Vodafone Q1 FY26 Trading Update

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