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
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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
27
1. Based on an external cost benchmarking survey conducted in Q2 FY25.
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