Vodafone Group PLC (VOD) 2026 Q2 法說會逐字稿

Good morning everyone, and thank you for joining us today. Before moving to Q&A, I will briefly provide an update on our transformation progress and financial performance. I want to specifically talk you through our operational execution in the first half in Germany and the UK.

各位早安，感謝大家今天收看我們的節目。在進入問答環節之前，我將簡要介紹我們的轉型進展和財務表現。我想重點跟您談談我們在德國和英國上半年的營運執行情況。

In Germany, our turnaround continues, and in the UK we are now driving the integration of Vodafone and Three, both of which remain top priorities. But first, a quick recap on our position as a group. As over the past 2.5 years we have changed both where we operate and how we operate.

在德國，我們的轉型仍在繼續；在英國，我們正在推進沃達豐和Three的整合，這兩項工作仍然是我們的首要任務。但首先，讓我們快速回顧一下我們作為一個團隊的立場。在過去的兩年半里，我們改變了經營地點和經營方式。

In the last six months we have completed the reshaping of the group that I announced in May 23. We have completed the merger of Vodafone and Three in the UK and the acquisition of Telecom Romania's assets.

在過去的六個月裡，我們完成了我在 5 月 23 日宣布的團隊重整計畫。我們已完成英國沃達豐和Three的合併以及對羅馬尼亞電信資產的收購。

All of Vodafone's operations are now in a strong position at scale in all our markets, and importantly, all these markets have sustainable structures. Our capital structure has also been reset with appropriate investment levels, a stronger balance sheet, and over EUR5 billion returned to shareholders via buybacks and dividends over the last 18 months.

沃達豐的所有業務目前在所有市場都處於強大的規模地位，更重要的是，所有這些市場都擁有可持續的結構。在過去 18 個月裡，我們透過適當的投資水準、更強勁的資產負債表，以及股票回購和分紅，向股東返還了超過 50 億歐元，從而調整了資本結構。

With a further EUR1 billion of buybacks to come over the next six months. But most importantly, we have also delivered a step change in our operational transformation. Whilst we still have more to do in our drive to operational excellence, we have boosted customer satisfaction. We have simplified our operations and powered growth beyond traditional connectivity by expanding our digital and financial services.

未來六個月也將進行10億歐元的股票回購。但最重要的是，我們在營運轉型方面也實現了質的飛躍。雖然我們在追求卓越營運的道路上還有很長的路要走，但我們已經提高了客戶滿意度。我們簡化了運營，並透過擴展數位和金融服務，實現了超越傳統連接方式的成長。

Now mentioning growth leads me on well to our financial results. We performed well in the first half in line with our expectations. Our group service revenue growth has accelerated to 5.8% in Q2, supported by growth across Europe and Africa.

提到成長，自然而然就引出了我們的財務表現。上半場我們表現良好，符合預期。在第二季度，由於歐洲和非洲的成長，我們集團的服務收入成長加速至 5.8%。

On the profitability front, grew EBITDAaL grew by 6.8% in the first half, with nearly all our markets posting EBITDAaL growth. With this solid performance across the group and a positive outlook, we have confirmed today that we now expect to close the year at the upper end of the growth guidance that we set out in May.

在獲利能力方面，上半年 EBITDAaL 成長了 6.8%，我們幾乎所有市場都實現了 EBITDAaL 成長。憑藉集團整體穩健的業績和積極的前景，我們今天確認，我們預計今年年底的成長將達到我們在 5 月設定的成長預期上限。

Alongside solid financial results, we have also made good operational progress in Germany and the UK. Our two largest markets have different starting points and different competitive landscapes. But both markets are demonstrating the impact of our strategic priorities, customer simplicity and growth.

除了穩健的財務表現外，我們在德國和英國的營運也取得了良好的進展。我們最大的兩個市場起點不同，競爭格局也不同。但這兩個市場都體現了我們策略重點、客戶便利性和成長的影響。

Taking it to market in turn. Germany is the largest telecom market in Europe, and we operate at scale across both mobile and fixed. In mobile, our 5G stand-alone network covers over 90% of the population and now serves over 40 million customers, including 1&1 as well as almost 60 million IoT SIMs.

然後依序推向市場。德國是歐洲最大的電信市場，我們在行動和固定網路領域都擁有龐大的業務規模。在行動領域，我們的 5G 獨立組網涵蓋了 90% 以上的人口，目前為超過 4,000 萬名客戶提供服務，其中包括 1&1 以及近 6,000 萬個物聯網 SIM 卡。

And on fixed broadband, we can offer gigabit connectivity to three out of four German households, more than any other operator in the country. Our gigabit broadband reach has indeed continued to expand during the quarter. We are now marketing OXG fiber to 1 million homes.

在固定寬頻方面，我們可以為四分之三的德國家庭提供千兆連接，比該國任何其他營運商都多。本季我們的千兆寬頻覆蓋範圍確實持續擴大。我們現在正向 100 萬戶家庭推廣 OXG 光纖。

Our brand is strong, and customer satisfaction in Germany has stepped up in the last two years. We have simplified customer journeys. We have introduced GenAI in customer care across Chatbots and agent assistance. And our improvements across all call center KPIs are being recognized by independent testers. And in terms of growth, we have followed a disciplined execution focused on value.

我們的品牌實力雄厚，過去兩年在德國的顧客滿意度也大幅提升。我們簡化了客戶流程。我們已將 GenAI 引入客戶服務領域，包括聊天機器人和人工客服。我們呼叫中心各項關鍵績效指標的提升都得到了獨立測試人員的認可。在成長方面，我們一直奉行以價值為中心的嚴謹執行策略。

We have introduced new propositions in mobile, driving differentiation and upselling, and we have continued to increase front book ARPUs in fixed. We also continue to expand our capabilities to satisfy the growing demand for digital services.

我們在行動領域推出了新的產品方案，推動了差異化和追加銷售，同時我們也持續提高固定電話業務的預售平均每用戶收入 (ARPU)。我們也將持續提升自身能力，以滿足日益增長的數位化服務需求。

Just two weeks ago, we announced the acquisition of an established cloud service specialist active across Germany and Europe. Looking at Germany as a whole, we are well positioned to drive structural growth as we have the right assets and the right team in place, a team that is fully focused on becoming the market leader in customer experience, a one-stop shop provider for fixed mobile and TV and a trusted B2B partner of choice.

就在兩週前，我們宣布收購了一家在德國和歐洲開展業務的成熟雲端服務專家。從整個德國來看，我們擁有合適的資產和合適的團隊，這支團隊全力以赴，致力於成為客戶體驗領域的市場領導者、固定行動和電視的一站式服務提供者以及值得信賴的首選 B2B 合作夥伴，因此我們有能力推動結構性成長。

And now on to the UK. We are the largest mobile operator in the country, serving almost 30 million mobile customers, and we are also the fastest-growing broadband provider, with the largest gigabit footprint of any operator just like in Germany, as we are able to sell fiber to about 22 million UK households. Vodafone UK is already the market leader in customer satisfaction, and we are now extending our customer experience standards to three customers.

接下來是英國。我們是英國最大的行動營運商，為近 3,000 萬行動用戶提供服務；同時，我們也是成長最快的寬頻供應商，擁有所有營運商中最大的千兆網路覆蓋範圍，就像在德國一樣，因為我們能夠向大約 2,200 萬英國家庭銷售光​​纖。沃達豐英國公司在客戶滿意度方面已經是市場領導者，現在我們將客戶體驗標準擴展到三家客戶。

And all of our customers are set to benefit from our GBP11 billion network investment as we build the best-in-class 5G network for the UK. We have made a very fast start. Independent tests are already confirming noticeably better speeds than coverage in less than six months.

我們將斥資 110 億英鎊在網路建設方面投入巨資，為英國打造一流的 5G 網絡，所有客戶都將從中受益。我們開局非常迅速。獨立測試已經證實，在不到六個月的時間裡，網速明顯優於網路覆蓋範圍。

In terms of growth, as you know, we have good commercial momentum in the UK which is now being supported by our cross-selling opportunities, with Vodafone broadband offers now open to three customers and FWA open to Vodafone customers. And our multi-brand approach is proving effective in making the most of the market demand opportunities.

就成長而言，如您所知，我們在英國擁有良好的商業勢頭，現在又得到了交叉銷售機會的支持，沃達豐寬頻優惠現在面向三家客戶開放，FWA 面向沃達豐客戶開放。事實證明，我們的多品牌策略能夠有效地抓住市場需求機會。

The combination of these revenue synergies with our GBP700 million cost and CapEx synergies gives us a strong growth trajectory in the UK. We will leverage our unique assets in the market to extend our customer experience leadership, monetize our improved mobile network quality, and continue to drive fixed service growth.

