Vodafone Group H1 FY25 Results

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Vodafone Group (VOD)

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€5.4 billion cash proceeds	2.25 eurocents	Reiterated
Vodafone Spain & Vantage disposals	Interim dividend per share	FY25 financial guidance

Strategic Review ⫶ Executing on our priorities

In May 2023, we set out a new roadmap to transform Vodafone along three strategic priorities: Customers; Simplicity; and Growth. We measure our operational progress in these areas through a consistent scorecard. In the first six months of FY25, we have executed across a number of focus areas, and we have summarised our progress below and in an accompanying presentation and video Q&A available here: investors.vodafone.com/results. Investing in the turnaround of Germany - Customers: We continue to invest in the customer experience and have increased our brand investment. Whilst there is more to do, the number of customer detractors is falling and we are seeing improved commercial performance. - Networks: We continue to upgrade our award-winning cable network and we are now able to market the largest Gigabit footprint in Germany, supported by our new wholesale agreements with Deutsche Telekom and Deutsche Glasfaser. - Partnerships: We started onboarding 1&1 customers to our network in August 2024. - Transformation: We continue to make progress on the simplification of our Germany operations. We are now halfway through the execution of our 3,100 role reduction plan and have reshaped the leadership team with our new Commercial, Business and IT directors being onboarded. Vodafone Business capabilities - Products: Supported by Microsoft, Google & Mastercard partnerships. SME managed services & DaaS platforms launched. - Capabilities: New Business CEO & Director for Germany & Other Europe, & over 200 specialist digital sales team members. Efficiency via simplification of shared operations & AI - Shared operations: Our commercial shared operations are now operational, with Accenture investing its first tranche of its €150 million commitment in our partnership in October 2024. - Transformation through AI: We are rolling out our new AI-driven digital assistants to our agents, and directly to our customers with our SuperTobi chatbot. Our AI adoption is supported by our strategic partnerships with Microsoft & Google. Portfolio actions - UK: The Competition and Market Authority's phase 2 review is ongoing and we have made a number of commitments in response to the CMA's provisional findings and notice of possible remedies. The final decision is due by 7 December, with completion expected in early 2025. - Italy: The Competition Authority's final decision is due by 10 December, with completion expected in early 2025. - Romania: Along with Digi Romania, we have signed a memorandum of understanding with Hellenic Telecommunications in relation to a potential acquisition of separate parts of its subsidiary Telekom Romania. The discussions remain at an early stage and there is no certainty that a transaction will be agreed. Vodafone Investments - Vantage Towers: In July, we announced the sale of a further 10% stake in Oak Holdings GmbH, the partnership that co-controls Vantage Towers, for €1.3 billion, achieving the planned 50:50 joint ownership structure. - Indus Towers: In June, we announced that we had sold an 18% stake in Indus Towers Limited, with the gross proceeds of €1.7 billion used to substantially repay existing lenders in India.
Customers			Simplicity
		H1 FY25			H1 FY25
Consumer NPS
Germany	YoY	Stable	Europe opex savings (FY23-H1 FY25)	€ billion	0.3
UK	YoY	Increased	Productivity (role reductions)	'000	6.3
Other Europe	YoY	Stable	Shared operations NPS (Oct'24)	%	86
South Africa	YoY	Stable	Employee engagement index (Oct'24)	%	75
Detractors
Germany	YoY	Improved	Growth
UK	YoY	Improved			H1 FY25
Other Europe	YoY	Improved	Organic Service revenue growth¹	%	4.8
South Africa	YoY	Improved	B2B organic service revenue growth¹ Organic Adjusted EBITDAaL growth¹	%	3.3
Revenue market share				%	3.8
Germany	YoY	Decreased	Adjusted free cash outflow¹	€ million	(950)
UK	YoY	Increased	Pre-tax return on capital employed¹	%	7.2
Other Europe	YoY	Increased
South Africa	YoY	Stable
Network quality	'Very good' reliability in all European mobile markets
			1. Non-GAAP measure. See page 49.
Financial Review ⫶ Africa & Turkey driving growth

		Re-presented²
	H1 FY25¹	H1 FY24	Reported
	€m	€m	change %
Revenue	18,276	17,983	1.6
- Service revenue	15,109	14,861	1.7
- Other revenue	3,167	3,122
Adjusted EBITDAaL^3,4	5,411	5,427	(0.3)
Restructuring costs	(58)	(102)
Interest on lease liabilities⁵	220	217
Loss on disposal of property, plant and equipment and intangible assets	(12)	(18)
Depreciation and amortisation of owned assets	(3,672)	(3,613)
Share of results of equity accounted associates and joint ventures	(40)	(51)
Impairment reversal	-	64
Other income/(expense)	533	(67)
Operating profit	2,382	1,857	28.3
Investment income	566	368
Financing costs	(843)	(1,395)
Profit before taxation	2,105	830
Income tax expense	(900)	(746)
Profit for the financial period - Continuing operations	1,205	84
Profit/(loss) for the financial period - Discontinued operations	16	(239)
Profit/(loss) for the financial period	1,221	(155)

Attributable to:
- Owners of the parent	1,064	(346)
- Non-controlling interests	157	191
Profit/(loss) for the financial period	1,221	(155)

Basic earnings/(loss) per share - Continuing operations	3.92c	(0.40)c
Basic earnings/(loss) per share - Total Group	3.98c	(1.28)c
Adjusted basic earnings per share³	4.84c	3.72c

