Vodafone Group Plc Q1 FY22 Trading Update 23 July 2021 Our strategy Growth in both Europe & Africa underpins our ambition

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

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

Strategy

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

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

1Adjusted EBITDAaL is equivalent to prior year definition & calculation of Adjusted EBITDA. Medium-term ambition based on prevailing Q1 FY22 Trading Update 2Adjusted FCF is cash flow before spectrum payments, restructuring costs & Vantage Towers growth capex 23 July 2021 2 assessment of global economic outlook in May 2021 3Pre-tax controlled ROCE Highlights Good start to the year with 3.3% service revenue growth

Group Service Revenue growth Commercial momentum

4.0% ⫶ 3.3%

4,000 440 3.0% Europe mobile contract 1.8% adds ('000) 1.7% c.1.0pt 390 1.5% 3,500 2.0% Av. monthly retail store Prior year 340 0.6% 3,000 371 footfall (EU4) 1.0% 1.6% COVID one-offs 332 290

2,500

0.0% 0.8% 0.4% 278 240

2,000

-1.0% (0.4%) 190

1,500 198

140 -2.0% (1.3%)

Q4 Q1 Q2 Q3 Q4 Q1 1,000 127 90 FY20 FY21 FY21 FY21 FY21 FY22 99

500 40

Group Group (ex. roaming & visitors) - -10 -5 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY20 FY20 FY21 FY21 FY21 FY21 FY22 • Q-o-Q growth improvement in all segments • European retail store network important for • Roaming & visitor revenue – lapping prior year drag customer additions & now contributing to growth • EU4 footfall yet to normalise – still 40% below • One-off benefits from PY COVID-19 disruption pre-COVID levels, impacting sales volumes - lower prepaid & Business activity in prior year (c.1pt) • Germany – particularly low footfall in Q1 FY22

Q1 FY22 Trading Update 23 July 2021 3 Service revenue Growth across all parts of the Group

| Growth in Europe Service revenue growth1 Y-o-Y reduction in Europe mobile contract 2.0% ex. R&V 4 1.5% 0.4% churn (ex. Spain) 1.0% 0.1% -0.1% ⫶ 0.5% -0.6% 1.1% Q1 Q2 Q3 Q4 Q1 Growing in all markets except Italy 0.0% • FY21 FY21 FY21 FY21 FY22 -0.5% -1.0% -0.2pt -1.5%

Signs of commercial momentum returning -2.0% • -2.6% -1.1% -1.1% -0.6pt -2.5% -0.7pt as retail stores reopen -3.0% -1.8% -0.8pt Q1 Q2 Q3 Q4 Q1 -1.2pt FY21 FY21 FY21 FY21 FY22

| Growth in Business Service revenue growth2 IoT SIM net additions (million) 5.0% ex. R&V

4.0% 2.6% 3.2%

3.0% 1.4% • Total connectivity growing 2.0% 0.1% 6.5 1.0% 2.7% 0.0% 5.9 -1.0% 0.7% 5.1 • Strong acceleration in digital services -2.0% -2.9% -0.2% 0.0% 5.0 -3.0% 4.4 following project delays in prior year -4.0% Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 FY21 FY21 FY21 FY21 FY22 FY21 FY21 FY21 FY21 FY22

| Growth in Service revenue growth3 Data users & M-Pesa growth

10.0% 4G customers in SA (m) M-Pesa quarterly transaction value (€bn) 9.0% 7.3% 7.9% 8.0% 61.0 61.0 59.9 7.0% 65.0 52.5 20.0 60.0 19.0 Strong service revenue growth in all markets 6.0% • 55.0 41.9 18.0 5.0% 3.3% 50.0 17.0 3.2% 45.0 16.0 4.0%

40.0 19.3 15.0 3.0% 1.5% 35.0 18.4 14.0 2.0% 30.0 17.4 13.0 25.0 12.0 Financial services revenue growth of 34% 1.0% 15.8 • 20.0 14.8 11.0 0.0% 15.0 10.0 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 FY21 FY21 FY21 FY21 FY22 FY21 FY21 FY21 FY21 FY22

1Europe includes all segments 4Excluding Spain following significant national COVID-19 Q1 FY22 Trading Update 2Total Business growth lockdown restrictions in Q1 FY21 23 July 2021 4 3Growth for Vodacom Group Growth in Europe Germany

