Vodafone FY26 Results Presentation
FY26 Results May 2026
Vodafone Group Plc FY26 Results ⫶ May 2026
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FY26 Results Highlights
p3 p5
Financial progress Vodafone, a new chapter Appendices
p17 p36
Vodafone Group Plc FY26 Results ⫶ May 2026
Page 2
Highlights
Europe FY26 service revenue Africa FY26 service revenue Group FY26 Adj. EBITDAaL
+0.1%
Delivered the upper end of our FY26 guidance
+12.9%
+4.5%
Group Adj. EBITDAaL Europe Adj. EBITDAaL Group Adj. free cash flow
€11.9 – 12.2bn
Further Adj. FCF acceleration in FY27 1
€7.6 – 7.9bn €2.6 – 2.9bn
Net Promoter Scores lead / co-lead 11 markets Role reductions (vs. 10k target) 11,000 Adj. FCF per share (FY24-FY26) +18%
Vodafone: simpler, stronger, growing
Double-digit organic growth Adj. FCF growth in euro
Medium-term Adj. FCF growth ambition
Vodafone Group Plc FY26 Results ⫶ May 2026
1. See page 16 for more information about FY27 guidance.
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Basis of preparation: Unless otherwise stated, growth rates represent organic growth. Organic growth presents performance on a comparable basis, excluding the impact of foreign exchange rates, mergers and acquisitions, the hyperinflation adjustment in Türkiye and other adjustments to improve the comparability of results between periods. The Group is consolidating VodafoneThree into its financial results from 1 June 2025.
Financial highlights ⫶ Results at upper end of guidance (€billion) FY26 FY25
Adjusted EBITDAaL
Total revenue Service revenue Adj. EBITDAaL Capital additions Adj. free cash flow
40.5 33.5 11.4 (7.3)
37.4 30.8 10.9 (6.9)
(€billion)
• Results in line with expectations & growth across key financial metrics • Leverage at the bottom end of our target range • 2.5% increase in dividend per share year-on-year
4.5% organic yoy growth
• FY26 supported by service revenue growth across markets • Despite final MDU impact in Germany & continued commercial investment • Adj. EBITDAaL margin impacted by Three UK consolidation, +0.2pp on a like-for-like basis
11.4
10.9
2.6 1.8
2.5 1.9
Free cash flow
29.2% Adj. EBITDAaL margin
28.1% Adj. EBITDAaL margin
Net debt/Adj. EBITDAaL leverage Dividends per share (eurocents) 2
2.2x
2.0x
4.6
4.5
FY25
FY26
Service revenue growth
Return on capital employed
(pre-tax controlled 1 , %)
(organic, %)
Group
Group ex. Türkiye
1.8pp
• Pre-tax ROCE 1 impacted by the consolidation of Three UK • Headwinds from German MDU TV law change impact • Improved returns in all other segments
• 5.4% service revenue growth in FY26 with both Europe & Africa growing • Vodafone Business growing 3.2% in Q4 – Germany back to growth & decline in UK
5.8%
7.0%
5.5%
5.4%
5.4% 3.3%
6.6%
5.1% 3.2%
(1.6)pp
(0.9)pp
3.2%
2.2%
1.7%
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
FY25
UK Merger impact
German MDU impact
Other
FY26
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Pre-tax ROCE for controlled operations only. ROCE is calculated by dividing adjusted Operating profit by the average adjusted Capital employed. 2. Total dividends per share are 4.6125 eurocents in FY26 (FY25: 4.5 eurocents) including a final dividend per share of 2.3625 eurocents.
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Germany ⫶ Turnaround actions supporting revenue improvement • -0.2% service revenue growth in FY26: − final MDU transition impact (FY26: -0.8pp) − higher wholesale revenue − strong demand for Business digital services − mobile ARPU pressure from competitive intensity & ongoing TV decline • Fixed line stabilised in Q4 despite TV headwinds, supported by growth in Consumer broadband & Business digital services Service revenue − higher wholesale revenue offsetting challenging market conditions − final MDU transition impact (FY26: -1.1pp) − higher commercial investment in the prior year to support turnaround − higher Business digital services variable costs − partially offset by cost efficiency Adj. EBITDAaL • -3.3% Adj. EBITDAaL growth in FY26: • Mobile contract net additions impacted by market intensity & B2B disconnections • Broadband base decline due to fewer new customer wins as we focus on value • Higher broadband inflow ARPU (Q4: +30%) driven by pricing actions: − reduced promotions and increase in one-time & hardware fees in 2025 − ‘more-for-more’ speed upgrades in January 2026 Customer additions
37% of Group Adj. EBITDAaL 1
Ex. MDU transition impact Service revenue growth (organic, %)
Net additions (‘000s)
Adj. EBITDAaL (€billion)
Gigabit broadband
DSL
Mobile contract
-3.3%
(4) (3) 12
11
1.3%
0.7%
(1)
0.5%
(0.3)%
4.4
4.2
(15) (8) (36)
(2.7)%
(15) (11)
(47) (16)
(59) (31)
-€0.2bn
(3.2)%
(6.0)%
(77) Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
FY25
Service Revenue
MDU impact
A&R
Other Costs
FY26
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Based on FY26 Adjusted EBITDAaL contribution.
