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%
61
72
50
44
44
1.2%
0.9%
41
1
(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
5
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