	H1 FY25	H1 FY24	Reported
Cash flow and funding	€m	€m	change %
Inflow from operating activities	5,644	5,544	1.8
Inflow/(outflow) from investing activities	2,467	(3,808)	164.8
Outflow from financing activities	(7,333)	(6,378)	(15.0)
Net cash inflow/(outflow)	778	(4,642)	116.8
Cash and cash equivalents at the beginning of the financial period	6,114	11,628
Exchange (loss)/gain on cash and cash equivalents	(21)	45
Cash and cash equivalents at the end of the financial period	6,871	7,031

Closing borrowings less cash and cash equivalents (excl. Vodafone Spain and Vodafone Italy)	(48,745)	(54,466)	10.5
Closing borrowings less cash and cash equivalents (incl. Vodafone Spain and Vodafone Italy)	(50,831)	(57,910)	12.2

		Re-presented¹
	H1 FY25	H1 FY24	Reported
	€m	€m	change %
Adjusted free cash flow^2,3	(950)	(1,380)	31.2
Licences and spectrum	(12)	(183)
Restructuring costs including working capital movements	(115)	(142)
Integration capital additions	(12)	(28)
Other adjustments	(7)	-
Free cash flow²	(1,096)	(1,733)	36.8

Closing net debt (excl. Vodafone Spain and Vodafone Italy)²	(31,775)	(36,126)	12.0
Closing net debt (incl. Vodafone Spain and Vodafone Italy)²	(31,747)	(36,240)	12.4

			FY25 guidance^1,2
Adjusted EBITDAaL^3,5			c.€11.0 billion
Adjusted free cash flow^3,4,5			at least €2.4 billion

Segment results		Total revenue				Service revenue				Adjusted EBITDAaL¹				Adjusted EBITDAaL margin¹				Capital additions

		H1 FY25			H1 FY24	H1 FY25		H1 FY24		H1 FY25		H1 FY24		H1 FY25		H1 FY24		H1 FY25		H1 FY24
		€m			€m	€m		€m		€m		€m		%		%		€m		€m
Germany		6,122			6,405	5,500		5,722		2,290		2,527		37.4		39.5		1,035		1,171
UK		3,448			3,377	2,891		2,822		707		640		20.5		19.0		355		380
Other Europe²		2,804			2,679	2,410		2,366		784		766		28.0		28.6		341		361
Turkey		1,391			1,128	1,103		828		394		254		28.3		22.5		185		140
Africa		3,705			3,590	2,951		2,924		1,214		1,241		32.8		34.6		444		469
Common Functions³		906			929	322		282		22		(1)						627		356
Eliminations		(100)			(125)	(68)		(83)		-		-						-		-
Group⁴		18,276			17,983	15,109		14,861		5,411		5,427		29.6		30.2		2,987		2,877

Downloadable performance information is available at: investors.vodafone.com/results

Segment service revenue growth	FY24																FY25
	Q1			Q2			H1		Q3		Q4		H2		Total		Q1		Q2		H1
	%			%			%		%		%		%		%		%		%		%
Germany	(1.3)			1.0			(0.1)		0.3		0.6		0.5		0.2		(1.5)		(6.2)		(3.9)
UK	3.0			5.1			4.1		5.5		6.8		6.2		5.1		2.0		2.9		2.4
Other Europe²	(7.4)			(7.2)			(7.3)		(7.8)		0.3		(4.0)		(5.7)		1.6		2.1		1.9
Turkey	(8.5)			21.6			7.4		6.8		15.6		11.7		9.6		54.7		18.8		33.2
Africa	(14.3)			(14.8)			(14.6)		(7.5)		1.2		(3.4)		(9.2)		1.6		0.3		0.9
Group⁴	(4.7)			(1.9)			(3.3)		(1.5)		2.9		0.7		(1.3)		3.2		0.2		1.7

Segment organic service revenue growth¹	FY24																FY25
	Q1			Q2			H1		Q3		Q4		H2		Total		Q1		Q2		H1
	%			%			%		%		%		%		%		%		%		%
Germany	(1.3)			1.1			(0.1)		0.3		0.6		0.5		0.2		(1.5)		(6.2)		(3.9)
UK	5.7			5.5			5.6		5.2		3.6		4.4		5.0		-		1.2		0.6
Other Europe²	4.1			3.8			3.9		3.6		5.5		4.6		4.2		2.3		2.6		2.5
Turkey	74.1			85.0			79.3		90.4		105.6		97.8		88.5		91.9		89.1		90.3
Africa	9.0			9.0			9.0		8.8		10.0		9.4		9.2		10.0		9.7		9.9
Group⁴	5.4			6.6			6.0		6.3		7.1		6.7		6.3		5.4		4.2		4.8

Group profitability						FY24										FY25
						Q1		Q2		H1		H2		Total		Q1		Q2		H1
Operating profit			€m			1,081		776		1,857		1,808		3,665		1,545		837		2,382
Adjusted EBITDAaL¹			€m			2,626		2,801		5,427		5,592		11,019		2,681		2,730		5,411
Adjusted EBITDAaL margin¹			%			29.9		30.5		30.2		29.8		30.0		29.7		29.5		29.6
Organic Adjusted EBITDAaL growth¹			%							3.3		1.2		2.2		5.1		2.5		3.8

