FY25 Results Presentation

Vodafone FY25 Results Presentation

Vodafone Group Plc FY25 results May 2025

FY25 results ⫶ May 2025

FY25 results Highlights

p3 Financial performance p6 Strategic progress p16

Appendices

p29

FY25 results ⫶ May 2025

Highlights

Q4 service revenue growth FY25 service revenue growth FY25 Adjusted EBITDAaL growth

+5.4% +5.1% +2.5%

Growth in line with expectations

FY25 guidance FY25 outcome 2

FY25 financial guidance delivered

Adjusted EBITDAaL

c.€11bn

€11.0bn €2.5bn

At least €2.4bn

Adjusted FCF

Vodafone has changed ⫶ Taken action, more to do

Lead/co-lead NPS 9 of 15 markets

Customers Simplicity

Role reductions 7.7k Pre-tax ROCE 7.0%

Growth

Vodafone will grow ⫶ Our outlook

FY26 Group guidance 1 - Adjusted EBITDAaL - Adjusted FCF

€11.0-11.3bn €2.6-2.8bn

Medium-term Group Adjusted FCF

Growth

FY25 results ⫶ May 2025

1. Excludes UK merger. Further information on FY26 guidance on page 15. 2. At FY25 guidance FX rates and excluding hyperinflation in Türkiye.

Vodafone has changed ⫶ We have taken action, with more still to do What we said in May’23

What we’ve done so far • Sale of Vodafone Spain & Italy, UK merger approval • Vantage Towers monetisation • Created Vodafone Investments • Reset our capital structure • Good NPS improvements across all markets • Germany & UK reaching their best ever performance

Right-size the portfolio for growth

PORTFOLIO

Refocus on consumer experience to win in the market

CUSTOMERS

• 10k role efficiencies complete or actioned • Commercialisation of Shared Operations with Accenture partnership • Double-digit B2B digital service revenue growth, supported by strategic partnerships • Strong growth in financial services, extended service to Egypt • Adj. FCF above €2.5bn in FY24 & FY25

Leaner organisation focused on value Accelerate growth to create shareholder value Deliver at least €2.4bn Adj. FCF 1 as we transform

SIMPLICITY

GROWTH

FY25 results ⫶ May 2025

1. Excluding Spain and Italy.

Vodafone will grow ⫶ Our medium-term outlook

Investments

Our growth portfolio 67% of Group Adjusted FCF

Our turnaround market 33% of Group Adjusted FCF

10%

33%

25%

10%

13%

Sustainable Adjusted FCF growth over the medium-term

FY25 results ⫶ May 2025

Note: FY25 Group actuals including proforma for 3UK – represents operating free cash flow net of tax and minority dividends.

Financial performance

FY25 results ⫶ May 2025

Financial Highlights ⫶ Results in line with expectations • Decline in Germany more than offset by growth across rest of Europe, Africa & Türkiye • Vodafone Business accelerating throughout the year (Q4: +5.1%) Service revenue growth Adjusted EBITDAaL 7.1% 5.4% 4.2% 5.2% 5.4% Group €11.0bn €10.9bn 29.2% Adj. EBITDAaL margin 30.0% Adj. EBITDAaL margin +2.5% 2

• +2.5% 2 growth in FY25 on a like-for-like basis • Despite MDU impact and higher investment in Germany, CX and Business • Supported by revenue growth & lower energy costs

FY24 (reported)

FY25 (reported)

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Return on Capital Employed Pre-tax ROCE

Europe

Europe (ex. MDU impact)

Africa 1

• Europe broadly stable excl. MDU impact • Africa accelerating in Q4 • Türkiye & Egypt growing strongly

13.5%

0.9pp

11.6%

• Pre-tax ROCE broadly • Despite MDU reset

10.0% 10.0% 9.7%

7.2%

7.0%

(0.8pp)

unchanged year-on-year

(0.3pp)

2.9%

0.1%

(0.3%)

2.4%

(2.1%) (0.4%)

(1.9%) Q3 FY25

(2.3%) Q2 FY25

Q4 FY24

Q1 FY25

Q4 FY25

FY24

MDU impact

Underlying Germany

Other markets

FY25

FY25 results ⫶ May 2025

1. Vodacom Group only. 2. Organic Adjusted EBITDAaL growth. Presents performance on a comparable basis, excl. the impact of FX rates and hyperinflation adjustments in Türkiye. 3. Updated methodology reflecting average monthly capital employed throughout the year.

Germany ⫶ Turnaround continuing through challenging market conditions

-5.0% Service revenue FY25 organic growth

-12.6% Adj. EBITDAaL FY25 organic growth

Germany 40% of Group Adj. EBITDAaL 1

• Broadly stable Q4 service revenue trend with: − higher 1&1 wholesale revenue − lower MDU impact (+0.5pp QoQ) − partially offset by lower mobile ARPU • Mobile ARPU impacted by higher mobile competitive intensity in Q4 and prior period one-offs

• Gigabit broadband net additions broadly stable • MDU TV transition complete with 4.2 million customers secured, in line with expectations • Positive mobile contract additions despite mobile competition • 6.4 million IoT connections added

• Adjusted EBITDAaL decline driven by: − MDU transition impact (-7.5pp) − incremental commercial investments to support turnaround − challenging mobile market conditions • +2.4pp benefit from lower energy costs offset by inflation

Service revenue growth (%)

Net additions (‘000) Gigabit broadband

Adj. EBITDAaL (€billion)

Organic

Organic excl. MDU transition impact

DSL

Mobile contract

0.0

1.5% (0.3%)

