Free Cash Flow

FY21 Results 18 May 2021 Agenda & contents

Highlights Nick Read p3 Chief Executive

Financial Margherita Della Valle p8 performance Chief Financial Officer

We connect for a better future Strategy Nick Read p22 update Chief Executive The new generation connectivity & digital services provider for Europe & Africa enabling an inclusive & sustainable digital society Appendices p41

FY21 Results May 2021 2 Highlights Resilient performance and back to growth

Service revenue growth Adjusted EBITDA Free cash flow

⫶ 17

16 FCF Pre-spectrum & restructuring Ex-roaming & visitor revenue 6

1.5% 1.8% 1.7% €5.7bn 5 1.6% 14 €14.9bn €5.4bn 1.5% €5.0bn 1.0% €14.4bn €4.9bn 13 €13.9bn 4 €4.4bn 0.8% 0.8% 0.5% 0.7% 12 0.6% 0.4% 3

11 0.0% 33.1% 32.8% €3.1bn (0.4)% (0.2)% 10 31.9% 2

-0 .5%

1 -1 .0% (1.3)% 8

0 -1 .5%

7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY19 FY20 FY21 FY20 FY20 FY20 FY20 FY21 FY21 FY21 FY21 FY19 FY20 FY21

• Good underlying • In-line with upwards- • In-line with guidance momentum sustained revised guidance • Good spectrum auction • ‘Lapping’ COVID impact • Strong progress with outcomes from Q1 FY22 efficiency programme mitigating COVID impacts • Total dividend maintained at 9c • Roaming impact of €0.4bn

FY21 Results May 2021 3 Highlights Strong delivery of strategic priorities

Deepening ⫶ Accelerating Improving Optimising customer digital asset the engagement transformation utilisation portfolio

• 10th consecutive • Accelerated cost • Committed to network • Successful €2.2bn quarter of customer savings with €0.5bn sharing across Europe Vantage Towers IPO loyalty improvement delivered in FY21 • Liberty acquisition • Combination of • 1.4m new NGN • 46m active integration ahead of Vodafone Greece & broadband customers MyVodafone app users plan with >€300m Wind Hellas towers synergies locked-in • 5G now launched in • 37% of total customer • Completed merger of 240 cities across contacts resolved • Mobile wholesale wins VHA with TPG Telecom Europe through TOBi in Italy with PostePay & UK with Asda • Completed merger of • 69m homes with • Retail footprint reduced Indus Towers with gigabit capable speed by >400 stores in last Bharti Infratel 12 months

FY21 Results May 2021 4 Highlights Strong delivery of our strategic priorities over last 3 years

Deepening Improving customer ⫶ asset engagement18.00% European mobile contract churn (LTM) Avg. monthly 200.0 terabytes transmitted per €1m invested capital utilisation

180.0

17.00% 160.0 157

140.0 16.00% 16.1% 130 15.5% 120.0 15.00% 15.0% 100.0 107

14.6% 80.0

14.00% 60.0 63 13.7% 13.7% 55

40.0 13.00% 32 20.0

12.00% - H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 FY19 FY19 FY20 FY20 FY21 FY21 Reshaped FY19 FY19 FY20 FY20 FY21 FY21 Vodafone as a stronger connectivity 1.4 Cumulative net EU opex savings Cumulative M&A transactions & value

26 19 1.2 €1.3bn €20.7bn provider 21 14 1 €18.6bn €18.8bn €18.8bn 19 €1.1bn 15 16 9 0.8 11 11 4 6 6 0.6 €0.8bn 3 3 1 -1

0.4 €0.6bn -€7.4bn -€7.4bn -€9.5bn -€11.6bn -€12.9bn -€15.1bn -4 -6

Acquisition value -9

0.2 €0.4bn

-1 1 €0.2bn -1 4

0 Disposal value -1 6 -1 9 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 FY19 FY19 FY20 FY20 FY21 FY21 # transactions Accelerating FY19 FY19 FY20 FY20 FY21 FY21 Optimising digital the transformation portfolio

FY21 Results May 2021 5 Highlights Our next phase to drive returns through growth

We connect for a better future Inclusion for All Planet Our Purpose ⫶ Digital Society Enabling the digital society to be accessible Ensuring our commercial success does Connecting people, places & things by all, with no one left behind not come at a cost to the environment through gigabit fixed & mobile networks

The new generation connectivity & digital services provider Our Vision for Europe & Africa, enabling an inclusive & sustainable digital society

Deep & Best connectivity Leading 24/7 Outstanding trusted customer products & innovation in digital relationships services digital services experiences

Our Strategy

Enabled Simplified & Social Contract Leading gigabit through most efficient shaping the Group scale networks & expertise operator digital society

The Spirit of Earn customer Create the Experiment & Get it done, Vodafone loyalty future learn fast together

FY21 Results May 2021 6 Highlights Our medium-term growth ambition

⫶ Our value Consistent Ongoing Good Disciplined Sustainable revenue + margin + cash + capital value model growth expansion conversion allocation creation

Medium Revenue Adjusted EBITDAaL1 Adjusted FCF2 Leverage ROCE3 > WACC Growth in both term + Mid-single digit growth + Mid-single digit growth + 2.5-3.0x range Min. dividend 9c p.a. ambition Europe & Africa

The new generation connectivity & digital services provider for Europe & Africa delivering improved returns

1Adjusted EBITDAaL is equivalent to prior year definition & calculation of Adjusted EBITDA. Medium-term ambition based on prevailing FY21 Results 2Adjusted FCF is free cash flow before spectrum payments, restructuring costs & Vantage Towers growth capex May 2021 7 assessment of global economic outlook in May 2021 3Pre-tax controlled ROCE Financial performance Margherita Della Valle Chief Financial Officer

FY21 Results May 2021 8 Financial summary Resilient performance, guidance achieved