Germany ⫶ MDUs impact financials, operational progress continues

36%	€6.1bn		(3.9%)
of Group service revenue	Total revenue		Organic service revenue growth

42%	€2.3bn		(9.3%)
of Group Adjusted EBITDAaL	Adjusted EBITDAaL		Organic Adjusted EBITDAaL growth

	H1 FY25	H1 FY24	Reported	Organic
	€m	€m	change %	change %¹
Total revenue	6,122	6,405	(4.4)
- Service revenue	5,500	5,722	(3.9)	(3.9)
- Other revenue	622	683
Adjusted EBITDAaL	2,290	2,527	(9.3)	(9.3)
Adjusted EBITDAaL margin	37.4%	39.5%

UK ⫶ Consumer customer satisfaction supporting growth

19%	€3.4bn		0.6%
of Group service revenue	Total revenue		Organic service revenue growth

13%	€0.7bn		8.4%
of Group Adjusted EBITDAaL	Adjusted EBITDAaL		Organic Adjusted EBITDAaL growth

	H1 FY25	H1 FY24	Reported	Organic
	€m	€m	change %	change %¹
Total revenue	3,448	3,377	2.1
- Service revenue	2,891	2,822	2.4	0.6
- Other revenue	557	555
Adjusted EBITDAaL	707	640	10.5	8.4
Adjusted EBITDAaL margin	20.5%	19.0%

Other Europe¹ ⫶ Continued Service revenue and EBITDAaL growth

16%	€2.8bn		2.5%
of Group service revenue	Total revenue		Organic service revenue growth

14%	€0.8bn		3.1%
of Group Adjusted EBITDAaL	Adjusted EBITDAaL		Organic Adjusted EBITDAaL growth

	H1 FY25	H1 FY24	Reported	Organic
	€m	€m	change %	change %²
Total revenue	2,804	2,679	4.7
- Service revenue	2,410	2,366	1.9	2.5
- Other revenue	394	313
Adjusted EBITDAaL	784	766	2.3	3.1
Adjusted EBITDAaL margin	28.0%	28.6%

Turkey ⫶ Consistently strong real growth

7%	€1.4bn		90.3%
of Group service revenue	Total revenue		Organic service revenue growth

7%	€0.4bn		114.2%
of Group Adjusted EBITDAaL	Adjusted EBITDAaL		Organic Adjusted EBITDAaL growth

	H1 FY25	H1 FY24	Reported	Organic
	€m	€m	change %	change %¹
Total revenue	1,391	1,128	23.3
- Service revenue	1,103	828	33.2	90.3
- Other revenue	288	300
Adjusted EBITDAaL	394	254	55.1	114.2
Adjusted EBITDAaL margin	28.3%	22.5%

Africa ⫶ Robust performance

20%	€3.7bn		9.9%
of Group service revenue	Total revenue		Organic service revenue growth

22%	€1.2bn		6.7%
of Group Adjusted EBITDAaL	Adjusted EBITDAaL		Organic Adjusted EBITDAaL growth

	H1 FY25	H1 FY24	Reported	Organic
	€m	€m	change %	change %¹
Total revenue	3,705	3,590	3.2
- Service revenue	2,951	2,924	0.9	9.9
- Other revenue	754	666
Adjusted EBITDAaL	1,214	1,241	(2.2)	6.7
Adjusted EBITDAaL margin	32.8%	34.6%

Discontinued operations

Italy	H1 FY25	H1 FY24	Reported	Organic
Italy	€m	€m	change %	change %¹
Total revenue	2,249	2,320	(3.1)
- Service revenue	2,041	2,098	(2.7)	(2.7)
- Other revenue	208	222

Vodafone Investments

Associates and joint ventures	H1 FY25	H1 FY24
Associates and joint ventures	€m	€m
Vantage Towers (Oak Holdings 1 GmbH)	(27)	(78)
VodafoneZiggo Group Holding B.V.	(59)	(78)
Safaricom Limited	79	89
Indus Towers Limited	55	62
Other¹ (including TPG Telecom Limited)	(88)	(46)
Share of results of equity accounted associates and joint ventures	(40)	(51)

Net financing costs
			Re-presented¹
		H1 FY25	H1 FY24	Reported
		€m	€m	change %
Investment income		566	368
Financing costs		(843)	(1,395)
Net financing costs		(277)	(1,027)	73.0
Adjustments for:
	Mark-to-market (gains)/losses	(55)	141
	Foreign exchange losses	14	90
	Fair value gains on Other Investments through profit and loss	(242)	-
Adjusted net financing costs²		(560)	(796)	29.6


Taxation
		Re-presented¹
	H1 FY25	H1 FY24	Reported
	%	%	change pps
Effective tax rate	42.8%	89.9%	(47.1)
Adjusted effective tax rate²	18.0%	28.6%	(10.6)


Funding position
	H1 FY25	Year-end FY24	Reported
	€m	€m	change %
Bonds	(39,522)	(40,743)
Bank loans	(725)	(767)
Other borrowings including spectrum	(2,443)	(1,457)
Gross debt¹	(42,690)	(42,967)	0.6
Cash and cash equivalents	7,008	6,183
Short-term investments²	4,101	3,225
Derivative financial instruments³	1,196	2,204
Net collateral liabilities⁴	(1,390)	(1,887)
Net debt¹	(31,775)	(33,242)	4.4

