FY25 H1 Results Presentation

Vodafone H1 FY25 Results Presentation

H1 FY25 Results November 2024

H1 FY25 results ⫶ November 2024

H1 FY25 results

Highlights

Financial performance

Strategic progress

p14

Appendices

p24

H1 FY25 results ⫶ November 2024

Highlights

Group Q2 service revenue

+4.2%

Q2 as anticipated with peak MDU impact

Europe excl. MDU Q2 service revenue

-0.3%

Group H1 Adj. EBITDAaL

+3.8%

Customers

Lead/co-lead NPS 1 9 of 15 markets

Executing on our strategic priorities Customers, Simplicity, Growth

Simplicity

Role reductions 6.3k

Growth

Pre-tax ROCE 7.2%

€4.1bn 2

Vodafone Spain disposal complete

Right-sizing the portfolio for growth

Vantage further 10% sell-down

€1.3bn

€1.0bn 3

Share buybacks ‘Tranche 1 & 2’

FY25 Guidance 4

FY25 financial guidance reiterated

Adjusted EBITDAaL

c.€11bn

Adjusted FCF

at least €2.4bn

1. Excluding Vodafone Italy. 2. The sale of Vodafone Spain completed on 31 May 2024 for €4.1bn in cash, subject to closing accounts adjustments, and €0.9bn in the form of redeemable preference shares.

3. As at 11/11/2024. 4. FY25 guidance FX rates (to €): ZAR 20.58, TRY 34.98, EGP 51.75, GBP 0.86. The guidance assumes no material change to the structure of the Group. Excluding Vodafone Spain & Vodafone Italy & the impact of hyperinflationary accounting in Turkey.

H1 FY25 results ⫶ November 2024

Strategic priorities ⫶ Underpinning our transformation

Recap of our new strategic roadmap from May’23 Further detail: Results, reports & presentations | Vodafone IR

Strategic priorities

FY25 focus

a) Investing in Germany turnaround

CUSTOMERS

b) Vodafone Business

capabilities expansion

c) Efficiency via

simplification & AI

SIMPLICITY

d) Portfolio actions completion

e) Establish Vodafone Investments

GROWTH

H1 FY25 results ⫶ November 2024

Financial performance

5 Basis of preparation Vodafone Spain and Vodafone Italy are reported as discontinued operations in accordance with International Financial Reporting Standards (‘IFRS’) . Accordingly, Vodafone Spain and Vodafone Italy are excluded from the results of continuing operations and are instead presented as a single amount as a profit/(loss) after tax from discontinued operations in the Group’s Consolidated income statement. Discontinued operations are also excluded from the Group’s segment reporting. The H1 FY24 comparatives have been re-presented to reflect that Vodafone Spain and Vodafone Italy are discontinued operations and should be used as the basis of comparison to our H1 FY25 results. The disposal of Vodafone Spain completed on 31 May 2024. H1 FY25 results ⫶ November 2024

Highlights ⫶ Lower inflation slows revenue growth & improves EBITDAaL

Adjusted EBITDAaL

Service revenue growth

Group

+3.8%

• Slowdown driven by MDU impact in Germany & lapping prior year higher inflation-linked price increases • Vodafone Business reacceleration to +4.0% in Q2 (Q1 +2.6%) • Europe -0.3% in Q2 excl. MDU TV transition; lapping broadband price rises in Germany • Turkey double-digit service revenue growth in euro terms (Q2 +49.5% 2 ) • Robust performance in Africa

• +3.8% 3 growth in H1 on a like-for-like basis • Good Adj. EBITDAaL growth despite higher investment in Germany, CX & Business; driven by revenue growth & lower energy costs

€5.4bn

7.1%

6.6%

6.3%

5.4%

30.3% Adj. EBITDAaL margin 2

30.1% Adj. EBITDAaL margin 2

4.2%

H1 FY24

H1 FY25

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Return on Capital Employed

Africa 1

Europe

Europe (ex. MDU impact)

Pre-tax ROCE

• Higher pre-tax ROCE under the new footprint • Headwinds from Vantage Towers deconsolidation & German MDU TV transition • Improved returns in all other segments

10.0% 10.0% 9.7%

1.4pp

9.0% 8.8%

0.4pp

(0.5)pp

7.2%

(0.5)pp

6.4%

2.9%

2.7%

2.2%

0.4%

2.4%

(0.3%)

(2.3%)

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

H1 FY24 (reported)

Italy & Spain

Vantage Towers

MDU impact

Performance H1 FY25 (reported)

1. Vodacom Group only. 2. Excluding hyperinflationary accounting. 3. Organic Adjusted EBITDAaL growth & Adj. EBITDAaL margin. Presents performance on a comparable basis, excl. the impact of FX rates, M&A and the hyperinflation adjustment in Turkey.