Service revenue growth 31% Group Service Revenue

2.5% 2.5% Q1 FY22 Contribution 2.5% ⫶ Retail 2.4% growth to Group 2.0% 2.0% 1.9% Retail (ex. roaming) 1.8% 1.8% Service revenue growth 1.4% +0.4pt 1.5% 1.8% 1.5% 1.5%

Reported 1.0% 1.4% 1.0% organic service 1.2% 1.0% revenue growth 0.5% 0.5% 0.6% • Lapping roaming drag, but lower variable usage 0.4%

0.0% 0.0% Retail activity still impacted by lockdown 0.0% • -0.5% (0.1%) -0.5% Q1 Q2 Q3 Q4 Q1 - restrictions eased in June FY21 FY21 FY21 FY21 FY22

- customer footfall c.-70% in Q1 vs. pre- Retail store – average customer footfall Net customer additions (‘000) pandemic 1811 190 DSL - activity continuing to recover in July Pre-COVID Cable

140 Mobile contract c.-70% 99 • Launched new digital-only value brand 90 571 98 ‘SIMon mobile’ 40 74 83 46 33 Q1 -10 Business – strong demand in public/health (33) (42) • (44) (21) (20) (26)(27) sector -60 Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Q1 Q2 Q3 Q4 Q1 '19 '19 '19 '19 '19 '20 '20 '20 '20 '20 '20 '21 '21 '21 FY21 FY21 FY21 FY21 FY22

Q1 FY22 Trading Update 1. Includes Unitymedia migrations of 63,000 in Q1 FY21 and 124,000 in Q2 FY21 23 July 2021 5 Growth in Europe Strong recovery in service revenues

Service revenue Market commentary Our performance growth⫶ Retail activity recovering post lockdown, +2.5% • Mobile contract net adds +65k (Q4 FY21 -0.6%) all stores open from mid-April • 13% • Innovative new offers – Group Service Revenue +0.3pt contribution to • Signed exclusive sales agreement Group OSR ‘Vodafone EVO’ and ‘Pro broadband’ with Dixons Carphone on improved terms +4.2% +97k mobile contract net adds 13% (Q4 FY21 -0.2%) • Lapping lower prepaid activity & • Group Service Revenue +0.5pt contribution to roaming drags in prior year • UPC & ABCom integrations on-track Other Europe Group OSR

-3.6% • PostePay MVNO migration underway, (Q4 FY21 -7.8%) • Competition remains intense to be completed by end of July 12% -0.4pt contribution to Fixed and convergence now impacted Largest EU recovery funding Group Service Revenue • • Group OSR beneficiary with €191 billion

EU funding to support SME +0.8% Price increases introduced across market • • digitalisation starting in H2 10% (Q4 FY21 -1.3%) Group Service Revenue • Social contract: improved 5G spectrum +0.1pt contribution to #2 in retail service revenue terms & proposal to remove TV tax • Group OSR market share

Q1 FY22 Trading Update 23 July 2021 6 Growth in Business Continued outperformance in all markets

FY21 total Q1 FY22 service service⫶ revenue revenue growth Performance highlights Lapping roaming drag, however limited international travel Mobile €5.8bn (0.2%) • • Customer base +4.5% YoY, offset by ARPU pressure

Fixed €3.1bn 3.7% • Good momentum on fixed connectivity and access

• Distributed MEC launch with AWS Wavelength making Vodafone the first operator to launch this service in Europe Cloud & Security €0.4bn 5.6% • Cybersecurity: First large UK win; Cyber-as-a-Service (‘CaaS’) launched in Germany

• Lapping lower Automotive activity in Q1 FY20 IoT €0.8bn 22.3% • +6.5 million IoT connections added in Q1, total base now 130 million

EU recovery funding distribution to commence in H2 FY22 Total Business €10.1bn 2.7% • • Strong progress in building pan-Europe public sector pipeline

Q1 FY22 Trading Update 23 July 2021 7 Growth in Africa & Turkey Data traffic & financial services growth

