#1FY23 Results May 2023 CUSTOMERS SIMPLICITY GROWTH :#2A new roadmap for Vodafone A Vodafone must change B: Our transformation C The action plan FY23 financial performance Appendices O vodafone 2 p3 p7 p10 p14 p25 FY23 Results: May 2023#3A: Vodafone must change | The market context We invest more & earn less than other sectors... ROCE (10-year average) 25% 20% 15% 10% 5% Retail Cons prod. & servives Tech ... and shareholder returns reflect it TSR rebased to 100 170 150 130 Food/Bev/Tob Cap Gds Chemicals ● Energy Europe ex- fin 110 Materials Media Leisure Autos Utilities Telcos 90 90 0% 0% 5% 10% BARCLAYS vodafone 15% Capex/sales ratio (10-year average) 3 70 70 50 50 2015 2016 2017 2018 2019 2020 2021 2022 2023 European Market (STOXX 600) Telecoms Sector (STOXX 600 Telecoms) FY23 Results: May 2023#4A: Vodafone must change The performance context Relative service revenue performance not good enough... New Street Research Vodafone less local incumbent mobile service revenue growth 10% 8% 6% 14 4% 2% Indexed consumer NPS score partly driven by customer satisfaction (2%) (4%) (6%) (8%) (10%) (12%) 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 Mar'17 Germany Spain Italy UK O vodafone Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Germany Italy UK Spain FY23 Results: May 2023#5A: Vodafone must change The performance context Diverging performance by geography... ... and even more so by segment vodafone -1.1% Higher EBITDAAL Low Europe SR growth ROCE margin Consumer (51% Group SR) Lower ● Vodafon vodafone 2.6% Good EBITDAaL SR growth ROCE margin Market FY23 SR growth ROCE Market FY23 SR growth ROCE Business (27% Group SR) Turkey 47.6% Good South Africa 2.6% Good Portugal 5.7% Good Greece 2.2% Good UK 5.6% Below WACC Romania -1.2% Below WACC Vodacom Intl's 5.3% Good Germany -1.6% Around WACC > vodacom Higher 13.8% SR growth Good Ireland 3.5% Good Italy -2.9% Below WACC Czech Republic 3.3% Good Spain -5.4% Below WACC Africa¹ (17% Group SR) EBITDAAL margin ROCE O vodafone 10 5 1Africa including Vodacom & Turkey FY23 Results: May 2023#6A: Vodafone must change | The internal context We have a unique set of strengths... ((8) Strong mobile networks Leading B2B & IoT position Market-leading African operations Engaged & experienced team O Strong brand recognition O vodafone ... but some limitations to overcome 6 멍ㅇ 88 Structural complexity Reduced commercial agility Insufficient customer focus Sub-optimal local scale FY23 Results: May 2023#7B: Our transformation | Strategic shifts to drive growth Where we are now What will change Target outcomes Consumer dominated organisation Balanced focus on Business + Consumer Maximise Business potential Inconsistent consumer experience Consumer back-to-basics to win in the market Customer-driven growth Complex structure Leaner organisation focused on value Faster execution & productivity Sub-optimal capital allocation Portfolio right-sized for growth O vodafone 7 Sustainable ROCE FY23 Results: May 2023#8B: Our transformation | A new roadmap for Vodafone Balanced focus on Business + Consumer 88 CUSTOMERS Consumer back-to-basics to win in the market Leaner organisation focused on value Portfolio right-sized for growth O vodafone Best-in-class telco in Europe & Africa Action Ambition plan O SIMPLICITY GROWTH Europe's leading platform for Business FY23 Results: May 2023#9B: Our transformation | Structure redesign Future structure Lean corporate services Finance | HR | Legal | External Affairs | Brand UK Vodacom Germany Italy Vodafone Business Ventures - Vantage Towers Other investments Other Europe 'Commercial' shared operations (captive/3rd party) Networks | IT | Back-office | Procurement O vodafone Priority transformation actions Lean corporate services & 'HoldCo' 1 governance model for investments 2 Establish commercial model for shared operations 3 Scaling European Business platform 4 Local markets simplification 5 Portfolio right-sized