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
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