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Germany ⫶ Focus areas
37% of Group Adj. EBITDAaL 1
Our turnaround market
Where we are
The year ahead
• Enhance Consumer propositions • Improve second brands reach • Broaden best-in-class AI care initiatives (‘Ask Once’, SuperAgent, SuperTOBi) • Build on 5G SA capabilities • Continue to increase fibre density in our hybrid fibre-cable network • Expect to pass >1 million households with OXG fibre by Mar’27
• Continuous growth in customer satisfaction across all Vodafone products • Best-ever mobile & cable NPS • Clear #2 mobile network in independent tests • Largest gigabit broadband footprint of any operator • OXG commercial launch with various partners • 2.1 million customers with bundled broadband and TV • Converged customers are more satisfied customers (NPS +7pp)
Leading customer experience
Strong networks
• Be the ‘one-stop-shop’ for household connectivity • Targeted campaigns with deeper personalisation
Convergence driving value
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Based on FY26 Adjusted EBITDAaL contribution.
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UK 1 ⫶ Fast integration progress & full ownership Service revenue
17% of Group Adj. EBITDAaL 2
• Mobile contract additions impacted by Three UK customer losses & very low value B2B disconnections (FY26: -53k) • VOXI & SMARTY continued to grow (FY26: 189k) • 222k fixed broadband & 56k fixed wireless access 3 net additions in the year • Best-in-class CX & propositions: − Vodafone Consumer NPS leader − churn improvement across all Consumer brands post-merger − launched ‘Vodafone Together Family’ plan Customer additions
• 4.5% Adj. EBITDAaL growth in FY26 driven by: − strong Consumer broadband & Wholesale margin growth − higher operating expenses due to inflation & network deployment • Actions undertaken on key cost synergies to deliver the first material impacts in FY27: − all teams integrated down to the third level of the organisation − appointed network deployment partners − contract rationalisation ongoing Adj. EBITDAaL
• 0.3% service revenue growth in FY26: − strong commercial momentum in Consumer & Wholesale − Business decline from planned managed services contract terminations in FY26 • Record customer growth in Consumer broadband together with ARPU increase • Improvement in mobile in Q4 supported by better Three UK performance & Wholesale acceleration • Lower Business project activity in Q4 incl. a strategic change by a large customer
Service revenue growth (organic, %)
Net additions (‘000s)
Adj. EBITDAaL (€billion)
4.5% organic yoy growth 3
Broadband
Mobile contract
3.1%
64
64
61
50
44
1.9
41
1.2%
0.9%
1.6
14
(22)
(46)
(0.2)%
(0.5)%
(73) Q3 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q4 FY26
FY25
FY26
Vodafone Group Plc FY26 Results ⫶ May 2026
1. FY26 results include two months of Vodafone UK on a standalone basis, and ten months of VodafoneThree results. 2. Based on FY26 Adjusted EBITDAaL contribution. 3. Fixed wireless access (‘FWA’) net additions are reported under mobile net additions.
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UK ⫶ Focus areas
17% of Group Adj. EBITDAaL 1
A unique position and opportunity
Vodafone Ookla ® Speedtest Intelligence ® 4 national avg. 5G download speed (Mbps) +38%
Where we are
The year ahead
237Mbps
• Vodafone NPS leader, with best-in- class propositions • Three NPS improving rapidly (network quality, CX processes) • Largest spectrum holding • Fast mobile network experience improvement, ‘London’s Best Network’ 2 • Customers using both networks across 10,000 radio sites & removing ‘not spot’ areas
• B2B ‘5G Slicing’ with guaranteed speeds • Single converged app & enhanced GenAI chatbot roll out • Invest c.€1.6bn 3 in FY27 • Progress network integration nationwide • Monetise mobile network quality (e.g. speed upgrades) • Multi-brand stores integration supporting cross-selling • Enhance ‘Vodafone Together’ family proposition
Leading customer experiences
172Mbps
Jun'25
Aug'25
Oct'25
Dec'25
Feb'26
Strong networks
• Unique opportunity with largest mobile base (B2C & B2B) • Multi-brand portfolio serving all segments • Largest fibre footprint & 5G FWA opportunity
Convergence driving value
UK investor briefing later in 2026
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Based on FY26 Adjusted EBITDAaL contribution. 2. London’s Best Mobile Network: Based on the NET CHECK Benchmark measurement report of mobile networks in Greater London. Tested with latest commercially available equipment on four mobile networks, in March/April 2026. 3. Estimated total capital additions in FY27.
4. Based on Vodafone analysis by Ookla® of Speedtest Intelligence® data for Q1–Q2 2026. Ookla trademarks used under license and reprinted with permission.
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Other Europe & Türkiye
Other Europe ⫶ Strong Business momentum
• 45.2% service revenue growth in FY26: − moderating inflation impacting trends − strong base management & B2B growth • Strong euro growth in service revenue, Adj. EBITDAaL & cash flow 2 in FY26 • New price actions started in April 2026 • 5G services launched in April 2026 with the most efficient spectrum utilisation & widest coverage in the country • 47.6% Adj. EBITDAaL growth in FY26 supported by service revenue growth & ongoing digitalisation Türkiye ⫶ Scaling to €1bn Adj. EBITDAaL
23% of Group Adj. EBITDAaL 1
• 3.7% Adj. EBITDAaL growth in FY26 driven by: − service revenue growth & cost actions − legal one-off in Portugal in H1 FY26 − partially offset by Greece provisions in H2 • Acquisition of Telekom Romania assets completed in October 2025: − integration well underway & 250k customers migrated − network integration started, with national roaming supporting customer experience
• 0.5% service revenue growth in FY26 impacted by: − ARPU pressure in Portugal − good performance across other markets • Q4 Business acceleration in Romania offset by project phasing in Greece • Re-introduction of pricing actions announced in Portugal in January 2026 • Q4 mobile contract net additions impacted by the disconnection of 58k inactive SIMs
Service revenue growth (organic, %)
Net additions (‘000s)
Service revenue growth (reported EUR 3 , %)
Broadband
Mobile contract
1.2%
1.2%
52.3%
80
0.8%
78
75
29.6%
28
0.2%
4
14.8%
1
3
3.7%
(5)
(20) (68) Q4 FY26
(0.5)% Q2 FY26
(0.2)% Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY25
Q1 FY26
Q3 FY26
Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Based on FY26 Adjusted EBITDAaL contribution. 2. Cash flow is the sum of Adj. EBITDAaL, capital additions, working capital and other cash flow movements. 3. Growth in euro terms excluding the impact of hyperinflation accounting adjustments.
