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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
Summary of forward-looking statements
Today we are reiterating our growth guidance for both EBITDAaL and cash flow. Combined with our significant buyback programme, this guidance delivers strong, double-digit free cash flow growth per share for our shareholders. In-country security operations… we are certainly also looking at potential areas 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. Areas like public sector and defence... we have excellent customer relationships in that space...[in] both Europe and Africa. And so, we are going to continue to invest in this. Strengthening our ability to have a secure managed service that we can provide is the key opportunity here. And luckily, this is an area that is clearly prioritised as part of our strategy. Page 10 Page 1
FY26
Group
Guidance
Data sovereignty
FY26 & beyond Group
I would call small bolt-ons, where you acquire certain capabilities in certain areas...rather than build, maybe acquiring competencies could be the right route. Capital intensity by market, staying where it is, we have moved to get into the leverage range that we had defined, and we are clearly there now...If we have excess capital, then we would certainly consider additional returns, but that is way too early We fully expect Germany to be back in service revenue growth territory during the year, so it will come in the coming quarters...I am finding it hard to give you a precise quarterly service revenue guidance for a single market, but the way how to think about the next quarter obviously is we will finally lose the MDU impact due to the full lapping. That was close to 3% still of a negative impact in Q1. This will be gone...We will, of course, continue to benefit from the ramp up of the 1&1 agreement to a full scale that we expect to reach in the second half of the year.
FY26 & beyond Group FY26 & beyond Group
M&A
Page 11 Page 15
Capital allocation
Service Revenue
FY26
Germany
Against that...as I said in Q1, we had a positive phasing impact in our B2B business in IoT that is not expected to recur in Q2...and we…also need to take into account the…long-term trend of TV headwinds that we are facing in the outside of the MDUs, as well as the competitive environment in mobile.. Back to growth during the year, while we also expect to see gradually improving trend on the profitability front in Germany. Page 2 For the underlying growth [excluding 1&1 contribution] point it will very much depend really on the competitive conditions in the market, particularly in mobile…if conditions remain as they are today, this is unlikely to happen this year. But…we will have to see. Page 6
Service Revenue Broadband net adds
FY26 FY26
Germany Germany
We have always been talking about a fair share of market growth in terms of our targets...our target is to maintain our base stable. And in the specific of broadband, the driving value then is about managing the value of the front-book and managing the base up across speed with cross-selling and up-selling and then more broadly driving churn down.
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