(0.4)

(0.2)

(2.4%)

(2.6%)

(2.7%)

€5.0bn

0.6%

€4.4bn

(3)

(1.5%)

(17) (45) Q4 FY24

(23) (32) Q1 FY25

(24) (9) Q2 FY25

(8)

(4)

(39)

(6.0%)

(6.2%)

(6.4%)

FY24 Direct margin Net A&R Energy & extra inflation

Opex incl. re-investment

FY25

Q3 FY25

Q4 FY25

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

FY25 results ⫶ May 2025

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

Customers Germany ⫶ Operational improvements Simplicity

Growth

Consumer • Long-term roaming agreement with 1&1 from August 2024. Over 4 million customers using our network by Mar’25 • Expect migration to reach full run-rate during H2 FY26 Business • Hired over 100 digital & sales specialists • Opened our new Cyber Security Centre in March 2025 to support SMEs Business digital services growth, FY25 (%)

• Lowest ever detractor scores across both mobile & fixed • Best ever NPS, with gap to incumbent halved over 2 years • Network improvements: - Ongoing network fiberisation supporting 1/3 fewer network tickets since FY23 - >85% of customers now using next- generation CPE to improve in-home Wi-Fi experience - >90% pop coverage on 5G standalone NPS improvement across all products (FY23-FY25)

• Significant simplification, with a c.15% headcount reduction over 2 years - Two waves of 3,200 role reductions announced in FY24 & FY25 - 2,000 role reductions completed to date - New headcount investment in B2B & IT • New senior team in place with industry- leading expertise

Headcount

c.-15%

14,000

37%

+13pp

Cable

c.12,000

c.1,000

(2,000)

(1,200)

+9pp

Mobile

23%

17%

12%

+19pp

SaaS

Other Cloud SD-WAN

Security

Dec'22 Role reductions (complete)

FY26 (est.)

Role reductions (WIP)

Growth areas

FY25 results ⫶ May 2025

UK ⫶ Strong customer experience & Adj. EBITDAaL performance

+1.9% Service revenue FY25 organic growth

+7.9% Adj. EBITDAaL FY25 organic growth

UK 14% of Group Adj. EBITDAaL 1

• Good growth in Q4 supported by Business projects step up • Growth in Consumer partially offset by Business in FY25 • Strong EBITDAaL +7.9% driven by service revenue growth and operational cost efficiencies including lower energy costs

• Best ever broadband net adds +227k (+67k YoY), supported by largest fibre footprint & One Touch Switching • Consumer mobile contract additions +117k (+72k YoY) • Now over 1 million VOXI customers • Best ever mobile Consumer contract and broadband churn

• NPS leader in the market across mobile and fixed • Lowest ever level of detractors • Record low mobile complaints (>50% reduction over two years) • New contract price rises implemented & front book increases in mobile and broadband

Ofcom complaints FY23 – FY25

Service revenue growth (%)

Net additions (‘000)

Fixed

Mobile contract

Mobile

Broadband

61 41

3.6%

3.3%

3.1%

52 (9)

50 (6)

-56%

1.2%

-17%

0.0% Q1 FY25

(29) Q1 FY25

Q4 FY24

Q2 FY25

Q3 FY25

Q4 FY25

Q4 FY24

Q2 FY25

Q3 FY25

Q4 FY25

Q4 FY23

Q4 FY25

Q4 FY23

Q4 FY25

FY25 results ⫶ May 2025

1. Based on FY25 Adjusted EBITDAaL contribution.

Other Europe & Türkiye ⫶ Consistent performance

+2.1% FY25 Service revenue +0.0% FY25 Adj. EBITDAaL

+83.4% FY25 Service revenue +110.5% FY25 Adj. EBITDAaL

Other Europe 14% of Group Adj. EBITDAaL 1

Türkiye 8% of Group Adj. EBITDAaL 1

• Good commercial momentum & price actions supporting growth • Q4 impacted by strong prior year comparative • Business +4.4% in FY25, supported by digital services & public sector growth

• EBITDAaL impacted by margin re-phasing of certain Business contracts in Greece and a one-off provision • +462k mobile contract & 14k broadband net additions in FY25 • Competing effectively in Portugal despite new entrant launch

• Very strong service revenue growth in euro terms driven by repricing actions & effective customer base management • Business growth supported by strong demand for digital services • Growth in Euro terms - EBITDAaL +c.€400m & Operating FCF +c.€300m year-on-year, well ahead of pre- devaluation levels

Service revenue growth (%)

Net additions (‘000)

Service revenue growth (%) Reported growth in Euros 2

Fixed

Mobile contract

5.5%

53.1%

52.3%

49.5%

153

121

110

2.6%

25.2%

24.0%

2.3%

0.8%

(5) Q4 FY25

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY24

Q1 F25

Q2 FY25

Q3 FY25

Q4 FY25

FY25 results ⫶ May 2025

1. Based on FY25 Adjusted EBITDAaL contribution. 2. Growth in euro terms excluding the impact of hyperinflationary adjustments.