for growth over time FY23 Results: May 2023#10C: The action plan | Near-term actions 88 CUSTOMERS Leverage new in-market autonomy for local agility • Enhance B2B sales management • Increase investment in customer care & journeys • 'Detractor' reduction plans by market Reinvigorate Vodafone brand SIMPLICITY • 'Commercialise' shared operations • Local markets restructuring • execution Complete HQ simplification Step-down in in-house product development • Clear individual accountabilities linked to incentives GROWTH Continue pricing actions. Germany turnaround execution • Commercial traction in Europe • Drive B2B digital services penetration Support Africa financial services growth Ovodafone 10 FY23 Results: May 2023#11C: The action plan | Early execution examples 88 CUSTOMERS • €150m investment reallocated in FY24 towards customer experience • Brand spend increased €100m YoY • New SME customer journeys in Germany & UK SIMPLICITY 11k Europe role reductions in 'Group' & markets embedded in 3-yr plan First actions in Group, Germany & Italy • Targeted individual incentives for Business digital services Reinvesting for growth GROWTH Capex reallocated from lower to higher ROCE markets • Vodafone Spain under strategic review • €6.5 billion proceeds from Vantage Towers, Hungary & Ghana O vodafone 11 FY23 Results: May 2023#12C: The action plan | Evaluating our progress 88 CUSTOMERS • Net promoter scores 'Deep detractor' reduction • Network reliability • Revenue market share • SIMPLICITY Europe net Opex savings Industry productivity benchmarking •Shared operations NPS •Team engagement GROWTH • Service revenue Adjusted EBITDAAL • Free cash flow • ROCE A best-in-class customer experience Most efficient operator In Europe & Africa Accelerated growth creating shareholder value O vodafone 12 FY23 Results: May 2023#13A new roadmap for Vodafone Consumer back-to-basics to win in the market Best-in-class telco in Europe & Africa Maximise potential of Vodafone Business Leaner organisation focused on value Execution through Customers, Simplicity & Growth Europe's leading platform for Business O vodafone 13 FY23 Results: May 2023#14FY23 Results Financial performance#15FY23 performance: Slowing in line with expectations Service revenue growth Adjusted EBITDAAL ROCE Group - Group excl. Turkey -1.3%1 Post-tax ROCE² Pre-tax ROCE² 2.7% 2.5% 2.5% €14.9bn €15.2bn €14.7bn 7.0% 6.8% 2.0% 2.0% 1.8% 1.9% €14.4bn 1.6% 33.4% 1.4% 1.4% 6.4% 5.3% 5.0% 5.1% 33.1% 32.8% 32.1% 4.0% 3.8% 0.5% 0.5% Q3 Q4 Q1 Q2 Q3 Q4 FY20 FY21 FY22 FY23 FY22 FY22 FY23 FY23 FY23 FY23 FY20 FY21 FY22 FY23 • Growth maintained with Europe -0.4% & growing in Africa Slowdown impacted by commercial underperformance in Germany Adjusted EBITDAAL -1.3% 1 reflecting Germany performance & energy costs • Absolute impacted by FX headwinds Full-year dividend maintained at 9.00c • ROCE broadly maintained above pre-pandemic levels despite macroeconomic challenges O vodafone 15 1-0.6% excluding the €105m headwind from prior year legal settlement in Italy 2ROCE excluding Vantage Towers in all periods FY23 Results: May 2023#16Germany: Further slowdown Germany Service revenue Adj. EBITDAAL 36% of Group EBITDAaL1 -1.6% -6.1% Service revenue growth (%) 0.8% Key drivers • Cumulative customer losses impacting performance Partially offset by broadband ARPU growth and roaming recovery • Q3/Q4 pricing actions supporting inflow ARPU, trade-off with near-term net additions ⚫ EBITDAAL decline due to service revenue shortfall, prior year one-offs & increased energy costs Net additions ('000) -Reported organic DSL Cable Mobile contract 65 6 8 (8) (11) (0.5%) (40) (30) (14) O (1.1%) (11) (35) (34) (25) (49) (1.8%) (85) (2.8%) (105) Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 FY22 FY23 FY23 FY23 FY23 FY22 FY23 FY23 FY23 FY23 > vodafone 16 'Based on FY23 Adjusted EBITDAaL contribution FY23 Results: May 2023#17Germany: Commercial actions underway Broadband retail