Vodafone H1 FY27 Results Presentation
Vodafone Group Plc H1 FY27 Results November 2026
H1 FY27 Results
Highlights 01
p3
Financial progress 02
p5
Operational progress 03
p16
Appendices 04
p29
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 2
Highlights
01
Highlights
Group Q2 service revenue
+6.4%
Strong first half performance
Europe Q2 service revenue
+0.6%
Group H1 Adj. EBITDAaL
+6.4%
Net Promoter Scores lead/co-lead
12 markets
Customers: Satisfaction continues to grow
Sentiment trend 2
+ 10%
Customer loyalty 3
2.0pp
Annual opex efficiencies target 4 Cumulative progress by H1 FY27
>€2bn 10%
Simplicity: Fast start to efficiency programme
H1 role reductions in Europe 5 + further announced in Germany
3k 2.3k
Group Adj. EBITDAaL
€13.2 – €13.4bn
Implied organic growth
6% - 8%
Growth: Upgrading FY27 Group guidance 1
Group Adj. FCF
€2.8 – €3.0bn
Implied organic growth
17% - 25%
5. Including shared operations.
1. See page 15 for more information about FY27 guidance. 2. Based on year-on-year growth in ‘promotor-to-detractor’ mix. 3. Based on year-on-year change in mobile churn across all markets. 4. Annual gross opex savings to be delivered by FY30 in Europe and Shared Operations.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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02 Financial progress
Financial highlights 1 ⫶ Strong first half performance
H1 FY26
H1 FY27
Organic growth
€billion
Adjusted EBITDAaL
€billion
Total revenue
19.6
21.9
4.7%
6.4% organic YoY growth
• Accelerating organic growth • Leverage in line with our target range of 2.25x-2.75x • Interim dividend per share growing +2.5%
• Strong service revenue growth and operating leverage • Delivered €0.2 billion of gross EU opex savings in H1 • Adj. EBITDAaL margin +0.5pp like-for-like
Service revenue
16.3
18.4
5.8%
Adj. EBITDAaL
5.7
6.5
6.4%
Capital additions
(2.8)
(3.3)
6.5
Adj. free cash flow
(0.6)
(0.4)
5.7
Free cash flow
(0.8)
(0.8)
29.2% Adj. EBITDAaL margin
29.5% Adj. EBITDAaL margin
Net debt/Adj. EBITDAaL leverage 2 Interim dividend per share (eurocents)
2.5x
2.3x
2.25
2.306
H1 FY26
H1 FY27
Service revenue growth
Return on capital employed
pre-tax controlled 3 , %
organic, %
• Service revenue growth of 5.8% in H1, with Europe & Africa growing • Q2 acceleration in most markets • Best-ever growth in Business at 6.6% in Q2
Group
Africa
Europe
0.7pp
14.0%
13.5% 13.5%
7.2%
12.6%
• Pre-tax ROCE impacted by Three UK consolidation • Partially offset by improving Group performance
6.7%
6.0%
14.1%
10.9%
(1.2)pp
12.1%
5.0%
10.1%
4.0%
6.4%
5.8%
5.4%
5.2%
8.1%
5.1%
3.0%
6.1%
2.0%
0.8% 0.9% 0.6%
0.5%
4.1%
0.4%
1.0%
2.1%
0.1%
-
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
H1 FY26
UK merger impact
Markets performance
H1 FY27
4
4. Impact on Group service revenue growth of 0.6pp in Q2, driven by consolidation of Safaricom.
1. Unless otherwise stated, H1 FY27 results include three months of Safaricom. 2. H1 FY27 ratio includes pro forma adjustment to include 12 months of Safaricom Adjusted EBITDAaL. 3. Pre-tax ROCE for controlled operations only. ROCE is calculated by dividing adjusted Operating profit by the average adjusted Capital employed.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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Germany ⫶ Stable service revenue despite mobile and TV
33% of Group Adj. EBITDAaL 1
Customer additions
Service revenue
Adj. EBITDAaL
• Improvement in mobile across all brands and channels in Q2, despite market intensity • Broadband base decline, as we continue to drive inflow ARPU growth (H1: +25% YoY) • Overall value equation driving continued growth in consumer broadband service revenue
• 0.4% service revenue growth in H1: − higher wholesale revenue
• -3.2% Adj. EBITDAaL in H1: − revenue growth
− fixed line growth (B2B and broadband ARPU) − continued mobile ARPU pressure − ongoing TV decline (approx. -1pp service revenue impact) • Q2 growth slowed with lapping of higher 1&1 contribution in the prior year • Q2 includes initial impact of court ruling relating to historic price rises (-0.3pp), with full impact from Q3
− legal provision relating to historic price rises − higher variable costs from Business digital services growth − other costs broadly stable, as A&R normalised and opex efficiencies offsetting inflation
Service revenue growth organic, %
Net additions ‘000s
Adj. EBITDAaL €billion
-3.2% organic YoY growth
Gigabit broadband
DSL
Mobile contract
1.3%
11
1.2%
(1)
10
0.7%
0.5%
2.2
(15) (11)
c. 2pp impact
(47)
(57)
(59)
(62)
2.1
(16)
(31)
(0.5)%
(43)
(36)
(77)
(85)
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
H1 FY26
ECJ impact
Direct margin
Other costs
H1 FY27
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
2
1. Based on H1 FY27 Adjusted EBITDAaL contribution. 2. Includes A&R, opex and other costs.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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UK ⫶ Executing on upgraded synergy targets
