同效應，實際上，在利用新興市場和歐洲之間的集團規模方面存在協同效應。當我們獲得 RAN 能力等時，我們今天已經在採購方面這樣做了，我們利用了這一點。

But there is also an exchange of best practices, which can be very fruitful. Like, for example, in AI, we have capabilities here in Europe that we are leveraging also to help our emerging markets to quickly adopt those practices. On the flip side, in Turkey, for example, we have excellent digital nurturing skills. We have a great apps innovation there that we are also bringing to other European countries. So all of that just makes the combination so much stronger than the single parts alone.

但同時也存在著最佳實踐的交流，這可能會非常有成效。例如，在人工智慧領域，我們在歐洲擁有能力，我們也在利用這些能力來幫助我們的新興市場快速採用這些做法。另一方面，例如在土耳其，我們擁有出色的數位培育技能。我們在那裡擁有出色的應用創新，我們也將其帶到了其他歐洲國家。因此，所有這些使得組合比單獨的部分強大得多。

That's great, thank you very much.

太好了，非常感謝。

Adam Fox-Rumley, HSBC.

匯豐銀行的亞當‧福克斯-拉姆利 (Adam Fox-Rumley)。

Thanks very much. I'd like to ask a question on the share buyback, please. And I wondered if you could reflect a bit on the value that the buyback is bringing to you and your shareholders at the moment. You've spent EUR2 billion. You've got another EUR2 billion to go. It's a huge portion of the market cap. There's no reference to per share data in your presentation anywhere. So presentationally, at least, you're not really linking that huge commitment to the narrative that you're trying to tell us.

非常感謝。我想問一個有關股票回購的問題。我想知道您是否可以稍微思考一下此次回購目前為您和您的股東帶來的價值。你已經花了20億歐元。您還需要 20 億歐元。它佔了市值的很大一部分。您的簡報中沒有任何地方提及每股數據。因此，至少從演示的角度看，你並沒有真正將巨大的承諾與你試圖告訴我們的敘述聯繫起來。

The stock has got a 5% dividend yield, so it's not providing much valuation support. So I guess I'd just like to check, are you still certain this is the right allocation of capital? And to that sustainability point, clearly, given the free cash flow that you generate at the moment, the dividend that you've got looking into the medium term, EUR2 billion is unlikely to be the right number going forward. Thank you very much.

該股的股息殖利率為 5%，因此並沒有提供太多的估值支持。所以我想我只是想檢查一下，你仍然確定這是正確的資本配置嗎？就可持續性而言，顯然，考慮到您目前產生的自由現金流，以及您中期所獲得的股息，20 億歐元不太可能是未來的正確數字。非常感謝。

I'll let Luka talk to the strategy around buybacks and returns more broadly. But there is one number, Adam, that I think is really important, and your question is a really valid one. If you look at our adjusted free cash flow guidance for FY26, at the midpoint of the guidance, we are growing adjusted free cash flow per share by 17% year-on-year. And I completely agree with you that the per share element of these KPIs is really important. But Luka?

我會讓盧卡更廣泛地談論回購和回報策略。但是亞當，我認為有一個數字非常重要，而且你的問題非常有效。如果您查看我們針對 26 財年的調整後自由現金流指引，就會發現在指引的中點，我們的每股調整後自由現金流同比增長了 17%。我完全同意你的觀點，這些 KPI 的每股要素確實很重要。但是盧卡？

And I would agree, it's underappreciated. But when you ask about the capital allocation strategy more broadly, I think when we first talked about this when I was coming in around 2 years ago, we were single-mindedly focused on a dividend that was back then considered as not properly covered by underlying cash flow and with no kind of fantasy for growth for the future.

我同意，它被低估了。但是當你問到更廣泛的資本配置策略時，我想當我們在大約兩年前我剛加入時第一次談論這個問題時，我們一心一意地關注股息，而當時人們認為股息沒有得到基礎現金流的適當覆蓋，並且對未來的增長沒有任何幻想。

We had, in the meantime, two significant value creation events through the sales of Spain and Italy at a point in time where from our perspective, clearly, the share price levels did suggest that there was value in putting some of this capital to work by making sure that things like the ones that Margherita has talked about, and that is growing the free cash flow contribution on a per share basis could come to fruition.

