Vodafone Group Plc

Good morning, everyone, and thank you for joining us for our third quarter update. Before discussing our trading, I'd like to highlight the progress we've made against our priorities, customers, simplicity and growth. When I became CEO last year, I said that Vodafone must change, and we are. We are changing where we focus our time and effort towards our customers. We are changing how we organize ourselves, to be simpler. And we are changing where we choose to operate to deliver good and reliable growth. In customers, NPS and the Tractor scores are both moving in the right direction across our markets, with the UK reaching the number one position for NPS in the market for what is probably the first time ever in our history. Following our reprioritization of investments and focus on excellence across our customer operations, we are simplifying our processes, significantly reducing call waiting times, and improving the tools available to our care agents across our markets. In Vodafone Business, we accelerated our growth to 5% in the quarter, with particularly strong growth in digital services and in our market-leading IoT business. In January, we also announced a unique strategic partnership with Microsoft. Together, we will drive a step up of our growth potential in the SMB segment and with IoT. In Africa, a particular highlight is the growth of financial services in Egypt, with the number of customers increasing over 55% to 7.5 million, benefiting from Vodacom's capabilities. As part of being a simpler business, we have already completed over a third of our multi-year 11,000 role reductions. In parallel, we continue to work on outsizing our portfolio. We are progressing with approvals for our sale of Spain and the UK merger. We have also been actively exploring options for Vodafone Italy for some time. We are continuing to progress on this. And as we have done in Spain and the UK, we will focus on the most value creating and deliverable outcome for our shareholders. But as you would expect, given that we are engaged in constructive discussions, I'm not going to comment further on this today. Turning to our Q3 trading, I'm pleased to report that we have sustained good group service revenue growth into Q3, with 14 out of 17 markets growing, and we are reiterating our financial guidance for the year. In our largest market, Germany's service revenue was in line with our expectations, commercial momentum in both fixed and mobile improved, and the execution of the housing association transition has now started, with all processes performing according to plan. And with that, Luca and I are looking forward to your questions.

Thank you, Margherita. As a reminder, please only one question per analyst. So we have time to hear from as many of you as possible today. Our first question comes from Emmet Kelly. Emmet, please unmute yourself. Your line is open.

Yes. Good morning, everybody. And thank you for taking my question. My question, please, is on the deregulation of the German MDU cable TV market. On the last call, you kindly provided us with some numbers for the potential revenue at risk and you gave us a range of retention rates. I know it's very, very early days, but could you please say a few words on how we should think about the phasing of the MDU revenue at risk? Is it more front-end loaded or would it be straight line over a number of years or perhaps a different pattern? Thank you very much.