Click here for our UK Investor Day materials
15% of Group Adj. EBITDAaL 1
Customer additions
Service revenue
Adj. EBITDAaL
• Mobile contract base broadly stable, including the disconnection of very low value Business SIMs • VOXI & SMARTY continued to grow (+166k) • Launched Vodafone SuperMobile, supporting the monetisation of our network quality • Enhanced mobile network capacity & cross- selling, driving 54k FWA 2 additions in H1 • Largest fibre provider in the UK, marketing to 26.5 million households
• 0.9% service revenue growth in H1:
• 5.9% Adj. EBITDAaL growth in H1: − revenue growth
− strong fixed line growth and higher mobile wholesale revenue − B2B broadly stable as core mobile decline offset by digital services growth − mobile ARPU impacted by accounting of price rises • Quarterly improvement supported by B2B core connectivity and higher wholesale from visitors
− €50m synergies, expect c.€100m in H2 FY27 − partly offset by phasing of marketing spend in the prior year, and inflation
• Key cost synergies in H1:
− retail footprint integration − marketing & logistics savings − integration of teams
Service revenue growth organic, %
Net additions ‘000s
Adj. EBITDAaL €billion
Broadband
Mobile contract
+5.9% organic YoY growth
1.2%
1.2%
64
64
50
42
0.6%
34
1.0
€50m
0.9
14
(14)
(0.2)%
(22)
(0.5)%
(48)
(73)
H1 FY26
M&A & FX
Direct margin
Gross synergies
Other costs
H1 FY27
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
3
1. Based on H1 FY27 Adjusted EBITDAaL contribution. 2. Fixed wireless access (‘FWA’) net additions are reported under mobile net additions. 3. Includes A&R, opex and other costs.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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Other Europe & Türkiye
21% of Group Adj. EBITDAaL 1
Other Europe ⫶ Consistent service revenue growth
Türkiye ⫶ Strong euro growth
• -4.6% Adj. EBITDAaL growth in H1:
• 1.4% service revenue growth in H1:
• 32.8% service revenue growth in H1:
− legal one-off in Portugal in the prior year − partially offset by service revenue growth • First synergies in Romania following the acquisition of Telekom Romania assets: − over 485k customers successfully migrated − network integration progressing, with national roaming supporting customer experience
− good performance across most markets − partially offset by continued ARPU pressure in Portugal and Romania • Q2 driven by B2B growth from public sector projects in Greece ahead of Sep’26 ERF 2 deadline • Broadband base remained stable, with mobile contract base decline driven by Romania
− ongoing pricing actions in mobile and fixed − data usage growth, supported by biggest nationwide 5G launch • 32.7% Adj. EBITDAaL growth in H1 due to service revenue growth and cost efficiencies • Service revenue and Adj. EBITDAaL growing double-digit in euros in H1 4 • Reported euro Adj. EBITDAaL and Operating free cash flow has grown c.50% in two years 5
Service revenue growth organic, %
Service revenue growth reported EUR 4 , %
Adj. EBITDAaL €billion
1.8%
-4.6% organic YoY growth
1.2%
1.2%
17.0%
1.0%
14.8%
0.83
8.3%
3.7%
0.77
(0.5)%
(0.2)%
H1 FY26
M&A & FX
Prior year one-offs
Direct margin
Other Costs
H1 FY27
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
3
5. Based on reported Adjusted EBITDAaL, and Operating free cash flow (defined as Adjusted EBITDAaL, less capital additions) in H1 FY27 and H2 FY26 vs. H1 FY25 and H2 FY24.
1. Based on H1 FY27 Adjusted EBITDAaL contribution. 2. European Recovery Fund. 3. Includes A&R, opex and other costs. 4. Growth in euro terms excluding the impact of hyperinflation accounting adjustments.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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Africa 1 ⫶ Double-digit service revenue and Adj. EBITDAaL growth
32% of Group Adj. EBITDAaL 2
Customer additions
Service revenue
Adj. EBITDAaL
• Increasing customer base across all markets, with: − South Africa: ongoing investment in network enabling data traffic growth − Safaricom: increased M-Pesa offerings − Egypt: industry-leading customer experience − Internationals: growth in data and smartphone adoption
• 13.4% service revenue growth in H1 with growth in all markets: − South Africa: improvement in prepaid with data usage acceleration − Safaricom: double-digit growth in Kenya and scaling in Ethiopia − Egypt: strong customer & Vodafone Cash growth − Internationals: customer growth and higher M-Pesa revenue
• 18.0% Adj. EBITDAaL growth in H1: − service revenue growth
− lapping of prior year one-off impact in South Africa
− opex savings, incl. headcount efficiencies and technology savings, to offset inflation • Vodacom’s medium-term target for EBITDA CAGR to 2030 in “early teens” 4
