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Vodafone Group Plc

Restatements

Disclaimer

1 Quarterly revenue analysis2 Regional results3 Adjusted income statement4 Cash flow5 Half-year regional analysis6 Mobile customers7 Fixed broadband customers8 Marketable homes passed9 TV & fixed line voice10 Converged customers11 Mobile churn12 Mobile data usage13 Mobile ARPU14 Average foreign exchange rates15 Definition of terms

With effect from 1 April 2016, the Group’s presentation currency was changed from pounds sterling to the euro to better align with the geographic split of the Group’s operations. Prior year results have been restated into euros and exclude the results of Vodafone India (excluding its 42% stake in Indus Towers) which, in accordance with IFRS, are now reported separately under discontinued operations.

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 interim management statements, half-year and full year financial results for the financial years ended 31 March 2016 and 31 March 2017. All the press releases can be found on the Investor Relations section of the Vodafone website at vodafone.com/investor.

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.

01 Quarterly revenue

Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18% % % %

Quarterly revenue

Europe (0.8)Africa, Middle East and Asia Pacific

Revenue

Mobile customer revenueMobile incoming revenue (7.4) (6.5) (5.4) (5.3)Other service revenue (4.4)Mobile service revenueFixed service revenueService revenue

EuropeMobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueService revenue

GermanyMobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueGermany service revenue

ItalyMobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueItaly service revenue (0.4)

UKMobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueUK service revenue (4.8) (2.7) (3.0) (4.8)

SpainMobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueSpain service revenue

(1.2) (2.5) (2.8)

Other Europe service revenue

Eliminations (35) (36) (45) (55) (41) (32) (30) (56) (36)Service revenue

Africa, Middle East and Asia PacificMobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueService revenue

Mobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueVodacom service revenue

Mobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueTurkey service revenue

EliminationsService revenue

Memo: Other businesses

Mobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueIndia service revenue (11.5) (13.9) (17.8) (23.1)

Notes:1 Organic growth is an alternative performance measure which presents performance on a comparable basis, both in terms of merger and acquisition activity and move2 Group service revenue includes the results of Europe, AMAP, Other (which includes the results of partner markets) and eliminations.3 Included within the Other Europe segment.4 Vodafone Netherlands was transferred into VodafoneZiggo joint venture on 31 December 2016.5 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 Africa, Middle East and Asia Pacific segment.7 The results of Vodafone India are classified as discontinued operations in accordance with IFRS.

IndexOrganic growth1

€m €m €m €m €m €m €m €m €m

Group2

9,304 8,918 8,715 8,828 8,878 8,129 8,299 8,476 8,631 2.5 2.4 2.9 3,059 2,723 2,848 3,038 3,035 2,852 2,881 2,818 2,864 4.3 7.2 7.0 8.8 Non-Controlled Interests, Common

Functions and eliminations 359 365 302 320 326 360 294 307 302 12,722 12,006 11,865 12,186 12,239 11,341 11,474 11,601 11,797 0.2 3.5 2.7 3.7

7,457 7,118 7,083 7,307 7,122 6,646 6,699 6,709 6,574 1.3 2.5 1.2 1.0 658 619 627 611 594 518 525 511 508 516 530 552 603 547 553 504 582 523 8.9 1.7 1.1

8,631 8,267 8,262 8,521 8,263 7,717 7,728 7,802 7,605 1.2 1.4 0.8 0.5 2,555 2,621 2,512 2,516 2,592 2,604 2,554 2,508 2,584 2.4 4.7 3.0 2.8

11,186 10,888 10,774 11,037 10,855 10,321 10,282 10,310 10,189 1.5 2.2 1.3 1.1

5,404 5,209 5,200 5,264 5,135 4,736 4,788 4,847 4,744 441 414 421 395 395 346 353 344 351 368 372 366 406 357 330 322 392 332

6,213 5,995 5,987 6,065 5,887 5,412 5,463 5,583 5,427 2,153 2,207 2,142 2,125 2,176 2,181 2,161 2,166 2,222 8,366 8,202 8,129 8,190 8,063 7,593 7,624 7,749 7,649 0.1 0.8 0.8 0.3

1,323 1,308 1,314 1,338 1,327 1,320 1,322 1,361 1,356 74 70 72 71 65 53 53 53 52

120 127 124 136 124 127 117 140 132 1,517 1,505 1,510 1,545 1,516 1,500 1,492 1,554 1,540

943 957 969 985 989 992 1,001 1,015 1,024 2,460 2,462 2,479 2,530 2,505 2,492 2,493 2,569 2,564 1.2 0.6 1.6 2.5

935 904 914 955 945 919 937 952 926 92 91 92 89 93 86 88 84 88 63 60 65 76 67 64 54 73 57

1,090 1,055 1,071 1,120 1,105 1,069 1,079 1,109 1,071 201 208 210 218 225 229 240 245 253

1,291 1,263 1,281 1,338 1,330 1,298 1,319 1,354 1,324 2.8 3.2 1.5

1,324 1,225 1,182 1,117 1,070 1,060 1,054 1,016 990 112 101 91 83 80 76 77 75 76 101 86 80 81 77 82 76 79 72

1,537 1,412 1,353 1,281 1,227 1,218 1,207 1,170 1,138 461 491 405 362 380 406 357 340 358

1,998 1,903 1,758 1,643 1,607 1,624 1,564 1,510 1,496

674 650 669 691 672 657 675 694 666 33 37 43 37 41 40 42 41 41 46 47 51 63 43 39 43 63 40

753 734 763 791 756 736 760 798 747 363 360 365 354 369 373 383 385 397

1,116 1,094 1,128 1,145 1,125 1,109 1,143 1,183 1,144 1.3 1.6 3.9 2.0

Netherlands service revenue3, 4 438 428 426 434 416 – – – – – – – – Ireland service revenue3 240 238 242 242 235 235 235 234 236 0.4 Portugal service revenue3 223 221 221 237 227 226 232 250 235 2.2 5.4 6.1 3.9 Romania service revenue3 174 174 174 179 179 175 179 186 182 0.4 2.9 4.1 2.2 Greece service revenue3 192 189 194 211 195 189 200 219 201 0.2 3.3 4.6 3.6

1,536 1,516 1,528 1,589 1,537 1,102 1,135 1,189 1,157 1.3 2.7 2.8 2.9

8,366 8,202 8,129 8,190 8,063 7,593 7,624 7,749 7,649 0.1 0.8 0.8 0.3

1,995 1,880 1,879 2,043 1,983 1,903 1,906 1,851 1,831 217 207 207 215 200 173 173 169 167

94 85 83 95 89 104 97 112 98 2,306 2,172 2,169 2,353 2,272 2,180 2,176 2,132 2,096

224 224 229 240 256 257 254 241 242 2,530 2,396 2,398 2,593 2,528 2,437 2,430 2,373 2,338 6.8 7.9 6.2 6.8

Vodacom5

956 850 857 948 1,010 1,030 1,018 978 984 57 47 47 53 49 43 40 40 45 52 52 47 52 51 67 59 62 58

1,065 949 951 1,053 1,110 1,140 1,117 1,080 1,087 42 43 41 39 55 58 60 53 62

1,107 992 992 1,092 1,165 1,198 1,177 1,133 1,149 3.8 5.6 3.4 5.3

Turkey6

446 442 457 481 455 412 430 435 403 84 82 88 91 84 75 79 79 73 10 11 12 16 11 8 13 22 13

540 535 557 588 550 495 522 536 489 22 25 28 30 31 31 32 31 31

562 560 585 618 581 526 554 567 520 13.9 13.9 14.7 13.2

Egypt service revenue6 395 390 362 404 288 224 228 232 235 22.8 24.6 21.0 18.8 Other Africa, Middle East and Asia Pacific service revenue 1,423 1,404 1,406 1,501 1,363 1,239 1,253 1,240 1,189 9.8 10.0 8.9 8.3

– – – – – – – – – 2,530 2,396 2,398 2,593 2,528 2,437 2,430 2,373 2,338 6.8 7.9 6.2 6.8

