Vodafone H1 FY26 Results Presentation

November 2025 H1 FY26 Results

H1 FY26 Results ⫶ November 2025

H1 FY26 results Highlights

Financial performance p5 Operational progress p14

Appendices

p24

H1 FY26 Results ⫶ November 2025

Highlights

Group Q2 service revenue Europe Q2 service revenue Group H1 Adj. EBITDAaL

+5.8% +0.5% +6.8%

Good performance in the first half, with Germany & Europe back to service revenue growth

Merger completed on 31 May 2025 Financial results consolidated from 1 June 2025 Commenced integration & network investment plan

VodafoneThree merger completed & fast integration start

Germany ⫶ OXG households passed UK ⫶ VodafoneThree integration Africa ⫶ Financial services customers

350k

Operational progress with our strategic priorities

Fast start

94m

FY26 Adjusted EBITDAaL 1

€11.3-€11.6 billion €2.4-€2.6 billion

Expecting to deliver at the upper end of our FY26 financial guidance range

FY26 Adjusted FCF 1

Progressive dividend policy

+2.5% for FY26

H1 FY26 Results ⫶ November 2025

Basis of preparation: Unless otherwise stated, growth rates represent organic growth. Organic growth represents performance on a comparable basis, excluding the impact of foreign exchange rates, mergers and acquisitions, and the hyperinflation adjustments in Türkiye, to improve the comparability of results between periods. The Group is consolidating VodafoneThree into its financial results from 1 June 2025.

1. Further information on FY26 guidance on page 13.

Our growth portfolio 67% of Group Adjusted FCF Vodafone will grow ⫶ Making progress on our strategic priorities Our turnaround market 33% of Group Adjusted FCF

• Investing in CX & driving differentiation • Developing our network infrastructure

9% vodafone investments

Germany

10%

• Building the strongest connectivity provider • Monetising mobile quality & broadband growth

33%

• Scaling our dual-sided financial services ecosystem

25%

Africa

10%

• Leading digital experience • Stepping-up network experience with 5G

13%

Türkiye AI @ vodafone

• Embedded in core operations & providing benefits at scale

Sustainable Adjusted FCF growth over the medium-term

H1 FY26 Results ⫶ November 2025

Note: FY25 Group actuals including proforma for 3UK – represents operating free cash flow net of tax and minority dividends.

Financial performance

H1 FY26 Results ⫶ November 2025

Financial Highlights ⫶ Accelerating in line with expectations Service revenue growth Adjusted EBITDAaL

• +6.8% 2 growth in H1 on a like-for-like basis • Supported by service revenue growth across markets • Despite MDU impact & continued commercial investments

• Group acceleration in Q2 supported by growth across Europe & Africa • Vodafone Business growing 2.9% in Q2, with continued double-digit digital services growth

+6.8% 2

Group

Group excl. Türkiye

5.8%

€5.7bn

5.5%

5.4%

5.2%

€5.4bn

4.2%

29.6% Adj. EBITDAaL margin

29.2% Adj. EBITDAaL margin

3.2%

2.2%

1.7%

1.3%

0.5% Q2 FY25

H1 FY25

H1 FY26

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Adjusted Free Cash Flow per share (eurocents)

Europe

Europe (ex. MDU impact)

Africa

• Europe stabilised, supported by anticipated improvement in Germany • Continued strong growth in Africa • Türkiye & Egypt continue strong growth in euro terms, at 14.8% 1 and 32.5% respectively

• AFCF per share projected to increase double-digit, with YoY increase in cash flow • €3bn returned to shareholders via share buybacks since May 2024, further €1bn remaining • Committing to a progressive dividend policy

Double-digit % growth

13.5% 13.8% 13.5%

11.6%

c11.0

9.7%

10.2

9.6

0.5% 0.5% Q2 FY26

0.2%

0.1% (0.4%)

(0.3%)

(1.3%)

(1.9%)

(2.1%)

(2.3%)

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

FY24

FY25

FY26 est.

H1 FY26 Results ⫶ November 2025

1. Growth in euro terms excluding the impact of hyperinflationary accounting adjustments. 2. Organic Adj. EBITDAaL. Organic growth represents performance on a comparable basis, excluding the impact of foreign exchange rates, mergers and acquisitions, and the hyperinflation adjustments in Türkiye, to improve the comparability of results between periods.

3. Based on number of ordinary shares (excluding treasury shares) on 31 March for each period. FY26 estimate based on FY26 guidance and pro forma number of ordinary shares (excluding treasury shares) as at 31 March 2026, after accounting for remaining €1 billion share buyback programme.

Germany 38% of Group Adj. EBITDAaL 1 Germany ⫶ Return to service revenue growth +0.5% Q2 Service revenue growth

-4.3% H1 Adj, EBITDAaL

• Return to service revenue growth after five quarters impacted by TV law change • Q2 service revenue improvement due to: − annualisation of MDU TV law change impact (+2.9pp QoQ) − higher wholesale revenue (+1.2pp QoQ) • High competitive intensity still impacting Consumer & Business mobile ARPU

• ‘Value over volume’ strategy across mobile & broadband • Continued improvement in broadband “front-book” pricing, including: − reduced discounts − increased one-time fees − direct sales channel focus

• Adjusted EBITDAaL decline driven by: − MDU transition impact (-2.4pp) − prior year commercial investments to support turnaround • Higher wholesale revenue offsetting challenging mobile market conditions • Lower opex, supported by cost savings, partially offset by higher direct costs

Service revenue growth (%)

Net additions (‘000)

Adj. EBITDAaL (€billion)

