Vodafone (VOD) investor relations material

Opening remarks and agenda

• The meeting was opened at 10:30 in London, with a welcome and introduction of the board and executive team, and an agenda covering the chair's message, Q&A, and voting on resolutions.

• The meeting was webcast live, and shareholders were reminded of voting and participation procedures.

Financial performance review

• Over the past three years, the business footprint was reshaped, capital structure reset, and customer experience improved for 300 million customers in Europe and Africa.

• FY 2026 saw the completion of the Three UK merger, acquisitions in Romania and Germany, and the sale of a majority interest in VodafoneZiggo.

• In Africa, a controlling stake in Safaricom was acquired, with continued growth in service revenue, profitability, and cash flow.

• EUR 4 billion in share buybacks were completed over two years, and a progressive dividend policy was introduced.

• FY 2027 is expected to deliver 20% adjusted free cash flow growth, with double-digit organic growth predicted for subsequent years.

Board and executive committee updates

• Simon Dingemans was appointed chair of the Audit and Risk Committee, Simon Segars as senior independent director, and Anne-Françoise Nesmes joined the board.

• Pilar López became CFO in December, and Olaf Koch was appointed as a non-executive director.

• Hatem Dowidar resigned following the termination of the relationship agreement with e&, and Amparo Moraleda retired after nine years.

• Christine Ramon was appointed chair of the Remuneration Committee, and Anne-Françoise Nesmes as chair of the ESG Committee.