Vodafone Group Plc

Periods
Financial performance
1 Quarterly revenue (IFRS 15) FY 17/18 FY 18/19 FY 19/20 FY 20/21 H1
2 Adjusted income statement FY 18/19 FY 19/20 FY 20/21 H1
3 Regional results FY 18/19 FY 19/20 FY 20/21 H1
4 Half-year regional analysis (IFRS 15) FY 18/19 FY 19/20 FY 20/21 H1
5 Cash flow FY 18/19 FY 19/20 FY 20/21 H1

Operational metrics
6 Mobile customers Nine quarters to 30 September 2020
7 Fixed broadband customers Nine quarters to 30 September 2020
8 Marketable homes passed Nine quarters to 30 September 2020
9 TV & fixed line voice Nine quarters to 30 September 2020
10 Converged customers Nine quarters to 30 September 2020
11 Mobile churn Nine quarters to 30 September 2020
12 Mobile data usage Nine quarters to 30 September 2020
13 Mobile ARPU Nine quarters to 30 September 2020

Additional information
14 Average foreign exchange rates Nine quarters to 30 September 2020

Disclaimer

For convenience, this document, which contains unaudited information, is a collation of financial information from previous Vodafone Group Plc press releases, modified as set out in the footnotes, but does not
contain sufficient information to allow a full understanding of the historic results and state of affairs of the Vodafone Group. The financial information in this document only contains tabular information from the
consolidated financial statements. For further information please refer to the relevant press releases for the trading update, interim management statements, half-year and full year financial results for the financial
years ended 31 March 2018, year ended 31 March 2019, year ended 31 March 2020 and six month period ended 30 September 2020. All the press releases can be found on the Investor Relations section of the
Vodafone website at https://investors.vodafone.com/reports-information

In the discussion of the Group’s reported operating results, information is presented to provide readers with additional financial information that is regularly reviewed by management. However, this additional
information presented is not uniformly defined by all companies including those in the Group’s industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies.
Additionally, certain information presented is derived from amounts calculated in accordance with IFRS but is not itself an expressly permitted GAAP measure. Such alternative performance measures should not be
viewed in isolation or as an alternative to the equivalent GAAP measure.

Vodafone, the Vodafone logos and Vodacom, are trade marks of the Vodafone Group. Other product and company names mentioned herein may be the trademarks of their respective owners.

# C2 General
 Quarterly revenue
MEMO:
IFRS 15 basis Organic growth1 Organic growth excluding the impact of settlements
Q1 17/18 Q2 17/18 Q3 17/18 Q4 17/18 Q1 18/19 Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20 Q1 20/21 Q2 20/21 Q1 18/19 Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20 Q1 20/21 Q2 20/21 Q1 18/19 Q2 18/19 Q3 18/19 Q4 18/19
€m  €m  €m  €m  €m  €m €m €m €m €m €m €m €m €m % % % % % % % % % % % % % %

Group 2, 3

Europe 8,020  8,161  8,322  8,181  7,957  8,136  8,148  7,903  7,792  8,433  8,970  8,598  8,155  8,428  (0.4) (0.5) (2.2) (3.7) (2.2) (2.2) 0.5  (0.7) (3.8) (2.3)
Vodacom 1,364  1,323  1,367  1,407  1,371  1,347  1,359  1,366  1,332  1,402  1,452  1,345  1,153  1,270  5.0  6.1  0.5  2.4  1.8  2.9  6.1  2.7  0.6  7.1 
Other Markets 1,458  1,449  1,456  1,411  1,281  1,178  1,189  1,216  1,215  1,136  1,027  1,008  937  961  15.7  12.4  5.3  5.7  4.4  9.6  13.2  9.1  6.7  10.4 
Other and eliminations 293  308  303  317  293  285  302  335  314  315  301  334  261  262 
Revenue 11,135  11,241  11,448  11,316  10,902  10,946  10,998  10,820  10,653  11,286  11,750  11,285  10,506  10,921  1.6  1.4  (1.3) (1.9) (0.9) (0.4) 2.4  0.8  (2.8) (0.7)

Mobile customer revenue 6,044  6,084  5,978  5,914  5,770  5,784  5,779  5,661  5,655  5,757  5,715  5,575  5,241  5,375  0.2  (0.3) 0.3  (0.8) (0.1) –  0.3  0.8  (2.3) (1.2)
Mobile incoming revenue 525  511  508  486  465  451  462  424  438  437  437  427  431  407  (5.8) (5.4) (4.2) (8.6) (3.5) (3.2) (5.1) 2.4  2.7  (1.2)
Other service revenue 471  549  479  503  474  508  452  475  458  520  480  479  383  451  3.3  (5.1) (3.3) (3.6) (2.0) 3.8  7.3  4.1  (12.0) (9.2)
Mobile service revenue 7,040  7,144  6,965  6,903  6,709  6,743  6,693  6,560  6,551  6,714  6,632  6,481  6,055  6,233  –  (1.0) (0.3) (1.5) (0.5) –  0.4  1.1  (2.6) (1.9)
Fixed service revenue 2,457  2,394  2,480  2,617  2,421  2,395  2,460  2,477  2,443  2,836  3,101  3,113  3,055  3,075  3.6  2.9  2.1  (2.5) 0.7  2.6  2.1  3.0  1.6  2.6 
Service revenue1 9,497  9,538  9,445  9,520  9,130  9,138  9,153  9,037  8,994  9,550  9,733  9,594  9,110  9,308  0.9  –  0.3  (1.8) (0.2) 0.7  0.8  1.6  (1.3) (0.4) 0.9  –  0.3  (0.7)

Europe3
Mobile customer revenue 4,216  4,301  4,214  4,153  4,095  4,167  4,121  4,013  3,994  4,049  4,028  3,960  3,776  3,874 
Mobile incoming revenue 353  344  351  335  334  322  325  303  307  301  310  305  310  287 
Other service revenue 323  388  325  324  319  358  311  306  301  348  317  302  247  309 
Mobile service revenue 4,892  5,033  4,890  4,812  4,748  4,847  4,757  4,622  4,602  4,698  4,655  4,567  4,333  4,470 
Fixed service revenue 2,071  2,063  2,128  2,260  2,148  2,144  2,196  2,218  2,180  2,640  2,931  2,940  2,894  2,920 
Service revenue1 6,963  7,096  7,018  7,072  6,896  6,991  6,953  6,840  6,782  7,338  7,586  7,507  7,227  7,390  (0.6) (1.7) (1.1) (3.5) (1.7) (1.4) (1.4) (0.4) (2.6) (1.8) (0.6) (1.7) (1.1) (2.1)

Germany 3

Mobile customer revenue 1,093  1,135  1,122  1,089  1,092  1,138  1,124  1,099  1,103  1,127  1,112  1,103  1,074  1,119 
Mobile incoming revenue 53  53  52  50  51  50  51  48  48  49  51  55  57  54 
Other service revenue 117  140  132  134  125  133  124  115  109  113  110  104  95  104 
Mobile service revenue 1,263  1,328  1,306  1,273  1,268  1,321  1,299  1,262  1,260  1,289  1,273  1,262  1,226  1,277 
Fixed service revenue 964  975  983  1,093  989  999  1,002  1,005  1,005  1,407  1,610  1,590  1,614  1,606 
Service revenue1 2,227  2,303  2,289  2,366  2,257  2,320  2,301  2,267  2,265  2,696  2,883  2,852  2,840  2,883  1.4  0.9  0.6  (4.0) 0.4  (0.2) –  (0.1) –  (0.1) 1.4  0.9  0.6  0.3 

Italy
Mobile customer revenue 947  961  936  921  835  854  852  812  773  794  776  740  689  690 
Mobile incoming revenue 88  84  88  86  89  81  84  74  75  71  74  70  77  65 
Other service revenue 53  75  55  60  53  64  57  59  57  69  66  60  49  68 
Mobile service revenue 1,088  1,120  1,079  1,067  977  999  993  945  905  934  916  870  815  823 
Fixed service revenue 248  248  263  263  268  268  291  289  293  292  304  319  305  306 
Service revenue1 1,336  1,368  1,342  1,330  1,245  1,267  1,284  1,234  1,198  1,226  1,220  1,189  1,120  1,129  (6.7) (7.0) (4.2) (7.0) (3.8) (3.2) (5.0) (3.7) (6.5) (8.0)