Gigabit broadband

DSL

Mobile contract

Organic

Organic excl. MDU transition impact

0.5% 0.5%

- 2.0pp

€2.3bn

-2.4pp

(0.3%)

€2.2bn

(2.4%)

(1)

(2.6%)

€(0.1bn)

(2.7%)

(8)

(3)

(11)

(15) (36) Q1 FY26

(24)

(4)

(8)

(15)

(3.2%)

(9)

(6.0%)

(6.2%)

(6.4%)

H1 FY25

Service Revenue

MDU impact

A&R

Other Costs

H1 FY26

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q3 FY25

Q4 FY25

Q2 FY26

H1 FY26 Results ⫶ November 2025

1. Based on H1 FY26 Adjusted EBITDAaL contribution.

UK 1 15% of Group Adj. EBITDAaL 2 UK ⫶ Good commercial momentum and fast integration +1.2% Q2 Service revenue growth

+5.4% H1 Adj, EBITDAaL

• Strong Consumer broadband growth & higher Wholesale, partially offset by Business headwind • B2B decline due to planned managed services contract terminations • UK’s largest mobile network operator, with market leading customer experience − Vodafone Ofcom complaints at industry lowest − Vodafone customer satisfaction leader

• UK’s fastest growing broadband provider, now covering 22m households with gigabit speeds • Enhanced mobile network capacity & cross-selling, driving +21k Fixed Wireless Access additions 4 in Q2 • Three Consumer contract churn reducing, reflecting improvements in customer processes & network

• Adjusted EBITDAaL growth driven by: − service revenue growth − Consumer broadband margin improvement − phasing of marketing spend • Fast-paced integration well underway – see more on page 19 & 20

Service revenue growth (%)

Net additions (‘000)

Adj. EBITDAaL (€billion)

Fixed

Mobile contract

+5.4% 3

3.3%

3.1%

€0.9bn

1.2%

€0.7bn

0.9%

(46)

(6)

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

H1 FY25

H1 FY26

H1 FY26 Results ⫶ November 2025

1. FY26 results include two months of Vodafone UK on a standalone basis and four months of VodafoneThree results. 2. Based on H1 FY26 Adjusted EBITDAaL contribution. 3. Organic Adj. EBITDAaL growth. Organic growth represents performance on a comparable basis, excluding the impact of foreign exchange rates, mergers and acquisitions to improve the comparability of results between periods. 4. Fixed Wireless Additions are reported under mobile additions.

Other Europe 15% of Group Adj. EBITDAaL 1 Other Europe & Türkiye ⫶ Strong EBITDAaL growth

-0.5% Q2 service revenue +6.1% H1 Adj. EBITDAaL

+48.4% Q2 service revenue +58.0% H1 Adj. EBITDAaL

Türkiye 8% of Group Adj. EBITDAaL 1

• Q2 service revenue impacted by B2B & ARPU pressure in Portugal • Temporary Business decline driven by project phasing in Greece and Romania • Acquisition of Telekom Romania assets completed on 1 October 2025, with integration started

• +75k mobile contract customer net additions, supported by growth in first & second brands in Portugal • Enhancing customer experience, with SuperTOBi AI agent live in all 6 markets & ‘Ask Once’ commitment being rolled out • EBITDAaL supported by service revenue growth in most markets, cost actions & a legal one-off in Portugal

• Moderating inflation continuing to impact service revenue trend • Strong customer base management & digital services demand • Strong market share progress in the last two years • Strong euro growth in service revenue, Adj. EBITDAaL & Operating FCF • Acquired 5G spectrum, with nationwide 5G to be launched next year

Service revenue growth (%) Reported growth in euro 2

Service revenue growth (%)

Net additions (‘000)

2.6%

Fixed

Mobile contract

53.1%

52.3%

49.5%

153

110

29.6%

0.8%

0.2%

14.8%

(0.5%)

(5)

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

H1 FY26 Results ⫶ November 2025

1. Based on H1 FY26 Adjusted EBITDAaL contribution. 2. Growth in euro terms excluding the impact of hyperinflationary accounting adjustments.

Africa ⫶ Growth across all markets South Africa 12% of Group Adj. EBITDAaL 1 +1.4% Q2 service revenue Egypt

+41.2% Q2 service revenue +59.3% H1 Adj. EBITDAaL

+14.7% Q2 service revenue +39.3% H1 Adj. EBITDAaL

Internationals 4% of Group Adj. EBITDAaL 1

-5.0% H1 Adj. EBITDAaL

8% of Group Adj. EBITDAaL 1

Internationals Internationals

• Good growth in Wholesale & Consumer contract offset by a decline in prepaid • Prepaid impacted by increased price competition & pressure on consumer wallet • Financial services growth of +6.9% YoY, with good demand for insurance products • H1 EBITDAaL reflecting below inflation revenue growth & a one-off cost

• Growth in euro-terms supported by pricing actions, customer base growth & continued data demand • Strong demand for Vodafone Cash, customer base grew by 32.5% YoY in Q2 • 5G launched in June, supporting a strong summer campaign • EBITDAaL reflecting operational leverage & good cost control

• Q2 service revenue supported by strong growth in Tanzania & DRC • Mozambique returned to growth in Q2, with stabilised political backdrop • Acceleration in M-Pesa revenue growth (+22.6% in Q2) • EBITDAaL improvement driven by strong service revenue growth & lapping of prior year one-offs in DRC

Service revenue growth (%)

Service revenue growth (%) Reported growth in euro

Service revenue growth (%)

32.5%

29.0%

5.2%

14.7%

12.6%

3.3%

3.2%

2.9%

9.3%

7.5%

6.8%

1.4%

0.7%

(8.9%)

(9.2%)

