Vodafone Group Plc

Good morning, everyone, and thank you for joining me for our first quarter update. Before discussing our trading, I'd like to highlight some other news from this morning. You may have seen that we have announced the appointment of Luka Mucic as our new CFO. Luka joins us from SAP, where he was most recently the CEO and CFO. I really look forward to welcoming him in September and, of course, having him with us for half one in November. Turning to our Q1 trading update, when I took over, I was clear that Vodafone needed to change to reduce complexity, get back to basics in consumer, re-engineer our commercial model in Germany and scale up our business segment. As we progress our plans to transform Vodafone, I'm pleased to report that we have achieved a better service revenue performance across almost all of our markets in Q1. And we've also reiterated our EBITDA and cash flow guidance for the year. We have delivered organic service revenue growth of 3.7% or 1.8%, excluding Turkey. We are back to service revenue growth in Europe, and our performance in Vodafone business has been particularly strong, with service revenue up 4.5% this quarter, supported by strong digital services growth. In our largest market, Germany, service revenue trends have started to improve, supported by successful price actions in fixed, and we have taken action to drive a better commercial performance in mobile. More broadly, across the company, we have taken the first steps of our action plan focused on customers, simplicity and growth. But of course, with three major markets still in negative territory, we know that we have much more still to do.

Thank you, Margarita. We now go to the Q&A. And our first question this morning is Andrew Lee from Goldman Sachs. Andrew, if you would like to unmute yourself. Thank you. Please go ahead.

Morning. Morning, Margarita. Just had a question around Germany, as you mentioned earlier. Your service revenue growth trends have improved, still negative, but improved. And that's on the back of price take, which I think you've been pretty clear. We should see further benefits from price take through the next couple of courses. So my question is around the KPIs. I wonder if you could just articulate where you think German broadband KPIs go from here and your plans for price take versus volume balance from here, with maybe a mention on the competitive intensity and how that feeds into things. Thank you.