Spectrum is fundamental to how our mobile networks operate. The licensing of spectrum defines not only our mobile services capability, but also shapes market structure and our competitive position within it. Done well, licensing delivers greater benefits to consumers by converting our investments into improved services and greater network availability. Our extensive lobbying campaign and engagement with governments through our Social Contract has transformed policymakers' thinking on how spectrum auctions can be used to achieve the best outcomes. By demonstrating that we share and are fully committed to delivering countries' digital ambitions, and by evidencing which approaches will be most effective in achieving them, the structuring of auctions has become more conducive to supporting investment. When allocating spectrum, governments and regulators face a trade-off between increasing the number of competitors, stimulating investment, and raising funds for the state. In the past, governments often focused on maximizing the cash proceeds raised from spectrum auctions. These highly extractive auctions significantly limited operators' capacity to then invest because the money needed to roll out the networks had already been taken out of the sector. As a result, Europe fell behind other continents on 4G deployment. In some cases, authorities used licensing to try to introduce additional players, sometimes through discriminatory rules, resulting in fragmented markets and subscale networks. As we entered the 5G cycle, there was a significant risk that the extractive spectrum auctions of the past could be repeated. Overall, the 5G investment cycle has been significantly less costly within our footprint, marking a fundamental shift in how spectrum is allocated. In some of our markets, policymakers took explicit steps to moderate spectrum costs and incentivize investment. For instance, in Spain, the government reduced reserve prices for the 700 MHz auction and effectively doubled the duration of licenses to 40 years. In Greece, the government focused on prioritizing investment and designed the auction with moderate reserve prices and ensuring equal treatment of all applicants. These are fantastic examples, but there have been many others, such as the U.K. and South Africa, where revised auction structures have resulted in a lower burden for the industry and much greater investment certainty into the future. The U.K. as a country has struggled with geographic coverage since its extractive 3G auction, which limited operators' abilities to invest and led to partial or no coverage in many rural areas. For the 5G auction, the regulator Ofcom planned to implement an extractive auction mechanism with distortive coverage obligations. Consistent with our Social Contract, we wanted to find a more efficient and effective way of achieving the policymakers' goals and addressing the coverage gaps. Together with the other network operators, we developed the Shared Rural Network, an industry-wide scheme to make 4G available to 95% of the U.K. landmass by 2025 and to eradicate white spots by 2027. The SRN allows operators in rural areas to invest jointly with support of government funding and to share infrastructure. As a result, fewer new masts are needed, helping to save energy and reducing our planetary impact. This will make the U.K. one of the best countries for geographic mobile coverage in Europe and ensure a wider choice of providers for customers in remote areas. As a response, Ofcom reshaped the 5G auction format, removing structures that could drive up prices and allowing operators to swap spectrum allocations to ensure an optimal outcome. In addition to this, Vodafone started shutting down its 3G services, enabling us to refarm 900 MHz and create additional optionality in the 700 MHz auction, therefore removing some of the competitive pressure in the auction. In South Africa, we have faced major spectrum constraints and potentially material changes to industry structure. Until very recently, the South African mobile industry has been starved of spectrum. The last significant allocation of spectrum, the 3G licenses, was in December 2004. That's almost two decades ago. Leveraging group best practices, we made extensive use of spectrum refarming to roll out 4G services. At the same time, we faced structural threats to the industry outlook. In 2016, the government introduced the idea of a new wholesale open access entity. Policymakers envisaged that this entity would be the primary vehicle for 4G and 5G spectrum, meaning players like Vodacom would need to buy capacity from this entity. However, a combination of multi-engagements with policymakers and the major role we played during COVID-19 helped reshape regulatory conversations. In March this year, we concluded a highly successful spectrum auction in South Africa. The Vodacom team, working together and leveraging the extensive experience and expertise of the Vodafone team, managed to secure an outstanding allocation of spectrum. This included 80 MHz of contiguous 2.6 GHz spectrum, which we believe will support us to differentiate ourselves in both 4G and 5G. More importantly, the spectrum auction provides 20 years of industry certainty and significant benefits for South Africa by allowing the mobile industry to better meet the needs of all customers, connecting the unconnected, and ensuring that schools, businesses, and government services can take full advantage of the digital revolution. We clearly see that the focus of policymakers has moved to efficient spectrum allocation to drive rollout, incremental investment, and better services