UK
Mobile customer revenue 779  765  764  766  760  773  761  762  771  755  790  776  736  739 
Mobile incoming revenue 77  75  76  74  70  71  68  66  65  65  66  66  59  57 
Other service revenue 74  73  67  68  65  61  61  67  61  68  68  67  51  58 
Mobile service revenue 930  913  907  908  895  905  890  895  897  888  924  909  846  854 
Fixed service revenue 324  303  321  347  334  326  345  362  336  330  358  378  347  354 
Service revenue1 1,254  1,216  1,228  1,255  1,229  1,231  1,235  1,257  1,233  1,218  1,282  1,287  1,193  1,208  0.1  0.9  0.4  (0.2) 0.1  –  0.6  1.2  (1.9) (0.5) 0.1  0.9  0.4  (0.2)

Spain
Mobile customer revenue 661  680  653  638  646  629  610  584  575  563  561  574  552  565 
Mobile incoming revenue 42  41  41  35  32  31  32  30  31  29  32  33  39  35 
Other service revenue 43  63  39  41  38  52  38  33  38  59  38  40  24  38 
Mobile service revenue 746  784  733  714  716  712  680  647  644  651  631  647  615  638 
Fixed service revenue 370  371  384  378  378  356  359  355  344  327  335  325  305  322 
Service revenue1 1,116  1,155  1,117  1,092  1,094  1,068  1,039  1,002  988  978  966  972  920  960  (1.7) (6.9) (6.7) (7.9) (9.3) (8.0) (6.5) (2.7) (6.9) (1.8)

Ireland service revenue4 207  208  209  215  211  208  209  218  209  215  209  205  195  201  2.1  0.4  0.3  1.6  (1.1) 0.9  0.1  (3.6) (6.8) (6.1)
Portugal service revenue4 224  240  229  224  231  241  234  227  238  254  248  245  240  255  3.5  1.2  2.5  2.1  3.2  5.3  5.9  7.5  0.7  0.3 
Romania service revenue 4
160  167  163  158  158  162  159  149  159  188  197  190  190  195  (1.0) (2.9) (2.2) (5.0) 0.2  2.7  2.7  5.4  (1.2) (2.3)
Greece service revenue 4
192  207  189  183  202  224  220  214  218  237  219  210  199  222  5.5  2.4  8.9  9.2  3.7  4.4  1.9  1.9  (8.8) (6.1)
Other Europe service revenue1 1,060  1,110  1,078  1,064  1,097  1,141  1,119  1,103  1,128  1,264  1,265  1,233  1,171  1,240  3.4  2.3  3.3  2.5  2.1  3.3  3.0  3.4  (3.1) (1.8)

Eliminations (30) (56) (36) (35) (26) (36) (25) (23) (30) (44) (30) (26) (17) (30)
Service revenue1 6,963  7,096  7,018  7,072  6,896  6,991  6,953  6,840  6,782  7,338  7,586  7,507  7,227  7,390  (0.6) (1.7) (1.1) (3.5) (1.7) (1.4) (1.4) (0.4) (2.6) (1.8)

Vodacom5
Mobile customer revenue 953  914  926  953  958  931  942  931  923  957  977  914  809  845 
Mobile incoming revenue 40  40  45  42  42  42  39  41  40  41  40  36  32  34 
Other service revenue 55  62  56  63  55  48  50  55  51  71  75  75  58  64 
Mobile service revenue 1,048  1,016  1,027  1,058  1,055  1,021  1,031  1,027  1,014  1,069  1,092  1,025  899  943 
Fixed service revenue 60  52  63  55  58  65  65  69  64  70  70  66  51  56 
Service revenue1 1,108  1,068  1,090  1,113  1,113  1,086  1,096  1,096  1,078  1,139  1,162  1,091  950  999  5.2  5.7  1.4  3.5  1.1  3.6  5.2  3.2  1.5  3.2 

Other Markets
Mobile customer revenue 869  859  839  803  711  682  712  715  732  744  699  690  647  641 
Mobile incoming revenue 133  129  121  114  108  97  99  97  102  109  99  96  97  95 
Other service revenue 39  48  42  41  35  38  36  34  41  38  29  30  22  30 
Mobile service revenue 1,041  1,036  1,002  958  854  817  847  846  875  891  827  816  766  766 
Fixed service revenue 187  183  174  178  165  154  162  166  161  97  64  65  74  73 
Service revenue1 1,228  1,219  1,176  1,136  1,019  971  1,009  1,012  1,036  988  891  881  840  839  9.6  9.1  10.2  8.3  10.0  16.4  14.5  14.2  9.1  9.0 

Turkey 6

Mobile customer revenue 422  431  404  376  359  310  336  336  335  385  375  356  328  317 
Mobile incoming revenue 79  79  73  66  65  54  53  55  54  58  55  53  51  48 
Other service revenue 12  23  12  14  11  16  12  10  13  20  13  13  6  16 
Mobile service revenue 513  533  489  456  435  380  401  401  402  463  443  422  385  381 
Fixed service revenue 33  31  33  35  34  23  31  31  32  36  38  38  45  44 
Service revenue1 546  564  522  491  469  403  432  432  434  499  481  460  430  425  13.8  13.9  16.3  15.0  17.2  19.8  17.3  16.0  13.8  13.9 

Egypt service revenue 6

226  232  234  231  248  272  274  279  313  356  356  369  361  369  16.9  17.1  14.6  11.2  13.6  15.6  13.9  14.8  6.0  4.9 

Notes:
1 This is an alternative performance measure which is a non-GAAP measure that is presented to provide readers with additional financial information that is regularly reviewed by management and should not be viewed in isolation or as an
alternative to the equivalent GAAP measure.

2 Group service revenue includes the results of Europe, Vodacom, Other markets and Other (which includes the results of partner markets) and eliminations.
3 The allocation between mobile service revenue and fixed service revenue has been restated in Vodafone Germany for the eight quarters ended 31 March 2019, with an equivalent impact on the Europe and Group figures for mobile service
revenue and fixed service revenue. There is no impact on total service revenue for any quarter presented.
4 Included within the Other Europe segment.
5 Vodacom refers to the Group's interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.
6 Included within the Other Markets segment.

C2 General
#
 Adjusted income statement
IFRS 15 basis
H1 18/19 H2 18/19 FY 18/19 H1 19/20 H2 19/20 FY 19/20 H1 20/21
€m €m €m €m €m €m €m
(Restated) 2
Revenue 21,848  21,818  43,666  21,939  23,035  44,974  21,427 

Adjusted EBITDA1 6,915  7,003  13,918  7,105  7,776  14,881  7,023 

EBITDA margin 31.7% 32.2% 31.9% 32.4% 33.8% 33.1% 32.8%

Depreciation and amortisation (4,773) (4,892) (9,665) (4,874) (5,211) (10,085) (4,729)
Share of result in associates (8) (340) (348) (550) 309  (241) 255 
Adjusted operating profit1 2,134  1,771  3,905  1,681  2,874  4,555  2,549 
Adjusted investment income and financing costs (415) (627) (1,042) (799) (839) (1,638) (639)
Adjusted profit before taxation1 1,719  1,144  2,863  882  2,035  2,917  1,910 
Adjusted income tax expense (410) (341) (751) (394) (405) (799) (455)
Non-controlling interests (133) (248) (381) (238) (233) (471) (241)
Adjusted profit1 1,176  555  1,731  250  1,397  1,647  1,214 

Adjusted earnings per share (€ cents)1 4.28  6.27  0.85  5.60  4.11 
Weighted average number of shares - basic 27,462 27,607 29,410 29,422 29,535

Adjusted effective tax rate1 23.7% 23.4% 27.5% 25.3% 27.5%

Notes:
1 This is an alternative performance measure which is a non-GAAP measure that is presented to provide readers with additional financial information that is
regularly reviewed by management and should not be viewed in isolation or as an alternative to the equivalent GAAP measure.
2 As explained in the Group's Preliminary Announcement for the year ended 31 March 2019, revenue on an IFRS 15 basis in prior quarters was revised for the
allocation of, and timing of recognition for, equipment and service revenue. Consequently, revenue for the period ended 30 September 2018 ("H1 18/19") was
revised compared to amounts previously disclosed. Group service revenue decreased by €172 million and other revenue increased by €224 million, resulting in
a net increase in revenue of €52 million.

