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1. Click to edit Master text styles 8 October 2026
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1. Click to edit Master text styles A key driver of creation Ahmed Essam | Vodafone Group, CEO European Markets VodafoneThree
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A simpler Vodafone with a clear operating model VODAFONE ⫶ SIMPLER, STRONGER, GROWING A customer experience reset with improving networks & satisfaction Attractive opportunities in Europe, Africa, and B2B A new chapter… Supporting our ambition to deliver euro growth in Adjusted FCF A well-positioned Vodafone with scale in good markets A more productive Vodafone with motivated teams Scaled operations building once, deploying at scale A new connectivity era with favourable external tailwinds Delivering growth across key metrics Organic Adj. FCF growth double-digit in mid-term A clear strategy… Our outlook… 3
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No clear path to drive returns above local cost of capital organically RESHAPING VODAFONE ⫶ A NEED FOR CHANGE IN OUR HOME MARKET Returns below the cost of capital in key markets The challenges we faced in the UK Market ROCE Czech Republic Good Germany Around WACC Greece Good Ireland Good Italy Below WACC Portugal Good Romania Below WACC Spain Below WACC Turkey Good UK Below WACC Good market Good business Sustainable market structure Limited scale + + - - Sub-scale Low ROCE % Limited investment Impacting customer experience Impacting our ability to invest & compete 2023 4
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Fixing unsustainable sub-scale economics… … enabling VodafoneThree to deliver on promises 0% 5% 10% 15% 20% 2019 2020 2021 BT EE VMO2 Simple average Cost of Capital, MCT Vodafone Three OUR JOURNEY ⫶ CREATING A SCALED & MARKET LEADING OPERATOR IN THE UK Economic ROCE by MNO, pre-tax nominal including 5G spectrum 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. Extract from UK Wireless Infrastructure Strategy & Ofcom’s future approach to mobile markets & spectrum1 Transforms customer experience by creating a best-in-class network for coverage and reliability for the UK Creates a leading 5G network in Europe, fully aligned with the UK government’s Wireless Infrastructure Strategy, driving economic growth, innovation and jobs Creates a scaled network operator to challenge the two leading converged operators and spur further mobile & fixed broadband competition in the UK Country Customers Competition 5
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VODAFONETHREE ⫶ A KEY DRIVER OF GROWTH & VALUE CREATION Combining the scale to invest, propositions to drive growth and efficiencies to deliver sustainable long -term value • More network assets than any UK operator • Fully funded £11 billion investment programme • Building the UK’s best 5G standalone, AI-ready network • UK’s largest mobile customer base • Clear multi-brand strategy • Market-shaping customer propositions • Customer experience leader • Fastest growing broadband provider • Significant convergence opportunity (incl. TV) • Monetising our network quality in mobile • New structural growth opportunities in Business • Capturing significant cost and capex synergies • Fully leveraging benefits of Group scale • Key element in driving Group’s medium-term double-digit adjusted free cash flow ambition DRIVING RETURNS GROWTH OPPORTUNITIES NETWORK LEADERSHIP COMMERCIAL ADVANTAGE 6
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FULL OWNERSHIP ⫶ EARLIER THAN EXPECTED OPPORTUNITY A strong first year of execution – providing even greater visibility & certainty on value creation opportunity Incremental cost opportunities Balance sheet capacity Attractive valuation Clear line of sight to deliverAble to consider an early buyout100% control for annual cost and capex target by FY32 (£0.8 billion by FY30)impact on Group leverageEnterprise Value vs. Original £0.7 billion target by FY30 Returning to ‘bottom half’ of 2.25-2.75x Group leverage range by end of FY27 vs £16.5 billion in put/call framework Enabling us to move at an even faster pace and unlock more savings 7
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VODAFONETHREE ⫶ A KEY DRIVER OF GROUP MID-TERM GROWTH AMBITIONS 1. Market share based on mobile subscribers in Consumer 2. #1 Net Promoter Score on Vodafone brand SCALED OPERATOR market share1 SIGNIFICANT SAVINGS annual cost & capex target by FY32 LEADING POSITION 5G standalone coverage by 2034 8 2
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1. Click to edit Master text styles A new era of for the UK Max Taylor | VodafoneThree, Chief Executive Officer
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1 2 3 4 5 AGENDA A NEW ERA OF CONNECTIVITY FOR THE UK Max Taylor | VodafoneThree, Chief Executive Officer DELIVERING SIGNIFICANT VALUE CREATION Darren Purkis | VodafoneThree, Chief Financial Officer CONNECTING BUSINESSES TO THEIR POTENTIAL Nick Gliddon | VodafoneThree, Business Director ACCELERATING OUR LEADERSHIP IN CONSUMER Rob Winterschladen | VodafoneThree, Consumer Director BUILDING THE UK’S BEST MOBILE NETWORK Andrea Donà | VodafoneThree, Network Director 10
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OUR MISSION ⫶ TO BUILD THE UK’S BEST NETWORK One team Unrivalled pace Customer first 5G SA population coverage by 2034, (99% by 2030) 99.96% For NPS, churn and deep detractors #1 OUR PURPOSE To connect every community in every corner of the UK Delivering sustainable long-term value creation Best employee engagement #1