同時，我們透過出售西班牙和義大利的資產創造了兩次重大的價值，從我們的角度來看，當時的股價水平確實表明，將部分資本投入使用是有價值的，以確保 Margherita 所談到的事情能夠實現，即每股自由現金流貢獻的增長能夠實現。

So in that sense, I think we have followed through on the commitment that we have given. We have rebased the dividend, but with an ambition to grow it over time, and we stick by that commitment. In terms of the capital returns through share buybacks, I think we are executing on them because we believe it is from a value perspective, a positive and accretive investment. And certainly, I'm still a believer in the value accretion potential.

因此從這個意義上來說，我認為我們已經履行了我們所做的承諾。我們已經重新調整了股息，但希望隨著時間的推移股息能夠不斷增加，我們也堅持這項承諾。就透過股票回購實現的資本回報而言，我認為我們正在執行，因為我們相信從價值角度來看，這是一項積極的、增值的投資。當然，我仍然相信其價值增值的潛力。

That's why not only has Vodafone started a share buyback program today, I've also decided to buy back some more shares for my own personal account. And I think in that respect, it is, for me, a logical thing to do. Let's see what the future brings. The current program will probably take us around about through the end of the current fiscal year. And then we will reassess together as well, obviously, on the appropriate dividend levels.

這就是為什麼沃達豐今天不僅啟動了股票回購計劃，我還決定為自己的個人帳戶回購更多股票。我認為從這個角度來說，這對我來說是合乎邏輯的事情。讓我們看看未來會發生什麼。目前的計劃大概會持續到本財政年度結束。然後，我們顯然也會一起重新評估適當的股利水準。

Okay, thank you.

好的，謝謝。

James Ratzer, New Street.

詹姆斯·拉澤 (James Ratzer)，新街。

Yes, good morning, Margarita and Luka. Yeah, thank you very much indeed. So a kind of bigger picture question, which I think a lot of people would like to understand your longer-term financial outlook for the company. And I mean, I know there are a lot of moving parts in Vodafone at the moment. But when I look at your major peers, they also have a lot of moving parts and uncertainties and yet pretty much all of them provide detailed quantified 3-year financial targets.

是的，早上好，瑪格麗塔和盧卡。是的，非常感謝。所以這是一個更宏觀的問題，我認為很多人都想了解您對公司的長期財務前景的看法。我的意思是，我知道沃達豐目前有很多活動部件。但當我觀察你們的主要同行時，他們也有很多變動因素和不確定性，但幾乎所有人都提供了詳細量化的 3 年財務目標。

I mean, actually, even one of your own largest businesses, Vodacom provides 3-year quantified financial outlook. Now I do see you're now stating some medium-term free cash flow growth expectations, but that's fairly vague. So would Vodafone consider providing detailed 3-year financial guidance so we can get more visibility on your longer-term outlook? And if not, what's holding you back?

我的意思是，實際上，即使是你們最大的企業之一，Vodacom 也提供了 3 年量化的財務展望。現在我確實看到您現在陳述了一些中期自由現金流成長預期，但這相當模糊。那麼沃達豐是否會考慮提供詳細的 3 年財務指導，以便我們更清楚地了解您的長期前景？如果沒有，是什麼阻礙了你？

I think that, James, you are coming from a very valid angle in terms of forgetting the numbers for a second, painting the picture of what we are targeting to achieve in the midterm, I think, is going to be important. You know that we have gone through 2 years of significant transformation. And this is actually the first time that I can look forward and say we are where we wanted to be in terms of shape.

詹姆斯，我認為你從一個非常有效的角度出發，暫時忘記數字，描繪出我們在中期要實現的目標，我認為這將非常重要。你知道我們已經經歷了兩年的重大轉型。這實際上是我第一次能夠展望未來並說我們已經達到了我們想要的狀態。

And hopefully, that will also simplify everyone's life in terms of the numbers and the moving parts. We have the shape of the group that we want to have, which is why what you find in the presentation today is a clear outline of how this looks like, what are the growth opportunity and why we have the confidence to now state that we are moving from the base to grow from of 2 years ago to proper growth.

