Q1 FY26 Q&A Transcript

18

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

Broadband pricing

Expect us to always be very mindful of the evolution of inflation and cost…what shape this will take in terms of intervention is, I would say, too early to tell, but it certainly is a consideration. We closed last year with 130,000... We are in catch-up mode with over 30 construction partners in the country...The pace is accelerating. We are now at 230,000 home passed... By the year-end, we will be some way above the half a million homes passed...we will go commercial in the second half of the year. We expect headwinds and a slowdown in the UK as a consequence of two factors on the top line...in EBITDAaL, we continue to expect good growth from the UK.

FY26

Germany

Page 14 Pages 7 and 14

FY26 & beyond Germany

OXG

As a result of these managed services step-down in B2B remaining in the numbers now for the remainder of the year, it will not worsen any further, but will obviously continue to affect it and the growth that we see in other parts like Digital Services in the UK, as elsewhere, will not fully compensate for that, as well as the fact that we see these trends in Three UK continuing for a while...expect for the next few quarters a slightly negative growth contribution from the UK, which then will unwind as we go into the next year. Page 4 Three examples of areas that specifically will impact the performance of the Three customer base going forward...the changes to the network…we are now bringing our market-leading CX,...and finally, convergence, and this will impact revenues. Page 4 In EBITDAaL, we continue to expect good growth from the UK...The integration is starting with good EBITDAaL growth this year and ramp up of EBITDAaL and free cash flow growth throughout the plan. Page 4 and 5

Service Revenue

FY26

UK

Three UK net adds EBITDAaL Integration Service Revenue EBITDAaL

FY26 FY26

UK UK

FY26 & beyond UK

We expect to deliver at least £700 million of cost and capex synergies per annum from the fifth year. ARPUs have been under pressure in the market because of retention actions, because of the growth of second brands. And in terms of trend line, you should expect this to continue… The consumer pressure is expected to continue. . On the other hand, we have a third of the revenues in B2B, which is performing quite well in Portugal. EBITDAaL level, we have a range of, I would say, mitigations that can be put in place.

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FY26 FY26

Portugal Portugal

We fully expect that service revenue growth at the regional level will remain in growth territory for the year. In particular, we expect a better performance in the second half-year, actually, as we expect that in particular in B2B the growth trends will accelerate in the second half-year. Greece…will be actually part of that story with an expected much stronger second half performance, also partly driven by what you outlined before. Page 6

FY26

Other Europe Service Revenue

And from an EBITDAaL perspective, we also continue to expect a good performance and contribution from Other Europe for our full-year results...We have a lot of very well-performing markets there. And in Portugal, we have the resilience of our strong convergent position, plus the strength in B2B that will actually balance things out despite the Consumer pressure.

FY26

Other Europe EBITDAaL

Page 6

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