Paul Sidney's questions to Vodafone Group PLC (VOD) leadership • Q1 2026
Question
Paul Sidney from Berenberg asked about the "value over volume" strategy in Germany, questioning if it's an intentional signal to the market to extract more value and whether this approach will be replicated in the UK post-merger.
Answer
Group CEO Margherita Della Valle argued that focusing on "value over volume" is essential, especially for mobile net adds, as raw SIM count is not a good indicator of revenue and can drive wrong behaviors. She stressed that in Germany, the focus is on the valuable "branded base" rather than low-margin reseller segments. She confirmed that this is the right strategic approach for mobile in any market, including the UK.