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12 OPPORTUNITIES FOR VODAFONETHREE MARKET DYNAMICS MOBILE BROADBAND BUSINESS REGULATION MARKET LANDSCAPE ⫶ STRONG FOUNDATIONS, SIGNIFICANT OPPORTUNITIES • UK lags global benchmarks • Demand shifting to higher quality, secure connectivity • Increased competition • Security, resilience and sovereignty becoming critical • Growing demand for differentiated service levels and performance • AI and digitalisation increasingly dependent on network quality • Growing demand for gigabit network speeds • Greater bundling of services • Fixed infrastructure ownership currently fragmented • Building the UK’s best network, a world- class 5G standalone network • Monetising network quality through market-shaping customer propositions and a multi-brand strategy • Customer experience leader • Monetising network quality through high value business propositions • Fixed growth opportunity • New structural growth opportunities in the fastest growing segments • Differentiated customer experience with structurally lower cost-to-serve • Fastest growing broadband provider with low share in fixed • Market leading fibre & fibre-like footprint (FWA) • Significant convergence opportunity with the UK’s largest mobile base & new TV proposition • Investment-led framework established • Planning reform to accelerate deployment • Net Neutrality reform can unlock innovation • Energy support should reflect CNI 1 status • Safeguards against anti-competitive cross-subsidisation 1. Critical National Infrastructure
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#1 NETWORK #1 CUSTOMERS #1 PEOPLE FY26 RESULTS • All teams integrated down to fourth level of the organisation • One team culture established leveraging best of both • Property plan and retail consolidation 42% multi-brand (as at September 2026) OUR FIRST YEAR ⫶ WE HAVE MADE A FAST START 13 • MOCN: Roam on both networks at no extra cost >10,000 sites / 16,500 km 2 not-spot reduction • Spectrum sharing: Providing 7 million Three customers with a performance boost of up to 40% on 4G • 5G standalone deployment Exceeding Year One targets • Churn: Record lows on all brands • Vodafone NPS #1 • Complaints: Best-ever performance • Deep Detractors: Lowest-ever scores • Fastest-growing broadband provider • Two new UK contact centres opened (Sheffield & Belfast) Adj. EBITDAaL growth Invested
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SUPERMOBILE NETWORK Accelerating network deployment • Twice the number of sites to be upgraded in year 2 • Delivering against CMA targets • Enabling launch of new, differentiated propositions Doubling the speed of our network rollout BROADBAND • Leverage fibre footprint and FWA • Pro Broadband refresh broadening choice across the portfolio Grow broadband and convergence penetration CUSTOMER EXPERIENCE • Digitalising customer experience – Single Converged App, Just Ask Once, SuperTOBi • Two new specialist care and sales centres Further strengthen CX at a lower cost-to-serve Monetising network quality • Market-shaping proposition • Differentiating through network speed, reliability & security (Consumer & Business) • Introducing quality-based pricing Grow and protect mobile ARPU Creating a stronger converged proposition VODAFONE TV • Broadens consideration for Vodafone in the home • Designed to drive adoption of higher-value bundled services Increase value per household and cross-sell opportunity RETAIL • Accelerate roll-out of multi-brand stores • 10% of cost synergies (completed by year 3) Complete our retail transformation YEAR TWO ⫶ A CRITICAL YEAR OF DELIVERY 14 Upgrade & consolidate Making service a differentiator Increase broadband penetration
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DELIVERING A NEW ERA OF CONNECTIVITY FOR THE UK Merger ⫶ A catalyst Our first year ⫶ Strong foundations & delivering ahead of our plans Looking ahead ⫶ Unlocking the full potential of our network Scaled More mobile network assets than any other operator Leading Customer experience Strong Market position Fast Start Delivering immediate network & customer improvements Good Commerical momentum Rapid Integration of the two businesses Differentiating Launching new market-shaping propositions Realising Cost and capex & revenue synergies Driving Commercial excellence 15
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1. Click to edit Master text styles Building the UK’s Network Andrea Donà | VodafoneThree, Network Director
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VODAFONETHREE ⫶ BUILDING THE UK’S BEST NETWORK More assets than any operator & ambitious network rollout plan Delivering an unparalleled network experience The next stage – building a 5G standalone, AI-ready network Moving at pace – bringing benefits to customers from Day 1 A B D C Core to our strategy & growth ambitions 17
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We have significantly more sites… ….and the largest spectrum holding 50 95 105 230 131 122 80 100 210 0 100 200 300 400 500 STARTING FROM A STRONG POSITION ⫶ MORE ASSETS THAN ANY OPERATOR Macro Cell Sites (000s) Spectrum (MHz) c.37k c.26k c.18.7k c.20k >20% more than any other operator BT EE VMO2 Today Future 18 A
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2027 2029 2030 2034Year 1 – ahead of targets 19 AMBITIOUS ROLLOUT PLAN ⫶ WITH CLEAR MILESTONES & COMMITMENTS Up to 40% uplift on 4G speeds for 7 million Three customers through the deployment of 1,800 MHz of shared spectrum Eliminated 16,500 km2 of ‘not- spots’ (areas with no coverage) by deploying easy MOCN Exceeded Year 1 site upgrade target UK’s first commercial 5G network slicing capabilities launched, including dedicated national network slices for Consumer & Business Nokia & Ericsson appointed as key network build partners • Twice the number of sites to be upgraded in Year 2 • Satellite trials underway • Critical National Slice for blue-light organisations • 65% increase in network capacity compared to the sum of 3UK and VFUK’s standalone forecast capacity • 90% 5G standalone population coverage • 99.96% 5G standalone population coverage • 2.5x the network capacity compared to today • Up to 5x increase in average speeds • 99% 5G standalone population coverage in full support of Government’s Wireless Infrastructure Strategy ambitions Upgraded network of c.26,000 sites – the UK’s largest Consolidated and upgraded radio, core, transport, fixed, OSS infrastructure Largest spectrum holding deployed across our network 19 A
