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.
6
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