Vodafone Q1 FY26 Trading Update

Q1 FY26 Trading Update

July 2025

Q1 FY26 Trading Update ⫶ July 2025

Highlights

Q1 service revenue growth

+5.5%

Encouraging progress in line with expectations

Europe Q1 service revenue

-1.3%

Group Q1 Adj. EBITDAaL

+4.9%

Germany Q1 service revenue

-3.2%

Germany delivering expected service revenue improvements

Germany Q1 service revenue (excl. MDU)

-0.3%

1&1 customers migrated by end of Q1

7.7m

Merger completed on 31 May 2025

VodafoneThree merger complete, forming the UK’s leading mobile operator

Financial results consolidated from 1 June 2025

Commenced integration plan

FY26 Guidance 1

FY26 financial guidance reiterated including impact of UK merger

Adjusted EBITDAaL

€11.3 - €11.6 billion

Adjusted FCF

€2.4 - €2.6 billion

Basis of preparation: Unless otherwise stated, growth rates represent organic growth. 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. The Group is consolidating VodafoneThree into its financial results from 1 June 2025.

1. Further information on FY26 guidance on page 9.

Q1 FY26 Trading Update ⫶ July 2025

Financial Highlights ⫶ Encouraging progress in line with expectations

Group service revenue growth

Regional service revenue growth

Adjusted EBITDAaL

+4.9% 2

Europe

Europe (ex. MDU impact)

Africa

Group

Group excl. Türkiye

13.8%

13.5%

5.5%

11.6%

5.4%

5.2%

€2.7bn

10.0%

9.7%

4.2%

29.7% Adj. EBITDAaL margin

29.3% Adj. EBITDAaL margin

0.4%

0.2%

0.1%

(0.3%)

(0.4%)

2.2%

2.0%

1.7%

1.3%

(0.3%)

(1.3%)

0.5%

(1.9%)

(2.1%)

(2.3%)

Q1 FY25

Q1 FY26

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

• Continued good Group service revenue growth with improvement in Europe • Germany +2.8pp QoQ driven by higher wholesale revenues & Business phasing • Slowdown in UK (-2.2pp QoQ) with managed services contract terminations • Business maintaining good growth momentum (+4.0% YoY)

• Europe broadly stable excluding MDU drag • Continued strong performance in Africa & above inflation growth in Egypt • Türkiye growth moderated as inflation reduces but remained strong in euro- terms (+29.6% 1 YoY)

• +4.9% 2 growth with +0.2pp 2 margin expansion on a like-for-like basis in Q1 • Strong start to the year against our FY26 guidance • Good Group service revenue growth partially offset by continued commercial investments

1. Growth in Euro terms excluding the impact of hyperinflationary accounting adjustments. 2. Organic Adj. EBITDAaL and organic Adj. EBITDAaL margin growth. 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.

Q1 FY26 Trading Update ⫶ July 2025

Germany ⫶ Delivering expected service revenue improvements

-3.2% Q1 Service revenue growth

Germany 34% of Group service revenue 1

Operational improvements

• -2.9pp impact from MDU drag (Q4: -3.3pp) • Quarterly revenue trends improved - higher wholesale revenue (+1.1pp QoQ) - Business digital services project phasing • High competitive intensity in mobile continues, putting pressure on ARPU

• Value focus step-up on front-book, impacting broadband customer wins - reduced discounts - direct sales channel focus • Mobile customer additions negative due to low ARPU Business customer losses & downsizing of reseller channels

• Continued improvement in customer experience driving branded Consumer contract churn to lowest level in 4 years • Enhanced brand awareness through Borussia Dortmund football team sponsorship • Updated Unlimited FamilyCards propositions • Organisational transformation continued with progress in FTE efficiencies & company structure simplification • OXG fibre build gaining momentum with c.100k additional homes passed in the quarter

Service revenue growth (%)

Net additions (‘000)

Organic

Organic excl. MDU transition impact

Gigabit broadband

DSL

Mobile contract

(0.3%)

(2.4%)

(2.6%)

(2.7%)

(1.5%)

(8)

(23)