Service revenue Market commentary Our performance growth ⫶ • Lapping strong PY growth supported +5.2% • Increased restrictions as country enters 9% (Q4 FY21 +8.6%) by lockdown measures Group Service Revenue third COVID wave Financial services growth +19.2%; Vodacom South Africa +0.5pt contribution to Temporary spectrum licences extended • Group OSR • VodaPay ‘super app’ launching soon ⫶ +14.5% • Limited COVID support measures • M-Pesa volumes +44% Y-o-Y 3% (Q4 FY21 +4.8%) Group Service Revenue • Lapping P2P M-Pesa zero rating and • Safaricom led consortium - won Vodacom Internationals +0.4pt contribution to 1 Group OSR Tanzania registration disconnections Ethiopia licence ⫶ +17.6% International travel resumed Improved service revenue trend as 4% • • (Q4 FY21 +10.7%) COVID restrictions eased Group Service Revenue • 20MHz of acquired spectrum +0.6pt contribution to Group OSR available soon • Mobile data usage +47% Y-o-Y ⫶ +19.6% • Continue to migrate contract 4% (Q4 FY21 +16.7%) • Gradual easing of COVID restrictions customers to higher plans Group Service Revenue +0.7pt contribution to • All operators increasing prepay prices • Launched 100% digital service – Vodafone Turkey Group OSR ‘Vodafone Simple’ in July ⫶ 1As part of a consortium also including Vodafone, Vodacom, CDC Group Plc, Sumitomo Corp Q1 FY22 Trading Update 23 July 2021 8 Summary

Service revenue growth in both Europe & Africa

Service revenue growth in both Consumer & Business

Commercial momentum returning as retail stores reopen

On-track for FY22 guidance: €15.0-15.4bn EBITDAaL1 & >€5.2bn Adjusted FCF2

1Adjusted EBITDAaL is equivalent to prior year definition & calculation of Adjusted EBITDA. Q1 FY22 Trading Update 2Adjusted FCF is free cash flow before spectrum payments, restructuring costs & Vantage Towers growth capex 23 July 2021 9 Appendices

I Our regional footprint p11

II Definitions p12

III Supporting information p13 New segmental reporting structure VI p14 & proforma financials V Important notice p15

Q1 FY22 Trading Update 23 July 2021 10 2Appendix We are the I Our leading regional connectivity footprint provider in Europe & Africa.

Europe converged connectivity leader Africa leading data & payments provider ⫶ ⫶ ⫶ ⫶ 42.2m

5.3m 3.3m 17.0m 2.0m 0.9m 30.9m 9.4m 0.3m 11.0m 4.0m 0.6m 39.9m*

15.5m 3.1m 9.6m 0.7m 0.7m 14.8m 18.3m 3.0m 1.4m 0.1m 13.3m 4.6m 3.1m 8.3m 0.8m 24.0m 4.1m 1.2m 1.0m 1.8m 48.3m #m # mobile connections #m # mobile connections #m # fixed connections

Q1 FY22 Trading Update * Safaricom as of Q4 FY21 23 July 2021 11 Appendix II Definitions

Term Definition Term Definition

Adds Number of new customers within a defined period IoT Internet of Things. Network of physical objects embedded with ⫶ electronics, software, sensors & network connectivity, including Adjusted Operating profit after depreciation on lease-related right of use built-in mobile SIM cards, that enables collection of data & exchange EBITDA assets and interest on leases but excluding depreciation, communications with one another or a database amortisation MEC Mobile edge computing Adjusted Renaming of Adjusted EBITDA. Equivalent in definition & Organic An alternative performance measure which presents performance EBITDAaL calculation of Adjusted EBITDA growth on a comparable basis, in terms of M&A activity, movements in foreign exchange rates Adjusted Free Free cash flow before spectrum, restructuring, Vantage Towers OSR Organic Service Revenue Cash Flow growth capital investment and any one-off material transactions PY Prior Year

ARPU Average revenue per user, defined as customer revenue Roaming Roaming: allows customers to make calls, send and receive texts and incoming revenue divided by average customers & Visitor and data on our and other operators’ mobile networks, usually while (R&V) travelling abroad. Visitors: revenue received from other operators or markets when their customers roam on one of our markets’ CaaS Cyber-as-a-Service networks

Churn Total gross customer disconnections in the period divided by the ROCE Return on capital employed average total customers in the period Service Service revenue comprises all revenue related to the provision of Converged A customer who receives both fixed and mobile services (also revenue ongoing services including, but not limited to, monthly access known as unified communications) on a single bill or who charges, airtime usage, roaming, incoming and outgoing network receives a discount across both bills usage by non-Vodafone customers and interconnect charges for incoming calls FCF Free cash flow WACC Weighted average cost of capital

Q1 FY22 Trading Update 23 July 2021 12 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

