FY24 progress ⫶ d) Portfolio of growth markets with strong positions Germany UK Other Europe Africa Market size (CY23 telecoms revenue 4 ) € 57bn € 56bn € 28bn 2 € 18bn Market growth (CY21-23 telecoms revenue CAGR 4 ) 3.2% 3.4% 3.1% 3 6.8% Network operators (# MNOs) 3+1 player 3 player 1 Mostly 3 player 3-4 player
Pro forma Vodafone revenue mix (Proportion of Vodafone total FY24 service revenue)
35%
25%
20% 2
20%
1
Vodafone revenue growth (Vodafone FY24 service revenue growth)
0.2%
5.0%
4.2%
9.2%
3
Vodafone ROCE
Around WACC
Good 1
Good
Good
FY24 results ⫶ May 2024
1. Pro forma including Three UK merger impact 2. Including Turkey
3. Excluding Turkey 4. Source: Analysys Mason & Global Data
19
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