	H1 FY25	Year-end FY24
	€m	€m
Lease liabilities	(10,790)	(9,672)
Pension fund liabilities	(174)	(181)
Guarantees over loan issued by Australia joint venture	(1,450)	(1,479)
Equity characteristic of 50% attributed by credit rating agencies to 'Hybrid bonds' included in net debt, EUR swapped value of €8,993 million (€8,993 million as at 31 March 2024)¹	4,497	4,497

		Re-presented¹
	H1 FY25²	H1 FY24²	Reported
	%	%	Change pps
Pre-tax ROCE (controlled)²	7.2%	7.8%	(0.6)
Post-tax ROCE (controlled and associates/joint ventures)²	4.6%	5.0%	(0.4)

Consolidated statement of comprehensive income/(expense)
	Six months ended 30 September
		Re-presented¹
	2024	2023
	€m	€m
Profit/(loss) for the financial period	1,221	(155)
Other comprehensive income/(expense):
Items that may be reclassified to the income statement in subsequent years:
Foreign exchange translation differences, net of tax	228	(95)
Foreign exchange translation differences transferred to the income statement	115	23
Other, net of tax²	134	(1,150)
Total items that may be reclassified to the income statement in subsequent periods	477	(1,222)
Items that will not be reclassified to the income statement in subsequent years:
Fair value gains on equity instruments classified as Other investments, net of tax	166	-
Net actuarial gains/(losses) on defined benefit pension schemes, net of tax	75	(58)
Total items that will not be reclassified to the income statement in subsequent periods	241	(58)
Other comprehensive income/(expense)	718	(1,280)
Total comprehensive income/(expense) for the financial period	1,939	(1,435)

Attributable to:
- Owners of the parent	1,869	(1,626)
- Non-controlling interests	70	191
	1,939	(1,435)

Earnings per share
		Re-presented¹	Reported
	H1 FY25	H1 FY24	change
	eurocents	eurocents	eurocents
Basic earnings/(loss) per share - Continuing operations	3.92c	(0.40)c	4.32c
Basic earnings/(loss) per share - Total Group	3.98c	(1.28)c	5.26c

Adjusted basic earnings per share²	4.84c	3.72c	1.12c

Cash flow & funding



Analysis of cash flow
	H1 FY25	H1 FY24	Reported
	€m	€m	change %
Inflow from operating activities	5,644	5,544	1.8
Inflow/(outflow) from investing activities	2,467	(3,808)	164.8
Outflow from financing activities	(7,333)	(6,378)	(15.0)
Net cash inflow/(outflow)	778	(4,642)	116.8
Cash and cash equivalents at the beginning of the financial period	6,114	11,628
Exchange (loss)/gain on cash and cash equivalents	(21)	45
Cash and cash equivalents at the end of the financial period	6,871	7,031

Analysis of cash flow (continued)
		Re-presented¹
	H1 FY25	H1 FY24	Reported
	€m	€m	change %
Adjusted EBITDAaL²	5,411	5,427	(0.3)
Capital additions³	(2,987)	(2,877)
Working capital⁴	(2,636)	(2,807)
Disposal of property, plant and equipment and intangible assets	7	6
Integration capital additions	(12)	(28)
Restructuring costs including working capital movements⁵	(115)	(142)
Licences and spectrum	(12)	(183)
Interest received and paid^6,7	(493)	(552)
Taxation	(393)	(472)
Dividends received from associates and joint ventures	243	75
Dividends paid to non-controlling shareholders in subsidiaries	(157)	(167)
Other	48	(13)
Free cash flow²	(1,096)	(1,733)	36.8
Acquisitions and disposals	6,564	266
Equity dividends paid	(1,201)	(1,210)
Share buybacks	(879)	-
Foreign exchange (loss)/gain	(177)	14
Other movements in net debt^7,8	(1,744)	(213)
Net debt decrease/(increase)²	1,467	(2,876)
Opening net debt²	(33,242)	(33,250)
Closing net debt²	(31,775)	(36,126)	12.0
Net debt of Vodafone Spain and Vodafone Italy²	28	(114)
Closing net debt incl. Vodafone Spain and Vodafone Italy²	(31,747)	(36,240)	12.4

Free cash flow²	(1,096)	(1,733)
Adjustments:
- Licences and spectrum	12	183
- Restructuring costs including working capital movements⁵	115	142
- Integration capital additions	12	28
- Other adjustments	7	-
Adjusted free cash flow²	(950)	(1,380)

Borrowings and cash position
		Re-presented¹
	H1 FY25	Year-end FY24	Reported
	€m	€m	change %
Non-current borrowings	(47,232)	(49,259)
Current borrowings	(8,521)	(7,728)
Borrowings	(55,753)	(56,987)
Cash and cash equivalents	7,008	6,183
Borrowings less cash and cash equivalents	(48,745)	(50,804)	4.1

Unaudited condensed consolidated financial statements



Consolidated income statement
		Six months ended 30 September
			Re-presented¹
		2024	2023
	Note	€m	€m
Revenue	2	18,276	17,983
Cost of sales		(12,123)	(12,016)
Gross profit		6,153	5,967
Selling and distribution expenses		(1,355)	(1,286)
Administrative expenses		(2,700)	(2,546)
Net credit losses on financial assets		(209)	(224)
Share of results of equity accounted associates and joint ventures		(40)	(51)
Impairment reversal		-	64
Other income/(expense)		533	(67)
Operating profit	2	2,382	1,857
Investment income		566	368
Financing costs		(843)	(1,395)
Profit before taxation		2,105	830
Income tax expense	4	(900)	(746)
Profit for the financial period - Continuing operations		1,205	84
Profit/(loss) for the financial period - Discontinued operations		16	(239)
Profit/(loss) for the financial period		1,221	(155)