(24)

(3)

(8)

(15)

(4)

(3.2%)

(32)

(9)

(36)

(39)

(6.0%)

(6.2%)

(6.4%)

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

1. Based on Q1 FY26 service revenue contribution.

Q1 FY26 Trading Update ⫶ July 2025

UK ⫶ Merger complete, forming the UK’s leading mobile operator

+0.9% Q1 Service revenue growth

UK 1 21% of Group service revenue 2

Integration

• Good growth in Consumer & Wholesale partially offset by Business decline • Slowdown in mobile due to Business project milestones delivery in Q4 • Fixed impacted by: - Business decline due to planned managed services contract terminations - strong growth in Consumer broadband

• Mobile contract base decline due to timing of Business account disconnections & Three brand Consumer contract losses • One of the fastest growing broadband

• VodafoneThree now operational with a multi-brand strategy for the mobile consumer segment • Focus on reducing ARPU dilution from Three brand churn • Spectrum sharing improving 4G speeds by up to 40% for Three UK customers • Network sharing programme to allow 28.8 million customers to seamlessly use both networks • Combined network to remove 16,500km 2 of ‘not spot’ areas by year - end with first sites already operational • ‘Just Ask Once’ customer promise launched

providers now covering 20.3m households with gigabit speeds

Service revenue growth 1 (%)

Net additions 1 (‘000)

Fixed

Mobile contract

3.3%

3.1%

1.2%

0.9%

(6)

0.0%

(29)

(46)

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

1. Q1 FY26 results include two months of Vodafone UK on a standalone basis and one month of VodafoneThree results. 2. Based on Q1 FY26 service revenue contribution.

Q1 FY26 Trading Update ⫶ July 2025

Other Europe & Türkiye ⫶ Impacted by Portugal market conditions

+63.8% Q1 Service revenue growth

+0.2% Q1 Service revenue growth

Other Europe 15% of Group service revenue 1

Türkiye 8% of Group service revenue 1

• Slowdown in growth due to continued ARPU pressure in Portugal • Double-digit growth in Business digital services offsetting Consumer weakness • Good commercial momentum & price actions in most markets supporting growth

• Mobile contract customer net additions impacted by one-off disconnections of zero-value SIMs in Romania (-57k) • Continued to grow in all other markets

• Moderating inflation drives service revenue growth slowdown • Continued double digit growth in euro terms driven by repricing actions & effective customer base management • Business supported by growth in mobile connectivity, increased data centre usage and demand for digital services

Service revenue growth (%)

Net additions (‘000)

Service revenue growth (%) Reported growth in Euros 2

Fixed

Mobile contract

2.6%

53.1%

52.3%

2.3%

49.5%

153

121

110

0.8%

29.6%

25.2%

0.2%

(5)

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

1. Based on Q1 FY26 service revenue contribution. 2. Growth in Euro terms excluding the impact of hyperinflationary accounting adjustments.

Q1 FY26 Trading Update ⫶ July 2025

Africa ⫶ Good growth across the footprint

South Africa 10% of Group service revenue 1

+2.9% Q1 Service revenue growth

+43.9% Q1 Service revenue growth

+12.6% Q1 Service revenue growth

Egypt 5% of Group service revenue 1

Internationals 5% of Group service revenue 1

• Good Consumer contract revenue growth supported by pricing actions & demand for fixed connectivity • Financial services growth of +5.8% YoY with good demand for insurance products • 77.5% of customers now use data services

• Growth well above inflation & in euro- terms (+28.9% YoY) • Revenue growth supported by pricing actions, sustained customer base growth & data demand • Strong demand for Vodafone Cash, revenue increased +55.1% YoY • 5G services launched in June 2025

• Acceleration in trends due to strong growth in Tanzania, DRC & Lesotho • Mozambique performance further improved in Q1 with political environment stabilised • Strong M-Pesa growth (+20.8% YoY), further acceleration in Mozambique

Service revenue growth (%)

