Vodafone Group Plc (VOD) Q2 2026 Earnings Call

Investor webinar replay

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Hello everyone. We are pleased with our performance in the first half, which was in line with our expectations. Germany and Europe as a whole stabilised and we continued to grow well in Africa and Turkey. During the first half of the year, we completed the reshaping of the Group, with our merger in the UK forming the country's leading mobile operator, as well as the acquisition of Telecom Romania's assets. Across the Group, we have continued to make operational progress as we deliver on our strategic priorities of customers, simplicity and growth. In the UK, we made a fast start with the integration and I am pleased that we are already delivering on our promise of network and customer experience improvements. In Germany, we continue to progress with our turnaround. Customer experience is also improving. We're investing in growth opportunities in B2B and driving value in mobile and fixed through disciplined execution. Stepping back, our solid performance in the first half has given us the confidence to confirm that we expect to deliver at the upper end of our FY26 guidance. We have also announced that we are committing to a progressive dividend from this year. But before we go into the detail of our performance, I would also like to mention that as this is Luca's final results, We are also joined today by Pilar López, our incoming CFO. Welcome, Pilar. Could you tell us a bit about yourself? Thank you, Margarita. I'm thrilled to have joined Vodafone a few weeks ago. A little bit about myself. I grew up in the telco sector, spending almost two decades at a major European operator, experiencing the significant technological and societal changes that connectivity drove in the 2000s and 2010s. During my time there, I was the CFO of businesses that competed with Vodafone th...