Attributable to:
- Owners of the parent		1,064	(346)
- Non-controlling interests		157	191
Profit/(loss) for the financial period		1,221	(155)

Earnings per share
Continuing operations:
- Basic	6	3.92c	(0.40)c
- Diluted	6	3.91c	(0.40)c
Total Group:
- Basic	6	3.98c	(1.28)c
- Diluted	6	3.97c	(1.28)c

Consolidated statement of financial position
			Re-presented¹
		30 September	31 March
		2024	2024
	Note	€m	€m
Non-current assets
Goodwill		25,073	24,956
Other intangible assets		13,400	13,896
Property, plant and equipment		29,680	28,499
Investments in associates and joint ventures	8	7,090	10,032
Other investments		2,489	1,006
Deferred tax assets		19,716	20,177
Post employment benefits		367	257
Trade and other receivables		6,186	5,967
		104,001	104,790
Current assets
Inventory		691	568
Taxation recoverable		197	76
Trade and other receivables		9,913	8,594
Other investments		6,062	5,092
Cash and cash equivalents		7,008	6,183
		23,871	20,513
Assets held for sale		11,687	19,047
Total assets		139,559	144,350

Equity
Called up share capital		4,678	4,797
Additional paid-in capital		149,423	149,253
Treasury shares		(7,770)	(7,645)
Accumulated losses		(115,695)	(114,641)
Accumulated other comprehensive income		29,007	28,202
Total attributable to owners of the parent		59,643	59,966
Non-controlling interests		943	1,032
Total equity		60,586	60,998

Non-current liabilities
Borrowings		47,232	49,259
Share of net liabilities in joint ventures and associates	8	49	-
Deferred tax liabilities		650	699
Post employment benefits		174	181
Provisions		1,699	1,615
Trade and other payables		3,126	2,328
		52,930	54,082
Current liabilities
Borrowings		8,521	7,728
Taxation liabilities		669	393
Provisions		752	833
Trade and other payables		12,205	13,398
		22,147	22,352
Liabilities held for sale		3,896	6,918
Total equity and liabilities		139,559	144,350

Consolidated statement of changes in equity

	Share capital	Additional paid-in capital¹	Treasury shares	Accumulated comprehensive losses²	Equity attributable to the owners	Non- controlling interests	Total equity
	€m	€m	€m	€m	€m	€m	€m
1 April 2023	4,797	149,145	(7,719)	(82,824)	63,399	1,084	64,483
Issue or reissue of shares	-	1	72	(72)	1	-	1
Share-based payments	-	65	-	-	65	4	69
Transactions with non-controlling interests in subsidiaries	-	-	-	(8)	(8)	(3)	(11)
Share of equity-accounted entitiesʼ changes in equity	-	-	-	(164)	(164)	-	(164)
Comprehensive (expense)/income	-	-	-	(1,626)	(1,626)	191	(1,435)
Dividends	-	-	-	(1,215)	(1,215)	(166)	(1,381)
30 September 2023	4,797	149,211	(7,647)	(85,909)	60,452	1,110	61,562

1 April 2024	4,797	149,253	(7,645)	(86,439)	59,966	1,032	60,998
Issue or reissue of shares	1	-	76	(75)	2	-	2
Share-based payments	-	50	-	-	50	3	53
Transactions with non-controlling interests in subsidiaries	-	-	-	(32)	(32)	(7)	(39)
Comprehensive income	-	-	-	1,869	1,869	70	1,939
Dividends	-	-	-	(1,212)	(1,212)	(155)	(1,367)
Purchase of treasury shares	-	-	(1,000)	-	(1,000)	-	(1,000)
Cancellation of shares	(120)	120	799	(799)	-	-	-
30 September 2024	4,678	149,423	(7,770)	(86,688)	59,643	943	60,586

Consolidated statement of cash flows
		Six months ended 30 September
			Re-presented¹
		2024	2023
	Note	€m	€m
Inflow from operating activities	9	5,644	5,544

Cash flows from investing activities
Purchase of interests in associates and joint ventures		(45)	(52)
Purchase of intangible assets		(1,023)	(1,278)
Purchase of property, plant and equipment		(2,182)	(2,352)
Purchase of investments		(1,167)	(1,703)
Disposal of interests in subsidiaries, net of cash disposed		3,578	(67)
Disposal of interests in associates and joint ventures		3,020	500
Disposal of property, plant and equipment and intangible assets		7	7
Disposal of investments		363	1,556
Dividends received from associates and joint ventures		243	75
Interest received		285	295
Cash outflows from discontinued operations		(612)	(789)
Inflow/(outflow) from investing activities		2,467	(3,808)

Cash flows from financing activities
Proceeds from issue of long-term borrowings		3,919	1,430
Repayment of borrowings		(6,923)	(4,843)
Net movement in short-term borrowings		(249)	41
Net movement in derivatives		316	138
Interest paid		(1,523)	(1,034)
Purchase of treasury shares		(879)	-
Issue of ordinary share capital and reissue of treasury shares		-	1
Equity dividends paid		(1,201)	(1,210)
Dividends paid to non-controlling shareholders in subsidiaries		(157)	(167)
Other transactions with non-controlling shareholders in subsidiaries		(23)	(17)
Cash outflows from discontinued operations		(613)	(717)
Outflow from financing activities		(7,333)	(6,378)

