Vodafone 2026 Annual Report

Vodafone Group Plc Annual Report 2026

everyone.connected

Vodafone Group Plc Annual Report 2026

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Welcome to our 2026 Annual Report Helping you get the most from our 2026 reporting suite You will find the fundamentals of our business covered within our annual report. For more detail on specific topics, please refer to our cross-referencing table below. We continue to move our reporting to align to the Corporate Sustainability Reporting Directive (‘CSRD’).

In this report Strategic report

1 FY26 highlights 2 Business model 3 Our mission 4 Investment case 5 Mega-trends 6 Chair’s message 7 Chief Executive’s statement and strategic roadmap 8 Key Performance Indicators 9 Stakeholder engagement 12 Our financial performance 23 ESG and responsible business 25 ESG governance and our approach to materiality

Modern Slavery Statement

Human Rights Policy

Pay Gap Reporting Site

Code of Conduct

Transparency Report

Vodafone Annual Report

ESG Addendum & Methodology

Climate Transition Plan

Our reporting suite Strategy Financial Performance Stakeholder Engagement People Strategy GHG Emissions & Net Zero Human Rights Modern Slavery Privacy & Cyber Security Climate Related Risk Our Governance Structure Pay Gap Key:

28 Protecting the Planet 33 Empowering people 38 Our people strategy 44 Maintaining trust 47 - Law Enforcement Assistance 48 - Supply chain 50 - Data privacy and cyber security 58 Non-financial information 60 Principle risks and uncertainties

63 Risk management 65 Climate-related risk Governance 71 Governance at a glance 72 Chair’s governance statement 74 Our governance structure and responsibilities 77 Our Board 81 Our Executive Committee 82 Culture and the Board 84 Board activities and key areas of focus during the year 89 Nominations and Governance Committee 92 Audit and Risk Committee 98 Technology Committee 99 ESG Committee 100 Remuneration Committee 103 Remuneration Policy 109 Annual Report on Remuneration 121 US listing requirements 122 Directors’ report Financials 124 Reporting on our financial performance 125 Directors’ statement of responsibility 127 Auditor’s report 137 Consolidated financial statements and notes 219 Company financial statements and notes Other information 226 Non-GAAP measures 236 Shareholder information 242 History and development 243 Regulation 245 Form 20-F cross reference guide 249 Forward-looking statements 250 Definition of terms

Detailed information available

High level information available

V isit our corporate website to see the full reporting suite: vodafone.com/esga-z

New shape of the Group Following the announced sales of Vodafone Spain and Vodafone Italy, both businesses are treated as discontinued operations, and therefore excluded from Group results for continuing operations. Following the announced UK merger, FY26 results include two months of Vodafone UK on a standalone basis and ten months of VodafoneThree results. Environmental, Social and Governance (‘ESG’) reporting We have continued to simplify our ESG reporting in the Annual Report as we focus on embedding our ESG framework across the business. We also report against a number of voluntary reporting frameworks to help our stakeholders understand our sustainable business performance. Disclosures prepared with reference to the Global Reporting Initiative (‘GRI’) guidance can be found in our ESG Addendum and on our website.

This document is the Group’s UK Annual Report and is not the Group’s Annual Report on Form 20-F that will be filed separately with the US SEC. This report contains references to Vodafone’s website, and other supporting disclosures located thereon such as videos, our ESG Addendum and Methodology document, and our cyber security factsheet, amongst others. These references are for readers’ convenience only and information included on Vodafone’s website is not incorporated in, and does not form part of, this Annual Report. References We have cross-referenced relevant material and included the following navigation icons. Read more in the report Click to see related content online Click to watch related content Scan QR code

A richer, digital experience awaits online The investor story, digitally told Head to our investor site for more content aligned to our performance this year. Corporate website vodafone.com Video content for every topic

Choose from a wide array of investor-related video content on our library, including: FY26 performance, technology, ESG and governance.

Vodafone Group Plc Annual Report 2026

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FY26 highlights

Adjusted EBITDAaL 6

Vodafone, a new chapter Since May 2023, Vodafone has been through a period of significant transformation, covering all aspects of our business, including portfolio, capital structure and operating model. Three years on, we are entering a new chapter as a simpler business. We have a clear strategy and through continued execution, we are in a strong position to grow. Achieved top end of FY26 guidance range €3.1 billion total shareholder return in FY26 4.6125 eurocents full year dividend per share, a 2.5% increase year-on-year, in line with our commitment €4 billion share buybacks since May 2024 Notes: 1. Promoter-to-detractor mix reflects proportion of promotor customers compared to detractor customers in each market. Period covered FY24 to FY26, with the exception of South Africa which is based on FY25 to FY26. 2. Represents Vodafone’s share of total telecommunications service revenue as at 31 December 2025, rounded to nearest 5%, based on Vodafone analysis. South Africa market share based on mobile service revenue only. 3. Excluding cumulative re-investments. 4. Based on shared operations net promoter scores. 5. Based on average response to two questions: employee satisfaction and recommending us as an employer. 6. This is a non-GAAP measures. See page 226 for more information. 7. Organic growth. See page 227 for more information. 8. Pre-tax controlled Return on Capital Employed. 9. Based on number of ordinary shares (excluding treasury shares) on 31 March for each period. FY27 estimate based on mid-point of FY27 guidance and number of ordinary shares (excluding treasury shares) as at 1 May 2026.

