FY25 Q1 trading update

July 2024 Q1 FY25 trading update

Q1 FY25 Trading Update ⫶ July 2024

Highlights

Group Q1 service revenue

+5.4% +0.4% +5.1%

Lower inflation slows revenue growth & improves Adj. EBITDAaL Germany growth impacted by TV law change, B2B phasing & prior year price increases

Europe (excl. MDU) Q1 service revenue

Group Q1 Adj. EBITDAaL

Germany Q1 service revenue -1.5% Germany (excl. MDU) Q1 service revenue -0.3% Secured MDU household retentions 2.6m

Vodafone Spain disposal complete Vantage further 10% sell-down

€ 4.1bn 1 € 1.3bn € 462m 2

Right-sizing the portfolio for growth

Share buybacks ‘Tranche 1’

FY25 Guidance 3

FY25 financial guidance reiterated

Adjusted EBITDAaL

c. € 11bn

Adjusted FCF

at least € 2.4bn

Q1 FY25 Trading Update ⫶ July 2024

1. The sale of Vodafone Spain completed on 31 May 2024 for € 4.1bn in cash, subject to closing accounts adjustments, and € 0.9bn in the form of redeemable preference shares. 2. As at 23/07/2024. 3. 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 Turkey.

Highlights ⫶ Lower inflation slows revenue growth & improves EBITDAaL Group service revenue growth Regional service revenue growth Adjusted EBITDAaL

Group

Europe

Europe (ex. MDU impact)

Africa

+5.1%

10.0% 10.0%

9.0%

€ 2.7bn

8.8%

€ 2.6bn

7.1%

6.6%

6.3%

5.4%

29.9% Adj. EBITDAaL margin

29.7% Adj. EBITDAaL margin

2.9%

2.7%

2.2%

1.5%

0.4%

2.4% Q4 FY24

(0.3%)

Q1 FY24

Q1 FY25

Q1 FY24

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q1 FY24

Q2 FY24

Q3 FY24

Q1 FY25

• QoQ slowdown driven by: - lapping of higher inflation-linked price rises - Germany performance - Business • Vodafone Business growth of +2.6% - slowdown due to project phasing (DE & Other Europe) - expect sequential improvement & stronger exit growth rate vs. FY24

• Europe +0.4% in Q1 excl. German MDU TV transition impact • Africa growth maintained • Turkey growing ahead of inflation & in euro-terms

• +5.1% growth in Q1 on a like-for-like basis • Growth acceleration driven by lower cost inflation & operational expenditure phasing 2

Q1 FY25 Trading Update ⫶ July 2024

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 Turkey.

Germany ⫶ Impacted by MDU transition, B2B phasing & PY price increases Germany 37% of Group service revenue 1 -1.5% Service revenue growth MDU TV transition • -1.2 percentage point impact from MDU transition (Q4: -0.9pp) • Q1 performance impacted by: - Business project phasing - starting to lap broadband price increases from last year • Mobile customer additions impacted by: - planned downsizing of low-margin reseller channels - 30k B2B net losses, due to some large contract tenders in the prior year • FY24 price increase still impacting broadband customer losses • Continue to expect c.50% retention of 8.5 million households by the end of the transition • Secured 2.6m household retentions so far • Next big ‘wave’ of tenants transitioning in Q2 FY25 • Incremental service revenue headwind of c. € 400 million in FY25 - mobile ARPU growth slowing with competition in low-end & prepaid

Service revenue growth (%)

Net additions (‘000) Gigabit broadband

MDU transition

Secured household retentions

Uncertain outcome

95 DSL

Mobile contract

Organic

Organic excl. MDU transition impact

8.5m households Households not

1.5%

1.1%

0.3%

using service Households using service

(1.5%) (0.3%)

Around 50% households

(17) (45)

(23) (32) Q1 FY25

0.6%

(28) (48) Q3 FY24

(46) (87) Q2 FY24

(51) (70) Q1 FY24

2.6m households

(1.3%)