這些收入協同效應與我們 7 億英鎊的成本和資本支出協同效應相結合，使我們在英國擁有強勁的成長勢頭。我們將利用我們在市場上的獨特優勢，鞏固我們在客戶體驗方面的領先地位，實現行動網路品質提升所帶來的收益，並繼續推動固定服務的成長。

And this is just our two largest markets. We hold leadership positions across our African markets, where yesterday, the team reported another strong set of results, in line with their medium-term double-digit EBITDAaL growth guidance. We are excited about the future in Africa, as it combines structural opportunities across all our services, from core connectivity to financial services to B2B.

而這僅僅是我們最大的兩個市場。我們在非洲市場佔有領先地位。昨天，團隊公佈了另一份強勁的業績報告，符合其中期兩位數 EBITDAaL 成長預期。我們對非洲的未來充滿期待，因為它為我們所有服務領域帶來了結構性機遇，從核心連結到金融服務再到 B2B 服務。

Coming back to group in closing. Our objectives continue to be the same, to improve our customer experience across our market, further simplify our business and deliver sustainable cash flow growth in FY26 and beyond.

最後回到小組討論。我們的目標仍然不變，即改善我們在整個市場中的客戶體驗，進一步簡化我們的業務，並在 2026 財年及以後實現可持續的現金流成長。

The turnaround of Germany, the UK integration and our strong positions in growing markets across Europe and Africa, all give me confidence in our growth outlook. With the reshaping of the group behind us, now is the right time to deliver on our ambition to grow our dividend over time. We announced today that we are moving to a progressive dividend policy.

德國經濟的復甦、英國的融入以及我們在歐洲和非洲新興市場的強大地位，都讓我對我們的成長前景充滿信心。隨著集團重組的完成，現在正是實現我們逐步提高股利目標的最佳時機。我們今天宣布，我們將實施漸進式股利政策。

And now Luka and I are looking forward to your questions.

現在，我和盧卡期待著你們的提問。

Thank you, Margarita. (Operator Instructions)

謝謝你，瑪格麗塔。（操作說明）

Maurice Patrick, Barclays.

莫里斯·帕特里克，巴克萊銀行。

Yeah, hi guys, hope you can hear me fine. If I could ask a little bit about the EBITDA run rate for the second half and also next year. So you've delivered 6.8% organic year-on-year growth, you tightened the guidance towards the upper end of the range.

嗨，大家好，希望你們能聽清楚我說話。請問能否稍微詢問一下下半年以及明年的 EBITDA 運行率？你們實現了 6.8% 的年內有機成長，並將業績指引調整至預期範圍的上限。

I think if I look at the full year guidance, it implies 4%, 5% growth for the full year. So your guidance, even at the high end, seems to imply a slowdown versus the first half, despite Germany, probably having easier comps as you exit the [MDU drag]. So maybe you could help us understand some of the EBITDA sort of levers in second half.

我認為，如果看一下全年業績預期，這意味著全年增長率為 4% 至 5%。所以，即使在高端市場，你的指導似乎暗示下半年成長將比上半年放緩，儘管德國隊在賽季末可能面臨相對輕鬆的競爭。[MDU 拖曳]。所以，或許您可以幫助我們了解下半年 EBITDA 的一些影響因素。

I know you called out higher [SAC] in the UK, for example. And it's probably a bit early to talk about FY 27, but if you could give us some indications of some of those building blocks, that would be very helpful. Thank you.

例如，我知道你曾經提到英國的[SAC]更高。現在談論 2027 財年可能還為時過早，但如果您能給我們一些關於其中一些要素的指示，那將非常有幫助。謝謝。

Sure, Luka, all over to you.

當然，盧卡，該你了。

Excellent. Well, first of all, of course, we are very, very pleased with our performance in H1 on the EBITDAaL front. This was really a combination of very strong emerging markets growth in the UK, doing very well. And then Germany improving as well over the last year, given that the MDU impact is now dissipating and we had benefit of wholesale.

出色的。首先，我們當然對上半年 EBITDAaL 方面的表現非常非常滿意。這其實是英國新興市場強勁成長的綜合結果，表現非常出色。然後，鑑於 MDU 的影響現在正在消散，而且我們受益於批發，德國在過去一年中也有所改善。

If you look forward to the second half, yes, our outlook at the high end of the range implies a slowdown. And there are three factors that I would call out for that. On the positive front, we absolutely expect Germany to continue to improve in H2 because then we have zero MDU impact, and we will reach the full run rate of our wholesale migration of 1&1 this quarter. So from Q4, we will then be at full run rate, just standing at around EUR11 million. So we're almost done with the migration there.

如果你展望下半年，那麼是的，我們預測區間高端意味著經濟成長放緩。對此，我認為有三個因素值得關注。從積極的方面來看，我們絕對預期德國在下半年將繼續改善，因為屆時我們將不再受到 MDU 的影響，並且我們將在本季度實現 1&1 批發遷移的全面運行速度。因此，從第四季度開始，我們將恢復到滿載運轉，收入約為 1,100 萬歐元。所以，那邊的遷移工作差不多完成了。

So this will help, of course. But on the flip side, first of all, we continue to expect that our emerging markets growth contribution will trend down given that inflation moderates. You have seen some of that already in the first half year. I think that trend can be expected to continue.

這當然會有幫助。但另一方面，首先，鑑於通膨放緩，我們仍預期新興市場對經濟成長的貢獻將呈下降趨勢。上半年你們已經看到了一些這樣的情況。我認為這種趨勢預計還會持續下去。

And also the UK, which had a very good first half, we'll see a slowdown in EBITDA growth, first, because -- I know I've talked about that already on the last earnings, but there should be a slowdown in top line growth, in particular, in Q3, as we are facing very tough compares in particular in our B2B business, where we had a positive one-off last year, which should then sequentially increase and improve going into Q4 and beyond into FY27, but it will dampen the performance.

此外，英國上半年表現非常出色，但我們將看到 EBITDA 成長放緩，首先是因為——我知道我在上次財報中已經談到過這一點，但營收成長應該會放緩，尤其是在第三季度，因為我們面臨著非常嚴峻的同比基數，尤其是在我們的 B2B 業務方面，去年我們有一筆以後的一次性收益，這筆收益財年逐步成長和改善，但這會抑制業績。

We also had some phasing impact in the strong performance in the first half year in the sense that the marketing expenses that are planned for this fiscal year in the UK are more back-end loaded to the second half year. So if you pair that up with the emerging market slowdown, that's driving the expectations.

上半年強勁的業績也受到一些階段性影響，因為本財年在英國的營銷費用計劃更集中在下半年。因此，如果再加上新興市場成長放緩，就會推高市場預期。

Now FY27 is in particular, for me, very far out. Obviously, I'm sure Margherita and Pilar will be back to give you a precise outlook going into FY27. From my perspective, perhaps just some high level puts and takes. First of all, we would expect the UK to be a very positive contributor and have a strong EBITDA performance based on the fact that we expect, for the first time, more sizable synergies from the merger coming together for this year, that was really basically no contribution from synergies, but it will start to step up in the next year.

對我來說，2027 財年尤其遙遠。顯然，我相信瑪格麗塔和皮拉爾會回來為大家帶來2027財年的準確展望。依我看來，或許只是一些高水準的買賣操作。首先，我們預計英國將做出非常積極的貢獻，並取得強勁的 EBITDA 業績，因為我們預計今年合併將首次產生更大的協同效應，而今年基本上沒有協同效應的貢獻，但明年將開始增加。

And in Germany, we will face puts and takes, obviously, in the first half, the benefit from the MDUs being fully out of the numbers and in Q1, still a ramp-up effect from the wholesale migrations. But then for the remainder of the year, they will be out of the numbers in terms of year-over-year help.

在德國，我們顯然會在上半年面臨利弊權衡，一方面是多戶住宅單元完全退出市場帶來的好處，另一方面是第一季大規模移民帶來的成長效應。但就今年剩餘時間而言，他們的援助人數將低於往年同期水準。

So then, we will have to see what the market conditions do to see what that means for the German performance. And then also in FY27, I would continue to see a year-over-year challenge, from an emerging markets growth perspective.

所以，接下來我們要觀察市場狀況如何變化，才能知道這對德國隊的表現又意味著什麼。而且在 2027 財年，從新興市場成長的角度來看，我認為年比仍將面臨挑戰。

On the positive note, I think what we are seeing is that the mix in our EBITDA contribution continues to shift back more favorably to Europe now in the balance between emerging markets and Europe, and that obviously drives also good predictability, which should be a net positive.