India7

1,225 1,233 1,225 1,208 1,145 1,037 1,035 879 826 162 164 164 164 176 202 219 216 118

70 65 52 53 52 54 49 39 33 1,457 1,462 1,441 1,425 1,373 1,293 1,303 1,134 977

72 70 69 70 77 86 82 82 86 1,529 1,532 1,510 1,495 1,450 1,379 1,385 1,216 1,063

02 Regional results

H1 15/16 H2 15/16 H1 16/17 H2 16/17 H1 17/18 H2 16/17 H1 17/18 % %

Regional resultsMobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueService revenueOther revenueRevenueDirect costs (6,088) (5,726) (5,796) (5,458) (5,281)Customer costs (5,342) (5,499) (4,980) (5,183) (4,772)Operating expenses (6,467) (6,533) (6,185) (5,880) (5,637)Adjusted EBITDADepreciation and amortisation:

Acquired intangibles (131) (118) (123) (125) (122)Purchased licences (825) (802) (774) (759) (763)Other (4,171) (4,339) (4,143) (4,255) (4,043)

Share of result in associates and joint ventures (5)Adjusted operating profit

Adjusted EBITDA margin 28.6% 28.2% 29.5% 29.9% 32.0%Capital additions

EuropeMobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueService revenueOther revenueRevenue (0.6)Direct costs (4,122) (3,962) (3,898) (3,799) (3,570)Customer costs (4,020) (4,327) (3,803) (3,974) (3,559)Operating expenses (4,753) (4,793) (4,544) (4,249) (4,063)Adjusted EBITDADepreciation and amortisation:

Acquired intangibles (63) (58) (63) (64) (63)Purchased licences (739) (717) (662) (661) (674)Other (3,386) (3,588) (3,356) (3,538) (3,291)

Share of result in associates and joint ventures (3) (4) (5) (44)Adjusted operating profit (10.4)


Mobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueService revenueOther revenueRevenueDirect costs (1,285) (1,045) (1,050) (988) (969)Customer costs (1,042) (1,195) (1,132) (1,216) (1,102)Operating expenses (1,245) (1,352) (1,295) (1,302) (1,277)Adjusted EBITDADepreciation and amortisation:

Acquired intangiblesPurchased licences (303) (313) (331) (339) (350)Other (1,092) (1,234) (1,161) (1,222) (1,081)

Share of result in associates and joint venturesAdjusted operating profit


ItalyMobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueService revenueOther revenueRevenueDirect costs (624) (630) (627) (600) (607)Customer costs (621) (718) (598) (701) (661)Operating expenses (688) (712) (677) (669) (639)Adjusted EBITDADepreciation and amortisation:

Acquired intangibles (61) (55) (61) (60) (61)Purchased licences (17) (18) (18) (17) (22)Other (516) (543) (550) (574) (553)


Index Organic % growth1

€m €m €m €m €m

Group2

15,001 14,575 14,390 13,768 13,408 1,324 1,277 1,238 1,112 1,036 1,048 1,046 1,155 1,100 1,086

17,373 16,898 16,783 15,980 15,530 5,171 5,176 5,028 5,196 5,062

22,544 22,074 21,811 21,176 20,592 1.8 1.7 2,538 2,654 2,240 2,404 2,483

25,082 24,728 24,051 23,580 23,075 0.8 3.1

7,185 6,970 7,090 7,059 7,385 6.3 13.0

65 73 91 171 2,053 1,776 2,123 2,011 2,628 16.2 54.7

4,643 5,918 3,526 4,149 3,263

10,870 10,613 10,464 9,871 9,635 870 855 816 741 697 742 740 772 687 714

12,482 12,208 12,052 11,299 11,046 4,331 4,360 4,267 4,357 4,327

16,813 16,568 16,319 15,656 15,373 0.4 0.8 1,427 1,654 1,224 1,351 1,402

18,240 18,222 17,543 17,007 16,775 2.5

5,345 5,140 5,298 4,985 5,583 2.4 13.0

17 1,154 773 1,212 678 1,572 66.9

3,374 4,264 2,467 2,762 2,169

Germany3

2,663 2,631 2,652 2,647 2,683 149 144 143 118 106 228 247 260 251 257

3,040 3,022 3,055 3,016 3,046 1,855 1,900 1,954 1,981 2,016 4,895 4,922 5,009 4,997 5,062 1.5 1.1

413 396 256 338 215 5,308 5,318 5,265 5,335 5,277 0.3 0.3

1,736 1,726 1,788 1,829 1,929 6.0 7.7

– – – – –

1 2 2 2 2 342 181 298 270 500 49.8 65.9

1,159 1,203 880 791 768

1,846 1,839 1,869 1,864 1,889 181 183 181 179 172 131 123 141 131 127

2,158 2,145 2,191 2,174 2,188 417 409 428 454 485

2,575 2,554 2,619 2,628 2,673 2.9 2.3 359 520 387 467 434

2,934 3,074 3,006 3,095 3,107 0.7 3.6

1,001 1,014 1,104 1,125 1,200 10.8 8.8

– – – – 407 398 474 474 564 19.0 19.2

02 Regional results


UKMobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueService revenue (4.0) (2.8)Other revenueRevenue (4.1)Direct costs (985) (974) (888) (877) (736)Customer costs (1,073) (1,100) (912) (925) (889)Operating expenses (1,299) (1,241) (1,101) (1,010) (960)Adjusted EBITDA (25.2)Depreciation and amortisation:

Acquired intangiblesPurchased licences (260) (251) (230) (216) (214)Other (676) (667) (614) (694) (595)

Share of result in associates and joint venturesAdjusted operating profit (6) (91) (170) (372) (403.6)


SpainMobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueService revenueOther revenueRevenueDirect costs (549) (602) (636) (677) (683)Customer costs (634) (640) (563) (588) (502)Operating expenses (647) (637) (605) (544) (576)Adjusted EBITDADepreciation and amortisation:

Acquired intangiblesPurchased licences (32) (35) (33) (33) (33)Other (542) (566) (551) (563) (586)

Share of result in associates and joint venturesAdjusted operating profit (10)


Mobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueService revenueOther revenueRevenueDirect costs (761) (782) (799) (731) (663)Customer costs (652) (675) (599) (544) (405)Operating expenses (874) (853) (866) (724) (611)Adjusted EBITDADepreciation and amortisation:


Share of result in associates and joint ventures (4) (7) (6) (46)Adjusted operating profit (11.0)


Africa, Middle East and Asia PacificMobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueService revenueOther revenueRevenueDirect costs (1,433) (1,401) (1,405) (1,331) (1,298)Customer costs (1,347) (1,179) (1,186) (1,223) (1,230)Operating expenses (1,432) (1,393) (1,403) (1,371) (1,318)Adjusted EBITDADepreciation and amortisation:



Adjusted EBITDA margin 31.1% 31.3% 32.1% 33.3% 32.5%

617 899 307 486 315

2,650 2,549 2,299 2,130 2,070 223 213 174 156 152 203 187 161 159 155

3,076 2,949 2,634 2,445 2,377 1,010 952 767 786 697 4,086 3,901 3,401 3,231 3,074

201 240 174 119 441 4,287 4,141 3,575 3,350 3,515 7.1

930 826 674 538 930 46.6

– – – – –

– 1 – – – 121 179.7

520 690 438 512 366

1,377 1,324 1,360 1,329 1,369 73 70 80 81 83 97 93 114 82 106

1,547 1,487 1,554 1,492 1,558 711 723 719 742 768

2,258 2,210 2,273 2,234 2,326 1.1 2.8 231 260 223 243 186

2,489 2,470 2,496 2,477 2,512 0.3 1.0

659 591 692 668 751 13.1 9.6

– – – – –

– – – – – 85 108 72 132 829.1 29.6

458 720 322 424 427

Other Europe4

2,334 2,270 2,284 1,901 1,624 254 264 252 219 197 144 134 177 123 138

2,732 2,668 2,713 2,243 1,959 348 384 404 396 365

3,080 3,052 3,117 2,639 2,324 1.6 2.7 226 241 187 185 128

3,306 3,293 3,304 2,824 2,452 0.3 2.1

1,019 983 1,040 825 773 0.4 6.5

15 326 295 502 234 255 14.3

620 752 520 549 293

4,025 3,875 3,922 3,886 3,757 454 424 422 373 342 197 179 178 193 209

4,676 4,478 4,522 4,452 4,308 441 448 469 513 495

5,117 4,926 4,991 4,965 4,803 7.1 7.0 992 856 895 922 896

6,109 5,782 5,886 5,887 5,699 6.0 7.1

1,897 1,809 1,892 1,962 1,853 13.8 8.5

68 78 135 155 972 969 1,060 1,178 1,157 23.8 18.5

02 Regional results

Capital additions



Share of result in associates and joint ventures (13) (3)Adjusted operating profit