希望這也能在數位和活動部件方面簡化每個人的生活。我們已經確定了我們想要的團隊形態，這就是為什麼您在今天的演示中看到的是一個清晰的輪廓，它看起來是什麼樣的，增長機會是什麼，以及為什麼我們現在有信心說我們正在從兩年前的基礎增長轉向適當的增長。

We will now go through the UK integration. As soon as we close, we will start off very, very quickly, and we will bring this shape back to life in our results. I think you should expect to see more from us in the future in terms of talking to the vision in the mid- to long term, but we first needed to get the building site closed, which is what we are doing now.

我們現在將討論英國的整合。一旦我們結束，我們就會非常非常快地開始，並在我們的結果中讓這種形狀重新煥發生機。我認為，在未來，您應該會看到我們在中長期願景方面做出更多貢獻，但我們首先需要關閉建築工地，而這就是我們現在正在做的事情。

But now the business is in the kind of rightsized for all the big picture M&A, can we expect that maybe in the H1 guidance or the results, you would actually be willing then to give some 3-year detailed, let's say, revenue, EBITDA, free cash flow trends because let's say, the major peers in Europe and say even Vodacom are doing the same.

但是現在，業務已經達到了適合所有大型併購的規模，我們是否可以預期，也許在上半年的指引或業績中，您實際上願意提供一些 3 年的詳細信息，比如收入、EBITDA、自由現金流趨勢，因為歐洲的主要同行，甚至 Vodacom 也在做同樣的事情。

In various different ways, but I would refrain for now to give guidance on guidance. It's definitely a consideration to give a more cohesive outlook. What's really important for us is now to move to this gradual sustainable free cash flow generation and give you the confidence of what are the moving parts for that.

有各種不同的方式，但我現在不想給予指導。這絕對是一個考慮，以提供更具凝聚力的觀點。對我們來說，現在真正重要的是轉向這種逐步可持續的自由現金流生成，並讓您對實現這一目標的各項措施充滿信心。

Okay, I think if at due course you can do it, I think you'd be appreciated by the market. Thank you for it.

好的，我認為如果你能及時做到這一點，市場會對你表示讚賞。謝謝你。

David Wright, Bank of America Merrill Lynch.

美銀美林的戴維·賴特。

Yeah, thanks guys. And it's a question that might actually follow on a little bit from James. But just on the UK, a couple of clarifications. You've talked about EBITDA boost of EUR0.4 billion, I think it is. In your original deal presentation, you talked about pre-IFRS 16, which 3 EBITDA of GBP612 million. So that's obviously -- looks like it's broadly halved. I suspect that's mostly handset accounting, but if you could clarify that for us, Luka.

是的，謝謝大家。這個問題實際上可能與詹姆斯的問題有點相似。但就英國而言，有幾點需要澄清。您談到了 EBITDA 成長 4 億歐元，我認為是的。在您最初的交易介紹中，您談到了 IFRS 16 之前，其 3 EBITDA 為 6.12 億英鎊。所以這顯然是——看起來它大致減半了。我懷疑這主要是手機會計，但如果你能為我們澄清一下，盧卡。

You also mentioned, I think, your words earlier in the presentation that the free cash flow dilution you'd stated was including restructuring spend. But I don't think it is, is it? Because your free cash guidance is ex restructuring. So what's the restructuring spend we could expect on top of that?

我認為，您在演講早些時候也提到過，您所說的自由現金流稀釋包括重組支出。但我不認為是這樣，不是嗎？因為您的免費現金指導不包括重組。那麼我們預計在此基礎上還需要多少重組支出呢？

And I guess this just flows through to James' point, really is your free cash flow guidance is before restructuring, which has been a significant amount for every one of the last, and I might even say 10 years. Telefonica more recently broke down their free cash flow into -- at the end of the day, what's distributable. And I just wondered if you could start giving us some visibility of free cash flow after restructuring, given that is essentially what's distributable. I appreciate spectrum is a lot more commercial, but those dynamics would really help us.

我想這正好符合詹姆斯的觀點，你的自由現金流指導實際上是在重組之前，而重組在過去的每一年裡，甚至是 10 年裡，都是一筆相當大的數額。西班牙電信公司最近將其自由現金流分解為——最終可分配的部分。我只是想知道您是否可以讓我們看到重組後的自由現金流，因為這基本上是可分配的。我知道頻譜更加商業化，但這些動態確實對我們有幫助。

And just -- and if I might just add, Margherita, why is the deal not closed yet? I kind of -- we all thought it should have done, if there's just anything you can add there. Thank you.