從積極的角度來看，我認為我們看到的是，在 EBITDA 貢獻的組成中，新興市場和歐洲之間的平衡正在繼續向歐洲傾斜，這顯然也帶來了良好的可預測性，這應該是一個淨積極的結果。

Thank you.

謝謝。

Thank you. Akhil Dattani, JPMorgan.

謝謝。阿基爾達塔尼，摩根大通。

Hi, good morning, thanks for taking the question. I've got a question around Germany, just to unpack a bit of what you mentioned, Margherita, around the turnaround initiatives that you've taken so far and how we see the fruits of that bearing into the numbers.

您好，早安，感謝您回答這個問題。我有一個關於德國的問題，想就你剛才提到的內容稍作解釋，瑪格麗塔，關於你迄今為止採取的扭轉局面的舉措，以及我們如何看待這些舉措的成果體現在數據上。

You talked just through a lot of different things that you've done in Germany. But if we look at the moment and we strip out the MDU effect and the 1&1 impact, the German revenue trends are still declining 2% to 3%. So I'd love to understand what you think it takes in the time line to see the underlying momentum starting to improve? And then if we layer on to that, the scaling effect in 1&1, how should we think about the H2 outlook for Germany for revenue and EBITDA? Thanks a lot.

你剛才談到了你在德國做過的許多不同的事情。但如果我們觀察當前情況，剔除 MDU 效應和 1&1 效應，德國的收入趨勢仍然下降 2% 至 3%。所以我很想知道，您認為需要多長時間才能看到潛在的發展勢頭開始改善？然後，如果我們再加上 1&1 的規模效應，我們應該如何看待德國下半年的營收和 EBITDA 前景？多謝。

I will maybe ask Luka to take the last part of your question on 1&1, and then I'll talk to the actions that we are taking. We seem to have a mic to fix. Apologies for the --

我可能會請 Luka 在一對一訪談中回答你問題的最後一部分，然後我會談談我們正在採取的行動。我們好像需要修理一個麥克風。對此表示歉意--

I hope I was still able to be heard in my first answer.

我希望我的第一個回答還能被聽到。

Yes, you were. Please go ahead, Luka.

是的，你就是。請繼續，盧卡。

1&1 first.

1&1 先行。

Okay. Sure. So first of all, in terms of our expectations for Germany overall. We certainly expect that Germany will continue to grow in the second half year. The wholesale support will obviously be a factor, in that I would also expect that towards the end of the year, our B2B performance will start to move upwards because we had very good success of contracting new digital services business, that always takes a while to come into the numbers, but that should be helping also the year-end performance there.

好的。當然。首先，就我們對德國的整體期望而言。我們預計德國經濟在下半年將持續成長。批發業務的支援顯然會是一個因素，因為我預計到年底，我們的 B2B 業績也會開始上升，因為我們在簽訂新的數位服務業務合約方面取得了非常好的成績，雖然這總是需要一段時間才能體現在數據中，但這應該也會有助於年底的業績。

In terms of the impact that it has said, I really prefer always to talk about wholesale as a whole because in conjunction with the 1&1 win, so to say, we had also then a subsequent loss of another smaller MVNO and [LYCA], which went the other way around.

就其所言的影響而言，我更傾向於從整體上談論批發業務，因為可以說，在贏得 1&1 的同時，我們也失去了另一家規模較小的 MVNO 和 [LYCA]，情況則恰恰相反。

If you make the math out of those, the contribution of both in the quarter was just above EUR80 million as a whole. And then in the second half year, we would expect that the contribution from 1&1 will also be around EUR100 million. In Q4, we are lapping then the loss of LYCA. So those are kind of the puts and takes to take into account in terms of wholesale momentum.

如果把這些數據計算出來，這兩個部門在本季的貢獻總額略高於 8,000 萬歐元。然後，我們預計下半年 1&1 的貢獻也將達到 1 億歐元左右。第四季度，我們將彌補LYCA的損失。所以，這些就是整體動能上需要考慮的買賣因素。

In terms of underlying performance, so if we exclude wholesale, Akhil, you are absolutely right. It's broadly stable. And if I look at the second half of the year, you shouldn't expect to see big step-ups quarter on quarter. But over time, the actions I was referring to in my introduction, which are all speaking to the long-term health of the business, will actually support our top line performance.

如果排除批發環節，那麼就基本面表現而言，Akhil，你的說法完全正確。整體比較穩定。如果展望下半年，你不應該指望每季都有大幅成長。但隨著時間的推移，我在引言中提到的這些舉措，都關乎企業的長期健康發展，實際上將支持我們的營收成長。

It's a bit early to talk about '27, as Luka was mentioning before because, I mean, also in Germany, we will obviously have to see what the environment will be, both from a from a macro and from a competitive perspective. But whilst we should expect the headwind in TV to continue, and equally, we don't have full control of the dynamics in mobile, the top line will benefit from these actions. And let me maybe bring this to life a little bit.

現在談論 2027 年還為時過早，正如盧卡之前提到的那樣，因為，我的意思是，即使在德國，我們顯然也要看看當時的形勢，無論是從宏觀角度還是從競爭角度來看。但儘管我們應該預料到電視領域的逆風會持續，同樣，我們也無法完全掌控行動領域的動態，但這些舉措將有利於營收成長。讓我來稍微潤飾一下吧。

So first of all, we have talked about customer experience improving. With customer experience improving, we are seeing churn reducing. It's coming through in our numbers. Clearly, the customer experience is improving because of the investments in our networks, because the changes to our approach to customer service. Overall, net-net, the NPS is going up.

首先，我們已經討論瞭如何改善客戶體驗。隨著客戶體驗的改善，我們看到客戶流失率正在下降。從我們的數據中就能看出來。顯然，由於我們對網路的投資以及我們對客戶服務方式的改變，客戶體驗正在改善。總體而言，淨推薦值正在上升。

We are continuing to beat record levels for us in fixed and stepping up in mobile. In some subsegments, we are now actually leading in the market. Clearly, there is more to do, but all this is playing in our numbers to churn.

我們在固定業務方面持續刷新紀錄，行動業務方面也不斷進步。在某些細分市場，我們現在實際上處於市場領先地位。顯然，還有更多工作要做，但所有這些都影響著我們的數據，讓我們不斷進步。

I talk to the work we are doing on ARPU and supporting value in the market. We're really focused there on all what is in our control, and this is going to, again, help us. In fixed, you will have seen, for example, us gradually moving up front book ARPU in the last six months. The last moves were only 3 weeks ago, and we are seeing the benefits of that in mobile. We have upselling.

我談到了我們在提高每位用戶平均收入 (ARPU) 和提升市場價值方面所做的工作。我們真正專注於所有我們能夠控制的事情，而這將再次幫助我們。例如，在固定收益方面，您可能已經看到，在過去的六個月裡，我們逐步提高了預付預訂 ARPU。最近的舉措僅僅發生在 3 週前，我們已經在行動端看到了這些舉措帶來的好處。我們有追加銷售。

And finally, actually, Luka mentioned B2B. B2B is perhaps one of our biggest growth opportunities in Germany. We are investing in digital services. Again, you've heard the Skaylink acquisition. It's growing double digit. We see this as supporting growth going forward. So all this, as a package, is really the result of the actions we have taken supporting our long-term health of the business as we go into FY27.

最後，盧卡也提到了B2B。B2B或許是我們德國最大的成長機會之一。我們正在投資數位服務。你們都聽說了Skaylink被收購的消息。它正以兩位數的速度成長。我們認為這將有助於未來的成長。因此，所有這些，作為一個整體，實際上是我們為支持公司在 2027 財年的長期健康發展而採取的行動的結果。

Great, thank you very.

太好了，非常感謝。

Thank you. Carl Murdock-Smith, Citigroup.

謝謝。卡爾‧默多克-史密斯，花旗集團。

That's great, thank you very much. I wanted to ask about the UK. You touched in the presentation on making a fast start on integration. Can you provide a bit more color on your early actions and synergy delivery? And also comments on in what ways the commercial performance in Q2 and revenue has been a bit better than the decline you had suggested we could expect when you spoke at last quarter's results? Thank you.

太好了，非常感謝。我想問關於英國的情況。你在演講中提到如何快速啟動整合工作。能否更詳細地介紹一下你們早期的行動和綜效的實現方式？另外，請您就第二季度的商業表現和收入在哪些方面比您在上個季度業績發布會上預測的下滑趨勢要好一些發表評論？謝謝。

Maybe, again, I will let Luka start with the outperformance on the revenue front, and then I will pick up on the integration.

