FY24 Results Presentation

FY25 focus ⫶ d) Portfolio actions completion Status & next steps Transaction summary

Target outcomes

• Vodafone Italy 100% sale to Swisscom • € 8bn value • c.26x OpFCF multiple • Vodafone UK merger with Three UK • 51% post-merger holding • > € 7bn cost + capex synergies • Vodafone Spain 100% sale to Zegona • € 5bn value • 12.7x OpFCF multiple

• Expected to complete shortly • € 4.1bn initial cash proceeds • € 2bn buyback starts on completion • Target completion first half 2025 • € 8bn cash proceeds • € 2bn buyback starts on completion • Target completion around end 2024 • Broadly leverage neutral • Adjusted FCF accretive in year 4

• Binding transaction documentation agreed • CMA Phase 2 underway

• Binding transaction documentation agreed • Expecting final Spanish authority approval imminently

• Binding transaction documentation agreed • Approval process commencing

FY24 results ⫶ May 2024