Total mobile customer base 3 million
Adj. EBITDAaL € billion
Service revenue growth organic, %
+12% YoY growth
+18.0% organic YoY growth
14.0%
13.5%
255
250
12.6%
243
13.5%
2.1
233
228
1.3
10.9%
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
H1 FY26
M&A & FX
Direct margin
Other costs
H1 FY27
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
5
5. Includes A&R, opex and other costs.
1. Unless otherwise stated, H1 FY27 results include three months of Safaricom. 2. Based on H1 FY27 Adjusted EBITDAaL contribution. 3. Including Safaricom for all periods. 4. On average over the next three years, on a normalised basis, based on prevailing economic conditions.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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Vodafone Business ⫶ Highest ever organic growth
vodafone business
Digital services 1 performance
Financial performance
Q2 market performance
• 19.7% digital services growth in H1 • Q2 acceleration due to strong demand for Cloud • +80.4% growth in SaaS 2 & 13.2% growth in Cloud & Security revenue in H1 • Product launches across Smart, Secure & Sovereign portfolio, and SuperMobile in the UK
• Germany: continued growth due to strong digital services (SaaS and Cloud & Security), offset by ongoing pressure in core connectivity • UK: broadly stable despite mobile ARPU pressure from corporate contract renewals • Other Europe: strong digital services growth driven by last ERF 3 projects in Greece • Africa: growth with core connectivity supported by price actions in Egypt
• 5.8% service revenue growth in H1 with all products growing, incl. core connectivity • Best-ever service revenue growth in Q2, with accelerating digital services growth in Europe • Digital services now 27.8% of Business service revenue in H1, +3.1pp higher YoY
Digital services 1 revenue growth organic, %
Service revenue growth organic, %
Business service revenue growth Q2 FY27 organic, %
25.8%
Europe B2B Growth: +3.9%
Group
Europe
20.5%
23.0%
18.1%
9.9%
9.3%
6.6%
18.0%
20.5%
18.8%
12.2%
11.1%
5.0%
13.0%
3.2%
11.8%
5.0%
3.0%
2.9%
8.0%
3.3%
0.3%
7.3%
3.0%
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
DE
UK
EU
SA
1. Digital Services include IoT, cloud & security services, SDN, and digital solutions and communications. 2. Software-as-a-service. 3. European Recovery Fund.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 11
Adjusted EBITDAaL & FCF
Adjusted EBITDAaL
Free cash flow
€billion
€billion
Adjusted EBITDAaL
6.5
0.3
Interest & tax Working capital & other Net dividends (assoc. & JV)
0.2
0.5
(1.1)
6.5
0.0
(0.2)
(2.2)
2
5.7
(0.3)
+6.4% organic YoY growth
+6.8% organic YoY growth
Capital additions
(3.3)
Adjusted free cash flow
(0.4)
Spectrum
(0.0)
H1 FY26
Direct margin
Net A&R
Gross opex savings in Europe & Shared Operations
Other opex (incl. inflation)
FX, M&A & Other 1
H1 FY27
Restructuring & integration
(0.4)
Free cash flow
(0.8)
• Service revenue growth across all segments driving direct margin expansion • Delivering €0.2 billion of gross opex savings in Europe and Shared Operations, including €50 million of UK synergies • Other opex increase driven by inflation incl. network costs and wages • For more detail about the next phase of our opex transformation journey, see page 26
• Adjusted free cash flow improved €140 million year-on-year • H1 cash outflow reflecting usual in-year working capital phasing − c.60% of capital expenditure spend in H2 − annual sale of handset receivables in Q4 • Restructuring and integration driven by peak UK integration impact
1. FX, M&A & Other include the impact of hyperinflation accounting in Türkiye. 2. Working capital & other primarily reflects the cash impact of lease accounting and the reversal of non-cash charges arising from Türkiye hyperinflation accounting and share based payments.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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Income statement
Consolidated income statement
Key inorganic items
Six months ended 30 September
Revenue • Impact of Three UK, and acquisition of Safaricom & Telekom Romania for full period
2026
2025
€m
€m
Revenue
21,853
19,609
Cost of sales
(14,651)
(13,229)
Impairment charge • Non-cash impairment charge of €4.85 billion with respect to Germany, primarily reflecting higher yields on German government bond rates and ECJ impact
Gross profit
7,202
6,380
Selling and distribution expenses
(1,692)
(1,529)
Administrative expenses
(3,280)
(2,750)
Net credit losses on financial assets
(257)
(207)
Other income • Includes a non-recurring and tax neutral accounting gain of €3.0 billion driven by the remeasurement of a previously held associate interest in Safaricom
Share of results of equity accounted associates and joint ventures
25
182
Impairment charge
(4,850)
–
Other income
3,369
86
Operating profit
517
2,162
Investment and other income
288
1,085
Investment & other income in the prior year • Prior year includes a one-off gain of €0.8 billion from the redemption of certain bonds bought back below par in advance of their maturity dates
Financing costs
(1,178)
(1,134)
Profit before taxation
(373)
2,113
Income tax expense
(3,224)
(1,061)
(Loss)/profit for the financial period
(3,597)
1,052
Income tax expense • Includes de-recognition of deferred tax assets amounting to €2.2 billion in the UK • This is an accounting adjustment with no current cash tax impact • The underlying tax attributes continue to be carried forward for future utilisation
Attributable to: – Owners of the parent
(4,789)
829
– Non-controlling interests
1,192
223
(Loss)/profit for the financial period
(3,597)
1,052
For more information, please see our H1 FY27 preliminary results statement: vodafone.com/results