FY20 FY21 Organic €m⫶ €m change • Stable service revenue despite roaming drag Group service revenue 37,871 37,141 (0.1%) • EBITDA - strong progress on efficiency Adjusted EBITDA 14,881 14,386 (1.2%) programmes mitigating COVID impacts EBITDA margin 33.1% 32.8% • Capex - increased investment in network Capital additions (7,411) (7,854) performance during the pandemic Free cash flow (pre-spectrum)1 5,700 5,019 Free cash flow in-line with guidance Free cash flow 4,949 3,110 • • Good spectrum outcomes in the UK, Hungary & Greece FY20 FY21 • Reduction in net debt supported by Adjusted net debt (€m) (42,047) (40,543) Vantage IPO proceeds Controlled ROCE pre-tax 6.3% 5.5% • ROCE pre-tax impacted by inclusion of ROCE post-tax 3.9% 3.9% Liberty assets acquisition & INWIT

FY21 Results Statutory results summary in Appendix IV May 2021 1Free cash flow before spectrum, restructuring and integration costs 9 Trading performance Back to service revenue growth

YoY quarterly service revenue growth

Ex. roaming & visitor revenue ⫶ • Recovery in trends through FY21

1.5% 1.6% 1.8% 1.7% 1.5% • Positive underlying performance 0.5% 0.8% 0.6% 0.4% (0.4%) -0 .5% Lapping roaming drag in Q1 FY22 (1.3)% •

-1 .5% Q4 Q1 Q2 Q3 Q4 FY20 FY21 FY21 FY21 FY21 -2 .5% • Commercial momentum impacted by

-3 .5% nationwide lockdowns in Q4 Europe & Africa service revenue growth

10.0% Europe 8.0% 7.3% Europe (ex. R&V)

6.0%

Vodacom 3.2% • Europe: stable trend Q-on-Q 4.0% 3.2% 3.3% 1.5%

2.0% 0.4% 0.1% (0.1)% 0.0% • Africa: strong growth in SA & Internationals

-2 .0% (0.6)% (0.4)% (1.8)% (1.1)% (1.1)% recovering

-4 .0% (2.6)% Q4 Q1 Q2 Q3 Q4 FY20 FY21 FY21 FY21 FY21

FY21 Results May 2021 10 Germany Good financial performance

Service revenue growth 39% of Group EBITDA1

2.5% 2.5% Q4 FY21 FY21 2.5% 2.4% ⫶ Retail growth €m growth 2.0% 2.0% Retail (ex. roaming) Service revenue 1.2% 11,520 0.5% 1.5% 1.8% 1.8% 1.8% 1.5% 1.5% Adjusted EBITDA 5,634 1.8% Reported organic 1.0% 1.0% 1.2% service revenue 1.2% 2 1.0% growth 0.5% 0.5% 0.4% 0.6% Growing across all customer segments in H2 0.0% 0.0% • 0.0% retail ex. roaming +2.1% in FY21 -0 .5% (0.1%) (0.1%) -0 .5% - Q4 Q1 Q2 Q3 Q4 FY20 FY21 FY21 FY21 FY21 • Main drivers: Net customer additions (‘000) + good customer base & ARPU growth 1813

190 + strong Business performance (fixed SR +9.8%) DSL

Cable 140 118 + higher variable usage during lockdowns 99 Mobile contract 90 3 • Fixed – value driven penetration growth 57 33 118

- c.50% of cable base ≥250Mbps 40 98 74 83 46

Mobile contract churn -0.8pp YoY to 11.8% -10 • (44) (33) (42) (48) (21) (20) Plans to stabilise our TV customer base -60 • Q4 Q1 Q2 Q3 Q4 impacted by store closures FY20 FY21 FY21 FY21 FY21

FY21 Results 1. Based on FY21 EBITDA contribution May 2021 2. Unitymedia included in organic service revenue from FY21 11 3. Includes Unitymedia migrations of 63,000 in Q1 FY21 and 124,000 in Q2 FY21 Germany Strong progress with synergy delivery

1 Investor briefing FY21 EBITDA bridge (€m) Unitymedia integration Germany: 29 Sep’21 29/9

⫶ Cost & capex synergies +1.8% 5,800 YoY 66 5,600 174 Original Locked -in % On- 5,634 Areas 5,400 5,532 5yr plan so far delivered track? (83) (55)

5,200 Network & IT €65m €40m 62%

5,000

4,800 ULL €105m €24m 23%

4,600

4,400 Other €255m €244m 96%

4,200 Total €425m €308m 72%

4,000 FY20 Roaming / Wholesale Cost Underlying FY21 EBITDA Visitors & regulation synergies EBITDA

• Synergies and cost efficiencies offsetting COVID • >70% of synergies now captured and wholesale drags - 8 months ahead of target • +3.3% EBITDA growth ex. roaming - rebranding, internet & TV portfolio harmonisation & organisational integration complete • Market leading EBITDA margin 43.4% • Next phase: IT systems integration & further ULL migration

FY21 Results 1. Organic EBITDA bridge May 2021 12 Italy Challenging market UK Good momentum

11% of Group EBITDA1 10% of Group EBITDA1 ⫶ Q4 FY21 FY21 ⫶ Q4 FY21 FY21 growth €m growth growth €m growth Service revenue (7.8%) 4,458 (7.5%) Service revenue (0.6%) 4,848 (0.8%) Adjusted EBITDA 1,597 (12.7%) Adjusted EBITDA 1,367 (7.3%) Total FY21 Consumer active prepaid base YoY (‘000) Net additions (‘000) net adds Q1 Q2 Q3 Q4 FY21 FY21 FY21 FY21 200 +587k 200 0 Mobile contract

+ VOXI 150 150 129 Fixed broadband 119

(250) 100 88 100 74 2 59 50 45 50 (500) 38 35

- - (750) Q1 Q2 Q3 Q4 FY21 FY21 FY21 FY21 • Continued price competition • Growing faster than market for 2 years • Q4 prepaid base stabilising YoY, ho. 2.5m customers • 39% of sales digital, churn improved 1.1pp YoY in FY21 • -4.0pp roaming impact on EBITDA • Underlying EBITDA +2.1% ex. roaming & ALF3 settlement • Poste MVNO customer migration starting in Q1 FY22 • Successful 5G spectrum auction, 90MHz with proximity