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

H1 FY26 Results ⫶ November 2025

1. Based on H1 FY26 Adjusted EBITDAaL contribution.

Vodafone Business ⫶ Continued strong demand for digital services

Financial performance

+2.9% Q2 Service revenue growth

Unique digital capabilities

+12.2% Q2 digital services 1 revenue growth

Market performance

5.0m Business Customers

• Service revenue growth supported by strong demand for digital services • Quarterly slowdown driven by: − higher IoT revenue in Q1 in Germany − public sector project phasing in Other Europe − lower inflation in Türkiye

• Digital services now represent 25.7% of total B2B Service Revenue (+2.1pp YoY) • Strong double-digit growth in SaaS 2 , SD-WAN & IoT • 223 million IoT platform connections (14.8% YoY) • Binding agreement to acquire Skaylink, a leading cloud & digital transformation provider in Europe

• Germany (Q2: -1.6% YoY) due to ARPU pressure from mobile contract renewals • UK (Q2: -1.7% YoY) driven by planned managed services contract terminations • Other Europe (Q2: -1.4% YoY) as digital services demand offset by project phasing in Greece & Romania • South Africa (Q2: +2.7% YoY) supported by strong digital services performance

Business service revenue growth (%)

Digital services 1 revenue growth (%)

Digital Services as a % of Total B2B Service revenue

Q2 FY25

Q2 FY26

17.9%

16.1%

15.1%

5.1%

14.5%

4.3%

12.2%

4.0%

2.9%

+2.0pp

+2.6pp

-1.1p

+2.8pp

OEU

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

H1 FY26 Results ⫶ November 2025

1. Digital services include IoT, Cloud & Security services; and from Q1 FY26 also include SDN & Digital Communication. Solutions. Q1 FY26 growth rate has been restated to reflect a reclassification of digital services product in the UK. 2. SaaS = Software as a Service. 3. Albania, Czech Republic, Greece, Ireland, Portugal and Romania.

Adjusted EBITDAaL & FCF ⫶ Good EBITDAaL growth (€billion) Adjusted EBITDAaL Free Cash Flow

(€billion)

Adjusted EBITDAaL (reported) Interest & tax Working capital & other Net dividends (assoc. & JV) Capital additions Adjusted free cash flow Spectrum

€5.7bn

0.6

(0.1)

€(1.0bn)

(0.0)

€5.8bn

(0.2)

€5.5bn

€(2.6bn)

€0.1bn

+6.8% Organic YoY growth 1

€(2.8bn)

€(0.6bn)

€(0.2bn)

FY25 EBITDAaL (organic) 1

Direct margin

Net A&R

Europe opex

Other Group opex

FY26 EBITDAaL (organic) 1

Restructuring & integration Free cash flow

€(0.8bn)

• Revenue growth supporting direct margin expansion • Customer acquisition & retention costs impacted by commercial investments in Germany in prior year • Opex increase at Group level primarily driven by Türkiye • Efficiencies across Europe offset by incremental investment in customer experience, brand & Business

• Adjusted Free Cash Flow improved €0.4bn YoY • H1 cash outflow reflecting usual in-year working capital phasing − c.60% of capital expenditure spend in H2 − handset receivables timing in Q4 • First €180m instalment of Turkish 5G spectrum due in H2 FY26

H1 FY26 Results ⫶ November 2025

1. Organic Adj. EBITDAaL and organic Adj. EBITDAaL growth represents performance on a comparable basis, excluding the impact of foreign exchange rates, mergers and acquisitions, and the hyperinflation comparable basis, excluding the impact of foreign exchange rates, mergers and acquisitions, and the hyperinflation adjustments in Türkiye, to improve the comparability of results between periods.

FY26 guidance ⫶ Expecting to deliver at the upper end of the ranges (€billion) Adjusted EBITDAaL Adjusted FCF Capital Intensity • Broadly maintained market by market

FY25 actual

10.9 (0.3)

2.5

Leverage ratio

Impact of exchange rates

(0.1)

• Lower half of 2.25-2.75x range

Remove Türkiye hyperinflation accounting

0.2

FY25 rebased 1,2

10.8

2.4

Expectation for Europe • Expecting to deliver at upper end of €7.5-7.7bn Adj. EBITDAaL range for FY26 (incl. UK merger) Dividend per share • Committing to a progressive dividend policy • 2.5% increase for final FY26 dividend

Growth

0.2-0.5

0.2-0.4 2.6-2.8

FY26 guidance 1,3

11.0-11.3

10-month FY26 UK merger impact

0.3

(0.2)

FY26 guidance (incl. UK merger) 1,3,4

11.3-11.6

2.4-2.6

Expecting to deliver at the upper end of the guidance ranges

H1 FY26 Results ⫶ November 2025

1. Excluding the impact of hyperinflation accounting in Türkiye. 2. FY25 re-based outcome based on FY26 guidance FX rates. 3. FY26 guidance FX rates (to €): ZAR 20.59, TRY 43.42, EGP 56.74, GBP 0.85. 4. The guidance assumes no material change to the structure of the Group and is subject to macro economic conditions.