Net cash inflow/(outflow)		778	(4,642)
Cash and cash equivalents at the beginning of the financial period²		6,114	11,628
Exchange (loss)/gain on cash and cash equivalents		(21)	45
Cash and cash equivalents at the end of the financial period²		6,871	7,031

	Increase/(decrease)
	2024	2023
Impact on the consolidated income statement for the six months ended 30 September	€m	€m
Revenue	5	35
Operating profit¹	(154)	(5)
Profit for the financial period¹	(225)	(140)

	Increase/(decrease)
	30 September	31 March
	2024	2024
Impact on the consolidated statement of financial position	€m	€m
Net assets	907	981
Equity attributable to owners of the parent	872	913
Non-controlling interests	35	68

	Service revenue	Equipment revenue	Revenue from contracts with customers	Other revenue¹	Interest revenue	Total segment revenue	Adjusted EBITDAaL
	€m	€m	€m	€m	€m	€m	€m
Six months ended 30 September 2024
Germany	5,500	443	5,943	171	8	6,122	2,290
UK	2,891	517	3,408	14	26	3,448	707
Other Europe	2,410	322	2,732	61	11	2,804	784
Turkey	1,103	285	1,388	3	-	1,391	394
Africa	2,951	509	3,460	228	17	3,705	1,214
Common Functions²	322	21	343	562	1	906	22
Eliminations	(68)	-	(68)	(32)	-	(100)	-
Group	15,109	2,097	17,206	1,007	63	18,276	5,411

	Key assumptions used in the value in use calculation		Change required for value in use to equal the carrying value

	30 September	31 March	30 September	31 March
	2024	2024	2024	2024
	%	%	pps	pps
Pre-tax discount rate	7.5	8.3	0.1	0.5
Long-term growth rate	1.2	1.0	(0.1)	(0.4)
Projected adjusted 5 year adjusted EBITDAaL CAGR¹	2.3	2.4	(0.2)	(1.2)
Projected capital expenditure¹	16.9 - 20.0	17.4 - 19.9	0.8	3.9

	€m
Other intangible assets	(996)
Property, plant and equipment	(5,058)
Other investments	(3)
Inventory	(40)
Trade and other receivables	(1,033)
Cash and cash equivalents	(91)
Current and deferred taxation	2
Borrowings	1,205
Trade and other payables	1,143
Provisions	181
Net assets disposed	(4,690)
Cash proceeds¹	3,669
Non-cash consideration (Zegona shares)²	807
Other effects	89
Net loss on disposal³	(125)

Non-GAAP measure	Defined on page	Closest equivalent GAAP measure	Reconciled on page
Performance metrics
Organic revenue growth	Page 50	Revenue	Pages 51, 53 and 54
Organic service revenue growth	Page 50	Service revenue	Pages 51, 53 and 54
Organic mobile service revenue growth	Page 50	Service revenue	Pages 51, 53 and 54
Organic fixed service revenue growth	Page 50	Service revenue	Pages 51, 53 and 54
Organic Vodafone Business service revenue growth	Page 50	Service revenue	Pages 51, 53 and 54
Organic M-Pesa revenue	Page 50	Service revenue	Page 51
Organic financial services revenue growth in South Africa	Page 50	Service revenue	Page 51
Adjusted EBITDAaL	Page 50	Operating profit	Page 3
Organic Adjusted EBITDAaL growth	Page 50	Not applicable	Page 52
Other metrics
Adjusted profit attributable to owners of the parent	Page 55	Profit attributable to owners of the parent	Page 55
Adjusted basic earnings per share	Page 55	Basic earnings per share	Page 56
Cash flow, funding and capital allocation metrics
Free cash flow	Page 56	Inflow from operating activities	Page 57
Adjusted free cash flow	Page 56	Inflow from operating activities	Pages 16 and 57
Gross debt	Page 56	Borrowings	Page 57
Net debt	Page 56	Borrowings less cash and cash equivalents	Page 57
Pre-tax ROCE (controlled)	Page 58	ROCE calculated using GAAP measures	Pages 58 and 59
Post-tax ROCE (controlled and associates/joint ventures)	Page 58	ROCE calculated using GAAP measures	Pages 58 and 59
Financing and Taxation metrics
Adjusted net financing costs	Page 60	Net financing costs	Page 14
Adjusted profit before taxation	Page 60	Profit before taxation	Page 61
Adjusted income tax expense	Page 60	Income tax expense	Page 61
Adjusted effective tax rate	Page 60	Income tax expense	Page 61
Adjusted share of results of equity accounted associates and joint ventures	Page 60	Share of results of equity accounted associates and joint ventures	Page 61
Adjusted share of results of equity accounted associates and joint ventures used in post-tax ROCE	Page 60	Share of results of equity accounted associates and joint ventures	Page 61