FY21 Results 1. Based on FY21 EBITDA contribution May 2021 2. Excludes a customer base restatement of 32,000 13 3. Ofcom Annual License Fee Spain Competing effectively Other Europe Improving trend

7% of Group EBITDA1 12% of Group EBITDA1 ⫶ Q4 FY21 FY21 ⫶ Q4 FY21 FY21 growth €m growth growth €m growth Service revenue (1.3%) 3,788 (2.8%) Service revenue (0.2%) 4,859 (1.4%) Adjusted EBITDA 1,044 3.4% Adjusted EBITDA 1,760 (0.5%)

Net customer additions (‘000) Service revenue growth Ex. roaming

Mobile contract Fixed broadband 3.5%

83 2.5% 90 70 90 3.4%

1.5% 1.1% 1.1%

40 40 0.7% 20 30 28 21 0.5% 12 (10) (10)

(15) -0 .5% (22) (0.2%) (0.6%) (60) (60) (0.7%) (45) -1 .5%

-2 .5% (1.8%) (110) (110)

-3 .5%

(160) (160) (3.1%) Q1 Q2 Q3 Q4 FY21 Q4 Q1 Q2 Q3 Q4 FY21 FY21 FY21 FY21 FY20 FY21 FY21 FY21 FY21 • Performance stabilised in a competitive market • Net adds: mobile contract +466k, broadband +167k • More resilient base: 89% ‘unlimited’ plans on main brand • FY21 EBITDA +3.9% ex. roaming • Underlying EBITDA growth +1.8% ex. roaming & football • Liberty integration on-track • Continuing to execute at pace on our transformation plans • Portugal: spectrum auction ongoing

FY21 Results 1. Based on FY21 EBITDA contribution May 2021 14 Vodacom Strong growth VodafoneZiggo Performing well

13% of Group EBITDA1 50% joint venture Q4 FY21 FY21 ⫶ 4.0% ⫶ growth €m growth Total revenue growth* Service revenue 7.3% 4,083 3.9% 3.5% South Africa 8.6% 2,971 7.0% 3.0%

Internationals 4.8% 1,136 (1.6%) 2.5%

Adjusted EBITDA 1,873 2.9% 2.0% 3.3% 61.0 61.0 1.5% 65.0 19.0

60.0 18.0 2.3% 52.5 1.0% 1.9% 55.0 1.8% 4G customers 18.4 17.0

0.5% in SA (m) 50.0 17.4 40.9 41.9 16.0 0.5% 45.0 15.8 15.0 0.0% 40.0 14.0 Q4 Q1 Q2 Q3 Q4 M-Pesa 35.0 14.8 14.7 13.0

quarterly 30.0 FY20 FY21 FY21 FY21 FY21

12.0

transaction 25.0 2

value (€bn) 11.0 20.0 15.0 10.0 • Good growth despite COVID Q4 Q1 Q2 Q3 Q4 FY20 FY21 FY21 FY21 FY21 • Commercial actions progressing at pace • SA: strong demand for data & new services - fixed speed upgrades & smart WiFi rollout • COVID-19 social grants extended until April 2021 • Confirmed 2021 guidance: • CellC roaming ramp up - 1-3% EBITDA growth - €550-650m shareholder distributions • International: M-Pesa reach new elevated level post-Covid

FY21 Results 1. Based on FY21 EBITDA contribution May 2021 2. Includes Safaricom 15 Adjusted EBITDA Delivering on ‘most efficient operator’ ambition

14 .6 €14.5bn 1 (0.1) €14.4bn Cumulative European net opex savings (€bn) 14 .4 (0.4) 0.5 EU costs

14 .2 ⫶ ≥1.8 c.15% 14 .0 (0.2) 0.1

13 .8 1.3

13 .6

13 .4 €0.4bn 0.8

13 .2 0.4

13 .0 Organic FY20 Roaming / Direct Net A&R European Rest of world Organic FY21 FY19 FY20 FY21 5yrFY23e target EBITDA Visitors margin net opex opex in-line EBITDA (FY23) & other savings1 with inflation A&R: Commission costs reducing Opex: Strong progress on cost savings • EU cash savings €0.3bn in FY21; lower in EBITDA (IFRS15) • Original 3yr ≥€1.2bn net opex saving target exceeded • Volumes down 7% YoY in Europe - Customer care costs -24% - Retail stores c.-15% • Optimising expensive indirect sales channels - Technology costs -7% 2 • 26% of sales via direct digital channels - 5,500 role efficiencies in Shared Services • On-track to meet FY23 target – 20% reduction over 5yrs

FY21 Results 1. Europe and Common Functions May 2021 2. EU4 markets of Germany, Italy, UK & Spain 16 Free cash flow In-line with guidance

0.0 2.0 4.0 6.0 8.0 10 .0 12 .0 14 .0 EBITDA ⫶ €14.4bn Interest €2.6bn & tax • Financing costs +€0.4bn YoY, inclusion of Working capital €0.9bn LBTY assets & bond buybacks & other

Dividends €0.2bn Working capital contribution (€0.6bn) (assoc. & JV) • includes handset financing (€0.2bn) & Cash flow before €12.9bn investment A&R efficiencies

Capital additions €7.9bn • Spectrum acquired in UK (€0.4bn), Other Free cash flow €5.0bn Europe (€0.3bn) & Egypt (€0.4bn) (pre-spectrum) – long-term average remains €1.2bn Spectrum €1.2bn • Restructuring includes Liberty integration Restructuring €0.7bn & integration

Free cash flow €3.1bn

FY21 Results May 2021 17 Net debt Maintaining our focus on deleveraging

50 .0 Net debt progression (€ billion) Bond maturity profile (€ billion)

