Vodafone (VOD) VodafoneThree Investor Briefing summary

Strategic rationale and execution

• Merger created a 27% UK mobile market-share challenger, combining scale for investment, better connectivity, competition and long-term returns.

• Integration is 16 months underway; year one delivered customer and network improvements, ahead of plans and on track against CMA commitments; the fourth organisational layer is complete, with over 200 overlapping sites planned to close.

• Full ownership simplifies governance and adds procurement, platform and shared-service scale; Vodafone shareholders capture future cash-flow growth and synergies.

Network investment and rollout

• £11bn, 10-year investment plan targets a next-generation, AI-ready 5G standalone network with 99.96% population coverage by 2034.

• 5G SA coverage reached 65% by Aug-26; targets are 90% by 2029 and 99% by 2030.

• Network capacity is targeted to reach 2.5x today’s level by 2034, with average speeds up to 5x separate networks’ speeds; 2029 capacity target is 65% above separate networks.

• MOCN is live on 10,000+ sites, removing 16,500+ km² of not-spots and lifting 4G speeds up to 40% for 7m Three customers; roaming is enabled across both networks at 10,000+ sites.

• National average 5G download speeds rose from 172Mbps in Apr-25 to 313Mbps in Aug-26; Vodafone average speeds rose 82%, according to Ookla.

Consumer growth and propositions

• FY26 delivered 219,000+ consumer net adds and record fixed gross and net adds; Q4 mobile contract ARPU rose 2% and broadband ARPU 5% YoY.

• Vodafone ranked #1 for NPS in Aug-26; Three complaints fell 40% YoY to a record low and mobile churn reached a four-year low.

• SuperMobile offers up to 4x faster speeds, network prioritisation and guaranteed minimum speeds; Secure Net Mobile is included on eligible plans.

• Fixed broadband share is 5%; fibre and FWA services reach 28m homes and premises, with broadband and convergence key growth opportunities.

• Vodafone TV aggregates live and on-demand content, 200+ channels and bundles including Netflix and HBO Max to support broadband acquisition, bundles and retention.