for customers, rather than extracting money from the sector. We welcome this shift, we continue to advocate for further reforms in spectrum policy in the future, such as extending the duration of existing licenses and reducing the ongoing cost of licenses. Through our Social Contract and extensive engagement with governments, policymakers, and the European Commission, we've seen significant progress as to how infrastructure consolidation is perceived. In the past, the European Commission and local regulators have been skeptical about the benefits of mobile network consolidation and whether a competitive market environment could be maintained. However, from an operator standpoint, having multiple and overlapping network infrastructures is both inefficient from an asset utilization and returns perspective, as well as from an overall welfare perspective. It ties up capital, but could more effectively be deployed to achieve the digital ambitions of Europe. We believe there is now an increasing acceptance and understanding that allowing infrastructure consolidation, such as towers or enabling extensive network sharing agreements, can promote a pro-investment environment that is supportive of returns while still maintaining both effective competition and competitiveness. This is particularly important for the sector as we enter a new wave of 5G investment, where there was potential for considerable overlap of infrastructure investment by operators. The merger of Vodafone Towers and INWIT is a good example of this. Aldo can share more information on the transaction. Italy is a very challenging market with significant retail price competition and multiple overlapping infrastructures. Prior to the merger of Wind Tre, the third and the fourth mobile operator in 2016, the market had been competitive but was sustainable. However, as part of the merger condition, the EU applied onerous remedies, including the introductions of a new entrant, iliad, with favorable access terms. This artificial creation of a new entrant has driven a wave of super deflationary price competition and eroded returns for the industry, which in turn had created a serious investment challenge for the Italian market. In order to try and improve returns, we started to look at options to create network efficiencies through combining infrastructure assets such as towers, while maintaining a competitive market environment. The objective of the Vodafone Italy INWIT merger were multiples. Remove the inefficiencies created by having multiple tower grids and free up capital to accelerate 5G investments in Italy, improve asset utilization and tower revenues by increasing the number of tenants on each tower, centrally manage these assets to drive efficiencies and increase network sharing, maintain and support a competitive market environment by providing third-party access on the combined portfolio sites, and demonstrate the clear see-through value of these tower assets separated from the mobile network operators. Through this merger, these objectives have been almost achieved. However, it has still not been sufficient to support returns for the industry and enable operators to make the investments required. Outside Italy, we have deployed extensive network sharing agreements, and we have been able to combine the tower assets of multiple network operators to help deliver our network investment strategy. We now have network sharing live in all of our European markets. This has enabled us to achieve significant synergies while also accelerating our rollout ambitions. Nonetheless, consolidation in low return markets at a network operator level remains one of our priority areas to deliver the 5G networks that Europe needs, and we are seeing a growing recognition that a pro-investment environment is needed. It is clear that the competition rules do have to adapt to the new economic and political environment. At Vodafone, we are conscious of the need to build and operate Europe's critical network infrastructure in a resilient and secure way. As European governments and regulators are reviewing competition policy, we urge them to allow operators to upscale and consolidate in these structurally challenged markets and create sustainable market structures that can support competition and investment to safeguard Europe's global competitiveness. I'm Tim Boddy, Group Strategy Director at Vodafone. Working with my team, we look to identify new opportunities for growth as we reposition from a telecoms company to a new generation connectivity and digital services provider. As part of our Social Contract, we've been working very closely with our external affairs team on a transformative piece of European regulation called the Digital Markets Act. This regulation fundamentally rethinks how large tech companies need to behave in online markets and is one of a range of measures currently being considered by the EU to level the playing field in digital markets. The Digital Markets Act is a step change for European tech regulation. It is unprecedented in its scale and its scope. It constitutes a significant shift in policy approach, putting in place tailor-made rules designed to promote competition. By creating a level playing field, the Digital Markets Act should unlock a variety of new innovation opportunities for Vodafone. To be more specific, a gatekeeper designated under the act must allow third parties access to its operating system, meaning consumers will benefit from a wider range of new digital services. For example, allowing operators to play a leading role in digital identity. A gatekeeper must not impose unfair access conditions, for