Investor Presentaiton

Europe: 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

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