Our strategic priorities

Over the past two years, Vodafone has changed. We have reshaped our operating footprint, reset our capital structure, whilst simplifying our operations and improving customer experience. In reshaping our operating footprint, we have completed the sale of Vodafone Spain and Vodafone Italy, and we expect the merger with Three UK to complete in the first half of 2025. Within all markets, we continue to make progress across our priorities of Customers, Simplicity and Growth. We have improved customer satisfaction across our markets, with both UK and Germany achieving their best ever results and the UK now leading in the market. Whilst we still have much more to do to reach the full potential of our businesses, we are now entering a phase of medium-term, sustainable Adjusted free cash flow growth, as evidenced already in our guidance for FY26.