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Africa ⫶ Good growth across all markets South Africa
Internationals
25% of Group Adj. EBITDAaL 1
• 36.3% service revenue growth in FY26 above inflation & in euro terms supported by: − pricing actions & customer base growth − data demand • Q4 slowdown as anticipated due to fully lapping higher regulatory price floors from Dec’2024 • 48.2% Vodafone Cash revenue growth in FY26 • 5G launched in June 2025 • 45.3% Adj. EBITDAaL growth in FY26 reflecting operational leverage Egypt
Internationals
• 2.1% service revenue growth in FY26 due to: − strong growth in mobile contract supported by pricing actions − Business demand for digital services • Q4 acceleration from prepaid mobile data usage improvement • 8.1% financial services revenue growth in FY26 • -4.1% Adj. EBITDAaL decline in FY26 reflecting a non- recurring lease accounting adjustment in H2 & one-off cost in H1
• 14.7% service revenue growth in FY26: − strong data demand & acceleration of M-Pesa revenue − strong growth in Tanzania & DRC − Mozambique returned to growth • M-Pesa revenue increased 23.1% in FY26 • 7.1m mobile customer additions in FY26 with 67.2% active data users • 37.1% Adj. EBITDAaL growth in FY26 due to revenue growth & lapping prior year one-offs
Service revenue growth (organic, %)
Service revenue growth (reported EUR, %)
Service revenue growth (organic, %)
3.3%
15.7%
15.6%
2.9%
2.8%
14.7%
33.1%
32.5%
29.0%
12.6%
15.2%
9.3%
1.4%
5.2%
1.4%
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Based on FY26 Adjusted EBITDAaL contribution.
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Vodafone Business ⫶ Double-digit digital services growth • 3.2% service revenue growth in FY26 due to: − strong demand for digital services − growth in Türkiye & Africa − partially offset by planned managed services contract terminations in the UK • Q4 supported by digital services growth with an acceleration in Germany & Romania • Digital services contributing 26% to Business service revenue in FY26 Financial performance • 14.2% digital services growth in FY26 • 52.7% growth in SaaS 2 & 35.1% growth in SDN 3 services revenue in Q4 • Acquisition of leading cloud & digital transformation specialist, Skaylink, closed in December 2025 & sales of their services have started • Launched AI concierge & cybersecurity solution for SMEs in partnership with Google in April 2026 • Telecom partner of AWS sovereign cloud solution in Germany from May 2026 Digital Services 1 performance
vodafone business
• Germany back to growth in Q4 − strong digital services acceleration − impacted by pressure in core connectivity services • UK slowdown due to lower project activity incl. a strategic change by a large customer • Other Europe strong digital services growth in Romania from project delivery • Africa strong demand for digital services supported by IoT Q4 market performance
Service revenue growth (organic, %)
Digital Services 1 revenue growth (organic, %)
Business service revenue growth (Q4 FY26 organic, %)
11.0%
18.1%
16.1%
5.1%
15.1%
6.8%
12.2%
1.5%
11.1%
4.0%
3.2%
3.0%
2.9%
(7.8)%
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
DE
UK
EU
SA
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Digital Services include IoT, cloud & security services, and from Q1 FY26 also include SDN & Digital Communication Solutions. Q1 FY26 growth rate has been restated to reflect a reclassification of a digital services product in the UK. 2. Software-as-a-service 3. Software-defined network.
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Efficiency ⫶ AI & shared operations providing benefits at scale Enhancing networks Transforming customer care Advancing shared operations
Call centre agent assist • GenAI providing immediate overview of customer communication history • Enables improved CX & faster resolution • >60% improvement in‘ helpfulness’ rating Optimising AI virtual assistants • TOBi & SuperTOBi (GenAI) handling high volume & complex customer conversations • SuperTOBi live in all European markets • >70% end-to-end resolution rate & +8pp NPS improvement 1 AI-powered customer value management • Live in all European markets, first agentic CVM use cases in Germany • Commercial optimisation for customer retention & reduction in campaign launch time • 85% reduction in campaign analysis time ‘Ask Once’ • AI-enabled customer experience proposition supporting first-time resolution • 96% ‘Ask Once’ promise delivery
HR digital agent • Personalised & multi-lingual support to employees • Serving 75k employees with 86% request resolution rate Autonomous procurement portal • GenAI platform used in >90% of our tenders • Allowing our procurement team to drive value through higher frequency re-tendering • >30% sourcing time reduction & >10k suppliers on platform Autonomous energy cost control • AI-driven energy capabilities incl. RAN energy optimisation & automated billing reconciliation • 98% accuracy in year-ahead consumption forecast GenAI-enabled software code development • Scaled core developer capability with >5k developers actively using the tool • >35% AI code acceptance & 12% productivity increase across development lifecycle
Zero Touch Operation • GenAI automated & optimised network operations based on real-time diagnostics • Issues resolved faster & more accurately • >70% automated resolution Cost-efficient international connectivity • Best-in-class network resilience • Costs c.30% below European market average 2 • 76% reduction in cost per Mbps with centralised management Shared network development • Centralised rollout & sourcing models • Cost efficient 5G deployment • Double-digit unitary cost reduction in radio site rollout Best-in-class Network Operations Centre (‘NOC’) • Streamlined processes & centralised network management • Adopted by Vodafone Partners at scale • >10% increase in productivity per annum
Supporting operational leverage
Vodafone Group Plc FY26 Results ⫶ May 2026
1. NPS improvement compared to the NPS rating of conversations handled by previous AI agent. 2. Based on third party benchmark, Vodafone IP transit cost/Mbps per month compared to avg. market price in Europe.