(39)

1.9m households

Q1 FY24

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q4 FY24

Pre-transition

Mar'24

Jun'24

Pos t-trans ition

Q1 FY25 Trading Update ⫶ July 2024

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

Europe & Turkey ⫶ Lower inflation & Business project phasing

+0.0% Service revenue growth

+2.3% Service revenue growth

+91.9% Service revenue growth

UK 19% of Group service revenue 1

Other Europe 16% of Group service revenue 1

Turkey 7% of Group service revenue 1

• Lapping higher inflation-linked price rises in the prior year in Consumer & Business • Consumer contract net adds +22k, broadband +44k • Lowest ever Consumer contract mobile churn • Detractors reduced by -40% YoY

• Good commercial momentum continued, +121k mobile contract net adds • Service revenue slowdown from Business project work phasing & lower contribution from inflation-linked price increases in most markets

• Continued growth ahead of inflation & 25% in euro-terms • Driven by ongoing repricing actions & customer base management • Good Business growth with strong demand for Cloud & IoT services

Service revenue growth (%)

Service revenue growth (%) Reported growth in Euros excl. hyperinflationary accounting

5.5%

5.7%

5.5%

28.7%

5.2%

4.1%

24.0% 25.2%

3.8%

3.6%

14.6% 17.7%

2.3%

0.0% Q1 FY25

Q1 FY24

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY24

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q1 FY24

Q2 FY24

Q3 F24

Q4 FY24

Q1 FY25

Q1 FY25 Trading Update ⫶ July 2024

1. Based on Q1 FY25 service revenue contribution.

Africa ⫶ Good growth continuing

+1.8% Service revenue growth

+43.6% Service revenue growth

+5.9% Service revenue growth

South Africa 10% of Group service revenue 1

Egypt 4% of Group service revenue 1

Internationals 5% of Group service revenue 1

• Prepaid price increases driving quarter- on-quarter improvement • Good fixed line growth (Q1: +6.1%) in both Consumer & Business • Strong financial services growth & commercial momentum with 6.9 million registered ‘VodaPay’ users

• Growth well above inflation supported by price increases • Acceleration driven by good commercial upsell campaign & strong data growth • Increased customer base to 49 million customers & 8.7 million ‘Vodafone Cash’ users

• Strong growth continued in Tanzania & the DRC • Mozambique price floors implementation suspended in June • M-Pesa revenue growth of 11.0% in Q1

Service revenue growth (%)

4.1%

3.9%

6.7%

6.3%

40.3% 43.6%

5.9%

5.2%

27.6% 28.4% 29.1%

1.9%

3.1%

1.8%

0.7%

Q1 FY24

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q1 FY24

Q2 FY24

Q3 F24

Q4 FY24

Q1 FY25

Q1 FY24

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q1 FY25 Trading Update ⫶ July 2024

1. Based on Q1 FY25 service revenue contribution.

Vodafone Business ⫶ Phasing offsetting underlying acceleration Financial performance +2.6% Service revenue growth Unique digital capabilities +6.7% Digital services 1 revenue growth Markets performance

4. 8 m Business customers

• Q1 slowdown due to project phasing, mainly in Germany & Other Europe • Underlying trading momentum offset by lapping higher prior year inflation-linked price rises • Sequential improvement throughout the year, with Q4 exit growth rate expected above FY24

• 14.5% growth in Cloud, strong demand for SaaS & public sector contract wins • Expansion of specialist sales team progressing (FY25 target: 400) • 188 million IoT platform connections • Annual order value of digital services accelerating to +40% year-on-year

• UK lapping higher price rises in prior year • Germany impacted by project phasing (incl. IoT) & some large corporate re- signs • Other Europe market share gains partially offset by project phasing • South Africa price increases & good Cloud growth

Business service revenue growth (%)

Digital services 1 revenue growth (%)