Other Africa, Middle East and Asia PacificMobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueService revenueOther revenueRevenueDirect costs (1,044) (1,062) (1,084) (976) (937)Customer costs (541) (597) (586) (516) (493)Operating expenses (818) (826) (812) (714) (680)Adjusted EBITDADepreciation and amortisation:





Mobile customer revenueMobile incoming revenueOther service revenueMobile service revenueFixed service revenueService revenue (6.8) (15.8)Other revenueRevenue (7.0) (15.8)Direct costs (919) (916) (836) (747) (758)Customer costs (139) (148) (148) (165) (142)Operating expenses (1,111) (1,113) (1,139) (1,222) (1,153)Adjusted EBITDA (23.0) (39.2)Depreciation and amortisation:

Acquired intangibles (102) (58) (37)Purchased licences (123) (171) (210) (129)Other (410) (413) (422) (318) (13)

Share of result in associates and joint venturesAdjusted operating profit (1.9)

Adjusted EBITDA margin 29.7% 29.2% 29.6% 24.8% 21.3%

961 1,059 752 779 723

Vodacom5

1,994 1,806 1,805 2,040 1,996 121 104 100 92 80 112 104 99 118 121

2,227 2,014 2,004 2,250 2,197 93 85 80 113 113

2,320 2,099 2,084 2,363 2,310 3.9 4.5 557 349 380 467 489

2,877 2,448 2,464 2,830 2,799 3.0 6.8

1,068 960 952 1,111 1,063 5.6 4.4

– – 29 713 643 642 739 722 4.0 4.7

442 405 350 386 356

Turkey6

867 888 938 867 865 167 166 179 159 158

29 21 28 19 35 1,063 1,075 1,145 1,045 1,058

37 47 58 62 63 1,100 1,122 1,203 1,107 1,121 14.5 14.3

347 390 408 334 316 1,447 1,512 1,611 1,441 1,437 10.7 9.3

276 277 335 311 327 30.0 20.4

– – – – – 98 89 113 102 131 29.9 43.2

191 287 184 152 154

2,031 2,069 2,117 1,846 1,761 333 320 322 281 262

85 75 79 75 88 2,449 2,464 2,518 2,202 2,111

348 363 389 400 382 2,797 2,827 2,907 2,602 2,493 10.2 9.5

435 507 515 455 407 3,232 3,334 3,422 3,057 2,900 9.0 7.3

829 849 940 851 790 26.6 14.5

11 71 78 135 126 259 326 418 439 435 82.3 51.6

519 654 402 393 367

India7

2,494 2,458 2,433 2,182 1,914 330 326 328 378 435 115 135 105 106 88

2,939 2,919 2,866 2,666 2,437 135 142 139 163 164

3,074 3,061 3,005 2,829 2,601 12 14 10 9 9

3,086 3,075 3,015 2,838 2,610

917 898 892 704 557

– – –

– – – – – 282 256 223 257 544 136.5

02 Regional results

Capital additions

Notes:1

2 Group results includes the results of Europe, AMAP, Other (which includes the results of partner markets) and eliminations.3 German operating expenses for H2 15/16 includes a €92 million reclassification from direct costs.4 Excludes Vodafone Netherlands after 31 December 2016 following its transfer into the VodafoneZiggo joint venture.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 Africa, Middle East and Asia Pacific segment.7 The results of Vodafone India are classified as discontinued operations in accordance with IFRS.

506 596 447 692 394

Organic growth is an alternative performance measure which presents performance on a comparable basis, both in terms of merger and acquisition activity and movements in foreign exchange rates.

Vodafone Group Plc 03 Adjusted income statement

FY 15/16 H1 16/17 H2 16/17 FY 16/17 H1 17/18€m €m €m €m €m

Group revenue

Group adjusted EBITDAEBITDA margin 28.4% 29.5% 29.9% 29.7% 32.0%

Depreciation and amortisation (10,386) (5,040) (5,139) (10,179) (4,928)Share of result in associatesGroup adjusted operating profitAdjusted investment income and financing (933) (451) (411) (862) (255)Group adjusted profit before taxationAdjusted income tax expense (754) (400) (389) (789) (489)Non-controlling interests (308) (134) (100) (234) (111)Adjusted profit

Adjusted earnings per share (€ cents)Weighted average number of shares - basi 26,692 27,912 27,971 28,067

Income tax expenseAdjusted effective tax rate 26.6% 25.0% 25.4% 22.2%

Index

49,810 24,051 23,580 47,631 23,075

14,155 7,090 7,059 14,149 7,385

60 73 91 164 171 3,829 2,123 2,011 4,134 2,628

2,896 1,672 1,600 3,272 2,373

1,834 1,138 1,111 2,249 1,773

6.87 4.08 8.04 6.32

Vodafone Group Plc 04 Cash flow

FY 15/16 H1 16/17 H2 16/17 FY 16/17 H1 17/18€m €m €m €m €m

Adjusted EBITDAWorking capital (704) (2,925) (984) (2,294)

(10,561) (3,526) (4,149) (7,675) (3,263)Disposal of property, plant and equipmentOtherOperating free cash flowTaxation (738) (468) (293) (761) (400)Dividends received from associates and investmentsDividends paid to non-controlling shareholders in sub (309) (274) (139) (413) (154)Interest received and paid (982) (231) (599) (830) (343)Free cash flow (pre-spectrum) (148)Licence and spectrum payments (3,182) (138) (336) (474) (747)Restructuring payments (252) (142) (124) (266) (127)

(2,163) (428)Acquisitions and disposals (130) (61)Equity dividends paid (4,088) (2,449) (1,265) (3,714) (2,637)Share buybacks (549)Convertible issueForeign exchange (413) (693) (1,106)Other (1,176) (5,732) (1,324)Net debt increase (3,747) (9,083) (2,368) (886)Opening net debt (25,054) (28,801) (37,884) (28,801) (31,169)Closing net debt (28,801) (37,884) (31,169) (31,169) (32,055)

Note:1

2

Index

14,155 7,090 7,059 14,149 7,385 1,941

Capital additions1

164 7 36 43 9 154 50 44 94 65

3,208 696 4,931 5,627 1,902

92 129 304 433 284

1,271 4,204 4,056 1,289

Free cash flow2 3,744 3,316 415 521 460 1,079

– – – – 3,548 – – – –

262 693 4,408 113 6,715

Capital additions includes the purchase of property, plant and equipment and intangible assets, other than licence and spectrum, during the year.Free cash flow has been redefined to include restructuring and licence and spectrum payments to ensure greater comparability with similarly titled measures and disclosures by other companies.

05 Half-year regional analysis

Regional resultsRevenue Adjusted EBITDA Adjusted operating profit/(loss) Operating free cash flow

H2 15/16 H2 16/17 H1 17/18

EuropeGermanyItalyUK (91) (170) (372) (73)Spain (10) (17)

Other Europe

Portugal (8) Greece Other

Total

Intra-region eliminations (74) (103) (74) (88)Total

Africa, Middle East and Asia Pacific

Other AMAP Turkey (438) (362) Egypt Other

Total (116) (95)

Intra-region eliminationsTotal

Other (100) (51) (149) (101) (204) (567) (30) (786)Inter-region eliminations (64) (42) (40) (74)

Group

Memo: Other businesses(41)

Notes:1 Capital additions include the purchase of property plant and equipment and intangible assets, other than licence and2 Vodafone Netherlands was transferred into VodafoneZiggo joint venture on 31 December 2016.3 Vodacom refers to the Group's interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.4 The results of Vodafone India are classified as discontinued operations in accordance with IFRS.