12.6%

3.3%

3.2%

48.0%

2.9%

9.3%

1.8%

44.7%

7.5%

44.1%

43.9%

6.8%

43.6%

0.7%

5.9%

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

1. Based on Q1 FY26 service revenue contribution.

Q1 FY26 Trading Update ⫶ July 2025

Vodafone Business ⫶ Maintaining growth momentum

Financial performance

+4.0% Q1 Service revenue growth

Unique digital capabilities

+14.7% Q1digital services 1 revenue growth

Markets performance

4.7m Business Customers

• Good growth in-line with FY25 • QoQ driven by UK: - planned managed services contract terminations - phasing of project milestones in Q4 FY25 • Digital services contributing 24% to Business service revenue in Q1

• 21.9% YoY growth in Cloud portfolio with continued strong demand for SaaS 2 • 215 million IoT connections (+15.0% YoY) • Expanding our digital services portfolio with 10 launches across 7 markets • New partnership with Airbus delivering secure connectivity services, and expansion of existing global partnership with Fortinet

• Germany connectivity pressure partly offset by digital services demand and project phasing • UK decline due to managed services contract terminations • Other EU – growth across most markets supported by digital services • Vodacom strong demand for mobile connectivity & digital services

Digital services 1 revenue growth (%)

Business service revenue growth (%)

Business service revenue growth, Q1 FY26 (%)

17.9%

16.1%

4.1%

5.1%

14.7%

14.5%

4.3%

1.5%

4.0%

(0.9)%

(3.0)%

2.6%

6.7%

OEU

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

1. Digital services include IoT, Cloud & Security services; and from Q1 FY26 also include SDN & Digital Communication Solutions. 2. SaaS = Software as a Service. 3. Albania, Czech Republic, Greece, Ireland, Portugal and Romania.

Q1 FY26 Trading Update ⫶ July 2025

FY26 guidance ⫶ Including impact of UK merger

Capital Intensity

Adjusted EBITDAaL

Adjusted FCF

• Broadly maintained market by market

(€billion)

FY25 actual

10.9

2.5

Leverage ratio

• Lower half of 2.25-2.75x range

Impact of exchange rates

(0.3)

(0.1)

Remove Türkiye hyperinflation accounting

0.2

Expectation for Europe

FY25 rebased 1,2

10.8

2.4

• €7.5 -7.7bn Adj. EBITDAaL range for FY26 (including UK merger)

Growth

0.2-0.5

0.2-0.4

FY26 guidance 1,3

11.0-11.3

2.6-2.8

UK merger considerations for FY26

10-month FY26 UK merger impact

0.3

(0.2)

• 3UK fully consolidated on completion • EBITDAaL €0.3bn FY26 view under Vodafone accounting policies • MergeCo capex – higher than two businesses combined, due to accelerated network deployment (c.€1.5bn proforma) • Interest +c.€50m (incremental €2bn debt)

FY26 guidance (incl. UK merger) 1,3,4

11.3-11.6

2.4-2.6

1. Excluding the impact of hyperinflation accounting in Türkiye. 2. FY25 re-based outcome based on FY26 guidance FX rates. 3. FY26 guidance FX rates (to €): ZAR 20.59, TRY 43.42, EGP 56.74, GBP 0.85. 4. FY26 UK merger impact on a 10- month basis of €0.3bn Adjusted EBITDAaL and - €0.2bn Adjusted free cash flow.

Q1 FY26 Trading Update ⫶ July 2025

Appendices

More information

p11

ESG reporting & performance

p12

III

Importance notice

p13

Q1 FY26 Trading Update ⫶ July 2025

Provide investor feedback here ⫶ investors.vodafone.com/feedback

Appendix ⫶ More information

Africa ⫶ Vodacom Investor day 2025

Vodafone Business ⫶ Virtual investor briefing

Introducing Vision 2030 • We have structural growth opportunities • We are a market leader supporting attractive ROCE

Connecting people, places & things for a better future • We operate in attractive markets • We have unique scale & capabilities • We have strong operating momentum • We are on a clear growth pathway

• We are an infrastructure owner • We are a responsible corporate

Materials including videos, presentation, case studies & Q&A: investors.vodafone.com/vbbriefing

Materials including videos, presentation, case studies & Q&A: vodacom.com/presentations

Additional data ⫶ Spreadsheet format

Vodafone Technology ⫶ Virtual investor briefing

investors.vodafone.com/results

A globally scaled operator • Our customer demand continues to accelerate • We have a strong technology roadmap

01.