Business service revenue growth, Q1 FY25 (%)

16.2%

5.4%

3.7%

3.3%

5.0%

4.8%

10.5%

4.6%

9.1%

7.4%

6.7%

(1.7)%

2.6%

(3.0)%

Q1 FY24

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

Q1 FY24

Q2 FY24

Q3 FY24

Q4 FY24

Q1 FY25

OEU

Q1 FY25 Trading Update ⫶ July 2024

1. Digital services include IoT, Cloud & Security services. Represents 17% 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

Q1 FY25 Trading Update ⫶ July 2024

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

1. Quarterly revenue 2. Group financial performance 3. Segmental results 4. Segmental analysis 5. Cash Flow 6. Mobile customers 7. Fixed broadband customers

8. Marketable homes passed 9. TV customers 10. Converged customers 11. Mobile churn 12. Mobile data usage 13. Mobile ARPU 14. FX rates

Q1 FY25 Trading Update ⫶ July 2024

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

MSCI ESG Rating 1, 2 “A” Sustainalytics ESG Risk Rating 1, 3 “Low risk” Top 4% in sector ISS ESG Corporate Rating 1 “B” Top 5% in sector Refinitiv ESG score 1 “85/100” #3 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 ESG Methodology ⫶ investors.vodafone.com/esgmethodology • >2,800 datapoints, covering >600 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 • Twelve videos with Chair

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

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

and Committee chairs • Introductions to new Non-Executive Directors

TCFD ⫶ investors.vodafone.com/tcfd

SASB ⫶ investors.vodafone.com/sasb

• 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

1. Unless otherwise stated, ESG ratings and relative position within sector as at 2nd May 2024 See additional disclaimers on page 11. 2. In 2023, Vodafone Group Plc received a rating of A (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment. 3. In 2023, Vodafone Group Plc received an ESG Risk Rating of 16.2 and was assessed by Sustainalytics to be at low risk of experiencing material financial impacts from ESG factors.

Q1 FY25 Trading Update ⫶ July 2024

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 announcement that we have entered into binding agreements in relation to the sale of Vodafone Italy and the completion of the sale of Vodafone Spain, 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 for FY24 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 free cash flow, Organic service revenue growth, Europe & Africa service revenue growth, Organic service revenue growth excluding MDU transition impact, Organic Vodafone Business service revenue growth, Reported growth in Euros excluding hyperinflation and Digital services revenue growth. Definitions of these non-GAAP measures can be found in the Vodafone Group Plc Annual Report for the year ended 31 March 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 ©2022 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, the information regarding the announced agreement to combine Vodafone UK and Three UK, the sales of Vodafone Spain and Vodafone Italy, including the planned buybacks upon completion of the sales, the commercial and operational step-up in Germany, the plan to increase efficiency via simplification, commercialisation and artificial intelligence (AI) adoption, the strengthening of Vodafone Business capabilities, the establishment of the Vodafone Investments division, the MDU single billing transition in Germany, the 1&1 National Roaming Agreement and fibre JV deployment in Germany, the restructuring of Vodafone Germany, including announced role reductions, 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”, “projected”, “transition” 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. 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.

Q1 FY25 Trading Update ⫶ July 2024

Upcoming events

investors.vodafone.com

Vodafone Group Investor Relations

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

30 July 2024

Annual General Meeting

Matt Johnson Director Group IR

matthew.johnson@vodafone.com

12 Nov’ 2024

Roy Teal Deputy Director Group IR

H1 FY25 results

roy.teal@vodafone.com

David Irish Deputy Director Group IR

david.irish@vodafone.com

04 Feb’ 2025

Q3 FY25 Trading update

Gertrúd Szabó Senior Manager Group IR

gertrud.szabo@vodafone.com

Lena Mistry Senior Manager Group IR & ESG

lena.mistry@vodafone.com

Q1 FY25 Trading Update ⫶ July 2024

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