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Adjusted EBITDAaL & FCF Adjusted EBITDAaL
Free cash flow
(€billion)
(€billion)
11.4
1.2
Adjusted EBITDAaL Interest & tax Working capital & other Net dividends (assoc. & JV) Capital additions Adjusted free cash flow Spectrum 2
(0.1)
(0.1)
(0.4)
(0.1)
(2.0)
11.4
10.9
0.2
+4.5% organic yoy growth
+2.5% organic yoy growth
0.3
(7.3)
FY25
Direct margin
Net A&R
Europe & Shared Operations opex
Other opex
FX, M&A & Other 1
FY26
2.6
(0.4)
• Strong service revenue growth supporting direct margin expansion • Net A&R impacted by higher commercial investment in Germany in the prior year • Efficiencies delivered across Europe offset by incremental investment in customer experience, brand & Business • Other opex increase driven by Türkiye and Africa
Restructuring & integration Free cash flow
(0.4)
1.8
• Adjusted free cash flow growth of 2.9% year-on-year • Capital intensity broadly maintained by market except the UK • Spectrum payments include the first instalments in Türkiye (€174m) & Egypt (€84m)
Vodafone Group Plc FY26 Results ⫶ May 2026
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.
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FY27 guidance
Adjusted EBITDAaL 11.3 – 11.6
Adjusted free cash flow
(€billion)
FY26 guidance
2.4 – 2.6
Europe FY27 expectations • €7.6 – 7.9 billion Adj. EBITDAaL
FY26 outcome – guidance basis 1,2
11.6 (0.1) (0.1) 11.4 (0.1)
2.6
Impact of exchange rates
– –
Impact of Türkiye hyperinflation accounting
Restructuring & integration costs • FY27 to peak at c.€0.7bn, incl. c.€0.4bn related to the UK integration
FY26 actual – reported basis Impact of exchange rates
2.6
(0.1)
Remove impact of Türkiye hyperinflation accounting
0.1
–
–
(0.1)
Impact of M&A transactions 3
FY26 rebased 2,4
11.4
2.4
Growth
0.5 – 0.8
0.2 – 0.5 2.6 – 2.9
11.9 – 12.2
FY27 guidance 2,5
Safaricom consolidation impact – proforma 12 months FY27
1.5
–
Vodafone Group Plc FY26 Results ⫶ May 2026
1. The FY26 outcome on guidance basis is derived by applying FY26 guidance foreign exchange rates. The FY26 guidance foreign exchange rates were €1: GBP 0.85; €1: ZAR 20.59; €1: TRY 43.42; €1: EGP 56.74. 2. Excluding the impact of hyperinflation accounting in Türkiye. 3. M&A transactions include the impact of the disposal of VodafoneZiggo.
4. The FY26 rebased outcome is derived by applying FY27 guidance foreign exchange rates. 5. The FY27 guidance reflect the following foreign exchange rates: €1: GBP 0.87; €1: ZAR 19.60; €1: TRY 53.07; €1: EGP 62.53. The guidance assumes no material change to the structure of the Group.
