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
1
+5.1%
10.0% 10.0%
9.0%
9.0%
€ 2.7bn
8.8%
€ 2.6bn
7.1%
6.6%
6.3%
5.4%
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.
3
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