Good morning, everybody. It's 10:30 and we are quorate. I now declare our annual general meeting open. Welcome to our 42nd annual meeting, held at the Storey Club in Paddington. Yes, we are back in London and at a Christian time. I hope you appreciate. Before we begin, I would like to mention that in line with our standard practice, this meeting is being webcast live and you may appear on video. I'm the chair of your board, Jean-François van Boxmeer. To my left is our Group General Counsel and Company Secretary, Maaike de Bie. Alongside Maaike are Amparo Moraleda, Simon Segars, Christine Ramon, and Anne-Françoise Nesmes, non-executive directors. To my right is our Chief Executive, Margherita Della Valle, Chief Financial Officer Pilar López, and Simon Dingemans, Delphine Ernotte, Stephen Carter, and Deborah Kerr, our non-executive directors. Our agenda today is as follows. Firstly, I will deliver my message for the year. We will then answer your questions, including any that were submitted to us remotely in advance of this meeting, and we will conclude with the resolutions. This is the usual legal notice on the screen, which is also available online for you to read. For those of you in the room, I would like to request that your mobile phones are, for once, switched off or at least set on silent. Since May 2023, when Margherita outlined her transformation roadmap, Vodafone has fundamentally changed to become a simpler and stronger business. As we enter a new era for telecoms, with new forces driving demand for our connectivity and next-generation technologies unlocking new opportunities, we are focused on sustainable growth. Over the past three years, we have successfully reshaped our footprint, reset our capital structure, and refocused our efforts to improve the experience we deliver to approximately 300 million customers across Europe and Africa. Vodafone has become a simpler, scaled business in good markets, underpinned by a clear strategy. The board and I have been pleased with both the pace of delivery and the progress made in transforming our business. Full year 2026 has been a busy year. In Europe, we completed our merger with Three UK in May 2025, creating the largest mobile operator in the market. We have also continued to strengthen our footprint, including the acquisitions of Telekom in Romania, the acquisition of Skaylink in Germany, and the announced sale of a majority of our interest in VodafoneZiggo in the Netherlands. In Africa, we have continued to build on our market-leading positions, including the acquisition of a controlling stake in Safaricom, one of the continent's most successful telecoms and fintech operators. Alongside this, we have delivered a solid financial performance in line with our expectations. We have continued to grow service revenue, supported profitability and cash flow, and maintained a disciplined approach to capital allocation. We also have a strong balance sheet and remain committed to enhancing shareholders' returns. In line with our capital allocation policy, we have introduced a progressive dividend and have completed EUR 4 billion in share buybacks over the past two years. As we look ahead, we are entering a new chapter in shaping Europe and Africa's digital and economic future. Connectivity is critical infrastructure underpinning productivity, innovation, security, and public services. This reinforces our long-held view that advanced, secure, and resilient networks are fundamental to long-term growth and competitiveness across regions. While there is still more to do to reach our full potential, Vodafone is well positioned to play a leading role in the next chapter and deliver sustainable value for shareholders over the long term. We have also seen several changes to your board over the past year. Simon Dingemans was appointed chair of the Audit and Risk Committee following last year's AGM, and Simon Segars was appointed senior independent director. Anne-Françoise Nesmes also joined the board, bringing further financial expertise and strength. Pilar López joined Vodafone as chief financial officer in December following a period as CFO designate. Luka Mucic stepped down from the company at the end of November last year, and I would like to thank him for his commitment during a period of significant transformation. As announced on the 10th of July 2026, Hatem Dowidar, who was appointed to the board of Vodafone as the nominee director of e&, resigned from the board with immediate effect following the termination of the relationship agreement between Vodafone and e&. In line with our announcement on the 13th of July 2026, I reconfirm that Resolution 7 of the notice of the AGM to re-elect Hatem Dowidar as a director has been, of course, withdrawn, and that any votes already cast in relation to Resolution 7 will thus not apply. The numbering and form of all the other resolutions in the notice remains unchanged. In addition, Amparo Moraleda will not be seeking re-election at today's AGM after nine years on the board, and I would like to thank her for her outstanding service and contribution to Vodafone. Thank you very much, Amparo. With effect from the conclusion of this AGM, Christine Ramon will be appointed chair of the Remuneration Committee, and Anne-Françoise Nesmes will be appointed chair of the ESG Committee, taking over from Amparo. Olaf Koch will be appointed as a non-executive director with effect from the conclusions of today's meeting. He's highly experienced and brings a strong focus on transformation, strategy, and the German market. On behalf of the board, I would like to thank all our colleagues across the group who have continued to work tirelessly to support our customers and deliver on our strategy. As we look to the year ahead, I am confident that Margherita and her management team will continue to drive sustainable growth across the group. This morning, we released our trading update for the first