price increase in Nov'22 Segmented broadband back-book price increase started in Mar'23 • 2.5x upstream capacity upgrade run-rate Accelerating network capacity upgrades # incremental node segmentations with fibre 4,029 2,799 1,829 1,544 1,539 Fixed • DOCSIS 3.1 'high-split' trial executed • Partner card campaign from Feb'23 Repositioned mobile portfolio in Apr'23 Mobile • New family plans in Summer & proposition refresh Legacy tariff simplification ongoing TV O vodafone FY20 FY21 FY22 FY23 FY24E CHIP Preistipp 1 Gbit/s Test: 14 Internet-Anbieter Mai 2023 VODAFONE Unabhängige Tests seit 1978 chip.de/festnetztest Strong network position CHIP Testsieger Test: 14 Internal-Anbieter Mai 2023 VODAFONE Unabhängige Tests seit 1978 chip de festnetzlest CHIP Preistipp 250 Mbit/s Test: 14 Internet-Anbieter Mal 2023 VODAFONE Unabhängige Tests seit 1978 connect SEHR GUT MOBILFUNK UND 5G-NETZTEST Vodafone Heft 1/2023 chip de festnecrest connect CHIP Preistipp 100 Mbit/s Tead: 14 Internet-Anbieter Mai 2023 VODAFONE Unabhängige Tests selt 1978 chip.de Festnetztest professional Kategorie: Wenignutzer ÜBERRAGEND KOMPLETT-CHECK SMALL-BUSINESS-TARIFE Vodafone connect professional Kategorie: Wenignutzer TESTSIEGER KOMPLETT-CHECK SMALL-BUSINESS-TARIFE Vodafone Mar2023 Mar 2003 Manage transition risk of 8.5m housing association customers (€800m revenue) Locking in bulk contracts • First individual TV billing trials executed Convergence opportunity ■Converged % mobile base ■ Converged % BB base 92% 53% 10% 21% 18% 15% 56% 54% 17 FY23 Results: May 2023#18Vodafone Business: Growth acceleration Strong financial performance Business service revenue growth (%) Unique scale & capabilities Digital services² revenue growth (%) 0.7% 0.8% 2.6% 19.3% 18.2% 15.6% Attractive addressable markets Germany €54bn UK €37bn Italy Spain Other¹ €18bn €17bn €18bn 16.9% 12.9% Corporate €89bn SME €39bn SoHo €16bn (0.6%) FY20 FY21 FY22 FY23 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Mobile Fixed €16bn €27bn €10bn Unified Comms IT Cloud & Security €65bn loT services €13bn €13bn Europe Q4 +3.4% (exc. Spain) Strong growth in corporate, SME & public sectors • Ongoing margin expansion with good incremental ROCE Curated & segment specific product portfolio ⚫ €1bn revenue loT business & 162 million connections •V-Hub reaching 5 million unique visitors supporting SoHo & SMEs • €140+ billion addressable market size Accessing European business demand for digitalisation • 11% p.a. digital market growth O vodafone 18 1Other includes Other Europe, Africa & Turkey FY23 Results: May 2023 2 Digital services include loT, Cloud & Security services#19Europe: Mixed performance I Italy 10% of Group EBITDAaL1 Service revenue Adj. EBITDAAL Key drivers Organic service revenue growth (%) · Continued pricing pressure in mobile -2.3% -0.8% -2.7% -2.9% -14.5%² Strong Business growth in fixed connectivity & digital services -3.4% -3.3% Q4 Q1 Q2 Q3 Q4 • EBITDAAL -5.8% excl. energy & legal settlement in FY22 FY22 FY23 FY23 FY23 FY23 UK 9% of Group EBITDAAL +5.6% -1.4% • • Strong performance underpinned by customer base growth & pricing Double-digit Consumer growth, Business accelerating • EBITDAAL growth 4.1% excl. energy, ROCE below WACC • Service revenue growth in all markets (exc. Romania) due to pricing actions & good commercial momentum 2.0% 6.5% 6.9% 5.3% 3.8% Q4 Q1 Q2 Q3 Q4 FY22 FY23 FY23 FY23 FY23 3.6% 2.9% 2.7% 2.5% 2.1% Other Europe 11% of Group +2.8% +4.7% EBITDAaL1 • EBITDAAL growth step up despite energy cost pressures Hungary sale completed Q4 Q1 Q2 Q3 Q4 FY22 FY23 FY23 FY23 FY23 Highly competitive low-end segment Spain 6% of Group EBITDAAL1 -5.4% -1.1% • CPI-linked price increase from Jan 23 -3.7% -5.1% -6.0% -3.0% -8.7% • Broadly stable EBITDAAL due to cost efficiency & tax benefits (c.