instance, in preventing operators from guaranteeing the quality of service in a dedicated network slice. In a nutshell, the DMA will help large and small companies innovate and compete in Europe, potentially creating new homegrown tech champions. Vodafone recognized the challenge to innovation and scale created by the digital gatekeepers back in 2018, but it was hard to find the right tool for the job. We needed to do more than rely on generic competition law. The first attempt, the EU Platform-to-Business Regulation, didn't go far enough. We worked with various academics, including a Brussels-based think tank, the Centre on Regulation in Europe, to explore what could be done. We also applied learnings from the regulation that already applies in our industry. We shared these ideas with the European Commission at the very start of the process, helping to shape the creation of the solution as a trusted partner. The final result was the Digital Markets Act, a proportionate solution to ensure fair competition and consumer protection. Europe's digital economy is dominated by a few quasi monopolies since a long time. In the EU, we want the best companies to win and not the biggest. We want open markets and opportunity for every company to do well, regardless of its size, and therefore, we needed to take action. The digital gatekeepers control the crucial areas of technology between business to consumers. Almost every consumer uses Android or iPhones, for example. This gives the gatekeepers too much control over the access conditions and remuneration for business customers. With the DMA, business customers will finally have, again, the right to choose the solution that is best for them and thereby creates new competition and products. I believe the DMA will be of utmost importance to keep markets open and to make sure that competition will come back even in areas where the gatekeepers have been dominating so far. This is a chance for companies from all over the world, but for sure, it's also an opportunity for European companies. We're only at the start of what can be achieved through more effective regulation. There are a range of tech policies being considered by the EU, many of which are interdependent. This reaffirms the importance of the holistic approach we've adopted through our Social Contracts. At Vodafone, we will continue to play a leading role and support the shift towards a competitive level playing field in Europe. This will be critical for the health of the telco sector, which is vital to achieve the Commission's connectivity targets for Europe's Digital Decade. Through our Social Contract, we have led the way in promoting the needs for and economic benefits of SME digitization. We have actively engaged with governments and authorities across all our markets to gain political support for the digitalization of SMEs. Companies are looking for trusted and experienced network operators who can offer them a full suite of solutions and support them in their digitalization journey. At Vodafone Business, we are passionate about doing our part. We have created V-Hub, which is a global platform designed to help SMEs across Europe with their digital transition. To date, we have helped over four million SMEs through our V-Hub service. Soon we will offer a digital maturity assessment, which will provide a benchmark against industry competitors with best practice and personalized development areas. We commercialize together with our business partners, a full portfolio of digital and connectivity services for SMEs. Our latest addition, CyberHub, helps SMEs to have a consolidated and simplified approach towards security and to provide them with advice in this critical area. Through our Social Contract, we have also worked with governments in developing digitization programs backed by the RRF, which helps SMEs obtain access to a selections of digital tools that will support them on their digital journeys. One such example is Spain's Kit Digital, which will give SMEs support ranging from e-commerce to cybersecurity solutions. Spain has been heavily focused on the development of the SMEs Kit Digital that was co-created between the government and the industry, including Vodafone and SMEs, and which will support financially SMEs in their digitization journeys through a voucher scheme. Spain Recovery and Resilience Facility has a budget of almost EUR 70 billion and an ambitious set of reforms and investments in digital. In fact, it dedicates almost EUR 20 billion to digital, and SMEs account for a quarter of the total digital investment. We are delighted to be involved in this program, and we are working with local companies like BeeDIGITAL or Billin in the provision of digital services. Believing in the positive impact that this scheme can have for SMEs and also for our company, we have showcased the Spanish voucher schemes to other markets. As a result, similar schemes are now live in Italy and also in Greece. Given today's macro challenges, it is more important than ever that governments support SMEs in their digital transition. It is critical that they take advantage of this opportunity now to shape the EU's recovery in a way that delivers sustainable and impactful change to small and medium-sized businesses. Our initial success across several markets, including Spain, Italy, and Greece, demonstrate the potential for the RRF to act as an accelerator for Vodafone Business over the next few years. We at Vodafone are committed to supporting European SMEs through our market-leading portfolio of digital and connectivity services, as well as through our engagement through a Social Contract.