quarter of the financial year. To view these results and our full year 2026 results also, please scan the QR code above or visit our investors website on the above link. We also have a suite of materials available online, including video interviews with some of my fellow board members. Those materials are linked through the annual report, which can be accessed at the same link as above that you see here on the screen. Before we turn to your questions, I have two brief points. If you are a shareholder or a shareholder's validly appointed proxy, you are eligible to vote on the resolutions and to ask questions in this meeting. If you are not a shareholder or a validly appointed proxy, we are delighted to welcome you to this meeting, but you cannot ask a question and nor are you, of course, eligible to vote. We are, of course, happy to take any general questions about Vodafone during the meeting, but would ask that you reserve any individual customer account matters for the U.K. customer service team, and representatives are available to assist you today outside of the meeting room in the foyer. In addition, they can be contacted using the details on page seven of the notice of the AGM. I propose that the notice convening the meeting has been taken as read. We will now commence our Q&A session with the questions submitted first by shareholders in advance of our meeting. We will read out the questions in the room first before providing our answers, and then we will go on with the rest of the Q&A. I thank you for your attention. Over to you. We have two questions from shareholder Colin Formbinson. The first question is: Vodafone predicts a high-end adjusted free cash flow figure for this year at EUR 2.9 billion and predicts a double-digit AFCF growth in the medium term. At what point will dividends start to rise in line with AFCF? To put it another way, how much has AFCF got to be before we start seeing dividends returning to EUR 0.08 per annum levels? Thank you. Our focus is indeed driving multi-year cash flow growth. You might have seen from the results of the fiscal year 2026 that has just closed that we have delivered good growth both of profit and cash flow in the last year. Just this morning, with our first quarter results, we were communicating that we expect to achieve for FY 2027 the upper end of our guidance range on adjusted free cash flow growth. That means, in practical terms, 20% for this year. Following on that, with the new shape of Vodafone and the strength of our position in our markets, we are predicting organic growth of double digits for the following years as well. I'm talking about organic growth when I use these numbers. Clearly, there will be currency movements, and the final reported outturn may be impacted also of that. We are definitely in a growth outlook. As we have been with our new shape, changing gear towards a definitive growth outlook in FY 2026, we have also changed our dividend policy, and we have introduced a progressive dividend. Dividends are now growing, and this is the first time Vodafone grows dividends since 2018. What does it mean in terms of the future for the dividend specifically? We will decide the appropriate growth levels year -by -year, taking into consideration our position, our growth, but also our balance sheet, the environment we operate in. What's important to note, however, is that taking into consideration, for example, the last two years, the history has shown that we have had a significant increase in our overall shareholder returns. Mr. Formbinson's second question is: How is Satellite Connect Europe, AST JV, going to increase revenue for the group? Are there any projected year-on-year figures? Thank you. This is actually a really exciting part of our service. As you know, satellite technology has been evolving significantly. It will soon be possible to effectively use normal smartphones to also connect through satellites with full broadband. That's our intention. We have been working for a few years to make that possible with our partner, AST. We don't issue guidance on the revenue front. In fairness, we don't see this as a massive revenue stream. It's a service that is going to be complementary and will support our customer satisfaction. I think as a customer, it's really important to be always connected. Our mission is to connect everyone wherever they are. We are really excited about the opportunity to do this through satellites. You mentioned Satellite Connect Europe, because we are excited about this opportunity. We want to bring it to Europe overall. Therefore, we have created this special company that has also engaged and will work with other telecom operators across the continent that have chosen us to bring their satellite services. At this point in time, the focus is really on launching the service itself, that we really look forward. Our last pre-submitted question comes from Philip Galliver. When did senior management last review call centers in terms of systems, training, and staff authorities? I'd say constantly. It's a key priority. Many of you have heard us in the same setting talking about this last year. For us, customer satisfaction is a key priority. We regularly report on it. Clearly, customer service is fundamental to customer satisfaction. After three years of work, we are now number one in customer satisfaction in 11 out of the 15 markets in which we operate. Importantly, this is true now in the U.K. I think you can see it not just through the surveys that we are running, but also in the U.K., you have Ofcom that reports regularly on customer complaints. You can see through their numbers the progress that we have made. Now we are in a position to lead the industry on that. Of course, even leading the industry, there is much more that we should and can be doing. As a management team, we are actually just back from one of the reviews that were just mentioned. We were at Stoke-on-Trent, which