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    Ottavio Adorisio • Bernstein

    Ottavio Adorisio's questions to Vodafone Group PLC (VOD) leadership

    Ottavio Adorisio's questions to Vodafone Group PLC (VOD) leadership • Q1 2026

    Question

    Ottavio Adorisio from Bernstein questioned the rollout pace of the OXG fiber venture in Germany, noting that the current rate of 100k homes per quarter seems slow relative to the 7 million home target. He asked about the hurdles and the plan for acceleration.

    Answer

    Group CEO Margherita Della Valle emphasized that the pace is accelerating, having ramped up from the initial build. She acknowledged the 7 million household target and stated the focus is on further acceleration, noting they are now in "catch up mode" with over 30 construction partners. She confirmed the OXG venture is fully funded with no investment constraints and that the plan is to accelerate as per the original business case.

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    Ottavio Adorisio's questions to Orange SA (FNCTF) leadership

    Ottavio Adorisio's questions to Orange SA (FNCTF) leadership • Q1 2025

    Question

    Ottavio Adorisio from Bernstein questioned if French retail service revenue growth would return to its 2-4% target range for the full year. He also asked if Orange would take control of MASORANGE if its gearing remains above the 3.5x IPO threshold.

    Answer

    CEO Christel Heydemann confirmed the 2-4% growth target is a multi-year CAGR, and the company remains within that range despite Q1's 1.5% growth being at the low end of expectations for the year. Regarding MASORANGE, she stated the JV is working to reduce leverage and that Orange has kept its options open, carefully monitoring the balance sheet impact of any potential consolidation while remaining committed to its own low leverage.

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