+7pp) Q4 Q1 Q2 Q3 Q4 FY22 FY23 FY23 FY23 FY23 O vodafone 19 'Based on FY23 Adjusted EBITDAaL contribution 2Includes €105m headwind from prior year legal settlement FY23 Results: May 2023#20Africa & Turkey: Sustained growth South Africa 12% of Group EBITDAaL1 Service revenue Adj. EBITDAAL Key drivers Resilient prepaid performance Organic service revenue growth (%) 3.2% 3.0% 3.0% 3.0% 1.4% +2.6% +1.7% • Good demand for financial services • Cost efficiencies offsetting inflationary pressures Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 • Customer base & data usage acceleration Egypt 5% of Group EBITDAAL +21.1% +10.2% • EBITDAAL growth impacted by currency devaluation • Transfer of 55% shareholding to Vodacom in Dec' 2022 vodacom Internationals Internationals 3% of Group EBITDAAL 1 25.9% 23.1% 19.2% 18.1% 16.7% Q4 FY22 Q1 Q2 Q3 Q4 FY23 FY23 FY23 FY23 +5.3% +1.5% • Revenue & EBITDAAL in H2 impacted by natural disasters 2.0% 2.5% • Continued M-Pesa growth 8.8% 5.2% 4.4% Q4 Q1 Q2 Q3 Q4 FY22 FY23 FY23 FY23 FY23 C✶ Turkey 3% of Group EBITDAAL1 +47.6% +49.8% Continuous repricing actions to mitigate inflation Service revenue growth in Q4 above current inflation rate 58.3% 52.9% 43.9% 35.8% 25.8% Q4 Q1 Q2 ⚫ Cost efficiency measures supporting EBITDAal growth FY22 FY23 FY23 Q3 FY23 Q4 FY23 O vodafone 20 20 1 Based on FY23 Adjusted EBITDAaL contribution FY23 Results: May 2023#21Adjusted EBITDAAL & FCF: Impacted by macro environment Adjusted EBITDAaL €14.8bn FY22 +5.0% Organic YoY growth 0.2 0.3 (0.4) (0.3) €14.6bn FY23 -1.3% Organic YoY growth Adjusted Free cash flow €14.7bn (2.4) 0.2 0.2 EBITDAAL Organic FY22 EBITDAAL Direct margin1 EU net opex savings Europe inflationary impacts Non-Europe opex Organic FY23 EBITDAAL Interest & tax Working capital & other (7.9) €4.8bn (2.5) (0.6) (0.5) 0.2 €1.4bn Dividends (assoc. & JV) Capital additions Adjusted FCF Spectrum Restructuring VTWR & integration growth capex Other Free cash flow ⚫ EBITDAAL impacted by higher energy costs & one-off settlement in Italy in prior year • Delivered €0.2bn Opex savings in Europe towards €1.0bn (FY26) target • Interest & tax benefits from €0.1bn delayed Germany tax payment & €0.1bn liability management • Spectrum payment of €1.7bn in Italy already in net debt & 5G investment cycle largely complete O vodafone 1Includes €105m headwind from prior year legal settlement in Italy 21 FY23 Results: May 2023#22Capital allocation: Robust balance sheet a priority Investing in growth & infrastructure Deleveraging 2.5 €7.8bn €7.9bn €7.8bn €41.6bn (4.8) 3.1 (8.7) ■New products & digital services² €7.5bn 1.9 (2.2) €1.0bn €1.1bn €1.0bn €1.2bn €2.1bn €1.9bn €1.7bn ■Transformation €2.1bn & CPE2 €4.7bn €4.9bn €4.9bn FY22 2.7x Net debt/ Adj. EBITDAAL €4.4bn ■Network & IT maintenance, coverage & capacity €33.4bn FY23 2.5x Net debt/ Adj. EBITDAAL FY20 FY21 FY221 FY231 FY22 Adjusted FCF FY23 Spectrum/ restructuring Dividends M&A incl. Vantage Share buyback Other 3 FY23 • Post-Vantage capital intensity at 17% • Coverage & capacity investment increase from 5G roll-out Network maintenance kept flat Net debt reduction from Vantage Towers & Hungary cash. proceeds Vantage debt deconsolidation O vodafone Full-year dividend maintained at 9.00c 22 1Excludes Vantage Towers capital additions from FY22 onwards 2FY20 to FY22 reflects reclassified 'success based capex' 3 Includes €1.7bn repayment of debt in relation to licences & spectrum in Italy 4FY23 ratio proforma for FX and M&A (Hungary, Ghana & Vantage Towers) FY23 Results: May 2023#23FY24 guidance FY24 Adjusted EBITDAAL (€billion) broadly FY24 Adjusted FCF (€billion) €14.7bn (1.0) flat €4.8bn (0.5) (0.4) (0.1) €4.2bn €13.3bn C.€3.3 billion FY23 reported Vantage, Hungary, Ghana FX FY23 re-based Extraordinary inflation Europe opex savings Growth Underlying FY24 performance FY23 reported Vantage, Hungary, Ghana FX FY23 re-based Germany MDU & other w/c Interest & dividends FY24 Adjusted EBITDAAL broadly flat O vodafone Currency Guidance rate ZAR 19.30 TRY 21.10 EGP 33.38 GBP 0.88 23 Adjusted FCF1 c.