Vodafone Group Plc Annual Report 2025 1
Strategic report
Governance
Financials
Other information
FY25 highlights
Vodafone has changed Over the last two years, we have made good progress against our strategic priorities, which are focused on Customers, Simplicity and Growth. We have reshaped our European footprint, reset our capital structure, improves customer satisfaction, simplified our operations and grown digital services. €13.3bn of cash proceeds from Spain, Italy & Vantage disposals. Our UK merger completed on 31 May 2025 FY25 results Our financial performance was in line with expectations for the year. Highlights €4.5c Full year dividend per share R ead more about our financial performance in FY25 on pages 19 to 29 Notes: 1. Opex and productivity targets have been restated to reflect the disposals of Vodafone Italy and Vodafone Spain. 2. This is a non-GAAP measures. See page 213 for more information. 3. As at October 2024. 4. Organic growth. See page 214 for more information. 5. The employee engagement index is based on an average index of responses to three questions: satisfaction working at Vodafone; experiencing positive emotions at work; and recommending us as an employer. 6. Updated methodology reflecting average monthly capital employed throughout the year.
Customers Consumer NPS
Simplicity Europe opex savings 1 €0.4bn (FY23–FY25)
Growth Organic service revenue growth 2,4 +5.1% (FY24:+6.3%) Reported service revenue growth +2.8% (FY24: -1.3%) Adjusted free cash flow 2 €2.5bn (FY24: €2.6bn) Net cash inflow/(outflow) for the year €4.9bn (FY24: €(5.4)bn)
Revenue market share
Detractors
Germany UK
Productivity (role reductions) 7.7k (up to FY25 vs. 10k in 3-year plan) Shared operations NPS +81% (May’24: 85%) Employee engagement 3,5 +75% (May’24: 75%)
Other Europe South Africa Key: Improved Deteriorated Stable Network quality ‘Very good reliability’ in all European markets. German cable network quality recognised in 4 independent tests.
Organic service revenue growth 2 – Decline in Germany more than offset by growth across rest of Europe, Africa & Türkiye – Vodafone Business accelerating throughout the year (Q4: +5.1%)
Adjusted EBITDAaL 2 – On a like-for-like basis +2.5% growth in FY25 – Revenue growth and lower energy costs, offset by MDU impact and higher investment in Germany, CX and Business.
Return on capital employed (‘ROCE’) 2 – Pre-tax ROCE broadly unchanged year-on-year – Post-tax ROCE +4.4%, FY24: +4.4%
FY24 EBITDAaL (reported)
€11.0bn
7.2% 5
FY25 Other markets Underlying Germany FY24 MDU Impact
5.4%
Q4 FY25 Q3 FY25 Q2 FY25 Q1 FY25
4.2%
(0.8)pp
Organic Growth +2.5%
(0.3)pp
5.2%
5.4%
0.9pp
FY25 EBITDAaL (reported)
€10.9bn
7.0%
Group
Pre-tax ROCE
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