Sale of Vodafone Italy and capital return

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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