€3.3 billion 1Free cash flow before spectrum, restructuring & integration costs FY23 Results: May 2023#24A new roadmap for Vodafone Consumer back-to-basics to win in the market Best-in-class telco in Europe & Africa Maximise potential of Vodafone Business Leaner organisation focused on value Execution through Customers, Simplicity & Growth Europe's leading platform for Business O vodafone 24 FY23 Results: May 2023#25Appendices ■ More information. p26 II FY23 financial summary p27 III ESG reporting & performance p28 III Net debt, liquidity & total funding obligations P29 IV Importance notice p30 Provide investor feedback here : investors.vodafone.com/feedback#26Appendix I More information Vodafone Business Virtual investor briefing Connecting people, places & things for a better future • We operate in attractive markets • We have unique scale & capabilities We have strong operating momentum • We are on a clear growth pathway Materials including videos, enterprise hospitals multi-nationals universiti schools everyone.connected SMEs governmen vodafone vedene presentation, case studies and Q&A: investors.vodafone.com/vbbriefing Vodafone Business Investor Briefing Vodafone Technology Virtual investor briefing A globally scaled operator Our customer demand continues to accelerate • We have a strong technology roadmap • We allocate capital to drive returns • We are transforming to deliver growth Materials including videos, Vodafone Technology Investor Briefing June 2021 vodafone presentation, case studies and Q&A: investors.vodafone.com/vtbriefing Social Contract: Virtual investor briefing Shaping the Digital Society . Historical policy choices have impacted the European telecoms sector Our Social Contract' enabling digital society • Pro-investment policy reform is essential for Europe to meet its digital objectives Materials including presentation & case studies: https://investors.vodafone.com/social-contract O vodafone Additional data: Spreadsheet format investors.vodafone.com/results 1. Quarterly revenue 8. Marketable homes passed 2. Group financial performance 9. TV customers Our Social Contract 3. Segmental results Shaping the Digital Society pril 2023 4. Segmental analysis vodafone 5. Cash Flow 6. Mobile customers 7. Fixed broadband customers 10. Converged customers 11. Mobile churn 12. Mobile data usage 13. Mobile ARPU 14. FX rates 26 FY23 Results: May 2023#27Appendix II FY23 financial summary FY22 FY23 €m €m Organic change² Group service revenue 38,203 37,969 2.2% Adjusted EBITDAAL 15,208 14,665 (1.3%) Adjusted EBITDAAL margin 33.4% 32.1% (1.4pt) Capital additions (8,306) (8,378) Adjusted free cash flow¹ 5,437 4,842 Free cash flow 3,309 1,442 FY22 FY23 Adjusted net debt (m) (41,578) (33,375) Controlled ROCE pre-tax³ 7.0% 6.8% (0.2pt) ROCE post-tax³ 5.0% 5.1% +0.1pt > vodafone 27 Service revenue growth maintained with Europe -0.4% & Africa growing • Decline in Europe largely reflecting the underperformance of Germany ⚫ EBITDAAL impacted by higher energy costs & prior year one- off settlement in Italy (-0.7pp) • Absolute EBITDAaL impacted by Turkish lira & Egyptian pound devaluations Free cash flow includes €1.7bn spectrum payment in Italy, already in net debt • Net debt reduction due to initial net cash proceeds from Vantage Towers (€4.9bn) & Hungary (€1.6bn); Vantage debt deconsolidation (€2.2bn) 1 Free cash flow before spectrum, restructuring & integration costs and Vantage Towers growth capex 2 Adjusted EBITDAaL includes €105m headwind from prior year legal settlement in Italy 3Excluding Vantage Towers in both periods FY23 Results: May 2023#28Appendix III ESG reporting & performance Extensive suite of ESG disclosures Annual Report: vodafone.com/ar2022 · Integrated reporting covering ESG strategy & performance Complimented by six videos on key ESG topics Board conversations investors.vodafone.com/videos Featured videos About the Task Force on Climate-related Financial Disclosures . Eight videos with Chair and Committee chairs • Introductions to new Non- Executive Directors TCFD investors.vodafone.com/tcfd •Aligning to TCFD framework since 2019 Fully or partially consistent with all 11 TCFD recommendations . ESG Addendum investors.vodafone.com/esgaddendum •>1,200 datapoints in spreadsheet format covering >300 indicators •Includes GRI Standards index ESG A-Z investors.vodafone.com/esga-z ESG Disclosu ビー マー •>30 links to supporting disclosures, reports & policies A B C D E F G H P- . 