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MOVING AT PACE ⫶ BRINGING BENEFITS TO CUSTOMERS FROM DAY 1 • Software upgrade embedded into our network • Now live on over 10,000 sites • Providing customers with better coverage and performance • Removing 16,500 km2 of not-spots • Vodafone 1,800MHz spectrum used on Three sites, increasing capacity & reducing congestion • 40% improvement in 4G speeds for 7 million Three customers MOCN deployment Spectrum sharing 5G Low-Band 5G High-Band Sites activated with MOCN 20 B
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+12% +21% +9% +26% FY25 FY26 FY25 FY26 38.1 29.328.4 26.9 Nov-24 May-26 172Mbps 313Mbps Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26 +82% Apr-25 Aug-26 47% +18pp 65% ALREADY DELIVERING TANGIBLE IMPROVEMENTS IN NETWORK QUALITY Greater coverage 5G standalone population coverage (%) Faster speeds Stronger, more seamless experience Network latency (London – NET Check Benchmarking) (Milliseconds) Driving an acceleration in data demand Annual data consumption (% growth) National average 5G download speed (Mbps)1 21 1. Ookla® Speedtest Intelligence® B
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THE NEXT STAGE ⫶ BUILDING A 5G STANDALONE, AI-READY NETWORK Beacon Network Sharing MBNL Network Sharing Densified network VMO2 EE 22 C
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THE NEXT STAGE ⫶ BUILDING A 5G STANDALONE, AI-READY NETWORK Upgrading every layer of our network architecture Moving from two distinct networks: • to a single upgraded Radio Access Network • equipping sites with the latest Nokia and Ericsson hardware, including Massive MIMO antenna • upgraded backhaul access transmission & a consolidated transport network • upgraded intelligent core network Additional or upgraded equipment Additional or upgraded radio unit MIMO antenna Extra cabinet Access transmission (100Mbps - 1Gbps) Access transmission (100Mbps - 1Gbps) Upgraded to support traffic from decommissioned Three site Upgraded to account for additional VOD (+ VMO2) traffic Access transmission (10Gbps) 23 C
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THE NEXT STAGE ⫶ BUILDING A 5G STANDALONE, AI-READY NETWORK IT migration timeline Consolidating platforms & harmonising operations, while maintaining business continuity Now moving from integration set-up to at-scale migration Commercial migrations (CD1 & CD2) Corporate system harmonisationMulti-brand operations enabled Significant progress to date Customer Day 1 (CD1) Decommission EnterpriseCorporateConsumers Customer Day 2 (CD2) Apr 2026 Delivered 2 months early First full Vodafone & Three systems integration Sep 2026 Commercial launches Supporting the delivery of new commercial offers Autumn 2027 Three Consumers can be served and hosted on the Vodafone Business Support Systems (‘BSS’) End of 2027 Unify HR, Finance & Procurement onto a common platform Summer 2028 Single new stack for all Enterprise, SME and Corporate customers End of 2028 Decommissioning of the Three legacy IT stack 24 C Single platforms
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THE NEXT STAGE ⫶ BUILDING A 5G STANDALONE, AI-READY NETWORK Dynamic energy management More efficient & safer network rollout Intelligent network Our strategy To build the UK’s first nationwide AI-ready network AI-augmented workforceAI in the NetworkNetworks for AI boosting productivity and efficiencydeployed in all layers to enable autonomous networks supporting the most demanding AI use cases EXPERTISEHARDWARECAPACITY Best-in-class, leveraging Group scale & partnerships AI RAN deployment as part of our upgrade programme, enabling dynamic network management Upgrading Core, RAN and Transport networks to deliver capacity needed for the most data-intensive AI use cases Use cases Foundations improved energy efficiency in trials with radio software, AI and machine learning to adjust radio power based on live traffic powered by agentic AI. Field engineers using agentic AI to review build quality in near real- time whilst identifying health and safety risks. • AI driven network and performance management • 24/7 optimisation & proactive self-healing • Enabling new commercial offers with guaranteed SLAs • Faster time to market for new services 25 C
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Gigabit connectivity at scale Scaled mobile networks Backbone of global connectivity Fixed broadband Satellite Bringing ubiquitous connectivity Subsea cables Terrestrial mobile DELIVERING AN UNPARALLELED NETWORK EXPERIENCE 100% geographic coverage target, including direct-to-mobile Testing to take place in 2027 26,000 upgraded mobile sites across UK by 2034 99.96% 5G SA population coverage by 2034 24.5 million marketable gigabit households Largest marketable gigabit footprint in UK 1.9 million fixed broadband customers 70 subsea cables invested in or co-owned 1 million kilometres of terrestrial fibre 180 countries connected The best connectivity from the seabed to the stars Ubiquitous connectivity New use cases Reliable & trusted 26 D
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More assets than any other operator & an ambitious network rollout plan Moving at pace – bringing benefits to customers from Day 1 The next stage – building a 5G standalone, AI-ready network Delivering an unparalleled network experience 27 CONCLUSION ⫶ BUILDING THE UK’S BEST NETWORK
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1. Click to edit Master text styles Accelerating our in Consumer Rob Winterschladen | VodafoneThree, Consumer Director
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VODAFONETHREE ⫶ ACCELERATING OUR LEADERSHIP IN CONSUMER #1 in mobile, leading challenger in fixed Significant opportunities for growth in broadband & convergence Launching new market-leading propositions Good commercial momentum post-merger A B D C Leading the market in mobile & driving growth across the rest of our portfolio 29
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Market leader in mobile, fastest growing in fixed Outperforming the market in Consumer UK CONSUMER MARKET ⫶ #1 IN MOBILE, LEADING CHALLENGER IN FIXED FY26 revenue market share & growth1 Service revenue growth (%) Mobile Fixed 30.7% 27.7% 25.7% £12.5bn 4.6% 40.5% 21.1% 33.8% £10.5bn 15.9% OthersVMO2BT EE +1% -0.6% -0.8% +21.9% 0.3% 0.7% 1.6% (0.4%) (0.3%) 0.2% Q2 FY26 Q3 FY26 Q4 FY26 Market 30 1. Consumer market share based on service revenue (excluding handsets, equipment). Sources: reported results from operators & Global Data UK Pay TV data A