Six months ended 30 September 2024
			Re-presented¹	Reported growth	M&A and Other	Foreign exchange	Organic growth
		H1 FY25	H1 FY24	Reported growth	M&A and Other	Foreign exchange	Organic growth
		€m	€m	%	pps	pps	%
Service revenue
Germany		5,500	5,722	(3.9)	-	-	(3.9)
	Mobile service revenue	2,497	2,530	(1.3)	-	-	(1.3)
	Fixed service revenue	3,003	3,192	(5.9)	-	-	(5.9)
UK		2,891	2,822	2.4	-	(1.8)	0.6
	Mobile service revenue	2,108	2,096	0.6	-	(1.9)	(1.3)
	Fixed service revenue	783	726	7.9	-	(1.9)	6.0
Other Europe		2,410	2,366	1.9	-	0.6	2.5
Turkey		1,103	828	33.2	(0.8)	57.9	90.3
Africa		2,951	2,924	0.9	-	9.0	9.9
Common Functions		322	282
Eliminations		(68)	(83)
Total service revenue		15,109	14,861	1.7	-	3.1	4.8
Other revenue		3,167	3,122
Revenue		18,276	17,983	1.6	-	3.1	4.7

Other growth metrics
Vodafone Business - Service revenue		3,890	3,813	2.0	-	1.3	3.3
Germany - Vodafone Business service revenue		1,184	1,205	(1.7)	-	-	(1.7)
UK - Vodafone Business service revenue		1,054	1,059	(0.5)	-	(1.9)	(2.4)
Other Europe - Vodafone Business service revenue		761	728	4.5	-	0.9	5.4
Turkey - Vodafone Business service revenue		162	109	48.6	(1.5)	64.1	111.2
Africa - Vodacom Business service revenue		541	527	2.7	-	6.1	8.8
South Africa - Financial services revenue		86	77	11.7	-	(2.2)	9.5
Vodacom International M-Pesa		200	188	6.4	-	4.0	10.4
Egypt - Vodafone Cash revenue		49	40	22.5	-	71.4	93.9

Quarter ended 30 September 2024
			Re-presented¹	Reported growth	M&A and Other	Foreign exchange	Organic growth
		Q2 FY25	Q2 FY24	Reported growth	M&A and Other	Foreign exchange	Organic growth
		€m	€m	%	pps	pps	%
Service revenue
Germany		2,722	2,903	(6.2)	-	-	(6.2)
	Mobile service revenue	1,266	1,290	(1.8)	-	-	(1.8)
	Fixed service revenue	1,456	1,613	(9.7)	-	-	(9.7)
UK		1,462	1,421	2.9	-	(1.7)	1.2
	Mobile service revenue	1,063	1,057	0.6	-	(1.7)	(1.1)
	Fixed service revenue	399	364	9.6	-	(1.6)	8.0
Other Europe		1,230	1,205	2.1	-	0.5	2.6
Turkey		588	495	18.8	37.4	32.9	89.1
Africa		1,502	1,498	0.3	-	9.4	9.7
Common Functions		176	151
Eliminations		(36)	(47)
Total service revenue		7,644	7,626	0.2	1.0	3.0	4.2
Other revenue		1,596	1,564
Revenue		9,240	9,190	0.5	1.3	2.8	4.6

Other growth metrics
Vodafone Business - Service revenue		1,979	1,935	2.3	0.5	1.2	4.0
Germany - Vodafone Business service revenue		598	609	(1.7)	-	-	(1.7)
UK - Vodafone Business service revenue		532	531	0.2	-	(1.9)	(1.7)
Other Europe - Vodafone Business service revenue		389	365	6.6	-	0.9	7.5
Turkey - Vodafone Business service revenue		85	64	32.8	42.0	35.1	109.9
Africa - Vodacom Business service revenue		276	268	3.0	-	6.2	9.2

Quarter ended 30 June 2024
				Reported growth	M&A and Other	Foreign exchange	Organic growth
		Q1 FY25	Q1 FY24	Reported growth	M&A and Other	Foreign exchange	Organic growth
		€m	€m	%	pps	pps	%
Service revenue
Germany		2,778	2,819	(1.5)	-	-	(1.5)
	Mobile service revenue	1,231	1,240	(0.8)	-	-	(0.8)
	Fixed service revenue	1,547	1,579	(2.0)	-	-	(2.0)
UK		1,429	1,401	2.0	-	(2.0)	-
	Mobile service revenue	1,045	1,039	0.6	-	(2.0)	(1.4)
	Fixed service revenue	384	362	6.1	-	(2.0)	4.1
Other Europe		1,180	1,161	1.6	-	0.7	2.3
Turkey		515	333	54.7	(80.1)	117.3	91.9
Africa		1,449	1,426	1.6	-	8.4	10.0
Common Functions		146	131
Eliminations		(32)	(36)
Total service revenue		7,465	7,235	3.2	(1.2)	3.4	5.4
Other revenue		1,571	1,558
Revenue		9,036	8,793	2.8	(1.3)	3.3	4.8

Other growth metrics
Vodafone Business - Service revenue		1,911	1,878	1.8	(0.6)	1.4	2.6
Germany - Vodafone Business service revenue		586	596	(1.7)	-	-	(1.7)
UK - Vodafone Business service revenue		522	528	(1.1)	-	(1.9)	(3.0)
Other Europe - Vodafone Business service revenue		372	363	2.5	-	0.8	3.3
Turkey - Vodafone Business service revenue		77	45	71.1	(89.7)	131.2	112.6
Africa - Vodacom Business service revenue		265	259	2.3	-	6.1	8.4

Non-GAAP measure	Purpose	Definition
Adjusted profit attributable to owners of the parent	This metric is used in the calculation of Adjusted basic earnings per share.	Adjusted profit attributable to owners of the parent excludes restructuring costs arising from discrete restructuring plans, amortisation of customer bases and brand intangible assets, impairment losses/reversals, other income and expense, mark-to-market and foreign exchange movements and fair value movements on Other investments through profit and loss, together with related tax effects.
Adjusted basic earnings per share	This performance measure is used in discussions with the investor community.	Adjusted basic earnings per share is Adjusted profit attributable to owners of the parent divided by the weighted average number of shares outstanding. This is the same denominator used when calculating basic earnings per share.