Customers Consumer NPS rank #

Growth Organic service revenue growth 6,7 +5.4% (FY25:+5.1%) Reported service revenue growth +8.8% (FY25: +2.8%) Adjusted EBITDAaL 6 €11.4bn (FY25: €10.9bn) Operating Profit €2.8bn (FY25: €(0.4)bn) Adjusted free cash flow 6 €2.6bn (FY25: €2.5bn) Net cash inflow/(outflow) for the year €(1.8)bn (FY25: €4.9bn) Return on Capital Employed 6,8 +6.6% (FY25:+7.0%) Return on Capital Employed using GAAP measures +3.2% (FY25: (0.4)%)

Promoter-to- detractor mix 1

CY25 Revenue market share 2

4.5% organic yoy growth 7-

2 1 2 1

+20% c.25% +50% c.20% +130% c.25% +20% c.45% – c.25%

Germany

Other Europe 1–2

€11.4bn

€10.9bn

Türkiye

South Africa

29.2% adj. EBITDAaL margin

28.1% adj. EBITDAaL margin

Network quality Strong network reliability. With the largest marketable gigabit footprint in Germany and the UK, with network quality recognised by independent tests.

FY25

FY26

Growing Adjusted FCF per share 9 (eurocents)

Simplicity Europe opex savings 3 €0.7bn (FY23–FY26)

c12.0

11.4

10.2

Productivity (role reductions) 11k (FY24 - FY26 vs. 10k in 3-year plan) Shared operations NPS 4 83% (May’25: 81%) Employee engagement 5 81% (May’25: 75%)

FY25

FY26

FY27 est.

R ead more about our financial performance in FY26 on pages 12 to 22

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Business model We are a leading European and African telecommunications company transforming the way our customers live and work through our technology, platforms, products and services. Where we operate

How we are structured and what we sell Core connectivity products and services in fixed and mobile account for the majority of our revenue. However, our portfolio also includes high return growth areas that leverage and complement our core connectivity business, such as digital services, the Internet of Things (‘IoT’) and financial services. We also market and sell through digital and physical channels. See pages 9 to 11 for the value we create for our customers, communities and other stakeholders

We provide mobile and fixed services to approximately 300 million customers in 15 countries and have over 59 million FinTech users. Through our joint ventures and associates we serve a further 72 million customers and 44 million FinTech users. We also partner with mobile networks in over 40 countries outside our footprint. Our portfolio of local markets is supported by corporate services and shared operations, which deliver benefits through scale and standardisation.

Vodafone Business Operating across all markets €160bn addressable market 5m customers 244m IoT connections 24% of Group service revenue Strategic

Investments Operations 2

Consumer Europe (Includes Türkiye)

Controlled operations

Non-controlled operations

Africa 1

Infrastructure

Innovation

9 countries 107m mobile customers 59m FinTech users 1. A greement reached for Vodacom Group to acquire an effective 20% of the issued share capital in Safaricom PLC, expanding the Group’s footprint into Kenya and Ethiopia. Completion of the acquisition is subject to certain conditions and is currently prevented by a court order. 17m broadband customers 6 countries 172m mobile customers

Global telecoms partners 40+

partnerships Microsoft, Google and Amazon

2. A nnounced sale of our interests in VodafoneZiggo for €1.0 billion cash proceeds and a 10% stake in a larger Benelux company, Ziggo Group.

Shared operations

Procurement & roaming services

Network services

Shared Operations

Our brand

Our scale and global footprint

Our people and expertise

Our financial position and capital allocation framework Read more about our investment case on page 4

Key enablers and what makes us different

Click here to read more about our company vodafone.com/our-company

Read about our people strategy on pages 38 to 43

See where we operate here vodafone.com/our-company

Our mission 3

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CONNECTING... Our mission is to connect everyone. We provide innovative mobile and fixed connectivity solutions to empower our customers across the globe. We are constantly expanding coverage to bridge continents and spread inclusion, even in the most remote places. Together with our trusted partners, we’re also connecting people with the future – pioneering digital tools and services to build sustainable growth, resilience and shared value for years to come.

...BUSINESSES

...CONTINENTS

...FUTURES

...PEOPLE

Faster, more reliable networks Connectivity brings people together. Across Europe and Africa, we’re helping millions stay in touch and access resources and digital opportunities. By providing affordable digital services, fast and reliable mobile and fixed networks, and expanding coverage to remote places, we are committed to ensuring no one is left behind.

Empowering businesses, worldwide Advanced connectivity helps make enterprises smarter, faster and stronger. Business services are one of our strongest opportunities, and we continue to invest in solutions to drive scale in this market – from broadband to security, cloud and our world-leading Internet of Things platform. 5 million Business customers 244 million ‘Internet of Things’ connections 75 countries with Business presence 24/7 cyber operations centre in Germany €175 million total consideration for Skaylink acquisition

From the seabed to the stars We believe advanced global connectivity accelerates progress. Through cutting-edge satellite systems and subsea cable networks, we unite countries, communities and businesses. This infrastructure supports innovation, expands access and opportunity for everyone, and is the cornerstone of value and resilience in our business. 100% geographic coverage target with satellites, including direct-to-mobile 5 partnerships between operators and ‘Satellite Connect Europe’ covering 20+ markets 70 subsea cables invested in or co-owned 1 million kilometers of terrestrial fibre 180 countries connected by subsea cables

Tomorrow’s tech, today We are always looking forward. Together with our partners, we’re harnessing emerging technologies like artificial intelligence and quantum computing to boost efficiency, enhance customer satisfaction, and improve our access to growth markets. These projects have huge potential to generate sustainable value in a smarter, more connected world.

