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.
10
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