Q1 FY26 Q&A Transcript

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Vodafone Group Plc

Deutsche Numis

Goldman Sachs

New Street Research

Bank of America Merrill Lynch

BNP Paribas Exane

Bernstein SocGen

Kepler Cheuvreux

Forward-looking statements

Barclays Citigroup

Berenberg JP Morgan

Margherita Della Valle Vodafone Group

Historically, it has to be the right approach anywhere in mobile for everyone.

Paul Sidney Berenberg Akhil Dattani JP Morgan

Absolutely. I appreciate the answer. Thank you.

Hi, morning. Thanks for taking the question. I just wanted to ask the question on B2B more generally. And the question is, obviously, we have had a pretty big push across Europe, in terms of rhetoric around data sovereignty. And we are seeing a lot of government initiatives, or at least rhetoric around government initiatives, to drive that agenda, whether that is the German €500 billion infrastructure bid, and some of the gigafactory type things being talked about now. However, there is a whole host of other similar rhetoric points we are seeing from governments across Europe. I guess what I was really trying to understand is, you know, what is your engagement on this topic? To what extent do you think this is relevant for Vodafone and Vodafone's B2B strategy? And can you give us some flavour if this is relevant for you? What sort of verticals are most interesting for Vodafone? So where are the areas where you think there is relevant leverage for you to play into? Thanks a lot. Yes, so first of all, it has very clear that given where geopolitics are going, that data sovereignty is an important consideration. It is becoming a topic that you get also more questions about from private customers. So where is my data? Where are you going to operate, for example, managed services around security and so on from? It is definitely becoming a bigger consideration. And therefore, of course, we are responding to it. You may have seen in the past some of our investments that we have made, for example, around in-country security operations centres that we have just opened up in Germany that goes into this area. We are certainly also looking at p of investment to further strengthen our portfolio of capabilities in that respect and so expect us to be focused on that from an investment perspective. It is an area of opportunity for sure. The first areas that you are thinking about obviously are areas like public sector and defence, but they are not the only ones. We have excellent customer relationships in that space, both with national authorities as well as with institutions like the US Army, for example, for whom we are the provider and partner of choice across our entire footprint, actually both Europe and Africa. And so, we are going to continue to invest in this. Thank you, Akhil.

Margherita Della Valle Vodafone Group

Luka Mucic Vodafone Group

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