279 million mobile customers 18 million fixed broadband customers

96% ‘Ask Once’ promise delivery 75,000 employees served with our HR digital assistant with a 96% resolution rate 30% sourcing time reduction through our autonomous procurement platform Amazon Leo agreement signed to extend mobile coverage across Europe and Africa 3,500+ the size of our patent portfolio, with 291 new patent applications this year

158,000 mobile sites across Europe and Afirca 78% 5G population coverage across Europe 1 78% 4G population coverage across Africa

1. Excluding Türkiye.

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Investment case

We operate in markets with sustainable structures, where we hold strong positions with scale. We have compelling structural growth drivers in Vodafone Business, Africa and in our portfolio of investments and are focused on delivering operational excellence across our strategic priorities of Customers, Simplicity and Growth.

1. Strong positions in good markets

2. Structural growth drivers

We operate with scale and strong positions, in markets typically with three players. CY25 revenue market share

Digital services +14.2% digital services growth in FY26

Financial services 59m financial services customers

Investment and innovation €1bn cash proceeds for the announced sale of our interests in VodafoneZiggo Our non-controlled operations are managed centrally through Vodafone Investments, reflecting that these assets need a different governance and oversight structure to support their growth and maximise value creation.

c.25% Germany (0.2)% 1

c.20% 2 UK 0.3% 1

c.25% Other Europe 0.5% 1

c.25% Türkiye 45.2% 1

c.45% Africa 12.9% 1

Europe Consumer We deliver leading customer experiences through digital and AI‑enabled care. Focused on customers, simplicity and growth, we streamline operations, build best‑in‑class networks and are positioned to drive convergence.

Africa Consumer We are growing our customer base by expanding smartphone access and data use, delivering connectivity at scale, diversifying revenue and geographies, advancing digital inclusion and supporting health and education.

Vodafone Business We are the largest B2B connectivity provider in Europe and Africa. We serve businesses of all sizes whilst diversifying products and services, by accelerating growth in digital services.

We have unique scale and capabilities, and are expanding our portfolio of products and services into growth areas such as unified communications, cloud and security, and loT.

Together with Vodacom’s VodaPay super-app, and the M-Pesa and Vodafone Cash payment platforms, we are a leading provider of financial services, as well as business and merchant services in Africa.

4. Sustainable and predictable financial profile

3. Focus on driving operational excellence

Simplicity Driving a leaner organisation +83% shared operations NPS 3 By reducing complexity in our business, we’re increasing agility and freeing resources to become more competitive. Our actions support reinvestment, drive productivity enhancements, improve employee engagement and deliver strong satisfaction with Shared Operations.

Growth Our portfolio +5.4% organic service revenue growth We’ve refocused on growing markets where we can win and create value. Our diversified footprint, disciplined capital allocation and clear operational progress provide us with the confidence in our mid-term value equation.

Customers Back to basics 10 markets with leading NPS positions We’re delivering a simple, predictable experience our customers expect. Our customer satisfaction has improved across our markets, and our actions have supported market share, with strong network reliability.

Robust balance sheet 2.2x leverage position (target range of 2.25–2.75x)

Attractive returns 4e u. 6r1o2c5e n t s growing the dividend Cash flow €2.6bn adjusted free cash flow 4

Share buyback €4bn of share buybacks since May 2024

Notes 1. Organic FY26 service revenue growth. 2. R epresents Vodafone’s share of total telecommunications service revenue as at 31 December 2025, rounded to nearest 5%, based on Vodafone analysis. South Africa market share based on mobile service revenue only.

3. Based on shared operations net promoter scores. 4. This is a non-GAAP measures. See page 226 for more information.

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Mega trends Long-term trends shaping our industry

We are shaping the future of connectivity. Our innovative, world-class solutions will help our customers thrive in this evolving landscape, driving resilience and long-term value in our business.

Long-term trends shaping our industry

Opportunity for Vodafone

40.6 billion forecast for the number of IoT connections by 2034, increasing from 17.7 billion in 2024.