Quarterly revenue

09.

Fixed broadband customers

02.

Vodafone Business revenue

10.

Marketable homes passed

03.

Quarterly adjusted EBITDAaL

11.

TV customers

• We allocate capital to drive returns • We are transforming to deliver growth

04.

Group financial performance

12.

Converged customers

05.

Segmental results

13.

Mobile churn

06.

Segmental analysis

14.

Mobile data usage

Materials including videos, presentation, case studies & Q&A: investors.vodafone.com/vtbriefing

07.

Cash flow

15.

Mobile ARPU

08.

Mobile customers

16.

FX rates

Q1 FY26 Trading Update ⫶ July 2025

Appendix ⫶ ESG reporting and performance

Extensive suite of ESG disclosures

Strong ESG performance

Annual Report ⫶ vodafone.com/ar2025

ESG Addendum ⫶ investors.vodafone.com/esgaddendum • >1,200 datapoints, covering >300 indicators, in spreadsheet format • Includes GRI Standards index

ESG Ratings ⫶ investors.vodafone.com/esg-ratings

• Integrated reporting covering ESG strategy & performance • Complimented by six videos on key ESG topics

MSCI ESG Rating 1,2 “AA”

Sustainalytics ESG Risk Rating 1, 3 “Low risk” Top 3% in sector

Board conversations ⫶ investors.vodafone.com/videos • Fourteen videos with Chair

ESG A-Z ⫶ investors.vodafone.com/esga-z

• >30 links to supporting disclosures, reports & policies • Categorised by E, S or G & searchable

and Committee chairs • Introductions to new Non-Executive Directors

ISS ESG Corporate Rating 1 “B - ” Top 6% in sector

Refinitiv ESG score 1 “84/100” #2 in sector CDP Climate Change 1 “A” Leadership band

TCFD ⫶ investors.vodafone.com/tcfd

SASB ⫶ investors.vodafone.com/sasb

• Aligning to TCFD framework since 2019 • Fully or partially consistent with all 11 TCFD recommendations

• Seven disclosure topics • Includes additional information beyond what is required in the SASB Standards

1. Unless otherwise stated, ESG ratings and relative position within sector as at 19 th May 2025. See additional disclaimers on page 39. 2. In 2025, Vodafone Group Plc received an ESG rating of AA (on a scale of AAA-CCC) in MSCI ESG Ratings assessment.

3. In 2025, Vodafone Group Plc received an ESG Risk Rating of 13.2 and was assessed by Sustainalytics to be at low risk of experiencing material financial impacts from ESG factors. 4. In 2025, Vodafone Group Plc received an ESG score of 84/100 in Refinitiv Rating assessment, placing Vodafone Group #2 in the sector.

