Financial Data and Key Metrics Changes - Group service revenue grew by 5.4% in Q3 2026, supported by growth in Europe and Africa, particularly in Germany, Africa, and Turkey [4] - Group EBITDA increased by 2.3% in Q3 and 5.3% year-to-date, aligning with expectations to meet the upper end of FY 2026 guidance [5] Business Line Data and Key Metrics Changes - In Germany, mobile customer numbers increased, with new customer ARPUs up 21% year-on-year, stabilizing consumer broadband revenues [6] - Fixed broadband churn in Germany is now below the majority of European markets, indicating improved customer retention [24] Market Data and Key Metrics Changes - The U.K. market is undergoing network upgrades ahead of schedule, enhancing mobile coverage and data speeds [7] - In Africa, the acquisition of a controlling stake in Safaricom is expected to strengthen Vodacom's position, capitalizing on structural growth opportunities [9] Company Strategy and Development Direction - Vodafone is focused on enhancing customer experience and value strategy, particularly in Germany, while also investing GBP 11 billion over ten years to build a leading 5G network in the U.K. [8] - The company aims to leverage its scale and digital platforms in Africa, with a focus on B2B and digital services growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance trajectory, indicating that the company is on track to meet FY 2026 guidance [10] - There is a recognition of ongoing competitive pressures, particularly in the U.K. and Germany, but management remains confident in the strategic direction and growth potential [5][16] Other Important Information - The company has completed the acquisition of Skaylink to support growth in digital services [10] - Management highlighted the importance of focusing on value over volume in the competitive landscape, particularly in the broadband market [78] Q&A Session Summary Question: Insights on Germany's EBITDA trajectory - Management indicated that EBITDA in Germany is expected to improve in the second half of the year, although it may not return to positive growth this year [14][15] Question: Clarification on broadband strategy and pricing - Management confirmed that the focus is on value, with fixed broadband churn improving and ARPU levels at their highest in three years [24][27] Question: Group-wide outlook for 2027 and beyond - Management remains confident in multi-year growth trajectory, expecting continued good growth in EBITDA and adjusted free cash flow [33][34] Question: Opportunities in Africa post-Safaricom acquisition - Management sees significant growth opportunities in Africa, particularly in digital services and financial services, with potential for further B2B acquisitions [40][41] Question: Impact of potential consolidation in the U.K. broadband market - Management believes consolidation could be beneficial but emphasizes their strong position through multi-partner wholesaling [46][47] Question: Future of Fixed Wireless Access (FWA) in the U.K. and Germany - Management expects FWA to grow in the U.K. but notes that the market in Germany is less dynamic due to existing fiber penetration [51][53] Question: Thoughts on tower market and Vantage - Management is satisfied with their position in Vantage and is open to considering strategic opportunities as the tower market evolves [59][60] Question: Comments on EU Digital Networks Act and Cybersecurity Act - Management views the potential for spectrum license reforms positively but expresses concerns about the draft Cybersecurity Act introducing uncertainty [84][86]

Financial Data and Key Metrics Changes - Group service revenue grew by 5.4% in Q3 2026, supported by growth in Europe and Africa, particularly in Germany, Africa, and Turkey [3][4] - Group EBITDA increased by 2.3% in Q3 and 5.3% year-to-date, aligning with expectations and guidance for FY26 [3][4] Business Line Data and Key Metrics Changes - In Germany, mobile customer numbers increased, with new customer ARPUs up 21% year-on-year, stabilizing consumer broadband revenues [4][6] - The U.K. integration and network investment plan is progressing well, with initial upgrades delivered ahead of schedule [4][5] - The acquisition of Skaylink supports growth in digital services, particularly in cloud and security [6] Market Data and Key Metrics Changes - Emerging markets continue to show double-digit growth, contributing positively to overall service revenue [29] - The competitive landscape in the U.K. is evolving, with potential consolidation among operators, which may impact pricing and competition [42] Company Strategy and Development Direction - Vodafone is focused on enhancing customer experience and value strategy, particularly in Germany and the U.K. [4][5] - The company is investing GBP 11 billion over ten years to build the leading 5G network in the U.K. [5] - The acquisition of a controlling stake in Safaricom is expected to strengthen Vodafone's position in Africa, leveraging growth opportunities in digital services [6][38] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the multi-year growth trajectory, with expectations for continued good growth in EBITDA and adjusted free cash flow [31][32] - The company is navigating a competitive market environment but is confident in its strategic initiatives and operational progress [6][7] Other Important Information - The company is seeing improvements in Net Promoter Scores and is focused on reducing complexity while accelerating opportunities in digital and financial services [6] - The EU Digital Networks Act and Cybersecurity Act are under review, with potential implications for investment and innovation in the telecom sector [77][78] Q&A Session Summary Question: Insights on Germany's EBITDA trajectory - Management expects EBITDA performance in Germany to improve in the second half of the year, but does not anticipate a return to positive EBITDA this year [12][14] Question: Clarification on broadband strategy and pricing actions - The focus is on value over volume, with recent price increases expected to stabilize broadband losses and improve ARPU [21][25] Question: Group-wide growth prospects for 2027 and beyond - Management is confident in the multi-year outlook for adjusted free cash flow growth, with continued good growth expected for the group overall [31][32] Question: Impact of potential consolidation in the UK broadband market - Management believes consolidation could make sense in the current environment but is pleased with Vodafone's multi-partner approach in the UK [42][43] Question: Opportunities in Africa following the Safaricom acquisition - The acquisition is seen as a strategic move to leverage growth opportunities in Africa, particularly in digital services and financial technology [38][39] Question: Thoughts on tower market dynamics and Vantage - Management is satisfied with the current position in Vantage and is monitoring market trends for potential consolidation opportunities [56][57] Question: Discussion on Fixed Wireless Access (FWA) growth - Management expects FWA to continue to grow in the UK, with seasonal factors impacting recent performance [48][49] Question: Comments on the EU Digital Networks Act and Cybersecurity Act - Management is cautiously optimistic about potential reforms but acknowledges the uncertainty surrounding the Cybersecurity Act [78][79]