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.
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