Connected devices – The world is becoming more connected and whilst adoption of consumer electronics devices has plateaued, new factors continue to emerge, including extending connectivity into the Internet of Things (‘IoT’). – IoT devices are used in consumer and business applications. As their number grows, physical assets communicate in real time, enabling digital markets. – This leads to the Economy of Things, where devices trade securely on a user’s behalf without human intervention, creating opportunities to transform goods into tradeable digital assets for online markets. Digital payments – Businesses in Europe are migrating sales online, driving demand for mobile-enabled payment services and reliable connectivity. Consumers are shifting from cash to digital payments via mobile phones and smartwatches. – In Africa, digital payments are primarily conducted via mobile phones through networks owned by operators. – Rising smartphone penetration drives mobile payment adoption, enabling operators and FinTech start-ups to offer services like insurance, loans, and e-commerce, improving financial inclusion in underserved areas. Cloud Technology – As cloud convergence accelerates, enterprises are distributing applications, data and workloads across hybrid and multi‑cloud environments. This shift is driving demand for integrated digital infrastructure combining connectivity with cloud, software and AI. – Cyber security and data sovereignty are becoming central to cloud adoption. Customers require protection, resilience and control over where data is stored and governed. – As application performance, trust and compliance become dependent on network reliability, resilience, cyber security and data sovereignty, these attributes are expected to become more important differentiators than speed alone. Generative AI – GenAI is moving from experimentation to scaled deployment across functions, embedded in customer service, marketing, software delivery and IT operations. – Models generate content, code and recommendations, improving decision-making and productivity, while increasing data, security and governance requirements. – Agentic AI is also gaining prominence, with agents able to plan and complete tasks across applications, reshaping how people search, buy and manage services, and accelerating automation and new business models at greater scale.

We are a global leader in managed IoT connectivity services, recognised for our extensive reach and innovative solutions. We have helped thousands of companies achieve their transformation goals. This ranges from energy optimisation to smart waste management, from urban mobility to connected healthcare. We are now ready to hyperscale IoT. We are bringing together partners, and technology to create the IoT ecosystem for the next decade. Our partnership with Microsoft further gives us the potential to access new technologies such as Generative Artificial Intelligence (‘Gen AI’) and to deploy these at scale for IoT. In Europe, we enable secure digital payments within trusted operator ecosystems, supporting growth as demand increases for integrated, regulated payment solutions. M-Pesa is Africa’s leading mobile money service and largest FinTech platform, offering secure and affordable money transfers, airtime top-ups, bill payments, salaries, and short-term loans. Businesses increasingly rely on operator-owned payment infrastructure for consumer and business transactions, driving scale benefits and attracting customers to secure networks. Vodacom’s VodaPay super app enables users to manage money through a digital wallet and make payments for various products and services via partner businesses. As cloud convergence accelerates, our opportunity extends beyond connectivity to orchestrating integrated digital infrastructure for customers. By combining high‑quality, reliable networks with cloud, AI, cyber, data‑sovereign and software capabilities, we can enable secure, scalable and mission‑critical services. As application performance becomes increasingly dependent on network reliability, resilience and data sovereignty, these attributes are expected to become more important differentiators than speed alone, supporting long‑term value creation for enterprise customers. We can deploy GenAI at speed and scale through partnerships with Google and Microsoft, enhancing TOBi and enabling more personalised experiences across customer touchpoints. As agentic AI grows, Vodafone can support new shopping and service journeys and explore new revenue opportunities, for example agent-enabled commerce and proactive care. Internally, GenAI and agents can automate testing, service assurance and back-office workflows, improving productivity, reliability and digital efficiency across our networks end-to-end.

$2.0 trillion+ the annual value of mobile money transactions reached globally in 2025, doubling since 2021.

€84 billion The expected total addressable market in business-to-business cloud and security by 2028.

79% The percentage of organisations regularly using Gen Al in at least one business function, up from 33% in 2023.

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Chair’s message The start of a new chapter for Vodafone

Since May 2023, when Margherita outlined her transformation roadmap, Vodafone has fundamentally changed to become a simpler and stronger business. As we enter a new era for telecoms, with new forces driving demand for our connectivity and next-generation technologies unlocking new opportunities, we are focused on sustainable growth. Over the past three years, we have successfully reshaped our footprint, reset our capital structure and refocused our efforts to improve the experience we deliver to approximately 300 million customers across Europe and Africa. Vodafone has become a simpler, scaled business in good markets, underpinned by a clear strategy. The Board and I are pleased with both the pace of delivery and the progress made in transforming the business. As I look back, FY26 has been a busy year. In Europe, we completed our merger with ThreeUK in May 2025, making us the largest mobile operator in the UK. On 5 May 2026, we announced to take full ownership of the VodafoneThree joint venture for £4.3 billion (€4.9 billion). In October 2025, we concluded the acquisition of Telekom Romania, increasing our scale in the county. In February 2026, we also announced the sale of our interests in VodafoneZiggo. In Africa, we continued to strengthen our market-leading position in the continent, having announced the acquisition of a controlling stake in Safaricom, one of Africa’s most successful telecoms and FinTech operators. Completion of the acquisition is subject to certain conditions and is currently prevented by a court order. The parties expect to resolve the

court proceedings and complete the acquisition in the 2026 calendar year. Board composition In April 2025, we announced that David Nish would retire from the Board following nine years’ service as Non-Executive Director, at the conclusion of the AGM in July 2025. At the AGM, Simon Dingemans, who had joined the Board earlier in the year, was appointed Chair of the Audit and Risk Committee and Simon Segars was appointed as Senior Independent Director, replacing David Nish. In addition, as announced earlier in the year, Anne-Françoise Nesmes was also appointed as Non-Executive Director, bringing further financial expertise and strength to the Board. In June 2025, I was pleased to announce that Pilar López would join Vodafone in October 2025 as CFO designate and would be appointed as Group Chief Financial Officer and an Executive Director in December 2025. Pilar brings strong finance experience from the telecommunications and technology sectors across Europe. In May 2026, we also announced that Amparo Moraleda would not stand for re-election at the 2026 AGM, having served on the Board for nine years. I would like to thank Amparo for her outstanding service and commitment to Vodafone. FY26 financial performance Our financial results for FY26 were in line with our expectations and we achieved the upper end of our financial guidance for the year. Total revenue grew 8.0% to €40.5 billion, with Group organic service revenue growing by 5.4% this year. Adjusted EBITDAaL increased by 4.5% on an organic basis, driven by service revenue growth, only partially offset by continued commercial investment. Adjusted free cash flow was €2.6 billion. We reported Group operating profit of €2.8

