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Vodafone Group Plc Annual Report 2024
Strategic report
Governance
Financials
Other information
Business Model Our investment case
We operate in growing markets, where we hold strong positions with good local scale. We have a sustainable and predictable financial profile, and have compelling structural drivers in Vodafone Business, Africa and in our portfolio of investments. 1 Strong positions in growing markets Attractive markets Germany UK Other Europe Africa Market size €57bn +3.2% €56bn +3.4% €28bn 1 +3.1% €18bn +6.8% Majority three player markets, all growing over the last three years Strong assets Vodafone revenue mix 38% 19% 23% 2 20% Service revenue growth 3 0.2% 5.0% 4.2% 9.2% Vodafone growing faster than the market in most regions
2 Focus on driving operational excellence
Right-sized for growth & reorganised for operational excellence Europe 1
Africa 4 – 6 countries – 157m mobile customers – 46m FinTech users
Business – Connectivity – Communications services – Cloud & Security – Internet of Things
Investments – Operations – Infrastructure – Innovation – Partner Markets (43 countries)
– 9 countries – 98m mobile customers – 17m fixed customers
Shared Operations – Procurement
– Technology and operations
– Roaming and carrier services
– Network services
3 Sustainable and predictable financial profile
Cash flows
Robust balance sheet – Long dated and low cost debt 2.25-2.75x target leverage range
Attractive returns
– Secure and growing dividend – Long-term share buyback programme
– Growing free cash flow per share
4 Structural
Vodafone Business Digital service growth +11%
Africa
Investments & innovation
growth drivers
Financial service growth +20%
Notes: 1. Includes Turkey. 2. Includes Turkey and Common Functions. 3. Organic growth. See page 235 for more information. 4. Excludes Safaricom.
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