IndexCapitalised additions1

H1 16/17

H2 15/16

H1 16/17

H2 16/17

H1 17/18

H2 15/16

H1 16/17

H2 16/17

H1 17/18

H2 15/16

H1 16/17

H2 16/17

H1 16/17

H2 15/16

H1 16/17

H2 16/17

H1 17/18€m €m €m €m €m €m €m €m €m €m €m €m €m €m €m €m €m €m €m €m

5,318 5,265 5,335 5,277 1,726 1,788 1,829 1,929 181 298 270 500 1,203 880 791 768 709 445 1,304 799 3,074 3,006 3,095 3,107 1,014 1,104 1,125 1,200 398 474 474 564 899 307 486 315 324 385 776 833 4,141 3,575 3,350 3,515 826 674 538 930 121 690 438 512 366 321 130 134 2,470 2,496 2,477 2,512 591 692 668 751 108 72 132 720 322 424 427 14 330 310

Netherlands2 927 909 447 – 308 316 147 – 136 295 90 21 206 121 70 – 202 47 114 – 482 494 491 513 163 172 157 188 36 28 13 39 199 113 166 81 6 – 100 415 432 419 440 120 130 120 145 37 48 27 56 66 59 58 62 109 24 131 7

1,469 1,469 1,467 1,499 392 422 401 440 86 131 104 139 281 227 255 150 202 53 244 161 3,293 3,304 2,824 2,452 983 1,040 825 773 295 502 234 255 752 520 549 293 505 130 489 268

– – – – – – – – – – – – – – – – 18,222 17,543 17,007 16,775 5,140 5,298 4,985 5,583 773 1,212 678 1,572 4,264 2,467 2,762 2,169 1,842 901 3,029 2,344

Vodacom3 2,448 2,464 2,830 2,799 960 952 1,111 1,063 643 642 739 722 405 350 386 356 670 478 869 439

1,512 1,611 1,441 1,437 277 335 311 327 89 113 102 131 287 184 152 154 459 739 816 796 533 475 337 356 234 214 168 205 136 145 211 104 102 98 141 223 146 146

1,006 1,015 1,083 988 235 249 306 249 69 100 201 159 156 114 139 115 116 99 178 121 3,334 3,422 3,057 2,900 849 940 851 790 326 418 439 435 654 402 393 367 716 1,063

– – – – – – – – – – – – – – – – – – – – 5,782 5,886 5,887 5,699 1,809 1,892 1,962 1,853 969 1,060 1,178 1,157 1,059 752 779 723 1,386 362 1,932 344

788 664 726 675 21 112 34 155 595 307 608 371 – – – – – – – – – – – – – – – –

24,728 24,051 23,580 23,075 6,970 7,090 7,059 7,385 1,776 2,123 2,011 2,628 5,918 3,526 4,149 3,263 3,024 696 4,931 1,902

India4 3,075 3,015 2,838 2,610 898 892 704 557 256 223 257 544 596 447 692 394 330 438 214

05 Half-year regional analysis

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

Vodafone Group Plc 06 Mobile customers

Closing customers (in thousands)Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18

Mobile customersEurope

GermanyItalyUKSpainTotal

Other Europe

IrelandPortugalRomaniaGreeceCzech RepublicHungaryAlbaniaMaltaTotal

EuropeAfrica, Middle East and Asia Pacific

TotalOther Africa, Middle East and Asia Pacific

Turkey

New ZealandQatarGhanaTotal


Group

Memo: Other businessesNetherlands: VodafoneZiggo

Vodafone Hutchison AustraliaSafaricom

Notes:1 Contract percentages are calculated on a venture basis.2 Other movements relate to restatement of customer bases, changes in disconnection policy and acquisitions and disposals (see also notes 3 and 4 below).3 Vodafone Netherlands other movements relate to the merger of Vodafone Netherlands with Ziggo on 31 December 2016 to form VodafoneZiggo, a 50:50 joint venture. 4 Vodacom refers to the Group’s interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.5 Q3 17/18 includes 2,515k of prepaid customer disconnections in relation to a change in customer disconnection policy in South Africa.6 Q3 17/18 includes 388k of prepaid customer additions in relation to a change in customer disconnection policy in Vodafone Egypt.

30,389 30,334 30,270 30,508 30,615 30,720 30,838 30,675 30,430 24,404 24,143 23,825 23,536 23,192 22,959 22,772 22,572 22,433 18,395 18,197 17,974 18,010 17,960 17,886 17,710 17,634 17,609 14,255 14,319 14,346 14,511 14,521 14,412 14,428 14,490 14,384

87,443 86,993 86,415 86,565 86,288 85,977 85,748 85,371 84,856

Netherlands3 5,064 5,030 5,031 4,963 – – – – – 2,033 1,986 1,967 1,965 1,974 1,950 1,951 1,954 1,972 4,908 4,850 4,788 4,831 4,778 4,716 4,672 4,713 4,631 8,463 8,461 8,488 8,683 8,763 8,744 8,871 9,037 9,222 5,768 5,732 5,790 5,869 5,396 5,427 5,528 5,523 5,483 3,426 3,424 3,467 3,544 3,590 3,617 3,659 3,739 3,777 2,810 2,807 2,798 2,832 2,872 2,878 2,827 2,772 2,819 1,822 1,842 1,855 2,102 2,107 2,025 1,967 2,066 2,020

314 307 308 304 305 307 311 309 308 34,608 34,439 34,492 35,093 29,785 29,664 29,786 30,113 30,232

122,051 121,432 120,907 121,658 116,073 115,641 115,534 115,484 115,088

Vodacom4, 5 73,656 70,397 70,934 73,130 74,365 76,375 79,144 82,003 81,597 73,656 70,397 70,934 73,130 74,365 76,375 79,144 82,003 81,597

21,868 22,161 22,375 22,581 22,640 22,777 22,830 23,160 23,216 Egypt6 38,354 38,505 39,043 39,666 39,622 40,932 41,819 42,132 44,082

2,358 2,402 2,401 2,379 2,429 2,480 2,486 2,453 2,485 1,501 1,548 1,458 1,457 1,472 1,501 1,464 1,389 1,390 7,603 7,892 8,084 8,148 8,280 8,564 8,773 9,078 9,005

71,684 72,508 73,361 74,231 74,443 76,254 77,372 78,212 80,178

145,340 142,905 144,295 147,361 148,808 152,629 156,516 160,215 161,775

267,391 264,337 265,202 269,019 264,881 268,270 272,050 275,699 276,863

– – – – 5,139 5,073 5,050 4,966 4,886 India7 193,600 197,947 199,383 200,721 204,687 209,063 211,939 207,444 212,528

5,135 5,178 5,178 5,122 5,156 5,195 5,215 5,219 5,222 26,208 25,161 25,941 26,611 27,739 28,134 29,229 29,490 29,564


7 The results of Vodafone India are classified as discontinued operations in accordance with IFRS.




Other Europe




Turkey



Group




Netherlands3

Vodacom4, 5

Egypt6

India7

Contract net additions (in thousands)Q3 15/16Q4 15/16Q1 16/17Q2 16/17Q3 16/17Q4 16/17Q1 17/18Q2 17/18Q3 17/18 Q3 15/16Q4 15/16Q1 16/17Q2 16/17Q3 16/17Q4 16/17Q1 17/18Q2 17/18Q3 17/18

54.4% 54.7% 54.8% 54.5% 54.5% 54.7% 54.8% 55.8% 56.7%18.4% 18.7% 18.9% 19.1% 19.4% 19.5% 19.6% 19.5% 19.1% (15) (8) (15) (31) (61) (106)66.2% 66.9% 67.9% 68.2% 68.3% 68.6% 69.3% 69.6% 69.7% (26) (2) (3)78.3% 78.7% 78.9% 78.7% 79.3% 80.0% 80.3% 80.2% 81.0%50.8% 51.2% 51.6% 51.8% 52.1% 52.4% 52.7% 53.2% 53.6%