The path forward is clear. Europe must apply a genuine Single Market approach to connectivity – bringing sector reform, security priorities and competition policy into closer alignment to unlock long‑term investment, foster innovation and support sustainable returns. Alongside Europe, Africa remains central to Vodafone. Connectivity across the continent is a powerful enabler of economic development, financial inclusion and social progress. Through Vodacom, we play a significant role in extending access to affordable, reliable communications and digital services, supporting growth while contributing to broader development objectives. Vodafone is well positioned to play a leading role in this next chapter and contribute constructively across both regions. Our strong positions in Europe and Africa, unparalleled, high quality networks, and disciplined capital allocation enable us to support societies and economies at scale, while creating sustainable value for shareholders On behalf of the Board, I would like to thank all our colleagues across the Group who have continued to work tirelessly to connect our customers across Europe and Africa, deliver a simpler experience, and accelerate growth. For FY27, I am confident that Margherita and her management team will continue to drive sustainable growth. Jean-François van Boxmeer, Chair over the long term. The year ahead

billion in FY26, due to Adjusted EBITDAaL growth and non-cash impairment charges in the prior year, partially offset by higher depreciation and amortisation following the consolidation of ThreeUK. We ended the year with net debt of €25.4 billion and Group leverage of 2.2x. In line with our ambition to grow the dividend within the capital allocation policy announced in February 2024 and having now completed our portfolio transformation, in November 2025 we committed to a progressive dividend policy, reflecting our medium term outlook for Adjusted free cash flow growth. For FY26 the Board has declared a total dividend per share of 4.6125 eurocents for the year, equating to a 2.5% increase. This includes a final dividend per share of 2.3625 eurocents, which will be paid in August 2026 following shareholder approval at our AGM. Our returns to shareholders are complemented by our share buyback program. We have now successfully completed the second €2 billion programme, returning €4 billion to shareholders since May 2024. Europe and Africa’s digital future We are entering a decisive phase in shaping our digital and economic future. Connectivity is an essential infrastructure, underpinning productivity, innovation, security and public services. For Vodafone, this reinforces a long‑held conviction: advanced, secure and resilient networks are fundamental to the competitiveness and long‑term growth of Europe and Africa. Despite progress, Europe’s connectivity landscape remains fragmented. Regulatory complexity and inconsistent market structures continue to limit scale and slow investment, particularly in advanced 5G capabilities. Without greater alignment, Europe risks falling behind global peers at a time when digital leadership and strategic resilience are more important than ever.

Chief Executive’s statement and strategic roadmap Simpler, Stronger, Growing 7 Vodafone Group Plc Annual Report 2026 Vodafone Group Plc Annual Report 2026

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A new chapter: Following our transformation actions, we are entering a new chapter as a simpler and stronger business, and our external environment is creating new opportunities, with new demand for high quality connectivity and a more supportive regulatory context. A clear strategy: Vodafone’s strategy is focused delivering operational progress across three clear priorities: Customers, Simplicity and Growth. Together, improving performance and providing us with strong foundations for future growth. A growth outlook: Our diversified footprint, disciplined capital allocation and clear operational progress provide us with confidence in our medium-term ambition to deliver double-digit Adjusted free cash flow growth. This will drive continued Adjusted free cash flow growth in euro terms. After the transformation of the last three years, we are now a simpler company with a stronger growth outlook. Our strategic progress has generated good Group service revenue momentum for the year, together with profit and cash flow at the upper end of our guidance range. We returned to top line growth in Germany, alongside strong performances across Africa and in Türkiye. Our early successes from the UK merger integration reinforce our confidence in its potential and I am delighted that we are now gaining full ownership. Looking ahead, we will continue to drive continuous improvements across our business, with customer experience as our number one priority. We are now well set for mid-term growth. Margherita Della Valle Group Chief Executive

A new chapter… SIMPLER

A clear strategy… STRONGER

Our outlook… GROWING

A simpler Vodafone with a clear operating model

A customer experience reset with improving networks & satisfaction

Attractive opportunities in Europe, Africa, and B2B

A well-positioned Vodafone with scale in good markets

A more productive Vodafone with motivated teams

Scaled operations building once, deploying at scale

A new connectivity era with favourable external tailwinds

Delivering growth across key metrics

Organic Adj. FCF growth double-digit in mid-term

Supporting ambition to deliver Adjusted FCF growth in euro terms

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Financial and non-financial performance Key Performance Indicators

We want to enable a digital, inclusive and sustainable society. To underpin the delivery of our mission, we ensure that we operate in a responsible way. Acting lawfully and with integrity is critical to our long-term success.

