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    Jonathan Kennedy-Good

    Research Analyst at JPMorgan Chase & Co.

    Jonathan Kennedy-Good's questions to Vodacom Group Ltd / ADR (VDMCY) leadership

    Jonathan Kennedy-Good's questions to Vodacom Group Ltd / ADR (VDMCY) leadership • FY 2023

    Question

    Jonathan Kennedy-Good from JPMorgan Chase & Co. inquired about the drivers for the expected improvement in South African service revenue, whether revised group guidance includes Safaricom, and if Vodacom would consider increasing its Safaricom stake.

    Answer

    CEO Shameel Joosub attributed the positive South Africa outlook to strong Q4 prepaid performance, network availability, a 5-7% price increase, and lapping the impact of the RT15 government contract. He also noted that while the Safaricom asset is attractive, Vodafone is unlikely to sell its stake at current prices. CFO Raisibe Morathi clarified that the group's medium-term guidance for service revenue and EBITDA growth excludes Safaricom, which has provided its own separate guidance.

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    Jonathan Kennedy-Good's questions to VOD.JO leadership

    Jonathan Kennedy-Good's questions to VOD.JO leadership • FY 2023

    Question

    Jonathan Kennedy-Good from JPMorgan Chase & Co. asked for clarity on the drivers for the expected improvement in South Africa's service revenue growth, whether revised guidance includes Safaricom, and if Vodacom would consider increasing its Safaricom stake.

    Answer

    CEO Shameel Joosub cited improved prepaid performance, price increases, and the lapping of negative contract impacts as drivers for South African growth. He also noted Vodafone is not currently looking to sell its Safaricom stake. CFO Raisibe Morathi clarified that the group's guidance excludes Safaricom, which has its own separate guidance.

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