76.3% 76.7% 76.4% 77.2% - - - - - (11) (5) (17) (12) (25)48.9% 49.7% 50.7% 51.5% 51.8% 53.1% 54.1% 54.6% 54.7% (8)37.5% 38.8% 39.6% 39.3% 39.8% 40.3% 40.4% 40.4% 41.2% (2) (11)41.0% 41.1% 41.4% 40.8% 40.9% 40.9% 40.5% 40.1% 39.7% (8)27.7% 27.8% 27.5% 27.2% 29.7% 29.5% 29.1% 29.1% 29.3% (45) (2) (5) (1)66.1% 66.9% 67.5% 67.2% 67.7% 68.6% 68.8% 68.5% 68.8%58.4% 59.5% 60.7% 61.3% 61.7% 62.0% 61.5% 63.4% 63.4% (45)4.6% 4.2% 4.3% 3.7% 3.7% 3.9% 4.1% 3.9% 4.1% (3) (6) (2)

19.7% 20.8% 21.1% 22.0% 22.3% 22.1% 22.8% 23.3% 24.0%45.7% 46.2% 46.4% 46.0% 41.8% 42.2% 42.1% 42.1% 42.3%

49.3% 49.8% 50.2% 50.1% 49.5% 49.8% 50.0% 50.3% 50.6%

7.0% 7.3% 7.4% 7.3% 7.4% 7.1% 6.9% 6.8% 6.9% (23) (44)7.0% 7.3% 7.4% 7.3% 7.4% 7.1% 6.9% 6.8% 6.9% (23) (44)

43.5% 44.4% 45.5% 46.0% 46.8% 47.4% 48.5% 49.3% 50.6%6.5% 6.6% 6.6% 6.7% 7.0% 7.1% 7.1% 7.4% 7.2%

38.8% 38.8% 39.5% 40.6% 40.5% 40.3% 40.9% 42.2% 42.1%14.7% 15.3% 16.2% 16.7% 17.4% 18.1% 19.5% 21.1% 22.9% (1)0.4% 0.3% 1.9% 2.0% 1.9% 1.7% 1.6% 1.6% 1.7% (5) (2) (8) (13) (2)

18.4% 18.7% 19.2% 19.4% 19.8% 19.8% 20.0% 20.5% 20.5%

12.6% 13.1% 13.4% 13.4% 13.6% 13.5% 13.4% 13.5% 13.7%

29.4% 30.0% 30.1% 30.0% 29.3% 29.1% 28.9% 28.9% 29.0%

- - - - 79.3% 80.2% 80.9% 81.8% 83.0% (6) (24) (6)7.1% 7.2% 7.4% 7.7% 7.6% 7.5% 7.4% 7.4% 7.3% (80) (205)

63.3% 63.4% 63.9% 64.8% 65.0% 64.7% 64.6% 65.0% 64.9% (3)3.3% 3.7% 4.2% 4.5% 4.6% 3.7% 3.7% 4.2% 4.3% (233)

Vodafone Netherlands other movements relate to the merger of Vodafone Netherlands with Ziggo on 31 December 2016 to form VodafoneZiggo, a 50:50 joint venture.

Contract percentage1

196 49 8 20 61 123 84 217 144 5 – 2

94 1 26 92 5 6 83 105 53 91 97 96 55 39 30

358 160 87 195 134 209 106 192 74

– – – – 17 11 14 11 12 20 11 13 53 41 14 2 5 15 4 42 6 35 31 38 24 30 35

7 4 5 2 – 50 27 49 42 48 52 34 44 38 44 30 26 38 37 12 18 30

1 – 1 2 – 3 1 2 1 2 1 – 3 1 2

148 85 115 122 119 66 32 121 125

506 245 202 317 253 275 138 313 199

6 62 96 162 15 107 86 6 62 96 162 15 107 86

318 325 345 200 209 206 286 337 330 24 38 19 76 129 121 97 120 67 18 15 18 17 18 15 19 17 11 30 17 7 13 16 13 8 26

127 10 7 6 385 393 508 310 361 345 413 489 440

362 399 570 406 523 301 428 596 526

868 644 772 723 776 576 566 909 725

– – – – – 19 422 491 653 692 147 30 104

28 34 24 14 32 7 7 23 31 67 147 106 82 40 175 19




Other Europe




Turkey



Group




Netherlands3

Vodacom4, 5

Egypt6

India7

Prepaid net additions (in thousands)Q3 15/16Q4 15/16Q1 16/17Q2 16/17Q3 16/17Q4 16/17Q1 17/18Q2 17/18Q3 17/18

(23) (104) (72) (18) (380) (389)(251) (266) (318) (281) (346) (218) (156) (139) (33)(32) (199) (249) (56) (24) (79) (174) (73) (31)(14) (41) (26) (87) (121) (39) (136)

(320) (610) (665) (45) (411) (436) (335) (569) (589)

(57) (29) (56) (67)(4) (39) (30) (16) (2) (36) (19) (8)

(117) (99) (76) (58) (60) (33) (86)(12) (8) (8) (11)

(34) (477) (7) (40)(22) (29) (6) (2) (25)(27) (33) (35) (4) (6) (6) (73)

(83) (60) (49)(1) (9) (6) (3) (3)

(254) (62) (556) (187) (6)

(864) (727) (967) (623) (245) (363) (595)

(3,265) (492)(3,265) (492)

(11) (32) (131) (150) (69) (233) (7) (274)(6) (173)

(19) (39) (13) (50)(15) (89) (8) (50) (83) (25)

(79)(149)

(2,834)

(3,698) (43)

(60) (42) (60) (74)(4,290)

(24) (70) (19)(1,114)

218 46 34

74 23

18 – – – – 5

41 26 164 42 103 136 150

492 63 72 32 96 35 8 36 –

3 17 69 26 12 249 5 99

– – 2 1 321 479 90 206

1 434

284 475 2,100 1,073 2,054 2,754 2,752 284 475 2,100 1,073 2,054 2,754 2,752

6 113 519 547 1,189 790 193 1,883

15 29 32 36 21 30 2 13

220 291 65 54 140 297 211 298 203 431 345 560 1,466 705 351 1,526

487 820 2,660 924 3,520 3,459 3,103 1,034

488 93 3,094 2,897 3,214 2,740 439

– – – – – 5,008 3,856 783 646 3,819 4,346 2,956 4,980

36 9 2 32 13 6 1,081 633 564 1,046 628 1,055 86 55




Other Europe




Turkey



Group




Netherlands3

Vodacom4, 5

Egypt6

India7

Q3 15/16 Q4 15/16Q1 16/17Q2 16/17Q3 16/17Q4 16/17Q1 17/18 Q217/18 Q317/18

(84)(84)

(4,871)

(4,871)

(4,871) (84)

(4,871) (84)

Other movement (in thousands)2

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

– – – – – – –

– – – – – – – – – – – – – – – – – –

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

– – – – – – – – –

– – – – – – –

– – – – 5,139 – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Vodafone Group Plc 7 Fixed broadband customers

Fixed broadband customers (in thousands) Net additions (in thousands)Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18 Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18

EuropeGermanyItalyUKSpain

IrelandPortugalRomania

Czech RepublicHungaryAlbaniaMaltaTotal

o/w: European NGN customers


TurkeyEgypt (30)New Zealand (1) (2) (1)Qatar (1) (1)Ghana (1) (7)Total

GroupMemo: Other businesses

(5)Vodafone Hutchison AustraliaSafaricom

Notes:1 Q3 16/17 includes 143,000 of other movements relating to the disposal of Vodafone Netherlands’ consumer fixed line business on 16 December 2016.2 Includes Hellas Online following its acquisition on 25 November 2014.3 Vodacom refers to the Group’s interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.4 Vodafone Netherlands was transferred into VodafoneZiggo joint venture on 31 December 2016.5 The results of Vodafone India are classified as discontinued operations in accordance with IFRS.