Financial results summary 1

Non-financial KPIs Empowering People

2026

2025

2024

2026

2025

2024

Group revenue Group service revenue Operating profit/(loss) Adjusted EBITDAaL 2

€m 40,461 37,448 36,717 €m 33,480 30,758 29,912 €m 11,351 10,932 11,019 2,844 (411) 3,665

Health & safety Number of lost-time incidents – employees and contractors Lost-time incident rate per 1,000 employees and contractors

23 18

€m €m €c €c €m

# 0.35 0.25

–

Protecting the Planet 6 Energy use Total energy spend

2026

2025

2024

Profit/(loss) for the financial year – continuing operations Basic (loss)/earnings per share – continuing operations Adjusted basic earnings per share 2 Cash inflow from operating activities

59 (3,724) 1,570

(1.20) (15.86)

4.45 7.47

€bn

0.9

– –

10.72 2,621

7.87

Proportion of energy covered by Purchase Power Arrangements Mobile and fixed access network and technology centres energy use Percentage of purchased electricity from renewable sources 7 Total energy use

% 14.0 18.4

€m 14,291 15,373 16,557 €m (25,411) (22,397) (33,242) 2,548 2,600

GWh 5,967 5,806 5,701 GWh 5,648 5,475 5,341

Adjusted free cash flow 2 Total dividends per share Net debt 2 Non-financial KPIs Empowering People

% 100

98 85

€c 4.6125

4.5

9.0

Greenhouse gas emissions (‘GHGs’) Total Scope 1 and Scope 2 GHG emissions (market-based method) 4 m tonnes CO

2 e 0.26 0.30 0.70 2 e 6.11 6.85 7.39

m tonnes CO

Total Scope 3 GHG emissions 4 Waste 8 Total network waste

2026

2025

2024

Network coverage 5G population coverage (outdoor 3Mbps) – Europe 4G population coverage (outdoor 1Mbps) – Africa 4G population coverage (outdoor 1Mbps) – Türkiye Smartphone penetration in Africa Smartphone penetration Financial inclusion Customers connected to our financial inclusion services – Africa 3,4

metric tonnes 7,743 6,686 6,237 % 100 100 98

% % % %

78 78 97 65

75 71 76 74 97 97

Network waste reused or sent to recyclers

Maintaining Trust

2026

2025

2024

Code of Conduct Completed ‘Doing What’s Right’ employee training 9 Number of ‘Speak Up’ reports 10 Tax and economic contribution Total tax and economic contributions 11

–

96 94

# 808 684 624

million 92.1 77.1 66.2

Our people Number of employees 5 Women on the Board Employee turnover rate (voluntary)

€bn €bn

–

thousand

91 54 37 7 40

87 85 38 42 36 35 8 9 39 39

Responsible supply chain Total spend 12 Number of direct suppliers 12,13

% % % %

21 19

thousand

Women in management and senior leadership roles 4 Women as a percentage of employees

Notes: 1. The results for the year ended 31 March 2026, and 31 March 2025, exclude Vodafone Spain and Vodafone Italy and therefore, except as otherwise described, the results for the year ended 31 March 2024 have been re-presented to reflect that. 2. Non-GAAP measure. See page 226 for more information. 3. Includes 100% of data relating to Safaricom. 4. 2026 Assured by Ernst & Young – limited assurance under ISAE (UK) 3000 and ISA 3410. 5. Further information on measurement definitions and calculations can be found at: vodafone.com/esg-methodology. 6. Information relating to prior years has been re-baselined to reflect the Vodafone UK merger with Three UK on 31 May 2025. 7. Less than 0.2% of grid electricity used by Vodafone Group in FY26 is not matched with renewable sources. This is because in a small number of locations where we operate, there is no available renewable electricity purchasing mechanism and these locations are not grid-connected to any markets where such mechanisms are available. 8. Includes hazardous waste from network equipment e-waste, and hazardous waste now includes batteries. Prior year figures have been restated.

9. Percentage of employees required to complete DWR training modules in the reporting period with no overdue requirements at the period end. 10. Information relating to the results for the year ended 31 March 2024 has been restated to reflect the disposals of Vodafone Spain on 31 May 2024 and Vodafone Italy on 31 December 2024. 11. Includes direct taxes, non-taxation based revenue mechanisms, such as payments for the right to use spectrum, and indirect taxes collected on behalf of governments around the world, excludes joint ventures and associates. The FY26 figure will be finalised during FY27. For more information, refer to our Tax and Economic Contribution reports, available at: vodafone.com/tax. 12. Excludes Vodafone Automotive. 13. Approximate number of unique suppliers based on suppliers’ ultimate parent company.

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Stakeholder engagement Stakeholder Engagement

Engaging regularly with our stakeholders is fundamental to the way we do business. Regular engagement ensures we operate in a balanced and responsible way, in both the short and longer term. We are committed to maintaining good communications and building positive relationships with all of our stakeholders, as we see this as essential to strengthening our sustainable business. Vodafone is required to provide information on how the Directors have performed their duty under section 172 of the Companies Act 2006 to promote the success of Vodafone, and these matters are covered throughout this Annual Report and summarised in the table to the right. This includes how those matters and the interests of Vodafone’s key stakeholders have been taken into account by the Directors. We have also summarised our interactions with key stakeholders during the year in this section. The engagement mechanisms directly involving the Directors are indicated below with a symbol.