	H1 FY25			H1 FY24 Re-presented¹
	Reported	Adjustments	Adjusted	Reported	Adjustments	Adjusted
	€m	€m	€m	€m	€m	€m
Adjusted EBITDAaL	5,411	-	5,411	5,427	-	5,427
Restructuring costs	(58)	58	-	(102)	102	-
Interest on lease liabilities	220	-	220	217	-	217
Loss on disposal of property, plant & equipment and intangible assets	(12)	-	(12)	(18)	-	(18)
Depreciation and amortisation on owned assets²	(3,672)	303	(3,369)	(3,613)	302	(3,311)
Share of results of equity accounted associates and joint ventures³	(40)	104	64	(51)	164	113
Impairment reversal	-	-	-	64	(64)	-
Other income	533	(533)	-	(67)	67	-
Operating profit	2,382	(68)	2,314	1,857	571	2,428
Investment income	566	(242)	324	368	-	368
Financing costs⁴	(843)	(41)	(884)	(1,395)	231	(1,164)
Profit before taxation	2,105	(351)	1,754	830	802	1,632
Income tax expense⁵	(900)	596	(304)	(746)	311	(435)
Profit for the financial period - Continuing operations	1,205	245	1,450	84	1,113	1,197
Profit/(loss) for the financial period - Discontinued operations	16	(16)	-	(239)	239	-
Profit/(loss) for the financial period	1,221	229	1,450	(155)	1,352	1,197

Profit attributable to:
- Owners of the parent (Continuing)	1,048	245	1,293	(107)	1,113	1,006
- Owners of the parent (Total Group)	1,064	229	1,293	(346)	1,352	1,006
- Non-controlling interests	157	-	157	191	-	191
Profit/(loss) for the financial period	1,221	229	1,450	(155)	1,352	1,197

Term	Definition
Africa	Comprises the Vodacom Group.
ARPU	Average revenue per user, defined as customer revenue and incoming revenue divided by average customers.
Capital additions	Comprises the purchase of property, plant and equipment and intangible assets, other than licence and spectrum payments and integration capital expenditure.
Common Functions	Comprises central teams and business functions.
Depreciation and amortisation	The accounting charge that allocates the cost of tangible or intangible assets, whether owned or leased, to the income statement over its useful life. The measure includes the profit or loss on disposal of property, plant and equipment, software and leased assets.
Eliminations	Refers to the removal of intercompany transactions to derive the consolidated financial statements.
Europe	Comprises the Group's European businesses and the UK.
Financial services revenue	Financial services revenue includes fees generated from the provision of advanced airtime, overdraft, financing and lending facilities, as well as merchant payments and the sale of insurance products (e.g. device insurance, life insurance and funeral cover).
Fixed service revenue	Service revenue (see below) relating to the provision of fixed line and carrier services.
FTTH	Fibre to the home.
GAAP	Generally Accepted Accounting Principles.
IFRS	International Financial Reporting Standards.
Incoming revenue	Comprises revenue from termination rates for voice and messaging to Vodafone customers.
Indian assets	Comprises the Group's investments in Indus Towers Limited and Vodafone Idea Limited.
Integration capital additions	Capital additions incurred in relation to significant changes in the operating model, such as the integration of recently acquired subsidiaries.
Internet of Things ('IoT')	The network of physical objects embedded with electronics, software, sensors, and network connectivity, including built-in mobile SIM cards, that enable these objects to collect data and exchange communications with one another or a database.
MDU	Multi Dwelling Units.
Mobile service revenue	Service revenue (see below) relating to the provision of mobile services.
NPS	Net Promoter Score.
Operating expenses	Comprise primarily sales and distribution costs, network and IT related expenditure and business support costs.
Other Europe	Other Europe markets comprise Portugal, Ireland, Greece, Romania, Czech Republic and Albania.
Other revenue	Other revenue principally includes equipment revenue, interest income, income from partner market arrangements and lease revenue, including in respect of the lease out of passive tower infrastructure.
Reported growth	Reported growth is based on amounts reported in euros and determined under IFRS.
Revenue	The total of Service revenue (see below) and Other revenue (see above).
Roaming	Roaming allows customers to make calls, send and receive texts and data on our and other operators' mobile networks, usually while travelling abroad.
Service revenue	Service revenue is all revenue related to the provision of ongoing services to the Group's consumer and enterprise customers, together with roaming revenue, revenue from incoming and outgoing network usage by non-Vodafone customers and interconnect charges for incoming calls.
Vodafone Business	Vodafone Business supports organisations in a digital world. With Vodafone's expertise in connectivity, our leading IoT platform and our global scale, we deliver the results that organisations need to progress and thrive. We support businesses of all sizes and sectors.