48 .0 ⫶ 0.4 14 Cash & equivalents Senior Hybrid 1.2 46 .0

1.5 5.0 12

44 .0

2.8x 2.4 10 42 .0 1.0 2.0 2.8x 8

40 .0 42.0

40.5 6 38 .0 9.6 9.5

4 8.8 36 .0 0.6 2.3 2.0 1.0

2 34 .0 3.7 2.1 2.5 2.8 2.7 1.8 1.1 1.0 32 .0 0 FY20FY20 Dividend KDG Spectrum Restructuring FCF Net VT IPO FY21FY21 Current FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30-40 FY41+ minorities /Other (pre-spectrum) proceeds1 liquidity • Vantage Towers: 18.3% stake sold • Strong liquidity position – Net cash position = €9.6 billion Commenced mandatory convertible bond • – Unused facilities = €7.4 billion buyback (first tranche €2.0bn) • €3.4bn of bond buybacks in FY21

FY21 Results 1. Vantage Tower proceeds as at 31 March 2021, excluding greenshoe May 2021 18 Capital allocation Committed to improving shareholder returns

Capital allocation priorities Long-term portfolio management principles

⫶ 8 Transformation 7 €1.8bn & CPE €1.8bn 6 €1.7bn Invest in connectivity Focus 5 €1.3bn €1.3bn 1 & digital New products €1.3bn 1 & digital services 4 €4.4bn €4.7bn 3 €4.2bn • Does the asset benefit from our scale in Europe or Africa?

Network & IT 2 maintenance, coverage & capacity 1

0 FY19 FY20 FY21

Net debt Net debt : EBITDA 45 7.0x 2 ROCE 40 €42.0bn 6.0x Maintain robust 35 €40.5bn 5.0x Does ROCE exceed our local cost of capital? 2 balance sheet 30 • 4.0x 25 €27.0bn • If not, is there a pathway for ROCE to exceed cost of capital 20 2.8x 2.8x 3.0x over the medium-term? 15 1.9x 2.0x 10

1.0x

0 0.0x FY19 FY20 FY21 3 Best owner • Does the asset & the Group receive a significant benefit from our ownership? Shareholder FY21 dividend maintained at €9c • Are there pragmatic alternatives which could create or unlock 3 distribution Medium-term = min. €9c p.a. additional value?

FY21 Results May 2021 19 Capital allocation Investing in connectivity & digital

Accelerated investment in network performance in FY21 Supporting investment in growth opportunities in FY22

9.0 ⫶ FY20 FY21 YoY

8.5 €m €m ∆ c.€8bn

Network & IT maintenance 2,326 2,099 (10%) 8.0 €7.9bn

Network coverage & capacity 2,037 2,574 +26% 7.5

Digital transformation 1,012 971 (4%) 7.0

New products & digital services 1,255 1,336 +6% 6.5

Success based CPE 781 874 +12% 6.0 +6% Total capital additions 7,411 7,854 5.5 Capital intensity 16.5% 17.9%

5.0 FY21A Lower capacity & 5G 'Built New products FY22E pre- Vantage FY22E operating effiiciency Right' & digitalservices VT growth growth

• Full annual run-rate of Liberty now included • Incremental 5G investment to be funded (+€0.2bn YoY) through internal efficiencies • Accelerated investments in network • Investing in new Vodafone products & services performance and Vantage Towers growth at good returns

FY21 Results May 2021 20 FY22 guidance Back to growth

FY22 Adjusted EBITDAaL FY22 Adjusted FCF 16 .0 ⫶

15 .5 €15.0-15.4bn 5.4 >€5.2bn

5.2

15 .0 €5.1bn €5.0bn €14.6bn 5.0

14 .5 €14.4bn

4.8

4.6

14 .0

4.4

13 .5

4.2

13 .0 4.0 FY21 FX FY21 Growth FY22 FY21 FX FY21 Growth FY22 reported re-based guidance reported re-based guidance

Currency Guidance rate

Adjusted EBITDAaL ZAR 17.15 Adjusted FCF €15.0 – 15.4 billion TRY 9.74 >€5.2 billion EGP 18.89 Adjusted FCF is free cash flow before spectrum, restructuring and EBITDAaL is equivalent to FY21 definition & calculation of Adjusted EBITDA GBP 0.86 Vantage Towers growth capex

FY22 guidance based on prevailing assessment FY21 Results 21 of global economic outlook in May 2021 May 2021 Strategy update Nick Read Chief Executive

FY21 Results May 2021 22 A new generation connectivity & digital services provider

A Delivered the first phase of our strategy to reshape Vodafone

B Growth opportunities from evolving markets

C New generation connectivity & digital services provider

D Committed to improving shareholder returns

FY21 Results May 2021 23 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 1 Executing our⫶ strategic priorities⫶ at pace over the⫶ last 3 years

Deepening Improving ⫶customer asset engagement • 11m Unlimited mobile customers • 156m marketable fixed homes utilisation • 5G launched across Europe • Cable upgraded in 79% of footprint • Converged offer in all markets • 69m marketable gigabit homes • 2nd ‘value’ brands launched • Network sharing across Europe • Disciplined pricing strategy Reshaped • Strategic MVNO partnerships Vodafone as a stronger connectivity • Leading digital distribution provider • Re-focused on Europe & Africa • AI-enabled customer care • Liberty integration on-track • ‘Zero-touch’ process automation • Created Vantage Towers • Retail store footprint optimised • IPO successfully completed Accelerating Optimising digital the transformation portfolio

FY21 Results May 2021 24 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 2 Delivering tangible⫶ operational⫶ improvements ⫶

Deepening Improving ⫶customer asset engagement18.00% European mobile contract churn (LTM) Avg. monthly 200.0 terabytes transmitted per €1m invested capital utilisation