5,691 5,825 5,933 6,025 6,135 6,258 6,358 6,452 6,541 105 134 108 92 110 123 100 94 89 1,907 1,970 2,016 2,049 2,119 2,194 2,252 2,306 2,401 38 63 46 33 70 75 58 54 95

89 109 137 167 183 216 245 278 316 14 20 28 30 16 33 29 33 38 2,958 3,022 3,023 3,063 3,156 3,231 3,246 3,288 3,356 79 64 1 40 93 75 15 42 68

Netherlands1 89 106 123 143 – – – – – 16 17 17 20 – – – – – 231 239 247 257 258 260 264 265 265 6 8 8 10 1 2 4 1 – 416 442 466 493 518 538 553 579 595 30 26 24 27 25 20 15 26 16

53 56 58 61 62 63 63 65 66 4 3 2 3 1 1 – 2 1 Greece2 535 551 571 586 608 619 634 643 651 18 16 20 15 22 11 15 9 8

14 14 14 14 14 14 14 14 14 1 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2 3 3 4 5 5 6 7 8 – 1 – 1 1 – 1 1 1

11,985 12,337 12,591 12,862 13,058 13,398 13,635 13,897 14,213 311 352 254 271 339 340 237 262 316 5,879 6,290 6,630 6,964 7,251 7,718 8,102 8,544 9,040 370 411 340 334 430 467 384 442 496

Vodacom3 1 1 2 2 3 3 5 7 10 1 – 1 – 1 – 2 2 3 280 363 424 465 524 562 593 623 656 97 83 61 41 59 38 31 30 33 243 213 231 240 267 301 329 358 380 9 18 9 27 34 28 29 22 413 412 424 425 423 423 425 425 424 2 12 1 – 2 –

6 6 5 6 6 6 5 5 5 – – 1 – – – – 29 41 44 48 41 44 45 50 56 12 3 4 3 1 5 6

972 1,036 1,130 1,186 1,264 1,339 1,402 1,468 1,531 108 64 94 56 78 75 63 66 63

12,957 13,373 13,721 14,048 14,322 14,737 15,037 15,365 15,744 419 416 348 327 417 415 300 328 379

Netherlands: VodafoneZiggo4 – – – – 3,178 3,189 3,197 3,217 3,241 – – – – – 11 8 20 24 India5 – – – – – – 222 227 236 – – – – – 222 5 9

– – – – – – – – – – – – – – – – – – 9 10 11 11 12 12 27 33 38 – 1 1 – 1 – 15 6 5

Vodafone Group Plc 08 Marketable homes passed

NGN owned & self-build households passed (in millions)Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18


PortugalOther EuropeTotal


NGN wholesale & strategic partnership households passed (in millions)Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18

EuropeGermanyItaly o/w Open FiberUKSpain



Notes:1 Vodafone Netherlands was transferred into VodafoneZiggo joint venture on 31 December 2016.2 Due to rounding, numbers presented in the tables above may not add up precisely to the totals

Index

13.7 13.7 13.7 13.7 13.8 12.6 12.6 12.6 12.7 2.1 2.7 2.9 3.1 3.3 3.6 3.5 3.4 3.3

– – – – – – – – – 8.2 8.5 8.9 9.5 10.1 10.2 10.3 10.3 10.3

Netherlands1 – – – – – – – – – 2.1 2.2 2.3 2.3 2.4 2.4 2.5 2.5 2.5

– – – – – 0.1 0.1 0.1 0.1 26.1 27.1 27.8 28.6 29.6 28.9 29.0 28.9 29.0

Netherlands: VodafoneZiggo1 – – – – – 7.1 7.1 7.1 7.1

9.6 9.6 10.0 10.4 10.8 13.4 13.6 13.6 14.3 4.7 5.7 6.1 6.9 7.6 8.8 9.8 10.6 11.6

1.0 1.0 1.1 1.2 1.5 1.8 1.9 23.1 24.0 24.7 25.2 25.5 25.5 26.0 26.1 27.9

– – – 5.2 5.7 8.5 9.0 9.3 9.9 Netherlands1 2.0 2.0 2.2 2.2 2.2 – – – –

0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 3.1 3.2 3.4 3.4 3.5 3.5 3.5 2.8 3.6

42.7 44.7 46.6 53.5 55.5 59.9 62.1 62.4 67.5

Netherlands: VodafoneZiggo1 – – – – – – – – –

Vodafone Group Plc 9 TV and fixed line voice

TV customers (in thousands) Net additions (in thousands)Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18 Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18

EuropeGermany (6) (50) (25) (18) (7) (44) (10) (24) (13)ItalyUKSpain (24)

PortugalOther EuropeTotal (6)

Memo: Other businesses(17) (24) (16) (1)

Fixed line voice customers (in thousands) Net additions (in thousands)Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18 Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18

EuropeGermanyItalyUKSpain (11)



Notes:1 Vodafone Netherlands was transferred into VodafoneZiggo joint venture on 31 December 2016.

Index

7,888 7,838 7,813 7,795 7,788 7,744 7,734 7,710 7,697 – – – – – 2 10 17 31 – – – – – 2 8 7 14 – – – – – – – – – – – – – – – – – –

1,000 1,063 1,115 1,201 1,279 1,309 1,285 1,332 1,370 99 63 52 86 78 30 47 38 Netherlands1 82 97 112 129 – – – – – 13 15 15 17 – – – – –

371 395 419 445 470 489 503 527 541 30 24 24 26 25 19 14 24 14 37 45 56 64 73 80 86 92 101 2 8 11 8 9 7 6 6 9

9,378 9,438 9,515 9,634 9,610 9,624 9,618 9,678 9,740 138 60 77 119 105 14 60 62

Netherlands: VodafoneZiggo1 – – – – 3,975 3,958 3,934 3,918 3,917 – – – – –

5,934 6,061 6,171 6,250 6,360 6,480 6,576 6,667 6,755 101 127 110 79 110 120 96 91 88 2,275 2,314 2,340 2,353 2,406 2,461 2,508 2,548 2,628 12 39 26 13 53 55 47 40 80

16 33 138 168 183 216 245 278 316 13 17 105 30 15 33 29 33 38 3,171 3,248 3,237 3,272 3,356 3,423 3,426 3,447 3,494 45 77 35 84 67 3 21 47

Netherlands1 82 97 110 125 – – – – – 14 15 13 15 – – – – – 475 499 523 548 572 592 605 628 642 28 24 24 25 24 20 13 23 14 961 980 999 1,020 1,040 1,043 1,055 1,060 1,063 18 19 19 21 20 3 12 5 3

12,914 13,232 13,518 13,736 13,917 14,215 14,415 14,628 14,898 231 318 286 218 306 298 200 213 270

Netherlands: VodafoneZiggo1 – – – – 2,536 2,539 2,545 2,550 2,551 – – – – – 3 6 5 1

Vodafone Group Plc 10 Converged customers

Consumer converged customers (in thousands) Net additions (in thousands)Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q317/18 Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18


PortugalOther Europe (6) (3) (19) (11)Total

AMAP


Notes:1 Vodafone Netherlands was transferred into VodafoneZiggo joint venture on 31 December 2016.

