Transcript of the Analyst/ Investor Call held on 11 August 2026 relating to Company''s performance for the first quarter ended 30 June 2026

18 August 2026 National Stock Exchange of India Limited BSE Limited “Exchange Plaza”, Phiroze Jeejeebhoy Towers, Bandra - Kurla Complex, Dalal Street, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Transcript of Analyst / Investors Call Ref: “Vodafone Idea Limited” (IDEA / 532822) Dear Sir/Madam, In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed transcript of the Analyst / Investors Call held on Tuesday, 11 August 2026 relating to the Company’s performance for the first quarter ended 30 June 2026. The same is also uploaded on Company’s Website: www.myvi.in. The above is for your information and dissemination to the members. Thanking you, Yours truly, For Vodafone Idea Limited Pankaj Kapdeo Company Secretary Encl: As above “Vodafone Idea Limited” Q1 FY27 Results Conference Call August 11, 2026 MANAGEMENT: MR. ABHIJIT KISHORE – CHIEF EXECUTIVE OFFICER – VODAFONE IDEA LIMITED MR. TEJAS MEHTA – CHIEF FINANCIAL OFFICER – VODAFONE IDEA LIMITED Page 1 of 13 Vodafone Ideal Limited August 11, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 FY27 Results Conference Call hosted by Vodafone Idea. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhijit Kishore from Vodafone Idea. Thank you, and over to you, Mr. Kishore. Abhijit Kishore: Thank you, Dorwin. Good afternoon, and a very warm welcome to all of you. Thank you for making the time to be here today. On 10th August 2026, our Board of Directors adopted the unaudited results for the quarter ending June 30, 2026. All the results related documents are available on our website and I hope you have had a chance to go through the same. Our robust Q1FY27 operating and financial performance has been an endorsement of our well- defined strategy and superior execution. Let me share our progress on the key strategic initiatives. After which, I will handover to Tejas who will share details on the Company’s financial performance. I would like to begin by updating you on the 7 critical business parameters that we had mentioned in the last earnings call as well. I am happy to share that all 7 of these critical business parameters are now trending positively. Our revenue improved 6.0% YoY to Rs. 11,689 Crore while Cash EBITDA demonstrated double digit growth of 13.5% and stood at Rs. 2,475 Crore. We have also increased our subscriber base to 193.1 million customers vis-à-vis last quarter. Net subscriber addition which turned a corner in February last quarter has continued its trajectory. We delivered our first quarter of positive net subscriber additions since merger and we will continue this momentum. Our churn reduced by 24 bps YoY this quarter. We remain focused to reduce our churn with the sustained network investment as well as get a competitive share of quality gross additions as we expand our coverage and enter new geographies. We also added nearly 3,000 new unique broadband towers during the quarter and over 15,600 new sites over last twelve months, expanding our pan-India 4G coverage to 87.0%. On 5G, we have made substantial strides by expanding our footprint significantly. I am pleased to share that our 5G services are now live in over 200 cities across all our 17 circles where we have 5G spectrum. Our disciplined execution and commitment to deliver a superior network experience has yielded robust progress despite prevailing geopolitical headwinds impairing the capex deployment in Q1FY27. Our Customer ARPU grew from Rs. 177 in Q1FY26 to Rs. 195 in Q1FY27, a growth of 10.2% YoY; highest in the industry and a sequential improvement of 2.6%. Page 2 of 13 Vodafone Ideal Limited August 11, 2026 The Customer ARPU has now been increasing for 20 consecutive quarters. The Customer ARPU expansion over the last year has been driven primarily by premiumization which is evident from our improving 4G/5G subscriber mix which stood at 67.4% in Q1FY27 up from 64.4% in Q1FY26 as well as higher data usage by per broadband subscriber. We closed the quarter with 130.1 million 4G/5G subscribers, up from 127.4 million in Q1FY26. Our focused execution has also translated into better customer engagement as reflected in the data usage. The average data usage by a 4G/5G subscriber improved 25.2% YoY to 21.7 GB in Q1FY27. Overall, as a result our data usage in Q1FY27 has increased YoY by nearly 28% to 88.4 Petabyte/day from 69.1 Petabyte/day in Q1FY26. These critical business parameter trends clearly reflect that the customers are getting a better network experience since we have made sustained investments and continue to remain engaged. Okay. So just to kind of cover that we've just spoken on all the 7 critical parameters, which is all moving in the right direction. Moving on to the funding and its mobilization through capex, on the funding front, we have 2 important updates. First on the warrants, we have received Rs. 1,183 Crore as part-proceeds from the issue of warrants to our promoter – Aditya Birla Group. Second, I am delighted to share that we were assigned Crisil A-/Stable rating by CRISIL in May 2026 followed by a credit rating upgrade to ICRA A- (Stable) by ICRA in June 2026. The ratings were assigned and upgraded by Crisil and ICRA respectively for certain long-term bank facilities considering the positive developments over last few months. I also want to update you on our broader financial architecture that supports our capex plan of Rs. 45,000 Crore over the next three years. This architecture is built on three cohorts. First, is a consortium of public sector banks led by SBI with 6-7 participating banks. Second cohort is of the Indian private banks and the third one is the ECB with Foreign banks. We remain meaningfully engaged with our lenders across these three cohorts and have made substantial progress with them. I am happy to share that we have successfully raised our first tranche of funding of Rs. 6,400 Crore including partial proceeds of Rs. 1,183 Cr from warrants and debt proceeds including non- fund based facilities through ECB and Indian private banks. We have already placed orders worth Rs. 9,000 Crore of capex till now which also includes the capex undertaken in Q1FY27 of Rs. 1,930 Crore. The supplies and execution basis these orders have already commenced and will continue. We are now focused on accelerating network expansion with these fresh orders to Ericsson, Nokia, Samsung and other partners which will be executed as we moved forward. Page 3 of 13 Vodafone Ideal Limited August 11, 2026 We are hopeful of closing the discussions with the PSU banks led by SBI as well as continue work on other debt raise streams. Next, our differentiated product offerings and market initiatives. Our focus is on enriching customers' digital lifestyle with experiences that extend well beyond just voice and data. Towards this, we partnered with Spotify to offer our postpaid Vi Max subscribers a premium music stream experience. For Prepaid subscribers, we launched ‘Vi Edu+’, a co-branded Nonstop Hero proposition in partnership with PhysicsWallah across Uttar Pradesh and Rajasthan, combining unlimited connectivity with digital learning benefits for students. We also launched ‘Vi Instadata’ nationally, an emergency data service giving eligible prepaid users 1GB of extra data instantly when their daily data limit drops below 10MB with 2 days of validity adjusted from their active pack. We further strengthened the International Roaming portfolio with the launch of ‘Choose Your Own Plan’, which offers [Showing first 8,000 characters — download PDF for full document]