Q1 FY22 Trading Update 23 July 2021 13 Appendix IV New segmental reporting structure & proforma financials

Adjusted Adjusted Capital Non-current Proforma FY211 Revenue Service revenue EBITDAaL EBITDAaL margin additions Proforma FY21 assets(1) €m ⫶ €m €m % €m €m H1 21 FY21 H1 21 FY21 H1 21 FY21 H1 21 FY21 H1 21 FY21 FY21 Germany 6,371 12,984 5,723 11,520 2,685 5,323 42.1% 41.0% 1,110 2,504 Germany 43,755 Italy 2,506 5,014 2,249 4,458 800 1,597 31.9% 31.9% 297 773 Italy 10,707 UK 2,983 6,151 2,401 4,848 600 1,288 20.1% 20.9% 284 767 UK 6,529 Spain 2,050 4,166 1,880 3,788 447 968 21.8% 23.2% 289 699 Spain 6,609 Other Europe 2,720 5,549 2,411 4,859 794 1,613 29.2% 29.1% 350 840 Other Europe 8,361 Vodacom 2,423 5,181 1,949 4,083 891 1,873 36.8% 36.2% 333 703 Vodacom 5,839 Other Markets 1,898 3,765 1,679 3,312 601 1,228 31.7% 32.6% 245 513 Other Markets 2,988 Vantage Towers 576 1,165 - - 304 603 52.8% 51.8% 98 229 Vantage Towers 7,859 Common Functions 656 1,368 219 470 (119) (117) - - 358 828 Common Functions 2,145 Eliminations (729) (1,496) (93) (197) ------Group 94,792 1. Comprises goodwill, other intangible assets and property, plant and equipment in accordance with Note 2 to the consolidated financial statements in our FY21 Annual Group 21,454 43,847 18,418 37,141 7,003 14,376 32.6% 32.8% 3,364 7,856 Report.

Adjusted Adjusted Capital Notes: Proforma FY201,2 Revenue Service revenue EBITDAaL EBITDAaL margin additions i. Vodafone owns 81.7% of the ordinary shares in Vantage Towers A.G. €m €m €m % €m ii. The Groups proforma segment for Vantage Towers reflects the pro-forma information released by Vantage Towers and is FY20 FY20 FY20 FY20 FY20 available at https://www.vantagetowers.com/investors/results-report-and-presentation, together with the contribution Germany 12,076 10,696 4,738 39.2% 2,114 from Cornerstone Technologies Infrastructure Limited (‘CTIL’; the Groups 50:50 joint venture with Telefonica in the UK). Italy 5,529 4,833 2,068 37.4% 697 CTIL is reported as a joint operation in the Groups financial statements, but as a joint venture using the equity method in the Vantage Towers financial statements. UK 6,484 5,020 1,426 22.0% 707 iii. The proforma view of our FY20 and FY21 financial results has been prepared for illustrative purposes only and shows a Spain 4,296 3,904 928 21.6% 745 hypothetical situation and, therefore, does not represent the actual financial position or results of the Group if the new Other Europe 5,541 4,890 1,584 28.6% 768 segmentation had occurred on 1 April 2019 for purposes of income statement line items and 31 March 2021 for Vodacom 5,531 4,470 2,088 37.8% 802 purposes of non-current assets. The proforma view of our FY20 and FY21 financial results is based on factually Other Markets 4,386 3,796 1,400 31.9% 587 supportable proforma adjustments, which we consider reasonable. Future results of operations may differ materially from Vantage Towers 1,139 - 587 51.5% 172 those presented. The proforma view of our FY20 and FY21 financial results may not give a true picture of our financial results or non-current assets nor is it indicative of the results that may, or may not, be expected to be achieved in the Common Functions 1,567 494 1 - 821 future. The proformas have not been prepared in accordance with Regulation S-X under the United States Securities Eliminations (1,517) (232) - - - Exchange Act of 1934 and the auditing standards generally accepted in the United States, and accordingly should not Group 45,032 37,871 14,820 32.9% 7,413 be relied upon as if it had been carried out in accordance with those standards or any other standards besides the

1. Revenue, Adjusted EBITDAaL and capital additions for the Group as presented are different to those disclosed in the FY21 annual report as a result of the inclusion of standards mentioned above. proforma effects for Wind Hellas and Vantage Towers incremental running costs. 2. Only full year figures available