而且——如果我可以補充一下的話，瑪格麗塔，為什麼交易還沒完成？我有點——我們都認為應該這樣做，如果您還有什麼可以添加的話。謝謝。

Yes, maybe I'll take that. I'd say watch this space. I mean we got the approvals from Ofcom and the CMA during the month of April. We have then been able to lock down the joint business plan, which is done, and we are now going through the customary closing adjustment. But watch this space.

是的，也許我會接受。我想說的是關注這個空間。我的意思是我們在四月獲得了 Ofcom 和 CMA 的批准。然後，我們已經能夠鎖定聯合業務計劃，現在我們正在進行慣常的結束調整。但請關注此空間。

Yes. So -- and then on the EUR400 million, yes, of course, this represents the EBITDA contribution under our preliminary view under the Vodafone accounting policies. And there are various puts and takes there, lease accounting, service accounting and so on. I think it's probably better for the details then and the puts and takes to be followed up on an IR call, but it's our best view of how the results would present themselves under our accounting policies.

是的。那麼 — — 然後是 4 億歐元，是的，當然，根據我們根據沃達豐會計政策的初步看法，這代表了 EBITDA 貢獻。其中有各種各樣的投入和產出、租賃會計、服務會計等等。我認為，最好在投資者關係電話會議上了解詳細資訊和利弊，但這是我們對會計政策下結果如何呈現的最佳看法。

You're right. I've not been talking about restructuring. I've been talking more broadly about integration investments. That's not necessarily all restructuring. From a restructuring perspective, first of all, I think we had in FY25 compared to the prior year, relatively calm year from a cash perspective. We were at around about EUR250 million, I believe, of restructuring expenses. There will be a moderate step-up as we go into FY26 on the restructuring, not only from the UK, but also from the fact that in Germany, we still have to fully complete the second wave of our restructuring program that we have there.

你說得對。我一直沒有談論重組。我一直在更廣泛地談論整合投資。這不一定是全部重組。從重組的角度來看，首先，我認為與前一年相比，25 財年從現金角度來看相對平靜。我認為我們的重組費用約為 2.5 億歐元。隨著我們進入 26 財年，重組工作將會適度加強，不僅來自英國，而且在德國，我們仍然必須全面完成我們在那裡進行的第二波重組計劃。

When you think about only the impact for the UK, it will be actually broadly neutral because we also will, upon the closing, benefit from the spectrum sale proceeds to VMO2. So the merger per se is from below the AFCF level, broadly neutral in FY26.

當你只考慮對英國的影響時，它實際上大體上是中性的，因為在交易結束後，我們也將從 VMO2 的頻譜銷售收益中受益。因此，合併本身低於 AFCF 水平，在 26 財年基本上保持中性。

And the EUR500 million restructuring guide, that still applies though, and we should probably assume that's quite heavily phased to the first couple of years, correct?

然而，5 億歐元的重組指南仍然適用，我們或許應該假設指南在頭幾年內會分階段實施，對嗎？

The EUR500 million across 5 years, absolutely, yes.

五年內投資 5 億歐元，絕對是的。

Yes, but heavily phased upfront. But in year 1, to be clear, the EUR200 million you see are the same at AFCF and full FCF level. There isn't any additional drag below the line.

是的，但前期會分階段進行。但在第一年，需要明確的是，您看到的 2 億歐元在 AFCF 和完整 FCF 水平上是相同的。線下沒有任何額外的阻力。

Okay, thank you so much.

好的，非常感謝。

Ottavio Adorisio, Bernstein.

奧塔維奧·阿多里西奧，伯恩斯坦。

Many thanks and good morning, Margeta. Good morning, Luka. My question is again on free cash flow. You provided a good breakdown on Slide 23, where you show Germany only 33% of your adjusted free cash flow. There is a mismatch between that number and the one calculate when it does the operating free cash flow, EBITDAaL minus CapEx, where Germany is around 47%. So the question is that do you book all the interest in hard currency in Germany and the EUR20 billion of tax assets, actually, it's EUR19 billion this quarter in Luxembourg, you cannot use for -- to offset against German taxes?

