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.
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