Vodafone Q3 FY26 Trading Update

FY26 guidance ⫶ Continue to expect to deliver at the upper end

Adjusted EBITDAaL

Adjusted FCF

Capital Intensity

(€billion)

• Broadly maintained market by market

FY25 actual

10.9

2.5

Leverage ratio

Impact of exchange rates

(0.3)

(0.1)

• Lower half of 2.25-2.75x range

Remove Türkiye hyperinflation accounting

0.2

FY25 rebased 1,2

10.8

2.4

Expectation for Europe

Growth

0.2-0.5

0.2-0.4

• Expecting to deliver at upper end of €7.5-7.7bn Adj. EBITDAaL range for FY26 (incl. UK merger)

FY26 guidance 1,3

11.0-11.3

2.6-2.8

Dividend per share

10-month FY26 UK merger impact

0.3

(0.2)

• Committing to a progressive dividend policy • 2.5% increase for full year FY26 dividend

FY26 guidance (incl. UK merger) 1,3,4

11.3-11.6

2.4-2.6

Continue to expect to deliver at the upper end of the guidance ranges

1. Excluding the impact of hyperinflation accounting in Türkiye. 2. FY25 re-based outcome based on FY26 guidance FX rates. 3. FY26 guidance FX rates (to €): ZAR 20.59, TRY 43.42, EGP 56.74, GBP 0.85. 4. The guidance assumes no material change to the structure of the Group and is subject to macro economic conditions.

Q3 FY26 Trading Update ⫶ February 2026