也許，我會再次讓盧卡先從營收的出色表現入手，然後再著手整合工作。

Yes, happy to. I mean normally, CFOs don't like surprises, but in this case, I will make an exception because, indeed, we saw obviously coming into the merger, a combination of a slowdown in free that we have discussed at our last earnings call.

是的，我很樂意。我的意思是，通常情況下，財務長不喜歡意外，但這次我會破例，因為，事實上，我們在合併之前就明顯看到了自由市場放緩的跡象，我們在上次財報電話會議上討論過這一點。

Plus we had the underlying challenge in our own business, so to say, before the merger with the B2B managed services terminations that we had to fight against. So that was underpinning, I would say, a cautious stance. Also if you take into account that the team, of course, was to be very busy on all of the integration steps.

此外，可以說，在合併之前，我們自身業務也面臨根本性的挑戰，即 B2B 管理服務終止，我們必須與之鬥爭。所以，我認為這是謹慎態度的根本原因。此外，也要考慮到團隊當然要忙於所有整合步驟。

But I have to say the teams together and driving for very, very positive actions in terms of rolling out our base management practices to Three, making early wins on the network quality and improvement front with the sharing of spectrum and now increasingly the activation of MOCN, which obviously is positive, in particular, also helping performance on the Three network.

但我必須說，團隊齊心協力，在向 Three 推廣我們的基地台管理實踐方面採取了非常積極的行動，透過頻譜共享在網路品質和改進方面取得了早期勝利，現在 MOCN 的激活也越來越頻繁，這顯然是積極的，尤其有助於提升 Three 網路的效能。

So in that sense, we have seen a combination of improving churn trends, very good consumer performance, in particular, in home broadband, which I think had the biggest net adds jumped in the quarter that we have ever seen in the Q2 in the UK.

從這個意義上講，我們看到了客戶流失趨勢的改善，以及消費者表現的非常好，尤其是在家庭寬頻方面，我認為英國第二季度家庭寬頻的淨新增用戶數量增幅是有史以來最大的。

Then also initial cross-selling benefits and successes. FWA was a very positive story for us. And that in combination has outweighed the underlying decline in B2B legacy managed services to an extent that, frankly, was a bit better than what we would have expected. So very positive.

此外，還有初步的交叉銷售收益和成功案例。FWA 對我們來說是一個非常正面的故事。而這些因素結合起來，抵消了 B2B 傳統管理服務本身的下滑趨勢，坦白說，這比我們預期的要好一些。非常積極。

I should perhaps add as a last point, that the good actual current commercial trading performance was not only in consumer, but we had actually also a good performance in B2B, not enough, of course, to change the trends from the managed services side for this year, but of course, encouraging if we move further beyond that.

最後我或許應該補充一點，目前良好的實際商業交易業績不僅體現在消費者方面，而且我們在 B2B 方面也取得了不錯的業績，當然，這不足以改變今年託管服務方面的趨勢，但如果我們能更進一步，這當然是令人鼓舞的。

Just a bit more color on the actions. I'd say and reiterate, as Luka said, the team is doing a really great job. I think we are progressing at a pace that has not seen before in UK telcos in terms of bringing the two companies together. Just to give you a sense, we're only a few months in, and we are already completing the integration of the third levels in the organization.

再給動作部分增添一些色彩。我想再次強調，就像盧卡說的那樣，球隊做得非常出色。我認為，在將兩家公司合併方面，我們正以英國電信業前所未有的速度取得進展。舉個例子，我們才進行了幾個月，就已經完成了組織中第三層的整合。

And on networks and on other operations, what are the things we are seeing. On the network front, we talked in Q1 about higher speeds for Three customers, the whole customer base of Three because of how we are using the spectrum together.

在網路和其他營運方面，我們看到了哪些情況？在網路方面，我們在第一季討論了為 Three 的客戶提高網速，Three 的所有客戶都將受益於我們共同使用的頻譜。

I'd say Q2 was all about rolling out our multi-operator core network to allow customers to use seamlessly both networks. You may remember me saying that we had a target of 8,000 sites upgraded for MOCN by year-end. Well, actually, it will be, I think, by tomorrow, is the latest. We will get there this week.

我認為第二季度的重點是推出我們的多運營商核心網絡，以便客戶能夠無縫地使用兩個網絡。你可能還記得我說過，我們的目標是在年底前完成 8,000 個 MOCN 站點的升級。其實，我覺得最晚明天就能搞定。我們這週就能到達目的地。

And this obviously talks to the reduction of not spots for our base that we are targeting a surface of 10x the size of London. And it's actually really visible today. You don't need to take my word for it. Opensignal has already published the report, saying it's noticeable and measurable. I can't wait to tell you more about this in the coming quarters as we will also see the customer reactions. But it's a very strong pace.

這顯然意味著我們要減少基地上的非目標區域，因為我們的目標是覆蓋面積是倫敦10倍的區域。而且今天這一點確實非常明顯。你不必完全相信我的話。Opensignal 已經發布了這份報告，稱其具有顯著性和可衡量性。接下來的幾個季度，我們將看到客戶的回饋，屆時我會向大家詳細介紹這方面的資訊。但速度非常快。

Operationally, beyond the networks and the teams coming together, what is also coming together really well now is what I would call our multi-brand strategy. We now have a single team, for example, in consumer, managing across all our brands. And these brands allow us to cover all market needs and do this in a consistent coherent ways is quite powerful.

在營運方面，除了網路和團隊的整合之外，現在進展非常順利的還有我稱之為多品牌策略的舉措。例如，我們現在有一個統一的團隊負責消費者事務，管理我們所有的品牌。這些品牌使我們能夠滿足所有市場需求，並以一致連貫的方式做到這一點，這非常強大。

And then as Luka mentioned, we have been opening cross-selling. So that's obviously supporting our commercial momentum. We were already the market leader in growth in broadband. We are now offering our broadband offers to the whole Three base and the FWA offers to the Vodafone base.

正如盧卡所提到的，我們一直在進行交叉銷售。這顯然有助於我們實現商業成長目標。我們在寬頻成長方面已經是市場領導者。我們現在向所有 Three 用戶提供寬頻服務，為 Vodafone 用戶提供固定無線存取 (FWA) 服務。

As you can see, almost the -- the first things we are excited about at the moment are the revenue synergies, and this come, of course, on top of the GBP700 million cost and CapEx synergies that are, of course, part of our business case. So good momentum in the UK, and you will see this continuing ahead of us.

正如你所看到的，我們目前最興奮的事情幾乎是收入協同效應，當然，這還不包括 7 億英鎊的成本和資本支出協同效應，而這些協同效應當然也是我們商業計劃的一部分。所以英國目前勢頭良好，而且這種勢頭還會繼續下去。

That's great. Thank you very much.

那太棒了。非常感謝。

Thank you. Polo Tang, UBS.

謝謝。Polo Tang，瑞銀集團。

Morning. Thank you for taking the question. It's a question on Germany. So there are proposed changes to legislation that will make it easier for operators such as Deutsche Telekom to access MDUs and deploy fiber. So what's your view on the impact of these potential changes?

早晨。感謝您回答這個問題。這是一個關於德國的問題。因此，有人提議修改立法，使德國電信等業者更容易連接多用戶住宅 (MDU) 並部署光纖。那麼，您認為這些潛在變化會帶來什麼影響呢？

And can you also talk to the economics for the OXG fiber JV. From memory, it's about EUR7 billion of CapEx to build a footprint to 7 million homes. But can you remind us what the equity injections that are required for the JV? And how should we think about the wholesale costs that the German unit has to pay to OXG JV longer term? Thanks.

能否也談談 OXG 光纖合資企業的經濟效益？我記得，建造一個可容納 700 萬戶家庭的社區，資本支出大約需要 70 億歐元。您能否提醒我們合資企業需要多少股權注資？那麼，我們該如何看待德國分公司長期需要向 OXG 合資公司支付的批發成本呢？謝謝。

Thank you, Paulo. Thank you, Polo. I think I will take both sides of your questions, maybe starting from the draft telco act, which is being discussed in Germany. And there are a lot of measures as part of this that are all geared towards simplifying and accelerating high-speed network builds in Germany, for example, by simplifying permits processes. And this is actually really good. It's good for the fiber build-out. It's good for the 5G build-out. So I think the government is really pushing in the right direction in the country.

