Margherita Della Valle
Group Chief Executive & Executive Director

Good morning, everyone, and thank you for joining us. Before moving to Q&A, I will briefly provide an update on our performance in FY '26 as well as our growth outlook. Vodafone is now entering a new chapter as a simpler and stronger business, simpler because we have gone through a significant transformation over the last 3 years, covering all aspects of our business, including portfolio, capital structure and operating model.

And we are stronger because our continued operational progress with our strategic priorities of customer simplicity and growth. With these foundations and the range of opportunities across our diversified and balanced portfolio, we are in a strong position to grow in FY '27 and beyond. And as I mentioned, growth, that leads me on to our financial results. We are pleased with our performance in FY '26 as we have achieved the upper end of our expectations. Group service revenue growth remained strong in the fourth quarter at 5.1% with growth across both Europe and Africa.

In Germany, despite the ongoing pressure in TV and the mobile market remaining competitive, our