1114 Categorised by E, S or G & searchable 12- 1- SASB investors.vodafone.com/sasb Strong ESG performance ESG Ratings investos.vodafone.com/esg-ratings MSCI ESG Rating 1.2 "AA" Top 40% in sector MSCI AA ESG RATINGS ccc BBB AA AAA Sustainalytics ESG Risk Rating 1.3 "Low risk” Top 5% in sector ISS ESG Corporate Rating¹ "B" Top 5% in sector Refinitiv ESG score¹ "88/100" #1 in sector Seven disclosure topics • Includes additional information beyond what is required in SASB Standards "A" CDP Climate Change¹ Leadership band SUSTAINALYTICS ESG INDUSTRY TOP RATED Corporate ESG Performance RATED BY ISS ESG REFINITIV Prime +CDP DISCLOSURE INSIGHT ACTION O vodafone 1. Unless otherwise stated, ESG ratings and relative position within sector as at 10 May 2023. See additional disclaimers on page 44.12. In 2022, Vodafone Group Plc received a rating of AA (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment. 28 3. In September 2022, Vodafone Group Plc received an ESG Risk Rating of 15.8 and was assessed by Sustainalytics to be at low risk of experiencing material financial impacts from ESG factors. FY23 Results: May 2023#29Appendix IV Net debt, liquidity & total funding obligations. Net debt progression (Єbillion) Total funding obligations 2.5 €41.6bn (4.8) FY23 €m FY22 Єm 3.1 (8.7) Bonds (44,116) (48,031) 1.9 (2.2) Bank loans (795) (1,317) €33.4bn FY22 2.7x Net debt/ Adj. EBITDAAL Other borrowings including spectrum (1,744) (3,909) FY23 Gross debt (46,655) (53,257) 2 2.5x2 Cash and cash equivalents 11,705 7,496 Net debt/ Adj. EBITDAAL Short-term investments 4,305 4,795 Derivative financial instruments 1,917 1,604 Net collateral (liabilities)/assets (4,647) (2,216) FY22 Adjusted FCF FY23 Spectrum/ restructuring Dividends M&A incl. Vantage Share buyback Other 1 FY23 Net debt (a) (33,375) (41,578) Other funding obligations Bond maturity profile (Єbillion) ■Current liquidity Senior Hybrid Lease liabilities (13,364) (12,539) KDG put option liabilities (485) (494) Guarantees over Australia joint ventures loans (1,611) (1,573) 0.8 Pension liabilities (258) (281) 1.8 Equity content of hybrid bonds 4,971 4,971 Total funding obligations (b) (44,122) (51,494) 11.2 10.6 Adjusted EBITDAAL (c) 14,665 15,208 9.0 0.6 Depreciation on right of use assets 3,883 3,908 2.0 1.4 2.3 Interest on leases 3.7 2.5 2.8 Adjusted EBITDAAL before leases (d) 436 18,984 398 19,514 0.3 1.0 1.6 Current FY24 FY25 FY26 FY27 FY28 FY29 FY30-40 FY41+ Ratio of net debt to adjusted EBITDAAL (a/c)² 2.5x 2.7x liquidity Ratio of total funding obligations to adjusted EBITDAAL before leases (b/d) 2 2.5x 2.6x > vodafone 29 29 'Includes €1.7 billion repayment of debt in relation to licences and spectrum in Italy 2FY23 ratio proforma for FX and M&A (Hungary, Ghana & Vantage Towers) FY23 Results: May 2023#30Appendix V Important notice You have been provided access to this presentation on the basis that you are an investment professional for the purposes of Article 19 or a member of the press for the purposes of Article 47 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. No other person should act or rely on the information presented and you agree to be bound by the following conditions. You may not disseminate these slides or any recording of this conference, in whole or in part, without the prior consent of Vodafone. This presentation contains forward-looking statements, including within the meaning of the US Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties because they relate to future events. This presentation also contains non-GAAP financial information which the Vodafone Group's management believes is valuable in understanding the performance of the Vodafone Group. However, non-GAAP financial information is not uniformly defined by all companies and therefore it may not be comparable with similarly titled measures disclosed by other companies, including those in the Vodafone Group's industry. Although these measures are important in the assessment and management of the Vodafone Group's business, they should not be viewed in isolation or as replacements for, but rather as complementary to, the comparable GAAP measures. Information in this presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation includes certain information from third-party sources. The Vodafone Group has not independently verified the market data or other information (i) contained in third-party sources or (ii) on which such third-party sources are based, nor does the Vodafone Group make any representation or give any warranty as to the accuracy or completeness of such information. The information from third-party sources that is cited here has been reproduced accurately. The use by the Vodafone Group of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of the Vodafone Group by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI. Copyright ©2022 Sustainalytics. All rights reserved. This presentation contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers. O vodafone 30 References to Vodafone are to Vodafone Group Plc and references to Vodafone Group are to Vodafone Group Plc and its subsidiaries unless otherwise stated. Vodafone, the Vodafone Speech Mark Devices, Vodacom and Together We Can are trade marks owned by Vodafone. The Vantage Towers Logo and the VT Monogram Logo are trade marks owned by Vantage Towers AG. Other product and company names mentioned herein may be the trade marks of their respective owners. This presentation, along with any oral statements made in connection therewith, contains "forward-looking statements" including within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to the Vodafone Group's financial condition, results of operations and businesses, including, but not limited to, the Vodafone Group's FY24 Adjusted EBITDAAL and Adjusted FCF guidance and certain of the Vodafone Group's plans and objectives, including the Vodafone Group's strategy. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as "will", "plan", "pathway", "target", "create", "ambition", "outcome" or "accelerate" (including in their negative form). By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. A review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-looking statements can be found under "Forward looking-statements and other matters" in the Vodafone Group Plc Financial Report for the 12 months ended 31 March 2023. This report can be found at investors.vodafone.com. All subsequent written or oral forward-looking statements attributable to Vodafone, to any member of the Vodafone Group or to any persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in or made in connection with this presentation will be realised. Any forward-looking statements are made as of the date of this presentation. Except as otherwise stated and as may be required to comply with applicable law and regulations, Vodafone does not intend to update these forward-looking statements and does not undertake any obligation to do so. FY23 Results: May 2023#31Vodafone Group Investor Relations investors.vodafone.com Upcoming events [email protected] 1 Kingdom Street, London, W2 6BY 25 July Annual General Meeting 2023 Matt Johnson Director Group IR [email protected] Daniel Morris Deputy Director Group IR [email protected] Roy Teal Deputy Director [email protected] Group IR 27 July FY24 Q1 Results 2023 ++ 14 Nov FY24 Interim results 2023