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OUR POSITION ⫶ A CLEAR & DIFFERENTIATED MULTI-BRAND STRATEGY A strong portfolio of brands on The Nation’s Network effectively targeting different segments of the market MOBILE FIXED/CONVERGENCE Premium, Families Mid-market, Youthful Working switchers Youthful, socially connected Retired switchers 31 A
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Our retail estate Reimagining the high street OUR POSITION ⫶ ONGOING COMMITMENT TO THE HIGH STREET Store upgrades reinforcing our commitment to the UK high street Creating vibrant, multi-brand experience hubs that deliver for customers High streets Covering more of the UK with our services than ever before • Further enhancing customer experience A two-year transformation programme to upgrade our retail stores Flagship stores 32 new Three retail locations of locations are now multi-brand • Delivering a multi-brand instore experience and enabling Three-to- Vodafone migrations • Consolidation of overlapping stores well underway A
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Vodafone OUR POSITION ⫶ A STRONG DIGITAL PRESENCE ACROSS ALL BRANDS Three Value Brands digital sales mix digital service mix Single converged app with Just Ask Once Launched new AI chat Tobi now powered by AI for upgrades and support Agentic chat experiences in delivery Three Digital Platform moving to Vodafone stack digital sales mix digital service mix digital sales mix digital service mix digital sales mix digital service mix digital sales mix digital service mix Agentic AI chat capability shared across Vodafone and Three brands to deliver improved customer experience Vodafone AI on Three Digital 33 A
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2 2 2 2 2 1 1 2 1 1 16 12 11 11 11 9 10 11 8 7 4 3 3 3 2 3 2 1 2 2 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Vodafone PAYM Vodafone HBB Three PAYM Estimated scores pending Ofcom publication OUR POSITION ⫶ MARKET-LEADING CUSTOMER EXPERIENCE Best-ever Ofcom complaints levels Ofcom Complaints per 100k Customers Multi-award-winning Customer Experience 1. Vodafone (inc. VOXI) and Three (inc. SMARTY) Vodafone #1 – Net Promoter Score (NPS) Vodafone Three #1 +2ppGap to next best #4 (7pp) August 2026 position 10% 12% 14% 16% 18% 20% 22% 24% 26% Q1-26Q1-25Q1-24 Lowest-ever Deep Detractors Deep detractors (%)1 34 A
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NEW PROPOSITIONS & SERVICES LAUNCHED MARKETING CAMPAIGN ACTIVITY OTHER COMMERCIAL ACTIONS FY26 HIGHLIGHTS • Vodafone: Two Networks are Better Than One • The Nation’s Network • Three Brand Relaunch: Let Fun In • Unstoppable SuperMobile • Vodafone TV • Multi-brand trading strategy and governance • Commissions rationalisation • Clear brand strategy • New Three base marketing engine • Multi-brand experience in call centres & retail • +219k total Consumer net adds1 • Record fixed gross and net adds • Fastest growing HBB provider • Vodafone Together Family • Vodafone Just Ask Once • Vodafone Speed Boost • Vodafone FWA • Customer-led migrations • Converged My Vodafone App • Vodafone SuperMobile • Vodafone TV GOOD COMMERCIAL MOMENTUM POST-MERGER 1. Mobile Contract, prepaid, and broadband Net customer additions growth • +2% YoY Mobile Contract ARPU growth • +5% YoY Broadband ARPU growth ARPU growth (Q4) • Record low mobile churn rates for VOXI, Vodafone, Talk Mobile and SMARTY • Three’s churn at lowest in four years • Record low churn rates in Fixed across Vodafone HBB, Three and Vodafone FWA Customer retention 35 B
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LAUNCHING NEW MARKET-LEADING PROPOSITIONS Broadband refresh announced, SuperMobile launched, Vodafone TV launched SEPTEMBER 2026 SEPTEMBER 2026 OCTOBER 2026 Broadband Refresh Vodafone SuperMobile Vodafone TV • Vodafone FWA with single postcode checker • Social FWA tariffs • Converged Parental Controls: SecureNet • 8Gbps speeds and Pro 4 router (WiFi 7 Tri Band) • 50Gbps trials • UK’s fastest 5G+ network and 65% 5G+ coverage • Fast: Up to 4x faster on 5G+ slice • Reliable: UK’s only guaranteed minimum speeds 15Mbps • Secure: 5G+ encryption and SecureNet included • Set top box with Dolby Atmos, Dolby Vision, 4K HDR • Aggregation interface for discovery • Bundled with HBO Max & Netflix • Live TV streaming • On-demand TV • Cloud gaming • Android TV OS with Play apps More to come… 36 C
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VODAFONE SUPERMOBILE ⫶ MONETISING OUR NETWORK INVESTMENT 37 C Introducing
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5G+ VODAFONE SUPERMOBILE ⫶ MONETISING OUR NETWORK INVESTMENT Up to 4x Faster Speeds: Stay connected with up to 4x faster speeds than our standard plans, and feel the difference. New industry-shaping propositions underpinned by The Nation’s Network 5G+ Fast Track: A dedicated track on our network that prioritises customers connection. The UK’s biggest network, The Nation’s Network The UK’s only plan with guaranteed minimum speeds: The only plan with guaranteed mobile speeds. If it does not deliver, customers are free to leave without penalty. Security built in: More peace of mind, with the most secure encryption available powered by 5G+, and Secure Net Mobile included. 38 C
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SIGNIFICANT GROWTH OPPORTUNITIES ⫶ BROADBAND AND CONVERGENCE We are the UK’s fastest-growing broadband provider We have the largest fibre footprint with fastest speeds… …with a Fixed Wireless capability that further extends our reach… …and the largest mobile customer base to cross-sell into Q1 FY27 Community FibreCityFibreOpenreach Gigabit footprint (households) 24.5m c.75% of households covered Through our ‘asset light’ model c. Current FWA footprint Providing fibre-like speeds across both brands inc. Households outside of our current fibre footprint 5G Broadband Our powerful 5G Broadband is fast, reliable and simple. It uses our 5G network to give customers superfast 5G speeds. ConvergedFixed & FWA onlyMobile only Vodafone & Three Converged Household Mix (million households) 6.6m household opportunity Further supported by new TV proposition 39 D
