Slide 1: H1 FY26 Results
H1 FY26 Results November 2025 H1 FY26 Results ⫶ November 2025 1
Slide 2: H1 FY26 results
H1 FY26 results Highlights p3 Financial performance p5 Operational progress p14 Appendices p24 H1 FY26 Results ⫶ November 2025 2
Slide 3: Highlights
Highlights Group Q2 service revenue +5.8% Good performance in the first half, with Germany Europe Q2 service revenue +0.5% & Europe back to service revenue growth Group H1 Adj. EBITDAaL +6.8% Merger completed on 31 May 2025 VodafoneThree merger completed & Financial results consolidated from 1 June
Slide 4: Vodafone will grow: Making progress on our strategic priorities
Vodafone will grow ⫶ Making progress on our strategic priorities Our growth portfolio Our turnaround market 67% of Group Adjusted FCF vodafone 33% of Group Adjusted FCF • Investing in CX & driving differentiation • Developing our network infrastructure investments 9% Germany 10% • Building the stron
Slide 5: Financial performance
Financial performance H1 FY26 Results ⫶ November 2025 5
Slide 6: Financial Highlights: Accelerating in line with expectations
Financial Highlights ⫶ Accelerating in line with expectations Service revenue growth Adjusted EBITDAaL Group Group excl. Türkiye • Group acceleration in Q2 +6.8%2 • +6.8%2 growth in H1 on a 5.8% supported by growth across €5.7bn like-for-like basis 5.4% 5.5% 5.2% Europe & Africa €5.4bn • Supported b
Slide 7: Germany: Return to service revenue growth
Germany ⫶ Return to service revenue growth Germany +0.5% -4.3% 38% of Group Adj. EBITDAaL1 Q2 Service revenue growth H1 Adj, EBITDAaL • Return to service revenue growth after • ‘Value over volume’ strategy • Adjusted EBITDAaL decline driven by: five quarters impacted by TV law change across mobile &
Slide 8: UK: Good commercial momentum and fast integration
UK ⫶ Good commercial momentum and fast integration UK1 +1.2% +5.4% 15% of Group Adj. EBITDAaL2 Q2 Service revenue growth H1 Adj, EBITDAaL • Strong Consumer broadband growth & • UK’s fastest growing broadband provider, • Adjusted EBITDAaL growth driven by: higher Wholesale, partially offset by now co
Slide 9: Other Europe & Türkiye: Strong EBITDAaL growth
Other Europe & Türkiye ⫶ Strong EBITDAaL growth -0.5% +48.4% Other Europe Q2 service revenue Türkiye Q2 service revenue 15% of Group Adj. EBITDAaL1 +6.1% 8% of Group Adj. EBITDAaL1 +58.0% H1 Adj. EBITDAaL H1 Adj. EBITDAaL • Q2 service revenue impacted by B2B & • +75k mobile contract customer net • M
Slide 10: Africa: Growth across all markets
Africa ⫶ Growth across all markets +1.4% +41.2% +14.7% South Africa Q2 service revenue Egypt Q2 service revenue Internationals Q2 service revenue 12% of Group Adj. EBITDAaL1 -5.0% 8% of Group Adj. EBITDAaL1 +59.3% Internationals Internationals 4% of Group Adj. EBITDAaL1 +39.3% H1 Adj. EBITDAaL H1 Ad
Slide 11: Vodafone Business: Continued strong demand for digital services
Vodafone Business ⫶ Continued strong demand for digital services Financial +2.9% Unique digital +12.2% Market 5.0m performance Q2 Service revenue growth capabilities Q2 digital services1 revenue growth performance Business Customers • Service revenue growth supported by • Digital services now repres
Slide 12: Adjusted EBITDAaL & FCF: Good EBITDAaL growth
Adjusted EBITDAaL & FCF ⫶ Good EBITDAaL growth Adjusted EBITDAaL Free Cash Flow (€billion) (€billion) Adjusted EBITDAaL €5.7bn 0.6 (reported) (0.1) Interest (0.0) & tax €(1.0bn) (0.2) €5.8bn €5.5bn Working capital €(2.6bn) & other Net dividends (assoc. & JV) €0.1bn +6.8% Organic YoY growth1 Capital
Slide 13: FY26 guidance: Expecting to deliver at the upper end of the ranges
