Vodafone Q1 FY27 Trading Update

FY27 guidance ⫶ Expect to deliver the upper end of ranges at Group level

Adjusted EBITDAaL

Adjusted free cash flow

(€billion)

FY26 actual – reported basis

11.4

2.6

Europe FY27 expectations • €7.6 – 7.9 billion Adj. EBITDAaL

Impact of exchange rates

(0.1)

Remove impact of Türkiye hyperinflation accounting

0.1

–

Impact of M&A transactions 1

–

(0.1)

Restructuring & integration costs • FY27 to peak at c.€0.7bn, incl. c.€0.4bn related to the UK integration

FY26 rebased 2,3

11.4

2.4

Growth

0.5 – 0.8

0.2 – 0.5

FY27 guidance 2,4

11.9 – 12.2

2.6 – 2.9

9-month FY27 Safaricom consolidation impact

1.1

–

FY27 guidance (incl. Safaricom) 2,4

13.0 – 13.3

2.6 – 2.9

1. M&A transactions include the impact of the disposal of VodafoneZiggo. 2. Excluding the impact of hyperinflation accounting in Türkiye. 3. The FY26 rebased outcome is derived by applying FY27 guidance foreign exchange rates.

4. The FY27 guidance reflect the following foreign exchange rates: €1: GBP 0.87; €1: ZAR 19.60; €1: TRY 53.07; €1: EGP 62.53, €1 : KES 159.66. The guidance assumes no material change to the structure of the Group.

Vodafone Group Plc Q1 FY27 Trading Update ⫶ July 2026

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