Vodafone raises VodafoneThree annual cost and capex synergy target to £1 billion by FY32

• Vodafone raised VodafoneThree's annual cost and capital expenditure savings target to £1 billion by FY32 at an investor briefing in London.
• The FY30 savings target increased to £800 million from £700 million, reflecting additional benefits from full ownership.
• Adjusted EBITDAaL is expected to grow at a mid- to high-single-digit compound annual rate through FY32; operating free cash flow should more than triple.
• Capital expenditure is expected to peak at approximately £1.4 billion in FY27, then decline under the £11 billion, 10-year investment program.
• The transaction is expected to become free-cash-flow accretive by FY29; returns including goodwill should exceed the cost of capital by FY32.

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