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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