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Vodafone ⫶ Simpler, Stronger, Growing
Our outlook…
A new chapter…
A clear strategy…
A customer experience reset with improving networks & satisfaction A more productive Vodafone with motivated teams Delivering growth across key metrics
Attractive opportunities in Europe, Africa, and B2B Scaled operations building once, deploying at scale Organic Adj. FCF growth double-digit in mid-term
A simpler Vodafone with a clear operating model A well-positioned Vodafone with scale in good markets A new connectivity era with favourable external tailwinds
Supporting ambition to deliver euro growth in Adjusted FCF
Vodafone Group Plc FY26 Results ⫶ May 2026
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A leading European & African telco A new chapter ⫶ A simpler Vodafone
Clear operating model
Mission
Growth opportunities
Africa Africa’s connectivity, fintech & digital innovation leader
Business Leading platform for Business business
Investments Driving growth & value maximisation across our portfolio investments
Europe Europe’s most trusted telco
Powered by shared operations Most efficient telco, leveraging local & cross-border scale
9 markets 107m mobile customers 17m broadband customers
8 markets 243m mobile customers 2m broadband customers
vodafone Networks
Technology & operations
Network services
Procurement, Voice & Roaming
VOIS
Strategic priorities Most efficient operator in Europe and Africa Simplicity
Supported by Vodafone’s leading platforms 40+ Global telecoms partners 244 million IoT connected devices 5 million Business customers
Customers
Accelerated growth creating shareholder value Growth
A best-in-class customer experience
103 million Financial services users
Vodafone Group Plc FY26 Results ⫶ May 2026
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A new chapter ⫶ A well-positioned Vodafone Operating in good markets, with scale and strong positions
With a reset capital structure
MARKET
VODAFONE
Capital intensity (%)
• Capital intensity broadly maintained • Includes investment in B2B & German networks • Strong mobile positions across all markets • €8bn net debt reduction over 3 years, largely driven by M&A • At lower end of leverage range of 2.25-2.75x net debt / Adj. EBITDAaL • Returned €9bn to shareholders over three years • Of which, €4bn returned to shareholders via buybacks since May ’24 • Progressive dividend, with FY26 +2.5%
Disciplined & stable capital investment
Growth
Structure
Scale
CX
19% 17% 18% 18%
CY23-25 revenue growth 1
# MNOs
CY25 revenue market share 2
NPS rank #
FY23 FY24 FY25 FY26 Net debt progression (€ billion)
Flat
3+1 players
c.25%
2
33.4
9.2
(6.3)
Stronger balance sheet
25.4
c.1%
3 players
c.20%
1
(10.9)
2.5x
2.2x
FY23 Adjusted FCF
M&A Shareholder returns
FY26
c.2%
Mostly 3 players
c.25%
1-2
Shareholder returns (€ billion)
1.9 3.7
2.0 3.1
2.4 2.4
Substantial shareholder returns
c.15%
3 players
c.25%
2
1.8
1.1
c.3%
2+1 player
c.45%
1
FY24
FY25
FY26
3
Dividend Buybacks
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Market telecommunications revenue compound average growth rate (2023-2025), based on Vodafone analysis. Growth rates presented in local currency, except for Türkiye, which has been presented in euro. 2. Represents Vodafone’s share of total telecommunications service revenue as at 31 December 2025, rounded to nearest 5%, based on Vodafone analysis. South Africa market share based on mobile service revenue only.
3. Following the right-sizing of the portfolio with the sale of Vodafone Spain and Vodafone Italy in 2024, the dividend was rebased from FY25 onwards.
Page 20
c.40% 1 A new chapter ⫶ Demand for our products is being reshaped 244 Financial services users IoT connections Uplink traffic on our networks to increase by
Digitalising economies
Always-on AI relies on networks
205
187
• We support our customers’ digital transformation • Digital economies rely on scalable, borderless platforms • We have unrivalled scaled ecosystems (e.g. B2B, IoT, FinTech)
162
• AI revolution will be built on smarter, faster, lower-latency next-generation networks • AI will drive fundamental shift in uplink network usage
103
88
78
70
DEMAND IS BEING RESHAPED
FY23 FY24 FY25 FY26
2025
2035 (est.)
CAGR c.13%
• Consumers expect seamless connectivity across all devices • End-to-end customer experience drives loyalty and value
• Our customers are seeking more than just faster speeds • Trust is built on secure, sovereign and resilient services
11 markets Lead/co-lead in net promoter scores
€38bn
€23bn
Trust & security are critical
Seamless customer experience
FY26
FY30 (est.)
Addressable market for security services (%) 2
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Forecasted uplink traffic, Vodafone traffic model. 2. Total addressable market for security services in Europe and South Africa, International Data Corporation, March 2026.
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A new chapter ⫶ An unparalleled global network Satellite Bringing ubiquitous connectivity 5 partnerships providing access to best-available technologies 100% geographic coverage target, including direct-to-mobile 5 partnerships between operators and Satellite Connect Europe
The best connectivity from the seabed-to- the-stars
covering 20+ markets
Terrestrial mobile Scaled mobile networks Fixed broadband Gigabit connectivity at scale Subsea cables Backbone of global connectivity
158k mobile sites across Europe & Africa 78% 5G population coverage (Europe) 78% 4G population coverage (Africa)
84 million marketable gigabit households (Europe) 1 Largest marketable gigabit footprint in Germany & UK 19 million fixed broadband customers
Ubiquitous connectivity New use-cases Reliable & trusted
70 subsea cables invested in or co-owned 1 million kilometres of terrestrial fibre 180 countries connected
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Include Türkiye.
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A new chapter ⫶ Customers benefiting from investment & innovation
Representing c.60% of our mobile customer base
Sustainable pricing Healthier pricing environments expanding
9
8
5
FY22
FY24
FY26
Europe Inflation-linked pricing now embedded more widely
Africa Price floors supporting healthier markets
Markets with contractual annual price increases or price floors (#)
Infrastructure scale UK’s 4-to-3 merger is a blueprint for Europe 90.00% 2028
Pro-investment spectrum Longer licences, better pricing
Recent progress Germany: Extended spectrum terms EU’s DNA: Longer terms & auto renewals Türkiye and Egypt: Phased 5G payments and long-term visibility (2039)
-90% (vs. FY19)
2030
99.00%
2034
99.96%
FY19 FY20 FY21 FY22 FY23 FY24
Cost of spectrum in Europe (€/Mhz/pop)
VodafoneThree 5G standalone population coverage (%)
Vodafone Group Plc FY26 Results ⫶ May 2026
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A clear strategy ⫶ Operational progress with our strategic priorities CUSTOMERS SIMPLICITY GROWTH Customer experience reset • Relative NPS positioning improving A more productive Vodafone • Opex savings support reinvestments • Driving productivity enhancements
Delivering • Service revenue growth • Accelerating Adj. EBITDAaL growth • Growing Adj. Free Cash Flow • Stable return on capital employed
• Better promoters mix • Growing market share • Strong network reliability
• Strong employee engagement • High satisfaction with Shared Ops
AMBITION A best-in-class customer experience
AMBITION Most efficient operator in Europe & Africa
AMBITION Accelerated growth creating shareholder value
Vodafone Group Plc FY26 Results ⫶ May 2026
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A clear strategy ⫶ A customer experience reset Relative NPS positioning improving 1
Better promoter-to-detractors mix 2
+130%
Lead
Co-lead
+50%
+3pts
+2pts
+20%
+20%
Growing market share 3
Germany UK Other Europe Türkiye Strong network reliability 4
Outstanding
Very Good
FY24
FY25
FY26
CY23
CY24
CY25
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Relative NPS positioning based on gap to NPS leader in each market. Positive figures reflect narrowing gap to the NPS leader. Period covered FY24 to FY26. 2. Promoter-to-detractor mix reflects proportion of promotor customers compared to detractor customers in each market. Period covered FY24 to FY26, with the exception of South Africa which is based on FY25 to FY26.