# C2 General
 Regional results
IFRS 15 basis
Organic % growth1
H1 18/19 H2 18/19 H1 19/20 H2 19/20 H1 20/21 H1 19/20 H2 19/20 H1 20/21
€m  €m  €m  €m  €m  % % %
Group
Mobile customer revenue 11,554  11,440  11,412  11,290  10,616 
Mobile incoming revenue 916  886  875  864  838 
Other service revenue 982  927  978  959  834 
Mobile service revenue 13,452  13,253  13,265  13,113  12,288 
Fixed service revenue 4,816  4,937  5,279  6,214  6,130 
Service revenue1 18,268  18,190  18,544  19,327  18,418  0.3  1.2  (0.8)
Other revenue 3,580  3,628  3,395  3,708  3,009 
Revenue 21,848  21,818  21,939  23,035  21,427  (0.7) 1.6  (1.8)
Direct costs (5,230) (5,030) (5,292) (5,151) (5,267)
Customer costs (4,274) (4,260) (3,987) (4,334) (3,614)
Operating expenses (5,429) (5,525) (5,555) (5,774) (5,523)
Adjusted EBITDA1 6,915  7,003  7,105  7,776  7,023  1.4  3.5  (1.9)
Depreciation and amortisation:
Acquired intangibles (116) (112) (113) (110) (98)
Purchased licences (731) (734) (781) (829) (804)
Other (3,926) (4,046) (3,980) (4,272) (3,827)
Share of result in associates and joint ventures (8) (340) (550) 309  255 
Adjusted operating profit1 2,134  1,771  1,681  2,874  2,549  2.8  8.2  42.5 

Adjusted EBITDA margin 31.7% 32.1% 32.4% 33.8% 32.8%

Capital additions 3,067  4,160  3,000  4,411  3,363 

Europe
Mobile customer revenue 8,262  8,134  8,043  7,988  7,650 
Mobile incoming revenue 656  628  608  615  597 
Other service revenue 677  617  649  619  556 
Mobile service revenue 9,595  9,379  9,300  9,222  8,803 
Fixed service revenue 4,292  4,414  4,820  5,871  5,814 
Service revenue1 13,887  13,793  14,120  15,093  14,617  (1.6) (0.9) (2.2)
Other revenue 2,206  2,258  2,105  2,475  1,966 
Revenue 16,093  16,051  16,225  17,568  16,583  (2.2) (0.1) (3.0)
Direct costs (3,699) (3,664) (3,735) (3,893) (3,848)
Customer costs (3,232) (3,310) (3,126) (3,508) (2,937)
Operating expenses (3,985) (3,965) (4,016) (4,123) (4,160)
Adjusted EBITDA1 5,177  5,112  5,348  6,044  5,638  (0.1) 3.2  (1.2)
Depreciation and amortisation:
Acquired intangibles (63) (61) (62) (62) (59)
Purchased licences (694) (694) (743) (794) (782)
Other (3,338) (3,389) (3,416) (3,726) (3,373)
Share of result in associates and joint ventures 32  118  39  79  23 
Adjusted operating profit1 1,114  1,086  1,166  1,541  1,447  (2.6) 9.9  8.6 

Adjusted EBITDA margin 32.2% 31.8% 33.0% 34.4% 34.0%

Capital additions 2,108  2,884  2,047  3,154  2,427 

Germany
Mobile customer revenue 2,230  2,223  2,230  2,215  2,193 
Mobile incoming revenue 101  99  97  106  111 
Other service revenue 258  239  222  214  199 
Mobile service revenue 2,589  2,561  2,549  2,535  2,503 
Fixed service revenue 1,988  2,007  2,412  3,200  3,220 
Service revenue1 4,577  4,568  4,961  5,735  5,723  0.1  –  (0.1)
Other revenue 603  642  629  751  648 
Revenue 5,180  5,210  5,590  6,486  6,371  0.1  0.8  (0.4)
Direct costs (987) (987) (1,005) (1,151) (1,082)
Customer costs (849) (915) (884) (1,045) (887)
Operating expenses (1,262) (1,311) (1,349) (1,565) (1,558)
Adjusted EBITDA1 2,082  1,997  2,352  2,725  2,844  3.5  1.5  1.3 
Depreciation and amortisation:
Acquired intangibles –  –  –  –  – 
Purchased licences (353) (354) (364) (373) (384)
Other (1,110) (1,192) (1,224) (1,415) (1,332)
Share of result in associates and joint ventures –  –  –  –  – 
Adjusted operating profit1 619  451  764  937  1,128  7.2  28.6  13.4 

Adjusted EBITDA margin 40.2% 38.3% 42.1% 42.0% 44.6%

Capital additions 786  1,030  836  1,367  1,161 

Italy
Mobile customer revenue 1,689  1,664  1,567  1,516  1,379 
Mobile incoming revenue 170  158  146  144  142 
Other service revenue 117  116  126  126  117 
Mobile service revenue 1,976  1,938  1,839  1,786  1,638 
Fixed service revenue 536  580  585  623  611 
Service revenue1 2,512  2,518  2,424  2,409  2,249  (3.5) (4.4) (7.2)

C2 General
#
 Other revenue 386  441  285  411  257 
Revenue 2,898  2,959  2,709  2,820  2,506  (6.5) (4.5) (7.2)
Direct costs (587) (584) (612) (620) (576)
Customer costs (666) (678) (539) (643) (503)
Operating expenses (587) (553) (552) (495) (627)
Adjusted EBITDA1 1,058  1,144  1,006  1,062  800  (3.5) (9.5) (11.1)
Depreciation and amortisation:
Acquired intangibles (61) (60) (61) (60) (57)
Purchased licences (36) (36) (61) (79) (79)
Other (544) (531) (501) (493) (468)
Share of result in associates and joint ventures –  –  –  –  16 
Adjusted operating profit1 417  517  383  430  212  (10.8) (30.0) (33.0)

Adjusted EBITDA margin 36.5% 38.7% 37.1% 37.7% 31.9%

Capital additions 282  502  229  468  297 

UK
Mobile customer revenue 1,533  1,523  1,526  1,566  1,475 
Mobile incoming revenue 141  134  130  132  116 
Other service revenue 126  128  129  135  109 
Mobile service revenue 1,800  1,785  1,785  1,833  1,700 
Fixed service revenue 660  707  666  736  701 
Service revenue1 2,460  2,492  2,451  2,569  2,401  0.1  0.9  (1.2)
Other revenue 671  649  700  764  582 
Revenue 3,131  3,141  3,151  3,333  2,983  1.1  3.9  (4.5)
Direct costs (805) (776) (809) (808) (874)
Customer costs (739) (764) (814) (882) (699)
Operating expenses (912) (912) (870) (801) (774)
Adjusted EBITDA1 675  689  658  842  636  (0.8) 21.4  (2.3)
Depreciation and amortisation:
Acquired intangibles –  –  –  –  – 
Purchased licences (218) (218) (227) (243) (233)
Other (598) (604) (593) (569) (529)
Share of result in associates and joint ventures –  –  –  –  – 
Adjusted operating profit1 (141) (133) (162) 30  (126) 8.3  120.1  (21.2)

