Currency ImpactQuarter-to-date depreciation in the Turkish Lira, Egyptian Pound, and African Rand accounts for almost 1.5% Group EBITDA dilution on a full year basis.
German Market ChallengesGerman performance remains weak, with management hesitant to provide specific guidance, impacting the investment case.
Organic Growth ChallengesReduced confidence in Vodafone's organic growth and returns outlook leads to a downgrade to Sell.