Vodafone Q3 FY25 Trading Update

February 2025 Q3 FY25 trading update

Q3 FY25 Trading Update ⫶ February 2025

Highlights

Group Q3 service revenue

+5.2% +0.1% +2.2% -6.4% -2.6%

Good Group performance

Europe (excl. MDU) Q3 service revenue

Group Q3 Adj. EBITDAaL

Germany Q3 service revenue

Germany: customer trends improving, challenging mobile market conditions

Germany (excl. MDU) Q3 service revenue

Gigabit broadband net adds

+1k

Due to complete next few months

Merger with 3UK approved Vodafone Italy sale complete Share buybacks – 3 rd tranche complete

Reshaping Vodafone for growth almost complete

€8bn in cash

€1.5bn to date 1

FY25 Guidance 2

FY25 financial guidance reiterated

Adjusted EBITDAaL

c.€11bn

Adjusted FCF

at least €2.4bn

Q3 FY25 Trading Update ⫶ February 2025

1. As at 31/01/2025. 2. FY25 guidance FX rates (to €): ZAR 20.58, TRY 34.98, EGP 51.75, GBP 0.86.The guidance assumes no material change to the structure of the Group. Excluding Vodafone Spain & Vodafone Italy & the impact of hyperinflationary accounting in Türkiye.

Highlights ⫶ Good overall performance Group service revenue growth

Regional service revenue growth

Adjusted EBITDAaL

+2.2%

Group

Europe

Europe (ex. MDU impact)

Africa

11.6%

10.0% 10.0% 9.7%

€2.8bn

8.8%

7.1%

6.3%

5.4%

5.2%

2.9%

29.9% Adj. EBITDAaL margin

28.8% Adj. EBITDAaL margin

2.2%

4.2%

0.4%

0.1%

2.4%

(0.3%)

(2.3%) (1.9%)

Q3 FY24

Q3 FY25

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

• Acceleration in trends quarter-on- quarter driven by UK and Africa • Germany (-6.4%) broadly similar performance to Q2 • Business (+4.3%) maintaining good growth momentum

• Europe: stable ex. MDU drag • Africa: improvement in most markets • Türkiye continuing to grow ahead of inflation & double digit in euro-terms

• +2.2% growth in Q3 on a like-for-like basis (+3.2% year to date) • Good Group service revenue growth & lower energy costs in Europe, partially offset by German MDU TV transition impact & market investments • In-line with FY25 guidance 2

Q3 FY25 Trading Update ⫶ February 2025

1. Vodacom Group only. 2. Organic Adjusted EBITDAaL growth. Presents performance on a comparable basis, excl. the impact of FX rates, M&A and the hyperinflation adjustment in Türkiye.

Germany ⫶ Customer trends improving, challenging mobile market Germany 34% of Group service revenue 1 -6.4% Service revenue growth MDU TV transition • Broadly similar performance to Q2, drag from MDU transition (-3.8pp) • H2 FY25 EBITDAaL will be lower than H1: • Further sequential improvement in broadband net additions • Migration now largely complete • 49% of basic TV customer base secured (in-line with c.50% expected)

- Gigabit base now stable (Q3: +1k) • Better Branded performance despite increased mobile competition • Partially offset by reseller channel losses

- continued investment in turnaround - challenging mobile market conditions - one-off items

• Continue to engage with remaining households affected to further drive penetration • In-line with c.€400m EBITDAaL impact for FY25

Service revenue growth (%)

Net additions (‘000)

MDU transition

Secured household retentions

Uncertain outcome

Organic

Organic excl. MDU transition impact

DSL

Gigabit broadband

Mobile contract

8.5m households Households not using service

1.5%

0.3%

(0.3%)

4.1m households

Around 50% households

0.6%

(9)

(32) (23) Q1 FY25

(6.2%) (2.4%)

(1.5%)

(45) (17) Q4 FY24

(6.4%) (2.6%) Q3 FY25

(48) (28) Q3 FY24

(8)

1.9m households

(39)

49% penetration

(24) Q2 FY25

Households using service

Q3 FY25

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Pre-transition

Mar'24

Dec'24

Post-transition

Q3 FY25 Trading Update ⫶ February 2025

1. Based on Q3 FY25 service revenue contribution. 2. Fibre customer additions included in Gigabit broadband from Q1 FY25. 3. Based on TV Connect survey, May 2022.