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 13
Capital allocation
Strong balance sheet position
Disciplined capital investment
Growing dividend
• Committed to a progressive dividend policy from FY26 onwards • FY26 dividend +2.5% to 4.6125 eurocents • Interim FY27 dividend based on 50% of previous full year dividend
• Overall capital intensity broadly stable • Peak year for capex in the UK, with FY27 at €1.6 billion • Includes investment in Business and ongoing fiberisation of German fixed network • Maintaining our strong mobile and fixed positions across our footprint
• At the mid-point of our leverage range of 2.25-2.75x net debt/Adj. EBITDAaL 1 • M&A includes c0.4x impact from UK buyout, offset by €1 billion for sale of 50% of VodafoneZiggo stake • Average fixed cost of debt at c.3%
Dividend eurocents
Leverage 1 & net debt progression 2 €billion
Capital intensity %
2.5x Net debt/ Adj. EBITDAaL
2.5% growth
2.2x Net debt/ Adj. EBITDAaL
19%
33.5
18%
18%
0.5
c.18%
2.306
17%
6.1
2.25
2.25
0.6
25.4
0.8
4
H1 FY25
H1 FY26
H1 FY27
FY23
FY24
FY25
FY26
FY27e
FY26
FCF H1 FY27
Shareholder returns 3
M&A
Other
H1 FY27
1. H1 FY27 ratio includes pro forma adjustment to include 12 months of Safaricom Adjusted EBITDAaL. 2. Movements may not sum due to rounding. 3. Including dividends. 4. Including impact of UK and Safaricom transactions, as well as VodafoneZiggo proceeds.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 14
FY27 guidance ⫶ Upgrading Group guidance ranges
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)
(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
Original FY27 guidance 2,4
11.9 – 12.2
2.6 – 2.9
9-month FY27 Safaricom consolidation impact 5
1.1
–
Updated FY27 guidance provided in July 2026 (incl. Safaricom) 2,4
13.0 – 13.3
2.6 – 2.9
Upgraded FY27 guidance (incl. Safaricom) 2,4,5
13.2 – 13.4
2.8 – 3.0
Implied organic growth
c.6% – 8% c.17% – 25%
4. The FY27 guidance reflects 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. 5. The transaction is subject to a legal challenge. See note 11 ‘Contingent liabilities and legal proceedings’ for further information, on page 44 of our results announcement.
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.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 15
Operational progress
03
Vodafone ⫶ Scaled platforms keeping everyone.connected
A leading European & African telco
Clear operating model
Mission
Growth opportunities
Africa
Business
Investments
Europe
business
investments
Africa’s connectivity, fintech & digital innovation leader
Leading platform for Business
Driving growth & value maximisation across our portfolio
Europe’s most trusted telco
Powered by shared operations
Most efficient telco, leveraging local & cross-border scale
9 markets 106m mobile customers 17m broadband customers
8 markets 255m mobile customers 2m broadband customers
vodafone Networks
Procurement, Voice & Roaming
Technology & operations
Network services
VOIS
Strategic priorities
Supported by Vodafone’s leading platforms
Simplicity
Customers
Growth
Most efficient operator in Europe and Africa
A best-in-class customer experience
Accelerated growth creating shareholder value
40+ Global telecoms partners
5 million Business customers
108 million Financial services users
267 million IoT connected devices
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 17
Vodafone ⫶ Increasing our exposure to key growth opportunities
See slide 30 for more information on Vodafone investments
VodafoneThree buyout
Track record of value realisation
April 2024 Creation of Vodafone Investments
• Own 100% of UK’s largest mobile operator • With full ownership we can move at an even faster pace and capture significant benefits • Now targeting increased synergies, with operating FCF to more than triple by FY32
annual cost & capex synergy target by FY30
£0.8bn
June 2024 €1.7 billion Sale of 18% stake in Indus Towers
annual cost saving target by FY32
July 2024 €1.3 billion, with total net proceeds to €6.6 billion Sale of further 10% in Vantage Towers, achieving 50:50 JV
£1.0bn
Mid-to- high
single digit Adj. EBITDAaL CAGR (FY25 – FY32)
December 2024 €0.3 billion Sale of final 3% stake in Indus Towers
July 2025 €0.4 billion distribution to Vodafone after TPG sells fixed fibre assets
Safaricom controlling stake
• Acquired controlling stake in Kenya’s largest telecoms operator in Jun’26 1 • Strengthens our exposure to fast growing, and world-leading FinTech platform, M-Pesa • Building greenfield mobile
for 15% stake, increasing holding to 55%
€1.4bn
December 2025 Settlement of Vodafone Idea CLAM
Launch of Satellite Connect Europe JV with AST SpaceMobile
mobile customers across Kenya & Ethiopia
August 2026 €1.0 billion +10% stake in Ziggo Group after sale of VodafoneZiggo
79m
All debt secured against Indian assets repaid, with all material issues between Vodafone and Vi closed
adj. EBITDAaL 2 , with 21.7% growth in Q2 FY27
network in Ethiopia, with population of 140 million
€1.5bn
Societe Generale acquired 50% shareholding in OXG
1. Subject to a legal challenge over the validity of the acquisition ongoing in Kenya. See note 11 ‘Contingent liabilities and legal proceedings’ for further information, on page 44 of our results announcement. 2. Over the last 12 months.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 18
Our networks ⫶ The best connectivity from the seabed-to-the-stars
homes.connected
people.connected
everywhere.connected
operations.connected
Providing fast, low-latency, and reliable in-home connectivity
Scaled 4G & 5G networks with strong coverage & reliability
Satellites extend our reach where terrestrial deployment is impractical or uneconomic (e.g. deep rural, remote, and hard-to-reach areas)