Q1 FY22 Trading Update 23 July 2021 14 Appendix V Important notice

By accessing this communication, you agree to be bound by the following conditions. You depend on circumstances that may or may not occur in the future. There are a number of may not disseminate this communication or any copy thereof, in whole or in part, without the factors that could cause actual results and developments to differ materially from those prior consent of Vodafone Group ⫶Plc. Information in this communication relating to the price expressed or implied by these forward-looking statements. at which relevant investments have been bought or sold in the past or the yield on such Furthermore, a review of the reasons why actual results and developments may differ investments cannot be relied upon as a guide to the future performance of such investments. materially from the expectations disclosed or implied within forward-looking statements can This communication does not constitute an offering of securities or otherwise constitute an be found under “Forward-looking statements” and “Risk management” in the Group’s annual invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or report for the financial year ended 31 March 2021. The annual report can be found on the dispose of securities in Vodafone Group Plc of any of its subsidiaries, joint ventures or Group’s website (https://investors.vodafone.com/reports-information/latest-annual-results). investments. All subsequent written or oral forward-looking statements attributable to the Company or any This report contains “forward-looking statements” within the meaning of the US Private member of the Group or any persons acting on their behalf are expressly qualified in their Securities Litigation Reform Act of 1995 with respect to the Group’s financial condition, entirety by the factors referred to above. No assurances can be given that the forward-looking results of operations and businesses and certain of the Group’s plans and objectives. In statements in this document will be realised. Any forward-looking statements are made of the particular, such forward-looking statements include, but are not limited to, statements with date of this presentation. Subject to compliance with applicable law and regulations, respect to: expectations regarding the Group’s financial condition or results of operations and Vodafone does not intend to update these forward-looking statements and does not the guidance for Adjusted EBITDA and adjusted free cash flow for the financial year ending 31 undertake any obligation to do so. March 2022; the Group’s sustainable business strategy and 2025 targets; expectations for the This communication also contains non-GAAP financial information which Vodafone Group Group’s future performance generally; expectations regarding the operating environment and Plc’s management believes is valuable in understanding the performance of Vodafone Group market conditions and trends, including customer usage, competitive position and Plc. However, non-GAAP information is not uniformly defined by all companies and therefore macroeconomic pressures, price trends, commercial momentum and opportunities in specific it may not be comparable with similarly titled measures disclosed by other companies, geographic markets; intentions and expectations regarding the development, launch and including those in Vodafone Group Plc’s industry. Although these measures are important in expansion of products, services and technologies, either introduced by Vodafone or by the assessment and management of Vodafone Group Plc’s business, they should not be Vodafone in conjunction with third parties or by third parties independently including digital viewed in isolation or as replacements for, but rather as complementary to, the comparable and financial services such as VodaPay, sharing infrastructure and its benefits and sharing GAAP measures. Although we try to accurately reflect speeches delivered, the actual speech mobile networks in Europe and Africa; expectations regarding the integration or performance as it was delivered may deviate from the script made available of current and future investments, associates, joint ventures, non-controlled interests and newly acquired businesses. Forward-looking statements are sometimes, but not always, References to Vodafone are to Vodafone Group Plc and references to Vodafone Group are to identified by their use of a date in the future or such words as “will”, “anticipates”, “could”, Vodafone Group Plc and its subsidiaries unless otherwise stated. Vodafone, the Vodafone “may”, “should”, “expects”, “believes”, “intends”, “plans” or “targets” (including in their Speech Mark Devices, Vodacom and The future is exciting. Ready? are trade marks owned by negative form or other variations). By their nature, forward-looking statements are inherently Vodafone. The Vantage Towers Logo and the VT Monogram Logo are trade marks owned by predictive, speculative and involve risk and uncertainty because they relate to events and Vantage Towers GmbH. Other product and company names mentioned herein may be the depend on circumstances that may or may not occur in the future. There are a number of trade marks of their respective owners.

Q1 FY22 Trading Update 23 July 2021 15 Group investors.vodafone.com Upcoming events Investor Relations [email protected]

1 Kingdom Street, London, W2 6BY 27 Annual General Meeting July Matthew Johnson Director [email protected] Group IR

Daniel Morris Deputy Director [email protected] 29 Digital services & experiences Group IR Sep’ investor briefing

Roy Teal Deputy Director [email protected] Group IR

Victoria Garnham 16 H1 FY22 Results Access Manager [email protected] Group IR Nov’