Investor Presentaiton

Margin Trends: Improving efficiency and margins OPEX Intensity 34.8% 28.8% 28.7% FY18 FY19 Reported Underlying EBITDA Margin Reported Margin Underlying margin* +1.4 ppts 45.2% 43.8% 39.4% ° 40.8% 40.2% 35.6% 36.7% 33.4% 24.9% 24.9% 28.6% 24.5% 24.2% 27.8% FY20 FY21 Net Profit Margin +3.4 ppts 16.4% 6.8% 5.6% 8.4% 13.0% FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 Underlying OPEX intensity excluding world cup and one-offs continues to decline vodafone Underlying EBITDA margin (excl. equipment) of 45.2% (+1.4 ppts YoY) led by growth in service revenue Reported EBITDA margin at 40.2%, 0.6 ppts lower YoY due to mix of low margin projects revenue FY22 Financial Performance 26 January 2023 • Margin grew nearly 3 times since FY18 * Underlying is excluding equipment & one offs 18

View entire presentation