South Africa 15% of Group Adj. EBITDAaL 1 • Strong growth in Tanzania & DRC despite lapping tougher PY comparative • Mozambique performance stabilising in Q4, with political unrest calming • Continued strong M-Pesa (FY25: +11.3%) • EBITDAaL impacted by Mozambique re-pricing pressure & DRC one-offs Africa ⫶ Accelerating growth supporting upgraded mid-term guidance Internationals Internationals +2.3% FY25 Service revenue +1.8% FY25 Adj. EBITDAaL Egypt 6% of Group Adj. EBITDAaL 1 +45.2% FY25 Service revenue +71.8% FY25 Adj. EBITDAaL Internationals 3% of Group Adj. EBITDAaL 1 +7.4% FY25 Service revenue -17.3% FY25 Adj. EBITDAaL • Good Consumer contract and prepaid data growth, partially offset by lower wholesale revenue • Accelerating trends in fixed line (Q4: +18.1%), supported by growth in IPVPN • EBITDAaL +1.8% with operating expenses maintained below inflation • Growth well above inflation supported by pricing actions, sustained customer base growth & data demand • Strong demand for Vodafone Cash, now represents 8% of service revenue • Strong EBITDAaL growth offsetting impact from currency devaluation

Service revenue growth (%)

48.0%

3.3%

9.3%

3.2%

44.7%

44.1%

43.6%

7.5%

1.8%

6.8%

40.3%

6.3%

5.9%

0.7%

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

FY25 results ⫶ May 2025

1. Based on FY25 Adjusted EBITDAaL contribution.

Vodafone Business ⫶ Digital services & public sector acceleration Financial performance +4.0% FY25 Service revenue growth Unique digital capabilities +13.8% FY25 digital services 1 revenue growth Markets performance

4.7m Business customers

• Sequential improvement throughout the year, as expected • Growing across all products & customer segments • Further acceleration in Q4 supported by commercial momentum in digital services

• 21% of Business service revenue in Q4 • 23% YoY growth in Cloud portfolio & continued strong demand for SaaS 2 • 205 million IoT connections (+4.5% YoY) • Leader in the 2025 Gartner Magic Quadrant for Mobile Private Networks, IoT & Global WAN

• Germany impacted by project phasing and large corporate re-signs • UK lapping higher price rises in the prior year & ARPU pressure • Other EU public sector project work & digital services growth • South Africa strong digital services & fixed connectivity demand

Business service revenue growth (%)

Digital services 1 revenue growth (%)

Business service revenue growth, FY25 (%)

17.9%

14.5% 16.1%

5.4%

4.7%

5.1%

4.4%

10.5%

4.3%

4.0%

6.7%

(0.9)%

2.6%

(2.3)%

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

OEU

FY25 results ⫶ May 2025

1. Digital services include IoT, Cloud & Security services.. 2. SaaS = Software as a Service. 3. Albania, Czech Republic, Greece, Ireland, Portugal and Romania.

Adjusted EBITDAaL Adjusted EBITDAaL & FCF ⫶ In line with expectations Free cash flow

(€billion)

0.9

Adjusted EBITDAaL (reported) Interest & tax Working capital & other Net dividends (assoc. & JV) Capital additions Adjusted free cash flow Spectrum

€10.9bn €(1.9bn) €0.1bn

(0.1)

(0.4)

€11.1bn

€10.8bn

+2.5% Organic YoY growth 1

€0.3bn

€(6.9bn)

€2.5bn

FY24 EBITDAaL (organic) 1

Direct margin

Net A&R

Europe opex

Other Group opex

FY25 EBITDAaL (organic) 1

€(0.4bn)

€1.9bn Restructuring & integration Free cash flow • Higher capital additions year-on-year: - includes extraordinary 5-year software licence (€0.3bn) - no cash impact, unwinds in working capital €(0.3bn) • €0.1bn lower interest - reflecting reduction in net debt • Net dividends include €0.3bn from Vantage Towers

• Revenue growth supporting direct margin expansion • Customer acquisition & retention costs impacted by MDU investment • Lower energy costs (€0.2bn) and efficiencies across Europe, offset by extra inflation, incremental investment in customer experience, brand, Business and Germany MDU transition

FY25 results ⫶ May 2025

1. Organic Adjusted EBITDAaL presents performance on a comparable basis, excl. the impact of FX rates and hyperinflation adjustments in Türkiye.

FY26 guidance

Capital Intensity • Broadly maintained market by market

Adjusted EBITDAaL

Adjusted FCF

(€ billion)

at least 2.4

FY25 guidance

c.11.0

Leverage ratio

• Lower half of 2.25-2.75x range

FY25 outcome – guidance basis 1,2

11.0 (0.1) 10.9 (0.3)

2.5

Impact of exchange rates & Türkiye hyperinflation accounting

• 3UK fully consolidated on completion • EBITDAaL €0.4bn preliminary FY26 proforma view under Vodafone accounting policies • MergeCo capex – higher than two businesses combined, due to accelerated network deployment (c.€1.5bn proforma) • Interest +c.€50m (incremental €2bn debt) UK merger considerations for FY26 Expectation for Europe • €7.2-7.4bn Adj. EBITDAaL range for FY26 (ex. UK merger)

FY25 actual

2.5 (0.1)

Impact of exchange rates

Remove Türkiye hyperinflation accounting

0.2

10.8

2.4

FY25 rebased 2,3

Growth

0.2-0.5

0.2-0.4 2.6-2.8

11.0-11.3

FY26 guidance 2,4,5

Proforma full year FY26 UK merger impact

0.4

(0.2)

1. FY25 outcome based on FY25 guidance FX rates (to €): ZAR 20.58, TRY 34.98, EGP 51.75, GBP 0.86. 2. Excluding the impact of hyperinflation accounting in Türkiye. 3. FY25 re-based outcome based on FY26 guidance FX rates. 4. FY26 guidance FX rates (to €): ZAR 20.59, TRY 43.42, EGP 56.74, GBP 0.85. 5. The guidance assumes no material change to the structure of the Group, excludes the UK merger impact and is subject to macro economic conditions .