H1 FY25 results ⫶ November 2024

Germany ⫶ MDUs impact financials, operational progress continues

Germany 42% of Group Adj. EBITDAaL 1

-6.2% Q2 service revenue

-9.3% H1 Adj. EBITDAaL

• Q2 service revenue slowdown due to: − peak MDU impact (-2.6pp QoQ) − almost fully lapping prior year broadband price increases (-1.5pp QoQ) • Mobile service revenue slowdown largely due to third-party reseller one-off reported in Q2 last year • Further details on slides 17-18

• Broadband net additions improving, customer losses now largely in DSL areas • Mobile contract additions increase with continued focus on ARPU-supportive branded & direct sales channels • MDU TV transition largely complete with 4 million customers secured, in line with expectations of c.50% retention

• Adjusted EBITDAaL decline driven by MDU transition impact (-8.2pp) & commercial investments to support turnaround • Benefiting from lower energy costs • Progressing with the second wave of role reductions (1,800) announced in March 2024

Service revenue growth (%)

Net additions (‘000)

Adj. EBITDAaL (€billion)

Organic

Organic excl. MDU transition impact

Gigabit broadband

DSL

Mobile contract

0.1

(0.1)

€2.5bn

1.5%

(0.1)

1.1%

(0.1)

€2.3bn

0.3%

(0.3%)

0.6%

(23)

(24)

(17) (45)

(28) (48)

(46)

(1.5%)

(2.4%)

(9)

(39)

(32)

(87)

(6.2%)

H1 FY24

Direct margin

Net A&R Opex

Energy & extra inflation

H1 FY25

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

incl. MDU investment

1. Based on H1 FY25 Adjusted EBITDAaL contribution. 2. Fibre customer additions included in Gigabit broadband from Q1 FY25.

H1 FY25 results ⫶ November 2024

Europe & Turkey ⫶ Service revenue & EBITDAaL growth in all segments

+1.2% Q2 service revenue +8.4% H1 Adj. EBITDAaL

+2.6% Q2 service revenue +3.1% H1 Adj. EBITDAaL

+89.1% Q2 service revenue +114.2% H1 Adj. EBITDAaL

Other Europe 14% of Group Adj. EBITDAaL 1

UK 13% of Group Adj. EBITDAaL 1

Turkey 7% of Group Adj. EBITDAaL 1

• Lower service revenue growth due to lapping higher inflation-linked price increases in the prior year, QoQ re- accelerating from Business project phasing • Highest ever Consumer NPS & record low churn • EBITDAaL supported by cost savings & lower energy costs (+2.7pp)

• Strong Business momentum in Q2 (+7.5%); public sector project work in Greece & Romania supporting acceleration • Lower contribution from inflation-linked price increases impacting service revenue growth • Ongoing cost control supporting EBITDAaL growth

• Double-digit service revenue growth in euro terms due to repricing actions & value accretive base management • Strong demand for digital services contributing to Business growth • Service revenue, EBITDAaL & Operating FCF now well ahead of pre-devaluation levels in euro terms

Service revenue growth (%)

Service revenue growth (%) Reported growth in Euros 2

5.5%

49.5%

5.2%

3.8%

3.6%

25.2%

24.0%

2.6%

17.7%

2.3%

14.6%

1.2%

0.0%

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Q2 FY24

Q3 F24

Q4 FY24

Q1 F25

Q2 FY25

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

1. Based on H1 FY25 Adjusted EBITDAaL contribution. 2. Excluding hyperinflationary accounting.

H1 FY25 results ⫶ November 2024

Africa ⫶ Robust performance

+0.7% Q2 service revenue +0.7% H1 Adj. EBITDAaL

+44.1% Q2 service revenue +57.9% H1 Adj. EBITDAaL

+6.8% Q2 service revenue -22.1% H1 Adj. EBITDAaL

Egypt 6% of Group Adj. EBITDAaL 1

South Africa 14% of Group Adj. EBITDAaL 1

Internationals 3% of Group Adj. EBITDAaL 1

• Service revenue growth impacted by wholesale drag (H1 -2.3pp) • Slowdown due to tough prior year comparison in prepaid • Good Consumer contract growth (Q2 +4.7%), following price increase in Q1 • EBITDAaL broadly stable, with operating expenses maintained below inflation

• Growth above inflation supported by continued pricing actions & customer base growth • Strong demand for Vodafone Cash, revenue doubling on a like-for-like basis to €49m in H1 • EBITDAaL growth offsetting currency devaluation impact

• Strong growth in Tanzania & DRC despite lapping tougher PY comparative • Mozambique performance stabilising, supported by pricing actions • Continued strong M-Pesa growth of +9.8% in Q2 • EBITDAaL growth impacted by one-off costs in DRC

Service revenue growth (%)

43.6%

44.1%

4.1%

40.3%

6.8%

6.7%

6.3%

5.9%

29.1%

28.4%

1.9%

3.1%

1.8%

0.7%

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Q2 FY24

Q3 F24

Q4 FY24

Q1 F25

Q2 FY25

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

H1 FY25 results ⫶ November 2024

1. Based on H1 FY25 Adjusted EBITDAaL contribution.

Vodafone Business ⫶ Digital services & public sector re-acceleration

+4.0% Q2 service revenue growth

+17.9% Digital services 1 revenue growth

4.7m Business customers

Financial performance

Unique digital capabilities

Markets performance

• Growth in digital services driving service revenue acceleration in Q2 • Project delivery step up in the public sector in Other Europe & UK • ARPU pressure from mobile contract renewals • Expect further acceleration in H2

• 31% growth in Cloud portfolio & continued strong demand for SaaS 2 • 194 million IoT platform connections • Large contract wins in Q2 − Romania public sector ICT (c.€90m) − South Africa Cloud & IoT smart metering (c.€8m)

• Germany continued impact from some large corporate re-signs & losses • UK lapping higher price rises in the prior year & ARPU pressure • Other Europe public sector project work & digital services growth • South Africa strong digital services & fixed connectivity demand

Digital services 1 revenue growth (%)

Business service revenue growth (%)

Business service revenue growth, Q2 FY25 (%)

17.9%

16.2%

7.5%

10.5%

5.4%

4.0%

5.0%

7.4%

4.6%

6.7%

4.0%

(1.7)%

2.6%

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

OEU

1. Digital services include IoT, Cloud & Security services. Represents 18% of Group Business service revenue. 2. SaaS = Software as a Service. 3. Albania, Czech Republic, Greece, Ireland, Portugal and Romania.