非常感謝，早安，瑪格塔。早安，盧卡。我的問題再次是關於自由現金流。您在第 23 張投影片上提供了很好的分類，其中顯示德國僅佔調整後自由現金流的 33%。該數字與計算經營自由現金流（EBITDAaL 減去資本支出）時的數字不匹配，德國約為 47%。所以問題是，您是否將所有利息都記為德國硬通貨，而 200 億歐元的稅收資產（實際上，本季在盧森堡的稅收為 190 億歐元）不能用來抵消德國稅收？

And again, on free cash flow, you booked -- you received around EUR307 million from Vantage Towers this year. Last time Vantage Towers was listed, it was generating around EUR430 million of cash. So if I do pro rata, it looks that you're overdistributing Vantage Towers. Are you over gearing the balance sheet like you did the VodafoneZiggo or it's just organically generated? Thank you.

再次，就自由現金流而言，您今年從 Vantage Towers 獲得了約 3.07 億歐元。Vantage Towers 上次上市時，其現金約為 4.3 億歐元。因此，如果我按比例分配，看起來你就過度分配了 Vantage Towers。您是否像對待 VodafoneZiggo 一樣過度負債了資產負債表，還是這只是自然產生的？謝謝。

So maybe just an observation and then I hand over to Luka for the detail. I suspect your numbers are from pre UK merger, Ottavio, because even on EBITDA, that's not what you find in our results for FY25. But more broadly, Luka?

所以可能只是觀察一下，然後我把細節交給 Luka。奧塔維奧，我懷疑您的數字來自英國合併之前，因為即使是 EBITDA，您也不會在我們的 FY25 業績中發現這一點。但更廣泛地說，盧卡？

I think you are probably referring to the slide that has the distribution of free cash flow generation across markets. That's a very simplified view, obviously. And so from that perspective, you should not kind of 1:1 try to reconcile this with the group numbers.

我認為您可能指的是跨市場自由現金流產生分佈的幻燈片。顯然，這是一個非常簡單的觀點。因此，從這個角度來看，您不應該以 1：1 的方式嘗試將其與組號進行協調。

Yes. But everything is attributed fairly. There is no extra interest or other things. It's EBITDA minus CapEx with then an attribution of interest across the markets irrespective of, if you want, specific technical elements. It's what you would expect to do. What is in there, just to be clear, is indeed the Vodafone Investments dividends, of course, and all the dividends that the group received because it's a breakdown of free cash flow. It's not a breakdown of EBITDAaL. So the full perimeter, including the Vodafone Investment division, which is 9% in the slides, comes into play.

是的。但一切都歸於公平。沒有額外的利息或其他東西。它是 EBITDA 減去資本支出，然後是整個市場的利益歸屬，如果您願意的話，可以不考慮特定的技術要素。這正是您所期望的。需要明確的是，這裡面確實是沃達豐投資的股息，當然，還有該集團收到的所有股息，因為這是自由現金流的細目。這不是 EBITDAaL 的細目分類。因此，包括沃達豐投資部門（幻燈片中佔 9%）在內的整個範圍都發揮了作用。

And there, maybe if I can just add then on the Vantage Towers results. Actually, this is underpinned by the performance of Vantage Towers, which has been growing both revenues as well as profits quite reliably. And if I should -- can add that, obviously has their own investments as well, which includes INWIT, for example, which is doing very well and will actually provide a special dividend in FY26 that will provide support as well. So in that respect, this is just a reflection of the strong performance of Vantage Towers that allows us to distribute dividends, not only to us, by the way, but also to our core shareholders from the consortium.

並且，也許我可以將其添加到 Vantage Towers 的結果中。實際上，這是由 Vantage Towers 的業績支撐的，該公司的收入和利潤一直在穩步增長。如果我應該補充一點，他們顯然也有自己的投資，例如 INWIT，它表現得非常好，實際上將在 26 財年提供特別股息，這也將提供支持。因此，從這個方面來看，這只是 Vantage Towers 強勁表現的體現，它使我們能夠分配股息，順便說一下，不僅向我們自己分配股息，也向我們財團的核心股東分配股息。

So you would expect to extract around EUR300 million of dividends from Vantage going forward annually?