Adjusted EBITDA margin 21.6% 21.9% 20.9% 25.3% 21.3%

Capital additions 330  474  329  424  313 

Spain
Mobile customer revenue 1,275  1,194  1,138  1,135  1,117 
Mobile incoming revenue 63  62  60  65  74 
Other service revenue 90  71  97  78  62 
Mobile service revenue 1,428  1,327  1,295  1,278  1,253 
Fixed service revenue 734  714  671  660  627 
Service revenue1 2,162  2,041  1,966  1,938  1,880  (8.7) (4.6) (4.4)
Other revenue 247  219  195  197  170 
Revenue 2,409  2,260  2,161  2,135  2,050  (10.3) (5.5) (5.1)
Direct costs (717) (695) (664) (589) (626)
Customer costs (569) (523) (471) (469) (426)
Operating expenses (594) (533) (566) (528) (510)
Adjusted EBITDA1 529  509  460  549  488  (11.3) 8.2  6.0 
Depreciation and amortisation:
Acquired intangibles –  –  –  –  – 
Purchased licences (33) (32) (35) (38) (34)
Other (597) (596) (586) (644) (497)
Share of result in associates and joint ventures –  –  –  –  – 
Adjusted operating profit1 (101) (119) (161) (133) (43) 45.0  (11.2) (73.3)

Adjusted EBITDA margin 22.0% 22.5% 21.3% 25.7% 23.8%

Capital additions 363  450  309  452  297 

Other Europe
Mobile customer revenue 1,535  1,530  1,582  1,556  1,486 
Mobile incoming revenue 190  183  182  175  161 
Other service revenue 138  102  141  115  108 
Mobile service revenue 1,863  1,815  1,905  1,846  1,755 
Fixed service revenue 375  407  487  652  656 
Service revenue1 2,238  2,222  2,392  2,498  2,411  2.7  3.2  (2.4)
Other revenue 302  310  298  353  309 
Revenue 2,540  2,532  2,690  2,851  2,720  2.1  3.3  (2.3)
Direct costs (668) (673) (721) (781) (737)
Customer costs (409) (430) (418) (470) (422)
Operating expenses (630) (656) (679) (734) (691)
Adjusted EBITDA1 833  773  872  866  870  3.1  6.4  (2.2)
Depreciation and amortisation:
Acquired intangibles (2) (1) (1) (2) (2)
Purchased licences (54) (54) (56) (61) (52)
Other (489) (466) (512) (605) (547)
Share of result in associates and joint ventures 32  118  39  79  7 
Adjusted operating profit1 320  370  342  277  276  12.1  (8.7) (21.0)

C2 General
#
 Adjusted EBITDA margin 32.8% 30.5% 32.4% 30.4% 32.0%
Capital additions 347  428  344  443  359 

Vodacom2
Mobile customer revenue 1,889  1,873  1,880  1,891  1,654 
Mobile incoming revenue 84  80  81  76  66 
Other service revenue 103  105  122  150  122 
Mobile service revenue 2,076  2,058  2,083  2,117  1,842 
Fixed service revenue 123  134  134  136  107 
Service revenue1 2,199  2,192  2,217  2,253  1,949  2.4  4.2  2.3 
Other revenue 519  533  517  544  474 
Revenue 2,718  2,725  2,734  2,797  2,423  2.4  4.4  3.9 
Direct costs (389) (406) (433) (434) (447)
Customer costs (589) (591) (570) (583) (456)
Operating expenses (670) (641) (712) (711) (629)
Adjusted EBITDA1 1,070  1,087  1,019  1,069  891  –  2.2  3.6 
Depreciation and amortisation:
Acquired intangibles (41) (40) (39) (39) (32)
Purchased licences (2) (4) (5) (6) (5)
Other (335) (313) (342) (336) (302)
Share of result in associates and joint ventures 105  109  123  125  110 
Adjusted operating profit1 797  839  756  813  662  (0.6) 0.1  2.7 

Adjusted EBITDA margin 39.4% 39.9% 37.3% 38.2% 36.8%

Capital additions 338  472  390  412  333 

Other Markets
Mobile customer revenue 1,393  1,427  1,476  1,389  1,288 
Mobile incoming revenue 205  196  211  195  192 
Other service revenue 73  70  79  59  52 
Mobile service revenue 1,671  1,693  1,766  1,643  1,532 
Fixed service revenue 319  328  258  129  147 
Service revenue1 1,990  2,021  2,024  1,772  1,679  15.4  14.4  9.0 
Other revenue 469  384  327  263  219 
Revenue 2,459  2,405  2,351  2,035  1,898  7.6  11.2  8.5 
Direct costs (774) (767) (764) (653) (637)
Customer costs (477) (388) (318) (275) (238)
Operating expenses (535) (519) (514) (462) (410)
Adjusted EBITDA1 673  731  755  645  613  22.7  12.7  0.5 
Depreciation and amortisation:
Acquired intangibles (12) (11) (11) (10) (7)
Purchased licences (35) (36) (33) (28) (18)
Other (292) (289) (228) (188) (106)
Share of result in associates and joint ventures (145) (567) (713) 108  124 
Adjusted operating profit1 189  (172) (230) 527  606  50.8  16.7  (265.1)

Adjusted EBITDA margin 27.4% 30.4% 32.1% 31.7% 32.3%

Capital additions 287  339  274  313  245 

Turkey3
Mobile customer revenue 669  672  720  731  645 
Mobile incoming revenue 119  108  112  108  99 
Other service revenue 26  23  33  26  22 
Mobile service revenue 814  803  865  865  766 
Fixed service revenue 57  62  68  76  89 
Service revenue1 871  865  933  941  855  18.6  16.7  13.8 
Other revenue 354  259  223  228  188 
Revenue 1,225  1,124  1,156  1,169  1,043  4.4  10.7  12.0 
Direct costs (396) (364) (393) (385) (357)
Customer costs (370) (282) (225) (244) (208)
Operating expenses (194) (193) (229) (233) (195)
Adjusted EBITDA1 265  285  309  307  283  32.6  21.8  14.7 
Depreciation and amortisation:
Acquired intangibles (9) (9) (8) (9) (7)
Purchased licences (20) (19) (18) (18) (15)
Other (112) (100) (103) (109) (92)
Share of result in associates and joint ventures –  –  –  –  – 
Adjusted operating profit1 124  157  180  171  169  70.5  29.7  18.3 

Adjusted EBITDA margin 21.6% 25.4% 26.7% 26.3% 27.1%

Capital additions 116  133  114  146  112 

Notes:
1 This is an alternative performance measure which is a non-GAAP measure that is presented to provide readers with additional financial
information that is regularly reviewed by management and should not be viewed in isolation or as an alternative to the equivalent GAAP
measure.
2 Vodacom refers to the Group's interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.
3 Included within the Other Markets segment.