3. Represents Vodafone’s share of total telecommunications service revenue as at 31 December 2025. Vodacom includes South Africa and Egypt and is based on mobile service revenue only. 4. Internal Vodafone measure. 5. Definitions for key performance indicators are available in Appendix V.
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A clear strategy ⫶ A more productive Vodafone EU opex savings supporting reinvestments 1
Strong employee engagement
Cumulative opex savings
Cumulative reinvestments
81%
Cumulative target €0.7bn (FY23-FY26)
€0.3bn
€0.2bn
vs. 79% global benchmark (top quartile)
76%
€0.4bn €0.1bn
75%
75%
€0.4bn
€0.4bn
€0.3bn
May-23
May-24
May-25
May-26
FY23
FY24
FY25
FY26
Driving productivity enhancements 2
High satisfaction with our Shared Ops 3
EU Markets Shared Operations
11.0
Cumulative target 10,000 role reductions (FY24-FY26)
85.0%
83.0%
7.7
81.0%
5.0
May-24
May-25
May-26
FY24
FY25
FY26
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Includes Europe and Common Functions operating expenditure. 2. Cumulative role reductions in Europe markets and shared operations between FY24 and FY26. 3. Based on shared operations net promoter scores.
4. Definitions for key performance indicators are available in Appendix V.
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A clear strategy ⫶ Delivering growth Service revenue growth across Europe & Africa 1
Accelerating Adj. EBITDAaL growth 1
Group
Group excl. Türkiye
Europe
Europe (ex. MDU impact)
Africa
4.5%
12.9%
11.3%
9.2%
7.5%
6.3%
2.5%
5.4%
5.1%
2.2%
3.9%
0.1%
(0.1%)
3.7%
3.0%
2.2%
0.6%
2.5%
1.0%
1.4%
(1.6%) FY25
FY23
FY24
FY25
FY26
FY23
FY24
FY26
FY23
FY24
FY25
FY26
Growing Adj. Free Cash Flow
Stable return on capital employed 3
1.6pp
6.6%
6.6%
€2.6bn
€2.5bn
€2.4bn
(1.6)pp
FY24 (re-baselined)
FY25 (reported)
FY26 (reported)
FY26
FY23 (re-based)
Germany (MDU impact)
Other
2
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Organic growth metrics represent performance on a comparable basis, excluding the impact of foreign exchange rates, mergers and acquisitions to improve the comparability of results between periods. 2. FY24 Adjusted Free Cash Flow adjusted to exclude Vodafone Spain & Vodafone Italy and based on FY25 guidance FX rates.
3. Pre-tax ROCE for controlled operations only. ROCE is calculated by dividing adjusted Operating profit by the average adjusted Capital employed. Previously reported FY23 pre-tax ROCE of 7.8% has been re- based to reflect the FY26 Vodafone perimeter and excludes the inorganic impacts of Vantage deconsolidation and the UK merger.
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Our outlook ⫶ Building trust in Europe
107 million Mobile customers 1
78% 5G population coverage
17 million Broadband customers 1
84 million Marketable gigabit broadband households 1
70% of Group service revenue
Leading customer experiences • Customer experience is number one differentiator with consumers • Digital & AI-enhanced care is improving our customers’ experiences
Building strong networks
Driving value with convergence • Convergence supports better NPS, with higher lifetime value • Unique opportunity to drive converged penetration in our markets
• Best-in-class 5G and gigabit broadband networks, per independent tests • Network quality underpins trust, experience, and value
Improving customer satisfaction 2
Converged mobile customers (FY26)
Marketable gigabit broadband households
83m
+17%
19%
16%
62m
51m
12%
45m
+21%
+5%
3
FY23
FY24
FY25
FY26
DE
UK
oEU
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Includes Türkiye. 2. Improvement in net promoter scores based on surveys of Vodafone customers only. Period covered FY23-FY26. 3. Converged mobile customers for Vodafone UK only. Three UK customers excluded.