那麼，您預計今後每年將從 Vantage 獲得約 3 億歐元的股息嗎？

There is no reason to not expect the same dividend levels from Vantage.

沒有理由不期待 Vantage 提供相同的股息水準。

Perfect. Thank you.

完美的。謝謝。

Polo Tang, UBS.

瑞銀的 Polo Tang。

Morning. Thanks for taking the question. It's on Germany, but specifically fiber and MDUs. Can you maybe talk through what impact your fiber upgrades are having in terms of your German broadband net adds and NPS? And can you give an update in terms of how the OXG joint venture is doing in terms of upgrading the footprint of 7 million MDU homes? And do you think you need to upgrade the remaining 19 million homes in your cable footprint to fiber? And just related to this point about MDUs, Deutsche Telekom last week on its call highlighted it now has access to 5.7 million MDU homes. So are you seeing any signs of increased competition in the MDU space? And longer term, do you think that there will be 1 or 2 fiber infrastructures in each MDU longer term?

早晨。感謝您回答這個問題。它位於德國，但具體來說是光纖和 MDU。您能否談談光纖升級對德國寬頻淨增量和 NPS 有何影響？您能否介紹一下 OXG 合資企業在升級 700 萬戶 MDU 住宅方面的進展？您是否認為需要將剩餘的 1,900 萬戶有線電視用戶升級為光纖用戶？就 MDU 這個問題而言，德國電信在上週的電話會議上強調，目前已涵蓋 570 萬個 MDU 家庭。那麼，您是否看到 MDU 領域競爭加劇的跡象？從長遠來看，您認為每個 MDU 中將有 1 或 2 個光纖基礎設施嗎？

Sure. I'll start from, if you want, the impact of fiber in our numbers, in our customer satisfaction. There is no impact of fiber on that. You know that we have just opened our sales footprint to wholesale agreements that do include fiber, for example, from Deutsche Telekom and Deutsche Glasfaser because we want to give our customers in the DSL area access to fiber, which is why today, we effectively offer gigabit products to 3 out of 4 of German households. And this is our strategy, I would say, pretty much everywhere. You see we have the same approach in the UK.

當然。如果您願意的話，我將從光纖對我們的數量、客戶滿意度的影響開始。纖維對此沒有影響。您知道，我們剛剛向批發協議開放了銷售範圍，其中包括光纖，例如來自德國電信和德國玻璃纖維供應商的光纖，因為我們希望讓 DSL 地區的客戶能夠使用光纖，這就是為什麼今天我們有效地向四分之三的德國家庭提供千兆產品。我想說，這幾乎是我們在各方面的策略。您會發現我們在英國也採取了同樣的做法。

Now these connections are immaterial at the moment. We are talking about single-digit gross adds in a quarter. So the results that you see in our numbers and the results in terms of customer satisfaction are actually a product of quite significant churn reduction in our cable estate because obviously, this is the very vast majority of our customers in a market which now we should all recognize in Germany doesn't have much growth in terms of penetration anymore. It's plateauing.

目前這些聯繫已經不再重要。我們談論的是季度內個位數的總增量。因此，您在我們的數據中看到的結果以及客戶滿意度方面的結果實際上是我們有線電視資產流失率大幅降低的結果，因為顯然，這是我們在德國市場中絕大多數的客戶，現在我們都應該認識到，在德國，滲透率不再有太大的增長。它正在趨於穩定。

The stabilization of our customer base in the last couple of quarters has come from churn reduction. And we are very pleased to see now our cable churn, where we also have, by the way, the highest-ever NPS Vodafone has recorded for cable. Our cable churn is now very much in line with what you would expect. It's actually below, for example, the fixed broadband churn that we have in the UK, which is growing strongly. And this churn reduction is a function of the fact that we have really changed the customer experience.

過去幾個季度，我們的客戶群趨於穩定，這得益於客戶流失的減少。我們很高興看到我們的有線電視用戶流失率現在有所下降，順便說一句，這也是沃達豐有線電視 NPS 最高的記錄。我們的有線電視流失率目前與您的預期非常一致。例如，它實際上低於英國的固定寬頻流失率，而英國的固定寬頻流失率正在強勁增長。客戶流失率的降低是因為我們確實改變了客戶體驗。

So you have seen us and you've heard us talking about network investment over the last couple of years, improved customer base management and processes. And also, we have done a lot of work on legacy routers, which are now less than 15% across the whole customer base of Vodafone.

