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.
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