Factors considered by Directors when promoting the success of the Company Disclosure

Location

The likely consequences of any decision in the long term

Business model

page 2 page 8

Key performance indicators Stakeholder engagement Our mission and ESG framework

pages 9 – 11

pages 3 and 23 – 57

Maintaining Trust

pages 44 – 57 pages 60 – 64 pages 71 – 88 pages 9 – 11 pages 38 – 43 page 8

Principle risks and uncertainties, and risk management

Governance

The interests of the Company’s employees

Key performance indicators Stakeholder engagement Our people strategy Our mission and ESG framework

pages 3 and 23 – 57 pages 44 – 57 pages 82 – 83 pages 100 – 120

Maintaining Trust Culture and the Board

Remuneration Committee, Policy and Annual Report on Remuneration

The need to foster the Company’s business relationships with suppliers, customers and others

Business model

page 2

Stakeholder engagement

pages 9 – 11 pages 6 – 7

Chief Executive’s statement and strategic roadmap

Our mission and ESG framework

pages 3 and 23 – 57

Maintaining Trust

pages 44 – 57 pages 60 – 64 pages 84 – 86 pages 48 – 49 pages 9 – 11

Principal risks and uncertainties, and risk management Board activities and key focus areas for the year Responsible supply chain and human rights in the supply chain

The impact of the Company’s operations on the community and the environment

Stakeholder engagement Our mission and ESG framework

pages 3 and 23 – 57

Climate-related risk Maintaining Trust ESG Committee Maintaining Trust Governance Stakeholder engagement Stakeholder engagement

pages 65 – 70 pages 44 – 57

page 99

The desirability of the Company maintaining a reputation for high standards of business conduct

pages 9 – 11 pages 44 – 57 pages 71 – 88 pages 9 – 11 pages 71 – 88 pages 236 – 241

The need to act fairly as between members of the Company

Governance

Shareholder information

Stakeholder engagement continued 10 Vodafone Group Plc Annual Report 2026

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Our customers We are committed to deepening engagement with our customers to develop long-term, valuable and sustainable relationships. We have hundreds of millions of customers across our global footprint, from individual consumers to large multinationals.

How did we engage with them? – Digital channels including our websites, chatbot, and social media channels. – Call centres and branded retail stores. – Account managers, solution specialists and, for large accounts, executive-level engagement. – Primary research, such as user testing of new product developments, qualitative group interviews and, benchmarking surveys to compare our brand and products versus competitor offerings. – Regular customer surveys, such as Net Promoter Score (‘NPS’) surveys to gain frequent insight into our services and customer experiences. For example, just after joining Vodafone, or adding an extra product or line to their account. – Customer advisory boards to strengthen relationships and understanding of key Business accounts.

What were the key topics raised? – Fast and reliable fixed internet, and stronger connectivity. – Better value for customers, and recognition of long-term relationships. – Wider mobile coverage . – Transparency and communication around price changes. – Making complex technology easy to understand. In particular new cloud, security and digital managed services. – Improving productivity and efficiency for Business customers.

How did we respond? – Regularly updated employees on business and trading performance. – Continuous improvement of performance and talent management process. – Continued to focus on opportunities identified in employee surveys. – Remained committed to safety, health and wellbeing. – Continued to embed diversity and inclusion through attraction, retention, development, allyship and education. How did we respond? – Collaborated with industry peers and suppliers through the Joint Alliance for CSR (‘JAC’). – Supply Chain Sustainability Finance Programme for driving environmental progress. – Quarterly supplier safety forums. – Identification of Corrective Action Plans (‘CAPs’) to protect human rights at supplier sites. – Worked to improve fixed internet by successfully trialling a new solution that reduces delays on fibre connections and launching Ultra Hub 7 with the best available Wi-Fi generation for improved speed and reliability. – Increased coverage across our footprint. – Launched our Travel eSIM in 200 countries for affordable, reliable connectivity when travelling. – Invested in additional training for service and support teams to help Business customers make the most of new digital services. – Ran campaigns to showcase our reliable connectivity, strengthen perceptions, and educate Business customers on using Cloud and AI efficiently. How did we respond? – Held Customer Experience (‘CX’) as our top priority, with our ‘Ask Once’ programme live across four markets, delivering a seamless service guarantee and easier access to support. – Rolled out SuperTobi and SuperAgent chatbots, enhanced with Generative AI, to empower Front Line Agents with more personalised, comprehensive service. – Continued our focus on affordability, offering flexible financing, device trade in, and expanding access to second life devices. We also launched ‘Vodafone Together’ Family plans in the UK.

Click to read more about our markets and where we operate: vodafone.com/our-company

Our people Our people are critical to the successful delivery of our strategy. Throughout the year we focused on a number of areas to ensure that everyone is highly motivated, including wellbeing, diversity and inclusion, employee engagement and talent acceleration. Click to read more about our people strategy: vodafone.com/our-people Our suppliers We partner with over 8,500 suppliers to deliver the products and services we need to execute our strategy and connect everyone. These range from start‑ups and small businesses to large multinational companies. Click to read more about our suppliers: vodafone.com/investors

How did we engage with them? – Regular meetings with managers. – European Employee Consultative Committee. Vodacom Group Employee Engagement Forum. Executive Committee discussions. – Internal website, live webinars, newsletters and other communications posted on our internal digital platform called ‘Viva Engage’. – Employee Speak Up channel. – Global employee surveys, including onboarding and exit surveys. – – How did we engage with them? – Regular collaborative performance review meetings with strategic suppliers. – Forums, events, conferences, and site visits. – ESG criteria incorporated into tender process, supplier selection and performance management. – Supplier audits and assessments.

