Investor Presentaiton

A: 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

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