FY25 results ⫶ May 2025

Strategic progress

FY25 results ⫶ May 2025

Vodafone has changed ⫶ We have taken action, with more still to do What we said in May’23

Right-size the portfolio for growth

PORTFOLIO

Refocus on consumer experience to win in the market

CUSTOMERS

Leaner organisation focused on value Accelerate growth to create shareholder value Deliver at least €2.4bn Adj. FCF 1 as we transform

SIMPLICITY

GROWTH

FY25 results ⫶ May 2025

1. Excluding Spain and Italy.

Vodafone has changed ⫶ We’ve right-sized our portfolio for growth Actions to reshape our footprint Strong positions + local scale New financial profile

• Vodafone UK merger with Three UK expected to close in H1 2025 • 51% MergeCo holding, fully consolidated • Providing scale to build the UK’s leading 5G network • £7bn cost + capex synergies; Adjusted FCF accretive in year 4 • Vodafone Italy 100% sale to Swisscom completed Jan’25 • €8bn cash proceeds • €2bn to be allocated to share buybacks • Vodafone Spain 100% sale to Zegona completed May’24 • €4.1bn initial cash proceeds; €0.9bn in redeemable preference shares • €2bn allocated to share buybacks

FY25 proforma 4

Growth (CY22-24 revenue growth 1 )

Structure (# MNOs)

Share (CY24 revenue market share 1 )

10% 9%

20%

3+1 player

23%

25%

15%

14%

20% 2

3% 4-to-3 player 2

13%

17%

26%

10%

1% Mostly 3 player

25%

38%

33%

31%

Revenue Adj. FCF DE UK Other EU Africa Türkiye Investments Adj. EBITDAaL

10%

3-4 player

46% 3

FY25 results ⫶ May 2025

1. Source: Analysys Mason & Global Data; World Cellular Information Series (WCIS), OMDIA. 2. Including impact of merger with 3UK; mobile and fixed revenue market share. 3. Market share for South Africa mobile market. 4. FY25 Group actuals including proforma for 3UK. Adj FCF is operating free cash flow net of tax and minority dividends.

Vodafone has changed ⫶ We’ve reset our capital structure • c.€11bn net debt reduction over 2 years • Largely driven by Vantage monetisation & disposals of Italy/Spain • At bottom end of new leverage range of 2.25-2.75x net debt/Adj EBITDAaL Strong balance sheet position

Shareholder returns

Disciplined capital investment • Country-level capital intensity broadly maintained • Supporting investment in Business and accelerated fiberisation of German cable • Whilst maintaining strong mobile positions across the footprint

Dividend • Re-based to reflect new shape of Group • FY25 total ordinary dividend 4.5c • Ambition to grow over time Share buyback programme • First €2 billion of buybacks completed in May’25 • Second €2 billion commenced • Total FY25 capital return c.€3.7 billion (FY24: €2.4 billion)

Capital intensity (%)

Leverage & net debt progression (€ billion)

c.2.4x incl. UK merger & further €2bn share buyback

€33.4bn

19%

(4.1)

Broadly stable excl. one-off software licence in FY25

18%

17%

1.9

FY23 2.5x Net debt/ Adj. EBITDAaL 1

(7.9)

0.4

€22.4bn

(1.3)

FY25 2.0x Net debt/ Adj. EBITDAaL 1

FY23

Spain sale

Italy sale

Vantage Towers

Share buybacks

Other

FY25

FY23

FY24

FY25

FY25 results ⫶ May 2025

1. Ratios are pro forma for FX and M&A (incl. Vodafone Spain & Vodafone Italy, excl. Hungary, Ghana & Vantage Towers); excluding the impact of hyperinflationary accounting in Türkiye.

NPS improving across our markets Vodafone has changed ⫶ We’re improving customer satisfaction Proportion of detractors reducing

FY25 vs. FY23

Δ vs FY23

-3.5pp +1.3pp

+29%

+27%

-2.5pp

+7%

-5.8pp

Germany

Turkey

Mar-23

Mar-24

Mar-25

Germany

Other Europe

South Africa

Outcome • UK: NPS market leader for the first time • Germany: - Best-ever NPS score (every product seeing a year-on- year improvement) - Halved the gap to the incumbent over the last 2 years

Investments & impact

• c.€300m of incremental CX investment over the last two years • >20% reduction in detractors across our customer base (5 million fewer detractors) • Lowest ever deep detractors score across Europe

FY25 results ⫶ May 2025

Financial services (customers) Vodafone has changed ⫶ We’re growing digital & financial services fast Digital services Financial services business 15.4% Service revenue growth

Mobile money (transaction value, US$bn)

205 million IoT SIMs 21% of Business service revenue 1

13.2%

14m

12.4%

+15%

South Africa International Egypt Safaricom

37m

451

8.2%

391

25m

11m

FY23

FY25

H1 FY24

H2 FY24

H1 FY25

H2 FY25

88 million (+25% 2 )

US$1.2 billion a day

• New strategic partnerships (e.g. Microsoft) building unique portfolio of best-in-class products • Investment: over 300 new digital specialist sales team members • IoT separated to further scale up and accelerate opportunities • Launched new Security Operations Centres (‘SOCs’) in Europe

• Broadening out our product capabilities across B2B, B2C and C2B • Scaled super-apps across our markets • Grown our network of merchants (currently 1.25 million) • Egypt scaling quickly - subscriber base doubled vs. FY23 (11.4 million)