H1 FY25 results ⫶ November 2024

Adjusted EBITDAaL & FCF ⫶ In line with expectations

Free cash flow

Adjusted EBITDAaL

(€billion)

0.6

0.0

Adjusted EBITDAaL (reported)

€5.4bn

(0.1)

Interest & tax

€5.5bn

(0.3)

€(0.9bn)

€5.3bn

Working capital & other

€(2.6bn)

Net dividends (assoc. & JV)

+3.8% Organic YoY growth 1

€0.1bn

Capital additions

€(3.0bn)

Adjusted free cash flow

€(1.0bn)

H1 FY24 EBITDAaL (organic)

Direct margin

Net A&R

Europe opex

Other Group opex

H1 FY25 EBITDAaL (organic)

Spectrum

€(0.0bn)

Restructuring & integration

€(0.1bn)

Free cash flow

€(1.1bn)

• Revenue growth supporting direct margin expansion • Customer acquisition & retention costs impacted by MDU investment • Lower energy costs across Europe providing €0.1bn benefit, offset by €0.1bn underlying investment in customer care, brand, Business & Germany MDU transition

• H1 cash outflow reflecting usual in-year working capital phasing − c.55% of capital expenditure spend in H2 − handset receivables timing in Q4 • Dividends now include €0.2bn from Vantage Towers

1. Organic Adjusted EBITDAaL presents performance on a comparable basis, excl. the impact of FX rates, M&A and the hyperinflation adjustment in Turkey.

H1 FY25 results ⫶ November 2024

Capital allocation ⫶ €4bn capital return programme

Disciplined capital investment

Maintain robust balance sheet

Shareholder returns

• Country-level capital intensity broadly maintained • Includes extraordinary core network software licence of €300m (5 years), no cash impact in FY25

• New leverage policy of 2.25x – 2.75x net debt to Adjusted EBITDAaL • Targeting the bottom half of the range • M&A incl. €4.1bn Spain disposal & €1.3bn Vantage Towers 10% sell down

Rebased ordinary dividend • FY25 total ordinary dividend rebased to 4.5c • Ambition to grow dividend over time Capital returns • Delivered €1 billion 2 of €2 billion buybacks following completion of sale of Spain (FY25) • €2 billion buybacks upon completion of sale of Italy (FY26) • Subsequent review of potential for further capital return

Capital intensity (%)

Leverage & net debt progression (€billion)

0.9

1.2

0.1

1.0

19%

c.1%

Extraordinary licence

€33.2bn

(4.6)

Country-level capital intensity broadly maintained excl. one- off software licence

17%

c.17%

€31.8bn

FY24 2.5x Net debt/ Adj. EBITDAaL 1

H1 FY25 2.6x Net debt/ Adj. EBITDAaL

FY24 Adjusted FCF H1 FY25

Spectrum & restructuring

Dividends

Share buybacks

M&A & Other

H1 FY25

FY23

FY24

FY25e

1. FY24 ratio is pro forma for FX and M&A (incl. Vodafone Italy & Spain, excl. Hungary, Ghana & Vantage Towers); H1 FY25 ratio is pro forma for FX and M&A (incl. Vodafone Italy, excl. Vodafone Spain). Both periods exclude the impact of hyperinflationary accounting in Turkey. 2. As at 11/11/2024.

H1 FY25 results ⫶ November 2024

FY25 guidance reiterated

Adjusted EBITDAaL

Adjusted FCF

FY25 considerations

(€ billion)

• Expected net cash inflow from discontinued operations (Vodafone Italy and Vodafone Spain) of up to c.€0.4bn is excluded from FY25 guidance

FY24 guidance

c.13.3

c.3.3

FY24 outcome – guidance basis 1,2

13.4

3.5

Impact of exchange rates

(0.3)

(0.2)

FY24 actual – constant portfolio

13.1

3.3

Impact of discontinued operations

(2.1)

(0.8)

Impact of exchange rates

(0.3)

(0.1)

Currency

FY25 guidance rate

FY24 re-based 2,3,4

10.7

2.4

ZAR

20.58

TRY

34.98

at least €2.4bn

FY25 guidance 2,3,5

c.€11bn

EGP

51.75

GBP

0.86

1. FY24 outcome including Vodafone Spain & Vodafone Italy, based on FY24 guidance FX rates (to €): ZAR 19.30, TRY 21.10, EGP 33.38, GBP 0.88. 2. Excluding the impact of hyperinflationary accounting in Turkey. 3. Excluding Vodafone Spain & Vodafone Italy. 4. FY24 re-based outcome based on FY25 guidance FX rates. 5. FY25 guidance FX rates (to €): ZAR 20.58, TRY 34.98, EGP 51.75, GBP 0.86. The guidance assumes no material change to the structure of the Group

H1 FY25 results ⫶ November 2024

Strategic progress

H1 FY25 results ⫶ November 2024

Strategic priorities ⫶ Underpinning our transformation

Recap of our new strategic roadmap from May’23 Further detail: Results, reports & presentations | Vodafone IR

