Financial Highlights ⫶ Results in line with expectations • Decline in Germany more than offset by growth across rest of Europe, Africa & Türkiye • Vodafone Business accelerating throughout the year (Q4: +5.1%) Service revenue growth Adjusted EBITDAaL 7.1% 5.4% 4.2% 5.2% 5.4% Group €11.0bn €10.9bn 29.2% Adj. EBITDAaL margin 30.0% Adj. EBITDAaL margin +2.5% 2
• +2.5% 2 growth in FY25 on a like-for-like basis • Despite MDU impact and higher investment in Germany, CX and Business • Supported by revenue growth & lower energy costs
FY24 (reported)
FY25 (reported)
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Return on Capital Employed Pre-tax ROCE
Europe
Europe (ex. MDU impact)
Africa 1
• Europe broadly stable excl. MDU impact • Africa accelerating in Q4 • Türkiye & Egypt growing strongly
13.5%
0.9pp
11.6%
• Pre-tax ROCE broadly • Despite MDU reset
10.0% 10.0% 9.7%
7.2%
7.0%
(0.8pp)
unchanged year-on-year
(0.3pp)
2.9%
0.1%
(0.3%)
(0.3%)
2.4%
(2.1%) (0.4%)
(1.9%) Q3 FY25
(2.3%) Q2 FY25
Q4 FY24
Q1 FY25
Q4 FY25
3
FY24
MDU impact
Underlying Germany
Other markets
FY25
FY25 results ⫶ May 2025
1. Vodacom Group only. 2. Organic Adjusted EBITDAaL growth. Presents performance on a comparable basis, excl. the impact of FX rates and hyperinflation adjustments in Türkiye. 3. Updated methodology reflecting average monthly capital employed throughout the year.
7
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