Investor Presentaiton

A: 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

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