所以您已經看到我們並聽到我們談論過去幾年的網路投資、改進的客戶群管理和流程。此外，我們也對傳統路由器進行了大量工作，目前傳統路由器在沃達豐整個客戶群中所佔比例不到 15%。

As an outcome of all this, we have had best-in-test results, as you have seen on the network across all networks in fixed broadband in Germany. Just recently a one-third less network complaints from our customers and this best ever NPS. So this is the sort of structural customer experience transformation that I see as a leading indicator of performance and that we will continue to drive. In that space, adding what I said before, which is on top of a better service to our customers, also a wider footprint in which we can sell gigabit product is going to allow us to be a one-stop shop for the customers across fixed mobile and TV. And this is a very clear objective for us.

所有這些的結果是，我們獲得了最佳測試結果，正如您在德國所有固定寬頻網路上看到的那樣。最近，我們的客戶網路投訴減少了三分之一，NPS 達到了有史以來的最高水準。因此，我認為這是一種結構性的客戶體驗轉型，也是績效的領先指標，我們將繼續推動這項轉型。在這個領域，正如我之前所說的，除了為客戶提供更好的服務之外，我們還可以在更廣泛的範圍內銷售千兆產品，這將使我們成為固定行動和電視客戶的一站式商店。這對我們來說是一個非常明確的目標。

Now you asked where are we on fiber and then what's going on in the MDUs. So maybe just covering these aspects. So in terms of our own fiber build, you have seen in these results that OXG has been running late compared to the original plan. The majority of the build was to be done with [Jodisia], which obviously had some issues in the last 12 months, but we have taken action. We now have 29 different building companies working across 22 cities in Germany.

現在您問我們在光纖上的位置以及 MDU 中發生的情況。所以也許只是涵蓋這些面向。因此，就我們自己的光纖建設而言，您可以從這些結果中看到，與原始計劃相比，OXG 已經延遲了。大部分建設工作由 [Jodisia] 負責，該公司在過去 12 個月中顯然遇到了一些問題，但我們已經採取了行動。目前，我們在德國 22 個城市擁有 29 家不同的建築公司。

As of today, we are reaching 200,000 households and our sort of cruising speed of now is 100,000 per quarter. But we are looking forward to an acceleration and our orders are already been issued for EUR2 million. And I think it's really important. You -- there will always be competition in the MDUs. There was competition in the MDUs before. That's not new, but we really want to leverage the economic benefits that we have in working in the MDUs and the strong partnerships that, as you will have seen, have carried us through the transition of the TV law for, of course, a good business case, I would say, also from fiber in those areas.

截至今天，我們已覆蓋 20 萬戶家庭，目前的覆蓋速度為每季 10 萬戶。但我們期待加速發展，我們的訂單已經達到了 200 萬歐元。我認為這真的很重要。你——MDU 中總是存在競爭。以前 MDU 中存在競爭。這並不是什麼新鮮事，但我們確實希望利用在 MDU 工作中獲得的經濟利益和強大的合作夥伴關係，正如您所看到的，這些合作夥伴關係幫助我們度過了電視法的過渡期，當然，我想說，這是一個很好的商業案例，也是來自這些地區的光纖。

So these are the areas of focus for us. It's continuing to fiberize -- in a nutshell, if I had to summarize, same strategy as before. We'll continue to fiberize our cable network that satisfies our customer needs and is now getting very good satisfaction. We will continue to overbuild ourselves in the MDUs because there is a strong economic case for that. And then in the other areas of the country where today we resell DSL, we will grow with fiber together with the fiber builders there. That's the same strategy.

這些就是我們關注的領域。它正在繼續纖維化——簡而言之，如果我必須總結的話，那就是與以前相同的策略。我們將繼續對我們的有線網路進行光纖化改造，以滿足客戶的需求，並且目前客戶滿意度很高。我們將繼續在 MDU 中進行過度建設，因為這樣做有很強的經濟理由。然後，在我們今天轉售 DSL 的該國其他地區，我們將與那裡的光纖建設者一起成長。這是同樣的策略。

Robert Grindle, Deutsche Numis.