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VODAFONE TV ⫶ UNLOCKING ADDITIONAL GROWTH IN CONVERGENCE KEY FEATURES Android TV, 4K, Dolby Atmos and Dolby Vision Aggregated experience with user profiles, personalised recommendations and Smart Voice AI search Netflix, HBO Max, Freely, an additional 150+ live channels, 300+ games and thousands of apps through the Google Play Store Low-cost, sustainable partnership model Bundled with fixed, 5G broadband and mobile plans 40 D
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#1 in mobile, leading challenger in fixed Good commercial momentum post-merger Launching new market-leading propositions Significant opportunities for growth in broadband & convergence 41 CONCLUSION ⫶ ACCELERATING OUR LEADERSHIP IN CONSUMER
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1. Click to edit Master text styles Connecting to their potential Nick Gliddon | VodafoneThree, Business Director
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VODAFONE BUSINESS ⫶ CONNECTING BUSINESSES TO THEIR POTENTIAL Strong foundations with exciting growth opportunities GROW – focusing on segments with greatest growth potential DIFFERENTIATE – monetising our network and customer scale SIMPLIFY – differentiated CX and structurally lower cost-to-serve A B D C Enterprise-grade connectivity: to power the UK’s next generation of growth 43
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27% 20% PUBLIC SECTOR SOHO SME PRIVATE STRONG FOUNDATIONS ⫶ ONE BRAND SERVING EVERY BUSINESS 1. FY26 2. Based on internal market share data 27% of VodafoneThree service revenue1 6.5 million Mobile connections 15.3 million IoT connections (adding c.11.5k per day) +41% SaaS service revenue growth1 £1.85 billion FY26 service revenue Size 1–9 employees Footprint Single site Share of revenue Share of Vodafone Business revenue Share of Total Business Market small businesses powered by Vodafone Business2 of Fortune 500 businesses choose Vodafone Business of the UK’s emergency services using our award-winning network 23% 30% Size 10-249 employees Footprint >1 site Share of revenue Share of Vodafone Business revenue Share of Total Business Market 31% 27% Size 250+ employees Footprint Multiple sites Share of revenue Share of Vodafone Business revenue Share of Total Business Market 19% 23% Size All business sizes Footprint Multiple sites nationally Share of revenue Share of Vodafone Business revenue Share of Total Business Market 44 A
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MOBILE STRONG FOUNDATIONS ⫶ PORTFOLIO OF PRODUCTS & SERVICES 1. FY26 service revenue 50% of Business service revenue1 Mobile & 5G Standalone Device as a Service Mobile Private Networks Fixed Wireless Access Network Slicing IOT 6% of Business service revenue1 Global IoT Connectivity Local IoT Connectivity Connectivity Lite Terminals & Devices IoT Managed Services FIXED 26% of Business service revenue1 Broadband Dedicated Internet Access IP-VPN SD-WAN Ethernet CLOUD 8% of Business service revenue1 Software as a Service Business Applications Public Cloud Cloud Managed & Professional Services Hosting & Co- location DIGITAL COMMS 7% of Business service revenue1 Vodafone Business Unified Comms Sovereign Contact Centre Teams Phone Mobile & compliance recording Network Mobile Recording Operator Connect & Direct Routing SECURITY 6% of Business service revenue1 Secure Network Secure Cloud & Apps Managed Security Services Protective Monitoring Mobile Management & Protection 45 A
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NETWORK INFRASTRUCTURE INNOVATION & CAPABILITY ENTERPRISE CUSTOMER REACH PARTNER ECOSYSTEM • Access to Group’s scaled platforms & products − Internet of Things − VOIS • Ability to tailor products & services to local market needs • Serving UK customers with global needs • Over 5 million Global Vodafone Business customers with 20% UK headquartered • Multi market sales potential with Vodafone Business presence across 75 markets • Strong, well-established strategic partnerships • Microsoft, Cisco, Fortinet, AWS, Google & more • Broadening our product portfolio in a capital-efficient manner • Access to Vodafone’s global footprint • UK’s largest mobile network • International networks & subsea cables STRONG FOUNDATIONS ⫶ UK EXPERTISE & VODAFONE’S GLOBAL SCALE Leveraging the benefits of Vodafone’s Group scale Countries with Vodafone Business presence IoT connections globally Global business customers 46 A
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5G Slicing +31% 47 Market leader in mobile, challenger in fixed Core Connectivity Market Growth STRONG FOUNDATIONS ⫶ WITH EXCITING GROWTH OPPORTUNITIES FY26 Revenue market share1 Market CAGR (FY26-FY30)2 1. Sources: Internal Market Data Book; MPN (Analysis Mason), Contact Centre (ContactBabel), VBUC & Teams Phone Mobile (Cavell) 2. Sources: Internal Market Data Book Security +10% Unified Communications +13% IOT +6% Fixed (CAGR FY26-30) +1.5% Mobile (CAGR FY26-30) +0.9% Cloud +14% Fixed Wireless Access +14% Software-Defined WAN +13% Mobile Fixed 5% 25% 30% 41% £2.6bn 33% 6% 14% 47% £5.6bn OthersVMO2BT EE Adjacent Growth Opportunities Market CAGR (FY26-FY30)2 A
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AI & DIGITALISATION CUSTOMER PREFERENCES DIFFERENTIATED SERVICE SECURITY & SOVEREIGNTY Customers favour integrated outcomes, with mobile becoming the technology platform for small businesses Customers increasingly value performance, service levels and assured outcomes Resilience and sovereignty are now board-level priorities for UK organisations AI, cloud and automation increase dependence on high-quality connectivity and infrastructure GROWTH ⫶ UK MARKET TRENDS DRIVING OPPORTUNITIES 1. Gartner, AI opportunity in the U.K. for CSPs, 2026 2. Sources: Internal Market Data Book and industry reports (BCG & Gartner) 3. Source: The B2B pulse (Capgemini report, 2025) 4. Gartner, Forecast: AI Spending Worldwide 2025-2030 Vodafone Business can enable the next phase of growth for businesses Est. UK AI infrastructure market (2030)1 Est. UK addressable SoHo market, growing at 8% CAGR2 of businesses prioritise SLA compliance3 Est. UK AI Cybersecurity market (2030)4 48 A