180.0

17.00% 160.0 157

140.0 16.00% 16.1% 130 15.5% 120.0 15.00% 15.0% 100.0 107

14.6% 80.0

14.00% 60.0 63 13.7% 13.7% 55

40.0 13.00% 32 20.0

26 19 1.2 €1.3bn €20.7bn provider 21 14 1 €18.6bn €18.8bn €18.8bn 19 €1.1bn 15 16 9 0.8 11 11 4 6 6 0.6 €0.8bn 3 3 1 -1

0.4 €0.6bn -€7.4bn -€7.4bn -€9.5bn -€11.6bn -€12.9bn -€15.1bn -4 -6

Acquisition value -9

0.2 €0.4bn

-1 1 €0.2bn -1 4

0 Disposal value -1 6 -1 9 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 FY19 FY19 FY20 FY20 FY21 FY21 # transactions Accelerating FY19 FY19 FY20 FY20 FY21 FY21 Optimising digital the transformation portfolio

FY21 Results May 2021 25 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 3 Creating sustainable⫶ value for ⫶our stakeholders ⫶

• 48m M-Pesa users with 15bn Shareholder dividend €2.4bn A better digital transactions €2.4bn ⫶ • FY21 dividend maintained at 9c €2.6bn ⫶ future accessible • >1m ‘eSchool’ users & 0.8m • Committed to ongoing dividend to all with no one ‘Connected Education’ students left behind • Launched self-declaration tool for diversity demographic data Taxation €2.6bn direct in FY20 Inclusion for All • €2.6bn total tax in 62 markets ⫶ • Plus €7.5bn indirect tax collected

€24.0bn Applying digital • Doubled share of renewable Supplier payments €24.0bn electricity to 56% • 10.5k suppliers in 19 countries solutions & ⫶ reducing our • On-track to use 100% renewable • 8.5k suppliers across Europe carbon footprint electricity in Europe by July’21 Planet throughout the • Helped customers reduce their Debt financing €1.8bn interest • Weighted cost of debt of 2.4% value chain CO2e emissions by 7m tonnes ⫶ €1.8bn • Net debt : EBITDA of 2.8x To connect for a better connect futurea for To ⫶ €7.9bn Capital investment €7.9bn • €5.8bn in 11 European markets • >340m customers connected to ⫶ Connecting people, our networks • €1.0bn in 8 African markets communities and • >1m Business customers using our €5.2bn things with reliable free ‘V-Hub’ digital services Job creation €5.2bn benefits next generation • >105k people in >40 countries >2m smallholder farmers connected ⫶ OurPurpose networks • Creating stakeholder • 50k people across Europe Digital Society Digital Society across Africa via ‘Connected Farmer’ value

FY21 Results May 2021 26 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 4 Supporting society⫶ through the⫶ pandemic ⫶ 5 point plan to deliver critical national digital infrastructure to keep families connected, to enable business to ⫶ operate, students to learn, healthcare to be delivered and governments to provide critical services

Maintain quality Support critical Provide public Support community Lead on data 1 networks 2 services 3 information 4 & business 5 insight • Invested to • Donated • Free data access • Supporting the • Mobility insight increase network equipment to to critical info. most vulnerable dashboard to capacity hospitals & support foundations • Vodafone • Extra mobile data government • Traffic increased created info sites allowance & TV lockdown by up to 70% • Connecting new content field hospitals • Supporting • Contact tracing • >95% customer governments • Supporting to support care team • Hospital bed with dedicated suppliers with government working remotely remote mobile faster payments solutions monitoring applications • Virtual health consultations

Supporting response & recovery with total donations1 of ~€150 million reaching >100 million customers

FY21 Results 1Direct contributions and services-in-kind May 2021 27 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 1 Accelerating⫶ structural trends ⫶ creating growth opportunities⫶

Remote • Pandemic & demographics driving shift Scaled provision ⫶ high quality working • Majority of organisations embedding flexibility connectivity

• Proven multi-sector application IoT • Entrenching throughout industrial value-chains Growth beyond connectivity • Communication, computing & data storage Cloudification • Music, video & gaming streaming Efficiency & • Public sector migrating traditional workflows asset utilisation Digitalisation • SMEs embracing new operating models

Africa shifting from feature to smartphone Shape better policy Digital • & regulatory payments • Lower adoption in Europe, but growing fast framework

FY21 Results May 2021 28 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 2 EU recovery funding:⫶ >20% allocated⫶ to digital ⫶ NextGenerationEU Total €750 billion recovery funding Distribution Clear timelines ⫶ REACT-EU 30 April 2021 Member States submit final plans with investments & reforms to Commission Recovery & Resilience⫶ Facility €47.5bn ⫶ €672.5bn End June 2021 Commission assesses national plans within 2 months of receipt

Loans Grants End July 2021 Council approves national plans €360bn €312.5bn Rural Dev. €7.5bn End Sept’ 2021 EU pays 13% of funds up-front to begin recovery

Twice-yearly Member States request funds on meeting milestones in their plan

Within 2 months Commission assess requests within 2 months of receipt RescEU €1.9bn End 2022 70% of grants must be distributed

Just Transition Fund Horizon Eur. InvestEU End 2026 All funds must be spent €10bn €5bn €5.6bn

60 ~70% of total R&RF Grants (€bn) allocated to Priority opportunities >20% funds allocated to digital Member States with Vodafone operating presence 50 1 5G acceleration 5 eHealth 40 ⫶ Vodafone operating presence 69 70

No operating presence 2 Rural connectivity 6 Smart cities 20 39 26 10 24 14 14 18 3 OpenRAN 7 Digital for green initiatives 6 6 6 6 6 7 7 0 2 2 2 2 2 3 4 IRL ITA FIN EST BEL ESP FRA LVA CZE PRT SVK CYP LTU LUX POL BGR AUT SVN GRC MLT NLD DEU SWE HRV DNK ROU HUN 4 SME digitalisation 8 Connected education

FY21 Results May 2021 29 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ C New generation⫶ connectivity &⫶ digital services provider⫶ growing in Europe & Africa We connect for a better future Planet Our⫶ Purpose Inclusion for All Digital Society Enabling the digital society to be accessible Ensuring our commercial success does Connecting people, places & things by all, with no one left behind not come at a cost to the environment through gigabit fixed & mobile networks

