19
Vodafone Group Plc
Morgan Stanley
Goldman Sachs
BNP Paribas Exane
New Street Research
Bank of America Merrill Lynch
Bernstein SocGen UBS
Deutsche Numis
Forward-looking statements
JP Morgan
Citigroup HSBC
(…) also the improvement we are making structurally in the loyalty of our base and in the fact that by then, we will have had a full run rate or a fully stable base on all fronts to, of course, support us for the longer term in growing Germany. (…) there is going to be an unknown in all of that, and that is the further evolution of the market surrounding us. What I can say with confidence, though, is that we are looking at a significant improvement of EBITDAaL as we move through the year that is partially somewhat mechanical in nature. As you know, we are going to lose the year-over-year drag from the MDUs from the second quarter. In parallel, we are progressing with the ramp-up of the 1&1 migration. (…) I think can expect that from the second half year on, we will operate at the full run rate there and therefore this will of course be a big benefit to the second half performance. Outside of those mechanical impacts, we are obviously happy that we have now stabilised our commercial performance in broadband. (…) I think as we progress through the year, this will more and more gradually add to the strength of our results in Germany. Page 4 In a market, which now we should all recognise in Germany, does not have much growth in terms of penetration anymore. It is plateauing. Page 15 Looking ahead, through our merger with Three, which will complete soon, we will be uniquely positioned for EBITDAaL and adjusted free cash flow growth, as leaders on all dimensions in mobile, and leading challenger in fixed broadband. As you know, we will also benefit from our integration, with £700 million annual costs and CAPEX synergies and additional revenue synergies, for example in FWA. Page 2 (…) as part of our guidance slide, we have given as much detail as possible around the merger. There is one number you will like, which is €1.5 billion of CAPEX invested in the U.K. market in this fiscal year. (…) From an infrastructure perspective, you know everything about the £11 billion network plan. Page 5
FY26
Germany
Adj. EBITDAaL
Broadband market
FY26 & beyond Germany
Revenue, Adj. EBITDAaL & cash flow
FY26 & beyond UK
FY26 & beyond UK
Capex
Revenue, Adj. EBITDAaL & cash flow Revenue, Adj. EBITDAaL & cash flow
Across Africa and Türkiye, we have strong local positions in each market, and significant growth opportunities beyond core connectivity. We will continue to grow cash flows in euros though the cycle, alongside delivering good returns. The first is the discipline where you have high inflationary environment to grow revenue ahead of inflation and costs below inflation applied in the day-to-day execution in these markets.
FY26 & beyond Africa & Türkiye
Page 2
There are also two other aspects. One is the quality of our performance and the second is the actual market potential per se. (…) connectivity has still potential to grow. The population is growing. Data is growing. Data is being monetised. (…) non-linear growth opportunities in these markets that we are exploiting. (…) digital services, (…) financial services, (…) sovereign data centres already making an impact. (…) That give us confidence on a multi-year growth. Page 9
FY26 & beyond Africa & Türkiye
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