Group total revenue: Increased by 5.0% to €9.8 billion in Q3 with good organic service revenue growth partially offset by adverse foreign exchange movements. 

− Group service revenue: Grew by 5.6% in Q3 to €7.9 billion and on an organic basis increased 5.2% (Q2: 4.2%), driven by broadbased growth, excluding Germany. The acceleration in quarterly trends was driven by the UK and Africa.

− Group Adjusted EBITDAaL: Increased by 2.2% on an organic basis to €2.8 billion, as service revenue growth in most markets and lower energy costs in Europe more than offset the impact of the TV law change in Germany. The Adjusted EBITDAaL margin of 28.8% was 0.5 percentage points lower year-on-year on an organic basis. On a year-to-date basis, Adjusted EBITDAaL increased by 3.2% on an organic basis to €8.2 billion. Operating profit decreased by 18.4% to €1.0 billion 

− Share buybacks: Third €0.5 billion tranche completed 22 January 2025, with 1.8 billion shares repurchased for €1.5 billion since May 2024. Final €0.5 billion tranche from the initial €2 billion buyback programme commencing today. 

− Group FY25 guidance reiterated: On track to deliver Group Adjusted EBITDAaL of c.€11 billion and Group Adjusted free cash flow of at least €2.4 billion. − UK merger: In December 2024, the UK's Competition and Markets Authority approved the combination of Vodafone and Three in the UK. We expect the merger to formally complete in the next few months. 

− Vodafone Italy disposal: The sale of Vodafone Italy to Swisscom AG for €8 billion in cash completed on 31 December 2024. Proceeds have been used to reduce ne