Europe & Türkiye ⫶ Good overall growth

+3.3% Service revenue growth

+2.6% Service revenue growth

+83.4% Service revenue growth

UK 19% of Group service revenue 1

Other Europe 15% of Group service revenue 1

Türkiye 10% of Group service revenue 1

• Strong growth in Consumer; project phasing in Business • Brand NPS leader in the market & lowest ever level of detractors • Record broadband net adds (Q3: +72k), first full quarter of One Touch Switching • Merger with 3UK due to complete in the next few months

• Maintained good momentum, +153k mobile contract net adds • Strong Business growth (Q3: +5.8%), with strong demand for ICT & public sector work • Portugal: new second brand launched (Amigo)

• Strong growth across all segments & in euro-terms (+53%) 2 • Driven by ongoing repricing actions & effective customer base management • On-track to deliver >€2 billion service revenue in FY25 (well above pre- devaluation levels)

Service revenue growth (%)

Service revenue growth (%) Reported growth in Euros 2

5.5%

53.1%

49.5%

5.2%

3.6%

3.3%

25.2%

24.0%

2.6%

17.7%

2.3%

1.2%

0.0% Q1 FY25

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q3 FY24

Q4 FY24

Q2 FY25

Q3 FY25

Q3 FY25 Trading Update ⫶ February 2025

1. Based on Q3 FY25 service revenue contribution. 2. Growth in euro terms excluding the impact of hyperinflationary adjustments.

Africa ⫶ Acceleration in growth driven by SA

+3.2% Service revenue growth

+44.7% Service revenue growth

+7.5% Service revenue growth

South Africa 11% of Group service revenue 1

Egypt 5% of Group service revenue 1

Internationals 5% of Group service revenue 1

Internationals Internationals

• Stronger prepaid performance & successful seasonal campaigns in Q3 • Good Business growth (Q3: +5.8%) across both mobile & fixed • Strong financial services growth & commercial momentum with over 10 million registered ‘VodaPay’ users

• Strong growth across all customer segments, growing above inflation • Further 30% price increase announced in December (all connectivity products) • Strong growth in ‘Vodafone Cash’ (Q3: +79%), 10.5 million users

• Strong growth continued in Tanzania & DRC • Mozambique still challenging (political unrest) • M-Pesa revenue growth +9.7% in Q3

Service revenue growth (%)

43.6%

44.1%

44.7%

40.3%

7.5%

3.2%

6.8%

6.7%

29.1%

6.3%

1.9%

1.8%

5.9%

0.7%

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q3 F24

Q4 FY24

Q1 F25

Q2 FY25

Q3 FY25

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q3 FY25 Trading Update ⫶ February 2025

1. Based on Q3 FY25 service revenue contribution.

Vodafone Business ⫶ Maintained good growth momentum Financial performance +4.3% Service revenue growth Unique digital capabilities +14.5% Digital services 1 revenue growth

Markets performance

4.7m Business customers

• Good momentum driven by double-digit growth in digital services • Strong growth in Other Europe, Vodacom & Türkiye • Expect to maintain momentum in Q4

• Strong growth in Digital Services, >50% of total growth in Business • Recognised as a leader in the 2025 Gartner Magic Quadrant for Mobile Private Networks • Cloud & Security +31% in Q3, with strong broad-based growth across markets • Launched new Cyber hub in Germany

• Germany: impacted by project & IoT usage phasing • UK: +1.3pp QoQ improvement driven by project phasing • Other Europe: good digital services growth & Public Sector project work • South Africa: strong growth across all products

Business service revenue growth (%)

Digital services 1 revenue growth (%)

Business service revenue growth, Q3 FY25 (%)

17.9%

16.2%

14.5%

10.8%

10.5%

5.4%

5.0%

6.7%

5.8%

4.3%

4.0%

2.6%

(3.0)%

(0.4)%

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

Q3 FY24

Q4 FY24

Q1 FY25

Q2 FY25

Q3 FY25

OEU

Q3 FY25 Trading Update ⫶ February 2025

1. Digital services include IoT, Cloud & Security services. Represents 20% of Group Business service revenue. 2. Albania, Czech Republic, Greece, Ireland, Portugal and Romania.