Strategic priorities

FY25 focus

a) Investing in Germany turnaround

CUSTOMERS

b) Vodafone Business

capabilities expansion

c) Efficiency via

simplification & AI

SIMPLICITY

d) Portfolio actions completion

e) Establish Vodafone Investments

GROWTH

H1 FY25 results ⫶ November 2024

H1 FY25 progress ⫶ Executing on our strategic priorities

CUSTOMERS 1

SIMPLICITY 1

GROWTH

Service revenue growth (YoY)

Europe opex savings

€0.3bn FY23 - H1 FY25 vs. €0.7bn targeted savings by FY26 2

Consumer NPS (YoY)

+4.8% (H1 FY24 +4.2%)

Lead/co-lead in 9 of 15 markets 2

Adjusted EBITDAaL growth (YoY)

6.3k role reductions up to H1 FY25 vs.10k in 3-year plan 2

+3.8% (H1 FY24: +0.3%)

Detractors (YoY)

Productivity

Shared operations NPS

Adjusted Free Cash Flow (Reported)

Revenue market share (YoY)

Oct’24: 86% (May’24: 85%)

- €1.0bn (H1 FY24: - €1.4bn)

‘Very good’ reliability in all European mobile markets

Employee engagement

Network quality

Pre-tax ROCE

Oct’24: 75% (May’24: 75%)

+7.2% (H1 FY24: 6.4%)

German cable network quality recognised in 4 independent tests

1. Definitions for key performance indicators are available in Appendix VI. 2. Excluding Vodafone Italy.

H1 FY25 results ⫶ November 2024

H1 FY25 progress ⫶ a) Investing in Germany turnaround

Germany’s best Gigabit network

Germany’s largest Gigabit provider

MDU transition in line with expectations

• Best network based on four independent network tests (speed, value, stability) 1 • 4,600 more upstream segments delivered over last year, with improving customer experience metrics • Targeted DOCSIS 3.1 ‘high - split’ rollout, enabling 400Mbps upload for key areas

• Able to sell Gigabit speeds to more households than any other provider • Our fibre wholesale agreements with Deutsche Telekom & Deutsche Glasfaser will cover 9.5 million households • Our new wholesale agreements will expand our marketable Gigabit-capable households by almost 5 million

• Sales machine successfully handled peak volumes during Q2 • Now secured 4.0 million households (c.48% retention) • Expect c.50% retention of 8.5 million households by end of FY25, with financial impact in line with initial expectations

Consumer cable tariff uptake (% of base)

Households passed (millions)

Secured households during MDU transition

53%

8.5m households

51%

46%

Oct' 24

Households not using service

20% 26%

21% 30%

21% 32%

4.0m households

Cover c.75% of market with Gigabit connectivity

2.6m households

54%

49%

47%

1.9m households

Sept' 24

Households using service 2

Q2 FY23

Q2 FY24

Q2 FY25

Owned Gigabit

Wholesale Gigabit

< 250 Mbps

250-499 Mbps

≥ 500 Mbps

≥ 250Mbps

Pre-transition

Mar'24

Jun'24

Sept'24

1. An overview of the four independent network test results is available in Appendix II. 2. Based on TV Connect survey, May 2022.

H1 FY25 results ⫶ November 2024

H1 FY25 progress ⫶ a) Investing in Germany turnaround

‘Real - time’ nationwide 5G network

Rebalancing channels & refreshing portfolio

Transforming our operating model

• Next-generation 5G now available to Consumers (91% population coverage) • Close second to incumbent per four independent network tests • 5G standalone available through 16,000 base stations, with 4,000 high-band sites • Long-term national roaming partnership with 1&1 began in August 2024

• Rebalancing channel mix, with focus on value through own brands & direct sales channels • Vodafone own brands supporting mobile net additions and ARPU • High competitive intensity in low-value segment, incl. low-margin resellers

• Significant simplification, with c.15% headcount reduction over 3 years - FY24: First wave of announced role reductions complete (1,300 roles) - FY25-26: Second wave of announced role reductions in progress (1,800 roles) - Headcount growth (incl. B2B, digital & IT) • New senior team in place with industry- leading expertise

Independent mobile test scores (nPerf)

Indexed Consumer mobile contract ARPU (%)

Indicative headcount

c.-15%

Reducing gap to incumbent

104%

14,000

Reseller ARPU c.75% lower than 1 st brand

c.12,000

c.1,000

-1,300

96%

-1,800

85%

FY23

FY24

H1 FY25

2019

2020

2022

2023

Competitor A

Competitor B

1st brand

2nd brands

Resellers

H1 FY25 results ⫶ November 2024

FY25 focus ⫶ b) Vodafone Business capabilities expansion

Large & growing addressable markets

Strengthening product offering • New Device-as-a-Service platform in DE, UK & IE • Strong demand for our connectivity services across Africa • Microsoft partnership for cloud-based services • SME Managed Services platform in DE & IE • Google partnership extended • Building new cloud-native security services • 194m connected devices • Mastercard payment gateway partnership

Enhancing capabilities

Addressable market spend

• New Vodafone Business CEO + Director for Germany & Other Europe now in place • Over 200 new digital specialist sales team members • 850 people upskilled in Germany sales team • European security operations centre in Romania launching in November • MPN verticals momentum across Europe (industry 3.0) • New subsea cable across Black Sea • Brand investment through “Your Business Can” campaign in 8 markets

