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.
19
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