Index

202 231 276 304 352 422 471 532 588 14 29 45 28 48 70 49 61 56 223 285 337 377 416 475 502 583 648 47 62 52 40 39 59 27 81 65 15 31 56 79 100 127 149 169 185 12 16 25 23 21 27 22 20 16

1,940 2,018 2,062 2,108 2,185 2,264 2,282 2,299 2,330 84 78 44 46 77 79 18 17 31 Netherlands1 23 33 53 66 – – – – – 6 10 20 13 – – – – –

84 89 91 99 102 106 108 116 120 5 5 2 8 3 4 2 8 4 285 282 263 252 255 261 262 265 268 3 6 1 3 3

2,772 2,969 3,138 3,285 3,410 3,655 3,774 3,964 4,139 162 197 169 147 191 245 119 190 175 106 108 111 116 117 118 119 120 122 3 2 3 5 1 1 1 1 2

2,878 3,077 3,249 3,401 3,527 3,773 3,893 4,084 4,261 165 199 172 152 192 246 120 191 177

Netherlands: VodafoneZiggo1 – – – – – – 633 780 876 – – – – – – 633 147 96

Vodafone Group Plc 11 Mobile churn

Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18Germany

Total 26.6% 26.2% 23.7% 23.4% 23.7% 22.7% 23.4% 21.9% 23.4%Contract 16.2% 15.4% 14.1% 15.5% 15.8% 13.3% 13.3% 13.8% 15.1%Prepaid 38.9% 39.1% 35.3% 32.9% 33.1% 34.0% 35.6% 31.8% 34.0%

Italy Total 29.7% 28.0% 28.0% 29.2% 27.6% 28.4% 28.9% 28.5% 26.7%Contract 18.6% 18.2% 17.4% 15.6% 16.4% 16.2% 15.9% 15.8% 19.6%Prepaid 32.2% 30.3% 30.5% 32.3% 30.2% 31.3% 32.0% 31.5% 28.4%

UKTotal 27.5% 30.8% 30.5% 29.5% 30.8% 26.4% 28.8% 29.0% 27.9%Contract 16.9% 17.9% 16.2% 16.8% 20.8% 16.7% 15.5% 16.6% 17.6%Prepaid 48.3% 56.4% 60.2% 56.7% 52.6% 47.5% 58.2% 57.1% 51.5%

SpainTotal 26.9% 27.8% 28.3% 26.9% 28.2% 30.5% 27.1% 29.3% 33.1%Contract 19.6% 18.7% 19.8% 19.3% 19.4% 20.6% 19.1% 21.8% 25.7%Prepaid 52.9% 60.9% 59.7% 54.9% 61.5% 69.1% 59.5% 59.7% 63.9%


TurkeyTotal 33.0% 33.6% 32.9% 29.5% 28.6% 30.4% 31.2% 28.2% 28.0%Contract 25.2% 24.8% 22.3% 22.7% 23.2% 27.1% 24.8% 20.6% 18.9%Prepaid 39.0% 40.6% 41.5% 35.1% 33.3% 33.3% 37.2% 35.5% 37.1%

Memo


Notes:12 The results of Vodafone India are classified as discontinued operations in accordance with IFRS.

Index

Vodacom1

India2

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

Vodafone Group Plc 12 Mobile data usage

Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18Europe

GermanyItalyUKSpain

PortugalRomaniaGreeceOtherTotal

Africa, Middle East and Asia Pacific 0

TurkeyEgyptOtherTotal


Notes:1

2 Vodafone Netherlands was transferred into VodafoneZiggo joint venture on 31 December 2016.3 Vodacom refers to the Group’s interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.4 The results of Vodafone India are classified as discontinued operations in accordance with IFRS.

Data usage in terabytes (TB)1

58,220 60,562 66,844 72,809 79,856 94,805 95,696 104,558 119,115 54,124 60,604 67,028 82,879 84,362 88,122 97,902 133,434 132,972 36,600 38,270 43,298 48,782 52,598 55,606 67,836 82,265 89,721 33,890 39,269 49,913 64,267 58,255 61,800 85,607 110,345 95,135

Netherlands2 8,441 8,390 9,632 12,094 13,186 – – – – 10,586 12,583 14,550 19,943 19,707 22,212 27,274 34,074 29,564 11,451 14,220 15,480 19,067 23,714 27,167 31,290 36,150 40,554

2,864 3,271 4,070 6,074 5,054 6,114 7,246 12,088 9,363 20,836 24,442 25,483 30,309 34,513 37,173 42,067 52,073 54,350

237,012 261,611 296,298 356,224 371,245 392,999 454,918 564,987 570,774

Vodacom3 34,300 35,879 38,855 44,430 51,597 56,210 60,443 70,593 74,557 50,278 61,125 78,426 95,851 102,570 122,523 145,221 177,781 185,463 25,675 28,163 32,043 39,152 39,814 42,325 49,404 61,955 60,334 16,838 20,184 22,577 23,746 28,606 33,478 36,367 40,195 44,488

127,091 145,351 171,901 203,179 222,587 254,536 291,435 350,524 364,842 364,103 406,962 468,199 559,403 593,832 647,535 746,353 915,511 935,616

Netherlands: VodafoneZiggo2 – – – – – 14,821 18,751 23,697 21,285 India4 93,712 94,390 100,541 110,430 105,457 129,424 237,855 383,841 567,405

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 resulting from voice over LTE traffic. The conversion methodology used is 1 megabyte (MB) = 1000 kilobytes (kB).

Vodafone Group Plc 13 Mobile ARPU

Average revenue per userQ3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18

EuropeGermany (EUR)

TotalContractPrepaid

Italy (EUR)TotalContractPrepaid

UK (GBP)TotalContractPrepaid

Spain (EUR)TotalContractPrepaid


Portugal (EUR)TotalContractPrepaid

Greece (EUR)TotalContractPrepaid

Romania (EUR)TotalContractPrepaid



Turkey (TRY)TotalContractPrepaid

Egypt (EGP)TotalContractPrepaid

Memo



Notes:1 Vodafone Netherlands was transferred into VodafoneZiggo joint venture on 31 December 2016.2 Vodacom refers to the Group’s interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.3 The results of Vodafone India are classified as discontinued operations in accordance with IFRS.

15.3 15.1 15.3 15.5 15.2 14.9 14.9 15.3 15.4 25.4 24.9 25.0 25.3 25.1 24.7 24.5 24.9 24.5

3.4 3.5 3.5 3.6 3.4 3.2 3.3 3.5 3.6

14.0 13.7 14.0 14.7 14.8 14.5 15.0 15.2 15.0 19.6 19.1 18.9 19.6 19.1 18.8 17.6 18.7 18.8 12.7 12.4 12.8 13.5 13.8 13.5 14.3 14.4 14.1

18.8 18.6 18.5 18.9 18.5 18.2 18.2 18.5 17.9 26.1 25.9 25.4 25.7 25.0 24.7 24.6 24.6 23.9

4.6 4.1 4.1 4.5 4.3 4.0 4.0 4.6 4.0

16.6 16.0 16.6 16.8 16.4 16.0 16.6 16.9 16.3 19.6 18.8 19.4 19.6 19.1 18.6 19.1 19.5 18.7

5.9 5.7 6.1 6.5 6.1 6.1 6.6 6.6 6.3 Netherlands (EUR)1

25.3 24.4 24.1 24.6 23.8 – – – – 32.1 30.5 30.5 30.8 29.7 – – – –

3.9 4.1 3.5 3.8 3.3 – – – –

12.0 11.9 11.7 12.1 11.7 11.7 12.0 12.5 12.0 20.5 20.5 20.0 20.2 19.7 19.5 19.9 20.0 19.4

7.1 6.6 6.3 6.9 6.4 6.5 6.7 7.4 7.0

8.2 7.8 7.8 8.2 8.1 8.2 8.4 8.6 8.3 21.3 21.5 21.2 22.1 21.3 21.1 21.4 22.2 21.2

2.8 2.5 2.7 3.0 2.8 2.7 3.0 3.1 3.0

6.2 6.2 6.1 6.2 6.2 6.0 6.1 6.1 6.0 11.8 11.6 11.7 11.9 11.8 11.7 11.8 11.8 11.7

2.2 2.3 2.1 2.3 2.2 2.1 2.2 2.3 2.2

Vodacom (ZAR)2

71 70 71 73 73 68 67 66 66 410 402 403 418 409 386 387 385 385

45 44 45 46 46 44 42 42 43

25.8 25.8 26.7 28.1 28.1 28.1 29.3 30.8 30.5 41.2 41.0 41.8 43.0 43.2 43.2 44.3 45.5 45.0 14.2 13.9 14.4 15.5 15.0 14.7 15.6 16.8 16.2

27.8 28.3 29.3 31.7 32.5 32.5 33.6 35.3 35.1 91.9 91.9 94.0 94.5 94.9 93.0 92.9 94.9 96.7 23.4 23.8 24.7 27.2 27.9 27.9 29.0 30.6 30.3