FY25 results ⫶ May 2025

1. Represents 21% of Group Business service revenue in Q4 FY25. 2. Growth from FY23 to FY25.

Vodafone will grow ⫶ The next phase of our transformation Mission

Growth opportunities

Africa

Business

Investments

Europe

The leading platform for Business business

investments

Africa’s connectivity, fintech & digital innovation leader

Driving growth & value maximisation across our portfolio

Europe’s most trusted telco

Most efficient telco, leveraging local & cross-border scale

shared ops. powered by

Strategic priorities

Growth

Simplicity

Customers

FY25 results ⫶ May 2025

Vodafone will grow ⫶ Our medium-term outlook

Investments

Our growth portfolio 67% of Group Adjusted FCF

Our turnaround market 33% of Group Adjusted FCF

10%

33%

25%

10%

13%

Sustainable Adjusted FCF growth over the medium-term

FY25 results ⫶ May 2025

Note: FY25 Group actuals including proforma for 3UK – represents operating free cash flow net of tax and minority dividends.

Vodafone will grow ⫶ Our European footprint Our starting positions Our execution plan

Building on our #1 Customer experience Monetise mobile network quality Maintain fastest growing Fixed (both B2B & B2C) Deliver synergies (£700m p.a. Yr 5)

Consistent market outperformance Largest mobile base (inc. both B2B & B2C)

UK 10% Group Adj. FCF

Largest spectrum holding Low market share in fixed

Sustainable Adjusted FCF growth

Complete Romania consolidation

Consistently strong performance 1

Other Europe 13% Group Adj. FCF

Scaled positions in mostly 3-player markets

Compete effectively in Portugal

Establish B2B leadership position (digital services, SMEs, public sector)

Leading brand positions

FY25 results ⫶ May 2025

1. 3.2% CAGR organic service revenue growth for FY23-25.

Vodafone will grow ⫶ Our emerging market & investments portfolio Our starting positions Our execution plan

Acceleration across all markets - Loyalty & pricing transformation - Broaden FinTech reach - B2B & digital innovation - Fixed & mobile coverage expansion

Leadership position across all markets Leading brands & customer satisfaction Growing population & end usage

Africa 25% Group Adj. FCF

Financial services leadership Strong track record of growth 1

3-yr rolling guidance raised to double-digit service revenue & EBITDA growth

Sustainable € Adjusted FCF

c.30% of growing market 2

Network experience step-up Leading digital experience (e.g. loyalty, e-commerce)

Türkiye 10% Group Adj. FCF Investments 9% Group Adj. FCF

Outperforming industry & leading talent Strong track record of € growth 3 Scaled Europe TowerCo ownership Operations, infra. & innovation assets

Digital services & sovereign data centres Compounding Vantage dividend growth Value realisation

FY25 results ⫶ May 2025

1. 10.2% CAGR organic service revenue growth for FY23-25. 2. 16.9% growth in Total Telecoms market between 2022 and 2024. Source: Analysys Mason & Global Data. 3. +46% CAGR adjusted EBITDAaL growth in euros for FY23-25 (excluding hyperinflation).

Vodafone will grow ⫶ Germany turnaround Our starting positions Our execution plan

From

Largest European market

Improved customer experience Stabilised broadband base + 75% households Gigabit enabled

NPS leadership/ co-leadership

One-stop shop for the household across mobile, fixed & TV Device financing launch + second brands Convergence drive Connectivity + digital services partner for business Complete organisation reset + productivity step-up

Scaled converged position

Fair share of market growth

Germany 33% Group Adj. FCF

Mobile ARPU pressure

Strong brand consideration

B2B connectivity competition New leadership + restructuring underway

TV revenue now rebased

FY25 results ⫶ May 2025

Vodafone will grow ⫶ Efficiency opportunity supporting growth A rolling efficiency programme A flexible central cost base

• Cost base: FY24 assessed as top quartile by independent benchmark 1 • FTEs: May’23 simplification actions completing in FY26 across all markets (10k FTEs) • Significant new opportunities from: - AI deployment (customer care, IT, network operations)

• Corporate Services: rightsized for new Europe shape

• Commercial Shared Operations model driving productivity gains: - full transparency on price*quantity*quality - enabling competition between internal & external suppliers to satisfy markets’ requirements - open to third party demand

- ‘best-in-class’ pursuit in benchmarked activities - further simplification and zero-based budgeting Ongoing efficiencies supporting Customer Experience, Brand & B2B Digital Services investment

•

c.€300m planned cost reduction over next 3 years (assuming third party demand unchanged)

Ongoing contribution to Adj. free cash flow growth

FY25 results ⫶ May 2025

1. Based on an external cost benchmarking survey conducted in Q2 FY25.

Highlights

Q4 service revenue growth FY25 service revenue growth FY25 Adjusted EBITDAaL growth

+5.4% +5.1% +2.5%

Growth in line with expectations

FY25 guidance FY25 outcome 2

FY25 financial guidance delivered

Adjusted EBITDAaL

c.€11bn

€11.0bn €2.5bn

At least €2.4bn

Adjusted FCF

Vodafone has changed ⫶ Taken action, more to do

Lead/co-lead NPS 9 of 15 markets

Customers Simplicity

Role reductions 7.7k Pre-tax ROCE 7.0%

Growth

Vodafone will grow ⫶ Our outlook

FY26 Group guidance 1 - Adjusted EBITDAaL - Adjusted FCF

€11.0-11.3bn €2.6-2.8bn

Medium-term Group Adjusted FCF

Growth

FY25 results ⫶ May 2025

1. Excludes UK merger. Further information on FY26 guidance on page 15. 2. At FY25 guidance FX rates and excluding hyperinflation in Türkiye.

