Vodafone Group Plc

**Customer Focus and NPS Improvement**: Vodafone is prioritizing customer experience, which has led to improved Net Promoter Score (NPS) trends across nearly all markets. Although Vodafone still trails competitors, it has reduced the gap by 20% over the past year, signaling a commitment to enhancing customer satisfaction as a long-term strategy.

**Capital Allocation Review Post-Sale of Spain**: Vodafone is set to receive €4.1 billion from the sale of its operations in Spain, with plans to reevaluate capital allocation, including potential share buybacks, balanced with investments and maintaining a stable balance sheet. Execution of this strategy is contingent upon closing the deal, expected in early 2024, suggesting a structured approach toward optimizing shareholder returns.

**Mixed Revenue Growth Across Markets**: In Q2, 14 out of 17 markets reported service revenue growth, demonstrating recovery in key regions like Germany, which returned to positive growth thanks to pricing strategies. However, the company noted challenges in maintaining this momentum, particularly in competitive environments, such as Italy, where operational efficiency is necessary to navigate persistent market pressures.