is our largest customer service hub in the U.K., with the leadership team to see what more can we do in training processes, system to become constantly better. We take each and every one of the complaints of our customers as an opportunity for learning. There is much more, as I said, that we can be doing. Thank you, Margherita. We will now be happy to answer all the questions you might have here in the room. If you wish to ask a question, there is a podium. The gentleman here has already identified and rushed through it, so that's clearly identified. Please identify yourself and then ask your question. Please note that you will be recorded. We are on live. Go ahead, sir. My name is Anthony Lee. My family investment firm is a long-term shareholder in Vodafone. I have to say, to begin with, for the first time in years, I'm excited about owning Vodafone shares. I'd just like to say a brief word about our meeting this morning. Last year, I traveled in my car two hours in the rush hour to get to Newbury, to your splendid convention center and your vast conference hall. If you remember, Mr. Chairman, I asked you, could you please take a head count of the shareholders who had turned up? You did oblige me. You took a head count. Do you remember the number? No, I think, I guess 14. Nine. Nine? Yeah. Nine. To be fair to you and to be fair to Vodafone, you later corrected it to seven because two had gone early. Yeah, that's correct. That I remember. I cannot speak for my fellow shareholders, I commend your wisdom and your insight in choosing a location for this year's AGM that is a more amenable hour and a more amenable location. I think you can see from the response that if you show the hand of friendship to your shareholders, they will show the hand of friendship to you, maybe even invest more. Thank you for that. Thank you. I think the report about Vodafone, as I say, I'm much more excited than I have been in years. My questions this morning should not be taken as criticisms. They're really for clarifications. AST has been mentioned this morning. I think, to be fair to everyone, if they don't know, AST has run into some problems because Mr. Bezos' rocket keeps exploding. They can't get the satellites in the sky. If you can't get the satellites in the sky, you can't get a signal anywhere. A serious point, you've rather played down the contribution that that technology may make to Vodafone. If there are problems getting the satellites up, is it worth the expenditure? Margherita, yes. It definitely is worth us working on it, and it's not so much a matter of expenditure because we are going through it in partnership with AST. It's more the effort that I would say we have done with our engineers, and we will continue to do, to ensure that we can bring the best possible service in terms of full broadband experience. We want something more than just text messaging. We want our customers to be able to essentially not realize whether their service is coming from an antenna in the center of London or a satellite. We want you to effectively be always connected seamlessly. I played down from a big revenue stream perspective, compared to, obviously, our terrestrial networks, because it's complementary. The satellites kick into place and have a role where terrestrial networks are not present. This being said, I genuinely believe it's a really important service for our customers because of what I said earlier, which is ubiquitous connectivity. Knowing you can be always connected, whether it's for safety reasons, whether it's for family reasons, whether it's for work reasons, whether you're in the middle of the sea or on top of a mountain. I think it's a very exciting prospect, and I think it's our duty to bring this service into action. Can I just stay with the technology? Thank you for the answer. You're also, I believe, experimenting with AI and with masts which basically will decide for themselves when they need to change direction or extend the arm. It's fascinating technology, but you're experimenting in Albania. I just wonder whether Albania can replicate the conditions that you would face in Britain or any of your more populated markets. Technology will continue to bring us opportunities to run our networks better. Not just what I was mentioning before in terms of satellites, but also in terms of capacity, speed, latency, and therefore, we need to keep evolving with the technology. What you're referencing to is AI automation, which is a very exciting prospect. As with all automation, we've had automation in our networks for decades now, it just needs to be managed very carefully, which is why we are gradually doing trials, and you can rest assured that our focus will always be in making sure that our networks are first and foremost reliable and secure. For that, we won't just depend on technology. It will always be a mix of technology and humans in the loop to ensure that our service remains very consistent and very reliable. It could become even more consistent and reliable, thanks to the technology itself. As you know, AI can start anticipating faults, accelerating our resolve faults. We see in this, a big opportunity. As I said, I'm optimistic about that technology. I have one last question. You have a new shareholder come on board, Mr. Xavier Niel, who was a shareholder before, had 2.5% of the company. I'm not going to go into what he said, but he wasn't very complimentary about chairman or the chief executive, or basically the way the company was being managed. My only consolation is when he sold out, he lost a lot of money. He's lost more than I've lost on Vodafone, or my company has lost, but he's now back. The important thing is he now owns a sizable chunk. He's bought the United Arab Emirates share. The important thing from the point of view of a shareholder is, in the future, do you have to run things by him, or are you able, you and the board, and the senior