羅伯特‧格林德爾，德國努米斯。

Hi there. Thank you for the question. Alongside all the changes at Vodafone, the world has changed a fair bit, too, since we last met. You mentioned the opportunity on sovereign data as a result of geopolitical change. Perhaps German stimulus plans are good news there, too. On the less helpful side, are you expecting any impact on the trade tariffs on equipment pricing or equipment availability at this stage? Maybe we shouldn't be worried about CapEx though as mobile data in Q4 is growing at less than half the rate of a year ago. Is this more Wi-Fi offload or lower growth in demand? Thanks.

你好呀。謝謝你的提問。自從我們上次見面以來，除了沃達豐的諸多變化之外，世界也發生了相當大的變化。您提到了地緣政治變化所帶來的主權數據機會。德國的刺激方案或許對那裡來說也是個好消息。從不太有幫助的方面來看，您是否預期現階段貿易關稅會對設備定價或設備可用性產生任何影響？也許我們不應該擔心資本支出，因為第四季的行動數據成長速度還不到去年同期的一半。這是 Wi-Fi 負載減輕還是需求成長放緩？謝謝。

Yes. Perhaps I can cover quickly the CapEx question and general cost question here, where I believe we are pretty well covered. Overall, we have mostly multiyear agreements with fixed terms, which essentially put the onus of any tariff-driven changes on our partners and suppliers. So from that perspective, I think we are as well covered as one can be. I would add perhaps to all of that also the strong balance sheet position that we are in now also from a financial inflow perspective, I think we are now substantially deleveraged. We have a very long maturity of our outstanding debt, which is very helpful. We sit on EUR16 billion of liquidity, which gives us a lot of optionality in that respect as well. So while obviously, we are monitoring the situations carefully, I think on the cost and CapEx side, we are well covered. And from a financial stability perspective, we're also very, very well covered.

是的。也許我可以在這裡快速地講一下資本支出問題和一般成本問題，我相信我們已經講得很清楚了。總體而言，我們主要簽訂的是多年期固定期限協議，這實際上將任何關稅驅動的變更的責任轉嫁給了我們的合作夥伴和供應商。因此從這個角度來看，我認為我們已經盡可能地準備好了。除此之外，我還要補充一點，從資金流入的角度來看，我們現在的資產負債表狀況強勁，我認為我們現在已經大幅去槓桿化。我們的未償債務期限很長，這非常有幫助。我們擁有 160 億歐元的流動資金，這在這方面也為我們提供了很大的選擇權。因此，雖然我們顯然正在密切監視情況，但我認為在成本和資本支出方面，我們已經做好了充分的準備。從金融穩定的角度來看，我們也得到了非常充分的保障。

Yes, I would say for the general sort of tariff and macro, I mean, you know where we stand relatively insulated from these dynamics. On the mobile data front, let me add, Robert, that it's not necessarily a bad thing, what we are describing. It really depends on where and how data grows. And I think some of the reshaping of the group in Europe that we have done in the last couple of years is also impacting the volumes of data growth because there have been markets that had very, very low prices for what were essentially unlimited offers becoming the standards that are not part of the group anymore. So I think don't always see it negatively.

是的，我想說，對於一般的關稅和宏觀因素，我的意思是，你知道我們處於相對不受這些動態影響的位置。關於行動數據方面，羅伯特，讓我補充一點，我們所描述的並不一定是壞事。這實際上取決於數據在哪裡增長以及如何增長。我認為，過去幾年我們在歐洲進行的一些重組也影響了資料量的成長，因為有些市場原本無限流量的服務價格非常非常低，而這些服務現在不再是集團的標準了。所以我認為不要總是消極地看待它。

Thank you.

謝謝。

Thank you. This was the last question. And I would now like to hand back to Margherita for any closing remarks.

謝謝。這是最後一個問題。現在我想把發言權交還給瑪格麗塔，請她做最後發言。

Thank you, Vanessa, and thank you, everyone, for your time again today. See you in July.

謝謝你，瓦妮莎，也再次感謝大家今天抽出時間。七月見。

You then. See you then. Bye-bye.

那麼你。到時候見。再見。