Our Vision The new generation connectivity & digital services provider

Deep & Best connectivity Leading 24/7 Outstanding trusted customer products & innovation in digital relationships services digital services experiences

Our Strategy

Enabled Simplified & Social Contract Leading gigabit through most efficient shaping the Group scale networks & expertise operator digital society

The Spirit of Earn customer Create the Experiment & Get it done, Vodafone loyalty future learn fast together

FY21 Results May 2021 30 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 1 The best connectivity⫶ products⫶ & services – Europe⫶ & Africa consumer

Our connectivity A growing converged consumer The growing connectivity growth⫶ levers connectivity leader in Europe leader in Africa

Improve mobile • Leading network quality foundation • Leading network quality foundation loyalty • Enhanced through tailored rewards • Enhanced through vodaBucks

Accelerate fixed • Differentiated gigabit network • Fibre first focus in South Africa penetration • Embedding ‘Pro’ & ‘Super Wifi’ • Family focused converged connectivity

Evolve pricing • Increased ‘unlimited’ penetration • Clear customer pricing segmentation architecture • Investment-linked pricing structures • Migration to 4G & 5G plans

Optimise customer • Convergent connectivity bundles • Multi-product penetration profitability • Data-driven cross-selling & up-selling • Personalised targeting through data

Adjacent • Growing platform of solutions • Expanding leading IoT solutions connectivity products • ‘One more product’ for every customer • Leverage leading FinTech user base

FY21 Results May 2021 31 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 1 The best connectivity⫶ products⫶ & services – Vodafone⫶ Business

Investor briefing here: ⫶ A clear growth pathway in attractive markets investors.vodafone.com 1 We operative in attractive markets. 2 We have unique scale & capabilities.

Total €100+ billion addressable market

3 We have strong operating momentum. 4 We are on a clear growth pathway. Service revenue growth 2.0% Above-market revenue growth in Mobile & Fixed Ex-roaming & visitor revenue1.5% Double-digit revenue growth in Unified, Cloud, Security & IoT 1.0% 1.8%

0.5% 0.7% 0.3% Optimised balance of EBITDA growth & EBITDA margin

0.0% -0.6% -0 .5% Investment in high marginal ROCE opportunities

-1 .0% FY19 FY20 FY21 Consistent ROCE growth

FY21 Results May 2021 32 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 2 Leading innovation⫶ in digital services⫶ ⫶

A leading European TV platform with 22m customers Accelerating Africa’s largest FinTech with 61m users1 >€2bn⫶ €1.0bn Partnerships with revenue Financial revenue 18 leading Payments services content owners 3-year MDU transition in Germany Digital Retail services

Seamless multi-device technology More information here: vodacom.com Leading content & technology partners Investor briefing here: investors.vodafone.com Business Partnerships to provide cloud-based applications, integration & support Solution concept Device design Packaged & tailored cyber security services from risk Multi-sector applications assessment, through to deployment, testing & operations Connectivity Platform mgt. Integrated solutions to enable improvements in productivity, collaboration & customer engagement Consumer €1.1bn €0.8bn revenue Class-leading B2B digital platforms with 6m users Global leader E2E IoT with >120m devices connected revenue

FY21 Results 1Vodapay & M-pesa users in Vodacom, Safaricom, Vodafone Ghana and Vodafone Egypt May 2021 33 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 3 Outstanding ⫶ digital experiences⫶ ⫶

2⫶ 1990s Highstreet 2 2000s Multichannel 2 2010s Omnichannel 2020s Digital First ⫶ ⫶ ⫶ ⫶

MarTech / AdTech • App/Web as primary Mass • Optimise stores to Digital personalised • Agile & real time • support digital retail targeting • Shared Group platform • Shared Group platform

Digital First technology platforms

• Predictive & relevant MyVodafone app Always-on • Real-time & • AI-based digital automated • Tobi AI assistant customer marketing • Shared Group • Shared Group platform service Investor briefing platform Innovation: 16 Dec’21 16/12

FY21 Results May 2021 34 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 4 Simplified & ⫶most efficient operator⫶ ⫶ We are evolving our operating model… …to unlock ongoing scale benefits ⫶ Mid-term 2018 2021 ambition Simplification & standardisation of networks Customer acquisition via digital 11% 24% >45% In-house product development

Customer retention via digital 11% 28% >65% A ‘best on Vodafone’ experience for our strategic partners Frequency of customer contact 1.7x 1.4x <0.9x Leverage ‘Telco as a Service’ platform Local market operations market Local Inbound contacts via Tobi Nil 37% >95%

Zero touch network management Nil 35% 80% Scaled centres of technology excellence

Creating integrated pan-European teams of …underpinning the next phase of Network and Digital & IT… net EU opex savings

FY21 Results May 2021 35 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 5 Social Contract⫶ shaping the digital⫶ society ⫶

Investor briefing Policy priorities 2022 Address Social Contract: Early 2022 ⫶ societal Our contribution to society needs I Healthy & sustainable market structures

Ability to End extractive spectrum auctions invest II

III Reduce barriers to network sharing ‘Social Contract’ to shape the digital society IV Improve vendor diversity through resilience

V Simplify deployment of network infrastructure Improve our Earn a fair reputation VI Pro-investment & pro-innovation regulation return (ROCE>WACC) Reset policy environment VII Recovery funds: optimise funding & policy reforms

FY21 Results May 2021 36 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 6 Leading gigabit⫶ networks ⫶ ⫶ Key gigabit network focus areas 5G already launched in 240 cities1

⫶ ‘Very good’ ‘Best’ 4G/5G network 1 5G built right & quality 4G 5G in London

‘Best in Test’ for ‘Best voice’ & 6th time in a row ‘Best 5G’ 5 Ongoing fixed network performance