Operational progress

H1 FY26 Results ⫶ November 2025

Vodafone will grow ⫶ The next phase of our transformation

Mission

Growth opportunities

Africa

Business

Investments

Europe

The leading platform for Business business

investments

Africa’s connectivity, fintech & digital innovation leader

Driving growth & value maximisation across our portfolio

Europe’s most trusted telco

Most efficient telco, leveraging local & cross-border scale

shared ops. powered by

Strategic priorities Simplicity

Growth

Customers

H1 FY26 Results ⫶ November 2025

Our growth portfolio 67% of Group Adjusted FCF Vodafone will grow ⫶ Making progress on our strategic priorities Our turnaround market 33% of Group Adjusted FCF

• Investing in CX & driving differentiation • Developing our network infrastructure

9% vodafone investments

Germany

10%

• Building the strongest connectivity provider • Monetising mobile quality & broadband growth

33%

• Scaling our dual-sided financial services ecosystem

25%

Africa

10%

• Leading digital experience • Stepping-up network experience with 5G

13%

Türkiye AI @ vodafone

• Embedded in core operations & providing benefits at scale

Sustainable Adjusted FCF growth over the medium-term

H1 FY26 Results ⫶ November 2025

Note: FY25 Group actuals including proforma for 3UK – represents operating free cash flow net of tax and minority dividends.

Germany ⫶ Investing in customer experience & driving differentiation Investing in customer experience & brand

• Significant progress in improving customer satisfaction − strong NPS position, achieving market leadership in some segments − cable NPS & deep detractor share at best-ever levels − customer service recognised by three independent tests 1 • New main sponsor of 8-time German football champions Borussia Dortmund • New multi-year partnership with UEFA for men’s & women’s football Driving value & commercial differentiation • Value focused actions on broadband front-book pricing − reduced promotions − removed starting credits − increased one-time fees • Differentiated mobile propositions with device financing launched across all channels in Aug’25 − contracts up to 36 months − ‘5-year promise’ device warranty & battery replacement

H1 FY26 Results ⫶ November 2025

1. Chip (August 2025), Connect (October 2025), Armonia Deutschland GmbH (November 2025).

Germany ⫶ Developing our network infrastructure OXG fibre rollout progress Enhancing our hybrid fibre-cable network • Continued to fiberise our cable infrastructure • Recognised by four leading independent network tests for speed & reliability

Pre-marketing Building in progress Network active

• >85% of customers now using next generation in-home equipment • Launched WiFi7 UltraHub in August to improve in-home WiFi experience

New video case study:

OXG rollout accelerating • OXG fibre build in 39 cities across Germany, gaining momentum with over 30 construction partners now engaged • c.120k homes passed in Q2 with c.3m household build orders in place • Sales started for 1m households & first wholesale contracts • Pilot customers online in 3 cities

H1 FY26 Results ⫶ November 2025

UK ⫶ Building the strongest connectivity provider Transforming mobile network quality • Immediate actions taken to improve network quality for 28.8m customers − over 7m Three customers benefitting from higher 4G speeds − 16,500 km 2 of ‘not spot’ areas removed by year end − seamless roaming between networks already live in >5k sites

Mobile coverage & experience by 2030 1

• 5G SA network build with Ericsson, Nokia & four small UK-based contractors • Early impacts of network improvement recognised by independent test (Opensignal) 1 Clear synergy target pathway • £700 million yearly cost and capex synergies by 5 th year post-completion • Early actions taken: − senior management already in place − appointed network infrastructure builders − large contracts rationalisation started e.g. media buying supplier − property consolidation consultation in progress

Cost synergies (£million)

Capex

Opex & Direct costs

Network & IT maintenance Marketing, sales, distribution & logistics

>700 (2)

50%

Yr5

H1 FY26 Results ⫶ November 2025

1. Opensignal study, 22 October 2025. Overall mobile coverage (2G to 5G) across operators’ networks as observed by Opensignal users. Coverage is based on Opensignal’s user measurement, enabling like-for-like assessment of operators’ networks. Data collection cutoff date: 29 August 2025. 2. Gross synergies excluding integration costs.

UK ⫶ Monetising mobile network quality & broadband growth Mobile contract customer churn (%)

Unique mobile portfolio & propositions • Differentiated multi-brand strategy for mobile consumer segment with Vodafone, Three, VOXI, SMARTY, Talkmobile • Business migration to single Vodafone brand underway • Vodafone Exchange & Lifetime promise device proposition reaching one in four new iPhone sales, supporting customer loyalty • Vodafone customer base management standards now being rolled out to Three base Leading broadband challenger • Leading broadband challenger − market-leading gigabit footprint with 21.8m households − partnerships with CityFibre, Openreach & Community Fibre • Now offering broadband to 7m Three mobile customers • Complemented by FWA with an ambition to cover 99.95% of households

Vodafone standalone

VodafoneThree proforma

VodafoneThree reported

13.9%

13.6%

13.3%

13.1%

12.9%

12.7%

12.6%

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Gigabit footprint (million households) Openreach CityFibre Community Fibre

21.8

20.3

19.4

18.3

17.3

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

H1 FY26 Results ⫶ November 2025

1. Q1 FY26 VodafoneThree reported results include two months of Vodafone UK on a standalone basis and one month of VodafoneThree results.

Africa ⫶ Scaling our dual-sided financial services ecosystem Financial services customers (million)

M-Pesa • Expanding advanced financial services portfolio (merchant, wealth & lending) • Leading fintech position: − €1.7 billion service revenue 1 − 1.5 million merchants Vodafone Cash Egypt • #1 mobile wallet in Egypt • Scaling quickly: subscriber base up 32.5% in H1 FY26 • Introducing ‘One More Service’ for merchants bundling capabilities across B2B, B2C & C2B segments VodaPay South Africa • Driving financial & digital inclusion through dual ecosystem (B2C & B2B) • Continued to scale & diversify VodaPay super-app by offering: − e-commerce − personalised entertainment

Safaricom (M-Pesa) Internationals (M-Pesa) Egypt (Vodafone Cash) South Africa (VodaPay)

27 13 14 94

23 10 16 83

14 74

18 14 67 4

H1 FY23

H1 FY24

H1 FY25

H1 FY26

Daily transaction value (US$ billion)

Number of M-Pesa transactions 2 (billion)

24.9

1.3

1.2

20.4

15.6

11.7

9.1

H1 FY22

H1 FY23

H1 FY24

H1 FY25

H1 FY26

H1 FY25

H1 FY26

H1 FY26 Results ⫶ November 2025

1. Includes Vodacom Internationals & Safaricom. Last twelve months to Q2 FY26. 2. Includes Vodacom Egypt, Vodacom Internationals & Safaricom.

