Vodafone Q1 FY26 Trading Update

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%

4.0%

(0.9)%

(3.0)%

2.6%

6.7%

3

DE

UK

OEU

SA

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

8

Powered by