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)%
2
Q1 FY24
Q2 FY24
Q3 FY24
Q4 FY24
Q1 FY25
Q1 FY24
Q2 FY24
Q3 FY24
Q4 FY24
Q1 FY25
UK
DE
OEU
SA
Q1 FY25 Trading Update ⫶ July 2024
7
1. Digital services include IoT, Cloud & Security services. Represents 17% of Group Business service revenue. 2. Albania, Czech Republic, Greece, Ireland, Portugal and Romania.
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