C2 General
#
 Half year regional analysis

Revenue (IFRS 15) Adjusted EBITDA1 Adjusted operating profit/(loss)1 Capitalised additions3 Operating free cash flow1
H1 18/19 H2 18/19 H1 19/20 H2 19/20 H1 20/21 H1 18/19 H2 18/19 H1 19/20 H2 19/20 H1 20/21 H1 18/19 H2 18/19 H1 19/20 H2 19/20 H1 20/21 H1 18/19 H2 18/19 H1 19/20 H2 19/20 H1 20/21 H1 18/19 H2 18/19 H1 19/20 H2 19/20 H1 20/21
(Restated)2 (Restated)2 (Restated)2
€m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m  €m 
Europe
Germany 5,180  5,210  5,590  6,486  6,371  2,082  1,997  2,352  2,725  2,844  619  451  764  937  1,128  786  1,030  836  1,367  1,161  943  1,482  950  2,037  1,309 
Italy 2,898  2,959  2,709  2,820  2,506  1,058  1,144  1,006  1,062  800  417  517  383  430  212  282  502  229  468  297  640  912  332  1,023  266 
UK 3,131  3,141  3,151  3,333  2,983  675  689  658  842  636  (141) (133) (162) 30  (126) 330  474  329  424  313  106  583  24  906  (302)
Spain 2,409  2,260  2,161  2,135  2,050  529  509  460  549  488  (101) (119) (161) (133) (43) 363  450  309  452  297  (3) 446  41  283  (17)
Other Europe
Netherlands –  –  –  –  –  –  –  –  –  –  36  126  44  86  12  –  –  –  –  –  –  –  –  –  – 
Portugal 519  509  541  541  537  206  183  207  187  213  62  42  66  40  80  95  127  84  98  83  134  31  119  105  113 
Greece 459  480  488  470  452  147  155  155  149  138  59  68  64  60  66  59  64  51  59  54  10  167  15  213  (37)
Other 1,562  1,543  1,661  1,840  1,731  480  435  510  530  519  163  134  168  91  118  193  237  209  286  222  110  409  114  513  120 
2,540  2,532  2,690  2,851  2,720  833  773  872  866  870  320  370  342  277  276  347  428  344  443  359  254  607  248  831  196 
Intra-region eliminations (65) (51) (76) (57) (47) –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  – 
16,093  16,051  16,225  17,568  16,583  5,177  5,112  5,348  6,044  5,638  1,114  1,086  1,166  1,541  1,447  2,108  2,884  2,047  3,154  2,427  1,940  4,030  1,595  5,080  1,452 
Vodacom4 2,718  2,725  2,734  2,797  2,423  1,070  1,087  1,019  1,069  891  797  839  756  813  662  338  472  390  412  333  457  922  484  857  375 
Other Markets –  –  –  –  –  – 
Turkey 1,225  1,124  1,156  1,169  1,043  265  285  309  307  283  124  157  180  171  169  116  133  114  146  112  (253) 561  (120) 459  1 
Egypt 536  578  694  758  760  245  271  329  337  316  165  181  233  265  313  87  105  106  140  118  198  131  244  187  188 
India –  –  –  –  –  –  –  –  –  –  (133) (556) (692) 122  104  –  –  –  –  –  –  –  –  –  – 
Other 698  703  501  108  95  163  175  117  1  14  33  46  49  (31) 20  84  101  54  27  15  32  100  35  7  3 
2,459  2,405  2,351  2,035  1,898  673  731  755  645  613  189  (172) (230) 527  606  287  339  274  313  245  (23) 792  159  653  192 
Other 738  779  787  780  656  (5) 73  (17) 18  (119) 34  18  (11) (7) (166) 334  465  289  532  358  (836) (211) (843) (264) (737)
Inter-region eliminations (160) (142) (158) (145) (133) –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  – 
Group 21,848  21,818  21,939  23,035  21,427  6,915  7,003  7,105  7,776  7,023  2,134  1,771  1,681  2,874  2,549  3,067  4,160  3,000  4,411  3,363  1,538  5,533  1,395  6,326  1,282 

Notes:
1 This is an alternative performance measure which is a non-GAAP measure that is presented to provide readers with additional financial information that is
regularly reviewed by management and should not be viewed in isolation or as an alternative to the equivalent GAAP measure.

2 As explained in the Group's Preliminary Announcement for the year ended 31 March 2019, revenue on an IFRS 15 basis in prior quarters was revised for the
allocation of, and timing of recognition for, equipment and service revenue. Consequently, amounts for the period ended 30 September 2018 ("H1 18/19") were
revised compared to amounts previously disclosed. Group revenue increased by €52 million, adjusted EBITDA increased by €42 million and adjusted operating
profit increased by €42 million.

3 Capital additions include the purchase of property plant and equipment and intangible assets, other than licence and spectrum, during the period.
4 Vodacom refers to the Group's interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.

C2 General
#
 Cash flow analysis
IFRS 15 basis
H1 18/19 H2 18/19 FY 18/19 H1 19/20 H2 19/20 FY 19/20 H1 20/21
(Restated) 2
€m €m €m €m €m €m €m
Adjusted EBITDA1 6,915  7,003  13,918  7,105  7,776  14,881  7,023 
Capital additions3 (3,067) (4,160) (7,227) (3,000) (4,411) (7,411) (3,363)
Working capital (2,362) 2,550  188  (2,952) 2,825  (127) (2,503)
Disposal of property, plant and equipment 4  41  45  21  20  41  6 
Other 48  99  147  221  116  337  119 
Operating free cash flow1 1,538  5,533  7,071  1,395  6,326  7,721  1,282 
Taxation (395) (645) (1,040) (483) (447) (930) (533)
Dividends received from associates and investments 305  193  498  63  354  417  355 
Dividends paid to non-controlling shareholders in subsidiaries (185) (399) (584) (169) (179) (348) (166)
Interest received and paid (369) (133) (502) (412) (748) (1,160) (487)
Free cash flow (pre-spectrum)1 894  4,549  5,443  394  5,306  5,700  451 
Licence and spectrum payments (231) (606) (837) (58) (123) (181) (286)
Restructuring payments (97) (98) (195) (302) (268) (570) (266)
Free cash flow1 566  3,845  4,411  34  4,915  4,949  (101)
Acquisitions and disposals 168  14  182  (16,715) 2,261  (14,454) 434 
Equity dividends paid (2,736) (1,328) (4,064) (1,092) (1,204) (2,296) (1,209)
Share buybacks –  (606) (606) (1,094) –  (1,094) – 
Convertible issue –  3,848  3,848  –  –  –  – 
Foreign exchange 296  (37) 259  67  242  309  (258)
Other (773) (659) (1,432) (2,274) (275) (2,549) (681)
Net debt increase (2,479) 5,077  2,598  (21,074) 5,939  (15,135) (1,815)
Opening net debt4 (29,631) (32,110) (29,631) (27,033) (48,107) (27,033) (42,168)
Closing net debt4,5 (32,110) (27,033) (27,033) (48,107) (42,168) (42,168) (43,983)

Notes:
1 This is an alternative performance measure which is a non-GAAP measure that is presented to provide readers with additional
financial information that is regularly reviewed by management and should not be viewed in isolation or as an alternative to the
equivalent GAAP measure.

2 As explained in the Group's Preliminary Announcement for the year ended 31 March 2019, revenue on an IFRS 15 basis in prior
quarters was revised for the allocation of, and timing of recognition for, equipment and service revenue. Consequently, adjusted
EBITDA increased by €42 million.

3 Capital additions includes the purchase of property, plant and equipment and intangible assets, other than licences and spectrum,
during the year.
4 Net debt for all periods to 31 March 2018 has been restated to exclude €1.8 billion of liabilities for payments due to holders of the
equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement, which are now
separately disclosed in the consolidated statement of financial position and are no longer presented within borrowings.

5 FY 19/20 and H1 FY20/21 adjusted to exclude derivative gains in cash flow hedge reserves, significantly increased due to COVID-
19 related market conditions.