Appendices I Strategic scorecard II More information

p30 p31 p32 p33 p34 p35 p36 p37 p38 p39

III B2B ⫶ Driving digitalisation with strong capabilities & partnerships IV Africa ⫶ Leading operations with further growth potential V Vodafone Investments ⫶ Growth & value realisation VI ESG reporting & performance

VII Statutory results summary

VIII Net debt, liquidity & total funding obligations

IX KPI definitions

X Importance notice

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

FY25 results ⫶ May 2025

Appendix I Strategic scorecard ⫶ Executing on our strategic priorities CUSTOMERS 1 SIMPLICITY 1

GROWTH

Service revenue growth (YoY) Adjusted EBITDAaL growth (YoY)

Europe opex savings

€0.4bn FY23 - FY25

+5.1% (FY24 +6.3%)

Consumer NPS (YoY)

Lead/co-lead in 9 of 15 markets

7.7k role reductions up to FY25 vs.10k in 3-year plan 2

+2.5% (FY24: +2.2%)

Detractors (YoY)

Productivity

Shared operations NPS

Adjusted Free Cash Flow (Reported)

Revenue market share (YoY)

May’25: 81% (May’24: 85%)

€2.5bn (FY24: €2.6bn)

‘Very good’ reliability in all European mobile markets German cable network quality recognised in 4 independent tests

Oct’24: 75% (May’24: 75%)

+7.0% (FY24: 7.2%) 3

Employee engagement

Network quality

Pre-tax ROCE

FY25 results ⫶ May 2025

1. Definitions for key performance indicators are available in Appendix IX. 2. Productivity targets have been restated to reflect the disposals of Vodafone Italy and Vodafone Spain. 3. Updated methodology reflecting average monthly capital employed throughout the year.

Appendix II More information Africa ⫶ Vodacom Investor day 2025 Introducing Vision 2030 • We have structural growth opportunities • We are a market leader supporting attractive ROCE

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

Vodafone Technology ⫶ Virtual investor briefing 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/vtbriefing • We are an infrastructure owner • We are a responsible corporate Materials including videos, presentation, case studies and Q&A: vodacom.com/presentations

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

FY25 results ⫶ May 2025

Appendix III B2B ⫶ Driving digitalisation with strong capabilities & partnerships We have unique scale & capabilities Beyond Connectivity addresses large & growing markets

Serving all customer sizes…

…with full breadth of products…

…across large geographic footprint

€8.0 billion 1 service revenue

4.7 million customers

Germany €68bn market

SOHO €12bn market (8% growth)

Core Connectivity €37bn market (3% growth)

Unified Comms €9bn market (11% growth)

UK €54bn market

SME €37bn market (10% growth)

Cloud & Security €78bn market (14% growth)

Other Europe €14bn market

205 million IoT connections

26% of Group service revenue 1

Enterprise €95bn market (11% growth)

IoT & IT services €20bn market (8% growth)

Africa €8bn market

€144 billion addressable market

We are a leading strategic partner of choice

We have a strong operating momentum

Strengthening product offering • 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

Unique capabilities in digital • 205 million IoT connections • c.€1.5 billion FY25 digital services revenue (+13.8% growth), all product segments growing • Digital services represent 21% 2 of Business service revenue

• Cloud & GenAI • IoT • M-Pesa • Cloud & Security • GenAI • Shared service operations

• 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

FY25 results ⫶ May 2025

1. Based on last 12 months as at 31 March 2025. 2. In Q4 FY25.

Appendix IV Africa ⫶ Leading operations with further growth potential >35% of Africa GDP >574m people 64% smartphone penetration 54% financial services penetration Digital & financial ecosystem presents opportunities Africa’s leading connectivity provider 1 Leading connectivity • 218m mobile customers • Leader/co-leader by revenue market share in all our markets • NPS leader/co-leader in 5 of 8 markets Opportunities in connectivity • Data and smartphone penetration • Prepaid handset financing • Safaricom Ethiopia • Rural funding partnerships (RuralCo) • Pro-investment regulation Operating in attractive markets 1

Vodacom markets Safaricom markets

Africa’s leading fintech platform 1, 2

Opportunities in digital & fintech • Scaling and diversifying VodaPay and M-Pesa super-apps • ‘Tech-for-good’ platforms in agriculture, education & healthcare • Digital partner of choice for enterprise and governments

Leading financial services • 88m financial services customers • US$1.2bn transacted on our mobile money platforms every day • €0.7bn financial services revenue in Vodacom in FY25

No. of M-Pesa transactions (billion)

Financial services customers (million)

15 22 33 78 8

42.6

14 25 11 37

33.7

27.8

19.5

15.0

FY24

FY25

FY21 F22 FY23 FY24 FY25 M-Pesa (IB + SF)

South Africa Egypt (VF Cash)

IB (M-Pesa) SF (M-Pesa)

FY25 results ⫶ May 2025

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

Appendix V Vodafone Investments ⫶ Growth & value realisation Pillar Investment Focus Netherlands converged operator

Ownership Key information

• €1.8bn EBITDAaL in FY25 • €114m FY25 shareholder distribution

50.0%

Telco Operations

25.1% (Publicly listed) 16.1% (Publicly listed)