executives, are you still independent, or do you have somebody breathing over your shoulder? It's a very good question. I think it is his decision to have bought a stake. I don't know at which price he previously sold its original 2.5% stake. One has to note that the comments he made embarking on this big stake is a note of much greater belief of the future of this organization than was previously the case when he bought the 2.5%. I thought that the tone on his side was a lot more appreciative of what this company have achieved in the last couple of years. That said, the Vodafone company bears an independent board, and that will continue to be the case. We cannot, at this moment in time, say anything very precise of how the things will pan out, as with such a big shareholding, he has to go through approval processes with several jurisdictions, starting with this country. We will have to wait for that. As a general principle, we will engage with every shareholder. Also with him in a very constructive way, as you can imagine. I think he is a special shareholder in so far, like Niel was a telecom operator himself. It is perhaps a different telecom operator, but in essence, it's the kind of same strategic investor you got on your register, people who know how to operate their business. Out of that fact comes, of course, also opportunities for us to develop further. We have to look at it at a very constructive way. We will absolutely engage in a constructive way with him as a shareholder. At the same time, you can see the whole board is here gathered around. The U.K. has very strong principles guaranteeing the independence of the board of directors, we will continue to be on that page. Thank you. Hello. Good morning, everybody. My name's Stanley Gold. Been a shareholder for 25 years during the Verizon days. I contacted Margherita recently about a problem late afternoon, I had a personal reply back that same evening, which I found very refreshing. I'd like to repeat the previous notice. Thank you for having the meeting here. I see that there's standing room only. A few years ago, my phone wouldn't accept the Vodafone app, Apple. Consequently, having to change the phone. Again, they wouldn't support Transport for London app, I had to get a new phone again. I think Apple should do something about that, or perhaps Vodafone can. That's it. Margherita, the Apple intricacies. Mr. Gold, I think that we should look directly at your current issues. As you know, as always, we have people in the room that can look also at the upside of the equation, and maybe we can help you specifically with this. Apple is just cheating. It typically should work with all apps. A perfectly good phone. You'll have to dump it. Okay. Nick Steiner, private shareholder. A couple of questions, and again, restate what's been said. It's nice to be back in London and possible to attend, so that's good. You are in 15 countries, mobile and fixed. On your mobile, you're in sort of 40 countries. I'm just wondering what the strategy here is. It seems you've got fixed installations and so forth, and mobile, and that's what you're counting. When you're with mobile, and it's far more countries, it's just a sort of statement and not part of the map. Where are you going with sort of mobile and fixed, which is more important? That's question one. Do you want question two the same time? Let's go. Okay. Well, you mentioned later in the report problems with sub undersea cables. There is a great threat that they're going to be cut, and you obviously have considered that and rerouting. How involved are you in the repair of these, and how long will it take to do it? I may start from this last question. There isn't a single answer. We're not directly involved in the repair as we don't have ships and technicians. It's very interesting execution because, as you can imagine, the cost to mobilize ships and technicians to go in the middle of the ocean to repair cables can be very significant on a daily basis. A lot of the work at our end is about making sure that if there is any problem, we can identify very precisely where it is. More broadly, as you know, we carry a substantial portion of the world's internet traffic through those cables, and it's a key objective for us to ensure that connectivity is also, in this case, very resilient, which could sometimes be a challenge. For example, people now always think about geopolitical threats on submarine cables. Even climate change actually has had an impact in the way we operate. Our job, which we do in collaboration with other cable operators and of course with governments, is ensure maximum resilience. In this day and age, the best way to ensure resilience is multiple routings. Therefore for connecting the same island or the same country, you want to ensure you have different points of connection so that if anything happens on one, you can resort on the other. Repairs can be really very varied, and in some cases can even take months, especially if it's in areas of the world where there are geopolitical tensions and it's difficult to operate. To your point on fixed and mobile, our 15 countries, which have now actually, after the controlling stake in Safaricom that our chairman mentioned earlier, become 17. We always start from what our customers want in terms of telecommunication services. This typically includes fixed and mobile. The way we go about fixed can be different in different countries depending on how fixed networks are developed, how far penetration has gone. We are used to talk from the U.K. where we have, for example, at our disposal, the largest footprint of fiber in the country, and we do it through partnership. We work with other players, including Openreach and others, to ensure our customers have the maximum choice. At the other end of the spectrum, we might also operate in African countries where the presence of fixed and fiber in particular is very