4. Definitions for key performance indicators are available in Appendix V.
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Our outlook ⫶ Structural growth opportunities in Africa
596 million Population across our 8 markets
243 million Mobile customers
127 million Mobile data customers
103 million Financial services customers
20% of Group service revenue 2
Growing customer base
Expanding next-gen connectivity • One of Africa’s largest telco infrastructure owners, with almost 50,000 mobile sites • Leading provider of best-available tech (incl. FTTH/B, FWA, satellite connectivity)
Expanding beyond connectivity • Africa’s leading FinTech platforms, generating €2bn revenue in FY26 • Targeting 130 million FinTech customers and 5 million merchants by FY30
• Structural opportunities from population, data & smartphone penetration growth • Strong positions, as customer satisfaction leader / co-leader in 6 out of 8 markets
Financial services customers (million)
Customer growth drivers (by FY30)
4G & 5G mobile sites in Africa 3
103
14 25 11 37 88
Population growth (millions) Customer growth (millions)
47k
650
15 22 33 78 8
14 19 5 32 70
15 29 15 44
39k
275
36k
33k
Smartphone penetration
>75%
FY23
FY24
FY25
FY26
FY23 FY26 South Africa IB (M-Pesa) Egypt (VF Cash) SF (M-Pesa) FY24 FY25
Vodafone Group Plc FY26 Results ⫶ May 2026
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. Excludes Safaricom. 3. Excludes 4G and 5G mobile sites in Kenya and Ethiopia.
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Our outlook ⫶ B2B as a growth engine 5 million Business customers 244 million IoT connections 75 countries with Business presence
14.2% Digital services revenue growth (FY26)
24% of Group service revenue
Operating in growing markets
Serving every customer segment • Balanced customer mix, ranging from single entrepreneurs, to world’s largest multinationals • Differentiated with our partner-of-choice status with Microsoft, Google, Amazon Diversified customers (share of Business service revenue)
Diversifying products and services • Helping businesses of all sizes unlock the power of the latest technologies • Expanding portfolio, incl. 5G SA 1 slicing, sovereign cloud, always-on security, GenAI, and satellite-based IoT
• Leading platform for businesses in Europe & Africa, with unique scale and capabilities • Benefit from Vodafone’s global brand, networks & industry-leading Shared Ops ~€160 billion addressable market , with attractive growth rates
Digital services revenue growth 2
26% of Business service revenue from digital services
14.2%
+9% +11%
+11%
13.8%
€12bn €41bn
€107bn
42%
14% 21%
23%
10.8%
SOHO SME Enterprise
Corporate Public SME SOHO
FY24
FY25
FY26
Vodafone Group Plc FY26 Results ⫶ May 2026
1. 5G Standalone 2. Digital Services include IoT, cloud & security services, and from Q1 FY26 also include SDN & Digital Communication Solutions.
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Scaled foundations ⫶ Build once Our data Global data ocean, >40 petabytes Scaled engines ⫶ Deploy at scale Our outlook ⫶ Scaled operations as a structural advantage Our people Expertise shared across our footprint
Artificial Intelligence Agentic AI deployed across care & operations
Commercial Shared Operations Technology & operations services at scale
Scaled platforms ⫶ Monetise platforms African FinTech Scaled financial services ecosystem Scale amplifiers ⫶ Extend our reach Vodafone Partners Partners using our brand, know-how, and products Unified supply chain Centralised procurement, voice and roaming
Global Networks Global network managed at scale
Consumer Apps Digital experiences at scale
Internet of Things (IoT) One of the largest global IoT platforms
Brand One of the world’s most valuable telecom brands
Strategic Partnerships Microsoft, Google, Amazon, Accenture, and AST SpaceMobile
Vodafone Group Plc FY26 Results ⫶ May 2026
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Our outlook ⫶ A valuable Investments portfolio Ongoing value realisation Pillar Investment
Diverse Investments portfolio
Focus
Ownership
April 2024 Creation of Vodafone Investments
Ziggo Group 2
Benelux converged operator
10.0%
23.7% Market cap: A$8 billion 1 13.0% Market cap: €12 billion 1
Telco Operations
June 2024 €1.7 billion Sale of 18% stake in Indus Towers December 2024 €0.3 billion Sale of final 3% stake in Indus Towers
Australia converged operator
July 2024 €1.3 billion, with total net proceeds to €6.6 billion Sale of further 10% in Vantage Towers, achieving 50:50 JV
India mobile operator European passive tower infrastructure
44.7% 50.0% 50.0%
Infrastructure
Germany FTTH infrastructure Ireland FTTH infrastructure
February 2026 €1.0 billion +10% stake in Ziggo Group after sale of VodafoneZiggo Launch of Satellite Connect Europe JV with AST SpaceMobile July 2025 €0.4 billion distribution to Vodafone after TPG sells fixed fibre assets
Direct-to-mobile satellite connectivity
3.8% Market cap: $32 billion 1
December 2025 Settlement of Vodafone Idea CLAM
European wholesaler of direct-to- mobile satellite connectivity
50.0%
Innovation
Network API aggregator Advertising Technology
c.5% 25%
All debt secured against Indian assets repaid, with all material issues been Vodafone and Vi closed
Economy-of-things
69.0%
Vodafone Group Plc FY26 Results ⫶ May 2026
1. As at 11 May 2026. 2. Ziggo Group, not yet formed, but will own 100% of VodafoneZiggo Liberty Global’s Belgian subsidiary, Telenet.