Generative AI ⫶ Embedded in core operations, providing benefits at scale Advancing care Advancing operations

Organisation-wide application enabled by AI taskforce 2,000 engineers in shared operations

Call centre agent assist in Germany • GenAI providing immediate overview of customer communication history • Enables improved CX & faster resolution 61% improvement in‘ helpfulness’ rating Optimising AI virtual assistants • TOBi & SuperTOBi (GenAI) handling c.60m customer conversations monthly • SuperTOBi live in all European markets 70% end-to-end resolution rate & +8pp NPS improvement 1

Autonomous procurement portal • GenAI sourcing platform used in 90% of our tenders • Allowing our procurement team to drive value through

higher frequency re-tendering 30% reduction in sourcing time

Vodafone AI Booster platform

Zero Touch Operation • Automates & optimises field service & network operations by recommending actions based on real-time diagnostics • Issues resolved faster & more accurately, improving CX 43% reduction in mean time to repair Employee GenAI assistant • Now live for >50,000 users • Driving productivity & task automation >90% monthly adoption rate & 93% feel ‘more productive’ GenAI-enabled software code development • 2,800 engineers using AI in software development 30% AI code acceptance & 12% productivity increase across development lifecycle

App End Points

GenAI Operations

GenAI App Catalogue

Vodafone Data Ocean

Testing, monitoring & responsible AI

GenAI Reusable Templates

AI-powered customer value management • AI models live in all the European markets • First agentic CVM use cases live in Germany 85% reduction in campaign analysis time

HR digital agent • Personalised support to employees Serving >69k employees with 86% request resolution rate

Multivendor Cloud & LLMs

H1 FY26 Results ⫶ November 2025

1. NPS improvement compared to the NPS rating of conversations handled by previous AI agent.

Highlights

Group Q2 service revenue Europe Q2 service revenue Group H1 Adj. EBITDAaL

+5.8% +0.5% +6.8%

Good performance in the first half, with Germany & Europe back to service revenue growth

Merger completed on 31 May 2025 Financial results consolidated from 1 June 2025 Commenced integration & network investment plan

VodafoneThree merger completed & fast integration start

Germany ⫶ OXG households passed UK ⫶ VodafoneThree integration Africa ⫶ Financial services customers

350k

Operational progress with our strategic priorities

Fast start

94m

FY26 Adjusted EBITDAaL 1

€11.3-€11.6 billion €2.4-€2.6 billion

Expecting to deliver at the upper end of our FY26 financial guidance range

FY26 Adjusted FCF 1

Progressive dividend policy

+2.5% for FY26

H1 FY26 Results ⫶ November 2025

1. Further information on FY26 guidance on page 13.

Appendices

I Strategic scorecard ⫶ Executing our strategic priorities II Germany ⫶ Best Gigabit network III Vodafone Investments

p25 p26 p27 p28 p29 p30 p31 p32 p33

IV More information

V ESG reporting & performance VI Statutory results summary

VII Net debt, liquidity & total funding obligations

VIII KPI definitions

IX Importance notice

H1 FY26 Results ⫶ November 2025 Provide investor feedback here ⫶ investors.vodafone.com/feedback

I Strategic scorecard ⫶ Executing our strategic priorities

CUSTOMERS 1

SIMPLICITY 1

GROWTH

Service revenue growth (YoY) Adjusted EBITDAaL growth (YoY)

Europe opex savings

€0.4bn FY23 – H1 FY26

+5.8% (H1 FY25 +4.8%)

Consumer NPS (YoY)

Lead/co-lead in 11 of 15 markets

9.1k role reductions up to H1 FY26 vs.10k in 3-year plan 3

+6.8% (H1 FY25: +3.8%)

Detractors (YoY)

Productivity

Revenue market share (YoY)

Shared operations NPS

Adjusted Free Cash Flow (Reported)

Oct’25: 83% (May’25: 81%)

-€0.6bn (H1 FY25: -€1.0bn)

‘Very good’ reliability in all European mobile markets German cable network quality recognised in 4 independent tests

May’25: 76% (Oct’24: 75%)

+7.2% (H1 FY25: 7.2%) 4

Employee engagement

Network quality

Pre-tax ROCE

H1 FY26 Results ⫶ November 2025

1. Definitions for key performance indicators are available in Appendix VIII. 2. On a Vodafone UK standalone basis, excluding Three UK. 3. Productivity targets have been restated to reflect the disposals of Vodafone Italy and Vodafone Spain. 4. Updated methodology reflecting average monthly capital employed throughout the year.

1 II Germany ⫶ Best Gigabit network

Vodafone vs. Competitors

374

237

468

172

4 3 2 1 4 3 2 1

4 3 2 1

4 3 2 1 4 3 2 1

4 3 2 1

Highest avg. DL speeds, with avg. UL speeds on par Excellent value for money

Speed (Download/Upload) 5 (Mbps)

9.3

Price/Value (Mbps/EUR)

8.5

4 3 2 1

4 3 2 1 4 3 2 1

4 3 2 1

Stability on par with competitors Latency on par with competitors Best Gigabit Network

Stability 6 (%)

4 3 2 1

Latency 7 (ms)

‘Best Price/Value’ ‘Speed: Vodafone is a pacesetter’

‘Best Cable Provider’ ‘Best Speed’

‘Best fixed internet performance’

Vodafone Result

‘Best coverage’

H1 FY26 Results ⫶ November 2025

5. Computer Bild: Speed test results based on our networks versus fibre providers. 6. Chip: Speed compared to expected download speed, where a higher score is better; Computer Bild: stability score based on speed fluctuations over the day; Connect: Success rate of ‘internet transactions’, where a higher score is better. 7. Chip and nPerf tests report latency in milliseconds (ms), where lower values indicate better performance. The Connect test provides a score for each provider, where a higher score is better.