€19bn Other 1

Germany

€62bn

€50bn

Corporate

SME

SoHo

Connectivity

€87bn

€34bn €11bn

Unified Comms

€11bn IT

IoT €9bn

Cloud & Security

€14bn €22bn Mobile Fixed

€68bn

€8bn

Cloud

Average annual IT & communication spend (€)

Digital services 2

Core connectivity 2

0.7k

0.4k

FY23

0.8k

0.9k

FY28E

SoHo

Security

8.2k

16.1k

FY23

FY28E

8.4k

36.9k

SME

FY23

0.7m

1.0m

FY28E

0.7m

2.6m

Corporate

IoT

H1 FY25 results ⫶ November 2024

1. Other includes Other Europe, Africa & Turkey. 2. Includes Fixed & Mobile.

FY25 focus ⫶ c) Efficiency via simplification & AI

Simplification & reinvestment for growth

Shared operations commercialisation

Enhancing capabilities through AI

• New partnership model with Accenture operational • Accenture investing the first tranche of €150 million commitment in October 2024

Europe & Common Functions OpEx

Group headcount

• GenAI chatbot using Natural Language model • c.50% improvement in first- time resolution rates based on interactions with 7 million customers • AI-powered Care assistance tool in partnership with Microsoft • Steps up agent effectiveness and speed • Cloud AI platform to innovate & deliver new services • GenAI models to improve technology & network effectiveness

H1 FY25 6.3k of 10k role efficiency target

H1 FY25 €0.3bn f €0.7b p x reduction target 1

SuperTOBi

• 30k employees, 10 locations across Europe, Asia & Africa • Customers across 28 countries • Portfolio of services include: − Technology − B2B sales & marketing − Customer Care − Corporate functions • All services provided on a commercial basis

€0.3bn cumulative savings & 6.3k role efficiencies delivered by H1 FY25, with c.2k additional role reductions communicated Commercial investment in Germany, customer care, brand & Business Further opportunities supported by greater run-rate of savings from role reductions & broader cost programme

SuperAgent

Google GenAI

H1 FY25 results ⫶ November 2024

1. Cost savings excluding energy costs & extraordinary inflation.

FY25 focus ⫶ d) Portfolio actions completion

Target outcomes

Transaction summary

Status & next steps

• CMA Phase 2 review ongoing, Provisional Findings & Notice of Possible remedies issued in Sep’24, working paper published in Nov’24 • Network investment commitment to transform efficiencies & customer benefits • Time-limited commitments offered to address residual CMA concerns

• Final CMA decision by 7 Dec, followed by remedy implementation period • Target completion early 2025 • Adjusted FCF accretive in year 4 • Target completion early 2025 • €8bn cash proceeds • €2bn to be allocated to share buybacks

• Vodafone UK merger with Three UK • 51% post-merger holding • >£7bn cost + capex synergies • Vodafone Italy 100% sale to Swisscom • €8bn value • c.26x OpFCF multiple • Vodafone Spain 100% sale to Zegona • €5bn value • 12.7x OpFCF

• Italian Competition Authority review ongoing (Phase 2) • Approvals received from:

− Italian Government (Golden Power) − EC Foreign Subsidies Regulation

• €4.1bn initial cash proceeds • €0.9bn in redeemable preference shares

• Transaction completed in May ‘24

• Potential Telekom Romania acquisition • Vodafone & Digi potentially acquiring separate parts of the business/assets

• Memorandum of Understanding signed with Digi/OTE • Detailed due diligence ongoing

• Potentially providing greater scale & synergies

• Additional €1bn buyback expected in H2 FY25 • Further €2bn expected in FY26 (post completion of Italy)

• First €500m tranche completed in August, discount to VWAP >1% • Second €500m tranche nearly complete, due to conclude shortly

• Share buyback programme

H1 FY25 results ⫶ November 2024

FY25 focus ⫶ e) Establish Vodafone Investments

Pillar

Investment

Focus

Ownership

Recent developments

• 2024 guidance re- iterated, up to €300m of shareholder distributions (pre non-recurring investments) • 5G spectrum auction complete (€57.5m) • Agreement to sell fibre & fixed EGW 1 assets to Vocus (AU$5.25bn) • Optus mobile network sharing agreement signed • Shareholding diluted following €2.2bn capital raise & allotments to vendors since March 2024 • €1.3bn sell down to achieve 50:50 effective ownership in Oak Holdings • €158m dividends received in H1 FY25

Netherlands converged operator

50.0%

Telco Operations

Australia converged operator

25.1%

India mobile operator

22.6%

European towers

44.7%

• Over 20 construction partners • Construction now in 21 cities

Germany FTTH

50.0%

Infrastructure

• >0.5m homes passed

Ireland FTTH

50.0%

• 18.0% stake sale (€1.7bn), proceeds used to substantially repay debt secured on shareholding in Indus & Vodafone Idea • 5 satellites unfurled and preparing for commercial operations • Current market value of investment c.US$0.3bn 2 (vs. US$60m invested)

India towers

3.0%

Direct-to-mobile low-orbit satellites

4.6%

• Partnership with Mastercard • Collaboration with ‘iot squared’ to drive IoT innovation • New venture driving new monetisation opportunities • Transaction expected to close in early 2025

