Vodafone CEO Fireside

Vodafone CEO Margherita Della Valle highlighted a more focused portfolio following exits from Italy and Spain and a constructive outlook for the German and UK markets. The company is targeting significant cost reductions via a €2bn European efficiency program and AI-driven productivity.

Key Takeaways

• 1.Vodafone is narrowing its portfolio to focus only on markets where it has the scale to be successful, notably exiting Spain and Italy while consolidating in the UK.
• 2.Germany remains the primary investor debate; while pricing resets have caused EBITDA pressure, operational indicators like churn and network quality are improving.
• 3.The Vodafone/Three merger in the UK is providing strong momentum with significant cost and capex synergies of approximately €700m.

Table of Contents

• Quick Silver: Vodafone CEO Fireside (EU TMT Conf Day 1)
• KEY TAKES
• Strategy and portfolio
• Safaricom control transaction (Africa)
• Portfolio investments (non-consolidated)
• Germany
• UK
• Europe EBITDA guidance range (FY outlook)
• Fixed strategy (Germany and UK)
• Regulation and policy
• Returns and capital allocation
• J.P. Morgan TMT Contacts

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