• AUD$2.0bn CY24 EBITDA • Sale of fixed business for AUS$5.25bn expected to close H2 CY25 • €4bn of spectrum debt for equity swap to Government, increasing government stake to 49% • Total macro sites 47,000 1 and tenancy ratio 1.53x 1 • FY25 dividend distribution of €307m • ~130k households passed, targeting 7m • Build-rate: ~30k homes in March ‘25, constructing in 22 cities

Australia converged operator

India mobile operator

44.7%

European passive tower infrastructure

Infrastructure

50.0% 50.0%

Germany FTTH infrastructure

• >0.6m homes passed (~33% of total households)

Ireland FTTH infrastructure

• Announced partnership to create a new ‘SatCo’ providing ‘satellite as a service’ for European operators • Current market value of investment c.US$0.4bn 2 (vs. US$60m invested) • Venture with global telecom providers and Ericsson to aggregate network APIs

4.26% (Publicly listed)

Direct-to-mobile low-orbit satellites connectivity

c.5% 25%

Innovation

Network API aggregator Advertising Technology

• Expanding its footprint in Europe

80.0%

• Early-stage start-up with €60m seed funding

Economy-of-things

FY25 results ⫶ May 2025

1. Does not include CTIL and INWIT macro sites. 2. As at 7 May 2025.

Appendix VI ESG reporting & performance Annual Report ⫶ vodafone.com/ar2024 Extensive suite of ESG disclosures

MSCI ESG Rating 1,2 “AA” Sustainalytics ESG Risk Rating 1, 3 “Low risk” Top 3% in sector ISS ESG Corporate Rating 1 “B-” Top 6% in sector Refinitiv ESG score 1 “84/100” #2 in sector CDP Climate Change 1 “A” Leadership band ESG Ratings ⫶ investors.vodafone.com/esg-ratings Strong ESG performance

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

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

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

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

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

TCFD ⫶ investors.vodafone.com/tcfd

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

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

FY25 results ⫶ May 2025

1. Unless otherwise stated, ESG ratings and relative position within sector as at 19 th May 2025. See additional disclaimers on page 39. 2. In 2025, Vodafone Group Plc received an ESG rating of AA (on a scale of AAA-CCC) in MSCI ESG Ratings assessment. 3. In 2025, Vodafone Group Plc received an ESG Risk Rating of 13.2 and was assessed by Sustainalytics to be at low risk of experiencing material financial impacts from ESG factors. 4. In 2025, Vodafone Group Plc received an ESG score of 84/100 in Refinitiv Rating assessment, placing Vodafone Group #2 in the sector.

Consolidated income statement 1 Appendix VII Statutory results summary

2025 €m

2024 €m

Revenue Cost of sales Gross profit

37,448 36,717 12,519 12,258

(24,929) (2,934) (5,447) (476) (123) (4,515) 565 (411) 864 (1,931) (1,478) (2,246) (3,724) (22) (3,746) (4,169) 423 (3,746)

(24,459) (2,674) (5,768) (491) (96) 64 372 3,665 581 (2,626) 1,620 (50) 1,570 (65) 1,505

Selling and distribution expenses Administrative expenses Net credit losses on financial assets Impairment (charge)/reversal Other income Operating (loss)/profit Investment income Financing costs (Loss)/profit before taxation Income tax expense

Share of results of equity accounted associates and joint ventures

(Loss)/profit for the financial year - Continuing operations Loss for the financial year - Discontinued operations (Loss)/profit for the financial year

Attributable to: – Owners of the parent – Non-controlling interests (Loss)/profit for the financial year

1,140 365 1,505

(Loss)/earnings per share - Continuing operations – Basic

(15.86)c

4.45c

(Loss)/earnings per share - Total Group – Basic

(15.94)c

4.21c

FY25 results ⫶ May 2025

1. For more information, please see our FY25 preliminary results statement: investors.vodafone.com/results

Appendix VIII Net debt, liquidity & total funding obligations

Total funding obligations

Net debt progression (€billion)

FY25 FY24 €m €m (36,402) (40,743)

€41.0bn

€33.2bn

€36.0bn

Bonds Bank loans Gross debt

1.9

1.8

€31.0bn

(1,213) (2,345) 11,001 913 5,280 1,716 (1,347)

(767) (1,457) 6,183 3,225 2,204 (1,887) -

(2.5)

(13.3)

€22.4bn FY25 2.0x Net debt/ Adj. EBITDAaL

Other borrowings including spectrum

€26.0bn

FY24 2.5x Net debt/ Adj. EBITDAaL 1

1.3

(39,960) (42,967)

€21.0bn

Cash and cash equivalents Non-current investments in sovereign securities

€16.0bn

€11.0bn

Short-term investments Derivative financial instruments Net collateral liabilities

€6.0bn

FY24

Adjusted FCF FY25

Dividends

Share buybacks

M&A

Other

FY25

Net debt (a)

(22,397) (33,242)

Bond maturity profile (€billion) Current liquidity Senior Hybrid

Other funding obligations Lease liabilities

(10,826) (1,479) (187) 4,081

(9,672) (1,479) (181) 4,497

Guarantees over Australia joint ventures loans Pension liabilities Equity content of hybrid bonds 2 Total funding obligations (b) Adjusted EBITDAaL (c) Depreciation on right of use assets Adjusted EBITDAaL before leases (d) Interest on leases

0.8

(30,808) (40,077) 10,932 11,019

15.8

2.2

13.7

3,205 488

3,003 440

6.9

1.5 0.6 FY26

1.0 0.8 FY30

1.5 1.4

14,625 14,462

0.9 2.3 FY29

0.7

Current liquidity

FY27

FY28

FY31-39

FY40+

2.0x 2.1x

2.5x 2.4x

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

100% of bonds fixed. Average life of bonds 14 years

All 3 credit rating agencies at BBB

FY25 results ⫶ May 2025

1. FY24 ratios are pro forma for FX and M&A (incl. Vodafone Spain & Vodafone Italy, excl. Hungary, Ghana & Vantage Towers); excluding the impact of hyperinflationary accounting in Türkiye.