FY26 guidance ⫶ Expecting to deliver at the upper end of the ranges Adjusted Adjusted Capital Intensity (€billion) EBITDAaL FCF • Broadly maintained market by market FY25 actual 10.9 2.5 Impact of exchange rates (0.3) (0.1) Leverage ratio Remove Türkiye hyperinflation accounting 0.2 - • Lower half o
Slide 14: Operational progress
Operational progress H1 FY26 Results ⫶ November 2025 14
Slide 15: Vodafone will grow: The next phase of our transformation
Vodafone will grow ⫶ The next phase of our transformation Mission Growth opportunities Europe Africa Business Investments business investments Europe’s most Africa’s connectivity, fintech & The leading platform Driving growth & value trusted telco digital innovation leader for Business maximisation
Slide 16: Vodafone will grow: Making progress on our strategic priorities
Vodafone will grow ⫶ Making progress on our strategic priorities Our growth portfolio Our turnaround market 67% of Group Adjusted FCF vodafone 33% of Group Adjusted FCF • Investing in CX & driving differentiation • Developing our network infrastructure investments 9% Germany 10% • Building the stron
Slide 17: Germany: Investing in customer experience & driving differentiation
Germany ⫶ Investing in customer experience & driving differentiation Investing in customer experience & brand • Significant progress in improving customer satisfaction − strong NPS position, achieving market leadership in some segments − cable NPS & deep detractor share at best-ever levels − custome
Slide 18: Germany: Developing our network infrastructure
Germany ⫶ Developing our network infrastructure OXG fibre rollout progress Enhancing our hybrid fibre-cable network Network active • Continued to fiberise our cable infrastructure Building in progress • Recognised by four leading independent network tests for speed & reliability Pre-marketing • >85%
Slide 19: UK: Building the strongest connectivity provider
UK ⫶ Building the strongest connectivity provider Mobile coverage & experience by 20301 Transforming mobile network quality • Immediate actions taken to improve network quality for 28.8m customers − over 7m Three customers benefitting from higher 4G speeds − 16,500 km2 of ‘not spot’ areas removed by
Slide 20: UK: Monetising mobile network quality & broadband growth
UK ⫶ Monetising mobile network quality & broadband growth Mobile contract customer churn (%) Unique mobile portfolio & propositions Vodafone standalone VodafoneThree proforma VodafoneThree reported • Differentiated multi-brand strategy for mobile consumer segment with 13.9% 13.9% 13.6% Vodafone, Thr
Slide 21: Africa: Scaling our dual-sided financial services ecosystem
Africa ⫶ Scaling our dual-sided financial services ecosystem Financial services customers (million) M-Pesa Safaricom (M-Pesa) Internationals (M-Pesa) Egypt (Vodafone Cash) South Africa (VodaPay) • Expanding advanced financial services portfolio (merchant, wealth & lending) 83 94 14 • Leading fintech
Slide 22: Generative AI: Embedded in core operations, providing benefits at scale
Generative AI ⫶ Embedded in core operations, providing benefits at scale Advancing care Organisation-wide application Advancing operations enabled by AI taskforce Optimising AI virtual assistants 2,000 engineers in shared operations Autonomous procurement portal • TOBi & SuperTOBi (GenAI) handling c
Slide 23: Highlights
Highlights Group Q2 service revenue +5.8% Good performance in the first half, with Germany Europe Q2 service revenue +0.5% & Europe back to service revenue growth Group H1 Adj. EBITDAaL +6.8% Merger completed on 31 May 2025 VodafoneThree merger completed & Financial results consolidated from 1 June
Slide 24: Appendices
