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%
UK
• 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.
16
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