Marketing gigabit fixed broadband to 100 million homes in Europe and Türkiye
81% 5G pop coverage (EU) 76% 4G pop coverage (Africa)
Expanding our addressable markets with remote broadband, direct-to-device, site backhaul
Resilient IoT connectivity for critical national infrastructure and enterprise operations
5G standalone FWA broadband expands our reach even further
5G standalone providing higher capacity & dedicated slicing
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 19
Operational progress ⫶ Executing on our strategic priorities
Simplicity
Customers
Growth
1
Service revenue growth (YoY)
Europe opex savings
Customer satisfaction (NPS vs. competitors)
€200 million vs. targeted annual savings of >€2bn gross by FY30
+5.8% (H1 FY26 +5.7%)
2 nd 1 st 1 st 1 st
of which UK cost & capex synergies
Adjusted EBITDAaL growth (YoY)
Customer sentiment (Promoter-to- detractor mix YoY)
€50 million vs targeted annual savings of £0.8bn by FY30
+6.4% (H1 FY26: +6.8%)
+11% +6% +56% flat
Adjusted Free Cash Flow (Reported)
Customer loyalty (Total mobile customer churn %)
Europe role reductions 2
c.3,000 with further 2.3k announced in Germany
-€0.4 billion (H1 FY26:-€0.6bn)
+0pp +5pp +0pp +3pp
1. Excluding Vodafone Romania. 2. Including Shared Operations.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 20
Customers ⫶ Good progress in Germany, but more to do
Leading customer experiences
Operating strong networks
Opportunity in convergence
• Strong customer satisfaction, with NPS improving YoY across all products • Independent customer assessment awards, incl. near-perfect website score 1 and best retail stores 2 • Expanded AI care capabilities, increasing first-contact resolution to c.80% of customer enquiries
• Next-generation 5G standalone mobile network, covering >94% of the population • 5G slicing and Quality on Demand, available to B2B customers, providing assured performance • Germany’s largest gigabit footprint, of any operator, with 31.5 million households • OXG fibre rollout accelerating, with 1.1 million homes passed, expect 1.4 million by Mar’27
• ‘One-stop-shop’ for connectivity in the home across mobile, broadband, and TV • Personalised convergence propositions and targeted campaigns • Share of households with three or more products increasing • Customer base of 12.8 million single-product households provides significant opportunity
Customer satisfaction Net Promoter Score, YoY
Households passed millions
Converged customers %
Consumer
+4pp
Cover >75% of households with gigabit speeds
24%
H1 FY27
25.0
6.5
19%
Mobile
+4pp
H1 FY26
TV
+4pp
25.0
5.0
Converged mobile customers
Converged broadband customers
Cable
+4pp
Owned gigabit
Wholesale gigabit
1. Source: “Gewählt zum Kundenservice des Jahres 2026”, Armonia Deutschland GmbH; Vodafone achieved a near-perfect website score of 99.6% in the independent customer service assessment. 2. Telecoms Retail Shop test by CHIP magazine (September 2026), Germany-wide mystery shopping.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 21
Customers ⫶ Unique growth opportunity in the UK
Click here for our UK Investor Day materials
Customer experience leader
A new era of connectivity
Opportunity in convergence
• Building on Vodafone’s NPS leadership, with customer satisfaction improving across all brands • Mobile contract churn continues to improve across all brands, with Vodafone churn levels being industry-leading • Scaling customer-first initiatives including Just Ask Once, AI-enabled care and UK- based customer service
• One of the fastest-growing broadband providers in the country • Launched Vodafone TV to deepen customer engagement and retention • UK’s largest mobile customer base of 28 million provides a significant convergence opportunity, with 6.6 million single Vodafone mobile product customers
• Building UK’s best 5G standalone network, with £11 billion investment over 10 years • Launched industry-leading SuperMobile proposition, with enhanced speeds, reliability and security for consumers and businesses • Largest marketable fibre footprint, with 1 Gbps available to 26.5 million households • Further 3.2 million households can access 5G standalone Fixed Wireless Access (‘FWA’)
National average 5G download speed 1 Mbps
Share of highly satisfied customers (‘promoters’) %
Converged customers %
+3%
313 Mbps
40%
+15%
+82%
172Mbps
7%
Sep-25
Sep-26
Sep-25
Sep-26
Converged mobile customers
Converged broadband customers
Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26
Vodafone
Three UK
1. Ookla® Speedtest Intelligence®.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 22
Customers ⫶ Structural growth drivers in Africa
Growing customer base
Expanding next-gen connectivity
Diversifying beyond mobile
• Share of ‘Beyond Mobile’ service revenue now 27.4%, with target of >32% by 2030 • Africa’s leading FinTech platform, with revenue growing 19% YoY to €1.2 billion in H1 2 • Scaling financial services adoption with 108 million customers and 2.2 million merchants
• Customer satisfaction leader in 7 out of 8 markets • Population growth and strong demand for data driving 28 million increase in our mobile customer base YoY • Smartphone penetration increased 5pp YoY to 69.8% in H1, supported by innovative prepaid handset financing and new affordable devices
• One of Africa’s largest telecoms infrastructure footprints, providing 76% 4G population coverage in our markets • 5G data volume almost tripled YoY, with 5G now available in 7 markets • Fibre footprint (through Maziv partnership) expanded, reaching 4.1 million households with our combined offerings
Growth drivers
4G & 5G mobile sites in Africa