Targeting >150m NGN marketable homes1 160

140 connectivity

120

Markets with higher ROCE (e.g. Germany) gigabit Converged 2 On-netWholesale Gigabit access 62m 61m 100

On-netStrategic NGN partnerships80 24m

60 20m

StrategicOn-net NGN partherships 12m 40 23m >51m On-net gigabit 20 44m Wholesale access 32m 3 Markets with significant EU funding allocation 0 FY20 Now FY23E

FY21 Results 1Includes VodafoneZiggo May 2021 37 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 1 Key areas of investment⫶ underpinning⫶ our growth⫶ plan

Investor briefing More information here: 5G built right enabling growth Technology: 17 Jun’21 17/6 investors.vodafone.com Digital investment driving efficiency ⫶1 • Business share gain 1. Retail platform • Improved loyalty • Stronger customer 1. Focused coverage 2. Business v-hub experience 2. Standalone core • Investment-linked pricing 3. MyVodafone & TOBi • Cost savings 3. Efficient capacity • Greater unitary 4. Zero-touch processes • 1-3 year paybacks efficiency

1. IoT end-to-end solutions (MPN, MEC, services) • Vodafone Business 1. Built-to-suit sites • Predictable long-term 2. SD-WAN & Unified cash flows revenue growth 2. Ground-lease buyouts Comms platforms • Strong incremental • <4-year paybacks 3. Adjacencies 3. Connected devices ROCE

Investor briefing here: More information here: New digital services & platforms investors.vodafone.com vantagetowers.com Strong towers returns

FY21 Results May 2021 38 A Delivered first phase of our strategy B Growth opportunities from evolving markets C New generation connectivity & digital services D Committed to improving shareholder returns ⫶ 2 Our medium⫶-term growth ambition⫶ ⫶

⫶

Our value Consistent Ongoing Good Disciplined Sustainable revenue + margin + cash + capital value model growth expansion conversion allocation creation

The new generation connectivity & digital services provider for Europe & Africa delivering improved returns

1Adjusted EBITDAaL is equivalent to prior year definition & calculation of Adjusted EBITDA. Medium-term ambition based on prevailing FY21 Results 2Adjusted FCF is free cash flow before spectrum payments, restructuring costs & Vantage Towers growth capex May 2021 39 assessment of global economic outlook in May 2021 3Pre-tax controlled ROCE Conclusions

Resilient performance inline with expectations & good commercial momentum

Deepening Accelerating customer digital engagement transformation Delivered first phase of strategy to reshape Vodafone Improving Optimising asset the utilisation portfolio

New generation connectivity & digital services provider for Europe & Africa

Committed to improving returns through growth + dividend

FY21 Results May 2021 40 Appendices

I Our regional footprint p42

II Definitions p43

III Supporting information p44

IV Statutory results summary p45

V Total funding obligations p46

VI Importance notice p47

FY21 Results May 2021 41 2Appendix We are the I Our leading regional connectivity footprint provider in Europe & Africa.

Europe converged connectivity leader Africa leading data & payments provider ⫶ ⫶ ⫶ ⫶ 42m

5m 3m 17m m 1m 31m 9m 0.3m 11m 4m 1m 40m

15m 3m 9m 1m 1m 15m 18m 3m 1m 0.1m 13m 5m 3m 8m 1m 24m 4m 1m 1m 2m 48m #m # mobile connections #m # mobile connections #m # fixed connections

FY21 Results May 2021 42 Appendix II Definitions

Term Definition Term Definition Adds Number of new⫶ customers within a defined period LTM Last twelve months Adjusted EBITDA Operating profit after depreciation on lease-related right of use assets and Mbps Megabits (millions) of bits per second interest on leases but excluding depreciation, amortisation Adjusted Renaming of Adjusted EBITDA. Equivalent in definition & calculation of MEC Mobile edge computing EBITDAaL Adjusted EBITDA MPN Mobile private network Adjusted Free Free cash flow before spectrum, restructuring, Vantage Towers growth capital MVNO Mobile virtual network operator Cash Flow investment and any one-off material transactions NGN Fibre or cable networks typically providing high-speed broadband >30Mbps AI Artificial intelligence / machine learning

A&R Acquisition & retention costs On-net Direct connections to Vodafone owned or operated fixed-line infrastructure

B2B Business to business Organic An alternative performance measure which presents performance on a growth comparable basis, in terms of M&A activity, movements in foreign exchange rates Churn Total gross customer disconnections in the period divided by the average total customers in the period Roaming & Roaming: allows customers to make calls, send and receive texts and data on our Visitor and other operators’ mobile networks, usually while travelling abroad. Visitors: Converged A customer who receives both fixed and mobile services (also known as unified revenue received from other operators or markets when their customers roam on communications) on a single bill or who receives a discount across both bills one of our markets’ networks

CPE Customer premises equipment ROCE Return on capital employed

E2E End to end Service Service revenue comprises all revenue related to the provision of ongoing services revenue including, but not limited to, monthly access charges, airtime usage, roaming, FCF Free cash flow incoming and outgoing network usage by non-Vodafone customers and interconnect charges for incoming calls IoT Internet of Things. Network of physical objects embedded with electronics, software, sensors & network connectivity, including built-in mobile SIM cards, SMEs Small and medium-sized enterprises that enables collection of data & exchange communications with one another or a database ULL Unbundled local loop

IPO Initial public offering WACC Weighted average cost of capital

FY21 Results May 2021 43 Appendix III Supporting information

1. Quarterly revenue The information opposite is available in spreadsheet format 2. Adjusted income⫶ statement via investors.vodafone.com 3. Segmental information 4. Income statement information 5. Cash flow 6. Mobile customers 7. Fixed-line broadband customers 8. Marketable homes passed 9. TV & fixed-line voice customers 10. Converged customers 11. Mobile customer churn 12. Mobile data usage 13. Mobile ARPU 14. Average foreign exchange rates

