Reshaped footprint ⫶ Strong positions in growth markets Germany UK Other Europe
Africa
Market size (CY23 telecoms revenue 4 )
€ 57bn
€ 56bn
€ 28bn
€ 18bn
2
Market growth (CY21-23 telecoms revenue CAGR 4 )
3.2%
3.4%
3.1%
6.8%
3
Network operators (# MNOs)
3+1 player
3 player
Mostly 3 player
3-4 player
1
Pro forma Vodafone revenue mix (Proportion of Vodafone total FY23 service revenue)
35%
25%
20% 2
20%
1
Vodafone revenue growth (Vodafone FY24 Q3 YTD service revenue growth)
0.0%
5.5%
3.8%
8.9%
3
Vodafone ROCE
Around WACC
Good 1
Good
Good
Investor update ⫶ March 2024
1.Including Three UK merger impact 2.Including Turkey
3. Excluding Turkey 4. Source: Analysys Mason & Global Data
5
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