1. CHIP test, May 2025 2. Computer Bild test, July 2025 3. nPerf test, January 2025 4. Connect test, September 2025

III Vodafone Investments Pillar Investment Focus

Ownership Key information

• Reconfirm 2025 guidance: ‘Mid to high single digit decline in EBITDA’ • €200-250m 2025 shareholder distribution • Fixed network sale delivered A$4.7bn with the company distributing up to A$3bn proceeds to shareholders • Vodafone due to receive c.€0.4bn proceeds & intends to pay down HoldCo debt • Government stake now at 49% following €4bn of spectrum debt for equity swap

Netherlands converged operator

50.0%

25.1% (Publicly listed) 16.1% (Publicly listed)

Australia converged operator

Telco Operations

India mobile operator

• Total macro sites 47,577 1 and tenancy ratio 1.54x 1 • H1 FY26 EBITDAaL of €347m

European passive tower infrastructure

44.7%

• 350k households passed by Sep’25, targeting 7m • Quarterly build-rate c.120k in Q2 FY26, constructing in 39 cities

Infrastructure

Germany FTTH infrastructure Ireland FTTH infrastructure Direct-to-mobile low-orbit satellite connectivity

50.0%

• c.0.7m homes passed (c.30% of total households)

50.0%

• Targeting 45-60 ‘Block 2’ satellites in orbit during 2026 • ‘SatCo’ 50/50 JV established in Luxembourg, ground station build starting • Current market value of investment c.US$1bn 2 (vs. US$60m invested) • Venture with global telecom providers and Ericsson to aggregate network APIs • Venture with European telcos to deliver a telco-powered authentic consent service • Venture with Sumitomo to enable IoT devices to securely connect, transact and communicate autonomously • Early-stage start-up with €60m seed funding

c.4% (Publicly listed)

Network API aggregator Advertising Technology

c.5%

Innovation

25%

Economy-of-things

69%

H1 FY26 Results ⫶ November 2025

1. Does not include CTIL and INWIT macro sites. 2. As at 7 November 2025.

Vodafone Technology ⫶ Virtual investor briefing A globally scaled operator • Our customer demand continues to accelerate • We have a strong technology roadmap • We allocate capital to drive returns • We are transforming to deliver growth Materials including videos, presentation, case studies & Q&A: investors.vodafone.com/vtbriefing Africa ⫶ Vodacom Investor day 2025 Introducing Vision 2030 • We have structural growth opportunities • We are a market leader supporting attractive ROCE • We are an infrastructure owner • We are a responsible corporate Materials including videos, presentation, case studies & Q&A: vodacom.com/presentations IV More information

Vodafone Business ⫶ Virtual investor briefing Connecting people, places & things for a better future • We operate in attractive markets • We have unique scale & capabilities • We have strong operating momentum • We are on a clear growth pathway Materials including videos, presentation, case studies & Q&A: investors.vodafone.com/vbbriefing

Additional data ⫶ Spreadsheet format investors.vodafone.com/results

01. Quarterly revenue 02. Vodafone Business revenue 03. Quarterly adjusted EBITDAaL 04. Group financial performance

09. Fixed broadband customers 10. Marketable homes passed 11. TV customers 12. Converged customers 13. Mobile churn 14. Mobile data usage 15. Mobile ARPU 16. FX rates

05. Segmental results 06. Segmental analysis 07. Cash flow 08. Mobile customers

H1 FY26 Results ⫶ November 2025

V ESG reporting and performance

Annual Report ⫶ vodafone.com/ar2025 Extensive suite of ESG disclosures

MSCI ESG Rating 1,2 “AA” Sustainalytics ESG Risk Rating 1, 3 “Low risk” #1 in sector ISS ESG Corporate Rating 1 “B” Top 6% in sector Refinitiv ESG score 1 “84/100” #3 in sector CDP Climate Change 1 “A” Leadership band ESG Ratings ⫶ investors.vodafone.com/esg-ratings Strong ESG performance

ESG Addendum ⫶ investors.vodafone.com/esgaddendum • >1,200 datapoints, covering >300 indicators, in spreadsheet format • Includes GRI Standards index

• Integrated reporting covering ESG strategy & performance • Complimented by six videos on key ESG topics

Board conversations ⫶ investors.vodafone.com/videos • Fourteen videos with Chair

SASB ⫶ investors.vodafone.com/sasb ESG A-Z ⫶ investors.vodafone.com/esga-z

• >30 links to supporting disclosures, reports & policies • Categorised by E, S or G & searchable

and Committee chairs • Introductions to new Non-Executive Directors

TCFD ⫶ investors.vodafone.com/tcfd

• Aligning to TCFD framework since 2019 • Fully or partially consistent with all 11 TCFD recommendations

• Seven disclosure topics • Includes additional information beyond what is required in the SASB Standards

H1 FY26 Results ⫶ November 2025

1. Unless otherwise stated, ESG ratings and relative position within sector as at 10 th November 2025. See additional disclaimers on page 33. 2. In 2025, Vodafone Group Plc received an ESG rating of AA (on a scale of AAA-CCC) in MSCI ESG Ratings assessment.