Innovation

Economy-of-things

80.0%

Accelerating adoption & innovation of network APIs

API Alliance

c.5%

H1 FY25 results ⫶ November 2024

1. Enterprise , Government and Wholesale (‘EGW’) assets. 2. As at 11/11/2024.

Highlights

Group Q2 service revenue

+4.2%

Q2 as anticipated with peak MDU impact

Europe excl. MDU Q2 service revenue

-0.3%

Group H1 Adj. EBITDAaL

+3.8%

Customers

Lead/co-lead NPS 1 9 of 15 markets

Executing on our strategic priorities Customers, Simplicity, Growth

Simplicity

Role reductions 6.3k

Growth

Pre-tax ROCE 7.2%

€4.1bn 2

Vodafone Spain disposal complete

Right-sizing the portfolio for growth

Vantage further 10% sell-down

€1.3bn

€1.0bn 3

Share buybacks ‘Tranche 1 & 2’

FY25 Guidance 4

FY25 financial guidance reiterated

Adjusted EBITDAaL

c.€11bn

Adjusted FCF

at least €2.4bn

H1 FY25 results ⫶ November 2024

Appendices

More information

p25

Germany ⫶ Best Gigabit network

p26

III Business ⫶ Driving digitalisation with strong capabilities & partnerships

p27

IV Vodacom ⫶ Leading African operations with further growth potential

p28

ESG reporting & performance

p29

KPI definitions

p30

VII Statutory results summary

p31

VIII Net debt, liquidity & total funding obligations

p32

New shape of Vodafone reconciliation

p33

Importance notice

p34

Provide investor feedback here ⫶ investors.vodafone.com/feedback

H1 FY25 results ⫶ November 2024

Appendix I More information

Vodafone Business ⫶ Virtual investor briefing

Vodafone Technology ⫶ Virtual investor briefing

Connecting people, places & things for a better future • We operate in attractive markets • We have unique scale & capabilities • We have strong operating momentum • We are on a clear growth pathway

A globally scaled operator • Our customer demand continues to accelerate • We have a strong technology roadmap

• We allocate capital to drive returns • We are transforming to deliver growth

Materials including videos, presentation, case studies and Q&A: investors.vodafone.com/vbbriefing

Materials including videos, presentation, case studies and Q&A: investors.vodafone.com/vtbriefing

Additional data ⫶ Spreadsheet format

Social Contract ⫶ Virtual investor briefing

Shaping the Digital Society • Historical policy choices have impacted the European telecoms sector • Our ‘Social Contract’ enabling digital society • Pro-investment policy reform is essential for Europe to meet its digital objectives

investors.vodafone.com/results

01.

Quarterly revenue

09.

Fixed broadband customers

02.

Vodafone Business revenue

10.

Marketable homes passed

03.

Quarterly adjusted EBITDAaL

11.

TV customers

04.

Group financial performance

12.

Converged customers

05.

Segmental results

13.

Mobile churn

06.

Segmental analysis

14.

Mobile data usage

Materials including presentation & case studies: investors.vodafone.com/social-contract

07.

Cash flow

15.

Mobile ARPU

08.

Mobile customers

16.

FX rates

H1 FY25 results ⫶ November 2024

Appendix II Germany ⫶ Best Gigabit network

Vodafone vs. Competitors

493

351

184

125

Speed (Download/Upload) 5 (Mbps)

Highest avg. DL speeds, with avg. UL speeds on par

8.8

Price/Value (Mbps/EUR)

Excellent value for money

8.5

Stability on par with competitors Latency on par with competitors

Stability 6 (%)

Latency 7 (ms)

98%

‘Best Internet Provider’ ‘Best Price/Value’ ‘Best Speed’

‘Best Cable Provider’ ‘Best Speed’

‘Best Broadband Performance’

Best Gigabit Network

Vodafone Result

‘Very Good’ Broadband

5. Computer Bild: Speed test results based on our networks versus fibre providers. 6. Chip: Speed compared to expected download speed, where a higher score is better; Computer Bild: Speed fluctuations over the day, where a lower score is better; Connect: Success rate of ‘internet transactions’, where a higher score is better. 7. Lower latency measures are better, with the exception of the Connect test where a higher score is better.

1. CHIP test, May 2024 2. Computer Bild test, July 2024 3. nPerf test, February 2024 4. Connect test, July 2024

H1 FY25 results ⫶ November 2024

Appendix III Business ⫶ Driving digitalisation with strong capabilities & partnerships

Beyond Connectivity addresses large & growing markets

We have unique scale & capabilities

Serving all customer sizes…

…with full breadth of products…

…across large geographic footprint

4.7 million customers

SOHO 1

Germany

Core Connectivity

€62bn market

€11bn market (7% growth)

€36bn market (3% growth)

194 million IoT connections

Unified Comms

€8bn market (11% growth)

€50bn market

SME

€7.8 billion 1 service revenue

€34bn market (10% growth)

Cloud & Security

Other Europe

€68bn market (14% growth)

€13bn market

26% of Group service revenue 1

Enterprise

IoT & IT services

Africa

€87bn market (11% growth)

€20bn market (6% growth)

€6bn market

€124+ billion addressable market

We are a leading strategic partner of choice

We have a strong operating momentum

Unique capabilities in digital

Strengthening product offering

• Cloud & GenAI • IoT • M-Pesa

• Grow Business with new services for SMEs • Scale our new standalone IoT business • Expand M-Pesa across Africa • Develop a new cloud-native security service for our business customers leveraging Google Cloud's Security Operations platform • Accelerating our transformation to commercialise our market leading shared services operations

