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Vodafone Group PLC Earnings - Analysis & Highlights for Q2 2025
Overview
PositivesNegativesOutlook
- The company is pleased by the progress made to deliver the transformation of Vodafone.
- The company expects a slightly better growth in the second half year from a group perspective compared to what it has seen in Q2.
- The company has made investments in its networks, which have delivered the best fixed network in Germany.
- The company expects Germany to be a positive contributor to EBITDA growth due to additional help on the cost side from the ongoing workforce transformation program and investments.
- DSL is still negative.
- The company will have a slightly lower benefit from the energy expense unwind, which was bigger in the first half year.
- The company expects to see a step down in EBITDA growth in H2 due to two reasons.
- The company expects to follow the German market closely.
- The company expects to take its fair share of market growth.
Q&A Highlights from Vodafone Group PLC Earnings Call Q2 2025
- Analyst asked about the possibility of further sell-downs or tower consolidation, and if the necessity to co-control towers has dropped away with the improvement in the balance sheet.
- The company is down to 50-50 in towers, and the journey of monetization has been successful. The company doesn't have any immediate plans for further sell-downs or tower consolidation, and the necessity to co-control towers has not been dropped away. The company is focused on remaining disciplined in its approach.
- The company is down to 50-50 in towers, and the journey of monetization has been successful. The company doesn't have any immediate plans for further sell-downs or tower consolidation, and the necessity to co-control towers has not been dropped away. The company is focused on remaining disciplined in its approach.
- Analyst asked about the impact of the Dutch JV on Vodafone's German mobile service revenues in the second half.
- The company expects to remain disciplined in its approach and believes that the impact on German mobile service revenues will depend on the choices made by the company. It's too early to call out broader impacts on the market.
- The company expects to remain disciplined in its approach and believes that the impact on German mobile service revenues will depend on the choices made by the company. It's too early to call out broader impacts on the market.
- Analyst asked about the current plan for the 7 million joint venture and if there is any ambition to fiberize the rest of the cable footprint.
- Margherita Della Valle, the company's CFO, confirmed that the current plan is for a 7 million joint venture, with 1 million of that being greenfield. Additionally, the company plans to be happy wholesalers of a range of providers, including Deutsche Telekom and Deutsche Glasfaser, and over time, the range of providers could change depending on business cases.
- Margherita Della Valle, the company's CFO, confirmed that the current plan is for a 7 million joint venture, with 1 million of that being greenfield. Additionally, the company plans to be happy wholesalers of a range of providers, including Deutsche Telekom and Deutsche Glasfaser, and over time, the range of providers could change depending on business cases.
- Analyst asked about the regulatory review and remedies in Romania for the proposed three-way deal between Vodafone, Deutsche Telekom, and Digi.
- The company expects the regulatory review in Romania to be subject to the final structure of the deal, which is still an MOU. The company has worked closely with European regulators and is hopeful that the new commissioners will translate their mission statements into action. The company will continue to engage with regulators to ensure investment is recognized as a force for good competition.
- The company expects the regulatory review in Romania to be subject to the final structure of the deal, which is still an MOU. The company has worked closely with European regulators and is hopeful that the new commissioners will translate their mission statements into action. The company will continue to engage with regulators to ensure investment is recognized as a force for good competition.
- Analyst asked about the impact of Digi's launch in Portugal on Vodafone's performance.
- Digi's launch in Portugal with an aggressive pricing strategy is not a surprise. Portugal is a unique market with high contract penetration, low churn, and a front book that is positioned higher than the back book. Vodafone has a strong brand and customer satisfaction in Portugal, which gives it a competitive advantage. The company looks forward to competing in the market.
- Digi's launch in Portugal with an aggressive pricing strategy is not a surprise. Portugal is a unique market with high contract penetration, low churn, and a front book that is positioned higher than the back book. Vodafone has a strong brand and customer satisfaction in Portugal, which gives it a competitive advantage. The company looks forward to competing in the market.
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