What were the key topics raised? – Changes to our market portfolio and competitor landscape. – Company strategy. – Results of employee listening and Spirit Beat survey, including employee engagement. – Accelerating early and mid-career talent and performance management. – Ownership and active engagement around safety, health and wellbeing, including mental health. – Diversity and inclusion, including our UK Race, Ethnicity and Cultural Heritage (REACH) Commitments. – Customer and frontline experience.

What were the key topics raised? – Strategic and commercial delivery and performance.

– Supplier and product innovation. – Human rights in the supply chain. – Health and safety standards. – Diversity and inclusion.

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Stakeholder engagement continued

Our local communities and non-governmental organisations (‘NGOs’)

How did we engage with them? – Personal meetings, roadshows, conferences. Annual and interim reports and presentations. Our investor relations website is used as our primary digital communications tool and is available to all shareholders, including 11 hours of dedicated video content. – Regulatory News Service (‘RNS’) announcements. – Annual General Meeting (‘AGM’). – Investor perception study and regular feedback survey. – – – Online presentations aimed at retail investors. – Private Client Fund Management (‘PCFM’) group conference calls. – Our Registrar operates a portfolio service which provides shareholders with the ability to manage their holdings. How did we engage with them? – Held meetings with EU institutions, national, regional and local governments, regulators and international organisations. – Participated in industry bodies, consumer alliances, and public-private initiatives. – Hosted and attended workshops and events to enhance sector understanding of key issues. – Our Chair leads the European Round Table for Industrialists, engaging with European and global institutions and governments. How did we engage with them? – Participation in industry working groups, such as those organised by the GSMA, on policy issues at national and international level (including digital inclusion, biodiversity, net zero). – Participation in global multi-stakeholder coalitions established by the United Nations including the UN Broadband Commission for Sustainable Development and the ITU Partner2Connect alliance. – Group and locally led direct NGO engagements and partnerships.

What were the key topics raised? – Our strategic roadmap and strategic priorities of Customers, Simplicity and Growth. – Allocation of capital, including capital investment, leverage and shareholder returns. – Portfolio right-sizing for growth, market performance, and trading outlook. – Corporate governance practices. – Regulatory changes and the geopolitical environment. – Environmental, Social and Governance (‘ESG’) strategy, targets and reporting. What were the key topics raised? – The EU regulatory and policy environment on digital connectivity, including spectrum, open internet, and satellite (Digital Networks Act, Mobile Satellite Services). – The aspects and developments around the EU’s tech sovereignty. – Cybersecurity and the security of critical network infrastructure, from subsea cables to satellites. – Vodafone’s views around merger and competition policy. – The protection of minors and the issues around online safety/harm. – The EU-UK and EU-Africa relations. What were the key topics raised? – Increasing access to connectivity and digital services, by closing the digital divide. – Environmental topics including net zero, biodiversity and the circular economy. – Human rights topics. – Delivery of global and national development goals including the UN Sustainable Development Goals (‘SDGs’). – Expectations and feedback on our climate transition strategy.

How did we respond? – Submitted written contributions to EU consultations and roadmaps on proposals including the Digital Networks Act, Cyber Resilience Act review, and Merger Guidelines review. – Developed vision papers to support the legislative process. – Organised workshops with institutional representatives. How did we respond? – Provided affordable and accessible services, technology, and connectivity, through our everyone.connected campaign. – Advocated for continued action to close the digital divide at UNGA80 and called for more climate-resilient digital development. – Partnered with industry working groups including Trussell, NSPCC and Good Things Foundation to help provide essential digital skills, connectivity and deliver social value. – Engaged with working groups covering human rights, network access, digital inclusion, and climate plans.

Our investors Our investors include individual and institutional shareholders as well as debt investors. We maintain an active dialogue with our investors through our extensive investor relations programme. Governments and regulators As a heavily regulated industry and provider of Critical National Infrastructure, our relationships with governments and regulators are crucial. We aim to collaborate on policies that impact our industry and service to customers, while fostering a deeper understanding among governments and regulators of our positive contributions to customers, the economy, the environment, and communities. Click to read more about our social contract: vodafone.com/social-contract We believe that the long-term success of our business is closely tied to the success of the communities in which we operate. To achieve this, we engage with local communities and international NGOs across our markets. C lick to read more about our work with local communities and NGOs at: vodafone.com/maintaining-trust

How did we respond? – We conducted over 1,100 investor interactions through meetings with major institutional shareholders, debt investors, individual shareholder groups and financial analysts, and attended conferences. – Meetings were attended by Directors and senior management, including our Chair, Remuneration Committee Chair, Group Chief Executive, Chief Financial Officer, and Executive Committee members. – Provided comprehensive reports and transparency disclosures on ESG matters.

Click to read more on our investor website: vodafone.com/investors

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