• 194 million IoT connections • c.€0.7 billion H1 digital services revenue (+12% growth), all product segments growing • Digital services represent 18% of Business service revenue 2

• Re- allocating c.€250 million investment to support new products & managed services capabilities • Leading partnership ecosystem (e.g. Microsoft SME managed services) • Driving brand awareness of digital services with 2x marketing invest

• Cloud & Security • GenAI

• Shared service operations

1. Based on last 12 months as at H1 FY25. 2. Based on H1 FY25 service revenue contribution.

H1 FY25 results ⫶ November 2024

Appendix IV Vodacom ⫶ Leading African operations with further growth potential

Operating in attractive markets 1

Africa’s leading connectivity provider 1

Leading connectivity

Opportunities in connectivity

>40% of Africa GDP

• 209m mobile customers • Leader/co-leader by revenue market share in all our markets • NPS leader/co-leader in 5 of 6 markets

• Data and smartphone penetration • Prepaid handset financing • Safaricom Ethiopia • Rural funding partnerships (RuralCo) • Pro-investment regulation

>570m people

Vodacom markets

58% smartphone penetration 3

Safaricom markets

54% financial services penetration

Africa’s leading fintech platform 1, 2

Digital & financial ecosystem presents opportunities

Leading financial services

Opportunities in digital & fintech

No. of M-Pesa transactions (billion)

Financial services customers (million)

• 83m financial

• Scaling and diversifying VodaPay and M-Pesa super-apps • ‘Tech -for- good’ platforms in agriculture, education & healthcare

20.3

services customers

17.9

16.1

15.6

• US$1.2bn transacted on our mobile money platforms every day • €0.6bn financial services revenue in Vodacom in FY24

11.7

• Digital partner of choice for enterprise and governments

H1 FY23 H2 FY23 H1 FY24 H2 FY24 H1 FY25

H1 FY24

H1 FY25

South Africa

IB (M-Pesa)

M-Pesa (IB + SF)

Egypt (M-Pesa)

SF (M-Pesa)

1. Including 100% of Safaricom. 2. Excluding Vodafone Ghana in FY23. 3. Excluding DRC.

H1 FY25 results ⫶ November 2024

Appendix V ESG reporting & performance

Extensive suite of ESG disclosures

Strong ESG performance

Annual Report ⫶ vodafone.com/ar2024

ESG Addendum ⫶ investors.vodafone.com/esgaddendum • >1,200 datapoints, covering >300 indicators, in spreadsheet format • Includes GRI Standards index

ESG Ratings ⫶ investors.vodafone.com/esg-ratings

• Integrated reporting covering ESG strategy & performance • Complimented by six videos on key ESG topics

MSCI ESG Rating 1,2 “AA”

Sustainalytics ESG Risk Rating 1, 3 “Low risk” Top 5% in sector

Board conversations ⫶ investors.vodafone.com/videos • Eight videos with Chair and Committee chairs • Introductions to new Non-Executive Directors

ESG A-Z ⫶ investors.vodafone.com/esga-z

• >30 links to supporting disclosures, reports & policies • Categorised by E, S or G & searchable

ISS ESG Corporate Rating 1 “B - ” Top 6% in sector

Refinitiv ESG score 1 “82/100” #3 in sector CDP Climate Change 1 “A” Leadership band

TCFD ⫶ investors.vodafone.com/tcfd

SASB ⫶ investors.vodafone.com/sasb

• Seven disclosure topics • Includes additional information beyond what is required in the SASB Standards

• Aligning to TCFD framework since 2019 • Fully or partially consistent with all 11 TCFD recommendations

1. Unless otherwise stated, ESG ratings and relative position within sector as at 31 st October 2024 See additional disclaimers on page 34. 2. In 2024, Vodafone Group Plc received an ESG rating of A (on a scale of AAA-CCC) in MSCI ESG Ratings assessment. 3. In 2023, Vodafone Group Plc received an ESG Risk Rating of 16.2 and was assessed by Sustainalytics to be at low risk of experiencing material financial impacts from ESG factors.

H1 FY25 results ⫶ November 2024

Appendix VI KPI definitions

KPI

Definition

KPI

Definition

We regularly measure the reliability of our mobile networks in our controlled European markets (including Turkey) using a combination of internal drive trials and crowdsourced data obtained from an independent benchmarking company. Drive trials are conducted in each market every quarter and assess various customer activities such as voice calls, web browsing, file transfer, video streaming, as well as upload and download data rates. Monthly crowdsourced data monitors other customer experience indicators such as amount of time a device is connected to a 4G or 5G network, as well as sample tests of data rates, latency and data session success rates. Each measure is weighted with an index score for the performance level achieved. Index scores from all measures are aggregated and the total compared to various threshold levels to determine the reliability of the mobile network. A reliability score that achieves at least 85% of the maximum score is considered to have ‘very good’ or better reliability.