Financial services customers million
H1 FY27 FY30 ambition
South Africa IB (M-Pesa)
Egypt (VF Cash)
SF (M-Pesa)
64k
Population growth (m)
108
56k
667
610
94
84
48k
74
43k
44
40
34
Customer growth (m)
32
17
255
275
14 27 13
16 24 10
7
30
14 21
16
Smartphone penetration
69.8%
>75%
H1 FY24
H1 FY25
H1 FY26
H1 FY27
H1 FY24
H1 FY25
H1 FY26
H1 FY27
1. Unless otherwise stated, all metrics include Safaricom on a 100% consolidated basis. 2. Based on Africa service revenue in Vodafone Group’s financial results. Includes Safaricom from July 2026 onwards.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 23
Customers ⫶ Gaining share in growing B2B markets
vodafone business
Diversified
Targeted data centres investments
Expanding portfolio
• One of Europe’s leading platforms for business, operating as a single unit across our footprint • Serving a balanced mix of customers from the public sector, to SMEs, to global multi-nationals • Ever-expanding product portfolio: − Smart: AI concierge, in partnership with Google, enabling AI-powered customer engagement and business productivity solutions − Secure: SME managed cyber security service now available in Portugal, Ireland and Romania, following launch in Germany − Sovereign: Exclusive telecom partner of AWS sovereign cloud solution in Germany
• Annual revenue from digital services of €2.4 billion over the last 12 months • Double-digit growth in digital services portfolio for last two years
Egypt 2 Joint venture with El Sewedy Electric and Cassava Technologies
30% Equity stake
20MW Initial capacity
200MW Planned capacity
Egypt’s largest data centre, providing a range of cloud services, & separately developing Egypt’s first sovereign AI data centre
B2B product revenue (Q3 FY26 – Q2 FY27) € billion
Safaricom Across Kenya and Ethiopia
Core Mobile
4.4
2 central data centres
9.1MW Current capacity
35MW Planned capacity
Core Fixed
1.8
One of Kenya’s largest data centre footprints, providing sovereign AI and will provide GPU-as-a-service
Digital services Q2 growth: 20.5%
IoT
0.8
Cloud & Security
Türkiye 1 50:50 Joint Venture with DAMAC Digital
0.6
US$100m Initial investment
4MW Initial capacity
20MW Planned capacity
SaaS
0.4
Digital comms & other
0.5
Opened sixth sovereign data centre in Sep’26, with first customers live, and agreements for >50% of capacity
1. Off-balance sheet joint venture.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 24
Simplicity ⫶ Strong track record of driving opex efficiencies
Annual EU opex savings supporting reinvestments 2
Annual EU net opex savings 1
(€bn)
(€bn)
Opex savings Reinvestments
0.3
0.2
0.1
1.5
0.4
1.3
0.4
0.4
0.8
0.3
0.4
FY23
FY24
FY25
FY26
FY19
FY20
FY21
FY22
Source: FY22 results presentation, p14
Source: FY26 results presentation, p26
FY20
FY21
FY22
FY23
FY24
FY25
FY26
FY19
annual net savings 16% of baseline
annual gross savings c.10% of baseline
€1.5bn
€0.7bn
• >8,000 role efficiencies in Shared Operations in 4 years • Total UnityMedia integration synergies of €0.5bn • IT transformation across 6 markets • Product development rationalisation and legacy decommissioning • 45% of total contacts resolved by our chatbot • c.50% reduction in network monitoring & configuration costs
• c.11,000 role reductions over 3 years (FY24 – FY26) • Leveraged scale in network & digital operations • Corporate services right-sized for new shape of Group • Embedded zero-touch operations and embraced AI coding
Benefits of scale
Simplification
• 85% of total contacts resolved by our AI chatbot • VOIS shared services productivity up by 20%
Automation
Providing strong foundations for the next phase of our opex efficiency programme…
1. Net opex savings Europe, Common Functions & Vantage Towers. 2. Includes Europe and Common Functions operating expenditure. Excludes extra energy costs driven by inflation from the Ukraine crisis.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 25
Simplicity ⫶ Next phase of our opex transformation journey
Strong start to four-year programme
Significant ambition supporting operating leverage
>€1 billion Net
Actions taken
>€2 billion Gross
annual savings by FY30
• 42% multi-brand stores through retail consolidation • Rationalisation of marketing and logistics activities • Fourth layer of organisation integration complete
UK synergies
>20% of FY26 opex (gross) 2
>30% of addressable opex (gross) 3
>10% of FY26 EBITDAaL (net) 1
• Targeting >€2 billion of annual gross opex savings across Europe and our Shared Operations by FY30, driven by: − Transforming customer care: AI-assisted care, and product & journey simplification driving higher customer satisfaction at lower cost − Enhancing networks: Building autonomous networks at scale, with faster go-to-market, and upgraded UK synergies − Advancing Shared Operations: Standardising processes & platforms, with autonomous procurement, and AI-enabled software development and operations • Gross savings partly offset by headwinds from inflation on employment costs, towers and energy
• c.3k role reductions in H1 in Europe & Shared Ops • With further 2.3k announced in Germany
Simplification
• Insourced software development cases reducing time-to-market and cost by up to 80% • Self-healing international network agent • >99% of tenders with AI
Artificial intelligence
>€200 million gross savings in H1 FY27
On track to deliver >€200 million in net saving by the end of FY27
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
1. Based on reported FY26 Europe and Shared Operations Adjusted EBITDAaL of €7.5 billion. 2. Based on reported FY26 Europe and Shared Operations operating expenditure of €9.4 billion. 3. Actionable cost base excl. Vantage and other non-addressable spend (e.g. audit & PLC costs).
