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).
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