Q1 FY26 Trading Update ⫶ July 2025

Appendix ⫶ Important notice

You have been provided access to this presentation on the basis that you are an investment professional for the purposes of Article 19 or a member of the press for the purposes of Article 47 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. No other person should act or rely on the information presented and you agree to be bound by the following conditions. You may not disseminate these slides or any recording of this conference, in whole or in part, without the prior consent of Vodafone. Following the completion of the sales of Vodafone Spain and Vodafone Italy, we have updated our financial reporting to recognise that Vodafone Spain and Vodafone Italy are now discontinued operations in accordance with International Financial Reporting Standards (“IFRS”) . Accordingly, except where otherwise noted, the Group’s results exclude Vodafone Spain and Vodafone Italy. Discontinued operations are also excluded from the Group’s segment reporting. This presentation contains non-GAAP financial information which the Vodafone Group’s management believes is valuable in understanding the performance of the Vodafone Group. These non-GAAP measures include Adjusted EBITDAaL, Adjusted EBITDaL margin, Adjusted free cash flow, Organic service revenue growth, Europe & Africa service revenue growth, Organic service revenue growth excluding MDU transition impact, Organic service revenue growth excluding Turkey, Organic Adjusted EBITDaL growth, Reported growth in Euros excluding hyperinflationary accounting, Digital services revenue growth and Business service revenue growth. Definitions of these non-GAAP measures can be found in the Vodafone Group Plc Annual Report for the year ended 31 March 2025. This report can be found at investors.vodafone.com. However, non-GAAP financial information is not uniformly defined by all companies and therefore it may not be comparable with similarly titled measures disclosed by other companies, including those in the Vodafone Group’s industry. Although these measures are important in the assessment and management of the Vodafone Group’s business, they should not be viewed in isolation or as replacements for, but rather as complementary to, the comparable GAAP measures. Information in this presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation includes certain information from third-party sources. The Vodafone Group has not independently verified the market data or other information (i) contained in third-party sources or (ii) on which such third-party sources are based, nor does the Vodafone Group make any representation or give any warranty as to the accuracy or completeness of such information. The information from third-party sources that is cited here has been reproduced accurately. The use by the Vodafone Group of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of the Vodafone Group by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI. Copyright ©2022 Sustainalytics. All rights reserved. This presentation contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.

References to Vodafone are to Vodafone Group Plc and references to Vodafone Group are to Vodafone Group Plc and its subsidiaries unless otherwise stated. Vodafone, the Vodafone Speech Mark Logos, Vodacom, Together we can and everyone.connected are trade marks owned by Vodafone. Other product and company names mentioned herein may be the trade marks of their respective owners. This presentation, along with any oral statements made in connection therewith, contains “forward - looking statements” including within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to the Vodafone Group’s financial condition, results of operations and businesses, including guidance on the Vodafone Group’s FY26 Adjusted EBITDAaL and Adjusted free cash flow, as well as information regarding the integration of VodafoneThree, the commercial and operational step-up in Germany, the plan to increase efficiency via simplification, the development and commercialisation of new technology offerings, including artificial intelligence (AI), the strengthening of Vodafone Business capabilities, the migration of 1&1 customers, the plan to increase efficiency via simplification, including announced role reductions, the Group’s ambition to grow its total ordinary dividend over time, and certain of the Vodafone Group’s plans and objectives, including its strategy and strategic roadmap and emissions targets and other ESG goals, commitments, targets and ambitions, climate-related scenarios or pathways and methodologies it uses to assess its progress in relation to those. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “transform”, “momentum”, “plan”, “continue”, “pathway”, “progress”, “roadmap”, “expect”, “target”, “ambition”, “transition”, “anticipate” or “accelerate” (including in their negative form). By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. A review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-looking statements can be found under “Forward looking- statements” and “Principal risks and uncertainties” in the Vodafone Group Plc Annual Report for the year ended 31 March 2025 and under “Forward -looking statements and other matters” in the Vodafone Group Plc preliminary results announcement for the year ended 31 March 2025. These reports can be found at investors.vodafone.com. All subsequent written or oral forward-looking statements attributable to Vodafone, to any member of the Vodafone Group or to any persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in or made in connection with this presentation will be realised. Any forward-looking statements are made as of the date of this presentation. Except as otherwise stated and as may be required to comply with applicable law and regulations, Vodafone does not intend to update these forward-looking statements and does not undertake any obligation to do so.

Q1 FY26 Trading Update ⫶ July 2025

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Upcoming events

Vodafone Group Investor Relations

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29 Jul 2025 11 Nov 2025 29 Jul 2025

Annual General Meeting Annual General Meeting H1 FY26 results

Matt Johnson Director Group Communications

matthew.johnson@vodafone.com

Roy Teal Deputy Director Group IR

roy.teal@vodafone.com

11 Nov 2025

H1 FY26 results

David Irish Deputy Director Group IR

david.irish@vodafone.com

Gertrúd Szabó Senior Manager Group IR

05 Feb 2026

Q3 Trading Update

gertrud.szabo@vodafone.com

Q1 FY26 Trading Update ⫶ July 2025

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