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• Build on our market-leading customer experience • Standardise products, processes and platforms • Reduce business complexity and deliver structurally lower cost-to-serve • Broaden capabilities beyond core connectivity • Enable emerging sovereign, security and AI requirements • Target critical industries where we have a strong ability to grow • Use our market-leading mobile network to deliver new & innovative propositions • Capture merger benefits through one brand and combined customer scale • Improve returns through owned infrastructure and automation OUR STRATEGY Differentiate through Customer Experience leadership & lower cost base Turn network and customer scale into competitive advantage Leverage our strengths to capture attractive growth pools DRIVE EFFICIENCIES I IMPROVE RETURNS I ACCELERATE GROWTH Simpler, more integrated business Monetise our network Access to high-growth segments SIMPLIFY DIFFERENTIATE GROW 49 A
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SIMPLIFY ⫶ CREATING A MORE EFFICIENT BUSINESS WITH DIFFERENTIATED CX 1. Versus FY26 Structurally lower cost –to-serve Further enhancing our leading customer experience Targeted investments in digital capabilities, simplification & automation Customer Principles Simplified operating model Standardising products, processes and ways of working to improve consistency, agility and efficiency New sales & service platform for business Simpler, faster and more connected end- to-end customer experience Deploying AI & automation at scale Reducing manual activity, improving productivity and accelerating response times Get it right first time Make it effortless & intuitive Be human & deeply know customers Own the outcome & be proactive Improvement in workforce efficiency & productivity (2030 target)1 Improvement in speed-to-market (2030 target) 1 Cost-to-serve reduction (2030 target) 1 +11pp vs. key competitors SoHo & SME Brand 50 B
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DIFFERENTIATE ⫶ MONETISING OUR NETWORK & CUSTOMER SCALE Higher value connectivity revenue | Improved retention & customer value | Better network utilisation & margins DIFFERENTIATED PROPOSITIONS ONE BRAND CONNECTIVITY ECONOMICS Turn network capability into customer value Capture the full value of the combined customer base Improve returns from our network assets Launching assured, premium connectivity that meets business needs for performance, resilience and security Expanding fixed and converged propositions, including SD-WAN & FWA to compete more effectively across the connectivity market Increase proportion of fixed services delivered through VodafoneThree-owned infrastructure and assets Standardise and automate delivery to reduce cost, lead times and enhance customer experience Migrate Three Business customers onto Vodafone Business and create consistent customer experience Cross-sell and upsell to both customer bases supported by one brand and broader distribution through retail footprint Vodafone SuperMobile for Business 5G Business Broadband Dedicated National Regional and Critical Infrastructure Slices 1m Three Business connections to migrate Increase penetration for converged services supporting retention 66k Fixed connections to migrate in SoHo +20% mix shift to VodafoneThree’s network through new sales +10pp increase in on-net penetration in existing contracts 51 C
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DIFFERENTIATE ⫶ VODAFONE SUPERMOBILE FOR BUSINESS Turning business mobile connectivity into a market- leading performance product National Business Slice 5G+ Local Slice National Critical Slice • Dedicated 5G+ capacity for businesses • Independent of consumer demand & traffic • Assured performance and committed service levels • Up to 4x faster speeds in congested areas giving unparalleled performance • Contracted connectivity performance at specific sites • Control and resilience for airports, venues, logistics hubs and campuses • Launching in early 2027 • Priority connectivity for blue-light organisations and critical national infrastructure • Supporting mission-critical applications with assured performance, resilience and low-latency connectivity 52 C
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DIFFERENTIATE ⫶ VODAFONE SUPERMOBILE FOR BUSINESS 53 C National Critical Slice in action
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GROW ⫶ BROADENING CAPABILITIES BEYOND CORE CONNECTIVITY 1. Sources: Internal forecasts supported by industry reports 2. Gartner, AI Opportunity for CSPs, 2026 Broaden our capabilities to meet more of our customers’ technology needs Foundations Scale into service Enable new technologies Core capabilities we can leverage Capabilities we are scaling Enabling the creation of new technologies Infrastructure Physical and technology assets that underpin our services, including Group’s global network scale Enterprise Data Centre & Co-location National Fibre Subsea Network Connectivity Enterprise-grade connectivity with a full portfolio of products and services Speed & Latency Coverage Resilience Applications Communications, cloud and applications that keep critical workloads running on our network Call centres Apps Hosting Managed services & security Providing access and managing outcomes Sovereign Secure Managed Powered by AI Generating new investment cases and potential AI- enabled revenue pools AI infrastructure connectivity AI services & partner- supported propositions Connectivity for AI Agentic AI Services est. addressable UK market (2030)1 Small Medium Business spend by 20302 54 D