small. Therefore the dominant service is mobile. We go about it in different ways, but in all 17 markets, we offer the full range of services. The reason why you read, I think 40, this is including the numbers of what we call our partner markets. There are geographies in the world that like to be able to use our services, our products, our expertise. Therefore we are connected to them with partnership agreements, and they choose essentially what to take from us. Okay. Thank you. Keith Wright, private shareholder. Advertising at present is EUR 1 billion per year up to 2034. With the satellite system being delayed, how is this going to be covered for in the short term? Sorry, I couldn't hear the very beginning of your questions. Your advertising at present, spending EUR 1 billion a year. Advertising. Yes That you're going to be committed to EUR 1 billion a year, which I presume would also cover this satellite system that you'll be using. As there's a delay, how are you going to spend this per year while it's being rectified? Obviously, our communication are across all our services, maybe this gives me the opportunity to go back to the satellite topic, given it's of interest. Just to give you a sense of projections of timelines, as was indicated earlier, our timelines are very much dependent on rockets, that can introduce variability. Our partner, AST, is currently predicting, after the last replanning, that we will have available 45 satellites at the beginning of 2027. This is the number that we need to start our beta testing in the U.K., which will be the first market where we launch. Thanks for the advice. Not being at Newbury, at least we've now been given a Pret A Manger voucher to actually have some lunch. Thank you. Good morning. My name is Paul Castle, I have been a shareholder since 2002. Just a couple of small points, then I'll get onto a question. First one is, when you used to have your AGM in London prior to retreating to Newbury in 2020, I think it was. The AGM was always at 11:00 start. Newbury, it was at the unpopular time of 10:00. 10:30 today is halfway back to the 11:00 start, 11:00 start would just give that bit of extra time to travel off peak. The second point is, I do remember when the AGM was held at the QEII in London, there were technical staff members who went around just proactively talking to the shareholders, asking if they had any technical questions, I found that quite useful. Perhaps you could think about doing that again. Now my question relates to audit fees. These are shown on page 97 of the annual report. Last year fiscal year 2025, the statutory audit fees were EUR 27 million. This fiscal year, they're EUR 34 million, which is an increase of 25%. It mentioned this is to do with audit scope changes. I wondered if you could explain what audit scope changes were made. Perhaps Pilar? Simon? Thank you. Sorry. Thank you for your question. We do spend a considerable amount of time at the audit committee scrutinizing the audit fees that are charged and making sure that we're getting good value for money. In the course of this year, the step-up reflected quite considerable corporate activity. As the chairman mentioned, we did conclude a very significant joint venture with Hutchison in the U.K. and a number of other important transactions along the way, which the auditors need to review, and make sure that they're comfortable with how those transactions are being booked into the accounts and consolidated going forward. When you have a particular sort of level of activity, some step up is to be expected. We also spend quite a lot of time at the audit committee talking to the auditors and working with Pilar and the finance team to think about how we can become more efficient in the audit over time. Technology is a big investment that the audit firms, EY included, are putting into their processes. We are continuing to have a debate, let's say, about making sure we share in those efficiencies going forward, and that we get continued value on your behalf in the fees that are charged. The overall level will reflect what we do during the year as well as the ongoing ordinary course audit. Okay. Thank you. Sir? Morning. My name is Johnny Bowie. I'm asking a question on behalf of EQ Investors, which is a U.K.-based wealth manager. My question today concerns physical climate risks, which I feel particularly relevant given the wildfires currently affecting parts of Spain and France. Vodafone's reporting says the company has undertaken quantitative climate scenario analysis and concludes that physical climate risk exposure is relatively limited in the short and medium term, with greater potential exposure in the long term. However, Vodafone does not appear to disclose the quantified financial exposure underpinning that conclusion. In addition, the climate transition plan appears to treat physical climate resilience largely through existing risk management processes rather than a dedicated resilience work stream. Will the board commit to publishing the quantified financial exposure from its physical climate risk analysis and clarify what specific governance, resourcing, and oversight supports physical climate risk management beyond business as usual processes? We have a dedicated committee of the board that reviews our position on this matter, and we also ensure that our disclosure are, I would say, best practice on the topic. Specifically on the point that you are raising, which is around quantification, that is not a requirement at this stage, but it's certainly something we are regularly looking into. Thank you. Morning. My name's Paul Kaufman, p rivate shareholder. We've heard a lot today about the importance of reliability of service to Vodafone. Personally, you're not the cheapest, but I use Vodafone for that very reason. Sadly, I have friends and family in part of Greater Manchester and they've been suffering problems on the back of an upgrade to