謝謝你，保羅。謝謝你，波羅。我認為我會從你問題的正反兩方面來探討，或許可以從德國正在討論的電信法草案著手。其中有許多措施旨在簡化和加快德國高速網路建設，例如簡化許可流程。這真的很不錯。這有利於光纖網路的建置。這有利於5G網路的建置。所以我認為政府正在朝著正確的方向推動國家發展。

Now as part of all the discussions going on, there are some elements, and you referred into the in-building wiring debate that we feel are unnecessary and we're openly sharing our, what I would call, our real-life insights on what's happening on the fiber building. And I think it's very clear to everyone that the bottleneck in fiber building in Germany has nothing to do with housing association and has more to do with other factors such as construction capacity limits.

現在，作為所有討論的一部分，有一些因素，例如您提到的樓宇佈線之爭，我們認為沒有必要，我們正在公開分享我們，我稱之為，我們對光纖樓宇建設中正在發生的事情的真實見解。我認為大家都很清楚，德國纖維水泥建築的瓶頸與住房協會無關，而更多地與建築能力限制等其他因素有關。

But beyond that, today, these are discussions. There is no draft law to really comment upon. But just to take your point, even if all the discussions that are going on, we're translating into law for the reasons I've just described, actually, the impact is going to be just a marginal maybe acceleration of the fiber building towards the housing associations. And that will benefit all players in the market, including OXG. It's unclear whether this discussion will ever become a draft law, and it's unclear at this point when this draft law will become law.

但除此之外，今天這些都是討論。目前還沒有可供評論的法律草案。但正如你所說，即使我們出於我剛才描述的原因將所有正在進行的討論轉化為法律，實際上，其影響可能只是略微加速向住房協會建造光纖網路。這將使市場上的所有參與者受益，包括 OXG。目前尚不清楚這項討論是否會成為法律草案，也不清楚該法律草案何時會成為法律。

But assuming it happens -- if it happens at some point in 2026, you need to keep in mind, and I'm going to the next part of your question, that by then, OXG will be already marketing anyway to millions of customers in the housing associations. So standing back, I don't see this as major impact on whatever speculation is going on, definitely.

但假設這種情況發生——如果它在 2026 年的某個時候發生，你需要記住，接下來我要回答你的問題，到那時，OXG 無論如何都已經向住房協會的數百萬客戶進行行銷了。所以客觀來說，我認為這肯定不會對目前的各種猜測產生重大影響。

And the other point I would say is that actually, if you take all the discussions that are going on in Germany across the Telco Act and across the copper switch off, again, I think it's moving in the right direction overall, and it will be supportive for telecoms overall.

我想說的另一點是，實際上，如果你把德國圍繞《電信法》和銅纜交換展開的所有討論都拋開，我認為總體而言，它正朝著正確的方向發展，並且將對電信業整體上起到支持作用。

You asked about OXG economics, I think. And so on the equity injections, these are very small. I mean, obviously, Luka could add any detail. But I think we said this when we were setting up the JV because of the, I would call it, self-financing over time. It's really at the margin in terms of equity requirements, very, very small.

我想你問的是 OXG 經濟學方面的問題。因此，股權注資的金額非常小。我的意思是，很顯然，盧卡可以補充任何細節。但我認為我們在成立合資企業時就說過這一點，因為，我稱之為，隨著時間的推移，實現自籌資金。就股權要求而言，這真的只是微不足道的一點，非常非常小。

On the front of the wholesale costs and revenues, depending on which side of the equation you look at, I think -- I know that there has been some work going on, on trying to, from an analytics perspective, get to this calculation.

在批發成本和收入方面，取決於你從等式的哪一邊來看，我認為——我知道有人一直在努力從分析的角度來嘗試進行這種計算。

I think it's really important that you keep in mind that it's a very -- let me say there are three nuances to the calculations that maybe are worth sharing, and IR can help you sort of bringing them to life more precisely than I can do in a call.

我認為你一定要記住，這是一個非常——讓我說一下，計算中有三個細微之處值得分享，而IR可以幫助你比我在電話中更精確地將它們展現出來。

The first point is that there is no commitment or obligation whatsoever for Vodafone cable customers to be migrated to fiber into OXG. That just is not there. The second aspect is that 20% of the OXG footprint will be actually outside the cable areas.

第一點是，沃達豐有線電視用戶沒有任何義務或責任遷移到 OXG 的光纖網路。那東西根本不存在。第二點是，OXG 的 20% 佔地面積實際上位於電纜區域之外。

And then finally, obviously, penetration into the OXG households will build over time. So it will be during the six years of rollout, which are exactly planned as you were describing, but it will also obviously continue to build after that. So all this is very gradual, and I think brings to, I would say, a different conclusion than some of the calculations we have seen, but I would let really the IR team to help you out on where to go.

最後，很顯然，隨著時間的推移，對 OXG 家庭的滲透率將會提高。所以，它將在為期六年的推廣期內實現，這完全按照您所描述的計劃進行，但顯然，之後它還將繼續發展。所以這一切都是循序漸進的，我認為最終會得出與我們看到的一些計算結果不同的結論，但我建議還是讓投資者關係團隊來幫助你確定下一步該怎麼做。

I would just say that we are really happy with the progress now with OXG. You know that the 1.5 years, obviously, were challenging to set things up. But we have now already built to 350,000 households. We are opening the -- we have opened the sales to 1 million households. We have connected the first customers.

我只想說，我們對目前與 OXG 的合作進展非常滿意。顯然，你知道，這1.5年的時間對於各項工作的進行來說充滿挑戰。但目前我們已經建成了35萬戶家庭。我們已經向100萬戶家庭開放了銷售。我們已經聯繫上了首批客戶。

We have also opened wholesale, 1&1 and regional operator are already connected, and 3 million households are already, let's say, committed in the construction orders. We have more than 30 construction partners. I mean it's a big building site across many, many cities in Germany, and we now look forward to see this coming through in our numbers.

我們也已開通批發業務，1&1 和區域業者已經接入，可以說，已有 300 萬戶家庭承諾下單建設。我們有超過30家建築合作夥伴。我的意思是，這在德國的許多城市都是一個巨大的建設工地，我們現在期待看到這些成果體現在我們的數據中。

Just very quickly on the equity. So in three years, the equity contribution and injection was just above EUR70 million. So it's really to underscore the point for Margherita, very, very small.

簡單談談股權方面。因此，三年內，股權出資和注資總額略高於 7,000 萬歐元。所以，這其實是為了強調瑪格麗塔的這一點，非常非常小。

Thank you.

謝謝。

Thank you. Emmet Kelly, Morgan Stanley.

謝謝。埃米特凱利，摩根士丹利。

Yes, good morning, everybody, and thank you for taking my question. My question yet again this quarter is on Vodafone, Turkey. On my numbers, it represents, I think, almost half of the organic EBITDA growth that we've seen since last year.

是的，大家早安，感謝你們回答我的問題。本季我的問題再次與土耳其沃達豐公司有關。根據我的數據，我認為這幾乎占到我們自去年以來所看到的有機 EBITDA 成長的一半。

I guess most notable is the EBITDA margin uptick at your Turkish business. So could you talk a little bit about the top-line trends you're seeing there and expect to see and on your cost management program, if you could say a few words on that. Thank you.

我想最值得注意的是您土耳其業務的 EBITDA 利潤率有所提高。那麼，您能否談談您目前看到的以及預期將看到的整體趨勢？關於您的成本管理計劃，能否也簡單談談？謝謝。

Perhaps I can take this because indeed, I mean, Turkey has been a tremendous success story in the last couple of years, not only in terms of the financial success, which has been clearly there, just to give you some absolute numbers, which are perhaps not so easily visible.

或許我可以接受這個觀點，因為土耳其在過去幾年裡取得了巨大的成功，不僅僅是在經濟上的成功（這一點顯而易見，我只是想給你一些絕對數字，這些數字可能不太容易被看到）。

Just in the last two years, they have increased both EBITDA as well as cash flow back close to EUR300 million each, which for the size of the business, is obviously a tremendous improvement, and that's in hard currency, so not in local currency.

僅在過去兩年裡，他們的 EBITDA 和現金流就分別增長了近 3 億歐元，對於公司的規模而言，這顯然是一個巨大的進步，而且這是以硬通貨計算的，而不是以當地貨幣計算的。

And while that growth, of course, inevitably, as we had already indicated, has started to come down because of the lowering inflation. It's still significantly outperforming inflation. And in absolute terms in euros, has still been in mid-teens on the service revenue front in the last quarter and was more than 20% up in hard currency for the half year.

當然，正如我們之前所指出的，由於通貨膨脹下降，這種增長不可避免地開始放緩。它仍然顯著跑贏通貨膨脹。以歐元計算，上一季服務收入仍維持十幾個百分點的成長，上半年以硬通貨計算成長超過 20%。

So where is this coming from? It's coming from a set of unique capabilities. Yes, the team has always been very prudent and forward-looking and leaning into the inflation environment by managing costs very successfully, but there is more to it from my perspective.

