Fixing unsustainable sub-scale economics… OUR JOURNEY ⫶ CREATING A SCALED & MARKET LEADING OPERATOR IN THE UK … enabling VodafoneThree to deliver on promises
Economic ROCE by MNO, pre-tax nominal including 5G spectrum Extract from UK Wireless Infrastructure Strategy & Ofcom’s future approach to mobile markets & spectrum 1
Transforms customer experience by creating a best-in-class network for coverage and reliability for the UK
BT EE
20%
Country Customers Competition
15%
Creates a leading 5G network in Europe, fully aligned with the UK government’s Wireless Infrastructure Strategy, driving economic growth, innovation and jobs
VMO2
10%
Simple average Cost of Capital, MCT
5%
Creates a scaled network operator to challenge the two leading converged operators and spur further mobile & fixed broadband competition in the UK
Vodafone Three
0%
2019
2020
2021
1. Source: Ofcom calculations based on publicly available from financial statements and Ofcom Annual License Fee (ALF) decisions. The cost of capital (pre-tax nominal) comes from Ofcom’s charge control decisions for mobile call termination (MCT) over the relevant period.
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