UK ⫶ Executing on upgraded synergy targets
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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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