Sale of Vodafone Italy and capital return

Appendix II Summary financial information Vodafone Italy ⫶ Key indicative financial information

12-month period ending 31 March 2024

( € million)

Consensus Adjusted EBITDAaL

1,325 (176)

Group services charges (reported below EBITDAaL)

Non-cash accounting gain

(97)

Revised consensus Adjusted EBITDAaL (1)

1,052 (747)

Consensus Capex (1)

Revised consensus OpFCF (1) Enterprise value (“EV”) EV/Adjusted EBITDAaL (1)

305

Notes (1) For the 12-month period ending 31 March 2024. Based on company compiled consensus as at February 2024, after adjusting for approximately € 176 million of group services charges which are not included in EBITDAaL for the purposes of Vodafone segmental reporting and € 97 million of non-cash items included in EBITDAaL. OpFCF defined as Adjusted EBITDAaL less capital expenditure.

8,000

7.6x 26x

EV/OpFCF (1)

Investor update ⫶ March 2024

11

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