Catherine Nash

Thank you, Bupendra, and welcome, everyone. It's Catherine Nash here from BT IR. On our call today, we have Ian Livingston, Chief Executive; and Tony Chanmugam, Group Finance Director. Ian's going to talk to you on the headline results and then go through the lines of business. Tony will then go through the financials in more detail, and then we'll hand over to you at the end of the session for questions. In the room with us today, we also have the COOs of all our lines of business.

Before we start, I'd just like to draw your attention to the usual caution on forward-looking statements. Please see this slide that accompanies today's call and our latest annual report on Form 20-F for examples of the factors that could cause actual results to differ from any forward-looking statements we may make. Both the slide and the annual report can be found on our website. I'll now hand over to Ian.

Ian Paul Livingston

Thank you, Catherine, and good morning to everyone. Thank you very much for coming on the call. I'll go straight into our overall results, if you would like to turn to Slide 4. Overall group results, revenue was down 6%. However, on an underlying basis, and to be clear, underlying is excluding any M&A activity, exchange movements, specific items, excluding that and excluding transit, it was down 3.2%. This clearly reflects, on one side, more revenue from Global Services but actually, a good improvement in Retail, Wholesale and Openreach's trends. And actually, Global Services, down about 1.2% on underlying ex transit basis, which is progress. EBITDA continues to be solid, up 2% in the quarter and normalized free cash flow. As we've said quarter-after-quarter, it is volatile, but clearly, this number was a bit lower than you'd expect it. And there's really some unusual factors in that, and Tony will talk through what's happened and with the reversal, some of these items come in later.

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