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
€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%)
(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
6
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