Consumer net promotor score (NPS) measures the likelihood that Vodafone and non- Vodafone customers will recommend Vodafone to family, friends and colleagues on a scale of 0 – 10. The aggregated net promoter score can range from -100 to +100. The arrows included within this presentation indicate whether the applicable market’s most recent Consumer NPS is higher, lower or stable in absolute terms compared to the same period from the previous financial year. Detractors are customers who score 0, 1 or 2 in surveys for Lifetime NPS, which only includes Vodafone customers. Lifetime NPS measures the likelihood that existing customers will recommend Vodafone to family, friends and colleagues on a scale of 0 – 10 based on experienced customer journeys. The aggregated net promoter score can range from -100 to +100. The arrows included within this presentation indicate whether the applicable market’s most recent detractor share is higher, lower or stable in absolute terms compared to the same period from the previous financial year. Where no comparable data is available for the equivalent period in the prior year, the earliest available data is used for the comparator. Operating expenditure (opex) includes, but is not limited to, sales and distribution costs, network and IT related expenditure and business support costs. Europe opex savings refers to the reduction in opex in our European markets and Common Functions, excluding energy costs and extraordinary inflation, for example related to wages and salaries. When presenting progress against our Europe opex savings targets, we adjust for M&A and foreign exchange movements during the target period. The employee engagement index is based on a weighted average index of responses to three questions: satisfaction working at Vodafone; experiencing positive emotions at work; and recommending Vodafone as an employer. The aggregated employee engagement score can range from 0 to 100%.

Consumer NPS

Network quality

Detractors

In May 2023, we announced the reduction of roles in Group and markets over a three-year period.

Productivity

Revenue market share represents Vodafone’s share of total communication service revenue in each applicable market (with the exception of South Africa, which is based on mobile service revenue only). The metric is based on internal analysis and public disclosures from competitors and/or regulators. The arrows included within this presentation indicate whether the applicable market’s revenue market share (which may be lagged by one quarter) is higher, lower or stable.

Revenue market share

Europe opex savings

SaaS

Software as a Service

SD-WAN

Software-defined networking (SDN) in a wide area network (WAN)

Employee engagement

Shared operations net promotor score (NPS) measures the likelihood that users of Vodafone’s shared operations (_VOIS Group Business Services) would recommend _VOIS’ services to colleagues. The net promoter score can range from 0-100%.

Shared operations NPS

MDU

Multi-dwelling units

For more KPI definitions please visit the glossary page on our Investor Relations website: Glossary | Vodafone IR

H1 FY25 results ⫶ November 2024

Appendix VII Statutory results summary

Six months ended 30 September 2025 2024 1 €m €m

Consolidated income statement

Revenue

18,276 17,983

Cost of sales Gross profit

(12,123) 6,153 (1,355) (2,700)

(12,016) 5,967 (1,286) (2,546)

Selling and distribution expenses

Administrative expenses

Net credit losses on financial assets

(209)

(224)

Share of results of equity accounted associates and joint ventures

(40)

(51)

Impairment loss Other income

–

533

(67)

Operating profit Investment income

2,382

1,857

566

368

Financing costs

(843)

(1,395)

Profit before taxation Income tax expense

2,105

830

(900)

(746)

Profit for the financial year - Continuing operations Loss for the financial year - Discontinued operations

1,205

(239) (155)

Profit for the financial year

1,221

Attributable to: – Owners of the parent – Non-controlling interests Profit for the financial year

1,064

(346)

157

191

1,221

(155)

Earnings per share Continuing operations: – Basic

3.92c 3.91c

(0.40)c (0.40)c

– Diluted

Total Group: – Basic

3.98c 3.97c

(1.28)c (1.28)c

– Diluted

1. The results for the year ended 31 March 2024 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations

H1 FY25 results ⫶ November 2024

Appendix VIII Net debt, liquidity & total funding obligations

Total funding obligations

Net debt progression (€billion)

H1 FY25

FY24 €m €m

€41.0bn

0.9

1.2

0.1

1.0

€36.0bn

Bonds

(39,522)

(40,743)

€31.0bn

€33.2bn

Bank loans

(725)

(767)

€31.8bn

(4.6)

€26.0bn

Other borrowings including spectrum

(2,443)

(1,457)

FY24 2.5x Net debt/ Adj. EBITDAaL 1

H1 FY25 2.6x Net debt/ Adj. EBITDAaL

€21.0bn

Gross debt

(42,690)

(42,967)

Cash and cash equivalents

7,008 4,101 1,196

6,183 3,225 2,204

€16.0bn

Short-term investments

€11.0bn

Derivative financial instruments Net collateral (liabilities)/assets

€6.0bn

FY24

Adjusted FCF H1 FY25

Spectrum & restructuring

Dividends

Share buybacks

M&A & Other

H1 FY25

(1,390)

(1,887)

Net debt (a)

(31,775)

(33,242)

Other funding obligations Lease liabilities

Bond maturity profile (€billion)

(10,790)

(9,672) (1,479)

Guarantees over Australia joint ventures loans

(1,450)

Current liquidity Senior

Hybrid

Pension liabilities

(174)

(181)

Equity content of hybrid bonds 2

4,497

0.8

Total funding obligations (b)

(39,692)

(40,092)

Adjusted EBITDAaL (c)

11,003 11,019

2.2

Depreciation on right of use assets

2,920

3,003

13.6

9.7

Interest on leases

443

440

0.6

Adjusted EBITDAaL before leases (d)

14,366 14,462

6.9

1.4

0.8

1.1 2.3

2.6

2.3

1.0

Ratio of net debt to adjusted EBITDAaL (a/c) 1

2.6x 2.5x

2.5x 2.4x

Ratio of total funding obligations to adjusted EBITDAaL before leases (b/d) 1

Current liquidity

FY26

FY27

FY28

FY29

FY30

FY31-39

FY40+

100% of bonds fixed. Average life of bonds 13.7 years

All 3 credit rating agencies at BBB

H1 FY25 results ⫶ November 2024

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