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
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