那麼，這些病毒是從哪裡來的呢？它源自於一系列獨特的能力。是的，該團隊一直非常謹慎、具有前瞻性，並透過非常成功地控製成本來應對通貨膨脹環境，但從我的角度來看，還有更多原因。

Turkey is probably among the best digital capabilities that we have across the group. They have a very high proportion of digital sales, have a very agile base management model like a very targeted micro segment-related calls to provide them access to targeted upsell offerings post-to-post migrations.

土耳其可能是我們集團內數位化能力最強的國家之一。他們的數位銷售比例非常高，擁有非常靈活的客戶群管理模式，例如針對特定細分市場進行精準的電話行銷，以便在客戶遷移後提供有針對性的追加銷售產品。

So the team has really built a machine there around a set of digital capabilities that are very unique and that we are partially exporting also to other countries, such as the loyalty app for example, the happy app that we're now also rolling out in other countries. So it's not only a story of cost cutting and writing an inflation wave, not at all. It's actually based on a very proven and successful management model.

因此，該團隊確實圍繞著一系列非常獨特的數位能力打造了一台機器，並且我們還將部分能力輸出到其他國家，例如忠誠度應用程序，以及我們現在也在其他國家推出的快樂應用程式。所以這不僅僅是削減成本和引發通貨膨脹的故事，根本不是。實際上，它是基於一個非常成熟且成功的管理模式。

And while I've shared before that as we think forward, certainly, the inflationary trends will continue to recede and therefore, growth may come down, I think they have been increasing also their relative competitive position in the market. And I think that based on the strength of the management team will certainly continue.

雖然我之前也說過，展望未來，通膨趨勢肯定會繼續減弱，因此經濟成長可能會下降，但我認為它們也在提高其在市場上的相對競爭力。而且我認為，憑藉管理團隊的實力，這種情況肯定會持續下去。

If I can just build on that, Emmet, for a second, looking at the group as a whole. We are extremely proud of Turkey, but I need to say, we're equally happy about all our countries. We regularly publish in our reports, the service revenue growth ex Turkey, given the hyperinflation environment, and you have seen this growing to 3% in the quarter. And this is a reflection of the strength of the portfolio. We have Africa, of course, also growing strongly, double-digit EBITDA growth, which is in line with our upgraded guidance there.

如果我能夠以此為基礎，埃米特，讓我們先從整體上審視一下這個團隊。我們為土耳其感到無比自豪，但我想說的是，我們對我們所有的國家都同樣感到高興。鑑於當前的惡性通貨膨脹環境，我們在報告中定期公佈除土耳其以外的服務收入增長情況，而您已經看到，本季度該增長率達到了 3%。這反映了投資組合的實力。當然，我們在非洲的業務也成長強勁，EBITDA 實現了兩位數的成長，這與我們上調後的業績預期相符。

And then overall, taking on the opportunities in the UK that we have just described, and the turnaround in Germany where we have now turned the corner with the top line, but obviously are looking forward to the profitability improvement.

總的來說，我們抓住了剛才在英國描述的機會，德國的業績也出現了好轉，營收已經扭虧為盈，但我們顯然期待著盈利能力的提高。

All these, taken in aggregate, is I would say where we wanted to be through the group transformation. And it's the reason why you hear us talking about an outlook of midterm free cash flow growth, yes, every part of the group is contributing.

綜上所述，我認為這就是我們希望透過團隊轉型達到的目標。這就是為什麼你會聽到我們談論中期自由現金流成長前景的原因，是的，集團的每個部門都在做出貢獻。

Thank you very much.

非常感謝。

Thank you. Joshua Mills, BNP Paribas Exane.

謝謝。約書亞·米爾斯，法國巴黎銀行 Exane。

Hi, guys. Hope you can hear me and thank you for the question. I wanted to come back to the UK market and focus on your FWA proposition in particular. So following the Three UK merger, you had a very strong spectrum position. You mentioned in your comments earlier that you're happy with how the FWA business is developing.

嗨，大家好。希望你能聽到我說話，謝謝你的提問。我想回到英國市場，尤其關注你們的FWA方案。因此，在與 Three UK 合併之後，你們擁有了非常強大的頻譜優勢。您先前的評論中提到，您對FWA業務的發展感到滿意。

Could you give us a bit more detail about the net adds on that business? And what your longer-term ambition with FWA might be? How you balance that against the desire to grow on the fixed broadband base as well. And just one short clarification, when you have your FWA customers, are they included in your broadband numbers or your mobile customer numbers? Thanks.

能否詳細介紹一下該業務的淨增值情況？那麼，您對FWA的長期目標是什麼？如何平衡這一點與發展固定寬頻業務的意願？最後再澄清一下，你們的FWA客戶數量是包含在寬頻客戶數量中還是包含在行動客戶數量中？謝謝。

Yeah. I'll start from -- I'll cover it all in one go. The net adds are in mobile because that's the supporting technology. And if I'm not mistaken, it's 17,000 in the quarter. They have accelerated, but let me talk to you about how we look at FWA more broadly. It's obviously a great opportunity for us to leverage, what I would describe as our overall asset superiority in the market.

是的。我將從──開始，一次全部講完。網路廣告主要投放在行動端，因為行動端是其主要支援的技術。如果我沒記錯的話，季度數是 17,000。它們的發展速度確實加快了，但我想和你們談談我們如何更廣泛地看待 FWA。這顯然是一個絕佳的機會，讓我們能夠利用我們在市場上的整體資產優勢。

We have -- I was talking earlier, the largest fiber footprint available to our customers with 22 million households, but obviously, fiber in the UK is not everywhere yet, whilst we will be offering FWA to all the population in the UK, thanks to the capabilities that we have today.

我們擁有——正如我之前提到的——覆蓋範圍最廣的光纖網絡，為 2200 萬戶家庭提供服務，但顯然，英國的光纖網路尚未普及，而我們將憑藉我們目前的能力，為英國所有人口提供固定無線接入 (FWA) 服務。

And we see it as an opportunity because it allows us to bridge the time until fiber comes and maybe cover areas also where fiber may not come at all in the most rural areas. If fiber comes, it's great to get our customers first on FWA and then moving them on as the time progresses.

我們認為這是一個機會，因為它可以讓我們填補光纖普及前的空檔期，或許還能覆蓋光纖可能根本無法覆蓋的最偏遠農村地區。如果光纖普及，最好先讓我們的客戶使用固定無線接入（FWA），然後隨著時間的推移逐步升級。

So we really see it as an opportunity in the market. As I said before, it's now open to everybody, whether they are in Three brands or I would say, ex-Three brands, ex-Vodafone brands, and we look forward to see this support our growth.

所以我們認為這確實是市場上的一個機會。正如我之前所說，現在它對所有人開放，無論他們是 Three 旗下的品牌，還是我所說的前 Three 旗下的品牌、前 Vodafone 旗下的品牌，我們期待它能支持我們的成長。

Thank you. David Wright, Bank of America Merrill Lynch. (multiple speakers) --

謝謝。David Wright，美國銀行美林證券。（多位發言者）——

Sorry. I'm on the -- I do apologize and apologize for no video or lower -- maybe not a bad thing. But just a technical question, I suspect, just for yourself, Luka, super straightforward. In the first half, adjusted EBITDAaL common functions was maybe a little surprisingly negative. It shows minus EUR14 million.

對不起。我正在……我為此道歉，也為沒有視頻或更低分辨率而道歉——也許這不是件壞事。但我想問你一個技術性問題，盧卡，這個問題很簡單。上半年，調整後的 EBITDAaL 共同職能部門的表現可能略微出乎意料地為負。顯示虧損1400萬歐元。

It's been running a fairly consistent clip of EUR22 million, EUR23 million in the last couple of halves. So just any explanation there and just how we should think about that full-year number and maybe even into 2027? That's it for me. Thank you.

在過去的兩個半賽季中，它的得分一直穩定在 2200 萬歐元到 2300 萬歐元之間。所以，能否解釋一下，我們應該如何看待這個全年數字，甚至可能包括 2027 年的數字？就這些了。謝謝。

It reminds me of the old days because when I was CFO, that it was a recurring question, ultimately, -- it's actually quite structural. Maybe you want to go to that?

這讓我想起了過去的日子，因為當我擔任財務長時，這是一個反覆出現的問題，歸根結底——這實際上是相當結構性的。或許你想去那裡？

Exactly. So if I go back in the history to Margherita's days before I arrived, I think, historically, common functions EBITDA was actually always negative. And then in the last two years, it turned positive as a result of some of the M&A activity that was going on, which created onetime effects.