Netherlands VodafoneZiggo (EUR)1

– – – – – 22.4 21.8 20.9 20.8 – – – – – 27.3 26.2 24.8 24.5 – – – – – 3.2 3.6 3.8 3.3

India (INR)3

175 177 176 171 158 142 141 132 114 621 612 627 619 593 554 537 506 454 141 144 141 134 122 109 109 102 87

Vodafone Group Plc 14 Average foreign exchange rates

Historic FX Rates

FY 15/16 FY 16/17 FY 17/18H1 H2 FY H1 H2 FY H1

Pounds Sterling 0.72 0.75 0.73 0.82 0.86 0.84 0.88Egyptian Pound 8.57 8.75 8.66 9.97 17.24 13.60 20.38Indian Rupee 71.24 73.26 72.25 75.14 72.01 73.58 73.25Turkish Lira 3.06 3.22 3.14 3.29 3.74 3.51 4.03South African Rand 13.92 16.51 15.21 16.33 14.54 15.43 15.01

FY 15/16 FY 16/17 FY 17/18Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Pounds Sterling 0.72 0.72 0.72 0.77 0.79 0.85 0.87 0.86 0.86 0.90 0.89Egyptian Pound 8.44 8.70 8.63 8.87 10.03 9.91 15.53 18.94 19.91 20.86 20.86Indian Rupee 70.21 72.28 72.12 74.41 75.56 74.72 72.70 71.32 70.94 75.56 76.24Turkish Lira 2.95 3.18 3.18 3.25 3.27 3.31 3.54 3.93 3.94 4.13 4.48South African Rand 13.37 14.47 15.56 17.45 16.94 15.72 14.99 14.09 14.53 15.5 16.03

FY 17/18 guidance rates

FY 17/18Pounds Sterling 0.85Egyptian pound 19.10Indian rupee N/ATurkish lira 4.00South African rand 14.60

Index

Vodafone Group Plc 15 Definition of terms

Definition of terms

Acquired intangibles amortisation

Acquisition costs The total of connection fees, trade commissions and equipment costs relating to new customer connections.

Adjusted EBIT

Adjusted EBITDA

Adjusted operating profit

ARPU Average revenue per user, defined as customer revenue and incoming revenue divided by average customers

Capitalised additions This measure includes the aggregate of capitalised property, plant and equipment additions and capitalised software costs

Cash capital expenditure

Churn Total gross customer disconnections in the period divided by the average total customers in the period.

Converged customers

Customer costs Customer costs include acquisition costs, retention costs and expenses related to ongoing commissions.

Data attachment Number of customers with a smartphone which has an integrated data tariff or data add-on or data usage entitlement as part of a committed fee.

Direct costs Direct costs include interconnect costs and other direct costs of providing services.

Fixed service revenue Service revenue relating to provision of fixed line (‘fixed’) and carrier services.

Free cash flow (pre-spectrum)

Free cash flow

Internet of Things (‘IoT’)

Interconnect costs A charge paid by Vodafone to other fixed line or mobile operators when a Vodafone customer calls a customer connected to a different network

Mobile customer

Mobile customer revennue

Mobile incoming revenue Comprises revenue from termination rates for voice and messaging to Vodafone customers.

Mobile service revenue Service revenue relating to the provision of mobile services.

Net debt Long-term borrowings, short-term borrowings and mark-to-market adjustments on financing instruments less cash and cash equivalents.

Operating expenses Operating expenses plus customer costs other than acquisition and retention costs.

Operating free cash flow

Organic growth

Other revenue Other revenue includes revenue from connection fees and equipment sales.

Purchased licence amortisation

Regulation

Reported growth Reported growth is based on amounts reported in euros as determined under IFRS.

Restructuring costs Costs incurred by the Group following the implementation of discrete restructuring plans to improve overall efficiency.

Retention costs

RGUs Revenue Generating Units describes number of fixed line services taken by subscribers.

Roaming

Service revenue

SIMs See "mobile customer".

Smartphone penetration The number of smartphone devices divided by the number of registered SIMs, excluding data only SIMs.

Amortisation relating to intangible assets identified and recognised separately in respect of a business combination in excess of the intangible assets recognised by the acquiree prior to acquisition.

Operating profit excluding share of results in associates and joint ventures, impairment losses, amortisation of customer bases and brand intangible assets restructuring costs arising from discrete restructuring plans and other income and expense. The Group’s definition of adjusted EBIT may not be comparable with similarly titled measures and disclosures by other companies.Operating profit excluding share of results in associates and joint ventures, depreciation and amortisation, gains/losses on the disposal of fixed assets, impairment losses, restructuring costs arising from discrete restructuring plans and other income and expense. The Group’s definition of adjusted EBITDA may not be comparable with similarly titled measures and disclosures by other companies.

Group adjusted operating profit excludes non-operating income from associates, impairment losses, restructuring costs, business intergration costs, amortisation of customer bases and brand intangible assets other income and expenses.

Cash capital expenditure comprises cash payments in relation to the purchase of property, plant and equipment and intangible assets, other than licence and spectrum payments, during the period

A customer who receives both fixed and mobile services (also known as unified communications) on a single bill or who receives a discount across both bills.

Depreciation and other amortisation

The accounting charge that allocates the cost of a tangible or intangible asset to the income statement over its useful life. This measure includes the profit or loss on disposal of property, plant and equipment and computer software.

Operating free cash flow after cash flows in relation to taxation, interest, dividends received from associates and investments and dividends paid to non-controlling shareholders in subsidiaries, but before restructuring and licence and spectrum payments.

Operating free cash flow after cash flows in relation to taxation, interest, dividends received from associates and investments, dividends paid to non-controlling shareholders in subsidiaries, restructuring payments and licence and spectrum payments. Free cash flow has been redefined during the period to include restructuring and licence and spectrum payments to ensure greater comparability with similarly titled measures and disclosures by other companies.The network of physical objects embedded with electronics, software, sensors, and network connectivity, including built-in mobile SIM cards, that enables these objects to collect data and exchange communications with one another or a database.

A mobile customer is defined as a subscriber identity module (‘SIM’), or in territories where SIMs do not exist, a unique mobile telephone number, which has access to the network for any purpose, including data only usage.

Represents revenue from mobile customers from bundles that include a specified number of minutes, messages or megabytes of data that can be used for no additional charge (‘in-bundle’) and revenues from minutes, messages or megabytes of data which are in excess of the amount included in customer bundles (‘out-of-bundle’).

Cash generated from operations after cash payments for capital expenditure (excludes capital licence and spectrum payments) and cash receipts from the disposal of intangible assets and property, plant and equipment, but before restructuring costs.

Organic growth presents operating performance on a comparable basis, both in terms of merger and acquisition activity and movements in foreign exchange rates. The Group’s organic growth rates for all periods exclude the results of Vodafone India (excluding its 42% stake in Indus Towers), which are now reported in discontinued operations, and exclude the results of Vodafone Netherlands following the disposal of its consumer fixed business and subsequent merger into VodafoneZiggo, as well as the results of VodafoneZiggo after the merger. In addition, operating segment organic service revenue growth rates for the quarter ended 30 June 2017, the quarter and half year ended 30 September 2017 and the quarter ended 31 December 2017 have been amended to exclude the adverse impact of changes to intercompany interconnect rates.

Amortisation relating to capitalised licence and spectrum fees purchased directly by the Group or existing on recognition through business combination accounting and such fees recognised by an acquiree prior to acquisition.

Impact of industry specific law and regulations covering telecommunication services. The impact of regulation on service revenue in European markets comprises the effect of changes in European mobile termination rates and changes in out-of-bundle roaming revenues less the increase in visitor revenues.

The total of trade commissions, loyalty scheme and equipment costs relating to customer retention and upgrade.

Impact of European roaming, defined as the increase in visitor revenues less the increase in roaming costs and the decline in out-of-bundle roaming revenues.Service revenue comprises all revenue related to the provision of ongoing services including, but not limited to, monthly access charges, airtime usage, roaming, incoming and outgoing network usage by non-Vodafone customers and interconnect charges for incoming calls.

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