Vodafone Group Plc (VOD) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone, and thank you for joining us today. As you will have seen from our results, our performance in FY25 has been in line with expectations. But before we move to Q&A, I want to provide an update on what has driven the results, the actions we have taken, and the key priorities for FY26 and beyond. Two years ago, I set out a transformation agenda centered around three key pillars, customers, simplicity, and growth. Whilst we still have much more to do, two years on, Vodafone today has changed. We have reshaped the structure of the group, simplified how we operate, and improved our customer experience, therefore not only changing where we operate, but more crucially, how we operate. Looking closer at each of these three areas, We have right-sized our portfolio with the sales of Spain and Italy and the merger of Vodafone and 3UK. We've also taken actions in a number of areas within our investments portfolio, including the further monetization of Vantage Towers and the simpler ownership structure in India. With these actions, we have reset our capital structure, strengthened our balance sheet and returned 2 billion to shareholders through buybacks, on top of 1.8 billion of dividends over the last year. And the first tranche of the next 2 billion buyback program is starting today. On customers, we have refocused the culture of Vodafone on delivering the seamless and consistent experience our customers expect. And we have changed. Just two examples. In the UK and Germany, we have achieved the number of best-evers on customer experience. In the UK, our market-leading NPS has been driving the lowest-ever levels of churn for both mobile and broadband. And in Germany, where there is clearly more to do, we have made a real step change, delivering our best ever...