REG - Vodafone Group Plc - Pro forma financials for VodafoneThree

VodafoneAnnouncement

01/10/2025 07:00

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RNS Number : 4784B  Vodafone Group Plc  01 October 2025

1 OCTOBER 2025

 Pro forma financials for VodafoneThree

On 31 May 2025, Vodafone Group Plc ('Vodafone' or 'the Group') completed the
merger of Vodafone UK and Three UK. The combined business, VodafoneThree, is
51% owned by Vodafone and 49% by CK Hutchison Group Telecoms Holdings Limited
('CKHGT') and its results have been consolidated by the Group from that date.

To aid the comparison of VodafoneThree's FY26 results with prior periods,
unaudited pro forma financial information for FY25 is provided below. This
reflects 10 months of pro forma results from the merged business and two
months of Vodafone UK on a standalone basis, reflecting that the merger
completed part way through Vodafone's current financial year. There will be no
change to the Group's statutory information for comparative periods, which
will remain as previously disclosed.

                                  VodafoneThree pro forma

 UK financial results(1)   Q1(2)             Q2                H1                Q3                Q4                H2                FY25
                           €m                €m                €m                €m                €m                €m                €m
 Total revenue             1,937             2,578             4,515             2,720             2,501             5,221             9,736
 Service revenue           1,624             2,047             3,671              2,088             2,039            4,127              7,798
 Adjusted EBITDAaL                                             849                                                   1,007             1,856
 Adjusted EBITDAaL margin                                      18.8%                                                 19.3%             19.1%

 

 

 

                           Vodafone Group: Including VodafoneThree pro forma

 Vodafone Group            Q1(2)     Q2        H1        Q3        Q4        H2        FY25

financial results(1)
                           €m        €m        €m        €m        €m        €m        €m
 Total revenue             9,284     10,059    19,343    10,666    10,106    20,772    40,115
 Service revenue           7,660     8,229     15,889    8,510     8,270     16,780    32,669
 Adjusted EBITDAaL                             5,553                         5,677     11,230
 Adjusted EBITDAaL margin                      28.7%                         27.3%     28.0%

1.     Unaudited pro forma results for the merged business have been
translated into euro at exchange rates used to prepare the Group's FY25 Annual
Report.

2.     Includes two months of Vodafone UK on a standalone basis and one
month of pro forma results from the merged VodafoneThree business.

 

 

 

Adjusted EBITDAaL reconciliation

 

                                  FY25
  €m
 Vodafone UK standalone           1,558
 Three UK standalone(3)           640
 Reporting period adjustments(4)  (106)
 Adjustments(5)                   (236)
 VodafoneThree
                                  1,856
 3.     EBITDA of £541 million as reported in Three UK's 2024 statutory
 results on a euro equivalent basis.

 4.     Reflecting change in financial year (from January-December to
 April-March) and the fact that Three UK will only be consolidated for 10
 months in FY26.

 5.     Adjustments primarily relating to commission costs (previously
 capitalised by Three UK) and lease and related interest costs that are now
 included in

 Adjusted EBITDAaL.

Notes

i.   The unaudited pro forma view of the Group's FY25 financial results has
been prepared for illustrative purposes only and shows a hypothetical
situation and, therefore, does not represent the actual financial position or
results of the Group if the merger of Vodafone UK and Three UK had occurred on
31 May 2024. The unaudited pro forma financial information reflects
adjustments to present the financial results of Three UK under Vodafone's
accounting policies and certain other pro forma adjustments. The unaudited pro
forma view of the FY25 financial results may not give a true picture of our
financial results nor is it indicative of the results that may, or may not, be
expected to be achieved in the future.

 

The unaudited pro forma view has not been prepared in accordance with
Regulation S-X under the United States Securities Exchange Act of 1934, and
accordingly should not be relied upon as if it had been carried out in
accordance with those requirements.

- ends -

 

 For more information, please contact:
 Investor Relations:  i (https://investors.vodafone.com) nvestors.vodafone.com  ir@vodafone.co.uk (mailto:ir@vodafone.co.uk)  Media Relations:  Vodafone.com/media/contact (https://Vodafone.com/media/contact)  GroupMedia@vodafone.com (mailto:GroupMedia@vodafone.com)
                      (https://investors.vodafone.com)
 Registered Office: Vodafone House, The Connection, Newbury, Berkshire RG14
 2FN, England. Registered in England No. 1833679

About Vodafone

Vodafone is a leading European and African telecoms company.

We serve over 355 million mobile and broadband customers, operating networks
in 15 countries with investments in a further five and partners in over 40
more. Our undersea cables transport around a sixth of the world's internet
traffic, and we are developing a new direct-to-mobile satellite communications
service to connect areas without coverage. Vodafone runs one of the world's
largest IoT platforms, with over 215 million IoT connections, and we provide
financial services to around 92 million customers across seven African
countries - managing more transactions than any other provider.

From the seabed to the stars, Vodafone's purpose is to keep everyone
connected.

For more information, please visit www.vodafone.com
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