a tower. In fact, one of my friends has been without a proper service for four months. Now, I don't want to get into the specific details with the board. It's not the board's immediate problem. What that does flag for me is when you've got something like 6G coming along and other upgrades, what are the board doing to identify risks associated with upgrades to the service, and what have you got in place for mitigation of risks so that the customers are not disrupted and obviously you maintain customer satisfaction during those periods? That is an excellent question. Could I just add? Yes. I'd like to know who on the board is responsible for operational issues rather than the big financial issues. We have a technology committee chaired by Simon Segars, this morning we were exactly reviewing how operationally the merger between Vodafone and Three is going on, and how we deploy that, because it's a huge undertaking over several years to upgrade both our networks, integrate them, and finally reach the objective of covering 95% of the U.K. with a good service in 5G standards. That's what we are on. The board's role is to regularly being updated on how much operational progress we make. I leave perhaps to Margherita to explain why sometimes you have hiccups in such a deployment plan. It's a valid point, it can happen. Margherita, you can perhaps- Sure. -shed a light on that. Yes. It's a really important point, exactly as you describe. When change has to be managed in the network, it's always a moment of vulnerability, which requires us to be managed for the best possible outcome. We have a range of policies to ensure that there is minimum disruption. An example would be when we do software upgrades in the network, we do them at night to ensure that if anything was to happen, we are at the level of minimum traffic in the network. The key objective is no disruption at all. The technology committee and the executive committee reviews, in the executive committee monthly, two KPIs that across all our networks are fundamental. One is incidents. We have a ranking of incidents from P0 to P3, which tell us the seriousness of the incident. We check the, what we call MTTR, mean time to resolution of the incident. I need to say, we are very pleased with our network colleagues because both KPIs in the last three, four years have really been driven down significantly. Just to give you an example, the mean time to resolution in the last year was down 40%. Still not perfect, as your example mentioned, and it's a little bit the same as what we were discussing earlier in customer services. We still have occasions in which we need to do better, which is why we keep monitoring this execution across every single market with just one direction, which is no incidents, and if an incident has to happen, minimum mean time to resolution. Could I just ask one brief supplementary? You're measuring the performance. Does the board have anything in place to make sure that learning from those incidents is being implemented? How does the board specifically assure that's being done adequately? Sure. That is a logic practice in improving your performance. It is when you make a mistake, you raise your hand, you admit, you apologize, and you repair. I think that's a virtuous process that you have in every organization. One of the things that are also reported is what can we do better in addressing structural problems, which means problems that reoccur several times. How can we prevent that to not happen in the future? That's part of a natural improvement process that is done at managerial level, the board is appraised of these processes by regular reports from the management. Of course, as you imagine, we trust on what the management is presenting as numbers. I think progress is being made, but we should not underestimate the technical difficulty of the undertaking that we have taken. I cannot speak about the specific case that you mentioned, but I'm sure that if you would mention the postcode location, we could find out very quickly what was going on in that particular case and what the exact technical problem. We could do that offline as just a proof point to tell you that those things are monitored. We cannot avoid sometimes incidents to happen. Maybe one addition, which is from a customer perspective, you also have independent testing available because you have a number of external independent parties that test and rank networks, for example, across the U.K., on both coverage, speed, but also very importantly, reliability. As you can imagine, we are quite competitive on this testing, it's again, something we monitor regularly. I think at this point in time in the U.K., we have fantastic opportunities ahead of us. U.K. networks in general need a lot of work, but as a result of the merger, we are now spending EUR 11 billion in our U.K. network to deliver what Jean-François was describing, which is the best network in Europe. We have already seen in the last year our speed nationwide increasing 50% on independent tests in the U.K., we have closed not spots, which are still very present in the U.K. environment by the equivalent of the size of Wales just in the last 12 months. This is just the beginning of an EUR 11 billion rollout. Hopefully, as we meet again next year and subsequently, you will have clear perception of all these changes in your areas. Yep. Any other questions? Chair, that concludes shareholder questions that were made known to me. Yes. First of all. Yeah. My hand is a little bit down. Just a moment. Yes. Sorry. Thank you. My name is Leon Bonnie, good to see a person who replacing the previous management. I don't call any name. I have calculated that we have about 500 jobs duplicated since the merger. I estimated that could be funded additional GBP 0.01 to our dividend. These are one of the only two companies that keep the interim dividend and the final dividend at the same rate. As you