# C2 General
 Mobile customers1
Closing customers (thousands) Contract percentage2 Contract net additions (thousands) Prepaid net additions (thousands) Other movements (thousands)3
Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20 Q1 20/21 Q2 20/21 Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20 Q1 20/21 Q2 20/21 Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20 Q1 20/21 Q2 20/21 Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20 Q1 20/21 Q2 20/21 Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20
Europe
Germany4 29,692  29,642  29,541  29,575  29,649  29,828  30,052  30,198  30,515  60.4% 61.0% 61.4% 61.6% 62.1% 62.3% 62.2% 62.1% 62.0% 208  165  84  74  190  160  118  57  181  (412) (215) (161) (40) (116) 19  106  89  136  –  –  (24) –  –  –  – 
Italy 21,648  21,239  20,975  20,624  20,192  19,661  19,245  19,017  18,743  18.1% 17.7% 17.3% 17.1% 16.9% 16.2% 15.4% 15.2% 15.3% (136) (144) (130) (109) (123) (224) (218) (62) (34) (210) (265) (134) (242) (309) (307) (198) (166) (240) –  –  –  –  –  –  – 
UK 17,055  17,175  17,210  17,320  17,806  18,056  18,042  17,580  17,380  71.7% 71.7% 71.7% 71.6% 70.4% 70.1% 70.5% 72.7% 74.0% 86  92  26  57  106  134  51  61  81  (284) 28  9  53  371  116  (65) (523) (281) (179) –  –  –  9  –  – 
Spain 14,023  13,904  13,727  13,509  13,575  13,575  13,483  13,573  13,265  82.6% 82.6% 83.3% 83.4% 83.1% 83.2% 84.2% 84.2% 86.3% (106) (94) (56) (158) 7  19  51  83  12  (34) (25) (121) (60) 59  (19) (143) 7  (320) –  –  –  –  –  –  – 
Other Europe
Ireland 1,965  1,970  1,958  1,964  1,992  1,996  2,004  2,014  2,012  56.4% 56.9% 57.6% 57.9% 57.8% 58.1% 58.3% 59.2% 60.3% 11  11  8  10  13  8  9  24  21  (3) (6) (20) (4) 15  (4) (1) (14) (23) –  –  –  –  –  –  – 
Portugal 4,728  4,691  4,688  4,730  4,853  4,748  4,682  4,571  4,612  41.2% 42.2% 43.0% 43.2% 42.5% 43.8% 44.9% 46.3% 46.3% 19  31  36  27  22  17  21  17  18  125  (68) (39) 15  101  (122) (87) (128) 23  –  –  –  –  –  –  – 
Romania4 8,991  9,177  8,988  9,024  9,219  9,295  9,296  9,038  9,018  41.2% 40.9% 41.8% 41.1% 40.5% 40.6% 40.2% 41.2% 41.5% 22  43  4  (46) 26  39  (33) (18) 23  65  143  (193) 82  169  37  34  (240) (43) –  –  –  –  –  –  – 
Greece 5,124  5,046  4,964  5,026  4,849  4,563  4,476  4,343  4,201  32.1% 32.6% 33.2% 32.7% 33.6% 35.6% 36.3% 37.4% 38.9% (5) –  1  (4) (15) (5) (1) 2  9  (160) (78) (83) 66  (162) (281) (86) (135) (151) 66  –  –  –  –  –  – 
Czech Republic4 3,888  3,910  3,897  3,924  3,981  3,989  3,990  3,907  3,925  68.9% 69.4% 70.2% 70.5% 70.0% 70.6% 72.1% 74.0% 74.6% 33  33  22  31  22  31  57  17  37  45  (11) (35) (4) 35  (23) (56) (100) (19) –  –  –  –  –  –  – 
Hungary4 2,883  2,913  2,934  2,945  3,095  3,125  3,127  3,122  3,105  65.4% 66.3% 66.7% 67.4% 69.1% 69.5% 69.8% 70.2% 71.1% 33  45  28  27  31  34  11  10  16  (31) (15) (7) (16) (3) (4) (9) (15) (33) –  –  –  –  122  –  – 
Albania 2,029  1,881  1,771  1,679  1,800  1,699  1,618  1,548  1,723  4.2% 4.5% 5.1% 8.3% 11.3% 15.8% 18.9% 20.2% 18.5% 1  –  6  49  64  65  36  7  7  54  (148) (116) (141) 57  (166) (117) (77) 168  –  –  –  –  –  –  – 
Malta 307  305  302  300  300  297  302  –  –  26.4% 27.2% 28.5% 29.0% 29.7% 30.0% 28.5% –  –  1  2  3  1  2  –  (3) –  –  (3) (4) (6) (3) (2) (3) 8  –  –  –  –  –  –  –  –  – 
Total 29,915  29,893  29,502  29,592  30,089  29,712  29,495  28,543  28,596  43.9% 44.5% 45.5% 45.6% 45.8% 47.1% 47.7% 49.2% 49.6% 115  165  108  95  165  189  97  59  131  92  (187) (499) (5) 210  (566) (314) (709) (78) 66  –  –  –  122  –  – 
Europe 112,333  111,853  110,955  110,620  111,311  110,832  110,317  108,911  108,499  52.3% 52.7% 53.1% 53.3% 53.4% 53.9% 54.2% 55.0% 55.6% 167  184  32  (41) 345  278  99  198  371  (848) (664) (906) (294) 215  (757) (614) (1,302) (783) (113) –  (24) –  131  –  – 

Vodacom5 87,467  87,968  87,294  87,147  84,619  86,449  83,734  80,266  84,170  6.7% 6.8% 7.0% 7.2% 7.5% 7.4% 7.7% 8.0% 7.7% 116  53  196  104  123  54  26  9  67  2,106  448  (870) (251) 3,246  1,776  (2,741) (3,477) 3,837  –  –  –  –  (5,897) –  – 
Other Markets
Turkey 23,723  23,427  23,665  23,744  24,054  23,437  23,545  23,631  24,051  53.9% 56.1% 56.8% 58.0% 58.2% 60.4% 60.9% 61.6% 62.0% 392  345  313  316  227  185  188  221  334  (24) (641) (75) (237) 83  (439) (80) (135) 86  –  –  –  –  –  (363) – 
Egypt 40,537  39,647  39,120  39,333  39,850  40,028  40,244  39,951  40,418  8.8% 9.3% 9.8% 10.1% 10.2% 10.6% 10.8% 11.0% 11.1% 121  144  145  127  114  150  112  35  98  (1,054) (1,034) (672) 86  403  28  104  (328) 369  –  –  –  –  –  –  – 
New Zealand 2,586  2,521  2,552  2,538  –  –  –  –  –  42.1% 43.8% 43.5% 44.5% –  –  –  –  –  14  16  6  19  –  –  –  –  –  (6) (81) 25  (33) –  –  –  –  –  –  –  –  –  (2,538) –  – 
Ghana 9,188  9,800  10,288  9,959  9,384  9,097  8,787  8,585  8,118  1.9% 1.8% 1.8% 1.8% 2.0% 2.2% 2.6% 3.1% 3.1% 9  5  4  3  7  10  24  42  (19) (154) 607  484  (332) (582) (297) (334) (244) (448) –  –  –  –  –  –  – 
Total 76,034  75,395  75,625  75,574  73,288  72,562  72,576  72,167  72,587  23.1% 24.0% 24.6% 25.2% 24.9% 25.6% 26.1% 26.6% 27.0% 536  510  468  465  348  345  324  298  413  (1,238) (1,149) (238) (516) (96) (708) (310) (707) 7  –  –  –  –  (2,538) (363) – 

Group 275,834  275,216  273,874  273,341  269,218  269,843  266,627  261,344  265,256  29.8% 30.2% 30.6% 30.8% 31.2% 31.4% 31.9% 32.7% 32.6% 819  747  696  528  816  677  449  505  851  20  (1,365) (2,014) (1,061) 3,365  311  (3,665) (5,486) 3,061  (113) –  (24) –  (8,304) (363) – 

Memo: Other businesses

Netherlands: VodafoneZiggo 4,906  4,966  4,960  4,967  5,019  5,065  5,102  5,104  5,155  84.9% 84.9% 85.8% 87.1% 87.8% 88.5% 89.3% 90.4% 91.0% 50  51  41  70  82  76  72  58  76  (6) 9  (47) (63) (30) (30) (35) (56) (25) –  –  –  –  –  –  – 
Safaricom 29,944  31,321  31,845  33,119  34,570  35,335  35,607  36,587  38,144  3.7% 3.6% 3.8% 4.2% 3.9% 3.3% 2.9% 2.8% 2.8% 16  46  55  187  (23) (186) (156) –  37  148  1,331  469  1,087  1,474  951  428  980  1,520  –  –  –  –  –  –  – 

Notes:
1 Mobile customer numbers exclude IoT, MVNO and visitor numbers.
2 Contract percentages are calculated on a venture basis.
3 Other movements relate to restatement of customer bases, changes in disconnection policy and acquisitions and disposals.
4 Net additions for Q2 19/20 for Germany, Romania, Czech Republic and Hungary have been revised to only reflect customer additions in Liberty entities from the point of the transaction completing on 31 July 2019.
5 Vodacom refers to the Group’s interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.

