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Vodafone Group Plc
Morgan Stanley
BNP Paribas Exane
Bank of America Merrill Lynch
New Street Research
Deutsche Numis
Forward-looking statements
Barclays
JP Morgan
Citigroup
UBS
Berenberg
11 November 2025/10:00am Vodafone H1 FY26 Q&A VODAFONE PARTICIPANTS Margherita Della Valle Vodafone Group Chief Executive Luka Mucic Vodafone Group Chief Financial Officer ANALYST PARTICIPANTS Maurice Patrick Barclays Akhil Dattani JP Morgan Carl Murdock-Smith Citigroup Polo Tang UBS Emmet Kelly Morgan Stanley Joshua Mills BNP Paribas Exane David Wright Bank of America Merrill Lynch James Ratzer New Street Research Paul Sidney Berenberg Robert Grindle Deutsche Numis
Highlights Good morning, everyone, and thank you for joining us today. Before moving to Q&A, I will briefly provide an update on our transformation progress and financial performance. I want to specifically talk you through our operational execution in the first half, in Germany and the UK. In Germany, our turnaround continues and, in the UK, we are now driving the integration of Vodafone and Three, both of which remain top priorities. Making progress on our strategic priorities First, a quick recap on our position as a Group. As you know, over the past 2.5 years, we have changed both where we operate and how we operate. In the last six months, we have completed the reshaping of the Group that I announced in May 2023. We have completed the merger of Vodafone and Three in the UK and the acquisition of Telekom Romania's assets. All of Vodafone's operations are now in a strong position, at scale in all our markets. And importantly, all these markets have sustainable structures. Our capital structure has also been reset with: • Appropriate investment levels; • A stronger balance sheet; and • Over €5 billion returned to shareholders via buybacks and dividends over the last 18 months, with a further €1 billion of buybacks to come over the next six months. But most importantly, we have also delivered a step change in our operational transformation. Whilst we still have more to do in our drive to operational excellence, we have:
• Boosted customer satisfaction; • Simplified our operations; and • Powered growth beyond traditional connectivity by expanding our digital and financial services.
Now mentioning growth leads me on well to our financial results.
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