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MARKET DYNAMICS GROW ⫶ WHERE SECURE, RESILIENT CONNECTIVITY IS INCREASINGLY IMPORTANT DEFENCE AMBITION WHY WE CAN WIN Rising investment in defence modernisation and demand for secure, sovereign digital infrastructure • Expand our role in secure connectivity, infrastructure and managed services supporting defence transformation • Established relationships & secure capabilities • Uniquely organised to support Defence through dedicated and secure operations • Aligning our network rollout with the UK’s defence priorities ENERGY & UTILITIES Digitalisation of critical infrastructure is increasing demand for resilient connectivity across distributed assets and operations • Structural growth opportunity for secure, resilient connectivity across millions of critical connected assets • We supply managed services to 100% of electricity and gas transmission & distributors in the UK • Sovereign capabilities, managed services portfolio and trusted delivery experience PUBLIC SECTOR Public-service digitalisation and resilience requirements increasing with demand for secure, reliable technology infrastructure, resulting in £26bn annual spend • Be the Public Sector’s trusted digital transformation partner • Capture greater share of secure connectivity, modernisation and managed-services spend • Strategic supplier to UK government • Network scale, sovereign security capability and social-value programmes 55 D
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Strong foundations, with exciting growth opportunities SIMPLIFY – differentiated CX and structurally lower cost-to-serve DIFFERENTIATE – monetising our network and customer scale GROW – focusing on segments with the greatest growth potential 56 CONCLUSION ⫶ CONNECTING BUSINESSES TO THEIR POTENTIAL
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1. Click to edit Master text styles Delivering value creation Darren Purkis | VodafoneThree, Chief Financial Officer
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A clear path to improved returns & long-term value creation VODAFONETHREE ⫶ DELIVERING SIGNIFICANT VALUE CREATION VodafoneThree merger – a clear rationale Upgrading our cost & capex target – £1.0bn of annual savings by FY32 Original £0.7 billion annual cost & capex target A B D C Scale enables investment, savings and significant value creation 58
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98.2% 88% 15398.1% 80% 84 Time on 4G/5G Excellent Consistent Quality Download Speed (Mbps) EU27 1 6 1 1 3 2 3 2 4 3 4 3 7 1 2 4 2 4 6 5 6 5 5 6 5 7 7 7 Time on 4G/5G Excellent Consistent Quality Download Speed Overall Rank 1.13% 1.65% 0.72% 1.24% 1.18% 0.84% 0.52% UK MOBILE MARKET ⫶ QUALITY LAGGING PEERS Global Network Excellence Index (G7)1 Data Affordability Mobile data cost as a % of income2 Global Network Excellence Index (EU27)1 • UK mobile coverage is worse than every other member of the G7 and any of the 27 EU member countries • The UK has the lowest data cost relative to income ratio • The cycle of low returns and low investment has driven a poor outcome for the UK and its relative competitiveness on the global stage • VodafoneThree merger enables us to invest £11bn levelling up the UK market, creating opportunities to driver better returns for better quality 1. Opensignal Global Network Excellence Index Q1 FY26 2. Broadband Genie Mobile data affordability index 2024 USA Canada Germany France Japan Italy UK UK 59 A
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VODAFONETHREE MERGER ⫶ A CLEAR RATIONALE 1. External company reports 2. Ofcom Future Approach to Mobile Market. The cost of capital (pre-tax nominal) comes from Ofcom’s charge control decisions for mobile call termination (MCT) over the relevant period. A lack of scale and returns limited both businesses ability to invest and compete effectively Sub-scale Low returns UK retail mobile market Ofcom’s Return on Capital Employed (ROCE) estimates2 27% 23% 22% 15% 13% Sub-scale Low ROCE % Limited investment Impacting customer experience Impacting our ability to invest & compete 20.4% 17.6% 20.0% 13.9% 13.8% 13.3% 0.9% 1.1% 2.1% 4.2% 3.1% 0.8% 9.1% 9.1% 7.8% 2019 2020 2021 VMO2 BTEESky Mobile, Tesco Mobile & Other MVNOs Cost of capital MCT BTEE VMO2 Share of consumer subscribers (Q4 FY25)1 Two smallest operators 60 A
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FINANCIAL PROFILE ⫶ PRE AND POST MERGER 1. External company reports 2. Three financials estimated on a full-year (April–March) basis, restated in accordance with Vodafone policies. Providing the necessary scale – supporting returns and investment Mobile market share change (Consumer mobile subscribers)1 27% 22%23% 15% 13% 25% 22% 26% 27% Pre- merger VMO2 BT EE FY25 FY252 FY25 Revenue £5.0bn £2.0bn £6.9bn Adjusted EBITDAaL £1.3bn £0.3bn £1.6bn Capital additions £(0.8)bn £(0.4)bn £(1.1)bn Operating Free Cash Flow (Adj. EBITDAaL – Capex) £0.5bn £(0.0)bn £0.5bn 61 A MVNOs
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VODAFONETHREE MERGER ⫶ CLEAR RATIONALE FOR MERGER CASE Deliver significant cost savings… Clear line of sight to £0.7bn annual cost & capex target (by FY30) plus additional revenue synergies We have a detailed integration and restructuring plan that will… … support network investment … £11bn investment programme over 10 years …and enable improved returns & long-term value creation Free cash flow accretive by FY29 & delivering returns >cost of capital by FY32 … deliver a leading UK 5G standalone network … 99.96% 5G standalone population coverage by 2034 2.5x more network capacity 62 A
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Wholesale network monetisation WHOLESALE ⫶ MERGER COMMITMENTS PLUS MONETISATION OPPORTUNITIES A disciplined MVNO framework – honouring our CMA commitments Wholesale Reference Offer (‘WRO’) • Commitment to offer wholesale access terms for 3 years (from June 2025) • Standardised terms - ensuring competition retained during network & capacity build Contract rollover • Existing contracts ending within 3 years have the option to rollover on same terms (extension for up to 5 years) Linked to our network commitments • Offers extended if network commitments not achieved • Clear regulatory oversight Current Wholesale commitments Greater levels of service quality • MNVOs with simple, speed capped offerings • Ability to upsell for an additional cost Access to 5G+ • 5G standalone to be made available to MNVOs for appropriate fee Wholesale strategy framework • Protecting value creation, competition and network investment Incremental network capacity requirements • Fully funded by contracts with MVNOs 63 A
