Investor Presentaiton

Appendix 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

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