Financial Data and Key Metrics Changes - The company reported a service revenue growth of 5.5% in Q1 2026, with EBITDA growth of 4.9%, both in line with expectations [2][3][4] - The company reiterated its growth guidance for both EBITDA and cash flow, expecting strong double-digit free cash flow growth per share for shareholders [4] Business Line Data and Key Metrics Changes - In Germany, while headline net customer additions were negative, there was an improvement in the valuable customer base, with branded contract churn now at single digits, the lowest in four years [4][5][18] - The UK market showed a slowdown in service revenue growth from 3% to 1%, with a loss of 46,000 contract net adds attributed to legacy managed services contracts and the performance of the three brands [27][31][36] Market Data and Key Metrics Changes - Emerging markets, particularly Turkey and Africa, delivered strong growth in euro terms, contributing positively to overall revenue growth [3] - Competitive pressure in Portugal has slowed growth, but the company maintains a strong position in customer loyalty and experience [46][47] Company Strategy and Development Direction - The company is focused on improving customer experience and simplifying internal operations, with a significant emphasis on value over volume in mobile services [9][81] - The integration of Vodafone and Three UK is expected to enhance customer experience and network quality, with a target of achieving significant synergies from the merger [8][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth in Germany, citing improvements in customer experience and operational excellence [9][23][58] - The company is cautious about the competitive landscape in Germany and is focused on completing its turnaround strategy [58][59] Other Important Information - The company is investing heavily in network improvements, including a €1.5 billion investment to enhance network quality across the UK [38][41] - The OXG project in Germany is progressing well, with plans to accelerate the rollout to reach 7 million households [66][123] Q&A Session Summary Question: Outlook for service revenue growth in Germany - Management indicated that while there are challenges, they expect to return to service revenue growth in Germany during the year, driven by improved customer experience and the removal of negative impacts from MDUs [14][16][23] Question: Trends in the UK market - Management acknowledged a slowdown in the UK market but emphasized that the integration with Three UK will provide significant opportunities for future growth [30][36] Question: Performance in Portugal and Greece - Management noted that while Portugal faces competitive pressures, they expect service revenue growth to remain positive in the second half of the year, with Greece anticipated to show stronger performance [50][51] Question: Technology roadmap for cable infrastructure in Germany - Management confirmed that they are focused on maintaining a competitive edge in cable infrastructure, with ongoing investments to enhance service quality [68][70] Question: Strategy regarding value over volume - Management reiterated the importance of focusing on value rather than volume in mobile services, emphasizing the need for a valuable customer base [81][82]