Appendices

I More information

II ESG reporting & performance

p10 p11

III Importance notice

Provide investor feedback here ⫶ investors.vodafone.com/feedback

Q3 FY25 Trading Update ⫶ February 2025

Appendix I More information Vodafone Business ⫶ Virtual investor briefing Connecting people, places & things for a better future • We operate in attractive markets • We have unique scale & capabilities • We have strong operating momentum • We are on a clear growth pathway Materials including videos, presentation, case studies and Q&A: investors.vodafone.com/vbbriefing

Vodafone Technology ⫶ Virtual investor briefing A globally scaled operator • Our customer demand continues to accelerate • We have a strong technology roadmap • We allocate capital to drive returns • We are transforming to deliver growth Materials including videos, presentation, case studies and Q&A: investors.vodafone.com/vtbriefing

Additional data ⫶ Spreadsheet format investors.vodafone.com/results

Social Contract ⫶ Virtual investor briefing Shaping the Digital Society • Historical policy choices have impacted the European telecoms sector • Our ‘Social Contract’ enabling digital society • Pro-investment policy reform is essential for Europe to meet its digital objectives Materials including presentation & case studies: investors.vodafone.com/social-contract

01. Quarterly revenue 02. Vodafone Business revenue 03. Quarterly adjusted EBITDAaL 04. Group financial performance

09. Fixed broadband customers 10. Marketable homes passed 11. TV customers 12. Converged customers 13. Mobile churn 14. Mobile data usage 15. Mobile ARPU 16. FX rates

05. Segmental results 06. Segmental analysis 07. Cash flow 08. Mobile customers

Q3 FY25 Trading Update ⫶ February 2025

Appendix II ESG reporting & performance Annual Report ⫶ vodafone.com/ar2024 Extensive suite of ESG disclosures

MSCI ESG Rating 1,2 “AA” Sustainalytics ESG Risk Rating 1, 3 “Low risk” Top 5% in sector ISS ESG Corporate Rating 1 “B-” Top 6% in sector Refinitiv ESG score 1 “82/100” #6 in sector CDP Climate Change 1 “A” Leadership band ESG Ratings ⫶ investors.vodafone.com/esg-ratings Strong ESG performance

ESG Addendum ⫶ investors.vodafone.com/esgaddendum • >1,200 datapoints, covering >300 indicators, in spreadsheet format • Includes GRI Standards index

• Integrated reporting covering ESG strategy & performance • Complimented by six videos on key ESG topics

Board conversations ⫶ investors.vodafone.com/videos • Eight videos with Chair and Committee chairs • Introductions to new Non-Executive Directors

SASB ⫶ investors.vodafone.com/sasb ESG A-Z ⫶ investors.vodafone.com/esga-z

• >30 links to supporting disclosures, reports & policies • Categorised by E, S or G & searchable

TCFD ⫶ investors.vodafone.com/tcfd

• Seven disclosure topics • Includes additional information beyond what is required in the SASB Standards

• Aligning to TCFD framework since 2019 • Fully or partially consistent with all 11 TCFD recommendations

Q3 FY25 Trading Update ⫶ February 2025

1. Unless otherwise stated, ESG ratings and relative position within sector as at 28 th January 2025. See additional disclaimers on page 11. 2. In 2024, Vodafone Group Plc received an ESG rating of AA (on a scale of AAA-CCC) in MSCI ESG Ratings assessment. 3. In 2024, Vodafone Group Plc received an ESG Risk Rating of 14.4 and was assessed by Sustainalytics to be at low risk of experiencing material financial impacts from ESG factors.