Page 26
Growth ⫶ Diversified growth opportunities across the Group
25%
74%
• Growing customer base • Expanding next-gen connectivity • Diversifying beyond mobile
• Leading customer experiences • Operating strong networks • Opportunity in convergence
Europe 1
Africa
of Group service revenue
of Group service revenue
255 million mobile customers
122 million mobile & broadband customers
100 million marketable 1Gbps broadband homes
108 million financial service customers
>€2 billion gross savings (by FY30)
• Expanding portfolio • Serving every customer segment • Diversifying products and services
Vodafone Business
Europe opex efficiencies
24% of Group service revenue
• Upgraded UK synergies • Organisational efficiencies • Artificial intelligence
>€1 billion net savings (by FY30)
c.€160 billion addressable market 2
>10% of FY26 Europe Adj. EBITDAaL
267 million IoT connected devices
FY26 Gross savings
Inflation FY30
Attractive opportunities in Europe, Africa and B2B
Executing cost efficiencies with a clear execution plan
Double-digit organic growth in Adj. FCF in the mid-term
1. Includes Türkiye. 2. Across SOHO, SME and Enterprise.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 27
Growth ⫶ Delivering on our mid-term ambition
Mid-term ambition 1
H1 FY27
Balanced portfolio
FY26
Considerations
Europe
+0.1%
+0.8%
Building trust, focused on value Structural growth opportunities
Investments 4%
Africa
+12.9% +3.2% +5.4%
+13.4% +5.8% +5.8%
Revenue growth
B2B
Growing demand, with diverse products & services
Africa 29%
Group
Group Adj. EBITDAaL margin
Operating leverage
Annual >€2bn (gross) efficiency & synergy potential >€1bn (net) EU opex reduction target by FY30 2,3
28.1%
29.5%
Türkiye 10%
Other Europe 12%
Europe: Growth supported by UK synergies
Europe
(0.1)%
(1.3)%
Adj. EBITDAaL growth
Africa
+14.0%
+18.0%
Africa: Early-teens EBITDA CAGR
UK 11%
Group
+4.5%
+6.4%
Disciplined capital allocation
c.18% capital intensity
Broadly stable capital intensity market-by-market
Group
Germany 34%
Targeting lower half of 2.25-2.75x leverage range
c.3% cost of debt
Double-digit organic growth in Adj. FCF
Euro growth in Adj. FCF
Adj. FCF (FY27e)
4
1. Medium-term financial ambition assume no material change to the structure of the Group (at 30 September 2026), is based on current prevailing assessments of the macroeconomic outlook, including interest rates and inflation, and is at constant foreign exchange rates. 2. Includes Europe, Shared Operations and Corporate services, and committed UK cost synergies. The majority of the previously disclosed £800 million cost & capex synergies in the UK is expected to be opex savings.
3. Restructuring and integration costs in FY27 are expected to peak at c.€0.7 billion, which includes integration costs of c.€0.4 billion related to the VodafoneThree merger. 4. FY27 estimate based on mid-point of FY27 guidance, including proforma for Safaricom. Represents operating free cash flow net of interest, tax and minority dividends. Excludes cash interest.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 28
H1 FY27 Results Appendices
I
Vodafone Investments
p30
II
Investor Briefings
p31
III
ESG reporting & performance
p32
IV
Net debt, liquidity & total funding obligations
p33
V
KPI definitions
p34
04
VI
Importance notice
p35
I ⫶ Vodafone Investments
Pillar
Investment
Focus
Ownership Key Information
• Owns 100% of Vodafone Ziggo, a Dutch operator, and Telenet, a Belgian operator
Ziggo Group
Benelux converged operator
10.0%
• Vodafone Group provides guarantees amounting to US$0.5 billion and €0.6 billion in relation to its 50% share in the loan facility within the holding company structure • Government stake now at 49% following €4 billion of spectrum debt-for-equity swap • Vodafone’s stake reduced by 3 percentage points following agreement with Vi announced on 31 December 2025
23.7% Market cap: A$8 billion 1
Australia converged operator
Telco Operations
13.0% Market cap: €13 billion 1
India mobile operator
• H1 FY27 Adj. EBITDAaL of €377 million, macro sites 48,416 2 and tenancy ratio 1.57x 2
European passive tower infrastructure
44.7%
• 1.1 million households passed (Sep’26), targeting 7 million • Societe Generale S.A. completed acquisition of a 50% shareholding on 30 October 2026
Infrastructure
Germany FTTH infrastructure
50.0%
• >0.7m homes passed (~36% of total households)
Ireland FTTH infrastructure
50.0%
• Preparing for commercial launch in 2027 • Current market value of investment US$0.5 billion 1 (vs. US$60 million invested) • JV with AST SpaceMobile, building ground stations, and distributing satellite connectivity in Europe • Collaborations underway with CK Hutchison, Orange, Telefonica, Sunrise and Vodafone
Direct-to-mobile low-orbit satellite connectivity
3.7% Market cap: $14 billion 1
Open access provider of European operated direct to device satellite services
50.0%
Innovation
• Venture with global telecom providers and Ericsson to aggregate network APIs
Network API aggregator
4.6%
• Venture with European telcos to deliver a telco-powered authentic consent service
Advertising Technology
25.0%
• Venture with Sumitomo to enable IoT devices to securely connect, transact, and communicate autonomously
Economy-of-things
69.0%
1. As at 9 November 2026. 2. Does not include CTIL and INWIT macro sites.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 30
II ⫶ Investor Briefings
VodafoneThree Investor Briefing
Vodacom ⫶ Introducing Vision 2030
• We have structural growth opportunities • We are a market leader supporting attractive ROCE
• A new era of connectivity • Building the UK’s best mobile network • Accelerating our leadership in consumer • Connecting businesses to their potential • Delivering significant value creation
• We are an infrastructure owner • We are a responsible corporate
Materials including videos, presentation, case studies & Q&A: vodacom.com/presentations
Materials including videos, presentation, case studies & Q&A: vodafone.com/investor-events
Additional data ⫶ Spreadsheet format
Additional Vodafone Investor Events
• Social Contract Investor Briefing • Digital Services & Experiences Investor Briefing • Vodafone Technology Investor Briefing • Vodafone Business Investor Briefing • Vantage Towers
vodafone.com/results
01. Quarterly revenue 02. Vodafone Business revenue 03. Quarterly adjusted EBITDAaL 04. Group financial performance
09.