can remember, historically, you had suspended the dividend one year. I'm talking in the reverse order, that you could increase it by GBP 0.01 because the share price has gone up just over GBP 1 or something since Mr. Vega intervened. Secondly, I would remind the board, with the little knowledge I have about FTSE 100 company, majority of them keep the AGM around 11:00 A.M. To that effect, I've written to reach a polite woman to suggest that it should be 11:00 A.M., I did not receive a reply to the 11:00 A.M. Two years in a row, I suggested it should be 11:00 A.M. People would tell you the difficulty getting here. If you have a big Mercedes, well, no problem. Secondly, if you can answer these questions writtenly, because it could take a long time to work out. Am I correct that you have about 500 job duplicating? How much would you save if you take out the duplicate? Yeah. I would like to know if that is a fact or it's a fiction. I think on the duplication, I will leave to Margherita. On the dividend, we have been. Yes. What I'm trying to say to you. Yeah. To answer that question right away, it's very hard. The board can look at if it is possible, I will reverse the grammar slightly, if it's possible to raise the dividend for the final by GBP 0.01 and see if my duplication function that you have about 500, let me see, progressive way to, not like the government don't have funded for whatever they want to do. That would be funded that way. Finding where the money is to increase the final dividend. You would have a look at it and if somebody be kind enough, my name is Leon Bonnie, it's on the register. The record would show that I have raised the AGM more than once, twice, at least. Even the venue. The gentleman talk where we used to have it before, it was in Bayswater. Thank you very much. I give you a bit of history there. I record your demand for the 11:00 A.M., and you were not the only one, so we take it in consideration. On the dividend, I think we have declared that we would, from now on, have a progressive dividend policy. As we make progress in revenue progression and EBITDA leverage, i.e., the company is performing better, we have told the shareholders we would do a progressive dividend. Perhaps I misunderstood you. I suggested a GBP 0.01- Yeah. -on the final, the board GBP 0.01, I would like to know how much it would cost. To fund it, I say you have duplicated at least, if I'm wrong, write and tell me that I'm wrong, at least 500 posts. Thank you very much. If I- Yeah. If I can take the cashflow growth side of the equation, I would say the math would look different, but it doesn't really matter per se, because we started the meeting talking about cashflow growth. That's what we have in our hands now. The U.K. synergies of the combination between Vodafone and Three U.K. are part of this growth. We've announced EUR 700 million cost and CapEx synergies in five years in the U.K. Beyond the U.K., the reason why we can deliver double-digit cashflow growth is that we are in a strong position in each of our markets. In some, we have done an execution similar to the U.K., in others, different approaches. If you look at the results this morning, Vodafone is growing in revenue, profit, and cash in all segments and area of the business now. This will continue to drive cashflow growth. In terms of dividends, as I said earlier, this is going to be a year-by-year decision. We have a progressive dividend policy, so we will grow the dividend. The actual number will depend on the general situation at the time in which the decision is made every year. Any other question in the room? In the back, over there, gentleman. I'm Michael O'Flaherty, private shareholder. Question really is about the satellite issue. I understand that on Friday, SpaceX launched their V2 satellites. It was a demo. They were only testing it. It's quite a capable satellite for direct broadcast to your phones. Bearing in mind, you spent a lot of money, or we've spent a lot of money on spectrum. There's an issue to lobby here about that because I don't think they paid any money on spectrum. We have to be careful that Starlink doesn't come along and eat our lunch. We need to be aware of that. Grateful for the board's view on that. Maybe you could talk to Bezos and move the satellites to SpaceX. More broadly, it's going to be a competitive environment space. I'm sure we'll talk more about this in the coming years. There is one point which is really important to call out, which is I'm specifically talking here about satellites for mobile phones, for smartphones. There are very clear limits to how much it makes sense or can be served from the sky. Some of you might remember, many years ago, people were thinking that we have mobile. Mobile is fantastic. Why do we need fixed? Today, we have fiber on the ground, we have mobile terrestrial network. We will have satellites, which are obviously more expensive inevitably, and also of a different quality to complement the services. There are roles to play for all technologies, and I think it's important to keep that in mind. It's obviously a different level of expense and also from a use of spectrum perspective, a different level of quality that you can deliver for something that goes so far up. It's a great innovation, but it needs to be considered in the context of multiple technologies. Thank you very much. There's still one question in the back over there. Question. Chris Baldock, private shareholder. I believe half the turnover of the company is produced in Germany, but this side of the company isn't doing that well and hasn't done that well for several years. What plans do the board have for improving the German side, which is as big as the English one? Do you acknowledge that this is a big problem for the company? Sure. First of all, in terms of proportion, it's important to know that whilst Germany is individually the largest market, the share of cash flow