確切地。所以，如果我回顧一下我來之前瑪格麗塔餐廳的歷史，我認為，從歷史上看，常見功能的 EBITDA 實際上一直都是負數。然後，在過去兩年裡，由於一些併購活動的影響，情況發生了積極的轉變，產生了一次性效應。

And last year, it was also helped through a quite sizable central provision release, and that is obviously creating headwinds in the year over year. But structurally, from a go-forward perspective, should actually expect common functions EBITDA to rather be negative than neutral to positive. And the reason for that is just simply that the help from kind of the M&A transition to also above the line EBITDA recognition essentially is dissipating.

去年，中央政府撥付的相當可觀的準備金也起到了一定的幫助作用，這顯然對同比業績造成了不利影響。但從結構上看，從未來發展的角度來看，實際上應該預期共同職能部門的 EBITDA 為負值，而不是中性或正值。原因很簡單，併購帶來的過渡期對 EBITDA 確認的協助正逐漸消失。

Just to come back to why it's been structurally negative. It's a very simple thing, David. It's because -- you know that our shared operations costs are paid for in the market, but that's not the case for what we call corporate services. So just the HQ cost. I mean if I take ourselves and the IR team supporting this core, right? This stay at the central [EBITDA] level, which is a cost, but don't see this as big movements.

再回到為什麼它在結構上是負面的。大衛，這很簡單。這是因為——你知道，我們的共同營運成本是在市場上支付的，但我們所說的企業服務並非如此。所以僅僅是總部成本。我的意思是，如果我們把自己和支持這個核心的投資人關係團隊都算進去，對吧？這種維持在中心 [EBITDA] 水準的做法雖然會帶來成本，但不要將其視為重大變動。

Okay. Can I take that H1 number and just double it for the full year? Is that reasonable, just to get a proxy.

好的。我可以把上半年的數據翻倍當作全年的數據嗎？僅僅為了找個代理商就這麼做合理嗎？

Well, it's an area that, again, because we are talking about small numbers, can have variations. So I think we wouldn't be very specific at that level of detail, to be honest.

嗯，這方面的情況比較特殊，因為我們討論的是小數字，所以可能會有一些變化。所以說實話，我認為我們不會具體到那個程度。

That's great. Thank you, guys.

那太棒了。謝謝大家。

Thank you. James Ratzer, New Street Research.

謝謝。James Ratzer，新街研究公司。

Yes, thank you very much indeed, good morning Margarita and Luca. So we haven't yet had a question on the dividend, I think. So would be great just to get a kind of updated kind of thinking on cash return for kind of next year and beyond.

是的，非常感謝，瑪格麗塔和盧卡，早安。所以，我想我們還沒有收到關於股息的問題。所以，如果能了解明年及以後現金回報率的最新情況就太好了。

Because I think in the past, you've set out, you had a kind of ambition to grow the dividend and to be progressive. You've now been more quantitative. But just for this year, I think you've just set out the 2.5% for this year, but really kind of not beyond FY26.

因為我認為在過去，你們一直懷抱著提高股利和不斷進步的雄心壯志。你現在更注重量化分析了。但就今年而言，我認為你們只是設定了今年 2.5% 的目標，但實際上並沒有超過 2026 財年。

I mean it looks to me like leverage is going to end up right at the bottom end of your 2.25 to 2.75 times guidance. So going beyond FY26, how are you then thinking about what progressive dividend could look like and potential scope for any share buybacks going into next year? And potential scope for any share buybacks going into next year. Thank you.

我的意思是，在我看來，槓桿率最終會落在你預期的 2.25 倍至 2.75 倍的下限。那麼，展望2026財年之後，您如何看待漸進式股利的安排，以及明年股票回購的潛在空間？以及明年進行股票回購的潛在空間。謝謝。

Sure, James. I have to take this one in this round, given that this is going to be the last call from Luka. Let me give you a little bit the broader picture now how we think about returns as you're saying. So first of all, we have given you good visibility on one component, which is dividends.

當然可以，詹姆斯。鑑於這將是盧卡的最後一次出場機會，我必須接受這一輪的結果。現在讓我從更宏觀的角度，像你剛才說的那樣，給你介紹一下我們是如何看待回報的。首先，我們已經向大家詳細介紹了其中一個組成部分，即股息。

We are talking about a progressive dividend policy, which means that we expect growth year after year going forward. The first year is expected to be 2.5%. So we've been quite detailed. Of course, we will have to assess this every year from now on.

我們實行的是一項漸進式股利政策，這意味著我們預計未來每年都會成長。第一年預計為 2.5%。我們已經做得相當詳細了。當然，從現在開始，我們每年都需要對此進行評估。

Why progressive dividend policy? It's simply because you have heard us say when we reshaped the group, and we rightsized the dividend according to the new shape, we were very clear from the beginning that our ambition was to grow the dividend over time.

為什麼採用累進股利政策？原因很簡單，因為你們都聽我們說過，當我們重組集團並根據新的結構調整股息時，我們從一開始就非常明確地表示，我們的目標是隨著時間的推移提高股息。

In this half year, we have completed the reshaping with the UK. And so, the time is now that we have an outlook supportive in terms of mid-term free cash flow growth. So it was appropriate to bring the ambition into reality.

在這半年裡，我們已經完成了與英國的重組工作。因此，現在正是中期自由現金流成長前景樂觀的時候。因此，將這一雄心壯志變為現實是恰當的。

As far as buybacks. Clearly, these are also a component of our toolbox for shareholder returns. We are [3 billion in the 4 billion] that we had communicated at the time of the various transactions. And starting today, the penultimate tranche, so in the next six months, we will be busy on delivering another [1 billion]. Beyond that, we will have to assess our position.

至於股票回購方面。顯然，這些也是我們實現股東回報的工具之一。我們在各種交易時所溝通的40億中，有30億。從今天開始，我們將交付倒數第二批貨物，因此在接下來的六個月裡，我們將忙於交付另一批貨物。[10億]。除此之外，我們還需要評估自身的處境。

We will assess our position depending on -- and I think you are spot on, depending on where we will be as a company, where the market environment will be at that point, and we will clearly assess it through the lens of our capital allocation policy that you were referring to earlier, which I think is very well known. So full visibility on the dividend decisions on the buyback when the time is right.

我們將根據——我認為你說得對——我們公司屆時的發展狀況以及市場環境來評估我們的處境，我們將透過你之前提到的資本配置政策來明確地評估它，我認為這個政策是眾所周知的。因此，在適當的時機，我們將全面了解分紅和股票回購的決定。

Thank you.

謝謝。

Thank you. Paul Sidney, Berenberg.

謝謝。保羅·西德尼，貝倫貝格。

Yeah, thank you very much for taking the question. Good morning everyone. I just had a question around the Skaylink acquisition. We've seen a lot of excitement in the sector around data centers, AI, cloud services, cybersecurity, you name it, obviously, Deutsche Telekom, announcing a pretty high-profile partnership with NVIDIA to build a data center and Telecom Italia having a recent event, looking at their AI capabilities. So just a brief broad question about is this really a material revenue driver for your business looking forward? And could we expect more similar acquisitions to Skaylink in some of your other geographies? Thank you.

是的，非常感謝您回答這個問題。大家早安。我只是想問一下關於Skaylink收購案的問題。我們看到，資料中心、人工智慧、雲端服務、網路安全等領域都充滿了活力，顯而易見，德國電信宣布與英偉達建立一項備受矚目的合作夥伴關係，共同建立資料中心，而義大利電信最近也舉辦了一場活動，探討其人工智慧能力。那麼，請問一個比較廣泛的問題：從長遠來看，這真的會成為貴公司重要的收入驅動因素嗎？我們是否可以期待貴公司在其他地區進行更多類似 Skaylink 的收購？謝謝。

Sure. Paul, let me try and give you a bit of an overview on how I look at this. So first of all, digital services are now over a quarter of our B2B revenues. So it starts to become quite material. And it's going really well. We continue to use the word double digit. It's basically double digit everywhere. It's double digit in Germany. And overall, I think there is a lot of potential for us to grow in B2B in these domains.

當然。保羅，讓我試著簡單介紹一下我的看法給你。首先，數位服務目前占我們 B2B 收入的四分之一以上。所以這件事開始變得相當重要了。一切進展順利。我們繼續使用「兩位數」這個字。基本上到處都是兩位數。德國的氣溫是兩位數。總的來說，我認為我們在這些領域的 B2B 業務方面有很大的發展潛力。

And that's why we have -- even before the acquisition of Skaylink, continue to invest. I mean two years ago, for those of you who remember, I was talking about -- again, for the long-term health of the business, stepping up the investment in B2B in these areas, and it's all been about building capabilities to essentially respond to the demand of our customers.