Fixed broadband customers
10.
Marketable homes passed
11.
TV customers
12.
Converged customers
05. Segmental results 06. Segmental analysis 07. Cash flow 08. Mobile customers
13.
Mobile churn
14.
Mobile data usage
15.
Mobile ARPU
vodafone.com/investor-events
16.
FX rates
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 31
III ⫶ ESG reporting & performance
ESG news & insights vodafone.com/news
Annual Report
ESG Addendum
An accessible report highlighting our ESG strategy and performance
Detailed ESG data supported by a dedicated ESG Methodology document including definitions, methodologies and assurance
Why cyber resilience matters We are at a defining moment. Technology is advancing rapidly, the threat landscape is evolving, & the pace of change is accelerating Read more Accelerating our climate transition Tackling climate change means taking robust action across many parts of our business Read more Connecting customers in Africa Helping customers overcome challenges, unlock opportunities, and stay connected in moments that matter Read more Climate resilience in a disrupted world Strengthening network resilience and partnerships to help communities prepare for, respond to and recover from extreme weather Read more
vodafone.com/ar26
vodafone.com/esg-addendum
Board conversations A series of conversations with our ‘Board members’ to learn about their roles and experience
ESG Reporting
An A-Z of our complete suite of ESG disclosures, reports and policies
vodafone.com/esga-z
vodafone.com/videos
Our ESG framework
Planet
People We want everyone to fully benefit from the digital society, regardless of who they are or where they live
Trust We maintain trust with our customers, employees, suppliers and the societies we serve is key to our business
We are reducing our environmental impact and helping society decarbonise
Embedding ESG across our strategy to support long-term shareholder value
1. Ratio included Safaricom pro-forma.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 32
IV ⫶ Net debt, liquidity & total funding obligations
Net debt progression 1
Total funding obligations
(€billion)
H1 FY27
FY26
33.5
0.5
€m
€m
Bonds
(36,092) (2,578) (4,027) (42,697)
(33,828) (1,383) (3,393) (38,604)
6.1
0.6
25.4
0.8
Bank loans
Other borrowings including spectrum
H1 FY27 2.5x Net debt/ Adj. EBITDAaL
FY26 2.2x Net debt/ Adj. EBITDAaL
Gross debt
Cash and cash equivalents
5,133
8,982
Non-current investments in sovereign securities
407
915
Short-term investments
3,257
3,431
FY26
Free Cash Flow H1 FY27
Shareholder returns (incl. dividend)
M&A (incl. UK, Safaricom & VodafoneZiggo)
Other
H1 FY27
Derivative financial instruments
489 (62)
340
Net collateral liabilities
(475)
Net debt (a)
(33,473)
(25,411)
Bond maturity profile
Other funding obligations Lease liabilities
(12,777)
(12,388)
(€billion)
Pension liabilities
(178)
(206)
Current Liquidity Hybrid Senior
Guarantees over Australia joint ventures loans
(1,038)
(1,031)
0.8
Equity content of hybrid bonds
3,797
3,797
Total funding obligations (b)
(43,669)
(35,239)
2.0
Adjusted EBITDAaL (c)
12,074
11,351
8.7
Depreciation on right of use assets
3,899
3,674
13.2
Interest on leases
663
615
9.3
0.8
Adjusted EBITDAaL before leases (d)
16,636
15,640
1.5 1.8
0.7
2.2
0.5
1.8
0.6
Ratio of net debt to adjusted EBITDAaL 1 (a/c)
2.5x 2.6x
2.2x 2.3x
Current Liquidity FY27
FY28
FY29
FY30
FY31
FY32-FY39 FY40+
Ratio of total funding obligations to adjusted EBITDAaL before leases 1 (b/d)
c.3% average fixed cost of debt
avg. €1 billion p.a. senior refinancing needs (FY27 – FY31)
13 years average life of bonds
BBB all three credit rating agencies
1. Movements may not sum due to rounding. 2. H1 FY27 ratio is pro forma for 9 months of Safaricom Adjusted EBITDAaL.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 33
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