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DELIVERING OUR £0.7 BILLION ANNUAL COST & CAPEX TARGET Year 1 Year 2 Year 3 Year 4 Year 5 Organisation c.25% Plans fully in place • Fast start and continued momentum • Fourth layer of organisation now complete • Many functions at end state, ahead of IT migration Retail c.10% Plans fully in place • Consolidating footprint with >200 overlapping sites to close • c.30% reduction in pre-merger cost base Commercial c.10% Plans fully in place • Rationalisation of the combined marketing, sales, distribution and logistics activities Network c.30% On-track • Rationalisation & upgrade of radio sites • Consolidation of operating centres and in-the-field resources IT c.15% On-track • Consolidation of IT systems. Benefit delivered after data migration and systems rationalisation complete Procurement c.10% On-track • Leveraging scale efficiency • Eliminating duplication of contracts £0.7bn Rest completed post IT migration 50% delivered by Year 2 Design complete, build underway Well underway Ahead of plans Cost synergies building from Year 2 onwards >80% of marketing and >50% of logistics synergies achieved by Yr2 Capex savings from Yr5 following investment phase (Yr1-4) Test & business readiness activities in planning 64 B
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BEST NETWORK ADDITIONAL SYNERGY OPPORTUNITIES Additional revenue synergies on top + Streamlined governance structure + Reduced management complexity + Faster decision making • Improved customer retention • Network monetisation opportunities (i.e. SuperMobile) • Customer upsell CROSS-SELL FWA 5G SA • Selling to the Three mobile customer base • Improved customer retention & lifetime- value from converged offers e.g. Vodafone Together and Vodafone TV • Grow FWA customer base supported by greater network coverage and capacity • Dedicated Enterprise applications e.g. network slicing Benefits of full Vodafone Group ownership + Leveraging Group scale to drive procurement efficiencies + Scaled commercial platforms + Group Shared Services efficiencies Simplified reporting structure Easier access to Vodafone Group scale Further £0.1bn cost saving opportunity 65 C
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UPGRADING OUR COST TARGET DELIVERING £1.0 BILLION PER ANNUM BY FY32 Clear line of sight to delivering £1.0 billion of annual run-rate savings by FY32 FY26 FY27 FY30 FY32 Capex dis-synergies in early years reflecting step up in investment First year of material opex synergies Upgraded from £0.7bn original target £0.8bn Further savings as network build concludes & benefits of network rationalisation Next 5 years Capex Cost Benefits of 100% ownership 66 C
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Investing to deliver the UK’s best network Integration and restructuring A CLEAR PATH TO IMPROVED RETURNS & LONG-TERM VALUE CREATION FY27 is a ‘peak’ year for capex and this will moderate over time 70% within the first two years FY26 FY27e FY34e c.£1.4bn FY26 FY27e FY28e FY29e FY30e CapexOpex On track to invest £11 billion over 10 years £0.5 billion over 5 years 67 D
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A CLEAR PATH TO IMPROVED RETURNS & LONG-TERM VALUE CREATION Upgraded annual cost & capex target Driving Adj. EBITDAaL growth Delivering strong Operating FCF growth1 ROCE1 > cost of capital by FY32 1. Adjusted EBITDAaL less capital additions 2. Pre-tax Return on Capital Employed (including goodwill) £0.5bn FY25 FY32e £1.6bn FY25 FY32e FY26 FY32e FY34e Original FY30 target Benefits of Group ownership Network savings + rationalisation FY32 target Cost of capital Sustainable long-term value creation Additional c.£0.3bn Mid-to-high single digit CAGR Good returns Over 3x £0.7bn £1.0bn % 68 D
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VodafoneThree merger – a clear rationale Original £0.7 billion annual cost & capex target Upgrading our cost & capex target – £1.0bn annual savings by FY32 A clear path to improved returns & long-term value creation 69 CONCLUSION ⫶ A CLEAR PATH TO VALUE CREATION
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1 2 3 4 5 SUMMARY UK’S #1 MOBILE OPERATOR CLEAR PATH TO DELIVERING SUSTAINABLE LONG-TERM VALUE UPGRADED COST & CAPEX TARGET - £1 BILLION ANNUAL SAVINGS BY FY32 SIGNIFICANT GROWTH OPPORTUNITIES ACROSS CONSUMER, BUSINESS & WHOLESALE INVESTING £11 BILLION TO BUILD THE UK’S BEST NETWORK 70
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This presentation has been prepared by Vodafone Group plc (“Vodafone”) in connection with VodafoneThree’s strategy and growth ambitions (the “Investor Update”). The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or webcast) this presentation or by reading the presentation slides, you agree to the conditions set out below. This presentation (including any oral briefing and any question-and-answer session in connection with it) is for information only. The presentation is not intended to, and does not constitute, represent or form part of any offer, invitation, inducement or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. It must not be acted on or relied on in connection with any contract or commitment whatsoever. 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vodafone.com 1 Kingdom Street, London, W2 6BY ir@vodafone.co.uk matthew.johnson@vodafone.com Matt Johnson Director Group Communications roy.teal@vodafone.com Roy Teal Deputy Director Group IR Vodafone Group Investor Relations Upcoming Events david.irish@vodafone.com David Irish Deputy Director Group IR gertrud.szabo@vodafone.com Gertrúd Szabó Deputy Director Group IR 10 Nov 2026 FY27 H1 Results 03 Feb 2027 FY27 Q3 Results