3. In 2025, Vodafone Group Plc received an ESG Risk Rating of 11.1 and was assessed by Sustainalytics to be at low risk of experiencing material financial impacts from ESG factors. 4. In 2025, Vodafone Group Plc received an ESG score of 84/100 in Refinitiv Rating assessment, placing Vodafone Group #3 in the sector.

VI Statutory results summary

Consolidated income statement 1

Six months ended 30 September 2025 2024 €m €m 19,609 18,276

Revenue Cost of sales Gross profit

(13,229) 6,380 (1,529) (2,750)

(12,123) 6,153 (1,355) (2,700) (209) (40) 533 2,382

Selling and distribution expenses Administrative expenses Net credit losses on financial assets

(207) 182

Share of results of equity accounted associates and joint ventures

Other income Operating profit Investment income Financing costs Profit before taxation Income tax expense

2,162 1,085 (1,134) 2,113 (1,061) 1,052

566 (843) 2,105 (900) 1,205 1,221 16 1,064 157 1,221 3.92c 3.91c 3.98c 3.97c

Profit for the financial period - Continuing operations Profit for the financial period - Discontinued operations Profit for the financial period

–

1,052

Attributable to: – Owners of the parent – Non-controlling interests Profit for the financial period

829 223 1,052

Earnings per share Continuing operations: – Basic

3.38c 3.36c 3.38c 3.36c

– Diluted Total Group: – Basic – Diluted

H1 FY26 Results ⫶ November 2025

1. For more information, please see our H1 FY26 results statement: investors.vodafone.com/results

VII Net debt, liquidity & total funding obligations

Total funding obligations

Net debt progression (€billion)

H1 FY26 FY25 €m €m (34,059) (36,402)

1.9

1.0

0.6

0.2

0.6

Bonds Bank loans Gross debt

€25.9bn

(0.8)

(1,315) (2,431)

(1,213) (2,345)

€22.4bn FY25 2.0x Net debt/ Adj. EBITDAaL

Other borrowings including spectrum

H1 FY26 2.3x Net debt/ Adj. EBITDAaL

(37,805) (39,960) 7,087 11,001

Cash and cash equivalents Non-current investments in sovereign securities

904 3,773 (78)

913 5,280 1,716

Short-term investments Derivative financial instruments Net collateral / (liabilities)

FY25

Adjusted FCF H1 FY26

Spectrum & restructuring

Dividends

Share buybacks

M&A & Other

Gain on bond buyback

H1 FY26

180 (1,347) (25,939) (22,397)

Net debt (a)

Bond maturity profile (€billion)

Other funding obligations Lease liabilities

(12,335) (10,826)

Current liquidity

Senior

Hybrid

Guarantees over Australia joint ventures loans

(1,407) (165) 3,797

(1,479) (187) 4,081

Pension liabilities Equity content of hybrid bonds Total funding obligations (b)

0.8

3.8

(36,049) (30,808) 11,453 10,932

11.8

Adjusted EBITDAaL (c) 1 Depreciation on right of use assets Adjusted EBITDAaL before leases (d) Interest on leases

11.5

3,376 560

3,205 488

8.0

1.8 0.8

15,389 14,625

0.9 2.2

0.7

1.8

0.9

Ratio of net debt to adjusted EBITDAaL (a/c) Ratio of total funding obligations to adjusted EBITDAaL before leases (b/d)

2.3x 2.3x

2.0x 2.1x

Current liquidity

FY26

FY27

FY28

FY29

FY30

FY31-39

FY40+

100% of bonds fixed. Average life of bonds 13 years

All 3 credit rating agencies at BBB

H1 FY26 Results ⫶ November 2025

1. H1 FY26 ratio is pro forma for 8 months of Three UK’s Adjusted EBITDAaL.

VIII KPI definitions

KPI

Definition

KPI

Definition

Network quality We regularly measure the reliability of our mobile networks in our controlled European markets (including Türkiye) using a combination of internal drive trials and crowdsourced data obtained from an independent benchmarking company. Drive trials are conducted in each market every quarter and assess various customer activities such as voice calls, web browsing, file transfer, video streaming, as well as upload and download data rates. Monthly crowdsourced data monitors other customer experience indicators such as amount of time a device is connected to a 4G or 5G network, as well as sample tests of data rates, latency and data session success rates. Each measure is weighted with an index score for the performance level achieved. Index scores from all measures are aggregated and the total compared to various threshold levels to determine the reliability of the mobile network. A reliability score that achieves at least 85% of the maximum score is considered to have ‘very good’ or better reliability. Productivity In May 2023, we announced the reduction of roles in Group and markets over a three-year period.

Consumer net promotor score (NPS) measures the likelihood that Vodafone and non- Vodafone customers will recommend Vodafone to family, friends and colleagues on a scale of 0 – 10. The aggregated net promoter score can range from -100 to +100. The arrows included within this presentation indicate whether the applicable market’s most recent Consumer NPS is higher, lower or stable in absolute terms compared to the same period from the previous financial year. Detractors are customers who score 0, 1 or 2 in surveys for Lifetime NPS, which only includes Vodafone customers. Lifetime NPS measures the likelihood that existing customers will recommend Vodafone to family, friends and colleagues on a scale of 0 – 10 based on experienced customer journeys. The aggregated net promoter score can range from -100 to +100. The arrows included within this presentation indicate whether the applicable market’s most recent detractor share is higher, lower or stable in absolute terms compared to the same period from the previous financial year. Where no comparable data is available for the equivalent period in the prior year, the earliest available data is used for the comparator. Operating expenditure (opex) includes, but is not limited to, sales and distribution costs, network and IT related expenditure and business support costs. Europe opex savings refers to the reduction in opex in our European markets and Common Functions, excluding energy costs and extraordinary inflation, for example related to wages and salaries. When presenting progress against our Europe opex savings targets, we adjust for M&A and foreign exchange movements during the target period. The employee engagement index is based on a weighted average index of responses to three questions: satisfaction working at Vodafone; experiencing positive emotions at work; and recommending Vodafone as an employer. The aggregated employee engagement score can range from 0 to 100%.

