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VOD Beats On Rev, Affirms Guidance Despite German Miss

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  • Q3 Rev of EUR 11.37bn, ahead of the EUR 11.13bn consensus
  • Q3 Service Rev of EUR 9.38bn, ahead of the EUR 9.3bn Service Rev (4.7% Org Growth vs. 4.3% consensus)
  • On a geographic basis, their largest and most stable market in Germany saw 0.3% Org Service Growth vs. 0.4% consensus though this was offset by beats in Italy, UK, Spain and Vodacom.
  • The shortfall in Germany appears to be driven by 76k broadband customer losses (despite broadband ARPU growth) in the wake of price increases and lower mobile call rates (mobile service rev -0.7%). Business service revenue of -1.9% reflected lower IoT revenue and a strong prior year.
  • “Our announced transactions in the UK and Spain are progressing well, and we are in active discussions in Italy”
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