Appendix III Important notice

You have been provided access to this presentation on the basis that you are an investment professional for the purposes of Article 19 or a member of the press for the purposes of Article 47 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. No other person should act or rely on the information presented and you agree to be bound by the following conditions. You may not disseminate these slides or any recording of this conference, in whole or in part, without the prior consent of Vodafone. Following the completion of the sales of Vodafone Spain and Vodafone Italy, we have updated our financial reporting to recognise that Vodafone Spain and Vodafone Italy are now discontinued operations in accordance with International Financial Reporting Standards (“IFRS”). Accordingly, except where otherwise noted, the Group’s results exclude Vodafone Spain and Vodafone Italy. Discontinued operations are also excluded from the Group’s segment reporting. This presentation contains non-GAAP financial information which the Vodafone Group’s management believes is valuable in understanding the performance of the Vodafone Group. These non-GAAP measures include Adjusted EBITDAaL, Adjusted EBITDaL margin, Adjusted free cash flow, Organic service revenue growth, Organic service revenue growth excluding MDU transition impact, Organic Adjusted EBITDaL growth, Reported growth in Euros excluding hyperinflationary accounting. Definitions of these non-GAAP measures can be found in the Vodafone Group Plc H1 Results for the six months ended 30 September 2024. This report can be found at investors.vodafone.com. However, non-GAAP financial information is not uniformly defined by all companies and therefore it may not be comparable with similarly titled measures disclosed by other companies, including those in the Vodafone Group’s industry. Although these measures are important in the assessment and management of the Vodafone Group’s business, they should not be viewed in isolation or as replacements for, but rather as complementary to, the comparable GAAP measures. Information in this presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation includes certain information from third-party sources. The Vodafone Group has not independently verified the market data or other information (i) contained in third-party sources or (ii) on which such third-party sources are based, nor does the Vodafone Group make any representation or give any warranty as to the accuracy or completeness of such information. The information from third-party sources that is cited here has been reproduced accurately. The use by the Vodafone Group of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of the Vodafone Group by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI. Copyright ©2024 Sustainalytics. All rights reserved. This presentation contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.

References to Vodafone are to Vodafone Group Plc and references to Vodafone Group are to Vodafone Group Plc and its subsidiaries unless otherwise stated. Vodafone, the Vodafone Speech Mark Devices, Vodacom and Together We Can are trade marks owned by Vodafone. Other product and company names mentioned herein may be the trade marks of their respective owners. This presentation, along with any oral statements made in connection therewith, contains “forward- looking statements” including within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to the Vodafone Group’s financial condition, results of operations and businesses, including guidance on the Vodafone Group’s FY25 Adjusted EBITDAaL and Adjusted free cash flow, as well as information regarding the completion of the merger of Vodafone UK and Three UK, the commercial and operational step-up in Germany, the plan to increase efficiency via simplification, the development and commercialisation of new technology offerings, including artificial intelligence (AI), the strengthening of Vodafone Business capabilities, the establishment of the Vodafone Investments division, the MDU single billing transition in Germany, the restructuring of Vodafone Germany, including announced role reductions, the Group’s strategic partnerships with Microsoft, Google and Accenture, the Group’s €4 billion capital return programme, including the Group’s FY25 total ordinary dividend and its ambition to grow the dividend over time, and certain of the Vodafone Group’s plans and objectives, including its strategy and strategic roadmap and emissions targets and other ESG goals, commitments, targets and ambitions, climate-related scenarios or pathways and methodologies it uses to assess its progress in relation to those. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “transform”, “momentum”, “plan”, “continue”, “pathway”, “progress”, “roadmap”, “expect”, “target”, “ambition”, “transition”, “anticipate” or “accelerate” (including in their negative form). By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. A review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-looking statements can be found under “Forward looking-statements and other matters” and “Risk Management” in the Vodafone Group Plc Annual Report for the year ended 31 March 2024 and under “Risk Factors” and “Forward-looking statements and other matters” in the Vodafone Group Plc H1 Results for the six months ended 30 September 2024. These reports can be found at investors.vodafone.com. All subsequent written or oral forward-looking statements attributable to Vodafone, to any member of the Vodafone Group or to any persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in or made in connection with this presentation will be realised. Any forward-looking statements are made as of the date of this presentation. Except as otherwise stated and as may be required to comply with applicable law and regulations, Vodafone does not intend to update these forward-looking statements and does not undertake any obligation to do so.

Q3 FY25 Trading Update ⫶ February 2025

investors.vodafone.com

Upcoming events

Vodafone Group Investor Relations

1 Kingdom Street, London, W2 6BY ir@vodafone.co.uk

20 May 2025

FY25 Results

Matt Johnson Director Group Communications

matthew.johnson@vodafone.com

Roy Teal Deputy Director Group IR David Irish Deputy Director Group IR

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24 Jul 2025

FY26 Q1 Trading Update

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Gertrúd Szabó Senior Manager Group IR Lena Mistry Senior Manager Group IR & ESG

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Q3 FY25 Trading Update ⫶ February 2025

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