Appendix IX KPI definitions KPI Definition

KPI

Definition

Network quality We regularly measure the reliability of our mobile networks in our controlled European markets (including Türkiye) 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. Productivity In May 2023, we announced the reduction of roles in Group and markets over a three-year period.

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

Detractors

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

MDU

Multi-dwelling units

FY25 results ⫶ May 2025

Appendix X Important notice

You have been provided access to this presentation on the basis that you are an investment professional for the purposes of Article 19 or a member of the press for the purposes of Article 47 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. No other person should act or rely on the information presented and you agree to be bound by the following conditions. You may not disseminate these slides or any recording of this conference, in whole or in part, without the prior consent of Vodafone. Following the completion of the sales of Vodafone Spain and Vodafone Italy, we have updated our financial reporting to recognise that Vodafone Spain and Vodafone Italy are now discontinued operations in accordance with International Financial Reporting Standards (“IFRS”). Accordingly, except where otherwise noted, the Group’s results exclude Vodafone Spain and Vodafone Italy. Discontinued operations are also excluded from the Group’s segment reporting. This presentation contains non-GAAP financial information which the Vodafone Group’s management believes is valuable in understanding the performance of the Vodafone Group. These non-GAAP measures include Adjusted EBITDAaL, Adjusted EBITDaL margin, Adjusted free cash flow, free cash flow, Organic service revenue growth, Europe & Africa service revenue growth, Organic service revenue growth excluding MDU transition impact, Organic Adjusted EBITDaL growth, Reported growth in Euros excluding hyperinflationary accounting, Digital services revenue growth, Business service revenue growth and pre-tax ROCE. Definitions of these non-GAAP measures can be found in the Vodafone Group Plc preliminary results announcement for the year ended 31 March 2025. This report can be found at investors.vodafone.com. However, non-GAAP financial information is not uniformly defined by all companies and therefore it may not be comparable with similarly titled measures disclosed by other companies, including those in the Vodafone Group’s industry. Although these measures are important in the assessment and management of the Vodafone Group’s business, they should not be viewed in isolation or as replacements for, but rather as complementary to, the comparable GAAP measures. Information in this presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments This presentation includes certain information from third-party sources. The Vodafone Group has not independently verified the market data or other information (i) contained in third-party sources or (ii) on which such third-party sources are based, nor does the Vodafone Group make any representation or give any warranty as to the accuracy or completeness of such information. The information from third-party sources that is cited here has been reproduced accurately. The use by the Vodafone Group of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of the Vodafone Group by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI. Copyright ©2024 Sustainalytics. All rights reserved. This presentation contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.

References to Vodafone are to Vodafone Group Plc and references to Vodafone Group are to Vodafone Group Plc and its subsidiaries unless otherwise stated. Vodafone, the Vodafone Speech Mark Logos, Vodacom and Together we can, are trade marks owned by Vodafone. The Vantage Towers Logo and the VT Monogram Logo are trade marks owned by Vantage Towers AG. Other product and company names mentioned herein may be the trade marks of their respective owners. This presentation, along with any oral statements made in connection therewith, contains “forward- looking statements” including within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to the Vodafone Group’s financial condition, results of operations and businesses, including guidance on the Vodafone Group’s FY25 Adjusted EBITDAaL and Adjusted free cash flow, as well as information regarding the completion of the merger of Vodafone UK and Three UK, planned buybacks upon completion of the sale of Vodafone Italy, the commercial and operational step-up in Germany, the plan to increase efficiency via simplification, the development and commercialisation of new technology offerings, including artificial intelligence (AI), the strengthening of Vodafone Business capabilities, the migration of 1&1 customers, the development of the Vodafone Investments division, the plan to increase efficiency via simplification, including announced role reductions, the Group’s strategic partnerships with Microsoft, Google and Accenture, the Group’s ambition to grow its total ordinary dividend over time, and certain of the Vodafone Group’s plans and objectives, including its strategy and strategic roadmap and emissions targets and other ESG goals, commitments, targets and ambitions, climate-related scenarios or pathways and methodologies it uses to assess its progress in relation to those. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “transform”, “momentum”, “plan”, “continue”, “pathway”, “progress”, “roadmap”, “expect”, “target”, “ambition”, “transition”, “anticipate” or “accelerate” (including in their negative form). By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. A review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-looking statements can be found under “Forward looking-statements and other matters” and “Risk Management” in the Vodafone Group Plc Annual Report for the year ended 31 March 2024 and under “Risk Factors” and “Forward-looking statements and other matters” in the Vodafone Group Plc preliminary results for the year ended 31 March 2025. These reports can be found at investors.vodafone.com. All subsequent written or oral forward-looking statements attributable to Vodafone, to any member of the Vodafone Group or to any persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in or made in connection with this presentation will be realised. Any forward-looking statements are made as of the date of this presentation. Except as otherwise stated and as may be required to comply with applicable law and regulations, Vodafone does not intend to update these forward-looking statements and does not undertake any obligation to do so.

FY25 results ⫶ May 2025

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