Appendices I Strategic scorecard ⫶ Executing our strategic priorities p25 II Germany ⫶ Best Gigabit network p26 III Vodafone Investments p27 IV More information p28 V ESG reporting & performance p29 VI Statutory results summary p30 VII Net debt, liquidity & total funding obligations p31 VIII KPI def
Slide 25: Strategic scorecard: Executing our strategic priorities
I Strategic scorecard ⫶ Executing our strategic priorities CUSTOMERS1 SIMPLICITY1 GROWTH 2 Europe Service Consumer opex €0.4bn revenue +5.8% NPS FY23 – H1 FY26 growth (H1 FY25 +4.8%) (YoY) savings Lead/co-lead in 11 of 15 markets (YoY) 9.1k Adjusted Detractors Productivity EBITDAaL +6.8% (YoY) role
Slide 26: Germany: Best Gigabit network
II Germany ⫶ Best Gigabit network 1 2 3 4 Vodafone vs. Competitors 1 468 1 374 1 237 1 172 41 37 32 Speed 2 2 2 2 37 Highest avg. DL (Download/Upload)5 3 3 3 3 speeds, with avg. (Mbps) 4 4 4 4 UL speeds on par 1 9.3 1 Price/Value 2 2 8.5 Excellent - - (Mbps/EUR) 3 3 value for money 4 4 1 1 1 Stabili
Slide 27: Vodafone Investments
III Vodafone Investments Pillar Investment Focus Ownership Key information • Reconfirm 2025 guidance: ‘Mid to high single digit decline in EBITDA’ Netherlands converged operator 50.0% • €200-250m 2025 shareholder distribution • Fixed network sale delivered A$4.7bn with the company distributing up to
Slide 28: More information
IV More information Africa ⫶ Vodacom Investor day 2025 Vodafone Business ⫶ Virtual investor briefing Introducing Vision 2030 Connecting people, places & things for a better future • We have structural growth opportunities • We operate in attractive markets • We are a market leader supporting attract
Slide 29: ESG reporting and performance
V ESG reporting and performance Extensive suite of ESG disclosures Strong ESG performance Annual Report ⫶ vodafone.com/ar2025 ESG Addendum ⫶ investors.vodafone.com/esgaddendum ESG Ratings ⫶ • Integrated reporting covering • >1,200 datapoints, covering >300 investors.vodafone.com/esg-ratings ESG stra
Slide 30: Statutory results summary
VI Statutory results summary Consolidated income statement1 Six months ended 30 September 2025 2024 €m €m Revenue 19,609 18,276 Cost of sales (13,229) (12,123) Gross profit 6,380 6,153 Selling and distribution expenses (1,529) (1,355) Administrative expenses (2,750) (2,700) Net credit losses on fina
Slide 31: Net debt, liquidity & total funding obligations
VII Net debt, liquidity & total funding obligations Net debt progression (€billion) Total funding obligations H1 FY26 FY25 1.0 1.9 0.6 0.2 0.6 €m €m (0.8) €25.9bn Bonds (34,059) (36,402) €22.4bn Bank loans (1,315) (1,213) FY25 Other borrowings including spectrum (2,431) (2,345) H1 FY26 Gross debt (3
Slide 32: KPI definitions
VIII KPI definitions KPI Definition KPI Definition We regularly measure the reliability of our mobile networks in our controlled European Consumer net promotor score (NPS) measures the likelihood that Vodafone and non- markets (including Türkiye) using a combination of internal drive trials and crow
Slide 33: Important notice
IX Important notice You have been provided access to this presentation on the basis that you are an investment professional for the purposes of Article References to Vodafone are to Vodafone Group Plc and references to Vodafone Group are to Vodafone Group Plc and its 19 or a member of the press for
Slide 34: H1 FY26 Results: Investor Relations contacts and upcoming events
investors.vodafone.com Vodafone Group Upcoming events Investor Relations ir@vodafone.co.uk 1 Kingdom Street, London, W2 6BY 29Feb 05 Jul Annual General Meeting FY26 Q3 results Trading Update 112026 Nov 2025 H1 FY26 Matt Johnson 2025 Director matthew.johnson@vodafone.com Group Communications Roy Teal