Vodafone Group Plc

And thank you for joining us for our Alfie results conference call. I'm pleased to be joined today by Luca, our new CFO. Welcome, Luca.

Thanks a lot, Margarita, and great to be with all of you this morning.

Now, since I've been CEO, I've said that Vodafone must change, and we are changing. As you know, my priorities are to focus on our customers, become a simpler business, and accelerate growth. To set us on this path, we have taken significant actions over the last six months. First of all, on customers. We have reprioritized our focus and resources on customer experience and start to see some results. In half one, our NPS position relative to competitors improved in almost all markets. Second, simplicity. We have just completed an end-to-end review of our shared operations and the services they provide to the markets. We will now transition to a commercial model with clear MSAs, volume-based pricing for all services. And yesterday we announced an agreement with Accenture that will allow us to accelerate this transformation. Last but not least, growth. We return to service revenue growth in Germany this quarter, supported by our commercial model re-engineering and our broader broadband price actions. Beyond Germany, we have delivered a broad-based improvement in service revenue in Q2, with 14 of 17 markets growing. And we have reiterated our financial guidance for the year. In May, I said we would focus our investments on markets where we see the right combination of sustainable market structures and sufficient scale to grow and to deliver returns above our cost of capital. And take actions where these conditions are not met. As a result, we have announced our exit from Spain. In the UK, we are progressing with approvals for our merger with 3, and we are continuing to explore a range of options in Italy. Overall, we are making progress on our priorities, but of course, we have significantly more work still to do to improve the experience for our customers, cut complexity, and operate in a simpler way. We are now ready to take your questions.