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Our outlook ⫶ Diversified portfolio driving growth FY26 performance Considerations Mid-term ambition 1
Balanced portfolio
Europe Africa
+0.1% +12.9% +3.2% +5.4%
Building trust, focused on value Structural growth opportunities
Türkiye 10% Investments 7%
Revenue growth
B2B
Growing demand, with diverse products & services
Group
Africa 27%
Operating leverage Adj. EBITDAaL growth Disciplined capital allocation
€2bn (gross) efficiency & synergy potential €1bn (net) EU opex reduction opportunity (FY27-FY30) 2, 3
Group Adj. EBITDAaL margin
28.1%
UK 10% Other Europe 13%
Europe: Growth supported by UK synergies Africa: Double-digit EBITDA CAGR
Europe Africa Group
(0.1)% +14.0% +4.5%
18% capital intensity c.3% cost of debt
Broadly stable capital intensity market-by-market Targeting lower half of 2.25-2.75x leverage range
Group
Germany 33%
Double-digit organic growth in Adj. FCF
Euro growth in Adj. FCF
Adj. FCF (FY26 pro forma)
4
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Medium-term financial ambition assume no material change to the structure of the Group (at 31 March 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 £700 million cost & capex synergies 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. Based on FY26 actuals, including proforma for Safaricom. Represents operating free cash flow net of interest, tax and minority dividends.
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2.5% growth 18% growth Our outlook ⫶ Attractive shareholder returns Growing Adj. FCF per share (eurocents) 1 Progressive dividend (eurocents) c.12 11.4 eurocents Adj. FCF per share (FY26) 4.6125 eurocents Dividend per share (FY26)
€4 billion Share buybacks
Total shareholder return (%)
92.0%
47.0% 71.5% 51.0%
4.6125
11.4
4.50
10.2
9.6
Jun 23 Dec 23 Jun 24 Dec 24 Jun 25 Dec 25 Vodafone FTSE 100 STOXX 600
SXKP
FY25
FY26
FY24
FY25
FY26
FY27 est.
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Based on number of ordinary shares (excluding treasury shares) on 31 March for each period. FY27 estimate based on mid-point of FY27 guidance and number of ordinary shares (excluding treasury shares) as at 1 May 2026.
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Vodafone ⫶ Simpler, Stronger, Growing
Our outlook…
A new chapter…
A clear strategy…
A customer experience reset with improving networks & satisfaction A more productive Vodafone with motivated teams Delivering growth across key metrics
Attractive opportunities in Europe, Africa, and B2B Scaled operations building once, deploying at scale Organic Adj. FCF growth double-digit in mid-term
A simpler Vodafone with a clear operating model A well-positioned Vodafone with scale in good markets A new connectivity era with favourable external tailwinds
Supporting ambition to deliver euro growth in Adjusted FCF
Vodafone Group Plc FY26 Results ⫶ May 2026
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I More information
p37 p38 p39 p40 p41 p42
II ESG reporting & performance III Statutory results summary
IV Net debt, liquidity & total funding obligations
V KPI definitions
VI Importance notice
I ⫶ More information Africa ⫶ Vodacom Investor day 2025 Introducing Vision 2030 • We have structural growth opportunities • We are a market leader supporting attractive ROCE • We are an infrastructure owner • We are a responsible corporate Materials including videos, presentation, case studies & Q&A: vodacom.com/presentations Vodafone Technology ⫶ Virtual investor briefing A globally scaled operator • Our customer demand continues to accelerate • We have a strong technology roadmap • We allocate capital to drive returns • We are transforming to deliver growth Materials including videos, presentation, case studies & Q&A: investors.vodafone.com/vtbriefing
Vodafone Business ⫶ Virtual investor briefing Connecting people, places & things for a better future • We operate in attractive markets • We have unique scale & capabilities • We have strong operating momentum • We are on a clear growth pathway Materials including videos, presentation, case studies & Q&A: investors.vodafone.com/vbbriefing
Additional data ⫶ Spreadsheet format investors.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 13. Mobile churn 14. Mobile data usage 15. Mobile ARPU 16. FX rates
05. Segmental results 06. Segmental analysis 07. Cash flow 08. Mobile customers
Vodafone Group Plc FY26 Results ⫶ May 2026
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II ⫶ ESG reporting & performance Extensive suite of ESG disclosures
MSCI ESG Rating 1,2 “A” ESG Ratings ⫶ vodafone.com/esg-ratings Strong ESG performance
Annual Report ⫶ vodafone.com/ar25
ESG Addendum ⫶ vodafone.com/esg-addendum
• Integrated reporting covering ESG strategy & performance • Complimented by six videos on key ESG topics
• >1,200 datapoints, covering >300 indicators, in spreadsheet format • Includes GRI Standards index
Sustainalytics ESG Risk Rating 1, 3 “Low risk” #1 in sector ISS ESG Corporate Rating 1 “B” #1 in sector Refinitiv ESG score 1 “81/100” #3 in sector CDP Climate Change 1 “A” Leadership band
Board conversations ⫶ vodafone.com/videos • Fifteen videos with Chair
ESG A-Z ⫶ vodafone.com/esga-z
• >30 links to supporting disclosures, reports & policies • Categorised by E, S or G & searchable
and Committee chairs • Introductions to new Non-Executive Directors
TCFD ⫶ vodafone.com/tcfd
SASB ⫶ vodafone.com/sasb
• Aligning to TCFD framework since 2019 • Fully or partially consistent with all 11 TCFD recommendations
• Seven disclosure topics • Includes additional information beyond what is required in the SASB Standards
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Unless otherwise stated, ESG ratings and relative position within sector as at 12th May 2026. See additional disclaimers on page 42. 2. In 2026, Vodafone Group Plc received an ESG rating of A (on a scale of AAA-CCC) in MSCI ESG Ratings assessment.
3. In 2025, Vodafone Group Plc received an ESG Risk Rating of 11.1 and was assessed by Sustainalytics to be at low risk of experiencing material financial impacts from ESG factors. 4. In 2026, Vodafone Group Plc received an ESG score of 81/100 in Refinitiv Rating assessment, placing Vodafone Group #3 in the sector.
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