Vodafone 2024 Annual Report

Welcome to our 2024 Annual Report We continue to use a simplified digital-first approach to our reporting, reflecting how we operate as a business. We provide summaries at the start of each key section, denoted by an S . New shape of the Group Following the announced sale of Vodafone Spain and Vodafone Italy as part of right-sizing our portfolio for growth, both businesses are now treated as discontinued operations, and therefore excluded from Group results for continuing operations. Prior periods have also been re-stated to reflect the new shape of the Group. Environmental, Social and Governance (‘ESG’) reporting This year we have incorporated both our full cyber security and climate-related risk reporting into the Annual Report. We also report against a number of voluntary reporting frameworks to help our stakeholders understand our sustainable business performance. Disclosures prepared in accordance with the Global Reporting Initiative (‘GRI’) and Sustainability Accounting Standards Board (‘SASB’) guidance can be found in our ESG Addendum and on our website. Our website also includes a wide range of reports which can be found on the links below. Corporate website vodafone.com Investor Relations website investors.vodafone.com

Contents Strategic report

1 S FY24 highlights 2 S About Vodafone 3 S Operating in a rapidly changing industry 4 S Business model 6 S Key performance indicators 8 Chair’s message 9 Chief Executive’s statement and strategic roadmap 10 Mega trends 12 Stakeholder engagement 15 Our people strategy 21 Our financial performance 32 S Purpose, sustainability and responsible business 34 Our purpose 35 – Empowering People 38 – Protecting the Planet 43 Contribution to Sustainable Development Goals 44 Maintaining Trust 45 – Protecting data

ESG Addendum investors.vodafone.com/esgaddendum

ESG Addendum Methodology document investors.vodafone.com/esgmethodology Cyber security factsheet investors.vodafone.com/cyber ESG ratings investors.vodafone.com/esg-ratings

SASB disclosure investors.vodafone.com/sasb A-Z of ESG disclosures investors.vodafone.com/esga-z

51 – Protecting people 53 – Business integrity 55 Non-financial information 57 Risk management 63 – Long-term viability statement 64 – Climate-related risk Governance 70 S Governance at a glance 72 Chair’s governance statement

References Our Annual Report has been designed for easy navigation. We have cross-referenced relevant material and included the below navigation icons. Online content can be accessed by clicking links on the digital version, copying the website address into an internet browser, or scanning the QR code on a mobile device. Read more page reference Click to see related content online Click or scan to watch related video content online

74 Our governance structure 75 Division of responsibilities 76 Our Board 79 Our Executive Committee

Watch our video content Our performance

80 Our Company purpose, values and culture 81 Board activities and principal decisions 84 Board effectiveness 86 Nominations and Governance Committee 89 Audit and Risk Committee 95 Technology Committee 96 ESG Committee 98 Remuneration Committee 100 Remuneration Policy 106 Annual Report on Remuneration 119 US listing requirements 120 Directors’ report Financials 122 Reporting on our financial performance 123 Directors’ statement of responsibility 125 Auditor’s report 135 Consolidated financial statements and notes 227 Company financial statements and notes Other information 235 Non-GAAP measures

Our digital investor briefings

FY24 update: Margherita Della Valle, Chief Executive, Luka Mucic, Chief Financial Officer

Vodafone Business

Digital services & experiences

Vodafone Technology

Social contract

Purpose pillars

Responsible business

Digital inclusion Net zero

Data privacy

Cyber security

Human rights

Responsible taxation

Our governance

Jean-François van Boxmeer, Chair

David Nish, Senior Independent Director

Amparo Moraleda, Chair of the ESG Committee

Simon Segars, Chair of the Technology Committee

Luka Mucic, Chief Financial Officer

249 Shareholder information 255 History and development 255 Regulation 261 Form 20-F cross reference guide 264 Forward-looking statements 265 Definition of terms

Deborah Kerr, Non-Executive Director

Stephen Carter, Non-Executive Director

Delphine Ernotte Cunci, Non-Executive Director

Christine Ramon, Non-Executive Director

Hatem Dowidar, Non-Executive Director

This document is the Group’s UK Annual Report and is not the Group’s Annual Report on Form 20-F that will be filed separately with the US SEC at a later date. This report contains references to Vodafone’s website, and other supporting disclosures located thereon such as videos, our ESG Addendum and Methodology document, and our cyber security factsheet, amongst others. These references are for readers’ convenience only and information included on Vodafone’s website is not incorporated in, and does not form part of, this Annual Report.

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