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Vodafone Group Plc FY21 Preliminary results 18 May 2021 Resilient performance in FY21 and announcing next phase in our strategy to drive returns through growth • Stable service revenue in FY21 , returning to growth in the second half • Strong delivery of strategic priorities over the last three years to reshape Vodafone • Next strategic phase to become a new generation connectivity & digital services provider in Europe and Africa • Medium - term financial ambition to drive returns through growth acceleration FY21 FY20 Change¹ Financial results ( unaudited ) Page € m € m % Total dividends per share Group revenue Group service revenue Operating profit Adjusted EBITDA² Profit / ( loss ) for the financial year Basic earnings / ( loss ) per share Adjusted basic earnings per share² Cash inflow from operating activities Free cash flow ( pre spectrum , restructuring and integration costs ) ² Free cash flow² 111110010NN 14 43.809 44.974 ( 2.6 ) 14 37,141 37,871 ( 0.1 ) * 14 5,097 4,099 +24.3 14 14,386 14,881 ( 1.2 ) * 14 536 ( 455 ) 26 0.38c ( 3.13 ) c 26 8.08c 5.60c 36 9.00c 9.00c 26 17,215 17,379 ( 0.9 ) 27 5,019 5,700 ( 11.9 ) Net debt².3 27 28 3,110 4,949 ( 40,543 ) ( 42,047 ) +3.6 1. Amounts marked with an " * " represent organic growth . See page 2 for more information . | 2. Non - GAAP measure . See page 40 for more information . 3. FY20 Net debt has been aligned to the FY21 presentation . See page 28 for more information . • Group revenue declined by 2.6 % to € 43.8 billion , as good underlying momentum and the benefit from the acquisition of Liberty Global's assets was offset by the effects of COVID - 19 on roaming and visitor revenue , as well as foreign exchange movements . • Adjusted EBITDA declined by 1.2 % * to € 14.4 billion as our leading digital and efficiency programmes resulted in a further € 0.5 billion net reduction in European operating expenditure , largely mitigating COVID impacts Free cash flow ( pre spectrum , restructuring and integration costs ) of € 5.0 billion , in line with expectations • Total dividends per share are 9.0 eurocents , including a final dividend per share of 4.5 eurocents Nick Read , Group Chief Executive , commented : " I am pleased that we achieved full year results in line with our guidance and we exited the year with accelerating service revenue growth across the business , with a particularly good performance in our largest market , Germany . We have delivered on the first phase of our strategy to reshape Vodafone as a stronger connectivity provider - including the simplification of the group to Europe and Africa , the successful IPO of Vantage Towers ( € 13.2 billion market capitalisation ) , the fast roll out of our next generation mobile and fixed networks , share gain in broadband subscriptions and continued reduction in customer churn . Our digital transformation initiatives have generated savings of € 0.5 billion over the year and the integration of the assets acquired from Liberty Global is well ahead of plan . The world has changed . The pandemic has shown how critical connectivity and digital services are to society . Vodafone is strongly positioned and through increased investment , we are taking action now to ensure we play a leadership role and capture the opportunities that these changes create . The increased demand for our services supports our ambition to grow revenues and cash flow over the medium - term . We remain fully focused on driving shareholder returns through deleveraging , improving our return on capital , and a firm commitment to our dividend . " For more information , please contact : Investor Relations Investors.vodafone.com ir@vodafone.co.uk Media Relations Vodafone.com/media/contact GroupMedia@vodafone.com Registered Office : Vodafone House , The Connection , Newbury , Berkshire RG14 2FN , England . Registered in England No. 1833679 A webcast Q & A session will be held at 10am on 18 May 2021. The webcast and supporting information can be accessed at investors.vodafone.com O