FY21 Results May 2021 44 Appendix IV Statutory results summary

Consolidated income statement summary (€m) FY21 FY20 Revenue 43,809 44,974 - Service revenue ⫶ 37,141 37,871 - Other revenue 6,668 7,103 Adjusted EBITDA 14,386 14,881 Restructuring costs (356) (695) Interest on lease liabilities 374 330 D&A on owned assets & loss on disposal of fixed assets (10,217) (10,508) Share of results of equity accounted associates & joint ventures 342 (2,505) Impairment losses – (1,685) Other income and expense 568 4,281 Operating profit 5,097 4,099 Non-operating expense – (3) Investment income 330 248 Financing costs (1,027) (3,549) Profit before taxation 4,400 795 Income tax expense (3,864) (1,250) Profit/(loss) for the financial year 536 (455)

Attributable to: - Owners of the parent 112 (920) - Non-controlled interests 424 465 Profit/(loss) for the financial year 536 (455)

Basic earnings/(loss) per share 0.38c (3.13)c Adjusted basic earnings per share 8.08c 5.60c

FY21 Results May 2021 45 Appendix V Total funding obligations Total funding obligations FY21 FY20 €m €m Bonds ⫶ (46,885) (49,412) Bank loans (1,419) (2,880) Other borrowings including spectrum (4,215) (3,877) Gross debt CPE (52,519) (56,169) Cash and cash equivalents (12%) 5,821 13,557 Short term investments Maintenance 4,007 4,132 Derivative financial instruments 3 610 Net collateralTransformation liabilities (26%) 2,145 (4,177) Net debt (a) (40,543) (42,047) Other funding(11%) obligations: Lease liabilities (13,032) (12,118) Mandatory convertible bonds (1,904) (3,848) KDG put option liabilities (492) (1,850) Guarantees over Australia joint venture loans (1,489) (2,062) Pension liabilities (513) (438) Equity content of hybrid bonds 3,971 2,971 Total funding obligations (b) (54,002) (59,392) Capacity Adjusted EBITDA (c) (21%) 14,386 14,881 Depreciation on right Newof use assetscoverage 3,914 3,720 Interest on leases (12%) 374 330 Adjusted EBITDA before leases (d) 18,674 18,931

Ratio of net debt to adjusted EBITDA (a/c) 2.8x 2.8x Ratio of total funding obligations to adjusted EBITDA before leases (b/d) 2.9x 3.1x

FY21 Results May 2021 46 Appendix VI Important notice

You have received this presentation on the basis that you are an investment professional for Forward-looking statements are sometimes, but not always, identified by their use of a date in the purposes of Article 19 or a member of the press for the purposes of Article 47 of the the future or such words as “plans”, “targets” “gain”, “grow”, or “accelerate” (including in their Financial Services and Markets Act 2000⫶ (Financial Promotion) Order 2005. No other person negative form). By their nature, forward-looking statements are inherently predictive, should act or rely on the information presented and you agree to be bound by the following speculative and involve risk and uncertainty because they relate to events and depend on conditions. You may not disseminate these slides or any recording of this conference, in circumstances that may or may not occur in the future. There are a number of factors that whole or in part, without the prior consent of Vodafone. could cause actual results and developments to differ materially from those expressed or This presentation contains forward-looking statements, including within the meaning of the implied by these forward-looking statements. US Private Securities Litigation Reform Act of 1995, which are subject to risks and A review of the reasons why actual results and developments may differ materially from the uncertainties because they relate to future events. These forward-looking statements include, expectations disclosed or implied within forward-looking statements can be found under without limitation, statements in relation to Vodafone Group’s financial outlook and future “Forward-looking statements” and “Risk management” in the Vodafone Group Plc Annual performance. Some of the factors which may cause actual results to differ from these forward- Report for the year ended 31 March 2021. The Annual Report can be found at looking statements are discussed on the final slide of this presentation. investors.vodafone.com. All subsequent written or oral forward-looking statements This presentation also contains non-GAAP financial information which Vodafone’s attributable to Vodafone, to any member of the Vodafone Group or to any persons acting on management believes is valuable in understanding the performance of the Vodafone Group. their behalf are expressly qualified in their entirety by the factors referred to above. No However, non-GAAP information is not uniformly defined by all companies and therefore it assurances can be given that the forward-looking statements in or made in connection with may not be comparable with similarly titled measures disclosed by other companies, this presentation will be realised. Any forward-looking statements are made as of the date of including those in the Vodafone Group’s industry. Although these measures are important in this presentation. Subject to compliance with applicable law and regulations, Vodafone does the assessment and management of the Vodafone Group’s business, they should not be not intend to update these forward-looking statements and does not undertake any viewed in isolation or as replacements for, but rather as complementary to, the comparable obligation to do so. GAAP measures. References to Vodafone are to Vodafone Group Plc and references to Vodafone Group are to This presentation, along with any oral statements made in connection therewith, contains Vodafone Group Plc and its subsidiaries unless otherwise stated. Vodafone, the Vodafone “forward- looking statements” including within the meaning of the US Private Securities Speech Mark Devices, Vodacom and Together We Can are trade marks owned by Vodafone. Litigation Reform Act of 1995 with respect to the Vodafone Group’s financial condition, results The Vantage Towers Logo and the VT Monogram Logo are trade marks owned by Vantage of operations and businesses, the Vodafone Group’s FY22 EBITDAaL and Adjusted FCF Towers AG. Other product and company names mentioned herein may be the trade marks of guidance and certain of the Vodafone Group’s plans and objectives. their respective owners.

FY21 Results May 2021 47 Group investors.vodafone.com Upcoming events Investor Relations [email protected]

1 Kingdom Street, London, W2 6BY 17 Technology investor briefing June Matthew Johnson Director [email protected] Group IR

Daniel Morris Deputy Director [email protected] 23 Group IR Q1 FY22 trading update July

Roy Teal Deputy Director [email protected] Group IR

Victoria Garnham 29 Access Manager [email protected] Germany investor briefing Group IR Sep’