Investor Presentaiton
Adjusted 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 2023View entire presentation