Report Overview

Vodafone: Growing enough?

Contents

Annualising the COVID hit

Rest of World not to be relied upon

Why growth is so crucial

Disciplined or constrained?

Annualisation boosts Europe growth to 1.1%

UK: fairly convincing step-up in revenue momentum

Inflation-linked price increases a crucial tailwindfrom next year

Annualisation done, recovery to come…

UK going for growth regardless?

Germany: mobile okay, fixed disappointing (again)

Italy: decent momentum but pressure hotting up

Spain: mobile weak in spite of favourable comparables

Figures and Tables

Figure 1: Organic reported service revenue growth

Figure 2: Change in organic service revenue growth Q1 vs Q4 prior financial year

Figure 3: Organic service revenue progression

Figure 4: Rest of World contribution to service revenue growth

Figure 5: Revenue and EBITDA growth in Euro terms

Figure 6: Organic service revenue growth

Figure 7: Mobile service revenue growth in Europe

Figure 8: Vodafone fixed service revenue growth in the ‘top 4’ markets

Figure 9: UK operational and financial metrics

Figure 10: UK fixed performance

Figure 11: UK contract net additions (000)

Figure 12: UK mobile service revenue growth by operator

Figure 13: ‘Sweet spot’ bundle with iPhone 6s/7/8/XR/11/12

Figure 14: Monthly cost of iPhone 12 + unlimited data by contract length (£)

Figure 15: SIM-only pricing by data allowance (GB)—November 2020 (£/month)

Figure 16: SIM-only pricing by data allowance (GB)—July 2021 (£/month)

Figure 17: 12-month, SIM-only unlimited data bundle pricing (£/month)

Figure 18: 18-24-month, SIM-only unlimited data pricing (£/month)

Figure 19: MNO price increases in 2021

Figure 20: Inflation-linked price increases, 2020-2021

Figure 21: Germany operational and financial metrics

Figure 22: Germany contract net additions (000)

Figure 23: German mobile service revenue growth by operator

Figure 24: Germany fixed performance

Figure 25: Italy operational and financial metrics

Figure 26: Italy fixed performance

Figure 27: Italy mobile service revenue growth by operator

Figure 28: Italy total subscriber net additions (000)

Figure 29: Spain operational and financial metrics

Figure 30: Spain service revenue growth by operator

Figure 31: Spain contract net additions (000)

Figure 32: Spain fixed performance