正因如此，即使在收購 Skaylink 之前，我們也一直持續投資。我的意思是，兩年前，你們當中有些人可能還記得，我當時談到——為了企業的長期健康發展，要加大對這些領域的 B2B 投資，而這一切都是為了建立能力，從而切實響應客戶的需求。

Now in terms of all the points that you have raised, I think it's really important for us to assess where there is demand, where this demand is best served by Vodafone as opposed to other areas, and where there are also good returns. We certainly see big opportunities to continue to grow on IoT.

就您提出的所有要點而言，我認為對我們來說，評估哪裡有需求、沃達豐在哪些領域比其他領域更能滿足這些需求以及在哪些領域能獲得良好回報，都非常重要。我們確實看到了物聯網領域持續成長的巨大機會。

We could go on and talk for hours about IoT. We see equally very good growth for us already today in cloud, where Skaylink operates. Cloud is a big contributor to our double-digit growth, and also security with cyber in mind.

我們可以就物聯網話題聊上好幾個小時。目前，我們在雲端業務領域（Skaylink 的業務所在地）也看到了同樣非常好的成長。雲端運算是我們實現兩位數成長的重要因素，網路安全也是我們業務發展的重要保障。

We also think that our, I would say, most biggest opportunity segment-wise are in the SME space on all these services. So middle-sized company. Why? Because these are the companies that are used to buy technology from Vodafone.

我們也認為，就所有這些服務而言，我們最大的機會在於中小企業領域。所以是一家中型公司。為什麼？因為這些公司都是從沃達豐購買技術產品的。

We have been serving connectivity to them. We have strong partnership. They look at us to help them. In these days, for example, Syren Cloud is a super big topic of conversations. We are well placed to help them with that.

我們一直為他們提供網路連線服務。我們擁有牢固的合作關係。他們指望我們幫助他們。例如，最近 Syren Cloud 就是一個非常熱門的話題。我們完全有能力在這方面幫助他們。

The more you go in the value chain, especially in Europe towards things like gigafactories and other areas, I think you will see us sort of prioritizing in a very clear way because in some areas, the economics are still to be proven.

隨著你深入價值鏈，尤其是在歐洲，朝著超級工廠和其他領域發展，我認為你會看到我們以一種非常明確的方式進行優先排序，因為在某些領域，經濟效益還有待證明。

The capacity utilization needs to be proven, and therefore, we are very rigorous in the way we go about the opportunity to serve the demand by starting to address the areas which really, for us, are low-hanging fruits. And to your question, yes, there will be more activity in this space in terms of building capabilities and sometimes this may continue to involve small bolt-on M&A.

產能利用率需要證明，因此，我們非常嚴謹地把握機會，滿足市場需求，先著手解決對我們來說很容易實現的領域。至於你的問題，是的，在這個領域，在能力建設方面將會有更多活動，有時這可能還會涉及一些小規模的併購。

That's really helpful. Thank you very much.

這真的很有幫助。非常感謝。

Thank you. We have time for one last question this morning to allow all participants to observe the two minute silence at 11 AM for Remembrance Day here in the UK.

謝謝。今天早上我們還有最後一個問題，以便所有參與者都能在上午 11 點默哀兩分鐘，紀念英國的陣亡將士紀念日。

Robert Grindle, Deutsche Numis.

羅伯特‧格林德爾，德國努米斯。

Good morning. Great to see your stock get its mojo back. I hope that translates to Italy and Germany, especially before Luka moves on. Margherita, the footprints reshaped, you've merged the UK, not to mention all the operational stuff. This was a large intra. So what do you look forward to spending more time on with your new CFO colleague?

早安.很高興看到你的股票重回正軌。我希望這能延續到義大利和德國，尤其是在盧卡離開之前。瑪格麗塔，足跡已然改變，你合併了英國，更不用說所有營運方面的事情了。這是一次較大的內部波動。那麼，你期待與新任財務長同事一起花更多時間做什麼？

We have the capital allocation question. You addressed that. More capabilities in digital seem to be underway. Do you see any footprint infill need, any more consolidation opportunity? And conversely, do you see that the Vodafone balance sheet needs further simplification? Thank you.

我們現在面臨資本配置問題。你已經談到了這一點。更多數位化能力似乎正在開發中。您認為是否需要進行空間填充，或是否有進一步整合的機會？反過來，您是否認為沃達豐的資產負債表需要進一步簡化？謝謝。

As you indicated, we are really pleased to have, I call it, completed the building site, after the last couple of years, and get the group we wanted and see our position today being at scale with strong brands in all the markets in which we operate, and these markets being markets where we have sustainable structure. This is all the foundations we needed for good growth.

正如您所指出的，經過過去幾年的努力，我們非常高興能夠完成（我稱之為）建設工地，組建我們想要的團隊，並看到我們如今在所有運營市場都擁有強大的品牌和規模，而且這些市場都是我們擁有可持續結構的市場。這就是我們實現良好發展所需的所有基礎。

Looking forward, there is obviously much more to go for, but you should expect that not to make the headlines through M&A. You should expect that to be our continued execution of our transformation. And really, all we need today to make the most of our growth opportunities, be it in Germany, be it in the UK, be it in Africa, is disciplined execution, focused on operational excellence to make the most of what we have.

展望未來，顯然還有很多發展空間，但你應該預料到，這不會透過併購成為頭條新聞。你們應該預料到，這將是我們持續推動轉型的一部分。事實上，如今我們要充分利用成長機會，無論是在德國、英國還是非洲，所需要的就是嚴謹的執行力，專注於卓越運營，從而最大限度地利用我們所擁有的資源。

And I mentioned earlier, customer simplicity and growth. Our priorities have not changed. Our opportunities have not changed. It's great that today, we are in a completely different position on customer experience, but lead and co-lead in 11 out of 15 markets is not enough. So my number one priority will continue to be to push on that.

我之前也提到過，客戶滿意度和成長。我們的工作重點沒有改變。我們的機會並沒有改變。如今我們在客戶體驗方面處於完全不同的地位，這固然很好，但在 15 個市場中的 11 個市場中處於領先或並列領先地位是不夠的。因此，我的首要任務仍然是推進這項工作。

Group simplification, we have made lots of inroads. I mean we are completing this year, for example, roles reduction that we talked about to simplify the group when we announced the strategy. But there is always more to do, and we have the opportunity to become much more simpler. I mean one of the slides, by the way, in our PowerPoint today is about AI because there is a lot to go for to make us faster, more agile.

在分組簡化方面，我們已經取得了很大進展。我的意思是，例如，我們正在今年完成我們宣布策略時提到的精簡團隊的職位縮減計劃。但總有更多的事情要做，我們也有機會變得更簡單。順便說一句，我們今天在 PowerPoint 中展示的其中一張幻燈片是關於人工智慧的，因為要讓我們更快、更靈活，還有很多工作要做。

And then you mentioned B2B. And it's been a feature of this call, which I really appreciate because I believe it's a strong opportunity for us. If you think about it, we have a really strong competitive position there. We are trusted by businesses and governments across Europe and Africa. And so it's a fantastic growth opportunities. In all the areas we operate in, we have strong demand for our services. So it's about really bringing -- accelerating the growth in the years ahead now and it's in our hands.

然後你提到了B2B。而且這已經成為本次通話的一大特色，我對此非常讚賞，因為我認為這對我們來說是一個很好的機會。仔細想想，我們在那裡確實擁有非常強大的競爭優勢。我們深受歐洲和非洲各地企業和政府的信賴。因此，這是一個絕佳的發展機會。在我們開展業務的所有地區，對我們的服務都有著強勁的需求。所以，關鍵在於真正地——在未來幾年加速成長，而這掌握在我們手中。

Great to hear. Good luck, Luca.

很高興聽到這個消息。祝你好運，盧卡。

Thank you.

謝謝。

Thank you. We're on time.

謝謝。我們準時到達。

This concludes the Q&A session. And I would now like to hand back to Margherita for any closing remarks.

問答環節到此結束。現在我想把時間交還給瑪格麗塔，請她作總結發言。

I would really like to take the opportunity to thank Luka, last call. Luka has been great support on -- well, all the things we've talked about in this call. And thank you for your time, as always, today, and look forward to see you all in the next quarters. Thank you.

我很想藉此機會感謝盧卡，最後再說一句。盧卡在——嗯，我們在這次通話中談到的所有事情上——都給予了很大的支持。和往常一樣，感謝各位今天抽出時間，期待在接下來的幾季與大家見面。謝謝。