# C2 General
 Fixed broadband customers
Closing customers (thousands) Net additions (thousands)
Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20 Q1 20/21 Q2 20/21 Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20
Europe
Germany1 6,735  6,808  6,884  6,908  10,619  10,712  10,782  10,812  10,862  69  73  76  24  29  93  70 
Italy 2,619  2,700  2,783  2,810  2,837  2,873  2,904  2,949  2,956  57  81  83  27  27  36  31 
UK2 479  525  575  606  667  687  751  793  838  44  46  50  31  61  20  64 
Spain 3,222  3,216  3,217  3,168  3,163  3,172  3,172  3,202  3,230  (69) (6) 1  (49) (5) 9  – 
Ireland 258  261  266  269  274  280  284  289  293  (5) 3  5  3  5  6  4 
Portugal 637  657  677  693  711  728  743  756  777  15  20  20  16  18  17  15 
Romania1 64  64  64  63  686  693  702  705  705  (1) –  –  (1) 3  7  9 
Greece 930  939  942  942  937  943  945  953  955  5  9  3  –  (5) 6  2 
Czech Republic1 21  24  29  32  545  552  560  570  579  3  3  5  3  6  7  8 
Hungary1 –  –  –  –  698  703  711  714  714  –  –  –  –  3  5  8 
Albania –  –  –  –  –  –  84  93  96  –  –  –  –  –  –  2 
Malta 10  10  10  10  10  9  10  –  –  1  –  –  –  –  (1) 1 
Total 14,975  15,204  15,447  15,501  21,147  21,352  21,648  21,836  22,005  119  229  243  54  142  205  214 
Of which: European NGN customers1 10,223  10,637  11,065  11,302  17,176  17,593  18,096  18,525  18,881  318  414  428  237  370  417  421 

Vodacom3 20  24  30  36  44  51  63  79  97  4  4  6  6  8  7  12 
Turkey 775  845  885  919  959  1,004  1,059  1,119  1,156  38  70  40  34  40  45  55 
Egypt 468  499  529  567  605  637  694  741  787  22  31  30  38  38  32  57 
New Zealand 429  429  424  418  –  –  –  –  –  1  –  (5) (6) –  –  – 
Ghana 45  55  55  56  56  55  55  55  57  1  10  –  1  –  (1) – 
Total 1,737  1,852  1,923  1,996  1,664  1,747  1,871  1,994  2,097  66  115  71  73  86  83  124 

Group1 16,712  17,056  17,370  17,497  22,811  23,099  23,519  23,830  24,102  185  344  314  127  228  288  338 

Memo: Other businesses

Netherlands: VodafoneZiggo 3,312  3,317  3,324  3,341  3,349  3,362  3,372  3,378  3,371  13  5  7  17  8  6  6 
Safaricom 65  74  86  84  97  102  122  134  151  8  9  12  (2) 6  5  20 

Notes:
1 Net additions for Q2 19/20 for Germany, Romania, Czech Republic and Hungary have been revised to only reflect customer additions in Liberty entities from the point of the transaction completing on 31 July 2019.
2 The net additions for Q1 20/21 excludes a base clean up of 32k.
3 Vodacom refers to the Group’s interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.

C2 General
#
 Marketable homes passed
NGN self-build households passed (in millions)
Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20
Europe
Germany 12.7  12.8  12.8  12.8  24.0  24.0  24.0 
Italy 3.2  3.0  3.1  2.9  2.8  2.6  2.5 
UK –  –  –  –  –  –  – 
Spain 10.3  10.2  10.3  10.4  10.4  10.4  10.4 
Portugal 2.7  2.8  2.9  2.9  3.0  3.1  3.1 
Other Europe 0.3  0.4  0.4  0.5  7.0  7.2  7.7 
Total 29.2  29.2  29.5  29.5  47.2  47.3  47.7 

Memo: Other businesses

Netherlands: VodafoneZiggo 7.2  7.2  7.2  7.2  7.2  7.3  7.3 

NGN wholesale households passed (in millions)

Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20
Europe
Germany 16.0  17.1  17.9  18.3  7.8  11.3  11.5 
Italy 12.5  12.8  13.6  13.7  14.3  14.7  15.5 
UK 28.1  28.1  28.2  28.2  28.6  28.5  29.0 
Spain 11.2  11.8  12.0  12.7  13.6  14.4  14.7 
Portugal 0.2  0.3  0.3  0.3  0.3  0.3  0.3 
Other Europe 3.5  3.6  3.7  3.8  3.9  4.0  4.8 
Total 71.5  73.7  75.7  77.0  68.5  73.2  75.8 

Memo: Other businesses

Italy: Open Fiber 2.6  3.2  3.4  3.8  4.2  4.7  5.0 

C2 General
#
 TV & fixed line voice
TV customers (thousands) Net additions (thousands)
Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20 Q1 20/21 Q2 20/21 Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20
Europe
Germany 7,630  7,611  7,581  7,543  13,712  13,639  13,578  13,528  13,493  (30) (19) (30) (38) (73) (73) (61)
Italy 78  95  115  126  174  208  235  233  290  14  17  20  11  48  34  27 
UK –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  – 
Spain 1,262  1,275  1,311  1,287  1,307  1,363  1,404  1,461  1,518  (66) 13  36  (24) 20  56  41 
Portugal 579  596  614  628  646  664  679  692  713  14  17  18  14  18  18  15 
Other Europe 128  138  142  147  2,279  2,291  2,387  2,394  2,389  9  10  4  5  5  12  12 
Total 9,677  9,715  9,763  9,731  18,118  18,165  18,283  18,308  18,403  (59) 38  48  (32) 18  47  34 

Memo: Other businesses

Netherlands: VodafoneZiggo 3,919  3,903  3,885  3,883  3,874  3,870  3,864  3,866  3,848  (9) (16) (18) (2) (9) (4) (6)

Fixed line voice customers (thousands) Net additions (thousands)

Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20 Q1 20/21 Q2 20/21 Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20
Europe
Germany 6,741  6,802  6,875  6,882  10,344  10,411  10,471  10,503  10,557  53  61  73  7  21  67  60 
Italy 2,815  2,880  2,958  2,974  2,984  3,010  3,029  3,066  3,066  46  65  78  16  10  26  19 
UK1 479  525  575  606  667  687  751  793  838  44  46  50  31  61  20  64 
Spain 3,282  3,247  3,187  3,118  3,065  3,011  2,960  2,951  2,914  (88) (35) (60) (69) (53) (54) (51)
Portugal 679  697  717  732  750  766  744  757  778  14  18  20  15  18  16  (22)
Other Europe 1,066  1,075  1,085  1,267  1,967  1,982  1,988  1,991  1,978  (2) 9  10  182  (3) 15  6 
Total 15,062  15,226  15,397  15,579  19,777  19,867  19,943  20,061  20,131  67  164  171  182  54  90  76 

Memo: Other businesses

Netherlands: VodafoneZiggo 2,521  2,500  2,474  2,460  2,433  2,410  2,383  2,354  2,316  (17) (21) (26) (14) (27) (23) (27)

Notes:
1 The net additions for Q1 20/21 excludes a base clean up of 32k.

# C2 General
 Converged customers

Consumer converged customers (thousands) Net additions (thousands)

Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20 Q1 20/21 Q2 20/21 Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20
Europe
Germany1 1,213  1,308  1,451  1,558  1,411  1,462  1,510  1,532  1,583  107  95  143  107  53  51  48 
Italy 834  896  957  971  984  1,014  1,049  1,070  1,090  28  62  61  14  13  30  35 
UK 257  275  295  310  337  358  385  418  437  22  18  20  15  27  21  27 
Spain 2,275  2,281  2,299  2,274  2,272  2,281  2,288  2,301  2,306  (47) 6  18  (25) (2) 9  7 
Portugal 138  149  163  173  182  193  203  209  217  8  11  14  10  9  11  10 
Other Europe 319  315  316  310  342  362  376  386  398  1  (4) 1  (6) 32  20  14 
Total 5,036  5,224  5,481  5,596  5,528  5,670  5,811  5,916  6,031  119  188  257  115  132  142  141 

Other Markets 129  131  133  140  –  28  79  119  148  3  2  2  7  –  28  51 

Group 5,165  5,355  5,614  5,736  5,528  5,698  5,890  6,035  6,179  122  190  259  122  132  170  192 

Memo: Other businesses

Netherlands: VodafoneZiggo 998  1,059  1,096  1,192  1,295  1,345  1,384  1,412  1,432  38  61  37  96  103  50  39 

Notes:
1 The net additions for Q2 19/20 excludes a base clean up of 200k.

