Report Overview

Better, more to come: European mobile in Q2 2021

Contents

Executive summary: Better, more to come

Reported and underlying revenue growth

Country analysis

Appendix

Figures and Tables

Reported mobile revenue growth—top 5 European markets*

Service revenue growth by market

Service revenue growth by operator group

Timeline of COVID-related lockdowns

Average mobility indexed to pre-pandemic baseline

Growth in number of flights in major markets versus 2019

Europe ‘top 5’ GDP vs service revenue growth

Mobile service revenue growth versus peers

Contract net adds in top 4 European markets

German converged customer net adds (000)

T-Mobile versus Vodafone contract ARPU growth

Potential drag from out-of-contract customers spinning down

5G availability by country (% of time on 5G)

5G reach (0-10 score based on number of locations)

2019 versus 2021 capex

Approaches to Huawei across Europe

Recent tower deals in Europe

Vodafone forecast use of cash (€m, LHA) and Net Debt to EBITDA (RHA)

Selected OpenRAN trials and commitments

UK Service revenue growth

UK Contract net additions (000)

UK Service revenue growth by operator

France Service revenue growth

France Contract net additions (000)

France Service revenue growth by operator

Germany Service revenue growth

Germany Contract net additions (000)

Germany Service revenue growth by operator

Italy Service revenue growth

Italy Contract net additions (000)

Italy Service revenue growth by operator

Spain Service revenue growth

Spain Contract net additions (000)

Spain Service revenue growth by operator

IFRS 15 effect of indirect and direct mobile contract distribution

Regulatory impact—top 5 European markets

European MTR rates (Euro cents)

Regulatory impact by market

Service revenue and service revenue growth

European MNO consolidation timeline