VMEDO2 - comment
Q125 operating results were slightly below our expectations. We expected additions but both mobile and fixed shed customers. The largest part of the Revenue miss was due to lower Nexfibre revenues. The sequential ARPU drop from £47.7 to £47.0 reflects discounts offered to subscribers to lower churn when price rises are imposed. Company guidance is unchanged, and we are maintaining our forecast for Revenue of £11bn and Adjusted EBITDA of £4bn.