C2 General
#
 Mobile churn
Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20

Germany
Total 23.2% 20.2% 18.4% 16.0% 18.9% 16.6% 13.7%
Contract 13.0% 13.4% 13.1% 12.3% 12.5% 13.0% 12.3%
Prepaid 38.3% 30.8% 26.8% 21.9% 29.4% 22.6% 16.0%

Italy
Total 48.2% 36.0% 27.9% 27.8% 32.6% 35.0% 28.9%
Contract 21.2% 23.1% 22.7% 19.9% 19.6% 32.3% 36.5%
Prepaid 54.3% 38.8% 29.0% 29.5% 35.3% 35.5% 27.4%

UK
Total 27.5% 26.1% 24.7% 25.9% 26.0% 25.6% 25.7%
Contract 15.9% 15.3% 14.2% 13.1% 14.3% 14.8% 14.2%
Prepaid1 57.1% 53.4% 51.3% 58.3% 54.5% 51.3% 52.8%

Spain
Total 32.7% 30.5% 31.0% 30.0% 28.9% 28.4% 29.3%
Contract 25.8% 23.5% 22.3% 22.0% 21.2% 22.0% 19.7%
Prepaid 65.4% 63.5% 73.2% 69.9% 67.0% 60.2% 77.9%

Vodacom2
Total 80.5% 83.5% 85.3% 85.3% 101.9% 86.8% 88.9%
Contract 5.3% 4.0% 5.3% 6.6% 6.7% 7.6% 10.3%
Prepaid 86.0% 89.2% 91.2% 91.3% 109.4% 93.2% 95.3%

Turkey
Total 25.3% 31.3% 22.2% 24.6% 26.8% 33.1% 26.8%
Contract 17.5% 17.3% 18.2% 17.7% 22.5% 25.0% 24.9%
Prepaid 34.3% 48.3% 27.3% 33.9% 32.7% 44.8% 29.7%

Notes:
1 This includes the impact of disconnecting 0.5m inactive SIMs in Q1 20/21.

# C2 General
 Mobile data usage

Data usage in terabytes (TB)1

Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20
Europe
Germany 152,727  169,147  178,022  196,941  214,588  233,929  250,745 
Italy 251,487  265,983  293,598  327,485  401,101  404,935  480,485 
UK 122,375  129,633  135,383  155,840  191,632  208,648  225,016 
Spain 177,937  132,309  133,700  151,875  195,906  189,603  242,386 
Portugal 43,235  37,058  36,431  37,362  69,231  47,504  58,814 
Romania 61,184  66,163  71,421  80,850  87,245  89,428  97,015 
Greece 20,174  12,677  13,464  17,467  27,181  18,329  18,788 
Other 77,331  82,277  86,446  94,430  107,564  116,801  129,208 
Total 906,450  895,247  948,465  1,062,250  1,294,448  1,309,177  1,502,457 

Vodacom2 92,012  107,041  108,041  122,697  134,977  160,189  183,372 

Turkey 286,460  297,214  296,870  351,716  396,041  410,807  441,470 
Egypt 82,728  83,807  89,660  105,408  132,337  137,520  148,292 
Other 38,117  42,081  45,053  49,236  28,733  30,871  32,713 
Total 499,317  530,143  539,624  629,057  692,088  739,387  805,847 

Group 1,405,767  1,425,390  1,488,089  1,691,307  1,986,536  2,048,564  2,308,304 

Memo: Other businesses

Netherlands: VodafoneZiggo 31,948  30,130  28,631  37,662  43,981  38,203  43,196 

Notes:
1 Data usage represents the sum of downlink traffic and uplink traffic, all APNs (for example web, wap, corporate APNs, MMS), femto traffic (if applicable), inbound roamers and MVNOs excluding data
The conversion methodology used is 1 megabyte (MB) = 1000 kilobytes (kB).
2 Vodacom refers to the Group’s interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.

C2 General
#
 Mobile ARPU

Q2 18/19 Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20

Europe
Germany (EUR)
Total 13.3  13.2  12.9  13.0  13.2  13.0  12.9 
Contract 19.8  19.1  18.6  18.5  18.5  18.2  18.2 
Prepaid 3.9  4.2  3.9  4.2  4.5  4.2  4.2 
Italy (EUR)
Total 14.2  14.6  14.0  13.6  14.1  14.2  13.9 
Contract 17.1  17.2  17.6  16.8  17.3  17.6  16.6 
Prepaid 13.6  14.0  13.2  12.9  13.5  13.6  13.4 
UK (GBP)
Total 14.6  14.3  14.0  14.1  14.0  13.7  13.4 
Contract 18.6  18.4  18.0  18.1  18.0  17.8  17.5 
Prepaid 4.4  4.2  3.9  4.0  4.4  3.9  3.8 
Spain (EUR)
Total 15.6  15.4  14.8  14.8  14.6  14.5  14.9 
Contract 17.5  17.4  16.7  16.5  16.2  16.2  16.7 
Prepaid 6.4  6.0  5.5  6.4  6.6  6.3  6.0 
Portugal (EUR)
Total 12.1  11.9  11.4  11.8  12.2  11.9  11.9 
Contract 18.7  18.9  17.6  17.9  18.6  18.1  17.8 
Prepaid 7.4  6.9  6.8  7.1  7.4  7.2  7.2 
Greece (EUR)
Total 9.0  9.5  9.6  9.3  10.0  9.9  9.9 
Contract 20.5  21.5  21.9  19.9  21.0  20.3  19.6 
Prepaid 3.8  3.7  3.5  4.2  4.5  4.5  4.5 
Romania (EUR)
Total 5.2  5.1  4.8  5.1  5.3  5.1  4.8 
Contract 9.5  9.3  8.6  9.3  9.7  9.5  9.0 
Prepaid 2.3  2.2  2.1  2.2  2.2  2.1  2.0 

Vodacom (ZAR)1
Total 61.1  60.2  59.0  60.0  62.4  64.0  61.7 
Contract 318.6  305.8  300.2  288.4  290.2  292.1  283.2 
Prepaid 42.5  42.6  41.2  42.5  44.5  45.7  43.8 
Turkey (TRY)
Total 33.6  34.4  33.7  36.1  38.9  38.5  39.1 
Contract 46.6  47.7  45.7  48.5  52.3  51.8  51.5 
Prepaid 18.7  18.2  18.2  19.4  20.5  19.5  20.1 
Egypt (EGP)
Total 42.3  42.8  43.8  46.4  50.8  48.9  48.5 
Contract 101.5  97.3  94.4  98.3  103.7  99.3  97.1 
Prepaid 36.8  37.4  38.4  40.7  44.8  43.1  42.7 

Memo
Netherlands VodafoneZiggo (EUR)
Total 17.4  17.2  15.8  15.4  15.4  15.3  21.7 
Contract 19.8  19.8  18.0  17.3  17.1  16.9  24.1 
Prepaid 3.5  2.9  2.8  3.4  3.7  3.3  3.0 

Notes:
1 Vodacom refers to the Group’s interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.

# C2 General
 Average forex rates
FY 18/19 FY 19/20 FY 20/21
H1 H2 FY H1 H2 FY H1
Pounds Sterling 0.88 0.88 0.88 0.89 0.86 0.87 0.90
Egyptian Pound 21.01 20.21 20.61 18.74 17.62 18.18 18.06
Indian Rupee 80.77 81.09 80.93 78.22 79.33 78.78 85.27
Turkish Lira 5.90 6.19 6.05 6.45 6.58 6.52 8.02
South African Rand 15.73 16.11 15.92 16.24 16.60 16.42 19.77

FY 18/19 FY 19/20 FY 20/21

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Pounds Sterling 0.88 0.89 0.89 0.87 0.87 0.90 0.86 0.86 0.89 0.91
Egyptian Pound 21.21 20.81 20.44 19.99 19.11 18.37 17.88 17.36 17.52 18.60
Indian Rupee 79.90 81.63 82.18 80.01 78.15 78.28 78.87 79.79 83.55 86.99
Turkish Lira 5.21 6.60 6.28 6.10 6.60 6.31 6.42 6.74 7.56 8.47
South African Rand 15.07 16.38 16.31 15.92 16.17 16.32 16.27 16.94 19.75 19.78

Guidance rates
FY 18/19 FY 19/20 FY 20/21
Pounds Sterling 0.87 0.87 0.87
Egyptian pound 22.07 19.66 17.02
Turkish lira 5.09 6.44 7.50
South African rand 15.05 16.43 20.59

C2 General
#