Consumer NPS

Detractors

Revenue market share represents Vodafone’s share of total communication service revenue in each applicable market (with the exception of South Africa, which is based on mobile service revenue only). The metric is based on internal analysis and public disclosures from competitors and/or regulators. The arrows included within this presentation indicate whether the applicable market’s revenue market share (which may be lagged by one quarter) is higher, lower or stable.

Revenue market share

Europe opex savings

SaaS

Software as a Service

SD-WAN

Software-defined networking (SDN) in a wide area network (WAN)

Employee engagement

Shared operations NPS Shared operations net promotor score (NPS) measures the likelihood that users of Vodafone’s shared operations (_VOIS Group Business Services) would recommend _VOIS’ services to colleagues. The net promoter score can range from 0-100%. For more KPI definitions please visit the glossary page on our Investor Relations website: Glossary | Vodafone IR

MDU

Multi-dwelling units

H1 FY26 Results ⫶ November 2025

IX Important notice

You have been provided access to this presentation on the basis that you are an investment professional for the purposes of Article 19 or a member of the press for the purposes of Article 47 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. No other person should act or rely on the information presented and you agree to be bound by the following conditions. You may not disseminate these slides or any recording of this conference, in whole or in part, without the prior consent of Vodafone. Following the completion of the sales of Vodafone Spain and Vodafone Italy, we have updated our financial reporting to recognise that Vodafone Spain and Vodafone Italy are now discontinued operations in accordance with International Financial Reporting Standards (“IFRS”). Accordingly, except where otherwise noted, the Group’s results exclude Vodafone Spain and Vodafone Italy. Discontinued operations are also excluded from the Group’s segment reporting. This presentation contains non-GAAP financial information which the Vodafone Group’s management believes is valuable in understanding the performance of the Vodafone Group. These non-GAAP measures include Adjusted EBITDAaL, Adjusted EBITDaL margin, free cash flow, Adjusted free cash flow, Organic service revenue growth, Europe & Africa service revenue growth, Organic service revenue growth excluding MDU transition impact, Organic service revenue growth excluding Türkiye, Organic Adjusted EBITDaL growth, Service revenue growth in Türkiye excluding the impact of hyperinflationary accounting adjustments, Digital services revenue growth and Business service revenue growth. Definitions of these non-GAAP measures can be found in the Vodafone Group Plc Annual Report for the year ended 31 March 2025. This report can be found at investors.vodafone.com. However, non-GAAP financial information is not uniformly defined by all companies and therefore it may not be comparable with similarly titled measures disclosed by other companies, including those in the Vodafone Group’s industry. Although these measures are important in the assessment and management of the Vodafone Group’s business, they should not be viewed in isolation or as replacements for, but rather as complementary to, the comparable GAAP measures. Information in this presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation includes certain information from third-party sources. The Vodafone Group has not independently verified the market data or other information (i) contained in third-party sources or (ii) on which such third-party sources are based, nor does the Vodafone Group make any representation or give any warranty as to the accuracy or completeness of such information. The information from third-party sources that is cited here has been reproduced accurately. The use by the Vodafone Group of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of the Vodafone Group by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI. Copyright ©2024 Sustainalytics. All rights reserved. This presentation contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.

References to Vodafone are to Vodafone Group Plc and references to Vodafone Group are to Vodafone Group Plc and its subsidiaries unless otherwise stated. Vodafone, the Vodafone Speech Mark Devices, Vodacom and Together We Can are trade marks owned by Vodafone. Other product and company names mentioned herein may be the trade marks of their respective owners. This presentation, along with any oral statements made in connection therewith, contains “forward- looking statements” including within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to the Vodafone Group’s financial condition, results of operations and businesses, including guidance on the Vodafone Group’s FY26 Adjusted EBITDAaL and Adjusted free cash flow, as well as information regarding the integration of VodafoneThree, the commercial and operational step-up in Germany, the development and commercialisation of new technology offerings, including artificial intelligence (AI), the strengthening of Vodafone Business capabilities, the plan to increase efficiency via simplification, including announced role reductions, the Group’s ambition to grow its total ordinary dividend over time, and certain of the Vodafone Group’s plans and objectives, including its strategy and strategic roadmap and emissions targets and other ESG goals, commitments, targets and ambitions, climate-related scenarios or pathways and methodologies it uses to assess its progress in relation to those. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “transform”, “momentum”, “plan”, “continue”, “pathway”, “progress”, “roadmap”, “expect”, “target”, “ambition”, “transition”, “anticipate” or “accelerate” (including in their negative form). By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. A review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-looking statements can be found under “Forward looking-statements” and “Principal risks and uncertainties” in the Vodafone Group Plc Annual Report for the year ended 31 March 2025. These reports can be found at investors.vodafone.com. All subsequent written or oral forward-looking statements attributable to Vodafone, to any member of the Vodafone Group or to any persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in or made in connection with this presentation will be realised. Any forward-looking statements are made as of the date of this presentation. Except as otherwise stated and as may be required to comply with applicable law and regulations, Vodafone does not intend to update these forward-looking statements and does not undertake any obligation to do so.

H1 FY26 Results ⫶ November 2025

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