Vodafone Group Plc

Good morning, everyone, and thank you for joining us today. A year ago, we set out our plans to fundamentally transform Vodafone for growth. Since then, I'm pleased with the pace of response and speed of execution from everyone at Vodafone. We have moved quickly to reshape our European footprint, having announced the sales of Spain and Italy, as well as our merger in the U.K., Our new portfolio shape will enable us to focus on growing markets with strong positions and good local scale. And as the results and guidance we share today demonstrate, we are in a much stronger position to deliver more sustainable and predictable growth and drive improved returns. Whilst we have made good progress in changing the shape of Vodafone, our operational transformation focused on customer simplicity and growth is driving deeper fundamental changes. We are changing where we invest our time and resources towards our customers. While there is clearly more to do, we are already seeing improved results. We have reduced the number of customer detractors across our markets this year through a systematic effort to remove customer pain points. And we now have a leading or co-leading NPS position in five out of nine of our European markets. We are also changing how we organize ourselves to be simpler and more efficient and have made good progress against our productivity targets. We have established a new commercialized model for our shared operations that will allow us to better serve our markets and telco partners. and scale up or down our cost base in response to changes in demand. And on growth, all segments are now growing, as you have seen, and our performance in business was particularly strong, with service revenue growth accelerating to 5% this year. Beyond our progress on our strategic priorities, I am pleased with the financial results we have delivered, having slightly exceeded our guidance for the year. Our service revenue growth has been accelerating throughout the year and added out by 2% in a year with significant inflationary headwinds, especially energy prices, as well as significant reinvestments we have made to improve our customer experience. But looking ahead to next year, much more still needs to be done. We have clear areas of focus for FY25 to drive operational excellence across the group. We will once more step up investment in our customer experience and focus on improving our underlying performance in Germany, which includes a broad range of actions across our fixed and mobile propositions, our channel strategy, the MDU transition, and the utilization and quality of our networks. We'll also continue to accelerate our momentum in business and simplify our operations throughout the group. Our operational transformation will enable us to build a better Vodafone, generating growth and delivering the best experience possible for our 300 million consumers and 5 million business customers. And with that, both Luca and I will now take your questions.

Thank you, Margherita. We will now take our first question from Emmett Kelly at Morgan Stanley. Emmett, please go ahead.

Yes, thank you very much. Very good morning to everyone. And thank you for taking my question. Just the one question, please. You have published your guidance for the forthcoming year. And as always, there's a lot of moving parts with any European telco company. Can you maybe say a few words about the various puts and takes on the top line and also at the EBITDA level. Clearly at EBITDA, I see a lot of moving parts, whether it's energy, MDUs, cost savings, et cetera. So just a few words on how we should think about the top line in EBITDA, the key drivers. Thank you.