FY25 Results Presentation

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 )

8%

8%

10% 9%

20%

2%

3+1 player

23%

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.

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