Vodafone 2025 Annual Report

Vodafone Group Plc Annual Report 2025

Strategic report

Governance

Financials

Other information

At Vodafone our purpose is to connect everyone We are a leading European and African telecoms company. We provide mobile and fixed services to over 340 million customers, partner with mobile networks in over 40 more and have one of the world’s largest IoT platforms.

…aligning to key megatrends driving growth opportunities… We operate in growing markets, where we hold strong positions with good local scale. There are four megatrends that we believe will continue to shape our industry and the key areas of focus in our strategy for the years ahead: – Connected devices – Generative artificial intelligence (‘AI’) – Digital payments – Adoption of cloud technology

…achieving our long-term ambition…

…which is enabled by our people and culture…

…our commitments to sustainability…

…and driven by a clear capital allocation framework… We will continue our disciplined investment approach, supporting our network, strategy and growth levers and have adopted a new lower target leverage range with built-in flexibility.

…delivering shareholder returns and sustainable value. We have a sustainable and predictable financial profile. We re-based the FY25 dividend to 4.5 eurocents per share to reflect the reshaped Group, with the intention to grow over time; and return surplus capital to shareholders through share buybacks.

We have reshaped our business through our strategic priorities… Our focus on Customers, Simplicity, and Growth, continues to drive the strategic shifts to: – Focus on the basics to deliver the simple & predictable experience our customers expect – Rebalance the organisation, maximising the growth potential of our business – Become a leaner and simpler organisation to increase our commercial agility and free up resources

Our strategic roadmap aims to transform Vodafone to be: – The best-in-class telco in Europe & Africa – Europe’s leading platform for Business

The Spirit of Vodafone outlines the beliefs we stand for and the key behaviours that help us to make our strategy and purpose reality. This is reinforced by our strong governance and risk management framework.

We aim to build an inclusive, sustainable and trusted digital society where all individuals and businesses can thrive. Maintaining trust with our customers, employees, suppliers and the societies we serve is at the heart of everything we do.

9 of 15 markets lead/co-lead in Net Promoter Score (‘NPS’) rankings

205m Internet of Things (IoT) connections

340m people put their trust in us every day

93% of our employees completed ‘Doing What’s Right’ employee training as of 31 March 2025

77m customers are connected to our financial inclusion services

2.0x net debt to Adjusted EBITDAaL leverage ratio with a target range of 2.25x – 2.75x

€4bn total share buyback programme with proceeds from the sales of Vodafone Italy and Vodafone Spain Read more about our investment case on investors.vodafone.com