Vodafone Business ⫶ Impacted by prior year comparative
Financial performance
+3.0% Q3 Service revenue growth
Unique digital capabilities
+11.1% Q3 digital services 1 revenue growth
Market performance
5.0m Business customers
• Growth supported by continued demand for digital services & strong growth in Türkiye & Africa • Q3 impacted by: − UK previously flagged one-off digital services project revenue in the prior year − ongoing core connectivity pressure in Germany
• Digital services represents 26% of total service revenue • 18.6% YoY growth in Cloud portfolio and continued strong double-digit growth in SaaS 2 • 234 million IoT connections (18% YoY) • Microsoft Telco Innovation Partner of the Year 2025
• Germany decline due to ARPU pressure in mobile • UK impacted by prior year one-off project revenue & ongoing impact from planned managed services contract terminations • Other Europe supported by project delivery in Greece & Romania • Strong demand for digital services & mobile connectivity across Africa
Digital services 1 revenue growth (%)
Digital Services 1 as a % of total B2B service revenue
Business service revenue growth (%)
Q3 FY25
Q3 FY26
16.1%
15.1%
14.5%
5.1%
12.2%
11.1%
4.3%
4.0%
3.0%
2.9%
(1.1)pp
+3.4pp
+4.6pp
+5.3pp
3
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
DE
UK
OEU
SA
1. Digital services include IoT, Cloud & Security services; and from Q1 FY26 also include SDN & Digital Communication. Solutions. Q1 FY26 growth rate has been restated to reflect a reclassification of digital services product in the UK. 2. SaaS = Software as a Service. 3. Albania, Czech Republic, Greece, Ireland, Portugal and Romania.
Q3 FY26 Trading Update ⫶ February 2026
8
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