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    Carl Murdock-Smith • Citigroup

    Carl Murdock-Smith's questions to Vodafone Group PLC (VOD) leadership

    Carl Murdock-Smith's questions to Vodafone Group PLC (VOD) leadership • Q1 2026

    Question

    Carl Murdock-Smith from Citigroup asked about the service revenue trends in "Other Europe," specifically the step-down in Portugal due to Digi's entry and lapped price hikes, and the less-than-expected bounce-back in Greece.

    Answer

    Group CEO Margherita Della Valle stated the situation in Portugal was expected, with competitive pressure impacting ARPU despite stable customer volumes. She noted this pressure will continue but is mitigated by strong B2B performance. Group CFO Luka Mucic added that for the "Other Europe" region, service revenue is expected to remain in growth territory for the year, with an acceleration in H2 driven by B2B and a stronger performance from Greece.

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    Carl Murdock-Smith's questions to Liberty Global Ltd (LBTYA) leadership

    Carl Murdock-Smith's questions to Liberty Global Ltd (LBTYA) leadership • Q1 2025

    Question

    Carl Murdock-Smith from Berenberg asked for more detail on the drivers behind the U.K.'s broadband net add decline, questioning the specific impacts of one-touch switching, AltNet competition, and price rises.

    Answer

    An executive from VMO2 explained that the impact of one-touch switching is growing quarterly, and aggressive competitor offers, particularly from AltNets, are pressuring the market. The executive noted that VMO2 is adapting its AI-driven retention and prevention systems to this shift and is seeing early positive signs, including 1.9% fixed service revenue growth before the recent price increase and slight improvements from April onwards.

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    Carl Murdock-Smith's questions to Liberty Global Ltd (LBTYA) leadership • Q2 2024

    Question

    Carl Murdock-Smith inquired about the Virgin Media O2 fiber rollout, asking for specifics on how many of the 5 million premises passed are ready for sale and the number of customers on the new fiber infrastructure.

    Answer

    Executive Michael Fries explained that of the 5 million homes passed, approximately 1.3 million are via nexfibre, with the rest from VMO2's own upgrades. He stated that the company is not disclosing fiber penetration rates at this time and is being deliberate about migrating HFC customers to fiber. Executive Lutz Schüler added that the existing HFC network remains strong and there is no immediate pressure from churn to accelerate fiber sales. Executive Charles Bracken confirmed no specific penetration numbers have been released.

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    Carl Murdock-Smith's questions to Orange SA (FNCTF) leadership

    Carl Murdock-Smith's questions to Orange SA (FNCTF) leadership • Q1 2025

    Question

    Carl Murdock-Smith of Citigroup asked for color on why Orange missed its annual bonus targets for B2B service quality and employee engagement rate in the previous year, and what steps are being taken to improve these metrics.

    Answer

    CEO Christel Heydemann explained that the B2B service quality target was very stretched and was partly impacted by portfolio pruning activities. For employee engagement, she noted that while employee participation in the survey increased, the rate of engagement improvement did not meet the ambitious target. She affirmed that both metrics are a key focus for management going forward.

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