generation coming from Germany is about a third of the group. The U.K. is growing. U.K. and other Europe will be another third, and Africa will be the final third, just to give you a sense of proportion. You are right to point out the fact that we had struggled in Germany, and I think in the results this morning were also showing that we have kept improving our performance in Germany. We have been growing revenues in Germany this quarter, but also in the previous quarter, which is a difference versus the past. We are having very strong results in two segments, and there is one which is still holding us down. We are doing well in fixed, we are doing well in B2B revenues in Germany. Unfortunately, the market has been very competitive on the consumer mobile side of the equation, this is what is still somehow holding us back. We have announced today growth in Germany and the trend as obviously as you may have seen from the numbers, kept improving through last year into this year and will continue to improve. Thank you. Is there any last question? Showing around. If not last round? No. Thank you for your question this morning. I think that it is now time to turn to the resolution set out in the notice of the meeting. In common with many companies, resolutions are decided upon by means of a poll. This gives all shareholders the opportunity to vote, whether or not they are present at this meeting. If you have already voted on a resolution and do not wish to change your mind, there is no need to vote in this meeting now. Similarly, if you have already voted by proxy, either by post or online, your vote has already been counted and will be included in the figures when the results of the poll is announced. If you have already voted but now wish to change your mind, your vote in this meeting will supersede your previous vote. If you have neither a poll card nor a pen, please raise your hand now and one of the registrars will come over to you. I'm looking around. Nobody. For your information, we will display on the screen alongside the resolution, the results of the proxy votes received prior to the meeting. If you wish to begin voting, please do so now while I summarize the resolutions before you. Your board recommends that you vote for all resolutions. The first resolution, not revolution, is to receive the company's accounts, the strategic report, and the reports of the directors and the auditor for the year ended at 31st of March 2026. The Resolutions 2- 14 relate to the election and re-election of directors. Olaf Koch and Pilar López are standing for election for the first time in accordance with our articles of association. As I said, Resolution 7 to re-elect Hatem Dowidar as a director has been withdrawn. Any votes already cast in relation to Resolution 7 will, of course, not apply. Amparo Moraleda will not be seeking re-election at the 26th annual general meeting and will therefore retire from the board at the conclusion of today's meeting. The remaining directors are all standing for re-election, you see the results on the screen. The Resolution 15 is to declare a final dividend. Your board is recommending the payment of a final dividend of EUR 0.0236 per ordinary share, making a total dividend of EUR 0.046 per share for the year. Resolution 16 is to approve the directors' remuneration policy set out on pages 103 - 108 of the 26th annual report. Resolution 17 is to approve the annual report on remuneration contained in the remuneration report of the board for the year ended 31st of March 2026. Resolution 18 is to reappoint Ernst & Young as the company's statutory auditor to hold office until the next general meeting at which accounts are laid before the company. Resolution 19 authorizes the audit and risk committee to determine the remuneration of the auditor. Resolutions 20 - 23 relate to the directors' authorizations. The Resolution 20 specifically authorizes directors to allot shares. Resolution 21 allows directors to disapply pre-emption rights, Resolution 22 authorizes the directors to disapply pre-emption rights to up to a further 5% for the purposes of financing an acquisition or other capital investment. Resolution 23 authorizes the company to purchase its own shares. Each of these authorizations will be in place until the earlier of the next AGM of the company in 2027 or at the close of business on the 30th of September 2027, whichever first occurs. Resolution 24 authorizes the company and its subsidiaries to make limited political donations up to an aggregate amount of GBP 100,000. It remains Vodafone's policy not to make political donations or incur political expenditure as those terms are normally understood. This resolution is purely precautionary in nature. Resolution 25 authorizes the board to call general meetings of the company other than an AGM within 14 days notice. Resolution 26, sorry, is to approve the amendments to the Vodafone Global Incentive Plan 2023. There is no Resolution 27. That is a summary of all the resolutions being put to the meeting today. Please ensure that you have completed your poll card and signed it before depositing it into the secure voting box as you exit the room. You will have 15 minutes after the end of the meeting to lodge your vote, beyond which point the poll vote will close. The registrars will begin to count your votes as soon as the meeting is over. Your votes for each resolution will be added to the proxy votes. Representatives of our register, Equiniti, are acting as scrutineers for the poll. The final totals will be notified to the London Stock Exchange and posted on our website later today. Ladies and gentlemen, that concludes the business for the meeting. Please remember again to complete, sign, and deposit your poll card in the voting box before you leave the room in order for your vote to count. I'm sorry I have to repeat it. Thank you for you joining us today. I now declare the meeting closed. Thank you